Investors Ab Stock Earnings Reports

Key points for investors:

- Strong headline performance: Adjusted net asset value (NAV) rose 14% in 2025 and total shareholder return (TSR) was 15% for the year. Listed companies returned strongly (listed total return ~22% for the year).

- Dividend and capital allocation: Board proposes a dividend of SEK 5.60 per share for 2025 (SEK 0.40 or ~8% increase). More than half of incoming funds continue to be returned to shareholders while sizeable reinvestments are made across the portfolio.

- Portfolio activity and M&A: Patricia Industries completed SEK 24 billion of add-on acquisitions in 2025 (Patricia funded ~SEK 16 billion); largest deal was Nova Biomedical. Investor also strengthened holdings in Ericsson and Atlas Copco (~SEK 2.3 billion). First co-investment with EQT (Fortnox) completed. 2025 was a record year for investments while maintaining financial strength.

- Business area performance: Patricia Industries reported negative total return for the year (‑9%) mainly due to USD weakness; Patricia subsidiaries grew organically (~4% for the year, 5% in Q4) but adjusted EBITDA/EBITA were pressured by FX, tariffs and restructuring. Listed portfolio had a solid quarter with particular strength in Electrolux, AstraZeneca, Wärtsilä, Ericsson and Sobi. EQT investments delivered positive returns (EQT total return ~15% for the year).

- Cash, leverage and liquidity: Strong balance sheet — leverage ~2.1% and SEK 27 billion cash at year-end. EQT-related cash flows are lumpy but remain an important source of funds over time.

- Operational priorities and risks: Near-term focus on balancing profitable growth and efficiency (cost-outs) while investing to future-proof businesses (R&D, digital/AI, geographic expansion). Main risks cited are geopolitical uncertainty, tariffs, FX volatility (notably USD weakness) and generally lukewarm demand in some end markets (Europe weaker for healthcare in parts).

- Management focus: Continue to pursue Performance, Portfolio and People priorities — i.e., drive profitability, pursue attractive investments (including potential new Patricia platform companies such as industrial/automation targets) and prioritize talent/succession across ~24 portfolio companies and ~200 board seats.