Investor Ab Class A · OMXSTO:INVE_A
Investor Ab Class A — Q4 2024 Earnings Presentation
39 slides from Investor Ab Class A's earnings presentation, Jan 23, 2025
Slide 1: Year-end report 2024
investor Year-end report 2024 January — December 2024
Slide 2: Christian Cederholm, President and CEO
investor Christian Cederholm President and Chief Executive Officer
Slide 3: 2024 in summary
investor 2024 in summary * Adjusted net asset value growth 20% * Total shareholder return 27% (SIXRX return index 9%) * Listed Companies: 18% total return - Strengthened ownership in Ericsson * Patricia Industries: 30% total return - Strong performance by the major subsidiaries - Several strategic a
Slide 4: Business areas
investor Business areas December 31, 2024 Total adjusted assets SEK 982bn Adjusted net asset value SEK 970bn Investments in EQT SEK 89bn 9% of total assets Listed Companies SEK 670bn 68% of total assets
Slide 5: Listed Companies
investor / * Listed Companies SEK 670bn 68% of total assets SS ffi Pile a
Slide 6: Highlights during the quarter
investor Highlights during the quarter * Total return -4 %vs. -6% for the SIXRX return index * AstraZeneca USD 3.5bn investment in R&D and manufacturing in the US, strengthening the local presence further * David Meek appointed new Chair of Sobi at EGM, Torbjérn L66f nominated new Chair in Husqvarna
Slide 7: Patricia Industries
Patricia Industries SEK 223bn 23% of total assets
Slide 8: Highlights during the quarter
investor Highlights during the quarter * Total return 6% (incl cash), driven by positive currency impact, earnings growth and cash flow, partly offset by lower multiples * Major subsidiaries grew sales by 3% organically in constant currency, and adjusted EBITA by 11% - Strong growth in Mélnlycke and
Slide 9: Reported and organic sales growth, adjusted EBITA growth
11 9 6 6 5 3 Reported sales Organic sales Adjusted EBITA Reported sales Organic sales growth Adjusted EBITA growth growth growth growth growth
Slide 10: Share of sales and operating performance
• Antiseptics 3% • Gloves 12% Share of sales Operating • Wound Care Room 59% 2024 Solutions 25% • EUR m • 700 35 600 30 500 25 • 400 20 300 15 200 10 • 100 5 0 0 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 20 21 21 21 21 22 22 22 22 23 23 23 23 24 24 24 24 Sales EBITDA, % EBITA, % •
Slide 11: Quarterly and LTM, SEK m
SEK m 500 0 1 000 1 500 2 000 2 500 3 000 3 500 4 000 4 500 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 LTM (RHS) Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 2
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Slide 13: Highlights during the quarter: Investments in EQT
investor Highlights during the quarter * Total return -5 percent * EQT AB total return -11 percent * Fund investments 5 percent * Net cash flow to Investor SEK 0.9bn * Drawdowns from Investor SEK 1.0bn * Proceeds to Investor SEK 1.9bn SEK 0.3bn from dividend from EQT AB SEK 1.6bn from exit proceeds
Slide 14: Portfolio, People, Performance
Slide 15: Jenny Ashman Haquinius, Chief Financial Officer
investor Jenny Ashman Haquinius Chief Financial Officer
Slide 16: Listed companies, Patricia Industries, Investments in EQT
1 200 1 000 800 600 400 200 0 2017 2018 2019 2020 2021 2022 2023 2024 -200 Listed companies Patricia Industries Investments in EQT Other assets & liabilities Net debt
Slide 17: Total return by business area
30 20 18 6 8 Listed Patricia Investments in Total Companies Industries EQT -2 -4 -5 Listed Patricia Investments in Total Companies Industries EQT
Slide 18: Listed Companies — Total return
investor Listed Companies — Total return Q4 2024 % 25 20 15 10 ° ericsson Z ot» Nasdaq eel Total -4% 5 rm SIXRX -6% a -10 A Epiroc Atlas Cope “15 wea @roup "P° -20 6 18
Slide 19: -5 -10 -15 -20 -25
10 000 5 000 0 -5 000 -10 000 -15 000 -20 000 -25 000
Slide 20: Patricia Industries - Major drivers of estimated market values
investor Patricia Industries - Major drivers of estimated market values 4 2024 SEK 239bn SEK 225bn + Currency + Earnings - Multiples Q3 2024 Q4 2024
Slide 21: Patricia Industries - Operating performance
investor Patricia Industries - Operating performance Org. growth,% EBITAmargin, EBlTAmargin, Value, 42024 % Q4 2024 Change pp SEK bn 143!) 64.62) -15.82) 37 oRD.enre FoR UF 18 31.2 ns 32.5 (ABYANCED 9 429 o4 148 Tacks 8 25.6 1.2 91.3 Dia 7 258 59 148 permobil 3 18.2 19 18.3 sarnova~ 1 15.0 14 23.9 B
Slide 22: Patricia Industries — Change in estimated market values
investor Patricia Industries — Change in estimated market values 3044 238775 16 592 440 358 210 po nen i140 882 oo 758 37 "657 — XN 5886 Capital ~350 —— contribution of See art Distribution to 224 539 atricia Industries Patricia Industries — of SEK 3,456m Q3 2024 —_Laborie Sarnova Advanced Piab Fina
Slide 23: Investments in EQT: drawdowns, proceeds, dividends
2 000 1 500 5 1 000 500 0 -500 -5 -1 000 -1 500 Drawdowns Proceeds Dividends Net cash flow -11 EQT AB Fund investments Total
Slide 24: Cash flow generation
Cash flow generation
Slide 25: 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 25
Slide 26: Cash flow, SEK m
SEK m 16 000 14 000 12 000 10 000 8 000 6 000 4 000 2 000 0 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Slide 27: 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
18 000 16 000 14 000 12 000 10 000 8 000 6 000 4 000 2 000 0 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Slide 28: Investments
investor Investments Net cash flow to Investor in EQT 1000 fo} L] a as a ile 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 28
Slide 29: 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 29
Slide 30: Gross investments by business area
20 000 18 000 16 000 14 000 12 000 10 000 8 000 6 000 4 000 2 000 0 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Listed Companies Investments in EQT (Gross investments) Patricia Industries
Slide 31: Gross investments by business area
20 000 18 000 16 000 14 000 12 000 10 000 8 000 6 000 4 000 2 000 0 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Listed Companies Investments in EQT (Gross investments) Patricia Industries
Slide 32: Dividend per share, SEK
Dividend per share, SEK 6 5 4 3 2 1 0 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024p
Slide 33: Strong balance sheet
Strong balance sheet
Slide 34: Leverage and leverage target range
% 30 25 20 15 10 5 0 -5 Q4 20 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 Leverage target range Leverage
Slide 35: Debt maturity profile, SEK m
1 000 2 000 3 000 4 000 5 000 6 000 7 000 8 000 0 SEK m 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044
Slide 36: Investor B total return vs SIXRX
% 30 25 20 15 10 5 0 1 year 5 years 10 years 20 years Investor B SIXRX
Slide 37: We create value for people and society by building strong and sustainable businesses
Slide 38: investor
investor
Slide 39: Financial calendar
investor Financial calendar April 23, 2025 Interim Management Statement January-March 2025 May 7, 2025 Annual General Meeting Jacob Lund Chief Communications & Sustainability Officer +46 725 60 2157 July 17, 2025 Jacob.lund@investorab.com Interim Report January-June 2025 October 16, 2025 Interim Man