Aak Ab · OMXSTO:AAK
Aak Ab — Q2 2025 Earnings Presentation
50 slides from Aak Ab's earnings presentation, Jul 17, 2025
Slide 1: Interim report January-June 2025
Interim report January -June 2025 1
Slide 2: Christian Cederholm, President and CEO
Christian Cederholm President and Chief Executive Officer 2
Slide 3: Q2 Results – Stable performance in turbulent times
Q2 Results – Stable performance in turbulent times • Adjusted net asset value growth 3%, Total shareholder return -5% (SIXRX 3%) Listed Companies • Sharpened focus on cost efficiency and agility 6% total return • Significant investment activity across the portfolio Patricia Industries -6% total retu
Slide 4: Business areas
Business areas June 30, 2025 Total adjusted assets SEK 973bn Adjusted net asset value SEK 961bn Listed Companies Patricia Industries Investments in EQT SEK 695bn SEK 186bn SEK 97bn 71% of total assets 19% of total assets 10% of total assets 4
Slide 5: Listed Companies
Listed Companies SEK 695bn 71% of total assets 5
Slide 6: Highlights during the quarter – Listed Companies
Highlights during the quarter • Total return 6% vs. 3% for the SIXRX return index • SEK 1.2bn investment in Ericsson. Ericsson is well positioned to continue delivering results and find new growth avenues over time • Contract entered to divest 5m shares in SEB to keep our current ownership share as
Slide 7: Patricia Industries
Patricia Industries SEK 186bn 19% of total assets 7
Slide 8: Highlights during the quarter – Patricia Industries
Highlights during the quarter • Total return -6%, as earnings growth and cash flow were more than offset by lower average multiples and negative currency impact • Major subsidiaries grew sales by 5% organically in constant currency. Adjusted EBITA declined by 1% • Distributions to Patricia Industrie
Slide 9: An innovative, diversified, and global life science tools platform
An innovative, diversified, and global life science tools platform with a robust growth outlook • Strong product portfolios across the biopharma and clinical markets • Global presence with direct sales in key geographies • Strong and sizable innovation capabilities • Similar business models with ana
Slide 10: Patricia Industries – EBITDA LTM
Patricia Industries – EBITDA LTM Sales SEK 67.3bn EBITDA SEK 16.7bn SEK m 4 500 18 000 4 000 16 000 3 500 14 000 3 000 12 000 2 500 10 000 2 000 8 000 1 500 6 000 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 19 Q3
Slide 11: Investments in EQT
Investments in EQT SEK 97bn 10% of total assets 11
Slide 12: Highlights during the quarter – Investments in EQT
Highlights during the quarter • Total return 4% ⁻ EQT AB total return 6% ⁻ Fund investments 1% • Net cash flow to Investor SEK -2.8bn • SEK 817m acquisition of shares in EQT AB, increasing our ownership to 14.4 percent • Co-investment in Fortnox alongside EQT X ⁻ Fortnox has an impressive track reco
Slide 13: Relentless focus: Performance, Portfolio, People
Relentless focus Performance Portfolio People Making sure we and our portfolio Striving to own the right We rely on excellent and companies perform both short-term businesses over time empowered people in strong teams and long-term 13
Slide 14: Jenny Ashman Haquinius, Chief Financial Officer
Jenny Ashman Haquinius Chief Financial Officer 14
Slide 15: Grow net asset value
Grow net asset value SEK 961bn, adjusted net asset SEK bn value, June 30, 2025 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 15
Slide 16: Total return by business area
Total return by business area Q2 2025 YTD 2025 8 10 6 6 5 5 4 5 4 3 1 2 0 0 -5 -2 -4 -10 -6 -6 -8 -15 -14 Listed Patricia Investments in Total Listed Patricia Investments in Total Companies Industries EQT Companies Industries EQT 16
Slide 17: Listed Companies
Listed Companies SEK 695bn 71% of total assets 17
Slide 18: Listed Companies - Total return
