Investor AB (publ)

Good morning and welcome to Investors Q4 and year-end results for 2025. I'm joined here in the studio in Stockholm by our CFO, Jenny Ersman Aquinius, and our CEO, Christian Sederholm, and both will soon be giving their presentations. After that, as usual, we'll be opening up for questions, both on the call via our operator and online. And with that, over to you, Christian.

Thank you, Jakob, and hello, everyone. As we look back on the past year, it's clear that 2025 was anything but straightforward. The world remains impacted by significant geopolitical uncertainty. Now, despite these headwinds, the global economy delivered decent growth. And in this environment, our companies are doing a good job balancing profitable growth here and now, including focus on efficiency and cost out, whilst continuously investing to future-proof their businesses. Let's take a closer look at how we performed over the last year. So, 2025 turned out a strong year for Investor. Adjusted net asset value grew by 14%, and our TSR, total shareholder return, was 15%. Lister Company's total return amounted to 22%, and we strengthened our ownership in Ericsson and Atlas Copco for a total investment of about 2.3 billion Swedish. Patricia Industries' total return was minus 9%, with considerable headwind from the weaker US dollar. Operationally, it was a good year in total for the major subsidiaries, and in addition to organic growth of 4%, The companies made add-on acquisitions for a total of 24 billion Swedish, of which Patricia funded about 16 billion, with the rest funded by the portfolio companies themselves. The biggest one by far, of course, being the acquisition of Nova Biomedical. Investments in EQT generated a total return of 15%. And here, we also made our first co-investment, Fort Knox, alongside EQT 10, exploring another way to create value together with EQT. Lastly, supported by a strong balance sheet and cash regeneration, Investors Board of Directors proposes a dividend of 5 kronor and 60 öre per share for fiscal year 2025. This represents an increase of 40 öre, or 8%, over last year. At the end of the year, adjusted net asset value stood at 1,087 billion Swedish. And let me briefly go through the three business areas. Starting with listed, that represents about 70% of our assets. Listed companies generated a total return of 6% in the fourth quarter. Investor received proceeds of close to 900 million for SCB shares divested in Q3, so the last quarter, to maintain our ownership level as the bank continued to buy back shares. Portfolio companies continued activities focused on future-proofing their businesses. As an example, Sobi announced its acquisition of Arthrosi, expanding its portfolio within Gaut with a promising Phase 3 drug. Baritzile announced the divestment of its gas solution business, further focusing the Wärtsilä portfolio. Now over to Patricia Industries, which represents about 20% of our portfolio. Total return in the fourth quarter was 1%, driven by earnings growth and multiple expansion, offset by significant negative currency impact. While reported sales declined by 5%, our major subsidiaries grew sales 5% organically. Adjusted EBITDA declined by 6%, heavily impacted by the same negative currency effects I mentioned, and with some costs relating to restructuring initiatives in a couple of the companies. We saw continued high activity in Patricia. For example, Laboree announced acquisition of the Jada system, expanding its offering within obstetrics for a potential maximum value of $465 million US dollars. Sarnova completed two add-on acquisitions for a total of $165 million, strengthening Sarnova's software offering for revenue cycle management. Also, we contributed 200 million Swedish to Atlas Antibodies to strengthen the balance sheet after a period of weak demand and performance. Malnycke and Brownability distributed a total of 4.1 billion Swedish to Patricia Industries in the fourth quarter. For the major subsidiaries, N are 40% in 3 Scandinavia in aggregate, including the combined NOVA biomedical from Q3 and onwards. Reported last 12 months sales stood at 68.4 billion Swedish. And EBITDA was 17.2 billion. We should note here that this is in Swedish kronor, so of course rather sensitive to FX. And finally then, investments in EQT, our third business area, which represents about 10% of the portfolio. In Q4, total return for investments in EQT was 8%. driven by strong share price development in EQT AB. Net cash flow to investor was 1.2 billion Swedish, with approximately 0.9 billion Swedish net inflow from EQT funds, driven by continued healthy exit activity in the funds. During the quarter, we also completed the very last part of our 4.5 billion investment in Fort Knox. So, it was a strong quarter and a strong year, but as always, our focus is on the future. I'm confident in our strong platform. Investor has a clear purpose and a focused strategy. A portfolio of high-quality companies. An ownership and governance model that is well proven. And great people, both at Investor and in our network and in the companies. And we have financial flexibility with low leverage and strong underlying cash flow. Our strategy towards 2030 is clearly defined and well aligned with our purpose, with the ultimate target, of course, of generating an attractive shareholder return. Our objectives are to grow net asset value, to pay a steadily rising dividend, and to operate efficiently and sustainably. We will remain focused on our three strategic pillars, performance, portfolio and people. Let me say a few words about each of these. Performance first. While it varies between industry segments and geographies, overall demand remains lukewarm. In addition, the US dollar is down significantly, and tariffs need to be managed, and the geopolitical situation remain profoundly unpredictable. Against this backdrop, companies need to focus on efficiency here and now to drive profitable growth. At the same time, focus on future-proofing initiatives is critical to ensure long-term competitiveness. This includes, for example, R&D, other investments for innovation, expansion of sales, including to new geographies, and investments to leverage the potential of AI and other new technologies. So moving to portfolio then, based on our financial strength and strong cash regeneration, we continue to seek attractive investment opportunities across all three business areas. This includes additional investments in our listed companies, Add-on investments and potentially new platform companies within Patricia Industries. And continued investments, of course, in and together with EQT. Ultimately, the allocation will depend on where we find the best opportunities. And finally, people. Given the rapid transition pace in all industries, we have to ensure that the right people are driving our companies. With 24 portfolio companies and around 200 board seats across the portfolio, talent sourcing and succession planning is a top priority for us. So, near-term priorities are clear, and we have a lot of work cut out for ourselves. With that, I'd like to leave the word to Jenny to talk more about our financials. Please, Jenny.

