Investor (INVE) Q2 2024 earnings summary

Executive summary

• Adjusted net asset value (NAV) reached SEK 969.4bn as of June 30, 2024, up 8% in Q2 and 20% year-to-date, with a 9% total shareholder return, outperforming the SIXRX index's 2%.

• Listed Companies delivered an 11% total return in Q2, with major holdings like Wärtsilä, ABB, Ericsson, and Atlas Copco contributing significantly.

• SEK 2.8bn invested in Ericsson and SEK 5.6bn in add-on acquisitions by Sarnova and BraunAbility, all self-financed.

• Major subsidiaries in Patricia Industries achieved 7–9% organic sales growth and 10% adjusted EBITA growth.

• Patricia Industries posted a 2% total return in Q2, while EQT investments declined by 4%.

Financial highlights

• Total adjusted assets stood at SEK 984bn; adjusted NAV at SEK 969bn.

• Listed Companies accounted for SEK 693bn (71% of total assets), Patricia Industries SEK 205bn (21%), and EQT SEK 89bn (9%).

• LTM sales for Patricia Industries were SEK 64.9bn with EBITDA of SEK 15.8bn.

• Q2 consolidated net sales were SEK 16,112m, with Q2 profit at SEK 65,147m.

• Distributions included EUR 200m from Mölnlycke and SEK 600m from Permobil to Patricia Industries.

Outlook and guidance

• Focus remains on future-proofing businesses, sustainable profit growth, and capturing selective investment opportunities.

• Management emphasizes agility and performance amid geopolitical tensions and volatile markets.

• Ongoing investments in growth and innovation, especially in Mölnlycke and Laborie, are expected to continue.