Investor (INVE) Q4 2025 earnings summary

Executive summary

• Adjusted net asset value grew 14% year-over-year to SEK 1,087bn as of December 31, 2025, with a total shareholder return of 15%, outperforming the SIXRX index.

• Listed Companies delivered a 22% total return, while Patricia Industries faced a -9% return due to currency headwinds and restructuring costs.

• Major subsidiaries achieved 4% organic growth and executed SEK 24bn in add-on acquisitions.

• The Board proposes a dividend of SEK 5.60 per share for 2025, up 8% from last year, to be paid in two installments.

• Market conditions remain challenging, with persistent currency headwinds, tariffs, and geopolitical uncertainty expected into 2026.

Financial highlights

• Q4 adjusted net asset value reached SEK 1,087bn, up 6% sequentially.

• Listed Companies delivered a 22% total return for the year, with strengthened positions in Ericsson and Atlas Copco.

• Patricia Industries posted a -9% total return, but major subsidiaries showed strong operational performance and completed SEK 24bn in add-on acquisitions.

• Investments in EQT achieved a 15% total return, including the first co-investment alongside EQT funds.

• Profit for the period reached SEK 157,340m, with basic EPS at SEK 51.42, compared to SEK 37.00 in 2024.

Outlook and guidance

• Strategy to 2030 focuses on growing net asset value, rising dividends, and operational efficiency and sustainability.

• Continued focus on performance, portfolio development, and talent management.

• Ongoing investments in innovation, AI, and new geographies to drive future growth.