NOTE Ownership

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

Recent Insider Transactions

OM:NOTE Recent Insider Transactions by Companies or Individuals
Date	Value	Name	Entity	Role	Shares	Max Price
18 Feb 26	BuySEK 352,700	Bahare Mackinovski	Individual		2,000	SEK 177.80
14 Jul 25	SellSEK 2,293,200	Johannes Lind-Widestam	Individual		12,000	SEK 191.10

Insider Trading Volume

Insider Buying: NOTE insiders have bought more shares than they have sold in the past 3 months.

Ownership Breakdown

What is the ownership structure of NOTE?
Owner Type	Number of Shares	Ownership Percentage
Private Companies	500,093	1.75%
VC/PE Firms	1,450,808	5.08%
Institutions	7,786,802	27.3%
Individual Insiders	8,539,190	29.9%
General Public	10,271,707	36%

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

Top Shareholders

Top 25 shareholders own 65.03% of the company

Ownership	Name	Shares	Current Value	Change %	Portfolio %
19.3%	Johan Hagberg	5,506,343	SEK 939.4m	0%	no data
6.04%	Egil Dahl	1,725,000	SEK 294.3m	0%	no data
5.08%	Cervantes Capital LLC	1,450,808	SEK 247.5m	0%	51.59%
5.06%	Nordnet Pensionsförsäkring AB	1,444,044	SEK 246.4m	0%	2.97%
4.97%	Nordnet AB (publ)	1,419,299	SEK 242.1m	163%	2.39%
4.6%	Avanza Fonder AB	1,314,611	SEK 224.3m	0%	0.23%
3.45%	Fredrik Hagberg	985,109	SEK 168.1m	0%	no data
2.63%	Fondsfinans Kapitalforvaltning ASA	749,747	SEK 127.9m	0%	6.13%
1.75%	VJ Invests AS	500,093	SEK 85.3m	0%	no data
1.71%	Financiere de l'Echiquier	489,515	SEK 83.5m	0%	0.06%
1.67%	Lansforsakringar Fondforvaltning AB	476,659	SEK 81.3m	0%	0.04%
1.57%	American Century Investment Management Inc	447,487	SEK 76.3m	9.48%	no data
1.18%	Joh. Berenberg, Gossler & Co. KG	335,648	SEK 57.3m	0%	0.27%
1.08%	Johannes Lind-Widestam	308,150	SEK 52.6m	0%	no data
0.91%	Dimensional Fund Advisors LP	259,604	SEK 44.3m	17.8%	no data
0.79%	Schroder Investment Management Limited	225,000	SEK 38.4m	0%	no data
0.67%	SEB Funds AB	191,273	SEK 32.6m	0%	0.01%
0.53%	Fondita Rahastoyhtio AB	152,101	SEK 25.9m	0%	0.58%
0.52%	KBC Asset Management NV	148,247	SEK 25.3m	0%	no data
0.51%	Brock Milton Capital AB (publ)	144,430	SEK 24.6m	0%	0.13%
0.51%	Augustus Capital Asset Management Sociedad Gestora De Instituciones De Inversion Colectiva S.A.	144,367	SEK 24.6m	0%	2.08%
0.17%	Lonvia Capital	48,781	SEK 8.3m	0%	0.94%
0.14%	Deka Investment GmbH	40,500	SEK 6.9m	0%	no data
0.11%	WisdomTree Asset Management, Inc.	32,078	SEK 5.5m	0%	no data
0.087%	BNY Asset Management	24,941	SEK 4.3m	0%	no data

Company Analysis and Financial Data Status

Data	Last Updated (UTC time)
Company Analysis	2026/04/30 01:15
End of Day Share Price	2026/04/30 00:00
Earnings	2026/03/31
Annual Earnings	2025/12/31

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 4 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
Anton Ingves	Nordea Markets
Michael Latimore	Northland Capital Markets