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.
Many of the market conditions defining 2025 - currency headwinds, increased tariffs, cautious demand and unpredictable geopolitics - are likely to persist during 2026. Our key responsibility is to engage closely with our companies, being a demanding, yet supportive owner.
Christian CederholmPresident & CEO of Investor
Highlights
Adjusted net asset value (NAV) amounted to SEK 1,087.1bn (SEK 355 per share) on December 31, 2025, a change of SEK 59.1bn, or 6 percent, with dividend added back, during the quarter. Total shareholder return amounted to 13 percent, compared to 6 percent for the SIXRX return index. For 2025, adjusted net asset value growth amounted to 14 percent and total shareholder return to 15 percent, compared to 13 percent for the SIXRX.
Listed Companies generated a total return of 6 percent. For 2025, the total return amounted to 22 percent.
Based on estimated market values, the total return for Patricia Industries, including cash, amounted to 1 percent (1 percent excluding cash), driven by earnings growth and multiple expansion, offset by negative currency impact. For 2025, the total return amounted to -9 percent (-10 percent excluding cash).
Within Patricia Industries, reported sales growth for the major subsidiaries amounted to -5 percent. Organic growth in constant currency amounted to 5 percent. Reported EBITA declined by 9 percent and adjusted EBITA declined by 6 percent, impacted by negative currency effects and costs related to restructuring.
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.
The value change of Investments in EQT was 8 percent. Total net cash flow to Investor amounted to SEK 1,215m. For 2025, the value change amounted to 15 percent and the net cash flow to Investor was SEK -2,351m, including the SEK 4,492m investment in Fortnox.
Leverage was 2.1 percent as of December 31, 2025 (1.2 percent as of December 31, 2024). Gross cash amounted to SEK 27,119m and the average maturity of Investor AB's debt portfolio was 9.2 years.
For fiscal year 2025, the Board of Directors proposes a dividend per share of SEK 5.60 (5.20) to be paid in two installments, SEK 4.00 in May, 2026, and SEK 1.60 in November, 2026.
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 CederholmPresident & CEO of Investor
Highlights
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.
Interim Report January-June 2025
Our top priority is always to grow our existing portfolio companies. We do this by working closely with the boards and management teams, driving operational excellence and strategic investments.
Christian CederholmPresident & CEO of Investor
Highlights
Adjusted net asset value (NAV) amounted to SEK 960.6bn (SEK 314 per share) on June 30, 2025, a change of SEK 32.2bn, or 3 percent, with dividend added back, 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 6 percent. Investor acquired shares in Ericsson for SEK 1.2bn and entered into a contract to divest 5m shares in SEB.
Based on estimated market values, the total return for Patricia Industries, including cash, amounted to -6 percent (-6 percent excluding cash), as earnings growth and cash flow were more than offset by lower average multiples and negative currency impact.
Within Patricia Industries, sales growth for the major subsidiaries amounted to -2 percent, of which 5 percent organically in constant currency. Reported EBITA grew 1 percent and adjusted EBITA declined by 1 percent.
Mölnlycke reported organic sales growth of 7 percent in constant currency, with the largest business area Wound Care growing 11 percent. The profit margin decreased, negatively impacted by currency. Mölnlycke distributed EUR 200m to Patricia Industries.
After the end of the quarter, 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 value change of Investments in EQT was 4 percent. Investor acquired shares in EQT AB for SEK 0.82bn and made a SEK 2.6bn co-investment in Fortnox, alongside EQT X. Total net cash flow from Investments in EQT to Investor amounted to SEK -2,794m.
Leverage was 1.2 percent as of June 30, 2025 (1.2 percent as of December 31, 2024). Gross cash amounted to SEK 39,657m and the average maturity of Investor AB’s debt portfolio was 9.7 years.
Interim Management Statement
In these unpredictable times, I take comfort in knowing that Investor and our companies have weathered tough times before, and remain confident that trends such as demographics, automation, AI, and the green transition continue to offer significant business opportunities.
Christian CederholmPresident & CEO of Investor
Highlights
Adjusted net asset value (NAV) amounted to SEK 944,387m (SEK 308 per share) on March 31, 2025, a decrease of SEK 25,369m, or -3 percent, during the quarter. Total shareholder return amounted to 2 percent, compared to 0 percent for the SIXRX return index.
Listed Companies generated a total return of -1 percent.
Based on estimated market values, the total return for Patricia Industries amounted to -9 percent (-9 percent excluding cash). Multiple contraction and currency impacted negatively.
Within Patricia Industries, sales growth for the major subsidiaries amounted to 7 percent, of which 4 percent organically in constant currency. Reported EBITA grew 7 percent and adjusted EBITA grew 5 percent.
Mölnlycke reported organic sales growth of 3 percent in constant currency, with the largest business area Wound Care growing 5 percent. The EBITA margin declined, as sales growth and product mix were offset by negative currency impact as well as increased sales and marketing costs.
Advanced Instruments announced that it will acquire Nova Biomedical. The enterprise value of the acquisition amounts to USD 2.2bn and the transaction is expected to be concluded during the third quarter 2025.
The reported value of Investments in EQT increased by 1 percent. Net cash flow to Investor amounted to SEK -937m.
Leverage was 1.0 percent as of March 31, 2025 (1.2 percent as of December 31, 2024). Gross cash amounted to SEK 41,810m and the average maturity of Investor AB’s debt portfolio was 9.9 years on March 31, 2025.
Presentations archive
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Presentation Q4 2016
Presentation Q3 2016 och presentation av Permobil
Presentation Q2 2016
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