Kvartalsrapport Q1 2026

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===== SIDA 1 =====

Interim 
Management 
Statement  
 
Q1 
26  
26  
We create value for people and 
society by building strong and 
sustainable businesses  
“
Investor’s strong financial position is a key  
strength  
in today’s volatile environment. Beyond a 
solid balance sheet, the recurring cash flow is a 
core enabler of strategy execution. Dividends from 
Listed Companies, underlying cash flow from 
Patricia Industries, and contributions from 
Investments in EQT
 , 
provide a strong foundation 
for capital deployment in the years ahead.
 ” 
Christian Cederholm  
President & CEO of Investor

===== SIDA 2 =====

INVESTOR Q1 2026 
 –  
2 
 
Highlights during the first  
quarter  
• 
 Adjusted net asset value (NAV) amounted to SEK 1,125.1bn (SEK 367 per share) on March 31, 2026, a change of SEK 
38.0bn, or 3 percent, during the quarter. Total shareholder return amounted to 7 percent, compared to 
 -
1 percent for 
the SIXRX return index.  
• 
 Listed Companies generated a total return of 5 percent. Investor acquired shares in Nasdaq and Atlas Copco for SEK 
142m and SEK 30m respectively, and divested shares in SEB for SEK 1,520m.  
• 
 Based on estimated market values, the total return for Patricia Industries amounted to 
 4  
percent (
 5 
percent excluding 
cash)
 , 
driven by cash flow, a positive translation effect as the USD strengthened sequentially during the quarter, and 
multiple expansion.  
• 
 Within Patricia Industries, sales growth for the major subsidiaries amounted to 
 -
7 percent, of which 3 percent 
organically in constant currency. Reported EBITA declined 7 percent and adjusted EBITA declined 4 percent.  
• 
 Mölnlycke reported organic sales growth of 3 percent in constant currency, with the largest business area Wound 
Care growing 2 percent. The EBITA margin improved compared to last year.  
• 
 The value change of investments in EQT was 
 -
 13 percent. Total net cash flow to Investor amounted to SEK 
 -
206m, 
including Investor’s purchase of shares in EQT AB for SEK 1,378m.  
• 
 Leverage was 1.2 percent as of March 31, 2026 (2.1 percent as of December 31, 2025). Gross cash amounted to SEK 
37,378m and the average maturity of Investor AB’s debt portfolio was 8.9 years on March 31, 2026.  
Financial information*  
   
 3/31 2026  
 12/31 2025  
Adjusted NAV, SEK m*    
 1,125,062 
 1,087,082  
Adjusted NAV, SEK per share*    
 367  
 355  
     
Reported NAV, SEK m*
 1)   
 984,863  
 953,705  
Reported NAV, SEK per share*
 1)   
 321 
 311 
     
Market capitalization (both share classes), excl. repurchased shares, SEK m    
 1,081,360  
 1,009,998  
Share price (B
 -
share), SEK    
 354.30  
 330.40  
     
   
 Q1 2026  
 Q1 2025  
Adjusted NAV, sequential change, incl. dividend added back, SEK m*    
 37,980  
 -
25,369  
Adjusted NAV, sequential change, incl. dividend added back, %*    
 3 
 -
3 
     
Reported NAV, sequential change, incl. dividend added back, SEK m*
 1)   
 31,158 
 -
8,185 
Reported NAV, sequential change, incl. dividend added back, %*
 1)   
 3 
 -
1 
     
Market capitalization, sequential change, incl. dividend added back, SEK m*    
 71,363 
 17,716 
Market capitalization, sequential change, incl. dividend added back, %*    
 7 
 2 
     
   
 Q1 2026  
 Q1 2025  
Consolidated net sales, SEK m    
 16,130 
 15,990  
Consolidated profit/loss, SEK m    
 30,105  
 -
3,048  
Basic earnings per share, SEK    
 9.83  
 -
0.99  
* Financial measures that are not defined or specified in the applicable financial reporting framework. For more information,  
see pages 17 and 26
 -
 27. Change in market capitalization 
with dividend added back reflects the change in total market capitalizatio
 n (both share classes) with the dividend paid out added back. Change in net asset value with dividend added 
back includes the full dividend approved by the AGM.  
1) In the reported net asset value, the wholly
 -
 owned subsidiaries and partner
 -
owned investments within Patricia Industries are reported according to the acquisition and equity method 
respectively. Methods are further described in Investor AB’s Annual repor
 t. 
Overview annual average performance  
   
 Average annual total return  
 
 YTD  
 1 year 
 5 years  
 10 years  
 20 years  
Adjusted NAV incl. dividend added back, %  
 3.5 
 20.8  
 13.9   
Investor B, total return, %  
 7.2 
 20.9  
 17.5 
 20.1 
 15.3 
SIXRX return index, %  
 -
1.2 
 11.6 
 6.3  
 11.1 
 9.3

===== SIDA 3 =====

INVESTOR Q1 2026 
 –  
3 
 
CEO statement  
Dear fellow shareholders,  
An already complex geopolitical environment has become 
even more challenging. Beyond human suffering, the armed 
conflict in the Middle East is having negative economic 
repercussions. If prolonged, the damage would become even 
more severe. 
 Besides ensuring the safety of employees, a
 gility  
will be key for companies to handle demand swings (in the 
region and 
 outside
 ), cost increases, on energy and beyond, 
and potential supply chain disruptions. I am confident that our 
companies will manage these challenges, supported by 
empowered people and strong company cultures.  
As always, the long
 -
term success of our companies is 
determined by how well they develop and deliver innovative 
value
 -
adding products and solutions to customers. Their 
starting point is strong, with leading market positions in their 
respective 
 industries
 . 
But make no mistake. Competition is 
tough
 , not the least from Chinese companies with 
 rising 
ambitions and capabilities. As stated here before  
we need to 
embrace and adapt, not only to lower production costs, but 
also to faster product development cycles and deployment of 
new technology.  
If we snooze, we lose.  
During the quarter, our adjusted net asset value increased by 3 
percent, and our total return was 7 percent.  
Listed Companies  
Listed Companies generated a total return of 5 percent. 
Investments were made in Nasdaq and Atlas Copco at 
valuations deemed attractive. As in prior quarters, we sold 
shares in SEB to maintain our ownership level as the bank 
continued to buy back shares. A
 fter cancellation of the 
repurchased shares is completed, our ownership will be 
a
pproximately 
 22 percent.  
The AGM season is well underway. It is encouraging to see a 
number of great additions to the boards and increases in 
board remunerations in many companies 
 - 
an important step 
to close the gap to international peers.  
Based on AGM proposals and current exchange rates, we 
expect to receive SEK 14.4bn in ordinary dividends from Listed 
Companies, approximately 2 percent more than last year. In 
addition to ordinary dividends, several companies have 
announced extraordinary d
 ividends
 . 
Focus on 
 the implementation of value
 -
creating 
 AI 
remains 
high. Nasdaq’s Verafin software uses agentic AI to improve 
productivity for customers
 , 
transforming the fight against 
fraud and money laundering. By applying AI in network 
planning and optimization, Ericsson helps improve customers’ 
capital efficiency and return on investment. While these are 
examples of  
great advances, 
 we have much more to do, and 
the untapped potential remains 
 si
g
nificant
 . 
Patricia Industries  
Total return amounted to 4 percent, with contribution from 
cash flow, a positive translation effect as the USD 
strengthened sequentially during the quarter, and multiple 
expansion.  
The major subsidiaries reported a sales decline of 7 percent, 
largely reflecting negative currency effects. On a constant 
currency basis, organic sales grew by 3 percent, primarily 
driven by Laborie, BraunAbility, Sarnova, and Mölnlycke. 
Adjusted EBITA dec
 lined by 4 percent, significantly impacted 
by the weaker USD compared to last year. Margins held up well 
across most companies, despite headwinds from tariffs and 
currency movements, underlining the im
 portance of focus on 
operational 
 e
fficiency.  
Mölnlycke reported organic sales growth of 3 percent in 
constant currency, supported by all business areas, albeit with 
lower growth in Wound Care this quarter. The EBITA margin 
improved, supported by cost control. During the quarter, CFO 
Guillaume Joucla 
 was appointed interim CEO, and the process 
of recruiting a permanent successor is ongoing.  
Nova Biomedical 
 grew  
organic sales 
 by 
1 percent in constant 
currency, against a particularly strong 
 compar
 ison  
quarter for 
the acquired business. Margins improved significantly 
compared to last year, supported by progress in integration 
work. In connection with a Patricia Industries’ board meeting, 
we visited Nova Biomedical’s facilities in the Boston, 
Massachuset
 ts, area, and were encouraged by the progress of 
the integration. The company’s long
 -
term prospects for 
profitable growth were clearly reaffirmed.  
Vectura announced the acquisition of the remaining 50 
percent in GoCo Health Innovation City in Gothenburg, with 
Patricia Industries contributing capital to fund this strategic 
acquisition.  
Investments in EQT  
Investments in EQT had a negative impact on net asset value 
due to the share price decline in EQT AB. Investor invested an 
additional SEK 1.4bn in EQT AB  
shares
 . 
The value of our fund investments rose slightly, and net cash 
flow from these investments to Investor was SEK 1.2bn.  
Financial position  
Investor’s strong financial position is a key 
 strength  
in today’s 
volatile environment. At 1 percent, leverage remains at the 
lower end of our target range. Beyond a solid balance sheet, 
the recurring cash flow is a core enabler of strategy execution. 
Dividends from Listed Companies, underlying cash flow from  
Patricia Industries, and contributions from Investments in EQT
 , 
provide a strong foundation for capital deployment in the years 
ahead.  
Going forward  
The operating environment 
 has become increasingly 
unpredictable over the past several years
 . Experience shows, 
however, that periods like these allow high
 -
quality companies 
to further strengthen their competitive positions. We actively 
support our companies in driving 
 profitable growth today, 
while ensuring continued investment in innovation, including 
AI, the green transition, and geographic expansion
 , 
to drive 
value creation for years to come.  
Investor’s financial flexibility positions us well to both invest 
and pay 
 a 
steadily rising dividend over time, ultimately 
generating attractive total returns for you, our shareholders.  
Thank you for your trust in our work.  
 
Christian Cederholm  
President & CEO

===== SIDA 4 =====

INVESTOR Q1 2026 
 –  
4  
 
Net asset value overview  
   
 Adjusted values  
 Reported values  
 
 Number of 
shares  
Ownership 
capital/votes (%)  
Share of total 
assets (%)  
Value,   
       
SEK m  
Value,         
SEK m  
Value,         
SEK m  
Value,           
SEK m  
 
 3/31 2026  
 3/31 2026  
 3/31 2026  
 3/31 2026  
 12/31 2025  
 3/31 2026  
 12/31 2025  
Listed Companies         
ABB  
 265,385,142  
 14.4/14.4  
 17 
 199,020  
 182,966  
 199,020  
 182,966  
Atlas Copco  
 840,268,390  
 17.1/22.3 
 12 
 135,883  
 138,888  
 135,883  
 138,888  
Saab  
 163,890,488  
 30.2/39.7  
 9 
 100,645  
 88,419  
 100,645  
 88,419  
AstraZeneca  
 51,587,810  
 3.3/3.3  
 8 
 95,928  
 88,009  
 95,928  
 88,009  
SEB  
 438,198,927  
 21.5/21.5 
 7 
 75,502  
 87,230  
 75,502  
 87,230  
Sobi  
 122,881,259  
 34.4/34.4  
 4  
 48,145  
 40,821  
 48,145  
 40,821  
Nasdaq  
 58,382,426  
 10.3/10.3  
 4  
 47,169  
 51,999  
 47,169  
 51,999  
Epiroc  
 207,635,622  
 17.1/22.7 
 4  
 47,056  
 43,325  
 47,056  
 43,325  
Wärtsilä  
 104,711,363  
 17.7/17.7 
 3 
 36,042  
 34,390  
 36,042  
 34,390  
Ericsson  
 334,492,541  
 9.9/24.8  
 3 
 35,449  
 30,291  
 35,449  
 30,291  
Husqvarna  
 96,825,353  
 16.8/33.9  
 0  
 3,570  
 4,483  
 3,570  
 4,483  
Electrolux  
 50,786,412  
 17.9/30.4  
 0  
 2,964  
 3,255  
 2,964  
 3,255  
Electrolux Professional  
 58,941,654  
 20.5/32.5  
 0  
 2,938  
 3,822  
 2,938  
 3,822  
Total Listed Companies    
 73  
 830,310  
 797,899  
 830,310  
 797,899  
       
Patricia Industries  
 Total exposure (%)       
Major subsidiaries        
Mölnlycke
 1)  
 99.7  
 7 
 82,262  
 74,403  
 18,348  
 17,402  
Laborie   
 98.6  
 3 
 30,054  
 31,820  
 8,332  
 8,198  
Nova Biomedical   
 99.1 
 3 
 29,939  
 29,946  
 22,491  
 21,615 
Sarnova   
 95.8  
 2 
 22,105  
 20,147  
 5,875  
 5,656  
Permobil
 1)  
 99.4  
 1 
 14,567  
 15,368  
 4,570  
 4,377  
Piab Group
 1)  
 98.0  
 1 
 12,379  
 11,951 
 7,125 
 6,955  
BraunAbility  
 95.3  
 1 
 9,927  
 9,469  
 297  
 187 
Vectura   
 99.7  
 0  
 3,454  
 3,385  
 4,557  
 4,485  
Atlas Antibodies   
 95.1 
 0  
 607  
 744  
 1,093  
 1,047  
Total major subsidiaries   
 18 
 205,294  
 197,235  
 72,688  
 69,922  
Tre Skandinavien   
 40.0/40.0  
 1 
 10,509  
 8,894  
 2,915 
 2,828  
Financial 
 I
nvestments   
 0  
 1,972 
 1,982 
 1,972 
 1,982 
Total Patricia Industries excl. cash  
 19 
 217,775  
 208,110  
 77,575  
 74,733  
Total Patricia Industries incl. cash   
 230,108  
 225,396  
 89,909  
 92,019  
      
Investments in EQT        
   
EQT AB  
 182,092,483  
 14.7/14.7 
 5 
 52,279  
 65,284  
 52,279  
 65,284  
   
Fund investments    
 3 
 38,523  
 39,106  
 38,523  
 39,106  
Total Investments in EQT   
 8 
 90,802  
 104,390  
 90,802  
 104,390  
       
Other Assets and Liabilities    
 0  
 109 
 71 
 109 
 71 
Total Assets excl. cash Patricia Industries  
 100  
 1,138,995  
 1,110,470 
 998,796  
 977,092  
Gross debt*   
 -
51,311 
 -
50,507  
 -
51,311 
 -
50,507  
Gross cash*   
 37,378  
 27,119 
 37,378  
 27,119 
   
Of which Patricia Industries   
 12,333 
 17,286  
 12,333 
 17,286  
Net debt   
 -
13,933  
 -
23,387  
 -
13,933  
 -
23,387  
Net asset value   
 1,125,062  
 1,087,082  
 984,863  
 953,705  
Net asset value per share   
 367  
 355  
 321 
 311 
1) Including receivables related to Management Participation Program foundations.

