Investor AB (publ)

Headline performance / NAV (good) - Q3 2026 adjusted NAV: SEK 1,258bn, up 4% vs Q2. - Total shareholder return: 1% for Investor B in Q3. - Value drivers by business area: Patricia Industries +15%, Investments in EQT +7%, Listed Companies +1% (noted as slightly behind SIXRX by ~1pp). - Balance sheet strength: leverage 1.8% (lower end of policy range) and SEK 29bn cash at quarter end; Moody’s upgraded Aa3 → Aa2.

Patricia Industries momentum + key operational signals (mostly good) - Major subsidiaries: +7% organic sales growth and +26% adjusted EBITA growth in Q3, helped by M&A, FX tailwind, and ~tariff-refund contribution (management noted tariff effects roughly ~1 percentage point to margins where cited). - Examples of underlying strength: - Laborie: +13% organic growth, with growth attributed largely to Optilume urethral strictures; continued investment in commercial despite margin improvement. - Nova Biomedical: +14% organic growth, profitability supported by efficiency gains amid ongoing integration. - Mölnlycke Wound Care: +6% organic growth with broad regional contribution; U.S. prevention competition remains tough; Canada strong, China momentum continuing.

Mölnlycke separation (surprising/important) - Mölnlycke announced intent to separate into two standalone companies: - Mölnlycke (Wound Care + antiseptics) - Mölnlycke Surgical (ORS + gloves) - CEO framing: primarily about greater focus and accountability (stronger governance and separate P&Ls/boards), plus an opportunity to accelerate innovation. - Expected trade-off: separation will duplicate costs (explicitly acknowledged), and management did not give a precise timeline for when benefits outweigh added costs (will prioritize executing split while maintaining business momentum).