Thank you, Christian. Yes, so let me take you through the financials for the quarter. So in Q4 2025, adjusted net asset value was 1,087 billion, and this implies an increase of 6% compared to Q3. For the quarter, all business areas contributed positively. Investments in EQT increased with 8%, listed companies with 6% and Patricia Industries with 1%. So this implies a total return of 6% for the quarter and 14% for the full year. And now double clicking on each of the business areas and I will start with listed companies. So within listed companies, share price performance was mixed, but with positive share price development in almost all companies. particularly strong quarter for the Electrolux share, followed by AstraZeneca, Wärtsilä, Ericsson and Sobi. Saab and Husqvarna, however, had a tougher quarter looking at total return. Total return for the listed company's portfolio was 6% and largely in line with 6RX. And as for absolute contribution, it paints a similar picture, but with AstraZeneca and Atlas Copco in the top, due to the weight in our portfolio. All in all, a solid quarter for the listed company's portfolio. And then moving on to Patricia Industries. For the quarter, the Patricia Industries portfolio, so the major subsidiaries, grew 5% organically, while the adjusted EBITDA declined by 6%. For the full year, organic growth was 4% and the adjusted EBITDA declined by 1%. And as a reminder, we are restrictive when it comes to EBITDA adjustments. So in the 6% drop in EBITDA for the quarter, we have only adjusted for transaction costs related to M&A and one-off costs related to CEO transitions. Other than that, and of course they're not adjusted for, and hence still weighing on the adjusted EBITDA margin, we have negative impact from FX, so the stronger SEC, and also tariffs, as well as restructuring costs to unlock efficiencies in several of the companies. And we deem this as part of ongoing operations. And now, double-clicking on performance across the companies in Patricia Industries, And first to highlight a few positives. We saw a second strong quarter for BraunAbility, in part explained by a relatively weak comparison quarter, but also due to strong demand. Profitability improved, but coming from a depressed level in Q4 2024. Nova Biomedical had a solid quarter in terms of growth and profitability. Growth was partly helped by recovery following the cyber incident in Q3. Integration is progressing according to plan, and this includes initiatives such as merging the organizations and implementing a common ERP system. And this, as we mentioned last quarter, may have an impact on sales and earnings near term. We also do know that Q1 last year was a particularly strong quarter for the acquired part of the business. Laboree continued to see solid growth driven by a large extent the optimum urethral structures product. Reported profitability for Laboree was down as it includes 11 million US dollars in cost for the JDA acquisition and the CEO transition. If we were to adjust for this profitability was still down but only slightly on the back of commercial investments. For Mobil and PIAB had a more challenging quarter. Permobil is experiencing muted growth, and that's primarily explained by negative impact from the voluntary product recall of the power assist device announced in Q3. But positive to see good cost containment and a slight increase in EBITDA margin, and this is despite 32 million in restructuring costs. PIAB had a quarter with negative organic growth, and that's on the back of weaker customer demand, particularly in the semiconductor markets. Generally, PIAB's end markets have been more choppy following the introduction of tariffs and increased geopolitical disruption. