Industrivärden (INDU) Q3 2025 earnings summary

Executive summary

• Net asset value reached SEK 173.0 bn (SEK 401/share) as of September 30, 2025, up 8% (SEK 31/share) over nine months.

• Total return for both Class A and C shares was 10% for the period, outperforming the SIXRX index at 6%.

• Net income for the first nine months was SEK 16,983 mn, or SEK 39.32 per share, up from SEK 15,841 mn (SEK 36.68/share) year-over-year.

Financial highlights

• Dividend income totaled SEK 9,532 mn, up from SEK 8,467 mn year-over-year.

• Change in value of shares was SEK 7,715 mn, compared to SEK 7,632 mn in the prior year.

• Management costs were SEK -97 mn, stable at 0.07% of the equities portfolio.

• Net debt decreased to SEK 4,660 mn (debt-equities ratio 3%), from SEK 6,914 mn (4%) at year-end.

• Shareholders' equity rose to SEK 172,602 mn, with an equity ratio of 96%.

Outlook and guidance

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