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 Cederholm
President & CEO of Investor

Highlights during the secondquarter

• 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.

This information is information that Investor AB is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Market Act. The information was submitted for publication, through the agency of the contact person set out above, at 08:15 CET on July 17, 2025.

Our press releases can be accessed at www.investorab.com

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.

For further information:

Jacob Lund, Chief Communications & Sustainability Officer, 
Phone +46 725 60 21 57
jacob.lund@investorab.com

Magnus Dalhammar, Head of Investor Relations, 
Phone +46 73 524 2130
magnus.dalhammar@investorab.com

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