Kvartalsrapport Q3 2025

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

Interim 
Management 
Statement 
We create value for people and 
society by building strong and 
sustainable businesses 
“In today’s environment, it is pleasing to see 
that our portfolio companies are doing a good 
job focusing on what they can control, such as 
cost efficiency, while they continue to invest in 
future-proofing their businesses, setting 
themselves up for stronger long-term 
performance.” 
Christian Cederholm 
President & CEO of Investor

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

INVESTOR Q3 2025 – 2 
 
Highlights during the third quarter 
 Adjusted net asset value (NAV) amounted to SEK 1,028.0bn (SEK 336 per share) on September 30, 2025, a change of 
SEK 67.3bn, or 7 percent, during the quarter. Total shareholder return amounted to 5 percent, compared to 3 percent 
for the SIXRX return index. 
 Listed Companies generated a total return of 8 percent. Investor acquired shares in Atlas Copco and Ericsson for SEK 
0.6bn and SEK 0.5bn respectively, and entered into an agreement to divest 5m shares in SEB. 
 Based on estimated market values, the total return for Patricia Industries, including cash, amounted to 4 percent  
(4 percent excluding cash), mainly driven by multiples. 
 Within Patricia Industries, sales growth for the major subsidiaries amounted to -4 percent, of which 4 percent 
organically in constant currency. Reported EBITA declined by 1 percent and adjusted EBITA declined by 2 percent, 
impacted by negative currency effects. 
 Mölnlycke reported organic sales growth of 3 percent in constant currency, with Wound Care growing 5 percent. The 
profit margin increased, driven by lower cost and product mix, partly offset by negative currency impact and tariff 
costs. 
 Patricia Industries’ subsidiary Advanced Instruments closed the USD 2.2bn acquisition of Nova Biomedical. Patricia 
Industries contributed USD 1.6bn to finance the acquisition. The combined company is now operating as Nova 
Biomedical. 
 The value change of Investments in EQT was 1 percent. Investor invested an additional SEK 1.8bn in the co-
investment with EQT X in Fortnox. Total net cash flow to Investor amounted to SEK 165m. 
 Leverage was 2.6 percent as of September 30, 2025 (1.2 percent as of December 31, 2024). Gross cash amounted to 
SEK 23,716m and the average maturity of Investor AB’s debt portfolio was 9.4 years. 
Financial information* 
  9/30 2025 6/30 2025 12/31 2024 
Adjusted NAV, SEK m* 1,027,960 960,650 969,756 
Adjusted NAV, SEK per share* 336 314 317 
 
Reported NAV, SEK m*1) 899,225 839,992 819,364 
Reported NAV, SEK per share*1)  294 274 268 
 
Market capitalization (both share classes), excluding repurchased shares, SEK m 900,334 857,021 895,926 
Share price (B-share), SEK 294.05 279.75 292.70 
 
 Q3 2025 YTD 2025 
Adjusted NAV, sequential change, incl. dividend added back, SEK m* 67,310 74,132 
Adjusted NAV, sequential change, incl. dividend added back, %* 7 8 
 
Reported NAV, sequential change, incl. dividend added back, SEK m*1) 59,233 95,789 
Reported NAV, sequential change, incl. dividend added back, %*1) 7 12 
 
Market capitalization, sequential change, incl. dividend added back, SEK m* 43,313 15,896 
Market capitalization, sequential change, incl. dividend added back, %* 5 2 
 
 Q3 2025 Q3 2024 YTD 2025 YTD 2024 
Consolidated net sales, SEK m 16,271 15,733 48,040 46,809 
Consolidated profit/loss, SEK m 59,814 12,781 102,041 144,884 
Basic earnings per share, SEK 19.53 4.18 33.33 47.35 
* Financial measures that are not defined or specified in the applicable financial reporting framework. For more information, see page 18 and 29-30. Change in market capitalization with 
dividend added back reflects the change in total market capitalization (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 report. 
Overview performance 
     Average annual total return 
 YTD 1 year 5 years 10 years 20 years 
Adjusted NAV incl. dividend added back, % 7.6 5.8 15.9 
Investor B, total return, % 1.8 -4.3 17.0 17.8 15.2 
SIXRX return index, % 5.8 -0.3 9.4 10.8 10.1

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

INVESTOR Q3 2025 – 3 
 
CEO statement 
Dear fellow shareholders, 
Being a firm believer in free trade as a catalyst for innovation 
and global economic growth it is disturbing to see that trade 
friction continues to increase, due to tariffs and significant 
geopolitical tension. While the magnitude of tariffs differs 
between countries, the impact on the global economy is clearly 
negative. Further, on the currency front, while the USD 
remained relatively flat against the SEK during the quarter, it is 
still down significantly compared to last year. 
In this environment, it is pleasing to see that our portfolio 
companies are doing a good job focusing on what they can 
control, such as cost efficiency. Our companies are also 
continuing to invest in future-proofing their businesses, setting 
themselves up for stronger long-term performance. Recent 
examples are SEB’s expansion of its corporate banking 
business into new geographies, Nasdaq’s acquisitions to 
considerably strengthen its software-based customer offering, 
Mölnlycke’s expansion of its wound care business in China, 
and EQT’s move to attract investors from the retail and private 
wealth segments. 
During the quarter, our adjusted net asset value increased by 7 
percent, and total shareholder return was 5 percent. The 
SIXRX total return index increased 3 percent. 
Listed Companies 
Listed Companies generated a total return of 8 percent. 
During the quarter, we invested SEK 0.6bn in Atlas Copco and 
SEK 0.5bn in Ericsson at levels we deem attractive. We 
entered a new contract to divest shares in SEB to maintain our 
current ownership share, and we received SEK 0.8bn in 
proceeds from the divestment last quarter. 
Add-on acquisitions continue to be important to complement 
organic growth. For example, in the past 12 months, Atlas 
Copco has acquired more than 30 companies, including 
several in the third quarter. AstraZeneca announced plans to 
invest USD 50bn in the US by 2030, further strengthening its 
position in this key market. Pruning portfolios is equally 
important, exemplified by Wärtsilä’s divestiture of its Marine 
Electrical Systems business. After the end of the quarter, ABB 
entered an agreement to divest ABB Robotics to Softbank. We 
share the view of the ABB board that this is financially 
attractive for the company, while ABB Robotics gets a new 
good home. 
In Husqvarna, the board appointed internal candidate Glen 
Instone as new CEO, effective August, 2025. 
The Nomination Committees ahead of the 2026 Annual 
General Meetings are currently convening. Attracting and 
retaining the best possible boards in our companies is 
imperative. Competition for the best competence is only 
getting more fierce, which is why we continue our push to 
close the gap between Swedish and international board 
remuneration levels for listed companies. 
Patricia Industries 
Patricia Industries’ total return was 4 percent in the quarter, 
with positive contribution mainly from multiples. 
The major subsidiaries (Nova Biomedical included on pro 
forma basis) reported sales growth of -4 percent, while organic 
growth in constant currency was a positive 4 percent, with 
BraunAbility and Laborie growing significantly faster. Adjusted 
EBITA declined by 2 percent, largely driven by a weakening 
USD. Margins remained stable despite tariffs and negative 
currency effects, helped by efficiency improvements. 
Mölnlycke reported organic sales growth of 3 percent in 
constant currency, driven mainly by Wound Care. The EBITA 
margin improved, with efficiency initiatives and product mix 
contributing positively, while currency and tariffs impacted 
negatively. 
In July, Advanced Instruments completed the acquisition of 
Nova Biomedical, now the name of the combined company. 
Starting this quarter, the company’s performance is reported 
pro forma. Organic growth in the quarter was negative 4 
percent, due to a particularly strong comparison quarter last 
year, and a cyber incident that disrupted operations during this 
quarter. Integration work to realize Nova Biomedical’s 
attractive long-term profitable growth potential is off to a good 
start. This work entails activities such as merging the 
organizations and implementing a common ERP system, which 
may impact sales and earnings near-term. 
Investments in EQT 
The reported value of Investments in EQT grew 1 percent. We 
invested an additional SEK 1.8bn in the co-investment of 
Fortnox, taking the total investment close to the previously 
communicated SEK 4.5bn. Exit activity in EQT funds was high, 
with net cash flow to Investor of SEK 2.0bn, excluding Fortnox. 
After the quarter, it was announced that Jean Eric Salata has 
been nominated to succeed Conni Jonsson as Chair from the 
2026 AGM. 
Financial strength and flexibility 
Despite significant investment activity in each of our business 
areas over the past several quarters, leverage remains at the 
lower end of the 0-10 percent target range. 
Focus on building strong and sustainable businesses 
Investor operates from a strong position, with a clear purpose, 
a focused strategy, a proven ownership model, and high-
quality portfolio companies run by great people. Our financial 
flexibility supports our strategy. The current environment 
offers opportunities to further strengthen the positions of our 
companies and Investor itself, underpinning our ability to 
continue generating an attractive total return to you, dear 
fellow shareholders. 
Thank you for your trust in our work. 
 
Christian Cederholm 
President & CEO

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

INVESTOR Q3 2025 – 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 
 9/30 2025 9/30 2025 9/30 2025 9/30 2025 12/31 2024 9/30 2025 12/31 2024 
Listed Companies  
ABB 265,385,142 14.4/14.4 17 179,512 158,209 179,512 158,209 
Atlas Copco 840,053,755 17.1/22.3 13 132,234 139,542 132,234 139,542 
Saab 163,890,488 30.2/39.7 9 93,795 38,113 93,795 38,113 
SEB 451,198,927 22.1/22.1 8 83,058 69,047 83,058 69,047 
AstraZeneca 51,587,810 3.3/3.3 7 73,255 74,751 73,255 74,751 
Nasdaq 58,182,426 10.1/10.1 5 48,446 49,452 48,446 49,452 
Epiroc 207,635,622 17.1/22.7 4 40,779 39,572 40,779 39,572 
Sobi 122,881,259 34.4/34.4 3 35,169 38,953 35,169 38,953 
Wärtsilä 104,711,363 17.7/17.7 3 29,247 20,571 29,247 20,571 
Ericsson 334,492,541 9.9/24.8 2 26,024 27,933 26,024 27,933 
Husqvarna 96,825,353 16.8/33.8 0 4,863 5,601 4,863 5,601 
Electrolux Professional 58,941,654 20.5/32.5 0 3,537 4,008 3,537 4,008 
Electrolux 50,786,412 17.9/30.4 0 2,611 4,665 2,611 4,665 
Total Listed Companies  71 752,528 670,415 752,528 670,415 
 
Patricia Industries Total exposure (%) 
Major subsidiaries 
Mölnlycke1)  99.8 7 75,877 91,258 18,813 18,750 
Laborie  98.5 3 29,935 32,472 8,722 10,332 
Nova Biomedical  99.1 3 27,399 14,755 22,064 9,172 
Sarnova  95.8 2 21,408 23,938 6,034 6,932 
Permobil1)  98.9 1 15,194 18,328 4,225 5,307 
Piab Group1)  98.0 1 14,049 14,770 7,014 7,463 
BraunAbility 93.8 1 10,602 11,863 2,411 1,896 
Vectura  99.7 0 3,441 3,692 4,478 5,669 
Atlas Antibodies  93.3 0 709 1,308 2,201 2,335 
Total major subsidiaries 19 198,615 212,384 75,962 67,856 
Tre Skandinavien  40.0/40.0 1 8,852 8,475 2,770 2,611 
Financial investments 0 2,025 2,250 2,025 2,250 
Total Patricia Industries excl. cash 20 209,492 223,109 80,757 72,716 
Total Patricia Industries incl. cash 223,024 238,775 94,289 88,383 
 
Investments in EQT 
   EQT AB 177,258,357 14.4/14.4 5 57,538 53,262 57,538 53,262 
   Fund investments  4 39,820 35,447 39,820 35,447 
Total Investments in EQT 9 97,358 88,710 97,358 88,710 
 
Other Assets and Liabilities2)   0 -3,956 -283 -3,956 -283 
Total Assets excl. cash Patricia Industries 100 1,055,422 981,951 926,687 831,558 
Gross debt* -51,177 -40,141 -51,177 -40,141 
Gross cash* 23,716 27,947 23,716 27,947 
   Of which Patricia Industries 13,532 15,666 13,532 15,666 
Net debt -27,462 -12,194 -27,462 -12,194 
Net asset value 1,027,960 969,756 899,225 819,364 
Net asset value per share 336 317 294 268 
1) Including receivables related to Management Participation Program foundations.  
2) As per 9/30 2025, including liability for dividend to shareholders of SEK 4,441m to be paid in November 2025.