===== SIDA 5 =====

INVESTOR Q1 2026 
 –  
5 
 
Overview  
For balance sheet items, figures in parentheses refer to year
 -
end 2025 
figures. For income statement and cash flow items, they refer to the same 
period last year.  
Net asset value  
During the first quarter of 2026, adjusted net asset value 
increased from SEK 1,087.1bn to SEK 1,125.1bn. The change 
in adjusted net asset value was 3 percent (
 -
3). 
Reported net asset value increased from SEK 953.7bn to 
SEK 984.9bn. The change in reported net asset value was 
3 percent (
 -
1). 
Total adjusted assets by business area  
 
Net debt and cash flow  
Net debt totaled SEK 13,933m on March 31, 2026  
(23,387), corresponding to leverage of 1.2 percent (2.1).  
Our target leverage range is 0
 -
10 percent (net debt/total 
adjusted assets) over a business cycle. While leverage can 
fluctuate above and below the target level, it should not 
exceed 20 percent for a longer period of time.  
Gross cash amounted to SEK 37,378m (27,119) and gross 
debt to SEK 51,311m as of March 31, 2026 (50,507). The 
average maturity of Investor AB’s debt portfolio was 8.9 
years on March 31, 2026 (9.2).  
Leverage development  
  
Investor’s net debt  
SEK m  
 Q1 2026  
 Q1 2025  
Opening net debt  
 -
23,387  
 -
12,194 
Listed Companies    
Dividends  
 9,794  
 1,575 
Divestments  
 1,520 
 - 
Investments  
 -
173 
 -
13 
Management cost  
 -
47  
 -
46  
Total  
 11,093 
 1,516 
Patricia Industries    
Proceeds (distributions, divestitures, other)  
 144  
 1,116 
Investments  
 -
395  
 -
160  
Internal transfer Investor/Patricia Industries  
 -
4,642  
 -
4,223  
Management cost  
 -
98  
 -
101 
Other
 1) 
 38  
 -
14 
Total  
 -
4,953  
 -
3,382  
Investments in EQT    
Proceeds (fund distributions, other)  
 2,037  
 748  
Investments (fund drawdowns, co
 -
investments, other)  
 -
2,240  
 -
1,681 
Management cost  
 -
3 
 -
3 
Total  
 -
206  
 -
937  
Investor groupwide    
Internal transfer Investor/Patricia Industries  
 4,642  
 4,223  
Management cost  
 -
41 
 -
45  
Other
 2) 
 -
1,081 
 1,233 
Closing net debt  
 -
13,933  
 -
9,586  
1) Includes currency
 -
 related effects and net interest paid.  
2) Includes currency
 -
 related effects, revaluation of debt and net interest paid.  
Management cost  
Investor’s management cost amounted to SEK 190m 
during the first quarter 2026 (195).  
As of March 31, 2026, rolling 12
 -
month management cost 
amounted to SEK 789m (773), corresponding to 0.07 
percent of the adjusted net asset value (0.08).  
The Investor share  
The price of the Investor A
 -
share and B
 -
share was SEK 
351.00 (328.70) and SEK 354.30 (330.40) respectively on 
March 31, 2026.  
The total shareholder return (Class B
 -
share) amounted to 7 
percent during the first quarter 2026 (2).  
The SIXRX return index 
 declined by 
 1 percent during the 
first quarter 2026 (0).  
Investor’s market capitalization, excluding repurchased 
shares, was SEK 1,081,360m as of March 31, 2026 
(1,009,998).  
Average annual total return  
0
200 000
400 000
600 000
800 000
1 000 000
1 200 000
Q1
22
Q2
22
Q3
22
Q4
22
Q1
23
Q2
23
Q3
23
Q4
23
Q1
24
Q2
24
Q3
24
Q4
24
Q1
25
Q2
25
Q3
25
Q4
25
Q1
26
SEK m
Listed Companies
 Patricia Industries ex cash
 Investments in EQT
-5
0
5
10
15
20
Q1
22
Q2
22
Q3
22
Q4
22
Q1
23
Q2
23
Q3
23
Q4
23
Q1
24
Q2
24
Q3
24
Q4
24
Q1
25
Q2
25
Q3
25
Q4
25
Q1
26
Percent
Leverage target range
 Leverage
0
5
10
15
20
25
1 year
 5 years
 10 years
 20 years
Percent
Investor B
 SIXRX

===== SIDA 6 =====

INVESTOR Q1 2026 
 –  
6  
 
Listed Companies  
 
Highlights during the quarter  
• 
 Shares in Nasdaq and Atlas Copco were purchased for a total 
of SEK 171m.  
• 
 Shares in SEB were divested for SEK 1,520m.  
Performance  
Total return (excluding management costs) amounted to 5 
percent during the first quarter 2026 (
 -
1). 
The SIXRX return index was 
 -
1 percent during the first 
quarter 2026 (0).  
Total return, Listed Companies  
 
Contribution to net asset value (adjusted and reported) 
amounted to SEK 43,505m during the first quarter 2026  
(
-
6,908).  
Contribution to net asset value  
SEK m   
 Q1 2026  
 Q1 2025  
Changes in value   
 33,759  
 -
11,597 
Dividends   
 9,794  
 4,735  
Management cost   
 -
47  
 -
46  
Total  
 43,505  
 -
6,908  
Contribution to net asset value and total return  
    
 Q1 2026  
 
  
Value, 
SEK m  
Contribution, 
SEK m  
Total 
return 
(%)
 1)   
ABB    
 199,020  
 18,990  
 10.3 
Atlas Copco    
 135,883  
 -
3,035  
 -
2.2 
Saab    
 100,645  
 12,226 
 13.8 
AstraZeneca    
 95,928  
 8,924  
 10.1 
SEB    
 75,502  
 -
5,388  
 -
6.1 
Sobi    
 48,145  
 7,324  
 17.9 
Nasdaq    
 47,169  
 -
4,831  
 -
9.3  
Epiroc    
 47,056  
 3,731 
 8.6  
Wärtsilä    
 36,042  
 2,542  
 7.4  
Ericsson    
 35,449  
 5,158 
 17.0 
Husqvarna    
 3,570  
 -
913 
 -
20.4  
Electrolux    
 2,964  
 -
292  
 -
9.0  
Electrolux 
Professional    
 2,938  
 -
884  
 -
23.1 
Total    
 830,310  
 43,552  
 5.5  
1) Calculated as the sum of share price changes with reinvested dividends, including  
add
 -
 on investments and/or divestments.  
 
Dividends received  
Dividends received totaled  
SEK 9,794m during the first 
quarter 2026 (4,735). Based on AGM proposals and 
current exchange rates, we expect to receive SEK 14,376m 
in ordinary dividends, and an additional SEK 3,363m in 
extraordinary dividends, during 2026.  
Dividends received, Listed Companies  
 
Investments and divestments  
During the first quarter 2026, 200,000 shares in Nasdaq 
were purchased for a total consideration of SEK 142m and 
214,635 B
 -
shares in Atlas Copco were purchased for a 
total consideration of SEK 30m.  
During the first quarter 2026, 8,000,000 A
 -
shares in SEB 
were divested with proceeds to Investor of SEK 1,520m.  
Listed Companies, value distribution, 
 March 31
 , 
2026  
 
-30
-20
-10
0
10
20
30
2022
 2023
 2024
 2025
 2026
Percent
Listed Companies
 SIXRX
0
2 000
4 000
6 000
8 000
10 000
12 000
14 000
16 000
2022
 2023
 2024
 2025
 3m 2026
SEK m
Ordinary dividend
 Extra dividend
Electrolux
 0%
 Electrolux 
Professional
 0%
Husqvarna
 0%
Wärtsilä
 4%
Ericsson
 4%
Sobi
 6%
Epiroc
 6%
Nasdaq
 6%
AstraZeneca
12%
SEB
 9%
Saab
 12%
Atlas Copco
16%
ABB
 24%
SEK 830bn
Listed Companies include ABB, AstraZeneca, Atlas Copco, Electrolux, Electrolux Professional, Epiroc, Ericsson, Husqvarna, Nas
 daq, Saab, 
SEB, Sobi and Wärtsilä. These are multinational companies with strong market positions and proven track records.

===== SIDA 7 =====

INVESTOR Q1 2026 
 –  
7 
 
Patricia Industries  
Patricia Industries develops private companies in the Nordics and in North America. Holdings include Atlas Antibodies, BraunA
 bility, 
Laborie, Mölnlycke, Nova Biomedical, Permobil, Piab Group, Sarnova, Vectura, Tre Skandinavien and Financial 
 I
nvestments  
 
Highlights during the quarter  
• 
 Total return amounted to 4 percent, with contribution from 
cash flow
 , a 
positive translation effect as the USD 
strengthened sequentially during the quarter
 , and multiple 
expansion
 . 
• 
 Vectura announced the strategic acquisition of the remaining 
50 percent ownership in GoCo Health Innovation City, 
Gothenburg.  
Operating  
performance  
During the first quarter 2026, sales growth for the major 
subsidiaries was 
 -
7 perce
 nt (7). Organic growth was 3 
percent in constant currency (5). EBITA amounted to SEK 
3,219m (3,475), a decrease of 
 -
 7 percent (5). Adjusting for 
items affecting comparability, EBITA declined by 4 percent 
(
9
). 
As of March 31, 2026, on a rolling 12
 -
month basis, the 
companies’ (subsidiaries and 40 percent of Tre 
Skandinavien) combined sales and EBITDA amounted to 
SEK 68.6bn and SEK 17.3bn respectively. During the first 
quarter 2026, sales and EBITDA amounted to SE
 K 17.0bn, 
and SEK 4.2bn respectively.  
Patricia Industries, adjusted values, March 31, 2026  
 
Reported EBITDA 
 (subsidiaries & 40% of Tre Skandinavien)  
Major subsidiaries, performance  
Q1 2026         
SEK m  
 Sales  
Org. growth, 
constant 
currency  
 EBITDA  
 EBITDA (%)  
 EBITA
 1) 
 EBITA (%)  
Operating cash 
flow  
Mölnlycke  
 5,501  
 3 
 1,516 
 27.6  
 1,321 
 24.0  
 1,413 
Laborie  
 1,260  
 6 
 317 
 25.2  
 301 
 23.9  
 14 
Nova Biomedical  
 1,598  
 1 
 563  
 35.3  
 516 
 32.3  
 557  
Sarnova  
 2,848  
 4  
 481 
 16.9 
 434  
 15.2 
 508  
Permobil  
 1,377 
 -
1 
 269  
 19.5 
 207  
 15.0 
 178 
Piab Group  
 879  
 1 
 219 
 24.8  
 180 
 20.5  
 90  
BraunAbility  
 2,464  
 5 
 309  
 12.5 
 256  
 10.4 
 -
56  
Vectura  
 98  
 42  
 59  
 60.8  
 -
2 
 -
2.2 
 -
46  
Atlas Antibodies  
 59  
 -
17 
 15 
 24.5  
 6 
 10.8 
 -
7 
Total  
 16,084   
 3,749  
 23.3  
 3,219  
 20.0  
 2,651  
Reported growth y/y, %  
 -
7  
 -
6   
 -
7   
Organic growth, y/y, %  
 3       
1) EBITA is defined as operating profit before acquisition
 -
 related amortizations.      
Mölnlycke
38%
Laborie
 14%
Nova 
Biomedical
14%
Sarnova
 10%
Permobil
 7%
Piab Group
 6%
Tre Skandinavien
5%
BraunAbility
 5%
 Vectura
 2%
 Financial 
Investments
 1%
Atlas 
Antibodies
 0%
SEK 218bn
0
2 000
4 000
6 000
8 000
10 000
12 000
14 000
16 000
18 000
0
1 000
2 000
3 000
4 000
5 000
Q1 15
Q2 15
Q3 15
Q4 15
Q1 16
Q2 16
Q3 16
Q4 16
Q1 17
Q2 17
Q3 17
Q4 17
Q1 18
Q2 18
Q3 18
Q4 18
Q1 19
Q2 19
Q3 19
Q4 19
Q1 20
Q2 20
Q3 20
Q4 20
Q1 21
Q2 21
Q3 21
Q4 21
Q1 22
Q2 22
Q3 22
Q4 22
Q1 23
Q2 23
Q3 23
Q4 23
Q1 24
Q2 24
Q3 24
Q4 24
Q1 25
Q2 25
Q3 25
Q4 25
Q1 26
SEK m
Quarterly LTM (RHS)

===== SIDA 8 =====

INVESTOR Q1 2026 
 –  
8  
 
Value development  
Contribution to adjusted net asset value amounted to 
SEK  
9,340m during  
the first quarter 2026 (
 -
20,575)
 . 
Contribution to adjusted net asset value  
SEK m   
 Q1 2026  
 Q1 2025  
Changes in value   
 9,414  
 -
20,493  
Management cost   
 -
98  
 -
101 
Other   
 25  
 18 
Total   
 9,340  
 -
20,575  
 
Based on estimated market values, the total return for 
Patricia Industries amounted to 4  
percent (5  
percent 
excluding cash) during the first quarter 2026 (
 -
9). Cash 
flow, a positive translation effect as the USD strengthened 
sequentially during the quarter, and multiple expansion, 
contributed to the return during the first quarter
 . 
For more information on valuation, see page 30.  
Investments and divestments  
During the first quarter 2026, investments amounted to 
SEK 395m (160)
 . 
Divestments amounted to SEK 3m during the first quarter 
2026 (15)
 . 
Distributions received  
During the first quarter  
2026, distributions to Patricia 
Industries amounted to SEK 141m (1,101), mainly related to 
distribution from Laborie and Piab Group.  
Distribution to Patricia Industries  
 
Patricia Industries, net cash  
SEK m   
 Q1 2026  
 Q1 2025  
Beginning of period   
 17,286  
 15,666  
Net cash flow   
 -
251 
 956  
Internal transfer 
Investor/Patricia Industries   
 -
4,642  
 -
4,223  
Other
 1)  
 -
60  
 -
114 
End of period   
 12,333  
 12,284  
1) Includes currency
 -
 related effects, net interest and management cost.  
 
Patricia Industries 
 –  
valuation overview  
 
Estimated market 
values, SEK m, 
3/31, 2026  
Change Q1 
2026 vs. Q4 
2025 SEK m  
 
Major drivers  
 Comments  
Major subsidiaries       
   
Mölnlycke  
 82,262  
 7,860   
Multiples impacted positively  
 Applied EV/adjusted LTM EBITDA 15.6x  
   
Laborie  
 30,054  
 -
1,766  
Multiples impacted negatively, currency 
impacted positively  
Applied EV/adjusted LTM EBITDA 16.9x  
   
Nova Biomedical  
 29,939  
 -
7  
Multiples impacted negatively, earnings 
and currency impacted positively  
Applied EV/adjusted LTM EBITDA 17.7x  
   
Sarnova  
 22,105  
 1,958   
Multiples and currency impacted 
positively  
Applied EV/adjusted LTM EBITDA 14.8x  
   
Permobil  
 14,567  
 -
802   
Earnings impacted negatively  
 Applied EV/adjusted LTM EBITDA 14.2x  
   
Piab Group  
 12,379  
 428   
Multiples impacted positively, earnings 
impacted negatively  
Applied EV/adjusted LTM EBITDA 17.6x  
   
BraunAbility  
 9,927  
 457   
Currency and earnings impacted 
positively  
Applied EV/adjusted LTM EBITDA 11.5x  
   
Vectura  
 3,454  
 69   
No major drivers  
 Estimated market value of the property 
portfolio less debt and cost  
   
Atlas Antibodies  
 607  
 -
138  
Earnings impacted negatively  
 Applied EV/adjusted LTM EBITDA 15.1x  
Partner
 -
owned 
investments  
     
Tre Skandinavien  
 10,509  
 1,615  
Multiples and earnings impacted 
positively  
Applied EV/reported LTM EBITDA 7.1x  
Financial investments  
 1,972 
 -
9    
 Multiple or third
 -
 party valuation  
Total  
 217,775      
Total incl. cash  
 230,108      
0
1 000
2 000
3 000
4 000
5 000
6 000
7 000
8 000
9 000
10 000
2022
 2023
 2024
 2025
 YTD 2026
SEK m

