Investor AB (publ)

In Q2 2026, Investor reported adjusted net asset value of SEK 1,215 billion, up 9% versus Q1. Total shareholder return for the B share was 15%, and the Listed Companies portfolio generated a 14% total return, 5 percentage points ahead of SIXRX. Patricia Industries returned -3%, with estimated market value contracting 3% from SEK 230 billion to SEK 222 billion, while Investments in EQT returned -2%. Within Patricia, major subsidiaries delivered 7% organic sales growth and 16% adjusted EBITDA/EBITA growth; Mölnlycke had 2% organic growth and an underlying margin of almost 30% after adjusting for non-recurring items. The balance sheet remained strong, with leverage at 1.9% and cash at hand of SEK 29 billion. Forward-looking commentary was qualitative rather than formal guidance: management expects continued opportunity in med tech, sees APAC as a growth area for Mölnlycke, and said AI and innovation remain important investment themes, while noting continued pressure from softer U.S. wound care markets, competition, and geopolitical volatility.

Christian Cederholm emphasized that the quarter’s NAV growth was almost entirely driven by listed holdings, especially ABB, while noting that Patricia’s underlying operating performance remained solid despite lower multiples. He framed Investor’s strategy as long term and unchanged: back high-quality companies, encourage well-considered innovation spending, and use the platform’s financial flexibility and engaged ownership model to create value over time. His tone was confident but measured, repeatedly stressing resilience, efficiency, and adaptation in a more volatile operating environment.

Jenny Ashman Haquinius walked through the quarter in detail, highlighting the 9% increase in adjusted NAV to SEK 1,215 billion and the contrasting performance across segments. She said Patricia’s major subsidiaries grew 7% organically and 16% on adjusted EBITDA/EBITA, but estimated market values fell 3% to SEK 222 billion because contracting multiples more than offset earnings and cash flow; she also noted Mölnlycke’s underlying margin was almost 30% excluding net positive non-recurring items. On the balance sheet, she cited 1.9% leverage, at the low end of the policy range, and SEK 29 billion in cash at hand, while pointing to dividends and net cash inflows from EQT over time as supporting liquidity.

Analysts focused on whether Investor would reconsider its med tech concentration given Patricia’s relative underperformance and softer wound care trends. Christian said Investor remains convinced about the long-term profitable growth opportunity in med tech, citing demographics, technology, and strained funding systems, and added that lower multiples may create opportunities, though buying cheaply is hard and timing is difficult. Questions on Mölnlycke centered on flat U.S. wound care growth, tariff pass-through, and rising competition; management said the market shows softness and destocking, especially in prevention, but the competitive set is familiar and the company is emphasizing health-economic value rather than unit price. On Laborie, management said growth is still being driven mainly by the Optilume urethral strictures product, with strong profitability helped by operating leverage and product mix. In webcast questions, management said geopolitical tension requires operating globally, AI is creating upside rather than obvious disruption so far, and some client budgets are shifting toward AI spend, which Investor wants portfolio companies to capture.