Listed Companies - Total return Q2 2025 % 40 30 20 10 Total 6% SIXRX 3% 0 -10 -20 -30 18
Slide 19: Listed Companies – NAV contribution
Listed Companies – NAV contribution Q2 2025 SEK m 25 000 20 000 15 000 10 000 5 000 0 -5 000 -10 000 19
Slide 20: Patricia Industries
Patricia Industries SEK 186bn 19% of total assets 20
Slide 21: Patricia Industries - Major drivers of estimated market values
Patricia Industries - Major drivers of estimated market values Q2 2025 SEK 214bn -6% SEK 202bn - Multiples - Currency + EBITDA/cash flow Q1 2025 Q2 2025 21
Slide 22: Patricia Industries – Change in estimated market values
Patricia Industries – Change in estimated market values Q2 2025, SEK m 671 127 213 945 -13 -16 -274 -1 370 -1 523 -1 912 -2 973 3 675 202 168 -3 942 Distribution to -4 226 Patricia Industries of SEK 1,500m Distribution to Patricia Industries of SEK 2,206m Q1 2025 Sarnova Tre Financial Vectura Atlas
Slide 23: Patricia Industries - Operating performance
Patricia Industries - Operating performance Org. growth, % EBITA margin, EBITA margin, Value, Q2 2025 % Q2 2025 Change pp SEK bn 73 71.91) -2.21) 3.5 18 43.3 -0.3 12.0 10 31.1 3.9 26.2 7 17.0 5.1 20.2 7 22.5 -2.8 75.6 1 24.0 4.1 13.4 0 19.8 0.1 15.4 -1 12.0 0.7 8.7 -2 13.7 -8.0 0.8 62) 34.23) -0.4 8
Slide 24: Activities during the quarter
Activities during the quarter Group Antiseptics • Organic sales growth 7% in constant currency, driven mainly by 3% Wound Care, while Operating Room Solutions declined. Gloves 12% • Lower EBITA margin, significant negative impact from currency, smaller negative impact from tariffs in the latter part
Slide 25: Investments in EQT
Investments in EQT SEK 97bn 10% of total assets 25
Slide 26: Investments in EQT – Performance
SEK 22bn Investments in EQT – Performance outstanding Q2 2025, reported value change, % Q2 2025, net cash flow to Investor, SEK m commitments, June 30, 2025 7 6 2 000 6 1 000 5 0 4 4 -1 000 3 -2 000 -3 000 2 1 -4 000 1 -5 000 0 -6 000 EQT AB Fund investments Total Investments Proceeds Dividends Net
Slide 27: Investments in EQT – net cash flow to Investor
SEK 2.3bn 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 -4 000 -6 000 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Proceeds Dividend from EQT AB Investments Net cash flow to Investor, LTM 27
Slide 28: Strong financial flexibility
Strong financial flexibility 28
Slide 29: Leverage at the lower end of the target range
Leverage at the lower end of the target range 1.2% leverage AA-/Aa3 ratings S&P/Moody’s % 30 25 Maximum 20 leverage 15 10 5 0 -5 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 Q2 25 Leverage target range Leverage 29
Slide 30: Average annual total return
Average annual total return June 30, 2025 25 20 15 10 Return requirement 5 0 -5 1 year 5 years 10 years 20 years Investor B SIXRX 30
Slide 31: Investor Q2, 2025 Mölnlycke Health Care
Investor Q2, 2025 Mölnlycke Health Care Zlatko Rihter, CEO
Slide 32: Mölnlycke – a world leading MedTech company
Mölnlycke – a world leading MedTech company Global HQ 39 8,617 Sales by Business Area Our Business Areas in Gothenburg, Sweden commercial entities employees worldwide 26% 12% 99% 100 3% 59% owned by Investor AB countries where Mölnlycke is present 1849 14 the year Mölnlycke was founded manufacturing
Slide 33: Our focus: to address the most important customer pain points
Our focus: to address the most important customer pain points – and tangibly improve healthcare Wound Care Operating Room Solutions 7 out of 10 patients get the wrong How can we secure that all million HCP’s that are A typical operating room have 1,200 hours How can we reduce diagnosis when they vis
Slide 34: Achievements 2022-2024
Achievements 2022-2024 Accelerated growth – from 3% 2016-2021, to 8% 2022-2024 organic sales growth in a market that grows 4.5-5% Outperformed a challenging MedTech market in profitability Increased market share in all four business areas; Wound Care, ORS, Gloves and Antiseptics Solid and im
