Investor AB (publ)

In Q2 2026, adjusted net asset value was SEK 1,215 billion, up 9% versus Q1. Listed Companies generated a 14% total return, 5 percentage points ahead of SIXRX, while Patricia Industries had a -3% total return and Investments in EQT were down 2%. For Patricia’s major subsidiaries, organic sales growth was 7% and adjusted EBITDA grew 16%, with solid cash flow conversion; Mölnlycke’s underlying margin was described as almost 30% after adjusting for non-recurring items. At quarter-end, leverage was 1.9% and cash at hand was SEK 29 billion. No explicit next-quarter or full-year guidance was given; management instead said underlying momentum in Patricia remains solid, Mölnlycke’s Wound Care market is growing low to mid-single digits, and Laborie’s growth is being driven mainly by Optilume with strong margins.

Christian Cederholm emphasized that Investor’s results were driven by strong listed-company performance, especially ABB, while acknowledging that lower valuation multiples hurt Patricia Industries and EQT in the quarter. His tone was confident and strategic: he stressed long-term med tech demand, the importance of innovation, and the ability of portfolio companies to adapt through efficiency, resilience, AI, and sustainability. He also highlighted that Investor remains globally oriented despite geopolitical tensions, arguing that differentiated products and customer trust give the portfolio a good chance to compete across markets.

Jenny Ashman Haquinius walked through the quarter’s valuation and operating drivers, noting adjusted NAV of SEK 1,215 billion, a 9% increase, and a 14% total return from Listed Companies versus -3% for Patricia and -2% for EQT. She said Patricia’s major subsidiaries grew 7% organically and adjusted EBITA rose 16%, with FX no longer a major drag; she also flagged Mölnlycke’s modest 2% organic growth, but said underlying margin was almost 30% after adjusting for non-recurring positives including a tariff refund. On the balance sheet, she cited 1.9% leverage and SEK 29 billion in cash at hand, underscoring that financial flexibility remains strong.

Analysts pressed on whether Patricia’s med tech concentration should be reconsidered given weaker multiples and slower growth at Mölnlycke. Management said it remains convinced about the long-term profitability of med tech, citing demographics, technology, and strained healthcare funding as supportive, and argued that earnings growth matters more than short-term trading multiples. Questions on Mölnlycke focused on U.S. wound care softness, destocking, pricing, and competition; management said the market is softer and competition is more intense, especially in prevention and pricing, but that there are no new competitor types and that the company is pushing health economics, not just unit price. On Laborie, management confirmed that growth is still mainly driven by Optilume urethral strictures, with strong operating leverage and positive mix supporting margins. In the webcast Q&A, management also said AI is mostly creating upside in software-heavy holdings and that they are watching for budget shifts, but so far have seen no major hesitation beyond the need to ensure their companies are part of AI-related spending.