"In today's environment, it is pleasing to see that our portfolio companies are doing a good job focusing on what they can control, such as cost efficiency, while they continue to invest in future-proofing their businesses, setting themselves up for stronger long-term performance."

Christian Cederholm
President & CEO of Investor

Highlights during the third quarter

• Adjusted net asset value (NAV) amounted to SEK 1,028.0bn (SEK 336 per share) on September 30, 2025, a change of SEK 67.3bn, or 7 percent, during the quarter. Total shareholder return amounted to 5 percent, compared to 3 percent for the SIXRX return index.
• Listed Companies generated a total return of 8 percent. Investor acquired shares in Atlas Copco and Ericsson for SEK 0.6bn and SEK 0.5bn respectively, and entered into an agreement to divest 5m shares in SEB.
• Based on estimated market values, the total return for Patricia Industries, including cash, amounted to 4 percent (4 percent excluding cash), mainly driven by multiples.
• Within Patricia Industries, sales growth for the major subsidiaries amounted to -4 percent, of which 4 percent organically in constant currency. Reported EBITA declined by 1 percent and adjusted EBITA declined by 2 percent, impacted by negative currency effects.
• Mölnlycke reported organic sales growth of 3 percent in constant currency, with Wound Care growing 5 percent. The profit margin increased, driven by lower cost and product mix, partly offset by negative currency impact and tariff costs.
• Patricia Industries' subsidiary Advanced Instruments closed the USD 2.2bn acquisition of Nova Biomedical. Patricia Industries contributed USD 1.6bn to finance the acquisition. The combined company is now operating as Nova Biomedical.
• The value change of Investments in EQT was 1 percent. Investor invested an additional SEK 1.8bn in the co-investment with EQT X in Fortnox. Total net cash flow to Investor amounted to SEK 165m.
• Leverage was 2.6 percent as of September 30, 2025 (1.2 percent as of December 31, 2024). Gross cash amounted to SEK 23,716m and the average maturity of Investor AB's debt portfolio was 9.4 years.