NOTE Ownership

Who are the major shareholders and have insiders been buying or selling?

Recent Insider Transactions

DB:NQA Recent Insider Transactions by Companies or Individuals
Date	Value	Name	Entity	Shares	Max Price
14 Jul 25	Sell€204,362	Johannes Lind-Widestam	Individual	12,000	€17.03
25 Apr 25	Buy€11,362	Bahare Mackinovski	Individual	807	€14.08
27 Dec 24	Sell€52,321	Johan Hagberg	Individual	4,047	€13.13
23 Dec 24	Buy€52,214	Johan Hagberg	Individual	4,047	€12.90

Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.

Ownership Breakdown

What is the ownership structure of NQA?
Owner Type	Number of Shares	Ownership Percentage
Private Companies	500,093	1.76%
VC/PE Firms	1,450,808	5.09%
Individual Insiders	8,540,918	30%
Institutions	8,624,573	30.3%
General Public	9,367,608	32.9%

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.

Top Shareholders

Top 25 shareholders own 67.19% of the company

Ownership	Name	Shares	Current Value	Change %	Portfolio %
19.3%	Johan Hagberg	5,506,343	€88.9m	0%	no data
6.06%	Egil Dahl	1,725,000	€27.8m	0%	no data
5.09%	Cervantes Capital LLC	1,450,808	€23.4m	0%	50.84%
5.07%	Nordnet Pensionsförsäkring AB	1,444,044	€23.3m	0%	3.24%
4.62%	Avanza Fonder AB	1,314,611	€21.2m	0%	0.18%
3.46%	Fredrik Hagberg	985,109	€15.9m	0%	no data
2.63%	Fondsfinans Kapitalforvaltning ASA	749,747	€12.1m	0%	9.36%
2.39%	Nordea Investment Management, AB	679,648	€11.0m	0%	0.01%
1.89%	Nordnet AB (publ)	539,665	€8.7m	0%	0.94%
1.88%	Tredje AP-fonden	535,000	€8.6m	0%	0.04%
1.76%	VJ Invests AS	500,093	€8.1m	0%	no data
1.67%	Lansforsakringar Fondforvaltning AB	476,659	€7.7m	0%	0.04%
1.66%	Investeringsradgivningsselskabet MW Compounders ApS	474,000	€7.6m	0%	3.58%
1.39%	Sp-Rahastoyhtiö Oy	394,863	€6.4m	0%	0.26%
1.18%	Joh. Berenberg, Gossler & Co. KG	335,648	€5.4m	0%	0.26%
1.14%	American Century Investment Management Inc	324,605	€5.2m	31.4%	no data
1.08%	Johannes Lind-Widestam	308,150	€5.0m	0%	no data
0.86%	Handelsbanken Asset Management	244,451	€3.9m	0%	0.01%
0.72%	Dimensional Fund Advisors LP	206,333	€3.3m	1.18%	no data
0.7%	Schroder Investment Management Limited	200,000	€3.2m	0%	no data
0.67%	SEB Investment Management AB	191,273	€3.1m	0%	0.01%
0.53%	Fondita Rahastoyhtio AB	152,101	€2.5m	0%	0.59%
0.52%	KBC Asset Management NV	148,722	€2.4m	0%	no data
0.51%	Augustus Capital Asset Management Sociedad Gestora De Instituciones De Inversion Colectiva S.A.	144,367	€2.3m	0%	2.14%
0.38%	Ålandsbanken Fondbolag AB	108,479	€1.8m	0%	0.07%

Company Analysis and Financial Data Status

Data	Last Updated (UTC time)
Company Analysis	2025/12/01 09:37
End of Day Share Price	2025/12/01 00:00
Earnings	2025/09/30
Annual Earnings	2024/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

Package	Data	Timeframe	Example US Source ^*
Company Financials	10 years	Income statement Cash flow statement Balance sheet	SEC Form 10-K SEC Form 10-Q
Analyst Consensus Estimates	+3 years	Forecast financials Analyst price targets	Analyst Research Reports Blue Matrix
Market Prices	30 years	Stock prices Dividends, Splits and Actions	ICE Market Data SEC Form S-1
Ownership	10 years	Top shareholders Insider trading	SEC Form 4 SEC Form 13D
Management	10 years	Leadership team Board of directors	SEC Form 10-K SEC Form DEF 14A
Key Developments	10 years	Company announcements	SEC Form 8-K

^* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

NOTE AB (publ) is covered by 3 analysts. 2 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

Analyst	Institution
Anders Akerblom	Nordea Markets
Michael Latimore	Northland Capital Markets
Thomas Blikstad	Pareto Securities