Investor Ab Class A · OMXSTO:INVE_A
Investor Ab Class A — Q4 2025 Earnings Presentation
39 slides from Investor Ab Class A's earnings presentation, Jan 22, 2026
Slide 1: Year-End Report 2025
Year-End Report 2025 January – December 2025 1
Slide 2: Christian Cederholm, President and CEO
Christian Cederholm President and Chief Executive Officer 2
Slide 3: 2025 in summary
2025 in summary • Adjusted net asset value growth 14% • Total shareholder return 15% (SIXRX return index 13%) • Listed Companies: 22% total return - Strengthened ownership in Ericsson and Atlas Copco • Patricia Industries: -9% total return - Strong performance by the major subsidiaries - Add-on acqu
Slide 4: Business areas
Business areas December 31, 2025 Total adjusted assets SEK 1,110bn Adjusted net asset value SEK 1,087bn Listed Companies Patricia Industries Investments in EQT SEK 798bn SEK 208bn SEK 104bn 72% of total assets 19% of total assets 9% of total assets 4
Slide 5: Listed Companies
Listed Companies SEK 798bn 72% of total assets 5
Slide 6: Highlights during the quarter Listed Companies
Highlights during the quarter • Total return 6%, in line with the SIXRX return index • SEK 891m proceeds from divestment of SEB shares during the third quarter to maintain ownership level • Sobi announced a maximum SEK 14bn acquisition of Arthrosi, expanding its portfolio within gout • Wärtsilä anno
Slide 7: Patricia Industries
Patricia Industries SEK 208bn 19% of total assets 7
Slide 8: Highlights during the quarter Patricia Industries
Highlights during the quarter • Total return 1%, driven by multiple expansion and earnings growth, offset by negative currency impact • Major subsidiaries grew sales by 5% organically in constant currency. Adjusted EBITA declined by 6% • Laborie announced the acquisition of JADA® System, expanding i
Slide 9: Patricia Industries – EBITDA LTM
Patricia Industries – EBITDA LTM Sales SEK 68.4bn EBITDA SEK 17.2bn 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 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 Q4 18 Q1 19 Q2
Slide 10: Investments in EQT
Investments in EQT SEK 104bn 9% of total assets 10
Slide 11: Highlights during the quarter Investments in EQT
Highlights during the quarter • Total return 8% • EQT AB total return 14% • Fund investments 0% • Net cash flow to Investor SEK 1.2bn • SEK 0.9bn net cash flow from fund investments • SEK 4.5bn co-investment in Fortnox completed (SEK 0.1bn in the fourth quarter 2025) Investments in EQT SEK 104bn 9%
Slide 12: 12
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Slide 13: A strong platform
A strong platform Clear purpose and focused strategy High-quality portfolio Proven ownership and governance model Great people – at Investor and in portfolio companies Financial flexibility 13
Slide 14: Strategy 2030
Strategy 2030 Purpose We create value for people and society by building strong and sustainable businesses Ultimate target Generate an attractive total return to shareholders Total return objectives - Grow net asset value - Pay a steadily rising dividend - Operate efficiently and sustainably Strateg
Slide 15: Strategic pillars
Strategic pillars Performance Portfolio People Drive Performance, short- and Position the Portfolio for Engage People fit long-term the future for purpose • Focus on profitable growth • Accelerate investments • Ensure the right leadership • Future-proof through innovation • Prune the portfolio • Sus
Slide 16: Jenny Ashman Haquinius, Chief Financial Officer
Jenny Ashman Haquinius Chief Financial Officer 16
Slide 17: Grow net asset value
Grow net asset value SEK 1,087bn, adjusted net asset SEK bn value, December 31, 1 200 2025 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 17
Slide 18: Total return by business area
Total return by business area Q4 2025 2025 9 25 22 8 8 20 7 15 15 14 6 6 6 10 5 5 4 0 3 -5 2 1 1 -10 -9 0 -15 Listed Patricia Investments in Total Listed Patricia Investments in Total Companies Industries EQT Companies Industries EQT 18
Slide 19: Listed Companies
Listed Companies SEK 798bn 72% of total assets 19
Slide 20: Listed Companies - Total return
Listed Companies - Total return Q4 2025 % 30 25 20 15 10 SIXRX 6% Total 6% 5 0 -5 -10 20
Slide 21: Listed Companies – NAV contribution
Listed Companies – NAV contribution Q4 2025 SEK m 20 000 15 000 10 000 5 000 0 -5 000 -10 000 21
Slide 22: Patricia Industries