===== SIDA 9 =====

INVESTOR Q1 2026 
 –  
9  
 
 
A world
 -
leading medtech company that specializes in sustainable solutions 
for wound care and surgical procedures. 
 Read more at 
 www.molnlycke.com  
Activities during the quarter  
Group  
• 
 Organic sales growth amounted to 3 percent in constant 
currency, driven by all business areas.  
• 
 The EBITA margin improved compared to last year, driven by 
cost control. Currency effects, lower manufacturing 
absorption and tariffs impacted negatively
 . 
• 
 Guillaume Joucla 
 (Group CFO) 
 was appointed interim CEO of 
Mölnlycke
 , succeeding Zlatko Rihter as of March 24, 2026.  
Wound Care   
• 
 Organic sales growth amounted to 2 percent in constant 
currency. 
 US growth remained healthy, albeit at lower levels 
than in the prior quarters.  
APAC, including China, continued 
to perform strongly.  
EMEA d
 ecline
 d, mainly driven by 
 the 
Middle East and continu
 ed 
challenging market conditions in 
France.  
Operating Room Solutions  
• 
 Organic sales growth amounted to 3 percent in constant 
currency
 , driven by the Trays assortment
 . 
Gloves  
• 
 Organic sales growth  
amounted to 6 percent in constant 
currency, driven by the US.  
Antiseptics  
• 
 Organic sales growth amounted to 11 percent in constant 
currency, driven by the US market, while EMEA declined.  
Mölnlycke, sales and margin development  
 
Key figures, Mölnlycke  
Income statement items,  
EUR m  
  
 Last 12 
months  
Q1 2026  
 Q1 2025  
Sales  
 514 
 519 
 2,099  
EBITDA  
 142 
 140  
 598  
EBITA  
 124 
 121 
 524  
    
Sales growth, %  
 -
1 
 4   
Organic growth,  
constant currency, %  
 3 
 3  
    
EBITDA, %  
 27.6  
 26.9  
 28.5  
EBITA, %  
 24.0  
 23.3  
 24.9  
    
Cash flow items, EUR m  
 Q1 2026  
 Q1 2025   
EBITDA  
 142 
 140   
Lease payments  
 -
6  
 -
6   
Change in working capital  
 12 
 -
73   
Capital expenditures  
 -
16 
 -
14  
Operating cash flow  
 132 
 48   
Acquisitions/divestments  
 - 
 -  
Shareholder 
contribution/distribution  
 - 
 -  
Other
 1) 
 -
49  
 -
31  
Increase(
 -
 )/decrease(+) in net 
debt  
 83  
 17  
    
Key ratios     
Working capital/sales, %    
 22  
Capital expenditures/sales, %    
 4  
    
Balance sheet items, EUR m  
 3/31 2026  
 12/31 2025   
Net debt  
 1,798 
 1,881  
    
 
 3/31 2026  
 3/31 2025   
Number of employees  
 8,320  
 8,725   
1) Includes effects of exchange rate changes, interest, tax and change in lease  
liabilities.  
Mölnlycke, distribution of sales and organic sales growth  
 
Share of sales, (%)  
Organic growth, constant 
currency, (%)  
 
 Last 12 months  
 Q1 2026  
Wound Care  
 60  
 2 
Operating Room 
Solutions  
 25  
 3 
Gloves  
 12 
 6 
Antiseptics  
 3 
 11 
Total  
 100  
 3 
Mölnlycke, distribution of sales by geography  
 
 Share of sales, (%)  
 
 2025  
Europe, Middle East, Africa  
 56  
Americas  
 34  
Asia Pacific  
 10 
Total  
 100  
  
0
5
10
15
20
25
30
35
0
100
200
300
400
500
600
700
Q1
22
Q2
22
Q3
22
Q4
22
Q1
23
Q2
23
Q3
23
Q4
23
Q1
24
Q2
24
Q3
24
Q4
24
Q1
25
Q2
25
Q3
25
Q4
25
Q1
26
EUR m
Sales
 EBITDA, %
 EBITA, %

===== SIDA 10 =====

INVESTOR Q1 2026 
 –  
10 
 
  
 
A 
provider of diagnostic and therapeutic products for the Urology, 
Gastroenterology, Obstetrics, Neonatal & Gynecology markets.  
Read more at 
 www.laborie.com  
Activities during the quarter  
• 
 Organic sales growth amounted to 6 percent in constant 
currency, driven by Urology, with the Optilume
 TM 
urethral 
strictures product contributing significantly. The recently 
acquired JADA
 ®  
product has been integrated into the 
Maternal & Child Health business unit and performed well.  
• 
 Adjusted for USD 9m of costs related to the JADA
 ®  
acquisition, the EBITA margin increased, driven by product 
mix and partially offset by commercial investments.  
• 
 On January 28, 2026, Laborie completed its previously 
announced acquisition of the JADA
 ®  
system, a medical 
device that uses a low
 -
level vacuum to control and treat 
abnormal postpartum uterine bleeding or hemorrhage. The 
acquisition adds an innovative, highly complementary 
product to Laborie’s Maternal & Child Health business unit. 
Laborie fun
 ded the acquisition with cash on hand and 
external debt, paying USD 
 4
 32
 m 
at closing
 . 
For the 12
-
month 
periods ending December 31, 2025, and December 31, 2024, 
JADA
 ®  
revenues amounted to USD 74m and USD 61m, 
respectively, with profitability in line with Laborie's historical 
levels.  
In January, Laborie also completed a Urotronic 
acquisition milestone payment of USD 68m due to 
achievement of a reimbursement milestone for the 
Optilume
 TM 
BPH product.  
Key figures, Laborie  
Income statement items,  
USD m  
  
 Last 12 
months  
Q1 2026  
 Q1 2025  
Sales  
 138 
 115 
 507  
EBITDA  
 35  
 35  
 144  
EBITA  
 33  
 33  
 137 
    
Sales growth, %  
 20  
 13  
Organic growth,  
constant currency, %  
 6 
 14  
    
EBITDA, %  
 25.2  
 30.9  
 28.4  
EBITA, %  
 23.9  
 29.1 
 27.0  
    
Cash flow items, USD m  
 Q1 2026  
 Q1 2025   
EBITDA  
 35  
 35   
Lease payments  
 -
1 
 -
1  
Change in working capital  
 -
29  
 -
9  
Capital expenditures  
 -
3 
 -
2  
Operating cash flow  
 2 
 23   
Acquisitions/divestments  
 -
500  
 -  
Shareholder 
contribution/distribution  
 - 
 -  
Other
 1) 
 -
38  
 -
10  
Increase(
 -
 )/decrease(+) in net 
debt  
 -
536  
 13  
    
Key ratios     
Working capital/sales, %    
 18 
Capital expenditures/sales, %    
 3 
    
Balance sheet items, USD m  
 3/31 2026  
 12/31 2025   
Net debt  
 850  
 314  
    
 
 3/31 2026  
 3/31 2025   
Number of employees  
 1,170 
 1,045   
1) Includes effects of exchange rate changes, interest, tax and change in lease  
liabilities.  
 
 
 
A global provider of scientific and analytical solutions for the biopharma, 
clinical and food & beverage industries. Read more at 
www.novabiomedical.com  
Activities during the quarter  
• 
 O
rganic sales growth amounted to 1 percent in constant 
currency, impacted by a challenging comparison 
 quarter 
 with 
notably strong clinical instrument sales in the prior year 
period. Both biopharmaceutical and clinical products grew 
during the quarter.  
• 
 The EBITA margin increased significantly, driven by efficiency 
improvements as the integration progresses, partially offset 
by higher investments in general and administrative functions 
to support the integrated company, as well as elevated 
manufacturing c
 osts for certain products due to higher 
material costs.  
Key figures, 
 Nova Biomedical
 1) 
Income statement items,  
USD m  
  
 Last 12 
months  
Q1 2026  
 Q1 2025  
Sales  
 175 
 171 
 663  
EBITDA  
 62  
 48  
 218 
EBITA  
 56  
 44  
 201 
    
Sales growth, %  
 3 
 8  
Organic growth,  
constant currency, %  
 1 
 8  
    
EBITDA, %  
 35.3  
 28.0  
 32.9  
EBITA, %  
 32.3  
 26.0  
 30.4  
    
Cash flow items, USD m
 2) 
 Q1 2026  
 Q1 2025   
EBITDA  
 62  
 n
/a  
Lease payments  
 -
1 
 n
/a  
Change in working capital  
 2 
 n
/a  
Capital expenditures  
 -
2 
 n
/a  
Operating cash flow  
 61 
 n/a   
Acquisitions/divestments  
 - 
 n/a   
Shareholder 
contribution/distribution  
 - 
 n/a   
Other
 3) 
 -
9 
 n/a   
Increase(
 -
 )/decrease(+) in net 
debt  
 52  
 n/a   
    
Key ratios     
Working capital/sales, %    
 16 
Capital expenditures/sales, %    
 1 
    
Balance sheet items, USD m  
 3/31 2026  
 12/31 2025   
Net debt  
 726  
 778   
    
 
 3/31 2026  
 3/31 2025   
Number of employees  
 1,850  
 1,930   
1) Nova Biomedical added pro forma for figures 2025 unless otherwise stated. EBITDA 
and EBITA adjusted for transaction and integration costs.  
2) Nova Biomedical cash flow and net debt not added pro forma.  
3) Includes effects of exchange rate changes, interest, tax and change in lease 
liabilities.

===== SIDA 11 =====

INVESTOR Q1 2026 
 –  
11 
 
 
 
A US provider of specialty healthcare and safety products, services and 
software for the US emergency medical services (EMS), acute care and 
cardiac response markets. Read more at 
 www.sarnova.com  
Activities during the quarter  
• 
 Organic sales growth amounted to 4 percent in constant 
currency, driven by strong growth in the Cardiac Response 
and Emergency Preparedness business units, partially offset 
by a strong compar
 ison  
quarter  
for the Acute Care and 
Emergency Medical Services (EMS) revenue cycle 
management (RCM) businesses.  
• 
 The EBITA margin decreased slightly, driven primarily by 
additional expenses to support the 
 Quick Med Claims and 
Golden Hour Data Systems 
 EMS RCM businesses acquired in 
the fourth quarter 
 2025 but not yet integrated, alongside 
continued investments in the organization and digital 
infrastructure.  
Key figures, Sarnova  
Income statement items,  
USD m  
  
 Last 12 
months  
Q1 2026  
 Q1 2025  
Sales  
 312 
 284  
 1,182 
EBITDA  
 53  
 50  
 204  
EBITA  
 47  
 45  
 181 
    
Sales growth, %  
 10 
 9  
Organic growth,  
constant currency, %  
 4  
 2  
    
EBITDA, %  
 16.9 
 17.7 
 17.3 
EBITA, %  
 15.2 
 15.9 
 15.3 
    
Cash flow items, USD m  
 Q1 2026  
 Q1 2025   
EBITDA  
 53  
 50   
Lease payments  
 -
1 
 -
1  
Change in working capital  
 7 
 -
7  
Capital expenditures  
 -
3 
 -
6  
Operating cash flow  
 56  
 36   
Acquisitions/divestments  
 -
7 
 -
7  
Shareholder 
contribution/distribution  
 - 
 -  
Other
 1) 
 -
15 
 -
12  
Increase(
 -
 )/decrease(+) in net 
debt  
 34  
 18  
    
Key ratios     
Working capital/sales, %    
 17 
Capital expenditures/sales, %    
 2 
    
Balance sheet items, USD m  
 3/31 2026  
 12/31 2025   
Net debt  
 939  
 973   
    
 
 3/31 2026  
 3/31 2025   
Number of employees  
 1,935 
 1,525  
1) Includes effects of exchange rate changes, interest, tax and change in lease 
liabilities.  
 
 
 
A provider of advanced mobility and seating rehab solutions, including 
powered and manual wheelchairs, pressure
 -
relieving cushions and power
 -
assist devices. 
 Read more at 
 www.permobil.com  
Activities during the quarter  
• 
 Organic sales declined by 1 percent in constant currency, 
driven by EMEA and Americas, while APAC grew. Power 
Assist Devices contributed negatively to growth.  
• 
 The EBITA margin declined, negatively impacted by 
 currency, 
as well as costs related to production facility relocations and 
the recall of the 
 SmartDrive SpeedControl Dial.  
• 
 Permobil launched the Comfort Unite, its most advanced 
backrest system to date, designed to deliver superior 
comfort, postural support, and pressure distribution.  
• 
 Permobil launched the new TiLite TR and ZR ultralight 
titanium wheelchairs, delivering lighter weight, refined 
aesthetics, and greater adjustability.  
• 
 Tomas Puusepp, member of the Permobil board since 
 2016
 , 
will succeed Martin Lundstedt as Chair in June, 2026.  
Key figures, Permobil  
Income statement items,  
SEK m  
  
 Last 12 
months  
Q1 2026  
 Q1 2025  
Sales  
 1,377 
 1,536 
 6,002  
EBITDA  
 269  
 333  
 1,341 
EBITA
 1) 
 207  
 274  
 1,112 
    
Sales growth, %  
 -
10 
 4   
Organic growth,  
constant currency, %  
 -
1 
 3  
    
EBITDA, %  
 19.5 
 21.7 
 22.3  
EBITA, %  
 15.0 
 17.9 
 18.5 
    
Cash flow items, SEK m  
 Q1 2026  
 Q1 2025   
EBITDA  
 269  
 333   
Lease payments  
 -
19 
 -
19  
Change in working capital  
 20  
 -
4   
Capital expenditures  
 -
92  
 -
70   
Operating cash flow  
 178 
 239   
Acquisitions/divestments  
 -
28  
 -  
Shareholder 
contribution/distribution  
 - 
 -  
Other
 2) 
 -
243  
 141  
Increase(
 -
 )/decrease(+) in net 
debt  
 -
93  
 380   
    
Key ratios     
Working capital/sales, %    
 21 
Capital expenditures/sales, %    
 5 
    
Balance sheet items, SEK m  
 3/31 2026  
 12/31 2025   
Net debt  
 4,186  
 4,092   
    
 
 3/31 2026  
 3/31 2025   
Number of employees  
 2,065  
 2,040   
1) EBITA 2025 restated.  
2) Includes effects of exchange rate changes, interest, tax and change in lease  
liabilities.

===== SIDA 12 =====

INVESTOR Q1 2026 
 –  
12 
 
 
 
A provider of gripping and moving solutions for end
 -
users and machine 
manufacturers to improve energy efficiency, productivity and work 
environment. 
 Read more at 
 www.piabgroup.com  
Activities during the quarter  
• 
 Organic sales growth  
amounted to 1 percent in constant 
currency. Lifting Automation and Vacuum Automation 
contributed to growth, while Vacuum Conveying declined. 
Regionally, Americas and APAC contributed to growth, while 
EMEA declined.  
• 
 The 
 EBITA margin decreased, 
 negatively impacted by CEO 
transition
 -
related costs and tariffs.  
• 
 Operating cash flow was negatively affected by working 
capital timing effects
 , 
and investments in 
 production capacity  
and ERP implementation
 . 
• 
 Bengt Thorsson was appointed interim CEO of Piab Group, 
effective May 1, 
 2026, 
 succeeding Peter Laurin.  
• 
 Within Vacuum Automation, 
 Piab Group expanded its 
vacuum gripping portfolio with a lightweight, yet 
high
 -
payload gripper optimized for collaborative robot 
applications.  
 
Key figures, Piab Group  
Income statement items,  
SEK m  
  
 Last 12 
months  
Q1 2026  
 Q1 2025  
Sales  
 879  
 957  
 3,521 
EBITDA  
 219 
 259  
 895  
EBITA  
 180 
 218 
 738  
     
Sales growth, %  
 -
8 
 22   
Organic growth,  
constant currency, %  
 1 
 7  
    
EBITDA, %  
 24.8  
 27.1 
 25.4  
EBITA, %  
 20.5  
 22.8  
 20.9  
    
Cash flow items, SEK m  
 Q1 2026  
 Q1 2025   
EBITDA  
 219 
 259   
Lease payments  
 -
18 
 -
19  
Change in working capital  
 -
59  
 -
25   
Capital expenditures  
 -
52  
 -
22   
Operating cash flow  
 90  
 193  
Acquisitions/divestments  
 - 
 -
181  
Shareholder 
contribution/distribution  
 -
12 
 -
12  
Other
 1) 
 -
160  
 106  
Increase(
 -
 )/decrease(+) in net 
debt  
 -
83  
 106   
    
Key ratios     
Working capital/sales, %    
 18 
Capital expenditures/sales, %    
 4  
    
Balance sheet items, SEK m  
 3/31 2026  
 12/31 2025   
Net debt  
 3,261 
 3,178  
    
 
 3/31 2026  
 3/31 2025   
Number of employees  
 1,530  
 1,475  
1) Includes effects of exchange rate changes, interest, tax and change in lease  
liabilities.  
 
