Investor Ab Class A · OMXSTO:INVE_A
Investor Ab Class A — Q1 2026 Earnings Presentation
35 slides from Investor Ab Class A's earnings presentation, April 2026
Slide 1: Interim management statement January - March 2026
Interim management statement January - March 2026 1
Slide 2: Christian Cederholm, President and CEO
Christian Cederholm President and Chief Executive Officer 2
Slide 3: It's all about adapting
It’s all about adapting 3
Slide 4: Q1 in summary
Q1 in summary • Adjusted net asset value growth 3% • Total shareholder return 7% (SIXRX return index - 1%) • Listed Companies: 5% total return – Shares purchased in Nasdaq and Atlas Copco – Shares divested in SEB to maintain ownership level • Patricia Industries: 4% total return – Solid performance
Slide 5: Business areas
Business areas March 31, 2026 Total adjusted assets SEK 1,139bn Adjusted net asset value SEK 1,125bn Listed Companies Patricia Industries Investments in EQT SEK 830bn SEK 218bn SEK 91bn 73% of total assets 19% of total assets 8% of total assets 5
Slide 6: Listed Companies
Listed Companies SEK 830bn 73% of total assets 6
Slide 7: Highlights during the quarter: Listed Companies
Highlights during the quarter • Total return 5% • Investments made in Nasdaq and Atlas Copco at valuations we deem attractive • SEK 1.5bn in proceeds from divestment of SEB shares to maintain ownership level • Companies continue to identify and implement value - creating AI use cases • Paolo Shira a
Slide 8: Patricia Industries
Patricia Industries SEK 218bn 19% of total assets 8
Slide 9: Highlights during the quarter: Patricia Industries
Highlights during the quarter • Total return 4% • Major subsidiaries grew sales by 3% organically in constant currency • Adjusted EBITA declined by 4% • The integration of Advanced Instruments and Nova Biomedical progresses well • New chair appointed in Permobil , new interim CEOs in Mölnlycke and P
Slide 10: Patricia Industries - EBITDA LTM
Patricia Industries - EBITDA LTM Sales SEK 68.6bn EBITDA SEK 17.3bn SEK m 5 000 18 000 4 500 16 000 4 000 14 000 3 500 12 000 3 000 10 000 2 500 8 000 2 000 6 000 1 500 1 000 4 000 500 2 000 0 0 Q2 20 Q1 23 Q4 25 Q1 15 Q2 15 Q3 15 Q4 15 Q1 16 Q2 16 Q3 16 Q4 16 Q1 17 Q2 17 Q3 17 Q4 17 Q1 18 Q2 18 Q3
Slide 11: Investments in EQT
Investments in EQT SEK 91bn 8% of total assets 11
Slide 12: Highlights during the quarter: Investments in EQT
Highlights during the quarter • Total return - 13% – EQT AB - 22% – Fund investments 2% • Net cash flow to Investor SEK - 0.2bn – SEK 1.2bn net cash flow from fund investments – SEK 1.4bn investment in EQT AB • EQT AB to acquire Coller Capital, a leading global secondaries firm with nearly USD 50bn
Slide 13: A strong platform
A strong platform Clear purpose and focused strategy High - quality portfolio Proven engaged ownership model Great people Financial flexibility 13
Slide 14: Balance between here and now AND future-proofing
Balance between here and now AND future - proofing 14
Slide 15: Jenny Ashman Haquinius, CFO
Jenny Ashman Haquinius Chief Financial Officer 15
Slide 16: Grow net asset value
Grow net asset value SEK 1,125bn, adjusted net asset value, March 31, 2026 SEK bn 1 200 1 000 800 600 400 200 0 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 -200 Listed companies Patricia Industries Investments in EQT Other assets & liabilities Net debt 16
Slide 17: Total return by business area
Total return by business area Q1 2026 % 6 5 4 4 3 2 0 -2 -4 -6 -8 -10 -12 -14 -13 Listed Companies Patricia Industries Investments in EQT Total 17
Slide 18: Listed Companies
Listed Companies SEK 830bn 73% of total assets 18
Slide 19: Listed Companies – Total return
Listed Companies – Total return Q1 2026 % 25 20 15 10 5 0 -5 -10 -15 -20 -25 19
Slide 20: Listed Companies – NAV contribution
