Industrivärden (INDU) Q2 2025 earnings summary

Executive summary

• Net asset value as of June 30, 2025, was SEK 165.6 bn, up 4% year-to-date, or SEK 14 per share.

• Total return for the first half was 1% for Class A shares and 0% for Class C shares, underperforming the SIXRX index's 2%.

• Net income for the period reached SEK 9,599 mn, or SEK 22.23 per share, compared to SEK 9,140 mn last year.

• Dividend income increased to SEK 9,408 mn from SEK 8,467 mn year-over-year.

• SEK 2,416 mn was invested in share purchases, mainly in Sandvik, SCA, Essity, Volvo, and Handelsbanken.

Financial highlights

• Net asset value per share rose to SEK 384 from SEK 370 at year-end 2024.

• Market value of the equities portfolio was SEK 169,301 mn at period end.

• Net debt decreased to SEK 3,666 mn, with a debt-equities ratio of 2%, down from 4% a year ago.

• Equity ratio stood at 96% at the end of the period.

• Dividend of SEK 8.25 per share was paid following AGM approval.

Outlook and guidance

• No significant events have occurred after June 30, 2025.

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