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

INVESTOR Q3 2025 – 5 
 
Overview 
For balance sheet items, figures in parentheses refer to year-end 2024 
figures. For income statement and cash flow items, they refer to the same 
period last year. 
Net asset value  
During the nine-month period 2025, adjusted net asset 
value increased from SEK 969.8bn to SEK 1,028.0bn. The 
change in adjusted net asset value, with dividend added 
back, was 8 percent during the period (22), of which 7 
percent during the third quarter (2). 
Reported net asset value increased from SEK 819.4bn to 
SEK 899.2bn. The change in reported net asset value, with 
dividend added back, was 12 percent during the period  
(20), of which 7 percent during the third quarter (1). 
Total adjusted assets by business area 
 
Net debt and cash flow 
Net debt totaled SEK 27,462m on September 30, 2025 
(12,194), corresponding to leverage of 2.6 percent (1.2). 
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 23,716m (27,947) and gross 
debt to SEK 51,177m as of September 30, 2025 (40,141). 
The average maturity of Investor AB’s debt portfolio was 
9.4 years on September 30, 2025 (9.8). 
Leverage development 
  
Investor’s net debt 
SEK m YTD 2025 YTD 2024 
Opening net debt -12,194 -13,938 
Listed Companies 
Dividends 12,928 12,548 
Other capital distributions 1 36 
Divestments 820 - 
Investments -2,402 -2,837 
Management cost -139 -134 
Total 11,208 9,613 
Patricia Industries 
Proceeds (distributions, divestitures, other) 5,104 5,721 
Investments -15,909 -2,447 
Internal transfer Investor/Patricia Industries 8,748 - 
Management cost -298 -266 
Other1) 220 315 
Total -2,135 3,323 
Investments in EQT 
EQT AB, dividends received 381 314 
Proceeds (fund distributions, other) 5,715 2,177 
Investments (fund drawdowns, co-
investments, other) -9,652 -3,140 
Management cost -10 -9 
Total -3,566 -658 
Investor groupwide 
Internal transfer Investor/Patricia Industries -8,748 - 
Management cost -138 -138 
Dividend to shareholders -11,487 -11,028 
Other2) -401 -1,238 
Closing net debt -27,462 -14,064 
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 585m 
during the nine-month period 2025 (548). 
As of September 30, 2025, rolling 12-month management 
cost amounted to 0.08 percent of the adjusted net asset 
value (0.08). 
The Investor share 
The price of the Investor A-share and B-share was SEK 
293.80 (279.90) and SEK 294.05 (279.75) respectively on 
September 30, 2025. 
The total shareholder return (Class B-share) amounted to   
2 percent during the nine-month period 2025 (36), of which 
5 percent during the third quarter (8). 
The SIXRX return index was 6 percent during the nine-
month period 2025 (15), of which 3 percent during the third 
quarter (4). 
Investor’s market capitalization, excluding repurchased 
shares, was SEK 900,334m as of September 30, 2025 
(895,926). 
Average annual total return 
0
200 000
400 000
600 000
800 000
1 000 000
1 200 000
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
SEK m
Listed Companies
 Patricia Industries ex cash
 Investments in EQT
-5
0
5
10
15
20
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
Percent
Leverage target range Leverage
-10
-5
0
5
10
15
20
1 year 5 years 10 years 20 years
Percent
Investor B
 SIXRX

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

INVESTOR Q3 2025 – 6 
 
Listed Companies 
Highlights during the quarter 
 The total return for Listed Companies amounted to 8 percent 
compared to 3 percent for the SIXRX return index. 
 Investor acquired shares in Atlas Copco and Ericsson for SEK 
0.6bn and SEK 0.5bn respectively, and entered into a contract 
to divest 5m shares in SEB.  
Performance 
Total return (excluding management costs) amounted to  
14 percent during the nine-month period 2025 (23), of 
which 8 percent during the third quarter (1). 
The SIXRX return index was 6 percent during the nine-
month period 2025 (15), of which 3 percent during the third 
quarter (4). 
Total return, Listed Companies 
 
Contribution to net asset value (adjusted and reported) 
amounted to SEK 93,795m during the nine-month period 
2025 (131,151), of which SEK 58,714m during the third 
quarter (5,292). 
Contribution to net asset value 
SEK m Q3 2025 YTD 2025 YTD 2024 
Changes in value 57,388 80,531 118,738 
Dividends 1,372 13,403 12,548 
Management cost -46 -139 -134 
Total 58,714 93,795 131,151 
Contribution to net asset value and total return 
  Q3 2025 YTD 2025 
 Value, 
SEK m 
Contribution, 
SEK m 
Total 
return 
(%)1) 
Contribution, 
SEK m 
Total 
return 
(%) 
ABB 179,512 29,691 19.8 24,002 15.7 
Atlas Copco 132,234 5,855 4.7 -6,647 -4.7 
Saab 93,795 7,572 8.8 55,846 146.7 
SEB 83,058 8,759 11.7 20,077 30.6 
AstraZeneca 73,255 5,304 7.8 194 0.1 
Nasdaq 48,446 -874 -1.8 -598 -1.2 
Epiroc 40,779 -2,130 -5.0 1,601 4.0 
Sobi 35,169 -49 -0.1 -3,785 -9.7 
Wärtsilä 29,247 6,230 26.8 9,182 45.2 
Ericsson 26,024 -458 -1.7 -2,775 -9.9 
Husqvarna 4,863 45 0.9 -689 -12.2 
Electrolux 
Professional 3,537 -396 -10.1 -421 -10.5 
Electrolux 2,611 -789 -23.2 -2,054 -44.0 
Total 752,528 58,760 8.5 93,934 14.3 
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 13,403m during the nine-
month period 2025 (12,548), of which SEK 1,372m during 
the third quarter (885). SEK 475m was pending over the 
end of the quarter and is reported in Other Assets and 
Liabilities (-). The dividends received for the year includes 
SEK 1,369m in extra dividend from SEB (1,369). 
Dividends received, Listed Companies 
 
Investments and divestments 
During the third quarter 2025, 7,444,454 B-shares in 
Ericsson were purchased for a total consideration of SEK 
540m and 4,400,000 B-shares in Atlas Copco were 
purchased for a total consideration of SEK 593m. 
The contract entered during the second quarter 2025, to 
divest 5m shares in SEB, was settled with proceeds to 
Investor of SEK 820m. In the third quarter Investor entered 
into a new contract to divest 5m shares in SEB. The 
contract will be settled during the fourth quarter, with 
expected proceeds to Investor of approximately SEK 
900m. 
During the second quarter 2025, 15,555,546 B-shares in 
Ericsson were purchased for a total consideration of SEK 
1.2bn. 
During the first quarter 2025, no investments or 
divestments were made. 
Listed Companies, value distribution, September 30, 2025 
 
-30
-20
-10
0
10
20
30
40
50
2021 2022 2023 2024 9m 2025
Percent
Listed Companies
 SIXRX
0
2 000
4 000
6 000
8 000
10 000
12 000
14 000
16 000
2021 2022 2023 2024 9m 2025
SEK m
Ordinary dividend Extra dividend
Electrolux 0%
Electrolux 
Professional 0%
Husqvarna 1%
Wärtsilä 4%
Ericsson 3%
Sobi 5%
Epiroc 5%
Nasdaq 6%
AstraZeneca
10%
SEB 11%
Saab 12%
Atlas Copco
18%
ABB 24%
SEK 753bn
Listed Companies include ABB, AstraZeneca, Atlas Copco, Electrolux, Electrolux Professional, Epiroc, Ericsson, Husqvarna, Nasdaq, Saab, 
SEB, Sobi and Wärtsilä. These are multinational companies with strong market positions and proven track records.

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

INVESTOR Q3 2025 – 7 
 
Patricia Industries 
Patricia Industries develops private companies in the Nordics and in North America. Holdings include Atlas Antibodies, BraunAbility, 
Laborie, Mölnlycke, Nova Biomedical, Permobil, Piab Group, Sarnova, Vectura, Tre Skandinavien and Financial investments.  
 
Highlights during the quarter 
 The total return amounted to 4 percent, mainly driven by 
multiples. 
 Portfolio company Advanced Instruments completed the 
acquisition of Nova Biomedical. The new company now 
operates under the Nova Biomedical brand. Nova Biomedical 
is reported pro forma unless otherwise stated. 
Operating performance 
During the nine-month period 2025, sales growth for the 
major subsidiaries was 0 percent. Organic growth was 4 
percent in constant currency. EBITA amounted to SEK 
10,518m (10,266), an increase of 2 percent. Adjusting for 
items affecting comparability, EBITA grew 1 percent. 
During the third quarter 2025, sales growth amounted to -4 
percent. Organic growth was 4 percent in constant 
currency. EBITA amounted to SEK 3,546m (3,572), a 
decrease of -1 percent. Adjusting for items affecting 
comparability, EBITA declined by 2 percent. 
As of September 30, 2025, on a rolling 12-month basis, the 
companies’ (subsidiaries and 40 percent of Tre 
Skandinavien. Nova Biomedical included from the third 
quarter 2025) combined sales and EBITDA amounted to 
SEK 68.0bn and SEK 17.1bn respectively. During the third 
quarter 2025, sales and EBITDA amounted to SEK 17.2bn, 
and SEK 4.6bn respectively. 
Patricia Industries, adjusted values, September 30, 2025 
 
Reported EBITDA (subsidiaries & 40% of Tre Skandinavien) 
Major subsidiaries, performance 
Q 3  2 0 2 5         
SEK m Sales 
Org. growth, 
constant 
currency EBITDA EBITDA (%) EBITA 1) EBITA (%) 
Operating cash 
flow 
Mölnlycke 5,650 3 1,682 29.8 1,484 26.3 1,418 
Laborie 1,152 7 389 33.6 374 32.3 345 
Nova Biomedical 1,455 -4 431 29.7 385 26.6 399 
Sarnova 2,755 3 521 18.9 449 16.3 269 
Permobil 1,537 0 366 23.8 315 20.5 347 
Piab Group 860 2 239 27.8 201 23.4 180 
BraunAbility 2,753 9 404 14.6 352 12.7 243 
Vectura 96 65 59 61.7 -19 -19.7 -113 
Atlas Antibodies 61 -4 14 22.4 6 9.2 10 
Total 16,320 4,105 25.2 3,546 21.7 3,099 
Reported growth y/y, % -4 1 -1 
Organic growth, y/y, % 4 
Y T D  2 0 2 5         
SEK m Sales 
Org. growth, 
constant 
currency EBITDA EBITDA (%) EBITA 1) EBITA (%) 
Operating cash 
flow 
Mölnlycke 17,371 4 4,790 27.6 4,165 24.0 2,925 
Laborie 3,548 10 1,150 32.4 1,094 30.8 942 
Nova Biomedical 4,812 5 1,456 30.2 1,344 27.9 1,377 
Sarnova 8,540 4 1,575 18.4 1,400 16.4 901 
Permobil 4,587 1 1,055 23.0 892 19.4 753 
Piab Group 2,701 3 749 27.7 631 23.4 546 
BraunAbility 8,412 1 1,144 13.6 983 11.7 895 
Vectura 276 78 158 57.1 -22 -7.8 -766 
Atlas Antibodies 203 -3 55 26.9 30 15.0 36 
Total 50,450 12,130 24.0 10,518 20.8 7,609 
Reported growth y/y, % 0 3 2 
Organic growth, y/y, % 4 
1) EBITA is defined as operating profit before acquisition-related amortizations.      
Mölnlycke
36%
Laborie 14%
Nova 
Biomedical
13%
Sarnova 10%
Permobil 7%
Piab Group 7%
BraunAbility 5%
Tre 
Skandinavien 4%
Vectura 2% Financial 
Investments 1%
Atlas 
Antibodies 0%
SEK 209bn
0
2 000
4 000
6 000
8 000
10 000
12 000
14 000
16 000
18 000
0
500
1 000
1 500
2 000
2 500
3 000
3 500
4 000
4 500
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
SEK m
Quarterly LTM (RHS)

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

INVESTOR Q3 2025 – 8 
 
Value development 
Contribution to adjusted net asset value amounted to 
SEK -24,688m during the nine-month period 2025 
(40,654), of which SEK 7,771m during the third quarter 
(5,649). 
Contribution to adjusted net asset value 
SEK m Q3 2025 YTD 2025 YTD 2024 
Changes in value 7,873 -24,422 40,916 
Management cost -95 -298 -266 
Other -7 32 4 
Total 7,771 -24,688 40,654 
 
Based on estimated market values, the total return for 
Patricia Industries, including cash, amounted to -10 percent 
(-11 percent excluding cash) during the nine-month period 
2025, of which 4 percent (4 percent excluding cash) during 
the third quarter. The return during the third quarter was 
mainly driven by multiples. 
For more information on valuation, see page 33. 
Investments and divestments 
During the nine-month period 2025, investments 
amounted to SEK 15,909m, of which SEK 15,588m during 
the third quarter, primarily related to equity contribution to 
Advanced Instruments in conjunction with its acquisition of 
Nova Biomedical. 
Divestments amounted to SEK 37m during the nine-month 
period 2025, of which SEK 16m during the third quarter. 
Distributions received 
During the nine-month period 2025, distributions to 
Patricia Industries amounted to SEK 5,067m, of which SEK 
162m during the third quarter.  
Distribution to Patricia Industries 
 
Patricia Industries, net cash 
SEK m Q3 2025 YTD 2025 YTD 2024 
Beginning of period 15,959 15,666 9,299 
Net cash flow -15,410 -10,805 3,274 
Internal transfer 
Investor/Patricia Industries 12,971 8,748 - 
Other1) 12 -78 49 
End of period 13,532 13,532 12,622 
1) Includes currency-related effects, net interest and management cost. 
 
