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 Cederholm,
Vd och koncernchef, Investor

Highlights during the first quarter

• 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.