Investor (INVE) Q2 2025 earnings summary

Executive summary

• Adjusted net asset value (NAV) increased 3% in Q2 2025 to SEK 961 billion, with listed companies delivering a 6% total return and Patricia Industries posting a -6% return due to lower multiples and currency headwinds.

• Total shareholder return was -5% for the quarter, underperforming the SIXRX index's 3% gain.

• Significant investment activity included SEK 1.2 billion in Ericsson, SEK 0.82 billion in EQT AB, and SEK 2.6 billion in Fortnox.

• Patricia Industries completed the USD 2.2 billion acquisition of Nova Biomedical post-quarter, with USD 1.6 billion financed internally.

• Leverage remained low at 1.2% of adjusted assets, supporting continued investment capacity.

Financial highlights

• Adjusted NAV reached SEK 961 billion as of June 30, 2025; listed companies represent 71% of assets, Patricia Industries 19%, and EQT 10%.

• Listed companies delivered a 6% total return, outperforming the SIXRX index (3%), driven by SAAB and ABB.

• Patricia Industries saw a 6% decline in estimated market values, mainly from lower multiples and negative currency impact, partially offset by organic sales growth.

• Investments in equity returned 4%, led by EQT AB's share price appreciation.

• Major subsidiaries and 3 Scandinavia reported SEK 67 billion in sales and SEK 16.7 billion in EBITDA (last 12 months).

Outlook and guidance

• Companies are focusing on cost efficiency and agility amid a turbulent environment, with ongoing scenario planning for tariffs and FX impacts.

• Mölnlycke is accelerating efficiency improvements to offset FX and tariff impacts, aiming to return to historical EBITDA levels.

• Strategy 2025-2030 emphasizes profitable growth, future-proofing, and maintaining a strong financial position.