Listed Companies – NAV contribution Q1 2026 SEK m 25 000 20 000 15 000 10 000 5 000 0 -5 000 -10 000 20
Slide 21: Patricia Industries
Patricia Industries SEK 218bn 19% of total assets 21
Slide 22: Operating performance – Major subsidiaries
Operating performance – Major subsidiaries Q1 2026 % 4 3 2 0 -2 -4 -4 -6 -8 -7 Reported sales growth Organic sales growth Adjusted EBITA growth 22
Slide 23: Patricia Industries – Operating performance
Patricia Industries – Operating performance Org. growth, % EBITA margin, EBITA margin, Value, Q1 2026 % Q1 2026 Change pp SEK bn 42 76.3 1) 6.3 1) 3.5 6 23.9 - 5.2 30.1 5 10.4 0.3 9.9 4 15.2 - 0.7 22.1 3 24.0 0.7 82.3 1 32.3 6.3 29.9 1 20.5 - 2.3 12.4 -1 15.0 - 2.9 14.6 - 17 - 10.8 - 10.0 0.6 6 2) 3
Slide 24: Activities during the quarter
Activities during the quarter Group • Organic sales growth amounted to 3 percent in constant currency, driven Antiseptics 3% by all business areas. Gloves 12% • The EBITA margin improved compared to last year, driven by cost control. Currency effects, lower manufacturing absorption and tariffs impac
Slide 25: Patricia Industries – Major drivers of estimated market values
Patricia Industries – Major drivers of estimated market values Q1 2026 Average multiple SEK 230bn 15.8x Total EV/total EBITDA, SEK 225bn 4%* Patrcia Industries major subsidiaries + Currency + Earnings + Multiples Q4 2025 Q1 2026 25 * Internal transfer to Investor added back
Slide 26: Patricia Industries – Change in estimated market values
Patricia Industries – Change in estimated market values Q1 2026, SEK m 428 69 1 615 457 -7 -9 - 138 1 958 - 802 7 860 - 1 766 230 108 - 4 953 225 396 Internal transfer to Investor AB of SEK 4,642m Q4 2025 Mölnlycke Sarnova Tre Skand. BraunAbility Piab Vectura Nova Financial Atlas Permobil Laborie Pa
Slide 27: Patricia Industries – Indicative USD exposure
Patricia Industries – Indicative USD exposure US subsidiaries (~50% of NAV ) • Limited operational impact from SEK/USD fluctuations (YoY) – Majority of sales and cost (hence earnings) generated in reporting currency (USD) • SEK/USD translation exposure (QoQ) on the Net Asset Value Nordic subsidiarie
Slide 28: Investments in EQT
Investments in EQT SEK 91bn 8% of total assets 28
Slide 29: Investments in EQT - Performance
SEK 26.5bn Investments in EQT - Performance outstanding Q1 2026, reported value change , % Q1 2026, net cash flow to Investor, SEK m commitments, March 31, 2026 5 2 2 500 0 2 000 1 500 -5 1 000 500 -10 0 -500 -15 -13 -1 000 -1 500 -20 -2 000 -22 -2 500 -25 EQT AB Fund investments Total Investments P
Slide 30: Investments in EQT – Net cash flow to Investor
SEK 1.6bn Investments in EQT – Net cash flow to Investor average net cash flow to Investor, 10 years SEK m 8 000 6 000 4 000 2 000 0 -2 000 -4 000 -6 000 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Proceeds Dividend from EQT AB Investments Net cash flow to Investor, LTM 30
Slide 31: Strong financial flexibility
Strong financial flexibility 31
Slide 32: Leverage – At the lower end of the range
Leverage – At the lower end of the range 1.2% leverage AA - /Aa3 ratings S&P/Moody’s % 20 15 10 5 0 -5 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Leverage target range Leverage 32
Slide 33: Average annual total return
Average annual total return % 25 20 15 10 Return requirement 5 0 1 year 5 years 10 years 20 years Adjusted NAV Investor B SIXRX 33
Slide 34: We create value for people and society
We create value for people and society by building strong and sustainable businesses 34
Slide 35: Financial calendar
Financial calendar May 7, 2026 Annual General Meeting July 16, 2026 Interim Report January - June 2026 Jacob Lund October 16, 2026 Chief Communications & Sustainability Officer +46 725 60 21 57 Interim Management Statement Jacob.lund@investorab.com January - September 2026 January 22, 2027 Year - En