Investor AB (publ) (INVE_A) Q2 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning and welcome to Investors Results Call for the second quarter and first half of 2026. I'm joined in our Stockholm studio by CFO Jenny Arsman-Harkvinius and CEO Kristian Sederholm. Following the presentations, we'll be opening up for questions both via our operator as well as online. With that, over to you, Kristian. Thank you, Jacob, and hi, everyone. In Q2, net asset value growth was 9%, and total shareholder turn for investors' B-share was 15%. The growth was all driven by listed companies, where both Patricia Industries and investments in EQT contributed negatively. Importantly, when multiples were down, underlying performance in the Patricia companies was solid. At the end of the second quarter, adjusted net asset value stood at 1,215 billion Swedish. Let me briefly go through the three business areas, listed companies, Patricia Industries and investments in EQT. Starting with listed companies then. Listed companies generated a total return of 14% in Q2. Performance was primarily driven by a few of our industrial companies, led by ABB, which benefits from electrification and demand related to the build-out of data centers. During the quarter, we participated with our Prorata share of 1.7 billion Swedish in Rexolux's rights issue, as they strengthened their balance sheet. The joint ventures with Midea is another important strategic step aimed at improving profitability in North America. As you know, Wärtsilä has recently completed a number of divestments of non-strategic assets, basically pruning its portfolio. In Q2, Wärtsilä announced a joint venture for its global energy storage business, teaming up with a seasoned partner who knows the business and has a proven track record of performing also under challenging market conditions. We believe this can...