The share price seems to be sliding down quite sharply; I took a superficial look at the Q3 results, and there is clearly pressure on the cost side.
However, what caught my eye in the cash flow statement is the line “changes in Investments receivables”, -6,000 KSEK for Q1-Q3 25, which as I understand it stems from the growth of the Endowment insurance line on the balance sheet. Comment in the Q3 report:
“Endowment insurance holdings increased to KSEK 16,621 (9,121) following regular allocations in line with the company’s long-term incentive structure”.
Cash flow from operating activities for the Jan-Sep period was 8,029 KSEK, so 6,000 KSEK of that goes to management incentives, if the conditions are met in the future?