Investor AB (publ)

Strong NAV progress, driven by Patricia Industries (key positive) - Adjusted NAV: SEK 1,258bn at Q3 end (+4% vs Q2). - Total return Q3: Investor B share ~+1%; Patricia Industries ~+15%; EQT investments ~+7%. - Patricia value/multiple expansion: Patricia Industries estimated value up ~15% QoQ (SEK 222bn → SEK 256bn), attributed to expanding multiples, earnings growth, strong cash flow, and positive FX. - Listed Companies lag (relative negative): Listed Companies total return ~+1%, but ~1pp behind SIXRX, with ABB the biggest drag (though ABB’s events are mentioned as strategically positive).

Patricia Industries operating performance is the main engine (good, broad-based) - Major subsidiaries: ~+7% organic sales and +26% adjusted EBITA in Q3. - Tariff refunds and FX were meaningful tailwinds; management also emphasized underlying operating leverage in most places. - Notable subsidiary momentum (investor-relevant examples): - Mölnlycke: +5% organic; Wound Care +6% organic (all regions contributing). - Nova Biomedical: +14% organic with profitability supported by integration efficiency (integration underway; expect some volatility). - Laborie: +13% organic; growth heavily supported by Optilume urethral strictures, plus continued product-led expansion. - Piab: +5% organic, helped by automation/vacuum automation. - Permobil: muted growth but solid profitability, focusing on product launches. - Surprising/positive detail: management repeatedly frames quarter performance as “solid underlying” despite ongoing global healthcare pressures.

Mölnlycke split: strategic focus/accountability; upside vs cost duplication uncertain (both opportunity + risk) - Planned split into two standalone companies: - Mölnlycke (Wound Care + antiseptics) - Mölnlycke Surgical (ORS + gloves) - Motivation: greater focus + accountability via sharper P&Ls/boards; also stated as a way to accelerate innovation. - Costs/transition risk acknowledged: separation typically duplicates certain back-office functions, creating near-term headwind. - No clear timeline given for net benefit (management said they can’t provide a precise “when”; expect execution phase while maintaining momentum in the underlying business).