Investor (INVE) Q3 2025 earnings summary

Executive summary

• Adjusted net asset value rose 7% in Q3 2025 to SEK 1,028 billion, with all business areas contributing positively and total shareholder return at 5%, outpacing the SIXRX index at 3%.

• Listed Companies delivered an 8% total return, outperforming the SIXRX index, while Patricia Industries and EQT posted 4% and 1% returns, respectively.

• Portfolio companies focused on cost efficiency, continued investments, and future-proofing despite global trade frictions and currency headwinds.

• Significant investment activity included acquisitions in Atlas Copco, Ericsson, and the USD 2.2bn acquisition of Nova Biomedical by Advanced Instruments.

• The operating environment remains challenging, but the group maintains a focus on profitable growth and innovation.

Financial highlights

• Adjusted NAV per share reached SEK 336, up from SEK 317 at year-end 2024; reported NAV increased to SEK 899.2bn, up 7% sequentially.

• Total adjusted assets amounted to SEK 1,055bn, with Listed Companies contributing SEK 753bn, Patricia Industries SEK 209bn, and EQT SEK 97bn.

• Q3 consolidated net sales were SEK 16,271m, with profit for the period at SEK 59,814m and basic EPS of SEK 19.53.

• Leverage stood at 2.6%, at the lower end of the policy range, with gross cash at SEK 23,716m and average debt maturity of 9.4 years.

• Patricia Industries reported LTM sales of SEK 68bn and EBITDA of SEK 17.1bn.

Outlook and guidance

• Management expects continued opportunities for acquisitions and portfolio strengthening amid a turbulent environment, with a focus on profitable growth and innovation.

• No specific guidance on CapEx or dividends for 3 Scandinavia; recent high investment phase is winding down.

• No guidance provided for 2026 revenues or EBITDA margins for Nova Biomedical due to ongoing integration.

• Nomination committees are working to close the remuneration gap and ensure strong governance.

• Financial flexibility and low leverage position the group to capitalize on market opportunities.