FULLTEXT DEL 1 AV 1
Kvartalsrapport Q1 2026
===== 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