 
 
A provider of mobility transportation solutions, including wheelchair 
accessible vehicles, lifts and seating, storage and securement products. 
Read more at 
 www.braunability.com  
Activities during the quarter  
• 
 Organic sales growth amounted to 5 percent in constant 
currency, driven by strong growth of commercial Wheelchair 
Accessible Vehicles.  
• 
 The EBITA margin  
was unchanged
 . 
Key figures, BraunAbility  
Income statement items,  
USD m  
  
 Last 12 
months  
Q1 2026  
 Q1 2025  
Sales  
 270  
 257  
 1,124 
EBITDA  
 34  
 31 
 144  
EBITA  
 28  
 26  
 122 
    
Sales growth, %  
 5 
 -
3  
Organic growth,  
constant currency, %  
 5 
 -
3  
    
EBITDA, %  
 12.5 
 12.2 
 12.8 
EBITA, %  
 10.4 
 10.1 
 10.8 
    
Cash flow items, USD m  
 Q1 2026  
 Q1 2025   
EBITDA  
 34  
 31  
Lease payments  
 -
2 
 -
2  
Change in working capital  
 -
36  
 -
13  
Capital expenditures  
 -
2 
 -
7  
Operating cash flow  
 -
6  
 10  
Acquisitions/divestments  
 - 
 -  
Shareholder 
contribution/distribution  
 - 
 -  
Other
 1) 
 -
12 
 -
6  
Increase(
 -
 )/decrease(+) in net 
debt  
 -
19 
 5  
    
Key ratios     
Working capital/sales, %    
 7 
Capital expenditures/sales, %    
 2 
    
Balance sheet items, USD m  
 3/31 2026  
 12/31 2025   
Net debt  
 589  
 570   
    
 
 3/31 2026  
 3/31 2025   
Number of employees  
 1,955 
 1,915  
1) Includes effects of exchange rate changes, interest, tax and change in lease  
liabilities.

===== SIDA 13 =====

INVESTOR Q1 2026 
 –  
13 
 
 
 
A developer  
and manager of innovation clusters and commercial properties. 
Read more at 
 www.vectura.se   
Activities during the quarter  
• 
 Total income growth amounted to 14 percent, driven by rental 
income from Saab’s new R&D
 -
focused office building in Lund 
which Saab accessed in 
 the fourth quarter 2
 025, as well as 
two elderly care homes in Danderyd and Vallentuna that were 
completed during the quarter.  
• 
 The surplus ratio
 2) 
increased by 6 percentage points, driven 
by recently completed properties with triple net lease 
agreements. The total pro rata share of Net Operating 
Income
 1) 
from Joint Ventures amounted to SEK 20m (not 
consolidated).   
• 
 During the quarter, Vectura entered an agreement to acquire 
Next Step Group’s ownership stake in GoCo Health 
Innovation City in Mölndal, Gothenburg. Before the 
acquisition, Vectura owned 50  
percent  
of GoCo and has, 
through this transaction, acquired the remaining ownership
 , 
for a combined underlying property value of SEK 2.8bn
 . The 
transaction was closed on April 1
 , 2026, and  
Patricia 
Industries contributed SEK 320m in equity to fund the 
acquisition.  
Key figures, Vectura  
Income statement items,  
SEK m  
  
 Last 12 
months  
Q1 2026  
 Q1 2025  
Total income  
 98  
 85  
 384  
Net operating income
 1) 
 74  
 60  
 280  
Surplus ratio, %
 2) 
 76.3  
 70.0  
 72.9  
    
   
 Last 12 
months  
Cash flow items, SEK m  
 Q1 2026  
 Q1 2025  
Capital expenditures
 3) 
 -
169 
 -
446  
 -
890  
    
Balance sheet items, SEK m  
 3/31 2026  
 12/31 2025   
External net debt  
 4,144  
 4,056   
    
Property
 -
 related items  
 3/31 2026  
 12/31 2025   
Property portfolio value, SEK m  
 7,915 
 7,738   
o/w properties under management  
 7,136 
 7,256   
LTV, %  
 52  
 52   
Properties under management, sqm
 4) 
 114,451 
 106,954   
Occupancy rate, % properties under 
management  
 99  
 99   
    
 
 3/31 2026  
 3/31 2025   
Number of employees  
 45  
 40   
1) Total income 
 –  
Property costs.  
2) Net operating income/Total income.  
3) Including contribution to associated companies.  
4) Total finalized sqm, leased or available for lease.  
 
 
 
 
A provider of advanced reagents for basic and clinical biomedical research. 
Read more at  
www.atlasantibodies.com  
Activities during the quarter  
• 
 Organic sales declined by 17 percent in constant currency, 
driven by the evitria business, which continues to be 
impacted by soft demand, partly offset by growth in 
HistoCyte Laboratories.  
• 
 The EBITA margin declined as a result of lower sales, only 
partially offset by ongoing cost saving initiatives
 . 
• 
 Atlas Antibodies introduced a set of recombinant antibodies 
designed to support translational research and help move 
discoveries toward practical applications.  
Key figures, Atlas Antibodies  
Income statement items,  
SEK m  
  
 Last 12 
months  
Q1 2026  
 Q1 2025  
Sales  
 59  
 76  
 248  
EBITDA  
 15 
 24  
 52  
EBITA  
 6 
 16 
 20  
    
Sales growth, %  
 -
22  
 -
3  
Organic growth,  
constant currency, %  
 -
17 
 -
3  
    
EBITDA, %  
 24.5  
 31.3 
 21.0 
EBITA, %  
 10.8 
 20.8  
 7.9 
    
Cash flow items, SEK m  
 Q1 2026  
 Q1 2025   
EBITDA  
 15 
 24   
Lease payments  
 -
3 
 -
3  
Change in working capital  
 -
16 
 3  
Capital expenditures  
 -
3 
 -
4   
Operating cash flow  
 -
7 
 20   
Acquisitions/divestments  
 - 
 -  
Shareholder 
contribution/distribution  
 - 
 -  
Other
 1) 
 -
7 
 -
9  
Increase(
 -
 )/decrease(+) in net 
debt  
 -
15 
 11  
    
Key ratios     
Working capital/sales, %    
 90  
Capital expenditures/sales, %    
 5 
    
Balance sheet items, SEK m  
 3/31 2026  
 12/31 2025   
Net debt  
 161 
 146  
    
 
 3/31 2026  
 3/31 2025   
Number of employees  
 110 
 105  
1) Includes effects of exchange rate changes, interest, tax and change in lease liabilities.

===== SIDA 14 =====

INVESTOR Q1 2026 
 –  
14 
 
 
A provider of mobile voice and broadband services in Sweden and Denmark. 
Read more at 
 www.tre.se  
Activities during the quarter  
• 
 The subscription base increased by 37,000, of which 18,000 
in Sweden and 19,000 in Denmark.  
• 
 Service revenue increased by 6 percent and EBITDA 
increased by 10 percent, driven by strong cost control
 , 
including  
positive effects from the operational efficiency 
program launched in Sweden last year.  
• 
 SAS selected Tre as its new strategic corporate partner with 
the recently launched 3Koppla chosen as the unified digital 
communications platform for SAS’s global operations. T
 re 
customers will also gain free access to onboard high
 -
speed 
Wi
-
Fi on SAS flights, enabled by Starlink
 . 
The service will be 
rolled
-
out during 2026.  
Key figures, Tre Skandinavien  
   
 Last 12  
months  
Income statement items  
 Q1 2026  
 Q1 2025  
Sales, SEK m  
 3,119 
 3,051  
 13,033  
   
Sweden, SEK m  
 2,041  
 1,977 
 8,614  
   
Denmark, DKK m  
 752  
 716 
 3,021 
    
Service revenue, SEK m
 1) 
 2,298  
 2,177 
 9,186  
   
Sweden, SEK m  
 1,471 
 1,387 
 5,907  
   
Denmark, DKK m  
 577  
 527  
 2,242  
    
EBITDA, SEK m  
 1,191 
 1,080  
 4,549  
   
Sweden, SEK m  
 881 
 784  
 3,307  
   
Denmark, DKK m  
 216 
 198 
 849  
    
EBITDA, %  
 38.2  
 35.4  
 34.9  
   
Sweden  
 43.2  
 39.6  
 38.4  
   
Denmark  
 28.7  
 27.6  
 28.1 
    
Key ratios     
Capital expenditures/sales, %    
 11 
    
Balance sheet items, SEK m  
 3/31 2026  
 12/31 2025   
Net debt  
 6,023  
 6,441   
    
 
 3/31 2026  
 3/31 2025   
Number of employees  
 1,935 
 1,880   
    
Other key figures  
 3/31 2026  
 3/31 2025   
Subscriptions  
 4,716,000  
 4,463,000   
   
Sweden  
 2,908,000  
 2,774,000   
   
Denmark  
 1,808,000  
 1,689,000   
1) Mobile service revenue excluding interconnect revenue.

===== SIDA 15 =====

INVESTOR Q1 2026 
 –  
15 
 
Investments in EQT  
EQT is a purpose
 -
driven global investment organization focused on active ownership strategies. With a Nordic heritage and a global 
mindset, EQT has a track record of more than three decades of developing companies across multiple geographies, sectors and 
s
trategies. Investor was one of the founders of EQT in 1994 and has committed capital to the vast majority of its funds.  
Read more at 
 www.eqtgroup.com  
 
Highlights during the quarter  
• 
 Investor acquired shares in EQT AB for SEK 1,378m.  
Performance  
Contribution to net asset value (adjusted and reported) 
amounted to SEK 
 -
13,794m during the first quarter 2026  
(866).  
The reported value change of Investor’s investments in 
EQT was 
 -
13 percent during the first quarter 2026, of which 
-
14 percent in constant currency.  
Net cash flow to Investor amounted to SEK 
 -
 206m during 
the first  
quarter.  
Investments in EQT AB  
The value change of Investor’s holding in EQT AB 
amounted to SEK 
 -
14,384
 m, corresponding to a total 
shareholder return of 
 -
22 percent during the first quarter.  
During the 
 first q
 uarter 202
 6
, Investor acquired shares in 
EQT AB for SEK 
 1,378
m. 
Investments in EQT funds  
Investor reports the value change on its EQT fund 
investments with a one
 -
quarter lag. Consequently, the 
information related to Investor’s investments in EQT funds 
in this report is presented as of  
December 31
 , 2025.  
The reported value change of Investor’s investments in 
EQT funds amounted to 2 percent during the first quarter, 
of which 0 percent in constant currency.  
Net cash flow to Investor amounted to SEK 1,172m during 
the first quarter.  
Investor’s total outstanding commitments to EQT funds 
amounted to SEK 26.5bn as of March 31, 2026 (26.8).  
Change in adjusted net asset value, EQT  
SEK m   
 Q1 2026  
 Q1 2025  
Net asset value, beginning of period   
 104,390  
 88,710  
Contribution to net asset value   
 -
13,794  
 866  
Proceeds (fund distributions, other)   
 -
2,037  
 -
748  
Investments (fund drawdowns, co
 -
investments, other)   
 2,243  
 1,685  
Net asset value, end of period   
 90,802  
 90,512  
Investor’s investments in EQT, March 31, 2026
 1) 
  
 Investor  
 
 Fund 
size 
EUR  
m 
 Share (%)  
Outstanding 
commitment 
SEK m  
Reported 
value  
SEK m  
Real Assets      
EQT Infrastructure III  
 4,041  
 5 
 10 
 432  
EQT Infrastructure IV  
 9,100  
 3 
 519 
 3,763  
EQT Infrastructure V  
 15,700  
 3 
 890  
 5,865  
EQT Infrastructure VI  
 21,500  
 3 
 3,841  
 2,958  
Other Real Assets
 2) 
 - 
 - 
 384  
 230  
Private Capital      
EQT VII  
 6,817 
 5 
 58  
 1,444  
EQT VIII  
 10,750  
 5 
 310 
 4,019  
EQT IX  
 15,600  
 3 
 459  
 6,223  
EQT X  
 21,700  
 3 
 3,621 
 3,572  
Other private capital
 3) 
 - 
 - 
 556  
 9,707  
Funds not closed
 4) 
 - 
 - 
 15,659  
 67  
Credit funds
 5) 
 - 
 - 
 238  
 242  
Total investments    
 26,545  
 38,523  
EQT AB   
 14.7/14.7
6)  
 52,279  
Total investments in EQT    
 90,802  
1) Investor’s investments in EQT funds are reported with a one
 -
 quarter lag.  
2) EQT Infrastructure, EQT Infrastructure II, EQT Real Estate I, EQT Real Estate II.  
3) EQT MM, EQT MM Asia, EQT MM EU, EQT Ventures, EQT Ventures II, EQT Ventures III, 
EQT Growth, EQT Future and Fortnox.  
4) BPEA IX, EQT XI, EQT Transition Infrastructure and EQT Healthcare Growth. 
Outstanding commitment is maximum and dependent on final fund size.  
5) Divested by EQT AB to Bridgepoint, October 2020.  
6) Capital and votes respectively.  
Investor’s investments in EQT, key figures overview  
  
 Q1 
 FY  
 Q4  
 Q3  
 Q2  
 Q1 
 FY  
 Q4  
 Q3  
 Q2  
 Q1 
SEK m   
 2026  
 2025  
 2025  
 2025  
 2025  
 2025  
 2024  
 2024  
 2024  
 2024  
 2024  
Reported value   
 90,802  
 104,390  
 104,390  
 97,358  
 96,776  
 90,512  
 88,710  
 88,710  
 94,492  
 88,961  
 92,562  
Reported value change, %   
 -
13 
 15 
 8 
 1 
 4  
 1 
 8 
 -
5 
 7 
 -
4  
 12 
Value change, constant currency, %   
 -
14 
 17 
 9 
 1 
 3 
 3 
 7 
 -
6 
 7 
 -
3 
 10 
EQT AB, dividends received   
 0  
 762  
 381 
 0  
 381 
 0  
 627  
 314 
 0  
 314 
 0  
Proceeds to Investor   
 2,037  
 6,976  
 1,261 
 3,351 
 1,616 
 748  
 3,726  
 1,550  
 898  
 1,058  
 222  
Investments from Investor   
 2,243  
 10,089  
 427  
 3,186  
 4,791 
 1,685  
 4,102  
 953  
 546  
 1,376 
 1,227 
Net cash flow to Investor   
 -
206  
 -
2,351  
 1,215 
 165 
 -
2,794  
 -
937  
 252  
 910  
 352  
 -
5 
 -
1,005

===== SIDA 16 =====

INVESTOR Q1 2026 
 –  
16 
 
Investor 
 g
roup  
Net debt  
Net debt totaled SEK 13,933m on March 31, 2026 (23,387). 
Debt financing of the Patricia Industries’ subsidiaries is 
arranged without guarantees from Investor and hence not 
included in Investor’s net debt. Investor guarantees SEK 
2.
7
bn of the associated company T
 re 
S
 kandinavien
 ’s 
refinanced external debt, but this guaranteed loan is not 
included in Investor’s net debt. The same applies for 
pending dividends from investments and approved but not 
yet paid dividend to shareholders.  
Net debt, March 31,  
2026  
SEK m  
Consolidated  
balance sheet  
Deductions 
related to 
Patricia 
Industries 
subsidiaries  
Investor’s  
net debt  
Other financial 
investments  
 20,099  
 -
594  
 19,505  
Cash, bank and short
 -
term investments  
 27,695  
 -
9,822  
 17,873 
Receivables included 
in net debt  
 989  
 -
455  
 534  
Interest bearing debt  
 -
122,117 
 70,375  
 -
51,741 
Provision for pensions  
 -
958  
 855  
 -
104  
Total  
 -
74,292  
 60,359  
 -
13,933  
 
Investor’s gross cash amounted to SEK 37,378m as of 
March 31, 2026 (27,119). The short
 -
term investments are 
invested conservatively, taking into account the risk
 -
adjusted return profile. Investor’s gross debt, excluding 
pension liabilities, amounted to SEK  
51,207m as of March 
31, 2026 (50,403).  
The average maturity of Investor AB’s debt portfolio was 
8.9 years on March 31, 2026 (9.2), excluding the debt of the 
Patricia Industries subsidiaries.  
Investor is rated AA
 - 
(Stable Outlook) by S&P Global and 
Aa3 (Stable Outlook) by Moody’s.  
Debt maturity profile, March 31, 2026  
 
Net financial items,  
Q1 
2026  
SEK m  
Group 
 -  
Net financial 
items  
Deductions 
related to 
Patricia 
Industries 
subsidiaries  
Investor’s net 
financial items  
Interest income  
 161 
 -
18 
 143 
Interest expenses  
 -
1,312 
 962  
 -
350  
Results from revaluation of 
loans, swaps and short
 -
term investments  
 -
66  
 -
95  
 -
161 
Foreign exchange result  
 -
701 
 457  
 -
244  
Other  
 179 
 -
57  
 122 
Total  
 -
1,739  
 1,250  
 -
489  
Share capital  
Investor’s share capital amounted to SEK 4,795m on 
March 31, 2026 (4,795).  
Share structure  
Class of 
share  
 Number of shares  
 Number of votes  
% of  
capital  
% of  
votes  
A 1 vote 
 1,246,763,376  
 1,246,763,376  
 40.6  
 87.2  
B 1/10 vote  
 1,821,936,744  
 182,193,674  
 59.4  
 12.8 
Total  
 3,068,700,120  
 1,428,957,050  
 100.0  
 100.0  
 
Investor’s share capital consists of 3,068,700,120 shares 
with a quota of SEK 1.5625 per share.  
On March 31, 2026, Investor owned a total of 4,983,471 of 
its own shares (5,391,065).  
 