Patricia Industries SEK 208bn 19% of total assets 22
Slide 23: Operating performance – Major subsidiaries
Operating performance – Major subsidiaries Q4 2025 2025 6 5 5 4 4 4 2 3 0 2 -2 1 -4 0 -6 -5 -1 -6 -1 -1 -8 -2 Reported sales Organic sales Adjusted EBITA Reported sales Organic sales Adjusted EBITA growth growth growth growth growth growth 23
Slide 24: Patricia Industries - Operating performance
Patricia Industries - Operating performance Org. growth, % EBITA margin, EBITA margin, Value, Q4 2025 % Q4 2025 Change pp SEK bn 39 70.11) 5.51) 3.4 12 8.0 4.8 9.5 10 30.9 2.0 30.0 9 21.5 -9.7 31.8 6 12.7 -2.3 20.1 3 27.0 1.4 74.4 1 18.9 0.7 15.4 -3 16.1 -9.7 12.0 -6 -2.4 -21.3 0.7 62) 30.93) -0.5 8
Slide 25: Activities during the quarter
Activities during the quarter Group • Organic sales growth amounted to 3 percent in constant currency, driven Antiseptics 3% mainly by Wound Care, Gloves and Antiseptics, while Operating Room Gloves 12% Solutions declined. • The EBITA margin improved compared to last year, driven by positive product
Slide 26: Patricia Industries - Major drivers of estimated market values
Patricia Industries - Major drivers of estimated market Q4 2025 Average multiple SEK 225bn 15.8x Total EV/total EBITDA, SEK 223bn 1% Patrcia Industries major subsidiaries + Earnings + Multiples - Currency Q3 2025 Q4 2025 26
Slide 27: Patricia Industries - Change in estimated market values
Patricia Industries - Change in estimated market values Q4 2025, SEK m 174 42 35 1 885 -43 -56 2 548 3 755 225 396 -1 133 Equity contribution -1 261 from Patricia Industries 223 024 of SEK 0.2bn -1 474 Distribution to -2 098 Patricia Industries of SEK 2.0bn Distribution to Patricia Industries of SEK
Slide 28: Investments in EQT
Investments in EQT SEK 104bn 9% of total assets 28
Slide 29: Investments in EQT – Performance
SEK 26.8bn Investments in EQT – Performance outstanding Q4 2025, reported value change, % Q4 2025, net cash flow to Investor, SEK m commitments, December 31, 2025 16 14 1 400 14 1 200 12 1 000 800 10 8 600 8 400 6 200 0 4 -200 2 -400 0 0 -600 EQT AB Fund investments Total Investments Proceeds Divide
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, SEK m 10 years 8 000 6 000 4 000 2 000 0 -2 000 2025 net cash flow includes SEK 817m investment in -4 000 EQT AB and SEK 4,4492m co-investment in Fortnox -6 000 2016 2017 2018 2019 2020 2021 2022 2023 2024 20
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 the lower end of the 2.1% leverage AA-/Aa3 ratings target range S&P/Moody’s % 30 25 Maximum 20 leverage 15 10 5 0 -5 2021 2022 2023 2024 2025 Leverage target range Leverage 32
Slide 33: Cash flow generation supports growth and distribution
Cash flow generation supports growth and distribution Listed Patricia Investments Companies Industries in EQT Management costs, financial net Investment and distribution capacity 33
Slide 34: Strong cash flow 2015-2025
Strong cash flow 2015-2025 Sources Uses Net debt Investments increase Other Listed in EQT Companies SEK SEK Patricia Patricia ~216bn Listed ~216bn Industries Companies Industries Dividend paid
Slide 35: Investment capacity deployed
Investment and Investment capacity deployed distribution capacity SEK 40 m 000 35 000 30 000 25 000 20 000 15 000 10 000 5 000 0 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Listed Companies Investments in EQT (Gross investments) Patricia Industries Patrcia Industries add-ons financed by s
Slide 36: Pay a steadily rising dividend
Investment and 8% Pay a steadily rising dividend average annual distribution growth, 10 years capacity Dividend per share, SEK 6 5 4 3 2 1 0 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025p 36
Slide 37: Average annual total return
Average annual total return December 31, 2025 25 20 15 10 Return requirement 5 0 1 year 5 years 10 years 20 years Adj. NAV Investor B SIXRX 37
Slide 38: We create value for people and society by building strong and sustainable businesses
We create value for people and society by building strong and sustainable businesses 38
Slide 39: Financial calendar
Financial calendar April 21, 2026 Interim Management Statement January-March 2026 May 7, 2026 Annual General Meeting July 16, 2026 Interim Report Jacob Lund January-June 2026 Chief Communications & Sustainability Officer +46 725 60 21 57 Jacob.lund@investorab.com October 16, 2026 Interim Management