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 Cederholm
President & CEO of Investor

Highlights during the first quarter

• 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.