FULLTEXT DEL 1 AV 1
Kvartalsrapport Q3 2025
===== 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