Industrivärden (INDU) Q1 2026 earnings summary

Executive summary

• Net asset value (NAV) as of March 31, 2026, was SEK 204.1 bn, up 7% from December 31, 2025, or SEK 29 per share.

• Total return for Class A and C shares was 12% in Q1 2026, outperforming the SIXRX index at -1%.

• Net income for Q1 2026 was SEK 12,425 mn, or SEK 28.77 per share, compared to SEK 7,756 mn, or SEK 17.96 per share, in Q1 2025.

Financial highlights

• Dividend income reached SEK 4,997 mn in Q1 2026, up from SEK 4,191 mn in Q1 2025.

• Change in value of shares was SEK 7,540 mn, up from SEK 3,681 mn year-over-year.

• Management costs remained stable at SEK -34 mn.

• Net debt decreased to SEK 1,925 mn from SEK 5,920 mn at year-end 2025.

• Equity ratio stood at 96% at quarter-end.

Outlook and guidance

• The Board proposes a dividend of SEK 8.75 per share for the 2025 financial year, totaling SEK 3,779 mn, with April 15, 2026, as the record date.

• No significant events occurred after March 31, 2026.