Other  
Annual General Meeting  
Investor AB’s Annual General Meeting will be held on May 
7, 2026, 
 at 
4.00  
p.m. at China Teatern, Berzelii Park 9, 
Stockholm, Sweden. 
 Registration commences at 2.30 p.m. 
The AGM will be broadcasted live on 
 www.investorab.com
 . 
Notification of participation in the Annual General Meeting 
can be given until April 30, 2026, through 
https://www.euroclear.com/sweden/generalmeetings/
 , 
or 
by calling +46 8  
402 9052. Additional information about 
Investor’s Annual General Meeting is available on Investor’s 
website. Investor’s Annual report in Swedish is available at 
the company’s head office and website.  
Dividend proposal  
The Board of Directors proposes a dividend to the 
shareholders of SEK  
5.60  
per share for fiscal year 2025  
(5.20)
 . The dividend is proposed to be paid out in two 
installments, SEK  
4.00  
with record date May 
 1
1, 2026, and 
SEK 
 1.60 
with record date November 9, 2026. Should the 
Annual General Meeting decide in favor of the proposal, 
payment of the dividend is expected to be made on May 15, 
2026, and on November 12, 2026. The dividend proposed is 
based on the stated dividend policy to 
 pay a stea
 dily rising 
dividend, supported by cash flow from our three business 
areas: Listed Companies, Patricia Industries, and 
Investments in EQT.  
Acquisitions (business combinations)  
Laborie’s acquisition of the JADA® System  
On January 28, 2026, Laborie acquired the JADA® System, 
a medical device that uses a low
 -
level vacuum to control 
0
1 000
2 000
3 000
4 000
5 000
6 000
7 000
8 000
SEK m

===== SIDA 17 =====

INVESTOR Q1 2026 
 –  
17 
 
and treat 
 abnormal postpartum uterine bleeding or 
hemorrhage
 , 
by acquiring 100 percent of Alidia Health, Inc., 
a subsidiary of Organon  
LLC
 . The acquisition of the JADA
 ®  
System expands Laborie’s 
 Maternal & Child Health 
business unit 
 and demonstrates the 
 c
ompany’s 
commitment to delivering innovative, proven solutions to 
physicians and patients globally. The consideration 
amounted to SEK 
 3,817
m and was funded with  
cash on 
hand and external 
 debt. 
A potential additional payment of 
up to USD 25m contingent on achievement of certain 2026 
revenue targets may fall out. 
 In the preliminary purchase 
price allocation, goodwill amounted to SEK 
 2,400
 m. The 
goodwill recognized for the ac
 quisition corresponds to the 
business’s position to further strengthen their mission to 
deliver customer
 -
focused innovation to physicians and 
patients globally. The goodwill recognized is not expected 
to be deductible for income tax purposes. Transaction
 -
r
elated costs amounted to SEK 
 138
m and derives from 
external legal fees and due diligence expenses. These 
costs have been included in the line
 -
item Administrative, 
research and development and other operating costs in the 
Group’s consolidated income stateme
 nt. For the period 
from the acquisition date until Mach 31, 2026, JADA
 ®  
System contributed net sales of SEK 
 118
m and profit/loss 
of SEK 
 28
 m to the Group’s result. If the acquisition of 
JADA
 ®  
System had occurred on January 1, 2026, 
management estimates that consolidated net sales for the 
Group would have increased by SEK 
 52
 m and consolidated 
profit/loss for the period would have increased by SEK 
17
m. 
 
 
 
 
 
 
 
Identifiable assets acquired and liabilities assumed  
SEK m     
Jada® 
System  
 Other  
 Total  
Intangible assets     
 1,914  
 1,914 
       
Deferred tax liabilities     
 -
498   
 -
498  
Net identifiable assets and liabilities     
 1,417  
 1,417 
       
Consolidated goodwill     
 2,400   
 2,400  
Consideration     
 3,817  
 3,817 
Paid additional purchase price related to acquisitions made in previous periods      
 619 
 619 
Acquisitions of subsidiaries, net effect on cash flow     
 3,817 
 619 
 4,435  
Pledged assets and contingent liabilities  
Total pledged assets amount to SEK 38.3bn (36.8), of 
which SEK 33.0bn (31.7) refers to pledged assets in the 
subsidiaries BraunAbility, Laborie, Nova Biomedical and 
Sarnova, related to outstanding loans corresponding to 
SEK 4.9bn (4.8), SEK 8.1bn (3.7), SE
 K 7.6bn (7.3) and SEK 
9.5bn (9.3).  
Total contingent liabilities amount to SEK 6.8bn and refers 
to warranties within the wholly
 -
owned subsidiaries and Tre 
Skandinavien (6.9).  
Basis of preparation for the Interim 
Management Statement  
This Interim Management Statement has in all material 
aspects been prepared in accordance with NASDAQ 
Stockholm’s guidelines for preparing interim management 
statements. The accounting policies that have been 
applied for the consolidated income statement a
 nd 
consolidated balance sheet, are in agreement with the 
accounting policies used in the preparation of the 
company’s most recent annual report.  
Alternative performance measures  
Investor applies the ESMA Guidelines on Alternative 
performance measures (APMs). An APM is a financial 
measure of historical or future financial performance, 
financial position, or cash flows, other than a financial 
measure defined or specified in the appl
 icable financial 
reporting framework. For Investor’s consolidated accounts, 
this framework typically means IFRS.  
Definitions of all APMs used are found in the Annual report 
2025 and on www.investorab.com/investors
 -
media/financials/definitions.  
Reconciliations to the financial statements for the APMs 
that are not directly identifiable from the financial 
statements and considered significant to specify, are 
disclosed on pages 26
 -
27. Reconciliations of APMs for 
individual subsidiaries or business a
 reas are not disclosed, 
since the purpose of these are to give deeper financial 
information without being directly linked to the financial 
information for the Group, that is presented according to 
the applicable financial reporting framework.  
Roundings  
Due to rounding, numbers presented throughout this 
Interim Management Statement may not add up precisely 
to the totals provided and percentages may not precisely 
reflect the absolute figures.

===== SIDA 18 =====

INVESTOR Q1 2026 
 –  
18 
 
Financial calendar  
May 7, 2026  
 Annual General Meeting  
Jul. 16, 2026  
 Interim Report  
 
 January
 -
June 2026  
Oct. 16, 2026  
 Interim Management Statement  
 
 January
 -
September 2026  
Jan. 22, 2027  
 Year
 -
End report 2026  
Apr. 20, 2027  
 Interim Management Statement  
 
 January
 -
March 2027  
 
Stockholm, April 21, 2026  
 
 
Christian Cederholm  
President and CEO  
 
 
 
 
 
For more information  
Jenny Ashman Haquinius  
Chief Financial Officer  
+46 8 614 2000  
j
enny.ashmanhaquinius@investorab.com  
Jacob Lund  
Chief Communications & Sustainability Officer  
+46 72 560 2157  
jacob.lund@investorab.com  
Magnus Dalhammar  
Head of Investor Relations  
+46 73 524 2130  
m
agnus.dalhammar@investorab.com  
Address  
Investor AB (publ) (CIN 556013
 -
8298)  
SE
 -
103 32 Stockholm, Sweden  
Visiting address: Arsenalsgatan 8C  
Phone: +46 8 614 2000  
www.investorab.com  
 
Ticker codes  
INVEB SS in Bloomberg  
INVEb.ST in Reuters  
INVE B in NASDAQ OMX  
Information about Investor is also available on LinkedIn.  
 
This information is information that Investor AB is obliged 
to make public pursuant to the EU Market Abuse 
Regulation. The information was submitted for publication, 
through the agency of the contact person set out above, at 
08:15 CET on April 21, 2026.  
 
This Interim Management Statement and additional information is available on 
 www.investorab.com  
 
This Interim Management Statement has not been subject to review by the company’s auditors

===== SIDA 19 =====

INVESTOR Q1 2026 
 –  
19 
 
Consolidated income statement, in summary  
SEK m      
 Q1 2026  
 Q1 2025  
Dividends      
 9,793  
 4,735  
Changes in value      
 20,033  
 -
10,676  
Net sales      
 16,130 
 15,990  
Cost of goods and services sold      
 -
8,280  
 -
8,265  
Sales and marketing cost      
 -
2,366  
 -
2,412 
Administrative, research and development and other operating 
cost      
 -
3,160  
 -
2,980  
Management cost      
 -
190  
 -
195 
Share of results of associates      
 94  
 113 
Operating profit/loss      
 32,055  
 -
3,690  
       
Net financial items      
 -
1,739 
 701 
Profit/loss before tax      
 30,316  
 -
2,989  
       
Income taxes      
 -
211 
 -
59  
Profit/loss for the period      
 30,105  
 -
3,048  
       
Attributable to:        
Owners of the Parent company      
 30,112 
 -
3,032  
Non
 -
controlling interest      
 -
7 
 -
16 
Profit/loss for the period      
 30,105  
 -
3,048  
       
Basic earnings per share, SEK      
 9.83  
 -
0.99  
Diluted earnings per share, SEK      
 9.82  
 -
0.99  
Consolidated statement of comprehensive income, in summary  
SEK m      
 Q1 2026  
 Q1 2025  
Profit/loss for the period      
 30,105  
 -
3,048  
Other comprehensive income for the period, including tax        
   
Items that will not be recycled to profit/loss for the period        
      
Revaluation of property, plant and equipment      
 - 
 -
149 
   
Items that may be recycled to profit/loss for the period        
      
Hedging costs      
 1 
 -
89  
      
Foreign currency translation adjustment      
 1,534  
 -
4,987  
      
Profit/loss from net investment hedge      
 -
410  
 56  
      
Share of other comprehensive income of associates      
 -
56  
 -
68  
Total other comprehensive income for the period      
 1,069  
 -
5,236  
Total comprehensive income for the period      
 31,174 
 -
8,284  
       
Attributable to:        
Owners of the Parent company      
 31,169 
 -
8,234  
Non
 -
controlling interest      
 6 
 -
50  
Total comprehensive income for the period      
 31,174 
 -
8,284

===== SIDA 20 =====

INVESTOR Q1 2026 
 –  
20  
 
Consolidated balance sheet, in summary  
SEK m     
 3/31 2026  
 12/31 2025  
 3/31 2025  
ASSETS        
Goodwill     
 79,267  
 75,267  
 66,369  
Other intangible assets     
 38,541  
 36,407  
 30,853  
Property, plant and equipment     
 18,084  
 17,488  
 17,088  
Shares and participations     
 927,264  
 908,372  
 755,193  
Other financial investments     
 20,099  
 13,910 
 8,311 
Long
 -
term receivables included in net debt     
 956  
 1,539 
 442  
Other long
 -
term receivables     
 4,995  
 4,738  
 4,286  
Total non
 -
current assets     
 1,089,206  
 1,057,719  
 882,541  
       
Inventories     
 11,268 
 11,091 
 10,261 
Shares and participations in trading operation     
 346  
 445  
 307  
Short
 -
term receivables included in net debt     
 33  
 5 
 0  
Other current receivables     
 11,627 
 11,354 
 14,064  
Cash, bank and short
 -
term investments     
 27,695  
 22,193  
 39,019  
Total current assets     
 50,968  
 45,088  
 63,650  
       
TOTAL ASSETS     
 1,140,174 
 1,102,807  
 946,191  
        
EQUITY AND LIABILITIES        
Equity     
 985,138  
 953,898  
 811,515 
        
Long
 -
term interest
 -
 bearing liabilities     
 120,663  
 114,290  
 102,605  
Provisions for pensions and similar obligations     
 958  
 941 
 1,020  
Other long
 -
term provisions and liabilities     
 18,910 
 18,348  
 16,412 
Total non
 -
current liabilities     
 140,532  
 133,579  
 120,037  
       
Current interest
 -
 bearing liabilities     
 1,454  
 1,431 
 1,303  
Other short
 -
term provisions and liabilities     
 13,050  
 13,899  
 13,337  
Total current liabilities     
 14,504  
 15,330  
 14,640  
        
TOTAL EQUITY AND LIABILITIES     
 1,140,174 
 1,102,807  
 946,191  
Consolidated statement of changes in equity, in summary  
SEK m     
 Q1 2026  
 2025  
 Q1 2025  
Opening balance 1/1     
 953,898  
 819,752  
 819,752  
Profit for the period     
 30,105  
 157,340  
 -
3,048  
Other comprehensive income for the period     
 1,069  
 -
7,257  
 -
5,236  
Total comprehensive income for the period     
 31,174 
 150,084  
 -
8,284  
Dividend to shareholders     
 - 
 -
15,929  
 - 
Changes in non
 -
 controlling interest     
 7 
 -
1 
 -
2 
Effect of long
 -
term share
 -
 based remuneration     
 58  
 148 
 49  
Purchase of own shares     
 - 
 -
154 
 - 
Closing balance     
 985,138  
 953,898  
 811,515 
       
Attributable to:        
Owners of the Parent company     
 984,863  
 953,705  
 811,179 
Non
 -
controlling interest     
 275  
 193 
 335  
Total equity     
 985,138  
 953,898  
 811,515

===== SIDA 21 =====

INVESTOR Q1 2026 
 –  
21 
 
Consolidated cash flow, in summary  
SEK m  
 Q1 2026  
 Q1 2025  
Operating activities    
Dividends received  
 9,793  
 1,574 
Cash receipts  
 16,016 
 15,636  
Cash payments  
 -
13,157 
 -
13,491 
Cash flows from operating activities before net interest and income tax  
 12,651 
 3,718 
   
Interest received/paid  
 -
564  
 -
880  
Income tax paid  
 -
338  
 -
458  
Cash flows from operating activities  
 11,750 
 2,381  
   
Investing activities    
Acquisitions
 1) 
 -
2,387  
 -
1,713 
Divestments
 2) 
 3,560  
 762  
Increase in long
 -
term receivables  
 -
73  
 -
50  
Acquisitions of subsidiaries, net effect on cash flow  
 -
4,656  
 - 
Increase in other financial investments
 3) 
 -
10,743  
 -
5,236  
Decrease in other financial investments
 4) 
 4,439  
 334  
Net change, short
 -
term investments
 5) 
 -
2,453  
 -
4,189  
Acquisitions of property, plant and equipment  
 -
600  
 -
871 
Proceeds from sale of property, plant and equipment  
 62  
 19 
Net cash used in investing activities  
 -
12,851 
 -
10,942  
   
Financing activities    
New share issue  
 3 
 - 
Borrowings  
 5,729  
 14,996  
Repayment of borrowings  
 -
1,408  
 -
4,332  
Transactions with non
 -
 controlling interest  
 -
117 
 -
267  
Net cash used in financing activities  
 4,208  
 10,398  
   
Cash flows for the period  
 3,107  
 1,836  
   
Cash and cash equivalents at the beginning of the year  
 14,058  
 17,220  
Exchange difference in cash  
 -
4  
 -
560  
Cash and cash equivalents at the end of the period  
 17,161 
 18,496  
   
1) Acquisitions include investments in listed and unlisted companies not defined as subsidiaries.    
2) Divestments include sale of listed and unlisted companies not defined as subsidiaries.    
3) Increase in other financial investments include acquisition of bonds with maturity later than 1 year.    
4) Decrease in other financial investments includes disposals of reclassification of bonds with maturity later than 1 year.    
5) Net changes, short
 -
 term investments include acquisitions and disposals of bonds or certificates with maturity within 1 year.

