Investor AB (publ)

NAV / performance snapshot (good + baseline): Adjusted NAV reached SEK 1,258bn at Q3-end, +4% vs Q2. Q3 total shareholder return was +1% (Investor B). Performance by segment: Patricia Industries +15% (major driver), Investments in EQT +7%, Listed Companies +1% (lagged SIXRX by ~1pp). Underlying theme: results broadly diversified, but Patricia is doing most of the heavy lifting.

Patricia Industries momentum (good, with some qualifiers): Major subsidiaries delivered +7% organic sales growth and +26% adjusted EBITA growth, supported by operating leverage, M&A, FX tailwind, and ~tariff refunds (management noted tariff refunds add roughly ~1 percentage point to margins where highlighted). Key company highlights investors should note: - Mölnlycke: +5% organic; Wound Care +6% (broad-based by region; stronger in Canada and continued momentum in China; U.S. “prevention” faces tougher competition). - Nova Biomedical: +14% organic with improved profitability from integration efficiencies (but integration still early). - Laborie: +13% organic, with major contribution from Optilume urethral strictures; also growth in child & maternal health tied to JADA acquisition. - Permobil: muted growth but solid profitability; focus remains on product launches.

Mölnlycke separation (surprising and strategic; costs vs benefits uncertain): Mölnlycke announced a planned split into Mölnlycke (Wound Care + antiseptics) and Mölnlycke Surgical (ORS + gloves). Management framed this as focus + accountability and a way to accelerate innovation, not primarily as a valuation “peer multiple” play. Investors should expect: duplication of overhead/back-office and higher near-term costs (explicitly acknowledged), with the net positive timing not given (company says essentially “execute first, timing TBD”—no clear 2027/2028 commitment).