Patricia Industries – valuation overview 
 
Estimated market 
values, SEK m, 
9/30, 2025 
Change Q3 
2025 vs. Q2 
2025 SEK m 
 
Major drivers Comments 
Major subsidiaries   
   Mölnlycke 75,877 282 Earnin gs and cash flow impacted 
positively, multiples and currency 
impacted negatively 
Applied EV/adjusted LTM EBITDA 14.8x 
   Laborie 29,935 3,721 Mult iples and earnings impacted 
positively 
Applied EV/adjusted LTM EBITDA 18.0x 
   Nova Biomedical 27,399 15,442 Earnings impacted positively. Nova 
Biomedical at estimated market value. 
SEK 15.3bn contribution from Patricia 
Industries 
Applied EV/adjusted LTM EBITDA 18.2x 
   Sarnova 21,408 1,224 Earn ings and multiples impacted 
positively 
Applied EV/adjusted LTM EBITDA 14.9x 
   Permobil 15,194 -220 Earnin gs impacted negatively, multiples 
impacted positively 
Applied EV/adjusted LTM EBITDA 13.9x 
   Piab Group 14,049 668 Multiples impacted positively, earnings 
impacted negatively 
Applied EV/adjusted LTM EBITDA 16.8x 
   BraunAbility 10,602 1,926 Earnings and multiples impacted 
positively 
Applied EV/adjusted LTM EBITDA 11.4x 
   Vectura 3,441 -45 No major drivers Estimated market value of the property 
portfolio less debt and cost 
   Atlas Antibodies 709 -128 Earnings and multiples impacted 
negatively 
Applied EV/adjusted LTM EBITDA 14.5x 
Partner-owned 
investments 
  
Tre Skandinavien 8,852 239 Cash flow and earnings impacted 
positively, multiples impacted negatively 
Applied EV/reported LTM EBITDA 6.4x 
Financial investments 2,025 175   Multiple or third-party valuation 
Total 209,492   
Total incl. cash 223,024   
0
1 000
2 000
3 000
4 000
5 000
6 000
7 000
8 000
9 000
10 000
2021 2022 2023 2024 9m 2025
SEK m

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

INVESTOR Q3 2025 – 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 mainly by US Wound Care, while EMEA was 
weaker overall. 
 The EBITA margin improved compared to last year, driven by 
lower cost and positive product mix, while currency effects 
and tariffs impacted negatively. 
 Mölnlycke was awarded the Ecovadis Platinum Sustainability 
Rating for the second year in a row, reflecting the group’s 
continuing commitment to sustainability. 
Wound Care  
 Organic sales growth amounted to 5 percent in constant 
currency. The prevention, antimicrobial and post-op 
assortments continued to drive significant growth in the US. 
China had strong growth, while EMEA was slower mainly due 
to challenging market conditions in France and Germany. 
 A groundbreaking ceremony was held to initiate the major 
EUR 115m expansion investment in Wound Care 
manufacturing in Maine. 
Operating Room Solutions 
 Organic sales declined 2 percent in constant currency due to 
challenging market conditions in both Europe and the Middle 
East. 
Gloves 
 Organic sales growth amounted to 5 percent in constant 
currency driven by the US, while EMEA declined due to slower 
performance in the Middle East. 
Antiseptics 
 Organic sales growth amounted to 2 percent in constant 
currency, driven mainly by the US market. 
Mölnlycke, sales and margin development 
 
Key figures, Mölnlycke 
Income statement items, 
EUR m 
2025 2024 Last 12 
months Q3 YTD Q3 YTD 
Sales 508 1,564 506 1,518 2,110 
EBITDA 151 431 144 437 589 
EBITA 133 375 127 383 515 
 
Sales growth, % 0 3 9 7 
Organic growth, 
constant currency, % 3 4 9 7 
      
EBITDA, % 29.8 27.6 28.5 28.8 27.9 
EBITA, % 26.3 24.0 25.1 25.2 24.4 
 
Cash flow items, EUR m Q3 YTD Q3 YTD 
EBITDA 151 431 144 437 
Lease payments -5 -17 -6 -17 
Change in working capital 3 -93 -3 -62 
Capital expenditures -22 -58 -17 -37 
Operating cash flow 128 263 118 321 
Acquisitions/divestments - - -14 -14 
Shareholder 
contribution/distribution - -200 - -200 
Other1) -44 -77 -20 -123 
Increase(-)/decrease(+) in net 
debt 84 -14 85 -16 
 
Key ratios 
Working capital/sales, % 21 
Capital expenditures/sales, % 4 
 
Balance sheet items, EUR m 9/30 2025 12/31 2024 
Net debt 1,810 1,796 
 
 9/30 2025 9/30 2024 
Number of employees 8,630 8,400 
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 Q3 2025 
Wound Care 60 5 
Operating Room 
Solutions 25 -2 
Gloves 12 5 
Antiseptics 3 2 
Total 100 3 
Mölnlycke, distribution of sales by geography 
 Share of sales, (%) 
 2024 
Europe, Middle East, Africa 57 
Americas 33 
Asia Pacific 10 
Total 100 
  
0
5
10
15
20
25
30
35
0
100
200
300
400
500
600
700
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
EUR m
Sales EBITDA, % EBITA, %

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

INVESTOR Q3 2025 – 10 
 
 
A provider of diagnostic and therapeutic products within Gastroenterology, 
Urology & Urogynecology, and Obstetrics, Gynecology & Neonatal. 
Read more at www.laborie.com
 
Activities during the quarter 
 Organic sales growth amounted to 7 percent in constant 
currency. Interventional Urology, Obstetrics, and 
Gastroenterology grew, with the OptilumeTM urethral 
strictures product contributing significantly. 
 The EBITA margin increased, driven by operating leverage, 
despite significant and increasing investment in the launch of 
Optilume
TM for the treatment of benign prostatic hyperplasia 
(BPH), and increased R&D activity. 
 Chris Smith, former board member of Laborie and former 
CEO of NeoGenomics, Ortho Clinical, and Cochlear Limited, 
was appointed CEO of Laborie, effective September 22, 
2025, following the retirement of the outgoing CEO, Mike 
Frazzette. 
Key figures, Laborie 
Income statement items, 
USD m 
2025 2024 Last 12 
months Q3 YTD Q3 YTD 
Sales 121 357 112 322 471 
EBITDA 41 116 36 96 153 
EBITA 39 110 34 91 146 
 
Sales growth, % 8 11 26 23 
Organic growth, 
constant currency, % 7 10 25 23 
      
EBITDA, % 33.6 32.4 31.9 29.7 32.4 
EBITA, % 32.3 30.8 30.5 28.2 30.9 
 
Cash flow items, USD m Q3 YTD Q3 YTD 
EBITDA 41 116 36 96 
Lease payments -1 -2 -1 -2 
Change in working capital 1 -8 -3 -18 
Capital expenditures -5 -11 -5 -14 
Operating cash flow 36 95 27 61 
Acquisitions/divestments 0 -14 -8 -11 
Shareholder 
contribution/distribution - - - - 
Other1) -13 -34 -4 -25 
Increase(-)/decrease(+) in net 
debt 23 47 15 24 
 
Key ratios 
Working capital/sales, % 18 
Capital expenditures/sales, % 3 
 
Balance sheet items, USD m 9/30 2025 12/31 2024 
Net debt 343 390 
 
 9/30 2025 9/30 2024 
Number of employees 1,070 1,090 
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 
 On July 10, 2025, Advanced Instruments completed its 
previously announced acquisition of Nova Biomedical, a 
global provider of analytical instruments and consumables 
for the biopharmaceutical and clinical markets. The 
enterprise value amounted to USD 2.2bn and Patricia 
Industries contributed USD 1.6bn in equity financing with the 
remainder financed by external debt. Integration and value 
creation activities are underway and progressing well. 
 Pro forma organic sales growth amounted to -4 percent in 
constant currency due to a particularly strong comparison 
period and a cyber incident that impacted the sales and 
operations this quarter. 
 The EBITA margin declined, primarily driven by increased 
investments in general and administrative functions to 
support the integration as well as elevated manufacturing 
costs for several products. 
Key figures, Nova Biomedical1) 
Income statement items, 
USD m 
2025 2024 Last 12 
months Q3 YTD Q3 YTD 
Sales 154 484 160 461 644 
EBITDA 46 146 48 136 196 
EBITA 41 135 44 125 181 
 
Sales growth, % -4 5 14 8 
Organic growth, 
constant currency, % -4 5 14 8 
      
EBITDA, % 29.7 30.2 29.9 29.4 30.5 
EBITA, % 26.6 27.9 27.6 27.0 28.2 
  
Cash flow items, USD m2) Q3 YTD Q3 YTD 
EBITDA 46 146 n/a n/a 
Lease payments 0 -1 n/a n/a 
Change in working capital -2 -4 n/a n/a 
Capital expenditures -1 -4 n/a n/a 
Operating cash flow 42 138 n/a n/a 
Acquisitions/divestments -2,190 -2,190 n/a n/a 
Shareholder 
contribution/distribution 1,600 1,600 n/a n/a 
Other3) -104 -171 n/a n/a 
Increase(-)/decrease(+) in net 
debt -652 -623 n/a n/a 
 
Key ratios 
Working capital/sales, % 9 
Capital expenditures/sales, % 1 
 
Balance sheet items, USD m2) 9/30 2025 12/31 2024 
Net debt 792 n/a 
 
 9/30 2025 9/30 2024 
Number of employees 1,890 1,890 
1) Nova Biomedical added pro forma 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 Q3 2025 – 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 3 percent in constant 
currency, with strong growth in Emergency Preparedness 
and Acute Care partly offset by continued market-driven 
headwinds for Cardiac Response. 
 The underlying profit margin was stable, as favorable product 
mix was offset by continued investments in the commercial 
organization and digital platform enhancement. 
 On August 8, Sarnova acquired RescueStat, a healthcare 
technology company specializing in AED (automated external 
defibrillator) program management and remote monitoring, 
which has become a part of the Cardiac Response business 
unit. RescueStat’s proprietary software and hardware 
technology is highly complementary to the Cardiac Response 
business, enabling Sarnova to offer existing and new 
customers improved ability to manage their AEDs. The 
purchase price was USD 55m, funded with cash on hand and 
incremental debt. 
Key figures, Sarnova 
Income statement items, 
USD m 
2025 2024 Last 12 
months Q3 YTD Q3 YTD 
Sales 290 858 279 798 1,129 
EBITDA 55 158 52 127 204 
EBITA 47 141 46 111 181 
 
Sales growth, % 4 8 13 8 
Organic growth, 
constant currency, % 3 4 5 4 
      
EBITDA, % 18.9 18.4 18.7 15.9 18.0 
EBITA, % 16.3 16.4 16.7 13.9 16.1 
 
Cash flow items, USD m Q3 YTD Q3 YTD 
EBITDA 55 158 52 127 
Lease payments -1 -3 -1 -3 
Change in working capital -17 -40 5 -15 
Capital expenditures -9 -25 -3 -11 
Operating cash flow 28 91 53 98 
Acquisitions/divestments -39 -125 - -311 
Shareholder 
contribution/distribution - - - - 
Other1) -23 -61 -28 -46 
Increase(-)/decrease(+) in net 
debt -33 -95 24 -259 
 