===== SIDA 22 =====

INVESTOR Q1 2026 
 –  
22  
 
Performance by business area Q1 2026  
SEK m  
Listed 
Companies  
Patricia 
Industries  
Investments in 
EQT  
Investor 
Groupwide  
 Total  
Dividends  
 9,794  
 - 
 - 
 -
1 
 9,793  
Changes in value  
 33,759  
 78  
 -
13,768  
 -
35  
 20,033  
Net sales  
 - 
 16,130 
 - 
 - 
 16,130 
Cost of goods and services sold  
 - 
 -
8,280  
 - 
 - 
 -
8,280  
Sales and marketing cost  
 - 
 -
2,366  
 - 
 - 
 -
2,366  
Administrative, research and development and other operating cost  
 - 
 -
3,150  
 -
2 
 -
8 
 -
3,160  
Management cost  
 -
47  
 -
98  
 -
3 
 -
41 
 -
190  
Share of results of associates  
 - 
 94  
 - 
 - 
 94  
Operating profit/loss  
 43,505  
 2,409  
 -
13,773  
 -
86  
 32,055  
       
Net financial items  
 - 
 -
1,250 
 - 
 -
489  
 -
1,739 
Income tax  
 - 
 -
215 
 - 
 4  
 -
211 
Profit/loss for the period  
 43,505  
 943  
 -
13,773  
 -
570  
 30,105  
       
Non
 -
controlling interest  
 - 
 7 
 - 
 - 
 7 
Net profit/loss for the period attributable to the Parent company  
 43,505  
 950  
 -
13,773  
 -
570  
 30,112 
       
Other effects on equity  
 - 
 1,568  
 -
21 
 -
501 
 1,046  
Contribution to net asset value  
 43,505  
 2,518  
 -
13,794  
 -
1,071 
 31,158 
       
Net asset value by business area 3/31 2026       
Carrying amount  
 830,310  
 77,575  
 90,802  
 109 
 998,796  
Investors net debt/
 -
cash  
 - 
 12,333  
 - 
 -
26,266  
 -
13,933  
Total net asset value including net debt/
 -
cash  
 830,310  
 89,909  
 90,802  
 -
26,158  
 984,863  
 
Performance by business area Q1 2025  
SEK m  
Listed 
Companies  
Patricia 
Industries  
Investments in 
EQT  
Investor 
Groupwide  
 Total  
Dividends  
 4,735  
 - 
 - 
 -
1 
 4,735  
Changes in value  
 -
11,597 
 -
183 
 1,091 
 13 
 -
10,676  
Net sales  
 - 
 15,990  
 - 
 - 
 15,990  
Cost of goods and services sold  
 - 
 -
8,265  
 - 
 - 
 -
8,265  
Sales and marketing cost  
 - 
 -
2,412 
 - 
 - 
 -
2,412 
Administrative, research and development and other operating cost  
 - 
 -
2,968  
 -
2 
 -
10 
 -
2,980  
Management cost  
 -
46  
 -
101 
 -
3 
 -
45  
 -
195 
Share of results of associates  
 - 
 113 
 - 
 - 
 113 
Operating profit/loss  
 -
6,908  
 2,175 
 1,086  
 -
43  
 -
3,690  
       
Net financial items  
 - 
 -
544  
 - 
 1,245 
 701 
Income tax  
 - 
 -
133 
 - 
 74  
 -
59  
Profit/loss for the period  
 -
6,908  
 1,498  
 1,086  
 1,276 
 -
3,048  
       
Non
 -
controlling interest  
 - 
 16 
 - 
 - 
 16 
Net profit/loss for the period attributable to the Parent company  
 -
6,908  
 1,513 
 1,086  
 1,276 
 -
3,032  
       
Other effects on equity  
 - 
 -
4,904  
 -
221 
 -
28  
 -
5,153 
Contribution to net asset value  
 -
6,908  
 -
3,390  
 866  
 1,248  
 -
8,185  
       
Net asset value by business area 3/31 2025       
Carrying amount  
 658,831  
 68,452  
 90,512  
 2,970  
 820,766  
Investors net debt/
 -
cash  
 - 
 12,284  
 - 
 -
21,871 
 -
9,586  
Total net asset value including net debt/
 -
cash  
 658,831  
 80,737  
 90,512  
 -
18,901 
 811,179

===== SIDA 23 =====

INVESTOR Q1 2026 
 –  
23  
 
Financial instruments  
The numbers below are based on the same accounting and valuation policies as used in the preparation of the company’s 
most recent annual report. For information regarding financial instruments in level 2 and level 3, see Note 3
 2
, Financial 
i
nstruments, in Investor’s Annual 
 r
eport 202
 5
. 
Valuation techniques, level 3  
 
 Fair value, SEK m     
 Range  
Group  
 3/31 2026  
 12/31 2025   
 Valuation technique  
 Input  
 3/31 2026  
 12/31 2025  
Shares and participations  
 40,870  
 41,443   
Last round of financing  
 n/a  
 n/a  
 n/a  
    
 Comparable companies  
 EBITDA multiples  
 n/a  
 n/a  
    
 Comparable companies  
 Sales multiples  
 1.3 
–  
3.2  
 1.6 
–  
2.9  
    
Comparable transactions  
 Sales multiples  
 2.2 
–  
2.3  
 2.3 
–  
3.3  
    
NAV  
 n/a  
 n/a  
 n/a  
        
Other financial investments  
 320  
 309   
Discounted cash flow  
 Market interest rate  
 n/a  
 n/a  
Long
 -
term and current receivables  
 2,596  
 2,510  
Discounted cash flow  
 Market interest rate  
 n/a  
 n/a  
        
Long
 -
term interest
 -
 bearing 
liabilities  
 247  
 173  
Discounted cash flow  
 Market interest rate  
 n/a  
 n/a  
Other provisions and liabilities  
 8,787  
 9,564   
Comparable companies  
 EBITDA multiples  
 n/a  
 n/a  
 
All valuations in  
level 3 are based on assumptions and judgments that management considers to be reasonable based on the 
circumstances prevailing at the time. Changes in assumptions may result in adjustments to reported values and the actual outc
 ome may 
differ from the est
 imates and judgments that were made. Shares and participations in level 3 are mainly fund investments within EQT. 
Unlisted holdings in funds are measured at Investor’s share of the value that the fund manager reports for all unlisted fund 
 holdings (Net 
Ass
 et Value) and is normally updated when a new valuation is received. The value change on Investor’s investments in EQT funds a
 re 
reported with a one
 -
quarter lag. Part of the unlisted portfolio is valued based on comparable companies, and the value is depend
 ent on 
the level of the multiples. The multiple ranges provided in the note show the minimum and maximum value of the actual multipl
 es applied 
in these valuations. A 10 percent change of the multiples would have an effect on this part of the unlisted portf
 olio of approximately SEK 
85
 m (75). For the derivatives, a parallel shift of the interest rate curve by one percentage point would affect the value by ap
 proximately 
SEK 290m (300).  
Financial assets and liabilities by level  
The table below indicates how fair value is measured for the financial instruments recognized at fair value in the Balance 
 s
heet. The 
financial instruments are presented in three categories, depending on how the fair value is measured:  
Level 1: According to quoted prices in active markets for identical instruments  
Level 2: According to directly or indirectly observable inputs that are not included in level 1  
Level 3: According to inputs that are unobservable in the market  
Financial instruments 
 -  
fair value  
 
 3/31 2026  
 12/31 2025  
Group      
 Total 
carrying      
 Total 
carrying  
SEK m  
 Level 1  
 Level 2  
 Level 3  
 Other
 1) 
 amount  
 Level 1  
 Level 2  
 Level 3  
 Other
 1) 
 amount  
Financial assets           
Shares and participations  
 876,142  
 6,552  
 40,870  
 3,700  
 927,264  
 857,317  
 5,975  
 41,443  
 3,636  
 908,372  
Other financial investments  
 19,638  
 - 
 320  
 141 
 20,099  
 13,482  
 - 
 309  
 119 
 13,910 
Long
 -
term receivables included in 
net debt  
 - 
 531 
 425  
 - 
 956  
 - 
 932  
 606  
 - 
 1,539 
Other long
 -
term receivables  
 - 
 - 
 2,171 
 2,824  
 4,995  
 - 
 - 
 1,904  
 2,834  
 4,738  
Shares and participations in 
trading operation  
 346  
 - 
 - 
 - 
 346  
 445  
 - 
 - 
 - 
 445  
Short
 -
term receivables included 
in net debt  
 - 
 33  
 - 
 - 
 33  
 - 
 5 
 - 
 - 
 5 
Other current receivables  
 - 
 40  
 - 
 11,587 
 11,627 
 - 
 0  
 - 
 11,354 
 11,354 
Cash, bank and short
 -
term 
investments  
 17,648  
 - 
 - 
 10,047  
 27,695  
 13,464  
 - 
 - 
 8,729  
 22,193  
Total  
 913,774  
 7,156 
 43,786  
 28,298  
 993,014  
 884,708  
 6,912  
 44,262  
 26,673  
 962,555  
           
Financial liabilities            
Long
 -
term interest
 -
 bearing 
liabilities  
 - 
 249  
 247  
 120,167 
 120,663
 2) 
 - 
 250  
 173 
 113,867 
 114,290 2) 
Other long
 -
term provisions and 
liabilities  
 - 
 - 
 8,768  
 10,142 
 18,910 
 - 
 - 
 8,922  
 9,427  
 18,348  
Short
 -
term interest
 -
bearing 
liabilities  
 - 
 - 
 7 
 1,447  
 1,454
 3) 
 - 
 1 
 7 
 1,423 
 1,4313) 
Other short
 -
term provisions and 
liabilities  
 222  
 30  
 12 
 12,786  
 13,050  
 188 
 70  
 635  
 13,006  
 13,899  
Total  
 222  
 279  
 9,034  
 144,542  
 154,077  
 188 
 320  
 9,737  
 137,723  
 147,968  
1) To enable reconciliation with balance sheet items, financial instruments not valued at fair value as well as other assets 
 and liabilities that are included within balance sheet items have 
been included within Other.  
2) The Group’s loans are valued at amortized cost. Fair value on long
 -
term loans amounts to SEK 115,690m (117,378).  
3) The Group’s loans are valued at amortized cost. Fair value on short
 -
 term loans amounts to SEK 1,454m (1,431).

===== SIDA 24 =====

INVESTOR Q1 2026 
 –  
24  
 
Changes in financial assets and liabilities in Level 3  
        
        
Group 3/31 2026         
SEK m  
Shares and 
participations  
Other 
financial 
investments  
Long
 -
term 
receivables 
included in 
net debt  
Other current 
receivables  
Long
 -
term 
interest
 -
bearing 
liabilities  
Other long
 -
term 
provisions and 
liabilities  
Other 
current 
liabilities  
Opening balance at the beginning of the 
year  
 41,443  
 309  
 2,510 
 - 
 173 
 8,922  
 642  
Total gain or losses in profit or loss 
statement         
   
in line Changes in value  
 -
2,386  
 - 
 49  
 - 
 - 
 - 
 - 
   
in line Net financial items  
 - 
 2 
 - 
 - 
 74  
 -
100  
 1 
   
in line Foreign currency translation  
   
adjustment  
 97  
 9 
 - 
 - 
 - 
 176 
 -
4  
Acquisitions  
 3,759  
 - 
 - 
 - 
 - 
 - 
 0  
Divestments  
 -
2,043  
 - 
 - 
 - 
 - 
 -
70  
 - 
Issues  
 - 
 - 
 37  
 - 
 - 
 112 
 - 
Settlements  
 - 
 - 
 - 
 - 
 - 
 -
273  
 -
620  
Carrying amount at end of the period  
 40,870  
 320  
 2,596  
 -  
 247  
 8,768  
 19 
        
Total unrealized gains/losses for the period included in profit/loss for 
financial instruments held at the end of the period       
Changes in value  
 -
2,578  
 - 
 - 
 - 
 - 
 - 
 - 
Net financial items  
 -
415 
 - 
 - 
 - 
 - 
 104  
 -  
Total  
 -
2,993  
 -  
 -  
 -  
 -  
 104  
 -  
 
        
        
Group 12/31 2025         
SEK m  
Shares and 
participations  
Other 
financial 
investments  
Long
 -
term 
receivables 
included in 
net debt  
Other current 
receivables  
Long
 -
term 
interest
 -
bearing 
liabilities  
Other long
 -
term 
provisions and 
liabilities  
Other 
current 
liabilities  
Opening balance at the beginning of the year  
 38,173  
 279  
 2,731 
 2 
 17 
 10,294  
 582  
Total gain or losses in profit or loss statement         
   
in line Changes in value  
 1,549  
 - 
 312 
 - 
 - 
 111 
 44  
   
in line Net financial items  
 - 
 -
52  
 -
308  
 -
2 
 59  
 648  
 -
1 
   
in line Cost of goods and services sold  
 - 
 - 
 0  
 - 
 - 
 -
59  
 -
30  
Reported in other comprehensive income         
   
in line Foreign  
currency translation adjustment  
 -
640  
 -
34  
 - 
 - 
 4  
 -
1,104 
 -
97  
Acquisitions  
 9,344  
 116 
 - 
 - 
 - 
 3 
 2 
Divestments  
 -
6,982  
 - 
 - 
 - 
 - 
 -
1,015 
 -
50  
Issues  
 - 
 - 
 66  
 - 
 93  
 476  
 - 
Settlements  
 - 
 - 
 -
21 
 - 
 - 
 -
204  
 -
38  
Reclassification  
 - 
 - 
 - 
 - 
 - 
 -
229  
 229  
Transfer out of Level 3  
 - 
 - 
 -
270  
 - 
 - 
 - 
 - 
Carrying amount at end of the period  
 41,443  
 309  
 2,510  
 0  
 173 
 8,922  
 642  
        
Total unrealized gains/losses for the period included in profit/loss for financial 
instruments held at the end of the period       
Changes in value  
 -
1,308  
 - 
 233  
 - 
 - 
 121 
 44  
Net financial items  
 486  
 - 
 -
308  
 - 
 134 
 -
609  
 - 
Total  
 -
822  
 -  
 -
76  
 -  
 134 
 -
487  
 44

===== SIDA 25 =====

INVESTOR Q1 2026 
 –  
25  
 
Revenue from contracts with customers  
Group 
 Q1 
2026  
 Field of operations   
SEK m  
Healthcare 
equipment  
 Life science  
 Real estate  
Gripping and 
moving 
solutions  
 Total  
Geographical market       
Sweden  
 302  
 53  
 91 
 25  
 470  
United Kingdom  
 550  
 139 
 - 
 31 
 720  
France  
 587  
 36  
 - 
 95  
 718 
Germany  
 452  
 49  
 - 
 66  
 567  
Rest of Europe  
 1,986  
 183 
 - 
 158 
 2,327  
U.S.  
 8,248  
 922  
 - 
 273  
 9,443  
North America, excl. U.S.  
 357  
 49  
 - 
 35  
 442  
South America  
 88  
 35  
 - 
 29  
 152 
Africa  
 83  
 45  
 - 
 2 
 130 
Oceania  
 300  
 23  
 - 
 5 
 329  
China  
 226  
 30  
 - 
 107 
 362  
Asia, excl. China  
 269  
 146 
 - 
 53  
 468  
Total  
 13,450  
 1,710 
 91 
 879  
 16,130 
      