Slide 35: Macro trends & market insights
Macro trends & market insights
Slide 36: Challenging macro trends and fast-paced change
Challenging macro trends and fast-paced change Tremendous pressure on Increased geopolitical Increased focus on Digital transformation healthcare systems tensions sustainable healthcare
Slide 37: Shift from Acute Care to Post Acute and other non-acute settings
Shift from Acute Care to Post Acute and other non-acute settings now a fact USA setting outlook: Forecasted patient growth 28% 21% 18% 2% -6% 18% ten years Patient point of care e-visits Physician Ambulatory Hospital Acute Care Elderly home Home care clinic surgery care outpatient long-term care car
Slide 38: Strategic direction
“&% Molnlycke’ Strategic direction
Slide 39: Mölnlycke’s journey to revolutionise care for people and planet
Mölnlycke’s journey 2021 – 2022 2022 – 2025 2025 – 2030 Mölnlycke introduced Mölnlycke 2022-2025 Defend and grow core Business Area structure ethnographic-based business, conquer new supported by corporate strategy launched with markets and segments, whilst functions Business Area execution protecti
Slide 40: Mölnlycke needs to master multiple dimensions
Mölnlycke needs to master multiple dimensions – with customer segmentation as the starting point Customer segments Technology platforms & indications Geography • Acute care Key Mölnlycke legacy technology platforms Our current base & world’s largest markets: • Post Acute Care (WC) • Silicone based s
Slide 41: Delivering our 2025-2030 strategy
Delivering our 2025-2030 strategy focus on stable sustainable growth and profitability 1 2 3 Conquer new markets Defend and grow Protect profitability and segments Defend legacy market share Drive strategic initiatives iMpact30+ a long-term data driven and drive strategic portfolio to deliver growth
Slide 42: Business highlights & financials
Business highlights & financials
Slide 43: H1 business highlights
H1 business highlights Mölnlycke’s largest ever investment of EUR 115 million: expansion of manufacturing capacity in Brunswick, Maine, USA Mölnlycke secures USD 400 million in financing with Swedish Export Credit Corporation to support global expansion strategy Mölnlycke distributed EUR 200 m
Slide 44: Sales development Q2 2025 vs 2024
Sales development Q2 2025 vs 2024 +7% Net sales of EUR 537 million Organic sales growth amounted to 7% in constant currency Mainly driven by Wound Care with solid growth in China, MEA, LATAM and US 514 537 Gloves and Antiseptics mid-single digit growth ORS weak sales; -2% primarily in MEA
Slide 45: EBITDA development Q2 2025 vs 2024
EBITDA development Q2 2025 vs 2024 Actual FX with EBITDA% Positive mix impact from sales growth driven by Wound 28.5% Care 26.1% Negative impact from FX development Negative effects in ORS and Gloves from lower production volumes and increased costs 146 140 Moderate increase in OPEX but held
Slide 46: Mölnlycke is well positioned to capture sustainable profitable growth
Mölnlycke is well positioned to capture sustainable profitable growth Solid organic growth – outperforming competition Robust operating model & well integrated strategic priorities Navigating geopolitics Strategy 2025-2030 underway – set to capture growth in new markets and customer segments
Slide 47: Thank you!
“&% Molnlycke’ Thank you!
Slide 48: 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 48
Slide 49: Investor
investor
Slide 50: Financial calendar
Financial calendar October 16, 2025 Interim Management Statement January-September 2025 January 22, 2026 Year-end-report 2025 April 21, 2026 Interim Management Statement Jacob Lund Chief Communications & Sustainability Officer January-March 2026 +46 725 60 21 57 Jacob.lund@investorab.com July 16, 20