Investor AB (publ)

Good morning and a warm welcome to Investors Results Call for the third quarter 2025. I'm joined here in the studio by Jenny Arsman-Hakvinius, CFO, and Christian Sederholm, CEO. Both will soon be giving their presentations. And after that, as usual, we will be opening up for questions, both via our operator on the call and online. With that, over to you, Christian.

Thank you, Jacob, and hello, everyone. Q3 was a strong quarter with net asset value growth of 7% with contribution from all three business areas. In a turbulent environment, our portfolio companies maintain a good balance between focusing on efficiency to protect profits here and now, and at the same time, investing appropriately for the future, both organically and by way of acquisitions. The Patricia Industries subsidiaries show solid performance with good organic growth and stable profits despite significant headwinds from a weaker US dollar. We also saw continued high portfolio activity, including investments in all three business areas. At the end of the quarter, adjusted net asset value stood at 1,028 billion Swedish. Let me briefly go through the three business areas. starting with the listed companies that represents about 70% of our portfolio. Listed companies generated a total return of 8%, well ahead of the 6RX return index at 3%. We invested in Ericsson and Atlas Copco at valuation levels that we deem attractive. We also entered into a new contract to divest shares in SEB with the aim to maintain our current ownership level as SEB continues to buy back shares. Companies continued their efforts to future-proof their businesses. For example, in the past 12 months, Atlas Copco has acquired more than 30 companies, including several in this third quarter. AstraZeneca announced a plan to invest 50 billion US dollars in the US by 2030, further strengthening its position in this key market. Wärtsilä divested its marine electrical systems business, further focusing its portfolio. After the end of the quarter, ABB announced an agreement to divest of ABB Robotics to SoftBank. We share the view of the ABB board that this would be financially attractive for ABB, while providing a good new home to ABB Robotics. On people, then, the Husqvarna Board appointed internal candidate Glenn Instone as new CEO, effective August this year. And the nomination committees are currently forming ahead of next year's AGMs. We will continue to push for higher compensation levels to secure competitiveness for the long term. Moving to Patricia Industries, then. Total return for Patricia Industries was 4%, with the largest positive contribution from multiple six quarters. Our major subsidiaries grew sales organically by 4%, with Bonability and Laboree growing significantly faster. Adjusted EBITDA declined by 2%, largely driven by a weakening US dollar year-on-year. Chris Smith was appointed new CEO of Laboree. Chris has served on the Laboree board and is a seasoned MedTech executive. Advanced Instruments completed acquisition of Nova Biomedical, which is now the name of the new combined business. Organic growth in the quarter was a negative 4% on a pro forma basis, driven by a particularly strong comparison quarter last year for the acquired business and a cyber incident that disrupted operations this quarter. Integration work is often a good start and entails, for instance, implementation of a common ERP system and alignment and investments in the organization, all with the goal to realize the combined company's full potential. The underlying qualities of the business are all in line with our investment case. For the major subsidiaries, and our 40% in 3 Scandinavia, including also the combined NOVA biomedical business from Q3, reported last 12-month sales was 68 billion Swedish, and EBITDA was just north of 17 billion. We should note here that this is all in Swedish kronor, of course, so rather sensitive to FX. Investments in EQT, our third business area, represents about 10% of our total assets. Here, in Q3, total return was 1%. Exit activity in EQT funds was high, with net cash flow to investors of 2 billion Swedish, excluding our investment in Fort Knox. We invested an additional 1.8 billion in the co-investment of Fortnox, taking the total investment close to the communicated 4.5 billion. After the quarter, John Salata was nominated new chair in EQT, taking over after Conny Jonsson from the next AGM. In this turbulent environment, I'm glad that we have a really strong platform. Investor has a clear purpose and a focused strategy. We have a portfolio of high-quality companies, a proven ownership and governance model, great people at Investor and in our companies. And importantly, we have a financial flexibility with low leverage and strong underlying cash flow from all three businesses. The current somewhat turbulent environment will offer opportunities to further strengthen the position of our companies and investor itself, building strong and sustainable businesses and ultimately driving long-term shareholder returns. With that, thank you. And let me hand over to Jenny.