Key ratios 
Working capital/sales, % 16 
Capital expenditures/sales, % 3 
 
Balance sheet items, USD m 9/30 2025 12/31 2024 
Net debt 817 723 
 
 9/30 2025 9/30 2024 
Number of employees 1,560 1,515 
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 were flat in constant currency, with growth in 
EMEA and APAC offset by decline in Americas as a result of 
generally slower demand in the US and decline in Power 
Assist Devices. 
 The EBITA margin declined, compared to a strong 
comparison quarter, negatively impacted by costs related to 
the recall of the SmartDrive Speed Control Dial. Adjusted for 
these costs, the margin was stable, supported by cost 
efficiency measures. 
 The abovementioned recall is a voluntary action regarding 
the SpeedControl Dial, a wired control option for the 
SmartDrive, to cater for the product quality and safety of 
Permobil’s end users. 
 Since the launch of the next-generation bespoke manual 
wheelchairs, TiLite X and TiLite Z, a year ago, Permobil has 
seen a strong market response. The digitalized order-to-
delivery chain, automated production setup, and the rich 
configuration options have enhanced customer satisfaction. 
Key figures, Permobil 
Income statement items, 
SEK m 
2025 2024 Last 12 
months Q3 YTD Q3 YTD 
Sales 1,537 4,587 1,652 4,774 6,332 
EBITDA 366 1,055 430 1,130 1,430 
EBITA 315 892 375 971 1,209 
 
Sales growth, % -7 -4 4 11 
Organic growth, 
constant currency, % 0 1 5 9 
      
EBITDA, % 23.8 23.0 26.0 23.7 22.6 
EBITA, % 20.5 19.4 22.7 20.3 19.1 
  
Cash flow items, SEK m Q3 YTD Q3 YTD 
EBITDA 366 1,055 430 1,130 
Lease payments -18 -55 -20 -60 
Change in working capital 54 -51 -15 -98 
Capital expenditures -56 -195 -99 -270 
Operating cash flow 347 753 296 702 
Acquisitions/divestments - -11 - -25 
Shareholder 
contribution/distribution - -1,508 - -607 
Other1) -34 101 -209 -603 
Increase(-)/decrease(+) in net 
debt 313 -666 86 -533 
 
Key ratios 
Working capital/sales, % 21 
Capital expenditures/sales, % 4 
 
Balance sheet items, SEK m 9/30 2025 12/31 2024 
Net debt 4,440 3,774 
 
 9/30 2025 9/30 2024 
Number of employees 1,990 2,035 
1) Includes effects of exchange rate changes, interest, tax and change in lease  
liabilities.

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

INVESTOR Q3 2025 – 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 2 percent in constant 
currency. Vacuum Conveying contributed to growth while 
Vacuum Automation was flat, and Lifting Automation 
declined. Regionally, Americas and APAC contributed to 
growth while EMEA declined. 
 The reported EBITA margin increased, with the comparison 
period negatively affected by non-recurring costs connected 
to add-on acquisitions. Adjusted for these costs, the margin 
decreased, negatively affected by tariffs and investments in 
digital infrastructure. 
 Piab Group launched PFAS-free filters for its vacuum 
conveyors, engineered to meet the strictest global food 
safety and environmental standards by preventing the 
release of hazardous PFAS chemicals into the environment. 
 Key figures, Piab Group 
Income statement items, 
SEK m 
2025 2024 Last 12 
months Q3 YTD Q3 YTD 
Sales 860 2,701 839 2,439 3,708 
EBITDA 239 749 214 624 1,053 
EBITA 201 631 176 515 891 
  
Sales growth, % 2 11 10 7 
Organic growth, 
constant currency, % 2 3 5 2 
      
EBITDA, % 27.8 27.7 25.5 25.6 28.4 
EBITA, % 23.4 23.4 21.0 21.1 24.0 
  
Cash flow items, SEK m Q3 YTD Q3 YTD 
EBITDA 239 749 214 624 
Lease payments -17 -54 -18 -52 
Change in working capital -19 -72 -22 -100 
Capital expenditures -22 -77 -28 -95 
Operating cash flow 180 546 147 377 
Acquisitions/divestments - -181 -1,897 -1,897 
Shareholder 
contribution/distribution -70 -180 1,219 1,108 
Other1) -45 11 -10 -469 
Increase(-)/decrease(+) in net 
debt 65 196 -542 -881 
 
Key ratios 
Working capital/sales, % 17 
Capital expenditures/sales, % 2 
 
Balance sheet items, SEK m 9/30 2025 12/31 2024 
Net debt 3,310 3,506 
 
 9/30 2025 9/30 2024 
Number of employees 1,515 1,435 
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 9 percent in constant 
currency, driven by strong demand across the product 
portfolio as well as a favorable comparison period. 
 The EBITA margin increased, driven by operating leverage 
and manufacturing efficiency improvements. 
Key figures, BraunAbility 
Income statement items, 
USD m 
2025 2024 Last 12 
months Q3 YTD Q3 YTD 
Sales 289 845 265 834 1,084 
EBITDA 42 115 29 104 131 
EBITA 37 99 24 88 106 
 
Sales growth, % 9 1 -2 3 
Organic growth, 
constant currency, % 9 1 -2 3 
      
EBITDA, % 14.6 13.6 11.0 12.4 12.1 
EBITA, % 12.7 11.7 8.9 10.5 9.8 
  
Cash flow items, USD m Q3 YTD Q3 YTD 
EBITDA 42 115 29 104 
Lease payments -2 -6 -2 -6 
Change in working capital -6 3 10 -17 
Capital expenditures -9 -23 -7 -20 
Operating cash flow 26 90 29 60 
Acquisitions/divestments - - - -196 
Shareholder 
contribution/distribution - - - - 
Other1) -2 -18 -4 -35 
Increase(-)/decrease(+) in net 
debt 24 72 25 -171 
 
Key ratios 
Working capital/sales, % 7 
Capital expenditures/sales, % 3 
 
Balance sheet items, USD m 9/30 2025 12/31 2024 
Net debt 341 413 
 
 9/30 2025 9/30 2024 
Number of employees 1,935 1,965 
1) Includes effects of exchange rate changes, interest, tax and change in lease  
liabilities.

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

INVESTOR Q3 2025 – 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 65 percent, driven by 
finalization of renovation at Arsenalsgatan, as well as rental 
income from Forskaren (Hagastaden), Permobil’s head 
quarter facilities (Sundsvall), Bromma Sjukhus (Stockholm) 
and The Loop (Lund). 
 The surplus ratio
2) decreased slightly, explained by portfolio 
mix. The total pro rata share of Net Operating Income1) (NOI) 
from Joint Ventures amounted to SEK 20m (not 
consolidated).
  
 In August, Vectura divested the final elderly care facility as 
part of the transaction of the Community Service portfolio to 
Altura (managed by NREP). The purchase price amounted to 
approximately SEK 270m. 
 The property development of Saab’s new R&D-focused office 
building in Lund was completed in September. 
 After the end of the quarter, on October 13, Vectura signed an 
agreement to divest Aktiebolaget Näckström, consisting of 
the Arsenalsgatan 8 property and Villa Täcka udden, to FAM 
AB. The total property value of the assets in the transaction 
amounts to SEK 1.4bn. The divestment is aligned with 
Vectura’s strategic focus to develop innovation clusters. 
Key figures, Vectura 
Income statement items, 
SEK m 
2025 2024 Last 12 
months Q3 YTD Q3 YTD 
Total income 96 276 58 178 343 
Net operating income1) 70 198 43 126 242 
Surplus ratio, %2) 73.2 71.7 74.5 70.7 70.3 
   
     Last 12 
months Cash flow items, SEK m Q3 YTD Q3 YTD 
Capital expenditures3) -56 -894 -549 -1,395 -2,176 
 
Balance sheet items, SEK m 9/30 2025 12/31 2024 
External net debt 5,123 3,283 
 
Property-related items 9/30 2025 9/30 2024 
Property portfolio value, SEKm 8,874 7,295  
of which properties under 
management 7,512 5,586  
LTV, % 57 41  
Properties under management, sqm4) 90,801 48,000  
Occupancy rate, % properties under 
management 99 96  
      
 9/30 2025 9/30 2024 
Number of employees 40 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 4 percent in constant currency, 
driven by the evitria business, which continues to be 
impacted by soft market demand, partly offset by growth in 
Atlas Antibodies and HistoCyte Laboratories.  
 The EBITA margin declined as a result of lower sales and 
investments to strengthen the organization. 
 Atlas Antibodies launched AtlasPlex, a customizable ready-
to-use kit for detecting multiple proteins in a single tissue 
sample. 
Key figures, Atlas Antibodies 
Income statement items, 
SEK m 
2025 2024 Last 12 
months Q3 YTD Q3 YTD 
Sales 61 203 68 217 272 
EBITDA 14 55 20 75 76 
EBITA 6 30 11 49 43 
 
Sales growth, % -9 -6 -4 -25 
Organic growth, 
constant currency, % -4 -3 0 -24 
      
EBITDA, % 22.4 26.9 29.0 34.4 27.9 
EBITA, % 9.2 15.0 15.9 22.8 16.0 
  
Cash flow items, SEK m Q3 YTD Q3 YTD 
EBITDA 14 55 20 75 
Lease payments -3 -9 -4 -11 
Change in working capital 3 2 -7 -6 
Capital expenditures -3 -11 -2 -8 
Operating cash flow 10 36 6 50 
Acquisitions/divestments - - - - 
Shareholder 
contribution/distribution - - - - 
Other1) -6 -17 -9 -76 
Increase(-)/decrease(+) in net 
debt 4 19 -3 -26 
 
Key ratios 
Working capital/sales, % 74 
Capital expenditures/sales, % 4 
 
Balance sheet items, SEK m 9/30 2025 12/31 2024 
Net debt 358 377 
 
 9/30 2025 9/30 2024 
Number of employees 105 110 
1) Includes effects of exchange rate changes, interest, tax and change in lease liabilities.

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

INVESTOR Q3 2025 – 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 74,000, of which 36,000 
in Sweden and 38,000 in Denmark.  
 Service revenue increased by 6 percent and EBITDA 
increased by 4 percent. 
 Tre has partnered with Telavox to offer Swedish business 
customers a flexible, cloud-based communications platform 
that combines Tre’s mobile services with Telavox’s PBX 
technology, a phone system that manages calls and 
messaging within a company, providing an easy-to-use and 
scalable solution for business communication and 
collaboration. 
Key figures, Tre Skandinavien 
 2025 2024 Last 12  
months Income statement items Q3 YTD Q3 YTD 
Sales, SEK m 3,191 9,303 3,079 9,137 12,651 
   Sweden, SEK m 2,103 6,088 2,019 6,001 8,299 
   Denmark, DKK m 736 2,170 690 2,052 2,909 
 
Service revenue, SEK m1) 2,320 6,733 2,187 6,384 8,932 
   Sweden, SEK m 1,489 4,327 1,378 4,023 5,715 
   Denmark, DKK m 562 1,625 527 1,544 2,151 
 
EBITDA, SEK m 1,181 3,307 1,131 3,191 4,360 
   Sweden, SEK m 844 2,383 805 2,289 3,140 
   Denmark, DKK m 228 624 212 590 816 
 
EBITDA, % 37.0 35.5 36.7 34.9 34.5 
   Sweden 40.1 39.1 39.9 38.1 37.8 
   Denmark 31.0 28.7 30.7 28.8 28.1 
 
Key ratios 
Capital expenditures/sales, % 12 
 
Balance sheet items, SEK m 9/30 2025 12/31 2024 
Net debt 5,690 6,950 
 
 9/30 2025 9/30 2024 
Number of employees 1,865 1,885 
 
Other key figures 9/30 2025 9/30 2024 
Subscriptions 4,597,000 4,362,000 
   Sweden 2,839,000 2,721,000 
   Denmark 1,758,000 1,641,000 
1) Mobile service revenue excluding interconnect revenue.

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

INVESTOR Q3 2025 – 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 three decades of delivering consistent and attractive returns across multiple geographies, sectors and 
strategies. 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 invested an additional SEK 1.8bn in Fortnox, a co-
investment alongside EQT X. 
Performance 
Contribution to net asset value (adjusted and reported) 
amounted to SEK 5,082m during the nine-month period 
2025 (11,746), of which SEK 747m during the third quarter  
(5,883). 
The reported value change was 6 percent during the nine-
month period 2025, of which 7 percent in constant 
currency. During the third quarter, the reported value 
change was 1 percent, of which 1 percent in constant 
currency. 
Net cash flow to Investor was SEK -3,566m during the 
nine-month period 2025, of which SEK 165m during the 
third quarter. 
Investments in EQT AB 
Total shareholder return for the nine-month period 2025 
was 7 percent, of which 2 percent during the third quarter.  
Dividends received amounted to SEK 381m during the 
nine-month period 2025, of which SEK 0m during the third 
quarter. 
Investments in EQT funds 
The information on Investor’s investments in EQT funds is 
reported with a one-quarter lag. Consequently, the 
information in this report is presented as of June 30, 2025. 
During the nine-month period 2025, the reported value 
change of Investor’s investments in EQT funds was 4 
percent, of which 8 percent in constant currency. During 
the third quarter, the reported value change was -1 percent, 
of which 0 percent in constant currency.  
During the nine-month period 2025, investments from 
Investor amounted to SEK 8,844m, of which SEK 3,185m 
during the third quarter. Proceeds to Investor amounted to 
SEK 5,715m, of which SEK 3,351m during the third quarter. 
During the third quarter, Investor invested an additional 
SEK 1,829m in Fortnox, taking the total investment close to 
the estimated SEK 4,480m. Fortnox was acquired by EQT 
X and is reported under “Other private capital”. 
Investor’s total outstanding commitments to EQT funds 
amounted to SEK 18.9bn as of September 30, 2025 (23.8). 
 
