Investor AB (publ) (INVE_A) Q3 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning and a warm welcome to Investors Results Call for the third quarter 2025. I'm joined here in the studio by Jenny Arsman-Hakvinius, CFO, and Christian Sederholm, CEO. Both will soon be giving their presentations. And after that, as usual, we will be opening up for questions, both via our operator on the call and online. With that, over to you, Christian. Thank you, Jacob, and hello, everyone. Q3 was a strong quarter with net asset value growth of 7% with contribution from all three business areas. In a turbulent environment, our portfolio companies maintain a good balance between focusing on efficiency to protect profits here and now, and at the same time, investing appropriately for the future, both organically and by way of acquisitions. The Patricia Industries subsidiaries show solid performance with good organic growth and stable profits despite significant headwinds from a weaker US dollar. We also saw continued high portfolio activity, including investments in all three business areas. At the end of the quarter, adjusted net asset value stood at 1,028 billion Swedish. Let me briefly go through the three business areas. starting with the listed companies that represents about 70% of our portfolio. Listed companies generated a total return of 8%, well ahead of the 6RX return index at 3%. We invested in Ericsson and Atlas Copco at valuation levels that we deem attractive. We also entered into a new contract to divest shares in SEB with the aim to maintain our current ownership level as SEB continues to buy back shares. Companies continued their efforts to future-proof their businesses. For example, in the past 12 months, Atlas Copco has acquired more than 30 companies, including several in this third quarter. AstraZeneca announced a plan to invest 50 bi...