Investor Ab Class A · OMXSTO:INVE_A
Investor Ab Class A — Q1 2025 Earnings Presentation
36 slides from Investor Ab Class A's earnings presentation, Apr 23, 2025
Slide 1: Interim management statement January - March 2025
investor Interim management statement January - March 2025
Slide 2: Christian Cederholm, President and CEO
investor Christian Cederholm President and Chief Executive Officer
Slide 3: Extraordinary times
Slide 4: Q1 in summary
investor Q1in summary Adjusted net asset value growth -3% * Total shareholder return 2% (SIXRX return index 0%) * Listed Companies: -1% total return - Future-proofing activities and navigating current market ¢ Patricia Industries: -9% total return - Organic sales growth 4%, adjusted EBITA growth 5%
Slide 5: Business areas
investor Business areas March 31, 2025 Total adjusted assets SEK 954bn Adjusted net asset value SEK 944bn Investments in EQT SEK 91bn 9% of total assets Listed Companies SEK 659bn 69% of total assets
Slide 6: Listed Companies
Listed Companies SEK 659bn 69% of total assets
Slide 7: Highlights during the quarter
investor Highlights during the quarter . Total return -1% vs. 0% for the SIXRX return index . AstraZeneca USD 2.5bn investment in R&D and manufacturing in China, strengthening the local presence further . WaArtsila decided to split its Energy business area into two separate units for increased focus
Slide 8: Patricia Industries SEK 202bn
Patricia Industries 4 SEK 202bn ~ 21% of total assets
Slide 9: Highlights during the quarter
investor Highlights during the quarter . Total return -9%, driven by lower multiples and negative currency impact . Major subsidiaries grew sales by 4% organically in constant currency, and adjusted EBITA by 5% . Dan Pitulia appointed new Group CEO of Atlas Antibodies . Advanced Instruments USD 2.2b
Slide 10: Quarterly and LTM chart
500 0 1 000 1 500 2 000 2 500 3 000 3 500 4 000 4 500 SEK m 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 18 Quarterly Q4 18 Q1 19 Q2 19 Q3 19 Q4 19 Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 LTM (RHS) Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 2
Slide 11: Nova Biomedical — transformative acquisition
investor (ADVANCED INSTRUMENTS Nova Biomedical — transformative acquisition * Gold standard products for customers within clinical and biopharma ® * Diversified revenue base VLOUd biomedical * Strong global commercial presence + Attractive financial profile with strong cash generation — 2024 sales U
Slide 12: Strong foundation for accelerated innovation and profitable growth
investor (ADVANCED INSTRUMENTS Strong foundation for accelerated innovation and profitable growth * Creating a diversified, global life science tools company + Highly complementary products * Shared passion for innovation i... + Platform for accelerated innovation and profitable / , DV) iN Cc E D so
Slide 13: Investments in EQT
Investments in EQT SEK 9ibn 9% of total assets
Slide 14: Highlights during the quarter
investor Highlights during the quarter . Total return 1% - EQT AB total return 0% - Fund investments 3% . Net cash flow to Investor SEK -0.9bn - Drawdowns from Investor SEK -1.7bn - Proceeds to Investor SEK 0.7bn . EQT Infrastructure VI successfully closed at EUR 21.5bn ° Per Franzén appointed new C
Slide 15: Relentless focus
investor Relentless focus > Portfolio Striving to own the right businesses over time > People We rely on excellent and empowered people in strong teams + Performance Making sure we and our portfolio companies perform both short-term and long-term
Slide 16: Jenny Ashman Haquinius, Chief Financial Officer
investor Jenny Ashman Haquinius Chief Financial Officer
Slide 17: Adjusted net asset value development
1 200 1 000 800 600 400 200 0 2017 2018 2019 2020 2021 2022 2023 2024 2025 -200 Listed companies Patricia Industries Investments in EQT Other assets & liabilities Net debt
Slide 18: Total return by business area
1 -1 -3 -9 Listed Companies Patricia Industries Investments in EQT Total
Slide 19: Listed Companies
Listed Companies SEK 659bn 69% of total assets 19
Slide 20: -10 -20 -30
80 70 60 50 40 30 20 10 0 -10 -20 -30
Slide 21: -10 -20 -30
30 000 20 000 10 000 0 -10 000 -20 000 -30 000
Slide 22: Patricia Industries SEK 202bn
Patricia Industries 4 SEK 202bn ~ 21% of total assets
Slide 23: Patricia Industries - Major drivers of estimated market values
investor Patricia Industries - Major drivers of estimated market values Q12025 SEK 239bn Ex SEK 2 - Multiples - Currency + EBITDA Q4 2024 Q12025 * Internal transfer to Investor added back 23
Slide 24: Patricia Industries - Operating performance
investor Patricia Industries - Operating performance Vectura >k (ADVANCED NRPS Laborie! iab Pls fe Mélntycke permobil sarnovay~ BraunAbility “Taruss aumiponies & 4) Surplus ratio 2) Service revenue 3) EBITDA, % of total sales Org. growth, % Q12025 32 22 14 52) EBITA margin, % Q1 2025 70.0") 40.0 29.
Slide 25: Mölnlycke sales mix and financials
Antiseptics • 3% Gloves 12% • • Operating Wound Care Room 60% Solutions 25% • EUR m 700 35 600 30 • 500 25 400 20 • 300 15 200 10 100 5 0 0 • Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 21 21 21 21 22 22 22 22 23 23 23 23 24 24 24 24 25 Sales EBITDA, % EBITA, % •
Slide 26: Patricia Industries — Change in estimated market values
investor Patricia Industries — Change in estimated market values Q12025 238 775 . B40 so no Distribution to Patricia Industries of SEK 1,089m _ N4370000 213 945 -3 382 Internal transfer to Investor AB of SEK 4,223m 42024 ~—-Piab Permobil Three Vectura Atlas Advanced BraunAbility Laborie — Sarnova_-—
Slide 27: Investments in EQT
Investments in EQT SEK 9ibn 9% of total assets
Slide 28: EQT investments and net cash flow
1 000 3 500 0 -500 1 -1 000 -1 500 0 -2 000 EQT AB Fund investments Total Drawdowns Proceeds Dividends Net cash flow
Slide 29: Strong financial flexibility
Strong financial flexibility
Slide 30: Leverage and target range
30 25 20 15 10 5 0 -5 Q1 21 Q2 21 Q3 21 Q4 21 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 Leverage target range Leverage
Slide 31: Debt maturity profile
9 000 8 000 7 000 6 000 5 000 4 000 3 000 2 000 1 000 0 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044
Slide 32: Cash flow generation supports growth and distribution
investor Cash flow generation supports growth and distribution Listed Patricia Investments Companies Industries in EQT Investment and distribution capacity 32
Slide 33: Total shareholder return vs SIXRX
% 25 20 15 10 5 0 1 year 5 years 10 years 20 years Investor B SIXRX
Slide 34: We create value for people and society
We create value for people and society by building strong and sustainable businesses
Slide 35: investor
investor
Slide 36: Financial calendar
investor Financial calendar May 7, 2025 Annual General Meeting July 17, 2025 Interim Report January-June 2025 October 16, 2025 Interim Management Statement January-September 2025 January 22, 2026 Year-end-report 2025 Jacob Lund Chief Communications & Sustainability Officer +46 725 60 2157 Jacob.lund