Change in adjusted net asset value, EQT 
SEK m Q3 2025 YTD 2025 YTD 2024 
Net asset value, beginning of period 96,776 88,710 82,088 
Contribution to net asset value 747 5,082 11,746 
EQT AB, dividends received 0 -381 -314 
Proceeds (fund distributions, other) -3,351 -5,715 -2,177 
Investments (fund drawdowns, co-
investments, other) 3,186 9,662 3,149 
Net asset value, end of period 97,358 97,358 94,492 
Investor’s investments in EQT, September 30, 20251) 
  Investor 
 Fund 
size 
EUR m Share (%) 
Outstanding 
commitment 
SEK m 
Reported 
value 
SEK m 
Real Assets     
EQT Infrastructure III 4,041 5 16 548 
EQT Infrastructure IV 9,100 3 604 3,922 
EQT Infrastructure V 15,700 3 927 5,630 
EQT Infrastructure VI 21,500 3 4,179 2,622 
Other Real Assets2) - - 409 333 
Private Capital      
EQT VII 6,817 5 64 1,560 
EQT VIII 10,750 5 284 6,044 
EQT IX 15,600 3 511 6,170 
EQT X 21,700 3 4,043 3,109 
Other private capital
3) - - 768 9,455 
Funds not closed4) - - 6,862 102 
Credit funds5) - - 240 326 
Total investments   18,908 39,820 
EQT AB  14.4/14.4 6) 57,538 
Total investments in EQT  97,358 
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 US, EQT MM Asia, EQT MM EU, EQT Ventures, EQT Ventures II, 
EQT Ventures III, EQT Growth, EQT Future and Fortnox. 
4) BPEA IX, 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 
 Q3 Q2 Q1 FY Q4 Q3 Q2 Q1 FY Q4 Q3 
SEK m 2025 2025 2025 2024 2024 2024 2024 2024 2023 2023 2023 
Reported value 97,358 96,776 90,512 88,710 88,710 94,492 88,961 92,562 82,088 82,088 71,962 
Reported value change, % 1 4 1 8 -5 7 -4 12 17 16 1 
Value change, constant currency, % 1 3 3 7 -6 7 -3 10 17 17 2 
EQT AB, dividends received 0 381 0 627 314 0 314 0 523 261 0 
Proceeds to Investor 3,351 1,616 748 3,726 1,550 898 1,058 222 4,076 1,272 969 
Investments from Investor 3,186 4,791 1,685 4,102 953 546 1,376 1,227 4,777 371 2,097 
Net cash flow to Investor 165 -2,794 -937 252 910 352 -5 -1,005 -178 1,163 -1,127

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

INVESTOR Q3 2025 – 16 
 
Investor group 
Net debt 
Net debt totaled SEK 27,462m on September 30, 2025 
(12,194). 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 2.4bn of the associated company Tre 
Skandinavien’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, September 30, 2025 
SEK m 
Consolidated 
balance sheet 
Deductions 
related to 
Patricia 
Industries 
subsidiaries 
Investor’s  
net debt 
Other financial 
investments 10,368 -584 9,783 
Cash, bank and short-
term investments 22, 282 -8,350 13,932 
Receivables included 
in net debt 1,824 -649 1,174 
Interest bearing debt -115,541 63,302 -52,238 
Provision for pensions -976 862 -114 
Total -82,043 54,581 -27,462 
 
Investor’s gross cash amounted to SEK 23,716m as of 
September 30, 2025 (27,947). 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 51,064m as of 
September 30, 2025 (40,024). 
The average maturity of Investor AB’s debt portfolio was 
9.4 years on September 30, 2025 (9.8), 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, September 30, 2025 
 
Net financial items, YTD 2025 
SEK m 
Group - 
Net financial 
items 
Deductions 
related to 
Patricia 
Industries 
subsidiaries 
Investor’s net 
financial items 
Interest income 656 -56 600 
Interest expenses -3,214 2,370 -843 
Results from revaluation of 
loans, swaps and short-
term investments -589 351 -238 
Foreign exchange result 960 -1,068 -108 
Other -478 369 -109 
Total -2,666 1,967 -699 
Share capital 
Investor’s share capital amounted to SEK 4,795m on 
September 30, 2025 (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 September 30, 2025, Investor owned a total of 
5,801,007 of its own shares (5,668,787). 
 
Other 
Events after the end of the quarter 
On October 13, Vectura signed an agreement to divest 
Aktiebolaget Näckström, consisting of the Arsenalsgatan 
property and Villa Täcka udden, to FAM AB. The total 
property value of the assets in the transaction amounts to 
SEK 1.4bn. Since the sale constitutes a related party 
transaction under the Swedish Companies Act, the 
transaction- and decision-process have been handled in a 
corresponding way as when the Grand Group was sold to 
FAM AB in 2021,  which is described in the Swedish 
Securities Council's ruling 2021:21 on good practice in 
related party transactions (including, among other things, 
independent valuation appraisals). 
Offers to chairpersons 
Investor continues to offer chairpersons in certain 
companies within Listed Companies the opportunity to 
invest in options in their respective companies with a 
duration of five to seven years, as the chairperson has a 
particularly important role in driving successful board work. 
During the second quarter 2025, new 7-year options, with a 
strike price of 120 percent of the share price, were sold to 
the chairperson in Husqvarna for a total consideration of 
SEK 1m. 
Acquisitions (business combinations) 
 
Sarnova’s acquisition of RescueStat 
On August 8, 2025, Cardio Partners, Inc., a division of 
Sarnova, finalized the acquisition of 100 percent of 
RescueStat, a healthcare technology company specializing 
0
1 000
2 000
3 000
4 000
5 000
6 000
7 000
8 000
SEK m

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

INVESTOR Q3 2025 – 17 
 
in AED program management and remote monitoring. The 
acquisition strengthens Cardio Partners’ mission to 
increase survival rates from sudden cardiac arrest (SCA) 
and expands its ability to deliver life-saving solutions to 
more communities across the US. The consideration 
amounted to SEK 507m and was funded with cash. In the 
preliminary purchase price allocation, goodwill amounted 
to SEK 428m. The goodwill recognized is not expected to 
be deductible for income tax purposes. Transaction-related 
costs amounted to SEK 18m 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 statement. For the period from the 
acquisition date until September 30, 2025, RescueStat 
contributed net sales of SEK 17m and profit/loss of SEK 
6m to the Group’s result. If the acquisition of RescueStat 
had occurred on January 1, 2025, management estimates 
that consolidated net sales for the Group would have 
increased by SEK 66m and consolidated profit/loss for the 
period would have increased by SEK 2m. 
Advanced Instrument’s acquisition of Nova Biomedical 
On July 10, 2025, Advanced Instruments finalized the 
acquisition of 100 percent of Nova Biomedical, a global 
provider of analytical instruments and consumables for the 
biopharmaceutical and clinical markets. Advanced 
Instruments and Nova Biomedical will combine to create a 
diversified, global life science tools platform which will 
operate under the Nova Biomedical name, with a portfolio 
of innovative products serving the biopharmaceutical and 
clinical markets, commercial presence in over 100 
countries, enhanced innovation capabilities, and a strong 
financial profile. The consideration amounted to SEK 
21,575m and was funded with SEK 15,260m in equity from 
Patricia Industries, and external debt. The acquisition adds 
a complementary product portfolio, amplified R&D 
opportunities and global commercial presence which will 
create a strong foundation for accelerated innovation and 
profitable growth. In the preliminary purchase price 
allocation, goodwill amounted to SEK 11,858m. The 
goodwill recognized is not expected to be deductible for 
income tax purposes. Goodwill mainly derives from 
expected synergies and R&D that do not qualify for 
separate recognition. Transaction-related costs amounted 
to SEK 297m and derives from external legal fees and due 
diligence expenses. These costs have been included in the 
line-item Changes in value in the Group’s consolidated 
income statement. For the period from the acquisition date 
until September 30, 2025, Nova Biomedical contributed net 
sales of SEK 931m and profit/loss of SEK -315m to the 
Group’s result. If the acquisition of Nova Biomedical had 
occurred on January 1, 2025, management estimates that 
consolidated net sales for the Group would have increased 
by SEK 2,481m and consolidated profit/loss for the period 
would have increased by SEK 538m. 
 
 
 
 
 
 
Identifiable assets acquired and liabilities assumed 
SEK m RescueStat 
Nova 
Biomedical Total 
Intangible assets 130 9,056 9,186 
Property, plant and equipment  1 496 497 
Other financial investments 0 821 821 
Inventories 13 1,667 1,681 
Trade receivables 29 694 723 
Other current receivables 1 106 107 
Cash and cash equivalents 41 226 267 
  
Long-term interest bearing liabilities -45 -481 -526 
Deferred tax liabilities - -2,388 -2,388 
Other provisions -90 - -90 
Other liabilities  -2 -480 -482 
Net identifiable assets and liabilities  79 9,718 9,796 
  
Consolidated goodwill  428 11,858 12,286 
Consideration  507 21,575 22,082 
Less: acquired cash and cash equivalents  -41 -226 -267 
Supplementary payments  -96   -96 
Paid additional purchased price related to acquisitions made in previous periods    -62 
Acquisitions of subsidiaries, net effect on cash flow  370 21,349 21,656 
Pledged assets and contingent liabilities 
Total pledged assets amount to SEK 39.4bn (30.9), of 
which SEK 35.4bn (27.0) refers to pledged assets in the 
subsidiaries BraunAbility, Laborie, Nova Biomedical and 
Sarnova, related to outstanding loans corresponding to 
SEK 2.9bn (4.0), SEK 3.7bn (4.8), SEK 7.5bn (1.8) and SEK 
8.2bn (8.3).  
Total contingent liabilities amount to SEK 7.0bn and refers 
to warranties within the wholly-owned subsidiaries and Tre 
Skandinavien (6.4). 
Pillar two 
Investor is covered by the new OECD’s Pillar two model 
rules, adopted into Swedish law as of December 31, 2023. 
These rules may result in a Top-up tax for the Group in 
some jurisdictions, where the effective tax rate according 
to Pillar two is below a minimum tax rate of 15%. The 
assessment is that there is no significant exposure for Top-
up tax for Investor.

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

INVESTOR Q3 2025 – 18 
 
Risks with regards to Russia’s invasion of 
Ukraine 
All consolidated companies have taken measures related 
to Russia’s invasion of Ukraine such as following sanctions, 
to protect and support employees, and several have wound 
down their Russian activities. The direct exposure to Russia 
and Ukraine is very small for Investor and its subsidiaries 
and the direct financial impact from the war is negligible. 
The Group has no production plants or other assets in the 
countries concerned. No impairment has been made 
related to Russia’s invasion of Ukraine. 
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 and 
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 applicable financial 
reporting framework. For Investor’s consolidated accounts, 
this framework typically means IFRS. 
Definitions of all APMs used are found in the Annual report 
2024 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 areas 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 19 =====

INVESTOR Q3 2025 – 19 
 
Financial calendar 
Jan. 22, 2026 Year-end report 2025 
Apr. 21, 2026 Interim Management Statement 
 January-March 2026 
May 7, 2026 Annual General Meeting 
Jul. 16, 2026 Interim Report 
 January-June 2026 
Oct. 16, 2026 Interim Management Statement 
 January-September 2026 
 
 
 
 
 
For more information 
Jenny Ashman Haquinius 
Chief Financial Officer 
+46 8 614 2000 
jenny.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 
magnus.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 October 16, 2025. 
 