Category       
Sales of products  
 12,764  
 1,467 
 - 
 862  
 15,093  
Sales of services  
 673  
 189 
 - 
 18 
 880  
Revenues from leasing  
 12 
 49  
 91 
 - 
 152 
Other income  
 1 
 4  
 - 
 - 
 5 
Total  
 13,450  
 1,710 
 91 
 879  
 16,130 
      
Sales channels       
Through distributors  
 7,176 
 368  
 - 
 249  
 7,793  
Directly to customers  
 6,274  
 1,342 
 91 
 631 
 8,337  
Total  
 13,450  
 1,710 
 91 
 879  
 16,130 
      
Timing of revenue recognition       
Goods and services transferred at a point of time  
 13,332  
 1,571 
 - 
 879  
 15,782 
Goods and services transferred over time  
 118 
 139 
 91 
 - 
 348  
Total  
 13,450  
 1,710 
 91 
 879  
 16,130 
Group 
 Q1 
2025  
 Field of operations  
 
SEK m  
Healthcare 
equipment  
 Life science  
 Real estate  
Gripping and 
moving solutions  
 Total  
Geographical market      
Sweden  
 279  
 39  
 67  
 28  
 413 
United Kingdom  
 588  
 35  
 - 
 36  
 660  
France  
 685  
 7 
 - 
 100  
 792  
Germany  
 484  
 14 
 - 
 79  
 576  
Rest of Europe  
 2,070  
 71 
 - 
 177 
 2,318 
U.S.  
 8,953  
 358  
 - 
 297  
 9,608  
North America, excl. U.S.  
 272  
 30  
 - 
 38  
 340  
South America  
 110 
 3 
 - 
 26  
 139 
Africa  
 126 
 1 
 - 
 2 
 129 
Oceania  
 286  
 4  
 - 
 6 
 297  
China  
 175 
 7 
 - 
 111 
 293  
Asia, excl. China  
 346  
 23  
 - 
 57  
 427  
Total  
 14,374  
 593  
 67  
 957  
 15,990  
      
Category       
Sales of products  
 13,655  
 451 
 - 
 946  
 15,053  
Sales of services  
 702  
 141 
 - 
 11 
 855  
Revenues from leasing  
 14 
 - 
 66  
 - 
 80  
Other income  
 2 
 0  
 1 
 - 
 3 
Total  
 14,374  
 593  
 67  
 957  
 15,990  
      
Sales channels       
Through distributors  
 7,950  
 250  
 - 
 241 
 8,441  
Directly to customers  
 6,424  
 343  
 67  
 716 
 7,550  
Total  
 14,374  
 593  
 67  
 957  
 15,990  
      
Timing of revenue recognition       
Goods and services transferred at a point of time  
 14,171 
 556  
 - 
 957  
 15,685  
Goods and services transferred over time  
 202  
 37  
 67  
 - 
 306  
Total  
 14,374  
 593  
 67  
 957  
 15,990

===== SIDA 26 =====

INVESTOR Q1 2026 
 –  
26  
 
Reconciliations of significant Alternative performance measures  
In the financial statements issued by Investor, Alternative performance measures (APMs) are disclosed, which complete 
measures that are defined or specified in the applicable financial reporting framework, such as revenue, profit or loss or 
earnings per sh
 are. 
APMs are disclosed when they complement performance measures defined by IFRS. The basis for disclosed APMs are 
that they are used by management to evaluate the financial performance and thus believed to give analysts and other 
stakeholders valuable informa
 tion. 
Investor AB discloses the definitions of all APMs used on 
 http://www.investorab.com/investors
 -
media/financials/definitions  
and on pages 190
 -
192 in the Annual report 2025. Below reconciliations of significant APMs to 
the most directly reconcilable line item, subtotal or total presented in the financial statements of the corresponding period  
are disclosed.  
Gross cash  
Gross cash or Investor’s cash and readily available placements are defined as the sum of cash and cash equivalents, 
short
 -
term investments and interest
 -
bearing current and long
 -
term receivables. Deductions are made for items related to 
subsidiaries within 
 Patricia Industries.  
Group 3/31 2026, SEK 
m 
Consolidated 
balance sheet  
Deductions 
related to 
Patricia 
Industries  
Investor’s 
gross cash  
 
 Group 12/31 2025, 
SEK m  
Consolidated 
balance sheet  
Deductions 
related to 
Patricia 
Industries  
Investor’s 
gross cash  
Other financial 
investments  
 20,099  
 -
594  
 19,505   
Other financial 
investments  
 13,910 
 -
577  
 13,333  
Cash, bank and short
 -
term investments  
 27,695  
 -
9,822  
 17,873  
Cash, bank and short
 -
term investments  
 22,193  
 -
8,407  
 13,786  
Gross cash  
 47,794  
 -
10,416 
 37,378   
Gross cash  
 36,103  
 -
8,984  
 27,119 
Gross debt  
Gross debt is defined as interest
 -
bearing current and long
 -
term liabilities, including pension liabilities, less derivatives with 
positive value related to the loans. Deductions are made for items related to subsidiaries within Patricia Industries.  
Group 3/31 2026, SEK 
m 
Consolidated 
balance sheet  
Deductions 
related to 
Patricia 
Industries  
Investor’s 
gross debt   
Group 12/31 2025, 
SEK m  
Consolidated 
balance sheet  
Deductions 
related to 
Patricia 
Industries  
Investor’s 
gross debt  
Receivables included 
in net debt  
 989  
 -
455  
 534   
Receivables included 
in net debt  
 1,543  
 -
606  
 937  
Loans  
 -
122,117 
 70,375  
 -
51,741  
Loans  
 -
115,721 
 64,381  
 -
51,340  
Provision for pensions  
 -
958  
 855  
 -
104   
Provision for pensions  
 -
941 
 837  
 -
103 
Gross debt  
 -
122,086  
 70,775  
 -
51,311  
Gross debt  
 -
115,119 
 64,612  
 -
50,507  
Net debt  
Gross debt less gross cash at balance sheet date.  
Group 3/31 2026, SEK 
m 
    
 Group 12/31 2025, 
SEK m  
   
Investor’s gross cash    
 -
37,378   
Investor’s gross cash    
 -
27,119 
Investor’s gross debt    
 51,311  
Investor’s gross debt    
 50,507  
Investor’s net debt    
 13,933   
Investor’s net debt    
 23,387  
Total assets  
The net of all assets and liabilities not included in net debt. Total reported assets are based on reported values according 
to IFRS. Total adjusted assets are adjusted for estimated market values for Patricia Industries’ major subsidiaries and 
partner
 -
own
ed investments.  
Group 3/31 2026, 
SEK m  
Consolidated 
balance sheet  
Deductions 
related to non
 -
controlling 
interest  
Investor’s net 
asset value  
 
 Group 12/31 2025, 
SEK m  
Consolidated 
balance sheet  
Deductions 
related to non
 -
controlling 
interest  
Investor’s net 
asset value  
Equity  
 985,138  
 -
275  
 984,863   
Equity  
 953,898  
 -
193 
 953,705  
Investor’s net debt    
 13,933   
Investor’s net debt    
 23,387  
Total reported assets    
 998,796   
Total reported assets    
 977,092  
Adjustment for 
estimated market 
value Patricia 
Industries holdings  
  
 140,200   
Adjustment for 
estimated market 
value Patricia 
Industries holdings  
  
 133,378  
Total adjusted assets    
 1,138,995   
Total adjusted assets    
 1,110,470

===== SIDA 27 =====

INVESTOR Q1 2026 
 –  
27  
 
Net debt ratio (leverage)  
Net debt ratio or leverage is defined as Net debt/Net cash as a percentage of total adjusted assets. The target leverage 
range is 0
 -
10 percent (net debt to total adjusted assets) over a business cycle.  
Group 3/31 2026, SEK m  
 
 
 
Net debt ratio  
 
Group 12/31 2025, SEK m  
 
 
 
Net debt ratio     
Investor’s net debt   
 13,933  
= 
 1.2%  
 Investor’s net debt   
 23,387  
= 
 2.1% 
Total adjusted assets   
 1,138,995   
 Total adjusted assets   
 1,110,470 
Reported net asset value  
Reported net asset value is equal to Investor’s net asset value and equity attributable to owners of the Parent company.  
Adjusted net asset value  
Net asset value based on estimated market values for Patricia Industries’ major subsidiaries and partner
 -
owned 
investments. The estimated market values are mainly based on valuation multiples, typically Enterprise value (EV)/Last 12 
months’ operating profi
 t, for relevant listed peers and indices. More information about the assessment basis can be found 
in section Patricia Industries 
 - 
valuation overview on page 8 and Patricia Industries, overview of estimated market values 
on page 30. In the table below the
 re are a reconciliation between Reported net asset value and Adjusted net asset value. 
More details regarding the differences can be found in the table Net asset value overview on page 4.  
Group 3/31 2026, 
SEK m     
 
 Group 12/31 2025, 
SEK m     
Reported net asset value   
 984,863   
Reported net asset value   
 953,705  
Reported value for net assets Patricia 
Industries   
 -
77,575   
Reported value for net assets Patricia 
Industries   
 -
74,733  
Estimated market value Patricia 
Industries holdings   
 217,775  
Estimated market value Patricia 
Industries holdings   
 208,110  
Adjusted net asset value   
 1,125,062   
Adjusted net asset value   
 1,087,082  
Reported net asset value, SEK per share  
Equity attributable to shareholders of the Parent company in relation to the number of shares outstanding at the balance 
sheet date.  
Group 3/31 2026, SEK m   
 
 Net asset value, 
SEK per share   
 Group 12/31 2025, SEK m   
 
 Net asset value, 
SEK per share    
Investor’s reported net asset value  
 984,863  
= 
 321 
 
Investor’s reported net asset value  
 953,705  
= 
 311 
Number of shares, excluding own 
shares  
 3,063,716,649   
Number of shares, excluding own 
shares  
 3,063,309,055  
Adjusted net asset value, SEK per share  
Total assets, including estimated market values for Patricia Industries’ major subsidiaries and partner
 -
owned investments, 
less net debt in relation to the number of shares outstanding at the balance sheet date.  
 
Group 3/31 2026, SEK m   
 
 Net asset value, 
SEK per share   
 Group 12/31 2025, SEK m   
 
 Net asset value, 
SEK per share    
Investor’s adjusted net asset value  
 1,125,062 
= 
 367  
 
Investor’s adjusted net asset value  
 1,087,082  
= 
 355  
Number of shares, excluding own 
shares  
 3,063,716,649   
Number of shares, excluding own 
shares  
 3,063,309,055

===== SIDA 28 =====

INVESTOR Q1 2026 
 –  
28  
 
Patricia Industries, key figures overview
 1) 
   
 Q1 
 FY  
 Q4  
 Q3  
 Q2  
 Q1 
 FY  
 Q4  
 Q3  
 Q2  
 Q1 
   
 2026  
 2025  
 2025  
 2025  
 2025  
 2025  
 2024  
 2024  
 2024  
 2024  
 2024  
Mölnlycke (EUR m)               
   
Sales    
 514 
 2,104  
 540  
 508  
 537  
 519 
 2,064  
 546  
 506  
 514 
 499  
   
Sales growth, %    
 -
1 
 2 
 -
1 
 0  
 5 
 4  
 7 
 8 
 9 
 8 
 4  
   
Organic growth,  
   
constant currency, %    
 3 
 4  
 3 
 3 
 7 
 3 
 7 
 8 
 9 
 8 
 5 
   
EBITDA    
 142 
 596  
 164 
 151 
 140  
 140  
 595  
 158 
 144  
 146 
 147 
   
EBITDA, %    
 27.6  
 28.3  
 30.4  
 29.8  
 26.1 
 26.9  
 28.8  
 28.9  
 28.5  
 28.5  
 29.4  
   
EBITA
 2)   
 124 
 521 
 146 
 133 
 121 
 121 
 523  
 140  
 127 
 130 
 126 
   
EBITA, %    
 24.0  
 24.8  
 27.0  
 26.3  
 22.5  
 23.3  
 25.3  
 25.6  
 25.1 
 25.3  
 25.3  
   
Operating cash flow    
 132 
 443  
 179 
 128 
 88  
 48  
 453  
 132 
 118 
 115 
 87  
   
Net debt    
 1,798 
 1,881 
 1,881 
 1,810 
 1,894  
 1,779 
 1,796 
 1,796 
 1,526 
 1,610 
 1,477 
   
Employees    
 8,320  
 8,510  
 8,510  
 8,630  
 8,965  
 8,725  
 8,530  
 8,530  
 8,400  
 8,425  
 8,680  
Laborie (USD m)               
   
Sales    
 138 
 484  
 128 
 121 
 121 
 115 
 436  
 115 
 112 
 108 
 102 
   
Sales growth, %    
 20  
 11 
 11 
 8 
 12 
 13 
 22  
 19 
 26  
 21 
 21 
   
Organic growth,  
   
constant currency, %    
 6 
 10 
 9 
 7 
 10 
 14 
 21 
 18 
 25  
 21 
 21 
   
EBITDA    
 35  
 145 
 29  
 41 
 39  
 35  
 133 
 37  
 36  
 31 
 29  
   
EBITDA, %    
 25.2  
 29.9  
 22.9  
 33.6  
 32.7  
 30.9  
 30.4  
 32.3  
 31.9 
 28.9  
 28.2  
   
EBITA
 2)   
 33  
 137 
 27 
 39  
 38  
 33  
 126 
 36  
 34  
 29  
 27 
   
EBITA, %    
 23.9  
 28.4  
 21.5 
 32.3  
 31.1 
 29.1 
 29.0  
 31.2 
 30.5  
 27.2 
 26.7  
   
Operating cash flow    
 2 
 134 
 40  
 36  
 35  
 23  
 87  
 26  
 27 
 22  
 12 
   
Net debt    
 850  
 314 
 314 
 343  
 366  
 376  
 390  
 390  
 411 
 426  
 431 
   
Employees    
 1,170 
 1,080  
 1,080  
 1,070  
 1,040  
 1,045  
 1,060  
 1,060  
 1,090  
 1,070  
 1,005  
Nova Biomedical (USD m)              
   
Sales    
 175 
 659  
 175 
 154 
 159 
 171 
 621 
 160 
 160 
 144  
 157 
   
Sales growth, %    
 3 
 6 
 10 
 -
4  
 10 
 8 
 9 
 11 
 14 
 6 
 5 
   
Organic growth,  
   
constant currency, %    
 1 
 6 
 10 
 -
4  
 10 
 8 
 9 
 11 
 14 
 6 
 5 
   
EBITDA    
 62  
 204  
 58  
 46  
 53  
 48  
 185 
 50  
 48  
 40  
 47  
   
EBITDA, %    
 35.3  
 31.0 
 33.0  
 29.7  
 33.2  
 28.0  
 29.8  
 31.1 
 29.9  
 27.9  
 30.1 
   
EBITA
 2)   
 56  
 189 
 54  
 41 
 50  
 44  
 171 
 46  
 44  
 37  
 44  
   
EBITA, %    
 32.3  
 28.7  
 30.9  
 26.6  
 31.3 
 26.0  
 27.5  
 28.9  
 27.6  
 25.4  
 27.8  
   
Operating cash flow    
 61 
 169 
 31 
 42  
 n/a  
 n/a  
 n/a  
 n/a  
 n/a  
 n/a  
 n/a  
   
Net debt    
 726  
 778  
 778  
 792  
 n/a  
 n/a  
 n/a  
 n/a  
 n/a  
 n/a  
 n/a  
   
