Investor AB (publ) (INVE_A) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning and welcome to Investors Q4 and year-end results for 2025. I'm joined here in the studio in Stockholm by our CFO, Jenny Ersman Aquinius, and our CEO, Christian Sederholm, and both will soon be giving their presentations. After that, as usual, we'll be opening up for questions, both on the call via our operator and online. And with that, over to you, Christian. Thank you, Jakob, and hello, everyone. As we look back on the past year, it's clear that 2025 was anything but straightforward. The world remains impacted by significant geopolitical uncertainty. Now, despite these headwinds, the global economy delivered decent growth. And in this environment, our companies are doing a good job balancing profitable growth here and now, including focus on efficiency and cost out, whilst continuously investing to future-proof their businesses. Let's take a closer look at how we performed over the last year. So, 2025 turned out a strong year for Investor. Adjusted net asset value grew by 14%, and our TSR, total shareholder return, was 15%. Lister Company's total return amounted to 22%, and we strengthened our ownership in Ericsson and Atlas Copco for a total investment of about 2.3 billion Swedish. Patricia Industries' total return was minus 9%, with considerable headwind from the weaker US dollar. Operationally, it was a good year in total for the major subsidiaries, and in addition to organic growth of 4%, The companies made add-on acquisitions for a total of 24 billion Swedish, of which Patricia funded about 16 billion, with the rest funded by the portfolio companies themselves. The biggest one by far, of course, being the acquisition of Nova Biomedical. Investments in EQT generated a total return of 15%. And here, we also made our first co-investment, Fort Knox, a...