Investor Ab Class A · OMXSTO:INVE_A
Investor Ab Class A — Q3 2025 Earnings Presentation
31 slides from Investor Ab Class A's earnings presentation, Oct 16, 2025
Slide 1: Interim Management Statement January - September 2025
investor Interlm Management Statement January - September 2025
Slide 2: Christian Cederholm, President and CEO
investor Christian Cederholm President and Chief Executive Officer
Slide 3: Q3 Results — A strong quarter
investor Q3 Results — A strong quarter » Adjusted net asset value growth 7%, Total shareholder return 5% (SIXRX 3%) Listed Companies « Challenging operating environment persists 8% total return » Focus on profitable growth Patricia Industries » Continued investments across portfolio 4% total return
Slide 4: Business areas
investor Business areas September 30, 2025 Total adjusted assets SEK 1,055bn Adjusted net asset value SEK 1,028bn Listed Companies Investments in EQT SEK 753bn SEK 97bn 71% of total assets 9% of total assets
Slide 5: Listed Companies
investor 2 ?! Listed Companies ¢ SEK753bn i — 71946 of total assets R >
Slide 6: Highlights during the quarter
investor Highlights during the quarter « Total return 8% vs. 3% for the SIXRX return index « Continued investments at attractive levels SEK 0.5bn in Ericsson SEK O.6bn in Atlas Copco Contract to divest 5m shares in SEB to maintain ownership level « Focus oninnovation and future-proofing Add-on acqui
Slide 7: Patricia Industries
- /// Yy, 0 7 7% 7 Yy
Slide 8: Highlights during the quarter
investor Highlights during the quarter « Total return 4%, driven by multiples, earnings and cash flow, partly offset by negative currency impact « Major subsidiaries grew sales by 4% organically in constant currency. Adjusted EBITA declined by 2% »« Chris Smith appointed new CEO of Laborie « Advance
Slide 9: Patricia Industries — EBITDA
investor Patricia Industries — EBITDA Q3 15 Q4 15 Q2 16 Q3 16 Q4 16 Q4 18 Q4 19 Q2 20 Q3 20 Q4 20 Q4 22 Q4 23 Q4 24 Q2 21 Q3 21 Q4 21 Q115 Q215 Q116 Q117 Q217 Q317 Q417 Q118 Q218 Q318 Q119 Q219 Q319 Q120 Q122 Q222 Q322 Q123 Q223 Q323 Q124 Q224 Q324 Q125 Q225 Q325 Q121 sa Quarterly — LTM (RHS) Report
Slide 10: Investments in EQT
investor Investments in EQT SEK 97bn 9% of total assets
Slide 11: Highlights during the quarter
investor Highlights during the quarter « Totalreturn 1% « EQT AB total return 2% « Fundinvestments -1% * Net cash flow to Investor SEK 0.2bn * SEK 2.0bn net cash flow from fund investments » Additional SEK 1.8bn invested alongside EQT X in Fortnox, taking the total investment close to the communicat
Slide 12: Investor AB - a strong platform
investor Investor AB - a strong platform | . Clear purpose and focused strategy. » High- quallty portfollo . Proven ownershlp anggovernance model » Great people — at Investor and in portfolio4 » Financial flexibility
Slide 13: Jenny Ashman Haquinius, Chief Financial Officer
investor Jen ny Ashman Haquinius Chief Financial Officer
Slide 14: Grow net asset value
investor Grow net asset value SEKbn 1200 1000 800 600 400 200 2017 2018 2019 2020 2021 2022 2023 2024 2025 -200 m Listed companies m Patricia Industries — mInvestments in EQT — m Other assets & liabiliies = Net debt
Slide 15: Total return by business area
investor Total return by business area Q32025 YTD 2025 8 14 7 8 6 -10 I4 | | Listed Patricia Investments in Total Listed Patricia Investments in Total Companies Industries EQT Companies Industries EQT
Slide 16: Listed Companies
investor 2 ?! Listed Companies ¢ SEK753bn i — 71946 of total assets R >
Slide 17: Listed Companies - Total return