Employees    
 1,850  
 1,845  
 1,845  
 1,890  
 1,945  
 1,930  
 1,930  
 1,930  
 1,890  
 1,855 
 1,835 
Sarnova (USD m)               
   
Sales    
 312 
 1,154 
 296  
 290  
 284  
 284  
 1,069  
 271 
 279  
 260  
 259  
   
Sales growth, %    
 10 
 8 
 9 
 4  
 10 
 9 
 8 
 8 
 13 
 5 
 6 
   
Organic growth,  
   
constant currency, %    
 4  
 4  
 6 
 3 
 7 
 2 
 3 
 1 
 5 
 0  
 6 
   
EBITDA    
 53  
 202  
 43  
 55  
 53  
 50  
 173 
 45  
 52  
 36  
 39  
   
EBITDA, %    
 16.9 
 17.5 
 14.6 
 18.9 
 18.8 
 17.7 
 16.1 
 16.8 
 18.7 
 13.8 
 15.1 
   
EBITA
 2)   
 47  
 178 
 38  
 47  
 48  
 45  
 152 
 41 
 46  
 31 
 34  
   
EBITA, %    
 15.2 
 15.5 
 12.7 
 16.3 
 17.0 
 15.9 
 14.2 
 15.0 
 16.7 
 11.9 
 13.1 
   
Operating cash flow    
 56  
 111 
 20  
 28  
 26  
 36  
 139 
 41 
 53  
 27 
 19 
   
Net debt    
 939  
 973  
 973  
 817 
 784  
 704  
 723  
 723  
 733  
 757  
 462  
   
Employees    
 1,935 
 1,935 
 1,935 
 1,560  
 1,540  
 1,525 
 1,515 
 1,515 
 1,515 
 1,465  
 1,440  
Permobil (SEK m)               
   
Sales    
 1,377 
 6,161 
 1,573 
 1,537 
 1,515 
 1,536 
 6,518  
 1,744  
 1,652 
 1,639  
 1,483  
   
Sales growth, %    
 -
10 
 -
5 
 -
10 
 -
7 
 -
8 
 4  
 9 
 3 
 4  
 16 
 13 
   
Organic growth,  
   
constant currency, %    
 -
1 
 1 
 1 
 0  
 0  
 3 
 7 
 3 
 5 
 12 
 10 
   
EBITDA    
 269  
 1,406  
 351 
 366  
 355  
 333  
 1,506  
 375  
 430  
 377  
 324  
   
EBITDA, %    
 19.5 
 22.8  
 22.3  
 23.8  
 23.4  
 21.7 
 23.1 
 21.5 
 26.0  
 23.0  
 21.8 
   
EBITA
 2) 3)   
 207  
 1,179 
 295  
 313 
 298  
 274  
 1,288 
 317 
 375  
 323  
 273  
   
EBITA, %    
 15.0 
 19.1 
 18.7 
 20.3  
 19.7 
 17.9 
 19.8 
 18.2 
 22.7 
 19.7 
 18.4 
   
Operating cash flow    
 178 
 1,113 
 360  
 347  
 167 
 239  
 1,065  
 362  
 296  
 259  
 147 
   
Net debt    
 4,186  
 4,092  
 4,092  
 4,440  
 4,753  
 3,393  
 3,774  
 3,774  
 3,740  
 3,826  
 3,340  
   
Employees    
 2,065  
 2,020  
 2,020  
 2,015 
 2,030  
 2,040  
 2,045  
 2,045  
 2,035  
 2,020  
 1,935 
Piab Group (SEK m)               
   
Sales    
 879  
 3,599  
 898  
 860  
 883  
 957  
 3,446  
 1,007  
 839  
 813 
 787  
   
Sales growth, %    
 -
8 
 4  
 -
11 
 2 
 9 
 22  
 12 
 24  
 10 
 3 
 9 
   
Organic growth,  
   
constant currency, %    
 1 
 1 
 -
3 
 2 
 1 
 7 
 3 
 7 
 5 
 2 
 -
3 
   
EBITDA    
 219 
 936  
 187 
 239  
 250  
 259  
 928  
 304  
 214 
 200  
 210 
   
EBITDA, %    
 24.8  
 26.0  
 20.8  
 27.8  
 28.3  
 27.1 
 26.9  
 30.2  
 25.5  
 24.6  
 26.7  
   
EBITA
 2)   
 180 
 776  
 144  
 201 
 212 
 218 
 774  
 260  
 176 
 162 
 176 
   
EBITA, %    
 20.5  
 21.5 
 16.1 
 23.4  
 24.0  
 22.8  
 22.5  
 25.8  
 21.0 
 19.9 
 22.4  
   
Operating cash flow    
 90  
 722  
 177 
 180 
 172 
 193 
 658  
 281 
 147 
 139 
 91 
   
Net debt    
 3,261 
 3,178 
 3,178 
 3,310  
 3,375  
 3,400  
 3,506  
 3,506  
 3,529  
 2,988  
 2,818 
   
Employees    
 1,530  
 1,560  
 1,560  
 1,515 
 1,505  
 1,475 
 1,420  
 1,420  
 1,435  
 1,225 
 1,210

===== SIDA 29 =====

INVESTOR Q1 2026 
 –  
29  
 
   
 Q1 
 FY  
 Q4  
 Q3  
 Q2  
 Q1 
 FY  
 Q4  
 Q3  
 Q2  
 Q1 
   
 2026  
 2025  
 2025  
 2025  
 2025  
 2025  
 2024  
 2024  
 2024  
 2024  
 2024  
BraunAbility (USD m)               
   
Sales    
 270  
 1,112 
 267  
 289  
 299  
 257  
 1,072 
 239  
 265  
 302  
 266  
   
Sales growth, %    
 5 
 4  
 12 
 9 
 -
1 
 -
3 
 -
2 
 -
15 
 -
2 
 5 
 6 
   
Organic growth,  
   
constant currency, %    
 5 
 4  
 12 
 9 
 -
1 
 -
3 
 -
2 
 -
15 
 -
2 
 5 
 6 
   
EBITDA    
 34  
 142 
 27 
 42  
 41 
 31 
 120 
 17 
 29  
 39  
 35  
   
EBITDA, %    
 12.5 
 12.7 
 10.0 
 14.6 
 13.8 
 12.2 
 11.2 
 6.9  
 11.0 
 13.1 
 13.2 
   
EBITA
 2)   
 28  
 120 
 21 
 37  
 36  
 26  
 95  
 8 
 24  
 34  
 30  
   
EBITA, %    
 10.4 
 10.8 
 8.0  
 12.7 
 12.0 
 10.1 
 8.9  
 3.2 
 8.9  
 11.3 
 11.3 
   
Operating cash flow    
 -
6 
 92  
 3 
 26  
 54  
 10 
 75  
 14 
 29  
 38  
 -
7 
   
Net debt    
 589  
 570  
 570  
 341 
 365  
 408  
 413 
 413 
 417 
 442  
 259  
   
Employees    
 1,955 
 1,935 
 1,935 
 1,935 
 1,935 
 1,915 
 1,870 
 1,870 
 1,965  
 2,025  
 2,000  
Vectura (SEK m)               
   
Total income    
 98  
 372  
 96  
 96  
 95  
 85  
 245  
 68  
 58  
 55  
 65  
   
Total income growth, %    
 14 
 52  
 42  
 65  
 73  
 32  
 -
27 
 -
24  
 -
28  
 -
33  
 -
23  
   
EBITDA    
 59  
 214 
 57  
 59  
 52  
 46  
 132 
 37  
 38  
 25  
 32  
   
EBITDA, %    
 60.8  
 57.6  
 58.9  
 61.7 
 55.2  
 54.1 
 53.7  
 54.4  
 65.3  
 46.0  
 48.9  
   
Operating cash flow
 2)   
 -
46  
 -
896  
 -
131 
 -
113 
 -
259  
 -
394  
 -
1,570 
 -
290  
 -
302  
 -
445  
 -
533  
   
External net debt    
 4,144  
 4,056  
 4,056  
 5,123 
 5,232  
 4,860  
 3,283  
 3,283  
 2,603  
 2,216 
 1,690  
   
Property portfolio value    
 7,915 
 7,738  
 7,738  
 8,874  
 9,031  
 8,688  
 8,490  
 8,490  
 7,295  
 6,968  
 6,650  
   
Employees    
 45  
 40  
 40  
 40  
 40  
 40  
 40  
 40  
 40  
 40  
 45  
Atlas Antibodies (SEK m)               
   
Sales    
 59  
 265  
 61 
 61 
 66  
 76  
 286  
 69  
 68  
 71 
 79  
   
Sales growth, %    
 -
22  
 -
7 
 -
11 
 -
9 
 -
7 
 -
3 
 -
23  
 -
16 
 -
4  
 -
35  
 -
29  
   
Organic growth,  
   
constant currency, %    
 -
17 
 -
4  
 -
6 
 -
4  
 -
2 
 -
3 
 -
23  
 -
17 
 0  
 -
35  
 -
30  
   
EBITDA    
 15 
 61 
 7 
 14 
 17 
 24  
 96  
 21 
 20  
 24  
 31 
   
EBITDA, %    
 24.5  
 23.2  
 10.8 
 22.4  
 25.9  
 31.3 
 33.5  
 30.8  
 29.0  
 33.4  
 40.0  
   
EBITA
 2)   
 6 
 29  
 -
1 
 6 
 9 
 16 
 63  
 13 
 11 
 15 
 23  
   
EBITA, %    
 10.8 
 11.0 
 -
2.4  
 9.2  
 13.7 
 20.8  
 21.9 
 18.9 
 15.9 
 21.7 
 29.8  
   
Operating cash flow    
 -
7 
 48  
 12 
 10 
 6 
 20  
 71 
 21 
 6 
 14 
 30  
   
Net debt    
 161 
 146 
 146 
 358  
 363  
 367  
 377  
 377  
 399  
 397  
 356  
   
Employees    
 110 
 110 
 110 
 105 
 105 
 105 
 105 
 105 
 110 
 105 
 105 
Tre Skandinavien               
   
Sales, SEK m    
 3,119 
 12,965  
 3,662  
 3,191 
 3,061  
 3,051  
 12,485  
 3,348  
 3,079  
 3,021 
 3,037  
   
Sweden, SEK m    
 2,041  
 8,549  
 2,462  
 2,103 
 2,007  
 1,977 
 8,212 
 2,211 
 2,019  
 1,991 
 1,992 
   
Denmark, DKK m    
 752  
 2,986  
 816 
 736  
 718 
 716 
 2,790  
 739  
 690  
 670  
 691 
   
EBITDA, SEK m    
 1,191 
 4,438  
 1,130 
 1,181 
 1,047  
 1,080  
 4,244  
 1,053  
 1,131 
 1,045  
 1,016 
   
Sweden, SEK m    
 881 
 3,210 
 827  
 844  
 756  
 784  
 3,045  
 757  
 805  
 746  
 737  
   
Denmark, DKK m    
 216 
 830  
 206  
 228  
 198 
 198 
 783  
 192 
 212 
 195 
 184 
   
EBITDA, %    
 38.2  
 34.2  
 30.9  
 37.0  
 34.2  
 35.4  
 34.0  
 31.4 
 36.7  
 34.6  
 33.4  
   
Sweden    
 43.2  
 37.5  
 33.6  
 40.1 
 37.6  
 39.6  
 37.1 
 34.2  
 39.9  
 37.5  
 37.0  
   
Denmark    
 28.7  
 27.8  
 25.3  
 31.0 
 27.6  
 27.6  
 28.0  
 26.0  
 30.7  
 29.0  
 26.6  
   
Net debt, SEK m    
 6,023  
 6,441  
 6,441  
 5,690  
 6,125 
 6,623  
 6,950  
 6,950  
 6,806  
 7,110 
 7,344  
   
Employees    
 1,935 
 1,850  
 1,850  
 1,865  
 1,900  
 1,880  
 1,895  
 1,895  
 1,885 
 1,865  
 1,830  
1) For information regarding Alternative Performance Measures in the table, see page 17. Definitions can be found on Investor
 ’s website.  
2) EBITA is defined as operating profit before acquisition
 -
 related amortizations.  
3) EBITA 2025 restated.

===== SIDA 30 =====

INVESTOR Q1 2026 
 –  
30  
 
Valuation methodology  
Listed Companies  
 Share price (bid) for the class of shares held by Investor, with the exception of Saab, Electrolux and Electrolux 
Professional for which the most actively traded share class is used.  
Ownership calculated in accordance with the disclosure of regulations of Sweden’s Financial Instruments 
Trading Act (LHF). ABB, AstraZeneca, Nasdaq and Wärtsilä in accordance with Swiss, British, U.S. and Finnish 
regulations.  
Includes market value of derivatives related to investments if applicable.  
Patricia 
 Industries   
   
Subsidiaries  
 Reported value based on the acquisition method. As supplementary information, subsidiaries are also 
presented at estimated market values, mainly based on valuation multiples for relevant listed peers and 
indices. Other methodologies may also be used, for e
 xample relating to real estate assets. New 
 platform 
investments 
 and major add
 -
on acquisitions normally 
 valued at invested amount during the first 18 months 
following the acquisition.  
   
Partner
 -
owned investments  
 Reported value based on the equity method. As supplementary information, partner
 -
owned investments are 
also presented at estimated market values, mainly based on valuation multiples for relevant listed peers and 
indices.  
   
Financial investments  
 Unlisted holdings at multiple or third
 -
party valuation, listed shares at share price (bid).  
Investments in EQT  
 Unlisted holdings at multiple or third
 -
party valuation, listed shares at share price (bid).  
 
Patricia Industries, overview of estimated market values  
Supplementary information  
 In addition to reported values, which are in accordance with IFRS, Investor provides estimated market values 
for the wholly
 -
 owned subsidiaries and partner
 -
owned investments within Patricia Industries in order to 
facilitate the evaluation of Investor’s net 
 asset value. This supplementary, non
 -
 GAAP information also 
increases the consistency between the valuation of Listed Companies and our major wholly
 -
 owned 
subsidiaries and partner
 -
owned T
 re Skandinavien
 . 
Estimated market 
 values  
 While the estimated market values might not necessarily reflect our view of the intrinsic values, they reflect 
how the stock market values similar companies.  
Methodology  
 The estimated market values are mainly based on valuation multiples (median), typically Enterprise value 
(EV)/Last 12 months’ operating profit, for relevant listed peers and indices. We define EV as quarterly volume
 -
weighted average share price (VWAP) plus  
closing date net debt. While we focus on EBITA when evaluating 
the performance of our companies, for valuation purposes, EBITDA multiples are more commonly available, 
and therefore often used. From the estimated EV, net debt is deducted, and the remaining  
equity value is 
multiplied with Patricia Industries’ share of capital.  
Adjustments  
 Operating profit is adjusted to reflect, for example, pro forma effects of completed add
 -
on acquisitions and 
certain non
 -
recurring items. An item is only viewed as non
 -
 recurring if it exceeds a certain amount set for each 
company, is unlikely to affect the  
company again, and does not result in any future benefit or cost.  
Acquisitions made less than 18 months ago are 
 normally 
 valued at cost.

===== SIDA 31 =====

INVESTOR Q1 2026 
 –  
31 
 
Investor in Brief  
Investor AB, founded by the Wallenberg family in 1916, creates value for people and society by 
building strong and sustainable companies. Through substantial ownership and board 
participation, we drive initiatives that we believe create value and support o
 ur companies to 
remain or become best
 -
 in
-
class. Our portfolio is organized in three business areas: Listed 
Companies, Patricia Industries and Investments in EQT.  
Our ultimate target  
Our ultimate target is to generate an attractive total return. Our long
 -
term return requirement is 
the risk free interest rate plus an equity risk premium, in total 8
 -
9 percent annually.  
Our 
total return objectives  
• 
 Grow net asset value  
• 
 Pay a steadily rising dividend  
• 
 Operate efficiently and sustainably  
 
We create value for people and 
society by building strong and 
sustainable businesses