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 20 =====

INVESTOR Q3 2025 – 20 
 
Consolidated income statement, in summary 
SEK m   YTD 2025 YTD 2024 Q3 2025 Q3 2024 
Dividends   13,797 12,869 1,372 884 
Changes in value   84,939 130,566 57,381 10,268 
Net sales   48,040 46,809 16,271 15,733 
Cost of goods and services sold   -25,228 -24,383 -8,679 -8,077 
Sales and marketing cost   -6,924 -6,869 -2,280 -2,303 
Administrative, research and development and other operating 
cost   -8,891 -8,728 -3,056 -2,919 
Management cost   -585 -548 -185 -169 
Share of results of associates   323 155 130 58 
Operating profit/loss   105,471 149,870 60,953 13,474 
   
Net financial items   -2,666 -4,113 -1,031 -345 
Profit/loss before tax   102,805 145,758 59,921 13,129 
   
Income taxes   -764 -873 -107 -347 
Profit/loss for the period   102,041 144,884 59,814 12,781 
   
Attributable to:   
Owners of the Parent company   102,097 145,036 59,832 12,799 
Non-controlling interest   -56 -152 -18 -17 
Profit/loss for the period   102,041 144,884 59,814 12,781 
   
Basic earnings per share, SEK   33.33 47.35 19.53 4.18 
Diluted earnings per share, SEK   33.31 47.32 19.52 4.18 
Consolidated statement of comprehensive income, in summary 
SEK m   YTD 2025 YTD 2024 Q3 2025 Q3 2024 
Profit/loss for the period   102,041 144,884 59,814 12,781 
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   -61 - 7 - 
      Re-measurements of defined benefit plans   60 -77 1 -15 
   Items that may be recycled to profit/loss for the period   
      Hedges   853 -7 122 -4 
      Hedging costs   62 -91 32 -16 
      Foreign currency translation adjustment   -7,008 76 -725 -1,815 
      Share of other comprehensive income of associates   -181 29 -54 26 
Total other comprehensive income for the period   -6,274 -70 -619 -1,823 
Total comprehensive income for the period   95,766 144,815 59,196 10,958 
   
Attributable to:   
Owners of the Parent company   95,853 144,969 59,209 10,982 
Non-controlling interest   -87 -154 -13 -24 
Total comprehensive income for the period   95,766 144,815 59,196 10,958

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

INVESTOR Q3 2025 – 21 
 
Consolidated balance sheet, in summary 
SEK m    9/30 2025 12/31 2024 9/30 2024 
ASSETS      
Goodwill    76,848 71,277 67,806 
Other intangible assets    37,326 33,682 32,697 
Property, plant and equipment    18,667 17,516 15,265 
Shares and participations    856,039 765,251 798,103 
Other financial investments    10,368 3,528 2,091 
Long-term receivables included in net debt    1,821 938 1,209 
Other long-term receivables    4,567 3,827 3,870 
Total non-current assets    1,005,636 896,020 921,042 
      
Inventories    12,227 10,512 10,230 
Shares and participations in trading operation    424 398 392 
Short-term receivables included in net debt    2 - 2 
Other current receivables    12,141 11,608 11,328 
Cash, bank and short-term investments    22,282 33,552 33,527 
Total current assets    47,076 56,071 55,479 
      
TOTAL ASSETS    1,052,712 952,090 976,522 
       
EQUITY AND LIABILITIES      
Equity    899,534 819,752 847,660 
       
Long-term interest-bearing liabilities    114,319 94,389 90,578 
Provisions for pensions and similar obligations    976 1,026 934 
Other long-term provisions and liabilities    17,855 18,134 16,238 
Total non-current liabilities    133,150 113,549 107,749 
      
Current interest-bearing liabilities    1,221 4,577 4,398 
Other short-term provisions and liabilities    18,807 14,212 16,714 
Total current liabilities    20,028 18,789 21,112 
       
TOTAL EQUITY AND LIABILITIES    1,052,712 952,090 976,522 
Consolidated statement of changes in equity, in summary 
SEK m    YTD 2025 2024 YTD 2024 
Opening balance 1/1    819,752 717,431 717,431 
Profit for the period    102,041 113,169 144,884 
Other comprehensive income for the period    -6,274 3,705 -70 
Total comprehensive income for the period    95,766 116,874 144,815 
Dividend to shareholders    -15,928 -14,704 -14,704 
Changes in non-controlling interest    8 244 239 
Effect of long-term share-based remuneration    96 136 108 
Purchase of own shares    -160 -229 -229 
Closing balance    899,534 819,752 847,660 
    
Attributable to:    
Owners of the Parent company    899,225 819,364 847,281 
Non-controlling interest    309 388 379 
Total equity    899,534 819,752 847,660

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

INVESTOR Q3 2025 – 22 
 
Consolidated cash flow, in summary 
SEK m YTD 2025 YTD 2024 
Operating activities 
Dividends received 13,308 12,869 
Cash receipts 39,977 44,903 
Cash payments -31,251 -36,733 
Cash flows from operating activities before net interest and income tax 22,033 21,039 
 
Interest received/paid -3,436 -1,840 
Income tax paid -1,590 -1,349 
Cash flows from operating activities 17,008 17,850 
 
Investing activities 
Acquisitions1) -12,183 -6,082 
Divestments2) 6,564 2,362 
Increase in long-term receivables -255 -474 
Decrease in long-term receivables 11 65 
Acquisitions of subsidiaries, net effect on cash flow -22,243 -3,561 
Increase in other financial investments3) -11,482 -5,923 
Decrease in other financial investments4) 4,683 7,223 
Net change, short-term investments5) 10,275 -2,951 
Acquisitions of property, plant and equipment -2,449 -2,621 
Proceeds from sale of property, plant and equipment 318 4,297 
Net cash used in investing activities -26,762 -7,666 
 
Financing activities 
Borrowings 32,071 19,907 
Repayment of borrowings -9,833 -15,986 
Repurchases of own shares -204 -355 
Transactions with non-controlling interest -1,197 -3,842 
Dividend paid -11,487 -11,028 
Net cash used in financing activities 9,351 -11,305 
 
Cash flows for the period -403 -1,121 
 
Cash and cash equivalents at the beginning of the year 17,220 18,794 
Exchange difference in cash -402 132 
Cash and cash equivalents at the end of the period 16,415 17,804 
 
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 include disposals of reclassification of bonds with maturity later than 1 year. 
5) Net changes, short-term investments includes acquisitions and disposals of bonds and certificates with maturity within 1 year.

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

INVESTOR Q3 2025 – 23 
 
Performance by business area Q3 2025 
SEK m 
Listed 
Companies 
Patricia 
Industries 
Investments in 
EQT 
Investor 
Groupwide Total 
Dividends 1,372 - - - 1,372 
Changes in value 57,388 -802 782 12 57,381 
Net sales - 16,271 - - 16,271 
Cost of goods and services sold - -8,679 - - -8,679 
Sales and marketing cost - -2,280 - - -2,280 
Administrative, research and development and other operating cost - -3,040 -2 -14 -3,056 
Management cost -46 -95 -3 -41 -185 
Share of results of associates - 130 - - 130 
Operating profit/loss 58,714 1,504 777 -43 60,953 
  
Net financial items - -995 - -36 -1,031 
Income tax - -89 - -18 -107 
Profit/loss for the period 58,714 420 777 -97 59,814 
  
Non-controlling interest - 18 - - 18 
Net profit/loss for the period attributable to the Parent company 58,714 438 777 -97 59,832 
  
Dividend to shareholders - - - 1 1 
Other effects on equity - -744 -30 175 -599 
Contribution to net asset value 58,714 -306 747 79 59,234 
  
Net asset value by business area 9/30 2025 
Carrying amount 752,528 80,757 97,358 -3,956 926,687 
Investors net debt/-cash - 13,532 - -40,993 -27,462 
Total net asset value including net debt/-cash 752,528 94,2 89 97,358 -44,949 899,225 
 
 
Performance by business area Q3 2024 
SEK m 
Listed 
Companies 
Patricia 
Industries 
Investments in 
EQT 
Investor 
Groupwide Total 
Dividends 885 - - 0 884 
Changes in value 4,453 -105 5,905 15 10,268 
Net sales - 15,733 - - 15,733 
Cost of goods and services sold - -8,077 - - -8,077 
Sales and marketing cost - -2,303 - - -2,303 
Administrative, research and development and other operating cost - -2,907 -1 -11 -2,919 
Management cost -45 -87 -3 -34 -169 
Share of results of associates - 58 - - 58 
Operating profit/loss 5,29 2 2,312 5,900 -30 13,474 
  
Net financial items - -390 - 44 -345 
Income tax - -363 - 16 -347 
Profit/loss for the period 5,292 1,559 5,900 29 12,781 
  
Non-controlling interest - 17 - - 17 
Net profit/loss for the period attributable to the Parent company 5,292 1,577 5,900 29 12,799 
  
Other effects on equity - -1,809 -17 42 -1,785 
Contribution to net asset value 5,292 -232 5,883 71 11,014 
  
Net asset value by business area 9/30 2024 
Carrying amount 697,884 72,927 94,492 -3,958 861,344 
Investors net debt/-cash - 12,622 - -26,686 -14,064 
Total net asset value including net debt/-cash 697,884 85,5 49 94,492 -30,644 847,281

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

INVESTOR Q3 2025 – 24 
 
Performance by business area YTD 2025 
SEK m 
Listed 
Companies 
Patricia 
Industries 
Investments in 
EQT 
Investor 
Groupwide Total 
Dividends 13,403 - 381 13 13,797 
Changes in value 80,531 -503 4,863 47 84,939 
Net sales - 48,040 - - 48,040 
Cost of goods and services sold - -25,228 - - -25,228 
Sales and marketing cost - -6,924 - - -6,924 
Administrative, research and development and other operating cost - -8,846 -5 -40 -8,891 
Management cost -139 -298 -10 -138 -585 
Share of results of associates - 323 - - 323 
Operating profit/loss 93,795  6,564 5,229 -118 105,471 
 
Net financial items - -1,967 - -699 -2,666 
Income tax - -749 - -15 -764 
Profit/loss for the period 93,795 3,848 5,229 -832 102,041 
 
Non-controlling interest - 56 - - 56 
Net profit/loss for the period attributable to the Parent company 93,795 3,904 5,229 -832 102,097 
 
Dividend to shareholders - - - -15,928 -15,928 
Other effects on equity - -6,935 -147 774 -6,307 
Contribution to net asset value 93,795 -3,031 5,082 -15,985 79,861 
 
Net asset value by business area 9/30 2025 
Carrying amount 752,528 80,757 97,358 -3,956 926,687 
Investors net debt/-cash - 13,532 - -40,993 -27,462 
Total net asset value including net debt/-cash 752,528 94,2 89 97,358 -44,949 899,225 
 
 
Performance by business area YTD 2024 
SEK m 
Listed 
Companies 
Patricia 
Industries 
Investments in 
EQT 
Investor 
Groupwide Total 
Dividends 12,548 - 314 8 12,869 
Changes in value 118,738 456 11,349 22 130,566 
Net sales - 46,809 - - 46,809 
Cost of goods and services sold - -24,383 - - -24,383 
Sales and marketing cost - -6,869 - - -6,869 
Administrative, research and development and other operating cost - -8,690 -5 -34 -8,728 
Management cost -134 -266 -9 -138 -548 
Share of results of associates - 155 - - 155 
Operating profit/loss 131,151 7,211 11,649 -141 149,870 
 
Net financial items - -3,900 - -213 -4,113 
Income tax - -915 - 42 -873 
Profit/loss for the period 131,151 2,396 11,649 -312 144,884 
 
Non-controlling interest - 152 - - 152 
Net profit/loss for the period attributable to the Parent company 131,151 2,548 11,649 -312 145,036 
 
Dividend to shareholders - - - -14,704 -14,704 
Other effects on equity - 733 96 -650 179 
Contribution to net asset value 131,151 3,282 11,746 -15,666 130,512 
 
Net asset value by business area 9/30 2024 
Carrying amount 697,884 72,927 94,492 -3,958 861,344 
Investors net debt/-cash - 12,622 - -26,686 -14,064 
Total net asset value including net debt/-cash 697,884 85,5 49 94,492 -30,644 847,281

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

INVESTOR Q3 2025 – 25 
 
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 32, Financial 
instruments, in Investor’s Annual report 2024. 
Valuation techniques, level 3 
 Fair value, SEK m    Range 
Group 9/30 2025 12/31 2024  Valuation technique Input 9/30 2025 12/31 2024 
Shares and participations 42,302 38,173 Last round of financing n/a n/a n/a 
    Comparable companies  EBITDA multiples n/a n/a 
    Comparable companies Sales multiples 1.6 – 3.1 2.1 – 2.5 
  Comparable transactions Sales multiples 1.1 – 5.4 1.1 – 4.6 
  NAV n/a n/a n/a 
    
Other financial investments 343 279 Discounted  cash flow Market interest rate n/a n/a 
Long-term and current receivables 2,532 2,733 Discou nted cash flow Market interest rate n/a n/a 
   
