Industrivärden (INDU) Q2 2024 earnings summary

Executive summary

• Net asset value (NAV) as of June 30, 2024, was SEK 156.0 bn, up 4% from year-end 2023, or SEK 13 per share.

• Total return for the first half was 12% for Class A shares and 11% for Class C shares, outperforming the SIXRX index.

• Net income for the period was SEK 9,140 mn, or SEK 21.16 per share, compared to SEK 13,382 mn, or SEK 30.98 per share, in the same period last year.

• Dividend income reached SEK 8,467 mn, up from SEK 6,300 mn year-over-year.

• SEK 2,122 mn was invested in share purchases, mainly in Volvo, Sandvik, and SCA.

Financial highlights

• NAV per share increased to SEK 361 from SEK 348 at year-end 2023.

• Market value of the equities portfolio was SEK 160,537 mn as of June 30, 2024.

• Net debt decreased to SEK 4,490 mn, with a debt-equities ratio of 3%, down from 5% a year ago.

• Equity ratio remained strong at 95%.

• Dividend of SEK 7.75 per share was paid during the period.

Outlook and guidance

• No significant events have occurred after June 30, 2024.

• The company continues to focus on long-term value creation through active ownership in portfolio companies.