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	Shares	Max Price
14 Jul 25	SellSEK 2,293,200	Johannes Lind-Widestam	Individual	12,000	SEK 191.10
25 Apr 25	BuySEK 125,166	Bahare Mackinovski	Individual	807	SEK 155.10
27 Dec 24	SellSEK 600,000	Johan Hagberg	Individual	4,047	SEK 150.62
23 Dec 24	BuySEK 600,416	Johan Hagberg	Individual	4,047	SEK 148.36

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 NOTE?
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	SEK 975.2m	0%	no data
6.06%	Egil Dahl	1,725,000	SEK 305.5m	0%	no data
5.09%	Cervantes Capital LLC	1,450,808	SEK 256.9m	0%	50.84%
5.07%	Nordnet Pensionsförsäkring AB	1,444,044	SEK 255.7m	0%	3.24%
4.62%	Avanza Fonder AB	1,314,611	SEK 232.8m	0%	0.18%
3.46%	Fredrik Hagberg	985,109	SEK 174.5m	0%	no data
2.63%	Fondsfinans Kapitalforvaltning ASA	749,747	SEK 132.8m	0%	9.36%
2.39%	Nordea Investment Management, AB	679,648	SEK 120.4m	0%	0.01%
1.89%	Nordnet AB (publ)	539,665	SEK 95.6m	0%	0.94%
1.88%	Tredje AP-fonden	535,000	SEK 94.7m	0%	0.04%
1.76%	VJ Invests AS	500,093	SEK 88.6m	0%	no data
1.67%	Lansforsakringar Fondforvaltning AB	476,659	SEK 84.4m	0%	0.04%
1.66%	Investeringsradgivningsselskabet MW Compounders ApS	474,000	SEK 83.9m	0%	3.58%
1.39%	Sp-Rahastoyhtiö Oy	394,863	SEK 69.9m	0%	0.26%
1.18%	Joh. Berenberg, Gossler & Co. KG	335,648	SEK 59.4m	0%	0.26%
1.14%	American Century Investment Management Inc	324,605	SEK 57.5m	31.4%	no data
1.08%	Johannes Lind-Widestam	308,150	SEK 54.6m	0%	no data
0.86%	Handelsbanken Asset Management	244,451	SEK 43.3m	0%	0.01%
0.72%	Dimensional Fund Advisors LP	206,333	SEK 36.5m	1.18%	no data
0.7%	Schroder Investment Management Limited	200,000	SEK 35.4m	0%	no data
0.67%	SEB Investment Management AB	191,273	SEK 33.9m	0%	0.01%
0.53%	Fondita Rahastoyhtio AB	152,101	SEK 26.9m	0%	0.59%
0.52%	KBC Asset Management NV	148,722	SEK 26.3m	0%	no data
0.51%	Augustus Capital Asset Management Sociedad Gestora De Instituciones De Inversion Colectiva S.A.	144,367	SEK 25.6m	0%	2.14%
0.38%	Ålandsbanken Fondbolag AB	108,479	SEK 19.2m	0%	0.07%

Company Analysis and Financial Data Status

Data	Last Updated (UTC time)
Company Analysis	2025/12/01 13:47
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