Long-term interest-bearing 
liabilities 155 17 Discounted cash flow Market interest rate n/a n/a 
Other provisions and liabilities 9,365 10,876 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 outcome may 
differ from the estimates 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 
Asset Value) and is normally updated when a new valuation is received. The value change on Investor’s investments in EQT funds are 
reported with a one-quarter lag. Part of the unlisted portfolio is valued based on comparable companies, and the value is dependent on 
the level of the multiples. The multiple ranges provided in the note show the minimum and maximum value of the actual multiples applied 
in these valuations. A 10 percent change of the multiples would have an effect on this part of the unlisted portfolio of approximately SEK 
110m (100). For the derivatives, a parallel shift of the interest rate curve by one percentage point would affect the value by approximately 
SEK 310m (540). 
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 sheet. 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 
 9/30 2025 12/31 2024 
G r o u p      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 803,981 6,175 42,302 3,580 856,039 720,505 3,247 38,173 3,327 765,251 
Other financial investments 9,932 - 343 92 10,368 3,142 - 279 107 3,528 
Long-term receivables included in 
net debt - 1,172 649 - 1,821 - - 938 - 938 
Other long-term receivables - - 1,883 2,684 4,567 - - 1,793 2,034 3,827 
Shares and participations in 
trading operation 424 - - - 424 398 - - - 398 
Short-term receivables included 
in net debt - 2 - - 2 - - - - 0 
Other current receivables - 17 - 12,124 12,141 - 14 2 11,592 11,608 
Cash, bank and short-term 
investments 13,578 - - 8,704 22,282 24,815 - - 8,737 33,552 
Total 827,916 7,366 45,177 27,185 907,645 748,860 3,261 41,185 25,797 819,103 
 
Financial liabilities 
Long-term interest-bearing 
liabilities - 71 155 114,093 114,319
2) - 6 17 94,366 94,389 2) 
Other long-term provisions and 
liabilities - - 8,305 9,550 17,855 - - 10,294 7,840 18,134 
Short-term interest-bearing 
liabilities - 2 2 1,218 1,221 3) - 5 - 4,572 4,577 3) 
Other short-term provisions and 
liabilities 213 37 1,058 17,499 18,807 188 45 582 13,398 14,212 
Total 213 110 9,520 142,360 152,202 188 56 10,894 120,176 131,313 
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 110,530m (90,220). 
3) The Group’s loans are valued at amortized cost. Fair value on short-term loans amounts to SEK 1,221m (4,481).

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

INVESTOR Q3 2025 – 26 
 
Changes in financial assets and liabilities in Level 3 
          
            
Group 9/30 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 1,442 - 325 - - -11 45 
   in line Net financial items - -9 308 -2 42 369 -5 
   in line Cost of goods and services sold - - -1 - - -8 - 
   in line Foreign currency translation  
   adjustment -502 -35 - 0 3 -905 -105 
Acquisitions 8,923 108 - - - - 2 
Divestments -5,734 - - - - -1,026 -51 
Issues - - 65 - 93 383 - 
Settlements - - -11 - - -167 -33 
Reclassification - - - - - -624 624 
Transfer out of Level 3 - - -270 - - - - 
Carrying amount at end of the period 42,302 343 2,532 0 155 8,305 1,059 
 
Total unrealized gains/losses for the period included in profit/loss for 
financial instruments held at the end of the period 
Changes in value -1,042 - 233 - - 11 45 
Net financial items 204 - -308 - 42 -331 - 
Total -839 - -76 - 42 -320 45 
 
             
            
Group 12/31 2024       
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 34,744 132 2,605 - 23 10,690 55 
Total gain or losses in profit or loss statement 
   in line Changes in value 2,359 - 261 - - - - 
   in line Net financial items - -20 -103 2 -5 2,787 45 
   in line Cost of goods and services sold - - - - - -173 - 
Reported in other comprehensive income 
   in line Cash flow hedges - - -51 - - - - 
   in line Foreign currency translation adjustment 354 14 3 0 - 673 21 
Acquisitions 4,792 153 - - - 36 54 
Divestments -4,075 - - - - -3,949 - 
Issues - - 116 - - 331 337 
Settlements - - -99 - - -31 - 
Reclassification - - - - - -71 71 
Carrying amount at end of the period 38,173 279 2,731 2 17 10,294 582 
 
Total unrealized gains/losses for the period included in profit/loss for financial 
instruments held at the end of the period 
Changes in value -7,275 - 349 - - - - 
Net financial items - - -103 - 5 -2,462 -48 
Total -7,275 - 246 - 5 -2,462 -48

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

INVESTOR Q3 2025 – 27 
 
Revenue from contracts with customers 
Group Q3 2025 Field of operations  
SEK m 
Healthcare 
equipment Life science Real estate 
Gripping and 
moving 
solutions Total 
Geographical market 
   Sweden 283 40 75 27 425 
   Scandinavia, excl. Sweden 374 8 - 17 399 
   Europe, excl. Scandinavia 3,202 355 - 321 3,878 
   U.S. 8,644 811 - 277 9,732 
   North America, excl. U.S. 302 49 - 34 384 
   South America 133 35 - 24 192 
   Africa 83 25 - 1 110 
   Australia 306 23 - 8 337 
   Asia, excl. China 319 118 - 46 483 
   China 202 24 - 106 332 
Total 13,847 1,488 75 860 16,271 
 
Category 
   Sales of products 13,183 1,141 - 847 15,172 
   Sales of services 648 346 - 13 1,008 
   Revenues from leasing 14 - 75 - 89 
   Other income 1 1 1 - 3 
Total 13,847 1,488 75 860 16,271 
 
Sales channels 
   Through distributors 7,859 289 - 21 8,170 
   Directly to customers 5,988 1,199 75 839 8,101 
Total 13,847 1,488 75 860 16,271 
 
Timing of revenue recognition 
   Goods and services transferred      
    at a point of time 13,636 1,388 - 860 15,884 
   Goods and services transferred      
   over time 211 100 75 - 386 
Total 13,847 1,488 75 860 16,271 
 
Group Q3 2024 Field of operations  
SEK m 
Healthcare 
equipment Life science Real estate 
Gripping and 
moving 
solutions Total 
Geographical market 
   Sweden 232 35 49 20 337 
   Scandinavia, excl. Sweden 383 2 - 19 404 
   Europe, excl. Scandinavia 3,398 115 - 334 3,847 
   U.S. 8,898 328 - 244 9,471 
   North America, excl. U.S. 326 28 - 41 396 
   South America 121 6 - 28 155 
   Africa 95 1 - 2 98 
   Australia 320 5 - 9 334 
   Asia, excl. China 427 27 - 47 501 
   China 87 10 - 94 192 
Total 14,288 557 49 839 15,733 
 
Category 
   Sales of products 13,562 353 - 825 14,740 
   Sales of services 707 204 - 14 925 
   Revenues from leasing 16 - 49 - 65 
   Other income 2 1 - - 3 
Total 14,288 557 49 839 15,733 
 
Sales channels 
   Through distributors 8,277 245 - 143 8,665 
   Directly to customers 6,011 312 49 696 7,068 
Total 14,288 557 49 839 15,733 
 
Timing of revenue recognition 
   Goods and services transferred      
    at a point of time 14,043 513 - 839 15,396 
   Goods and services transferred      
   over time 245 44 49 - 337 
Total 14,288 557 49 839 15,733

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

INVESTOR Q3 2025 – 28 
 
Group 9/30 2025 Field of operations  
SEK m 
Healthcare 
equipment Life science Real estate 
Gripping and 
moving 
solutions Total 
Geographical market 
   Sweden 829 118 216 85 1,247 
   Scandinavia, excl. Sweden 1,185 12 - 51 1,248 
   Europe, excl. Scandinavia 9,985 596 - 1,023 11,604 
   U.S. 26,330 1,532 - 854 28,716 
   North America, excl. U.S. 953 99 - 103 1,155 
   South America 387 40 - 69 496 
   Africa 320 27 - 5 352 
   Australia 891 32 - 23 947 
   Asia, excl. China 932 171 - 149 1,251 
   China 644 39 - 341 1,025 
Total 42,457 2,666 216 2,701 48,040 
 
Category 
   Sales of products 40,526 2,003 - 2,664 45,193 
   Sales of services 1,888 662 - 37 2,587 
   Revenues from leasing 39 - 212 - 251 
   Other income 5 1 3 - 9 
Total 42,457 2,666 216 2,701 48,040 
 
Sales channels 
   Through distributors 23,827 788 - 736 25,352 
   Directly to customers 18,630 1,878 216 1,965 22,688 
Total 42,457 2,666 216 2,701 48,040 
 
Timing of revenue recognition 
   Goods and services transferred      
    at a point of time 42,002 2,492 - 2,701 47,195 
   Goods and services transferred      
   over time 455 174 216 - 845 
Total 42,457 2,666 216 2,701 48,040 
 
Group 9/30 2024 Field of operations 
 
SEK m 
Healthcare 
equipment Life science Real estate 
Gripping and 
moving solutions Total 
Geographical market 
   Sweden 736 113 156 76 1,082 
   Scandinavia, excl. Sweden 1,184 10 - 60 1,254 
   Europe, excl. Scandinavia 10,214 325 - 992 11,531 
   U.S. 26,423 961 - 692 28,075 
   North America, excl. U.S. 971 74 - 120 1,164 
   South America 343 11 - 74 428 
   Africa 366 3 - 9 378 
   Australia 900 14 - 20 934 
   Asia, excl. China 994 83 - 153 1,230 
   China 469 21 - 243 733 
Total 42,599 1,614 156 2,439 46,809 
 
Category 
   Sales of products 40,723 1,163 - 2,400 44,285 
   Sales of services 1,827 451 - 39 2,317 
   Revenues from leasing 43 - 156 - 198 
   Other income 7 1 1 - 9 
Total 42,599 1,614 156 2,439 46,809 
 
Sales channels 
   Through distributors 24,172 666 - 615 25,453 
   Directly to customers 18,427 949 156 1,824 21,356 
Total 42,599 1,614 156 2,439 46,809 
 
Timing of revenue recognition 
   Goods and services transferred      
    at a point of time 42,077 1,475 - 2,439 45,991 
   Goods and services transferred      
   over time 523 139 156 - 818 
Total 42,599 1,614 156 2,439 46,809

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

INVESTOR Q3 2025 – 29 
 
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 share. 
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 information. 
Investor AB discloses the definitions of all APMs used on http://www.investorab.com/investors-
media/financials/definitions and on pages 166-168 in the Annual report 2024. 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 9/30 2025, 
SEK m 
Consolidated 
balance sheet 
Deductions 
related to 
Patricia 
Industries 
Investor’s 
gross cash 
 Group 12/31 2024, 
SEK m 
Consolidated 
balance sheet 
Deductions 
related to 
Patricia 
Industries 
Investor’s 
gross cash 
Other financial 
investments 10,368 -584 9,783 
Other financial 
investments 3,528 -554 2,974 
Cash, bank and short-
term investments 22, 282 -8,350 13,932 
Cash, bank and short-
term investments 33,552 -8,579 24,973 
Gross cash 32,650 -8,934 23,716 Gross cash 37,080 -9,133 27,947 
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 9/30 2025, 
SEK m 
Consolidated 
balance sheet 
Deductions 
related to 
Patricia 
Industries 
Investor’s 
gross debt  
Group 12/31 2024, 
SEK m 
Consolidated 
balance sheet 
Deductions 
related to 
Patricia 
Industries 
Investor’s 
gross debt 
Receivables included 
in net debt 1,824 -649 1,174 Receivables included 
in net debt 938 -360 578 
Loans -115,541 63,302 -52,238 Loans -98,966 58,364 -40,602 
Provision for pensions -976 862 -114 Pr ovision for pensions -1,026 909 -117 
Gross debt -114,693 63,515 -51,177 Gross debt -99,054 58,913 -40,141 
Net debt  
Gross debt less gross cash at balance sheet date. 
Group 9/30 2025, 
SEK m 
    Group 12/31 2024, 
SEK m 
   
Investor’s gross cash -23,716 Investor’s gross cash -27,947 
Investor’s gross debt 51,177 Investor’s gross debt 40,141 
Investor’s net debt 27,462 Investor’s net debt 12,194 
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-owned investments. 
Group 9/30 2025, 
SEK m 
Consolidated 
balance sheet 
Deductions 
related to non-
controlling 
interest 
Investor’s net 
asset value 
 Group 12/31 2024, 
SEK m 
Consolidated 
balance sheet 
Deductions 
related to non-
controlling 
interest 
Investor’s net 
asset value 
Equity 899,534 -309 899,225 Equity 819,752 -388 819,364 
Investor’s net debt 27,462 Investor’s net debt 12,194 
Total reported assets 926,687 Total reported assets 831,558 
Adjustment for 
estimated market 
value Patricia 
Industries holdings 
128,735 
Adjustment for 
estimated market 
value Patricia 
Industries holdings 
150,392 
Total adjusted assets 1,055,422 Total adjusted assets 981,951

