Investor AB (publ)

Headline performance / NAV: Adjusted net asset value (NAV) increased 4% in Q3 2026 to SEK 1,258bn. Total shareholder return for Investor B was +1% in the quarter. Growth was led by Patricia Industries (+15% total return), followed by Investments in EQT (+7% total return); Listed Companies total return was +1% and lagged SIXRX by ~1pp (main drag cited: ABB).

Patricia Industries: strong operating momentum with multiple expansion & FX tailwind: Major subsidiaries delivered ~+7% organic sales growth and +26% adjusted EBITA growth (helped by M&A, positive FX, and ~tariff refunds; management also stresses underlying operating leverage). Estimated value for Patricia Industries rose ~+15% vs Q2 (SEK 222bn → SEK 256bn) mainly via expanding multiples, earnings growth, strong cash generation, and FX.

Company highlights & sustainability signals (good + “watch items”): - Mölnlycke: +5% organic growth; Wound Care +6% with broad regional contribution (notably Canada strong; China momentum; U.S. grew roughly in line with market but prevention faces tough competition; France under pressure from healthcare budgets). Management cautions against concluding too much from one quarter; underlying mature Wound Care market is typically low to mid-single digits. - Nova Biomedical: +14% organic growth with profitability up via integration efficiency (integration is still early; potential volatility acknowledged). - Laborie: +13% organic growth, driven largely by Optilume urethral strictures (BPH product in earlier launch stage—needs clinical evidence; reimbursement code already received). - Permobil: muted growth but solid profitability; focus on product launches.