Our companies are doing a good job balancing current performance with investments in innovation, particularly related to AI, to secure profitable long-term growth. In an increasingly competitive global environment, long-term success will depend on their ability to innovate faster, invest more effectively and successfully scale new technologies.
Adjusted net asset value (NAV) was SEK 1,258.0bn (SEK 411 per share) on September 30, 2026, a change of SEK 43.3bn, or 4 percent, during the quarter. Total shareholder return was 1 percent, compared to 2 percent for the SIXRX return index. For the nine-month period, adjusted net asset value growth amounted to 17 percent, and total shareholder return to 24 percent, compared to 11 percent for the SIXRX return index.
Listed Companies’ total return was 1 percent. Investor divested 2.0 million shares in SEB for a total of SEK 376m during the quarter, and entered a new contract to divest 2.0 million shares with settlement during the fourth quarter, in order to maintain the current ownership level in SEB.
Patricia Industries’ total return was 15 percent (16 percent excluding cash) based on estimated market values, driven by earnings growth, multiple expansion and positive currency impact.
Patricia Industries’ major subsidiaries reported sales growth of 12 percent, of which 7 percent organically in constant currency. Reported EBITA grew by 23 percent, adjusted EBITA grew by 26 percent.
Mölnlycke’s reported organic sales growth was 5 percent in constant currency, with Wound Care growing 6 percent. The underlying profit margin was unchanged.
Mölnlycke announced the intention to separate its businesses into two standalone companies to create conditions for both companies to reach their full potential and drive long-term value creation.
The value change of Investments in EQT was 7 percent. Total net cash flow to Investor was SEK -663m.
Leverage was 1.8 percent as of September 30, 2026 (2.1 percent as of December 31, 2025). Gross cash amounted to SEK 29,460m. The average maturity of Investor AB’s debt portfolio was 8.4 years.
Interim report January-June 2026
Highlights
Adjusted net asset value (NAV) was SEK 1,214.7bn (SEK 397 per share) on June 30, 2026, a change of SEK 106.8bn, or 9 percent, with dividend added back, during the quarter. Total shareholder return was 15 percent, compared to 9 percent for the SIXRX return index.
Listed Companies’ total return was 14 percent. Investor invested SEK 1,701m in Electrolux’s rights issue, acquired shares in Nasdaq for SEK 46m, and entered into an agreement to divest 2m shares in SEB to maintain our current ownership level.
Patricia Industries’ total return was -3 percent (-4 percent excl. cash) based on estimated market values, driven by lower multiples, mitigated by earnings growth and cash flow.
Patricia Industries’ major subsidiaries reported sales growth of 6 percent, of which 7 percent organically in constant currency. Reported EBITA grew by 13 percent, adjusted EBITA grew by 16 percent.
Mölnlycke reported organic sales growth of 2 percent in constant currency, with Wound Care growing 2 percent. The underlying EBITA margin increased. Mölnlycke distributed EUR 200m to Patricia Industries.
The value change of Investments in EQT was -2 percent. Total net cash flow to Investor was SEK 520m. Investor acquired shares in EQT for SEK 349m.
Leverage was 1.9 percent as of June 30, 2026 (2.1 percent as of December 31, 2025). Gross cash was SEK 28,800m. The average maturity of Investor AB’s debt portfolio was 8.7 years.
Interim Management Statement January-March 2026
Investor's strong financial position is a key strength in today's volatile environment. Beyond a solid balance sheet, the recurring cash flow is a core enabler of strategy execution. Dividends from Listed Companies, underlying cash flow from Patricia Industries, and contributions from Investments in EQT, provide a strong foundation for capital deployment in the years ahead.
Christian CederholmVd och koncernchef, Investor
Highlights
Adjusted net asset value (NAV) amounted to SEK 1,125.1bn (SEK 367 per share) on March 31, 2026, a change of SEK 38.0bn, or 3 percent, during the quarter. Total shareholder return amounted to 7 percent, compared to -1 percent for the SIXRX return index.
Listed Companies generated a total return of 5 percent. Investor acquired shares in Nasdaq and Atlas Copco for SEK 142m and SEK 30m respectively, and divested shares in SEB for SEK 1,520m.
Based on estimated market values, the total return for Patricia Industries amounted to 4 percent (5 percent excluding cash), driven by cash flow, a positive translation effect as the USD strengthened sequentially during the quarter, and multiple expansion.
Within Patricia Industries, sales growth for the major subsidiaries amounted to -7 percent, of which 3 percent organically in constant currency. Reported EBITA declined 7 percent and adjusted EBITA declined 4 percent.
Mölnlycke reported organic sales growth of 3 percent in constant currency, with the largest business area Wound Care growing 2 percent. The EBITA margin improved compared to last year.
The value change of investments in EQT was -13 percent. Total net cash flow to Investor amounted to SEK -206m, including Investor's purchase of shares in EQT AB for SEK 1,378m.
Leverage was 1.2 percent as of March 31, 2026 (2.1 percent as of December 31, 2025). Gross cash amounted to SEK 37,378m and the average maturity of Investor AB's debt portfolio was 8.9 years on March 31, 2026.
Presentations archive
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Presentation Q4 2011
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Presentation Q2 2011
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