Investor (INVE) investor relations material

Executive summary

• Adjusted net asset value grew 3% in Q1 2026 to SEK 1,125.1bn, with total shareholder return at 7%, outperforming the SIXRX index which declined 1%.

• Listed Companies and Patricia Industries delivered positive returns, while EQT investments contributed negatively with a -13% total return.

• The business environment remains challenging due to geopolitical tensions, cost inflation, and supply chain risks, but portfolio companies are adapting well and maintaining strong market positions.

• Strong financial position with leverage at 1.2% and gross cash of SEK 37,378m, supporting ongoing capital deployment and dividend growth.

• Ordinary dividends expected to exceed SEK 14 billion in 2026, with SEK 3.4 billion in extraordinary dividends and a proposed dividend of SEK 5.60 per share for 2025.

Financial highlights

• Adjusted NAV per share increased to SEK 367; reported NAV per share rose to SEK 321.

• Listed Companies contributed SEK 830bn (73% of total assets), Patricia Industries SEK 218bn (19%), EQT SEK 91bn (8%).

• Consolidated net sales reached SEK 16,130m, up from SEK 15,990m year-over-year.

• Profit for the period was SEK 30,105m, compared to a loss of SEK 3,048m in Q1 2025.

• Basic earnings per share were SEK 9.83, up from SEK -0.99 year-over-year.

Outlook and guidance

• Companies are expected to continue investing to future-proof their businesses, with a focus on agility, customer-centricity, and AI adoption.

• Financial flexibility and recurring cash flow position the group to invest and pay a steadily rising dividend.

• No major shift in U.S. demand detected; volatility and destocking noted in some segments.

• No formal guidance provided, but long-term confidence in profitable growth, especially for Nova Biomedical.

• The Board proposes a dividend of SEK 5.60 per share for fiscal year 2025, up from SEK 5.20, to be paid in two installments.