Investor (INVE) Capital markets update 2026 summary

Strategy and capital allocation

• Strategy 2030 targets NAV growth, a steadily rising dividend, and efficient, sustainable operations, with priorities spanning performance, portfolio, and people.

• Capital allocation prioritizes existing holdings—supporting growth, add-ons, and balance sheets—then dividends and selective new investments; capacity to invest may exceed that of the prior 5–10 years.

• Future-proofing priorities include innovation, AI, sustainability, talent, portfolio management, and geopolitics; focus is on company-level risks and opportunities rather than broadly reshaping the portfolio.

• Ownership priorities include profitable growth, addressing underperformance, strong leadership, integrity, and technology adoption; companies are encouraged to invest in R&D through cycles and track energy efficiency alongside emissions.

Financial performance and flexibility

• Adjusted NAV was SEK 1,258bn at September 30, 2026, after average annual growth of 16% over five years; adjusted assets comprised Listed Companies at SEK 949bn, Patricia Industries at SEK 242bn, and EQT investments at SEK 95bn.

• TSR exceeded the 8%–9% internal return requirement; dividends per share grew at an average annual rate of 8% over 10 years, except for the pandemic reduction.

• Management costs were 0.06% of adjusted NAV for 2026 Q3 LTM; since 2016, costs rose 5%–6% annually on average, reflecting inflation and investment in Patricia Industries and digital and AI transformation.

• Leverage was 1.8% against a 0%–10% policy range; ratings were S&P AA- and Moody’s Aa2. Debt averaged 8.4 years to maturity, with no major maturities until 2030.

• From 2015 to 2025, business areas generated SEK 216bn of cash flow; SEK 90bn was invested in listed companies and Patricia Industries combined, and SEK 116bn was paid as dividends.

Listed companies

• The portfolio comprises minority stakes in 13 global companies, totaling SEK 949bn or 74% of adjusted assets; ABB, Atlas Copco, SEB, Saab, and AstraZeneca represent ~75% of the portfolio.

• Over 10 years, the portfolio returned ~17% annually, ~6 percentage points above the SIX Return Index; investments made from year-end 2015 to September 2026 delivered 23% total IRR.

• Capital allocation focuses on supporting growth and balance sheets and increasing stakes at attractive valuations; new opportunities are sought among sizable Nordic businesses in familiar sectors with strong positions and track records.

• Electrolux and Husqvarna underperformance is being addressed through turnaround plans; Electrolux is strengthening its balance sheet, partnering with Midea in North America, simplifying operations, and optimizing manufacturing.