Investor AB (publ)

NAV & performance (what happened) - Adjusted NAV at SEK 1,258bn (+4% QoQ) driven especially by Patricia Industries (+15%) and Investments in EQT (+7%); Listed Companies total return +1% (also 1pp behind SIXRX). - Q3 highlights: Listed Companies benefited from Saab, SEB, Nasdaq; ABB was the biggest drag due to weight/size. - Patricia Industries operating strength: major subsidiaries +7% organic sales and +26% adjusted EBITA (helped by M&A, FX tailwind, and ~tariff refund effects). - Investments in EQT: total return +7%; SEK 0.7bn invested net of exit proceeds in the quarter; Q2-lag accounting for fund values (noted by management).

Patricia Industries: strong growth, but mixed markets & execution - Mölnlycke wound care accelerated to +6% organic in Q3 (all regions contributing); management cautions against extrapolating from one quarter and notes underlying mature-market growth is low–mid single digits. - U.S. still competitive/tough (esp. prevention); Mölnlycke grew in the U.S. broadly in line with market, attributed to execution and premium product/go-to-market strength. - Laborie: +13% organic growth, mainly from Optilume urethral strictures; margin/profitability improved while continuing investment in commercialization. - Nova Biomedical: +14% organic growth with higher profitability due to integration efficiency (integration ongoing; potential volatility acknowledged). - Permobil: growth muted again, but management flags ongoing product launches as the growth lever; profitability remains solid.

Mölnlycke separation: major strategic move (good upside, near-term cost risk) - Mölnlycke announced intent to separate into two standalone companies: - Mölnlycke (Wound Care + antiseptics) - Mölnlycke Surgical (ORS + gloves) - Management’s core rationale: greater focus and accountability, clearer strategic ownership, sharper execution; also expects higher innovation over time across Mölnlycke. - Cost headwind expected from duplicating overhead/back-office functions; management cannot provide a clear timeline for when separation becomes net-positive (implicitly a multi-year story). - Not positioned as “multiple arbitrage” or primarily a plan to divest; value creation is framed as operational/strategic, not peer-multiple effects.