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

INVESTOR Q3 2025 – 30 
 
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 9/30 2025, SEK m 
 
Net debt ratio 
 
Group 12/31 2024, SEK m 
 
Net debt ratio  
Investor’s net debt 27,462 
= 2.6%  Investor’s net debt 12,194 
= 1.2% 
Total adjusted assets 1,055,422  Total adjusted assets 981,951 
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 profit, 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 33. In the table below there 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 9/30 2025, 
SEK m 
 Group 12/31 2024, 
SEK m 
Reported net asset value 899,225 Reported net asset value 819,364 
Reported value for net assets Patricia 
Industries -80,757 Reported value for net assets Patricia 
Industries -72,716 
Estimated market value Patricia 
Industries holdings 209,492 Estimated market value Patricia 
Industries holdings 223,109 
Adjusted net asset value 1,027,960  Adjusted net asset value 969,756 
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 9/30 2025, SEK m 
 Net asset value, 
SEK per share  Group 12/31 2024, SEK m  
Net asset value, 
SEK per share  
Investor’s reported net asset value 899,225 
= 294 
Investor’s reported net asset value 819,364 
= 268 Number of shares, excluding own 
shares 3,062,899,113 Number of shares, excluding own 
shares  3,063,031,333 
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 9/30 2025, SEK m 
 Net asset value, 
SEK per share  Group 12/31 2024, SEK m  
Net asset value, 
SEK per share  
Investor’s adjusted net asset value 1,027,960 
= 336 
Investor’s adjusted net asset value 969,756 
= 317 Number of shares, excluding own 
shares 3,062,899,113 Number of shares, excluding own 
shares 3,063,031,333

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

INVESTOR Q3 2025 – 31 
 
Patricia Industries, key figures overview1) 
 Q3 Q2 Q1 FY Q4 Q3 Q2 Q1 FY Q4 Q3 
 2025 2025 2025 2024 2024 2024  2024 2024 2023 2023 2023 
Mölnlycke (EUR m)             
   Sales   508 537 519 2,064 546 506 514 499 1,923 505 464 
   Sales growth, %   0 5 4 7 8 9 8 4 5 6 -1 
   Organic growth, 
   constant currency, %   3 7 3 7 8 9 8 5 8 9 4 
   EBITDA   151 140 140 595 158 144 146 147 545 140 135 
   EBITDA, %   29.8 26.1 26.9 28.8 28.9 28.5  28.5 29.4 28.3 27.7 29.0 
   EBITA2)   133 121 121 523 140 127 130 126 480 123 118 
   EBITA, %   26.3 22.5 23.3 25.3 25.6 25.1 25.3 25.3 25.0 24.4 25.5 
   Operating cash flow   128 88 48 453 132 118 115 87 457 180 111 
   Net debt   1,810 1,894 1,779 1,796 1,796 1,526 1,610 1,477 1,510 1,510 1,408 
   Employees   8,630 8,965 8,725 8,530 8,530 8,4 00 8,425 8,680 8, 425 8,425 8,570 
Laborie (USD m)    
   Sales   121 121 115 436 115 112 108 102 359 96 89 
   Sales growth, %   8 12 13 22 19 26 21 21 6 9 5 
   Organic growth,  
   constant currency, %   7 10 14 21 18 25 21 21 5 7 4 
   EBITDA   41 39 35 133 37 36 31 29 105 22 29 
   EBITDA, %   33.6 32.7 30.9 30.4 32.3 31.9  28.9 28.2 29.4 23.0 33.0 
   EBITA2)   39 38 33 126 36 34 29 27 97 19 28 
   EBITA, %   32.3 31.1 29.1 29.0 31.2 30.5  27.2 26.7 27.1 19.4 31.1 
   Operating cash flow   36 35 23 87 26 27 22 12 71 22 15 
   Net debt   343 366 376 390 390 411 426 431 435 435 439 
   Employees   1,070 1,040 1,045 1,060 1,060 1,090 1,070 1,005 985 985 930 
Nova Biomedical (USD m)   
   Sales   154 159 171 621 160 160 144 157 
   Sales growth, %   -4 10 8 9 11 14 6 5 
   Organic growth,  
   constant currency, %   -4 10 8 9 11 14 6 5 
   EBITDA   46 53 48 185 50 48 40 47 
   EBITDA, %   29.7 33.2 28.0 29.8 31 .1 29.9 27.9 30.1 
   EBITA2)   41 50 44 171 46 44 37 44 
   EBITA, %   26.6 31.3 26.0 27.5 28.9 27.6 25.4 27.8 
   Operating cash flow   42 n/a n/a n/a n/a n/a n/a n/a 
   Net debt   792 n/a n/a n/a n/a n/a n/a n/a 
   Employees   1,890 1,945 1,930 1,930 1,930 1,890 1,855 1,835 
Sarnova (USD m)    
   Sales   290 284 284 1,069 271 27 9 260 259 989 251 247 
   Sales growth, %   4 10 9 8 8 13 5 6 8 2 3 
   Organic growth,  
   constant currency, %   3 7 2 3 1 5 0 6 8 2 3 
   EBITDA   55 53 50 173 45 52 36 39 157 40 44 
   EBITDA, %   18.9 18.8 17.7 16.1 16.8 18.7 13.8 15.1 15.9 15.9 17.7 
   EBITA2)   47 48 45 152 41 46 31 34 137 34 39 
   EBITA, %   16.3 17.0 15.9 14.2 15.0 16.7 11.9 13.1 13.8 13.6 15.7 
   Operating cash flow   28 26 36 139 41 53 27 19 131 16 36 
   Net debt   817 784 704 723 723 733 757 462 474 474 479 
   Employees   1,560 1,540 1,525 1,515 1,515 1,515 1,465 1,440 1,430 1,430 1,420 
Permobil (SEK m)    
   Sales   1,537 1,515 1,536 6,518 1,744 1,652 1,639 1,483 6,000 1,693 1,586 
   Sales growth, %   -7 -8 4 9 3 4 16 13 14 10 12 
   Organic growth,  
   constant currency, %   0 0 3 7 3 5 12 10 9 6 8 
   EBITDA   366 355 333 1,506 375 430 377 324 1,322 404 401 
   EBITDA, %   23.8 23.4 21.7 23.1 21.5 26 .0 23.0 21.8 22.0 23.8 25.3 
   EBITA2)   315 300 277 1,288 317 375 323 273 1,104 341 349 
   EBITA, %   20.5 19.8 18.0 19.8 18.2 22.7 19.7 18.4 18.4 20.1 22.0 
   Operating cash flow   347 167 239 1,065 362 296 259 147 1,049 399 271 
   Net debt   4,440 4,753 3,393 3,774 3,774 3,74 0 3,826 3,340 3,206 3,206 3,758 
   Employees   1,990 1,990 2,005 2,030 2,030 2,03 5 2,020 1,935 1,920 1,920 1,880 
Piab Group (SEK m)    
   Sales   860 883 957 3,446 1,007 839 813 787 3,083 810 765 
   Sales growth, %   2 9 22 12 24 10 3 9 26 22 23 
   Organic growth,  
   constant currency, %   2 1 7 3 7 5 2 -3 7 8 6 
   EBITDA   239 250 259 928 304 214 200 210 848 195 225 
   EBITDA, %   27.8 28.3 27.1 26.9 30.2 25.5 24.6 26.7 27.5 24.1 29.4 
   EBITA2)   201 212 218 774 260 176 162 176 729 161 194 
   EBITA, %   23.4 24.0 22.8 22.5 25.8 21.0 19.9 22.4 23.6 19.9 25.3 
   Operating cash flow   180 172 193 658 281 147 139 91 687 177 197 
   Net debt   3,310 3,375 3,400 3,50 6 3,506 3,529 2,988 2,818 2,649 2,649 2,945 
   Employees   1,515 1,505 1,475 1,420 1,420 1,435 1,225 1,210 1,220 1,220 1,210

===== SIDA 32 =====

INVESTOR Q3 2025 – 32 
 
 Q3 Q2 Q1 FY Q4 Q3 Q2 Q1 FY Q4 Q3 
 2025 2025 2025 2024 2024 2024  2024 2024 2023 2023 2023 
BraunAbility (USD m)    
   Sales   289 299 257 1,072 239 26 5 302 266 1,090 280 272 
   Sales growth, %   9 -1 -3 -2 -15 -2 5 6 17 16 8 
   Organic growth,  
   constant currency, %   9 -1 -3 -2 -15 -2 5 6 17 16 8 
   EBITDA   42 41 31 120 17 29 39 35 127 27 30 
   EBITDA, %   14.6 13.8 12.2 11.2 6.9 11.0 13.1 13.2 11.7 9.7 11.1 
   EBITA2)   37 36 26 95 8 24 34 30 107 22 25 
   EBITA, %   12.7 12.0 10.1 8.9 3.2 8.9 11.3 11.3 9.8 7.8 9.3 
   Operating cash flow   26 54 10 75 14 29  38 -7 83 29 30 
   Net debt   341 365 408 413 413 417 442 259 246 246 269 
   Employees   1,935 1,935 1,915 1,870 1,870 1,965 2,025 2,000 2,000 2,000 2,005 
Vectura (SEK m)    
   Total income   96 95 85 245 68 58 55 65 336 89 81 
   Total income growth, %   65 73 32 -27 -24 -28 -33 -23 11 14 9 
   EBITDA   59 52 46 132 37 38 25 32 227 76 55 
   EBITDA, %   61.7 55.2 54.1 53.7 54.4 65.3 46.0 48.9 67.6 85.6 67.9 
   EBITA adjusted2)   -19 -21 18 15 4 7 3 1 71 30 14 
   EBITA adjusted, %   -19.7 -21.8 20.9 6.2 6.4 12.5 4.7 1.7 21.2 33.8 17.4 
   Operating cash flow   -113 -259 -394 -1,570 -290 -302 -445 -533 -1,517 -469 -349 
   External net debt   5,123 5,232 4,860 3,283 3,283 2,60 3 2,216 1,690 3,387 3,387 2,845 
   Property portfolio value   8,874  8,490 10,664 
   Employees   40 40 40 40 40 40 40 45 45 45 50 
Atlas Antibodies (SEK m)    
   Sales   61 66 76 286 69 68 71 79 371 82 70 
   Sales growth, %   -9 -7 -3 -23 -16 -4 -35 -29 -7 -16 -30 
   Organic growth,  
   constant currency, %   -4 -2 -3 -23 -17 0 -35 -30 -13 -18 -36 
   EBITDA   14 17 24 96 21 20 24 31 148 31 20 
   EBITDA, %   22.4 25.9 31.3 33.5 30.8 29.0 33.4 40.0 39.8 37.3 28.7 
   EBITA2)   6 9 16 63 13 11 15 23 114 22 11 
   EBITA, %   9.2 13.7 20.8 21.9 18.9 15.9  21.7 29.8 30.8 26.2 15.9 
   Operating cash flow   10 6 20 71 21 6 14 30 40 -10 -14 
   Net debt   358 363 367 377 377 399 397 356 373 373 364 
   Employees   105 105 105 105 105 110 105 105 120 120 120 
Tre Skandinavien    
   Sales, SEK m   3,191 3,061 3,051 12,485  3,348 3,079 3,021 3,03 7 12,545 3,434 3,086 
   Sweden, SEK m   2,103 2,007 1,977 8,212 2,211 2,01 9 1,991 1,992 8,091 2,261 2,010 
   Denmark, DKK m    736 718 716 2,790 739 690 670 691 2,899 768 679 
   EBITDA, SEK m   1,181 1,047 1,080 4,244 1,053 1,131 1,045 1,016 3,977 1,026 1,094 
   Sweden, SEK m   844 756 784 3,045 757 805 746 737 3,062 910 771 
   Denmark, DKK m   228 198 198 783 192 212 195 184 588 72 204 
   EBITDA, %   37.0 34.2 35.4 34.0 31.4 36 .7 34.6 33.4 31.7 29.9 35.5 
   Sweden   40.1 37.6 39.6 37.1 34.2 39.9  37.5 37.0 37.8 40.3 38.3 
   Denmark   31.0 27.6 27.6 28.0 26.0 30 .7 29.0 26.6 20.3 9.4 30.0 
   Net debt, SEK m   5,690 6,125 6,623 6,950 6,950 6,806 7,110 7,344 7,456 7,456 7,210 
   Employees   1,865 1,900 1,880 1,895 1,895 1,885 1,865 1,830 1,800 1,800 1,775 
1) For information regarding Alternative Performance Measures in the table, see page 18. Definitions can be found on Investor’s website. 
2) EBITA is defined as operating profit before acquisition-related amortizations.

===== SIDA 33 =====

INVESTOR Q3 2025 – 33 
 
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 me thod. 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 example 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 holdin gs 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 Tre 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 34 =====

INVESTOR Q3 2025 – 34 
 
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 our 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. 
 
We create value for people and 
society by building strong and 
sustainable businesses