Perfect. Thank you, Christian. And good morning. So let me take you through the financials for the quarter. So in Q3 2025, adjusted net asset value was 1,028 billion. And this implies an increase of 7% compared to Q2. For the quarter, all business areas contributed positively. Listed companies increased with 8%, Patricia Industries 4% and investments in EQT 1%. This implies a total return of 7% for the quarter and 8% year to date. Double-clicking on each of the business areas, starting with listed companies. Within listed companies, share price performance was mixed. Wärtsilä was a strong contributor also this quarter, followed by ABB and SEB. We saw positive share price development across several of the companies. However, Electrolux and Electrolux Professional had a tougher quarter looking at total return. Total return for listed companies portfolio was 8% compared to 6RX benchmark index of 3%. As for absolute contribution, the strong performance was mainly in companies with size and weight in our portfolio. So this implies a strong net asset value contribution from listed companies in Q3. Moving on to Patricia Industries. In Patricia Industries, we saw a 10% increase in estimated market values compared to Q2, so from 202 billion to 223 billion. Adjusting for the equity contribution from investors to Patricia Industries for the NOVA biomedical acquisition, the underlying increase is 4%. The increase was mainly explained by an expansion in valuation multiples as well as cash flow generation in the portfolio companies. However, the increase was somewhat negatively impacted by currency, so a stronger Swedish krona negatively impacting earnings in Manlycke and Permobil. Worth highlighting is that we have included the combined NOVA by medical business in the estimated market values using our previously established method. As a reminder, the method is relative valuation versus listed peers. So for each company, we have identified a set of listed peers, roughly 15 to 20 peers per company. And then for each peer group, we find an EV to EBTA multiple, where the EV, so the enterprise value, reflects the three-month value-weighted average price, as opposed to the spot price at the end of the quarter, and EBTA over the last 12 months. So backward-looking and not forward-looking. And this relative valuation metric is then applied to the EBITDA of our companies. So for Nova Biomedical, we apply the relative multiple to the LTM pro forma EBITDA of the combined business. Looking at value development across companies, we can see that the main contributors in terms of value for Q3 were the North American companies, while the Nordic companies were more flat over the quarter to some extent, way down by negative impact from FX. And now commenting on performance across the companies in Patricia Industries. First, to highlight a few positives, we saw a strong quarter for BraunAbility, in part explained by a relatively weak comparison quarter, but also due to strong demand. Labori continued to see solid growth, driven to a large extent by the Optilum urethral strictures product. In the short term, comps are getting continuously tougher as opulum urethral strictures is included in benchmark quarters. But the longer term, there's a lot of potential in both urethral strictures and the more recently launched BPH product. Nova Biomedical and Permobil had a tougher quarter. For Nova Biomedical, we are coming from a particularly tough comparison period last year for the acquired business. We also had a cyber incident this quarter impacting sales, but this was partly offset by strong organic growth in the acquiring advanced instruments business. Permobil is experiencing muted growth, which is explained by weakness in the US, but also a negative impact from a voluntary product recall. Moving on to Mönnlycke. Mönnlycke had a solid quarter with 3% organic growth, primarily driven by wound care and gloves, both growing 5% organically. This was somewhat offset by a contracting ORS. Profitability improved despite negative impact from FX and tariffs, and that is driven by positive product mix, but also lower cost on the back of the accelerating work to find efficiency improvements. And then moving on to investments in EQT. Total value change was 1% in the quarter, and that's primarily driven by EQT AB, which was up 2%. Fund investments were down 1%, and as a reminder, we report EQT fund investments with one quarter lag. So the negative 1% is based on EQT's Q2 report. For Q3 earlier this morning, EQT reported 3% in positive development in key fund investment. But again, note that this is in euros and that the correlation to our EQT fund investment is not one-to-one. On the right-hand side, we illustrate the NAS cash flow from EQT to investor, which was close to zero in the quarter. And this is despite exit proceeds, given our investment in Fortnox and acquisition of shares in EQT AB. And here we illustrate net cash flow from our investments in EQT over time. While it's quite lumpy on a quarterly basis, over the past 10 years, we have received a net cash inflow of 1.6 billion on average per year. The LTM net cash flow is a negative 2.7 billion, but that includes 800 million in acquisition of shares in EQT AB and 4.4 billion investment in Fort Knox. If we adjust for this, the net cash flow on an LTM basis is a positive 2.5 billion. Our balance sheet remains strong. Our leverage as of Q3 is 2.6%, so it remains in the lower end of our policy range despite significant investments. Onto my last slide. So over the 5, 10 and 20 year period, the investor AB Beecher has outperformed both 6RX index and our return requirement, which we highlight in orange. And this underscores the strength and the resilience of our portfolio and our strategy. The past 12 months have presented headwinds looking at the investor ratio. However, adjusted net asset value is up 6% compared to 6 or X, which has been essentially flat. And with that, I will leave the word back to Jacob.