investor Listed Companies - Total return Q32025 % 30 ................................................................................................... Total 8% SIXRX 3% — mA ABB SEB @ SAAB st Alsow m encsson& — 4 Nasdaq 0 @Eplroc -20 -30 Electrolux
Slide 18: Listed Companies - NAV contribution
investor Listed Companies - NAV contribution Q32025 SEKm 35000 30 000 25000 20 000 15 000 10 000 - 0 Il... — — — - ABBR SEB Ö sms vad ORESCOP0 Astrazeneca> asob! H g [{) ANnesdag Hussmm- -5 000 Electrolux C Epiroc
Slide 19: Patricia Industries
- /// Yy, 0 7 7% 7 Yy
Slide 20: Patricia Industries - Major drivers of estimated market values
investor Patricia Industries - Major drivers of estimated market Q32025 4% adjusted for equity contribution for Nova Biomedical SEK 223bn SEK 202bn + Multiples - Currency Q22025 Q32025
Slide 21: Patricia Industries - Change in estimated market values
investor Patricia Industries - Change in estimated market values Q32025, SEK m 1224 668 282 282 239 175 S 1926 T -45 128 220 223 024 U] . 202168 :/é///// Equity contribution from Patricia Industries of SEK 15,260m Q12025 Nova Laborie BraunAbility — Sarnova Plab Mölnlycke Tre Financial — Vectura Atla
Slide 22: Patricia Industries - Operating performance
investor Patricia Industries - Operating performance Org. growth, % EBITA margin, EBITA margin, Value, Q32025 % Q32025 Change pp SEK bn Vectura >K 65 732" 131 34 BIBraunAbility 9 127 38 10.6 Laborie! 323 18 299 sa I"l'!OVäQ%x 16.3 04 214 oc J Mölnlycke 26.3 12 759 D piab 234 23 14.0 group 20.5 15.2
Slide 23: Mölnlycke - Activities during the quarter
investor Y Mölnlyckeé Activities during the quarter Group Antiseptics « — Organic sales growth 3% in constant currency, driven mainly by US 396 Wound Care, while EMEA was weaker overall. Gloves 12% « The EBITA margin improved compared to last year, driven by lower cost and positive product mix, whil
Slide 24: Investments in EQT
investor Investments in EQT SEK 97bn 9% of total assets
Slide 25: Investments in EQT — Performance
investor Investments in EQT — Performance Q3 2025, reported value change, % Q3 2025, net cash flow to Investor, SEK m 2 2 4 000 1 1 3 000 2000 1000 0 0 —Ä . -1 000 A -2 000 -1 -3 000 EQT AB Fund investments Total -4 000 Investments - Proceeds Dividend Net cash flow from EQT AB 25
Slide 26: Investments in EQT — Net cash flow to Investor
investor Investments in EQT — Net cash flow to Investor o flow to Investor, SEKm 10 years 8 000 6 000 4 000 2000 0 -2 000 LTM net cash flow includes SEK 817m investment in -4 000 EQT AB and SEK 4,416m co-investment in Fortnox -6 000 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 m Proceeds m
Slide 27: Strong financial flexibility
Strong financial flexibility
Slide 28: Leverage - At the lower end of the range
investor Leverage - At the lower end of the range 2.6% leverage AA-/Aa3ratings S&P/Moody’s % 30 25 Maximum leverage 20 ------------------------------------------------------------------------------------------------------------------------------------------------ 15 10 5 0 2021 2022 2023 2024 2025 -
Slide 29: Average annual total return
investor Average annual total return September 30,2025 % 20 15 10 Return requirement -10 1year 5 years 10 years 20 years mAdj. NAV minvestor B = SIXRX 29
Slide 30: We create value for people and society
We create value for people and society by building strong and sustainable businesses
Slide 31: Financial calendar
investor Financial calendar January 22, 2026 Year-end-report 2025 April 21, 2026 Interim Management Statement January-March 2026 July 16, 2026 Interim Report Jacob Lund Chief Communications & Sustainability Officer January-June 2026 +46 725 60 2157 Jacob.lund@investorab.com October 16, 2026 Interim