Investor (INVE) Q1 2025 earnings summary

Executive summary

• Adjusted net asset value declined by 3% to SEK 944.4 billion in Q1 2025, with total shareholder return at 2%, outperforming the SIXRX index at 0%.

• Listed companies delivered a -1% total return, Patricia Industries -9%, and EQT 1%.

• Major acquisition: Advanced Instruments to acquire Nova Biomedical for USD 2.2 billion, creating a global life science tools company.

• Portfolio companies delivered profitable growth and cash flow despite a challenging environment.

• Leverage stood at 1.0% as of March 31, 2025, with gross cash at SEK 41.8 billion and average debt maturity of 9.9 years.

Financial highlights

• Adjusted net asset value at SEK 944.4 billion as of March 31, 2025, down 3% from Q4 2024.

• Ordinary dividends expected to rise by 3% to SEK 14 billion in 2025.

• Patricia Industries' major subsidiaries grew organic sales by 4% and adjusted EBITA by 5% in constant currency.

• Mölnlycke reported 3% organic sales growth but lower EBITA margin due to currency and higher costs.

• Market capitalization increased to SEK 913.6 billion from SEK 895.9 billion sequentially.

Outlook and guidance

• Management remains cautious due to macroeconomic uncertainty, tariffs, and FX volatility.

• Ordinary dividends from portfolio companies are expected to reach SEK 14 billion in 2025, a 3% increase year-over-year.

• Advanced Instruments' acquisition of Nova Biomedical expected to close in Q3 2025, with combined pro forma sales of USD 621 million and ~30% EBITDA margin.

• Efficiency initiatives may be accelerated depending on evolving conditions.

• Management remains confident in long-term opportunities driven by demographics, automation, AI, and the green transition.