Investor (INVE) Q3 2026 earnings summary

Executive summary

• Adjusted NAV reached SEK 1,258bn at September 30, up 4% in Q3 and 17% YTD including dividends; Q3 B-share total shareholder return was 1%.

• Nine-month total shareholder return was 24%, ahead of SIXRX at 11%; Q3 returns were 1% for Listed Companies, 15% for Patricia Industries and 7% for Investments in EQT.

• Leverage was 1.8%, with gross cash of SEK 29.5bn and net debt of SEK 23.7bn at quarter-end.

Financial highlights

• Patricia Industries’ major subsidiaries grew Q3 sales 12%, including 7% organically in constant currency; adjusted EBITA rose 26%.

• Major subsidiaries’ LTM sales were SEK 72.8bn and EBITDA SEK 19.0bn at September 30, 2026.

• Patricia Industries’ estimated enterprise value rose from SEK 222bn to SEK 256bn; its subsidiaries’ average EV/EBITDA multiple was 15.6x.

• YTD consolidated net sales were SEK 52,415m versus SEK 48,040m; operating cash flow was SEK 21,297m versus SEK 17,008m.

Outlook and guidance

• Mölnlycke plans to separate Operating Room Solutions and Gloves into a standalone business, sharpening strategic focus; near-term priorities include completing the split and maintaining operating momentum.

• Long-term return requirement is the risk-free rate plus an equity risk premium, totaling 8–9% annually; objectives include NAV growth and a steadily rising dividend.

• Target leverage is 0–10% over a business cycle; financial flexibility supports portfolio businesses and attractive investments.

• Ahead of 2027 AGMs, focus is on closing gaps between Swedish and international remuneration practices.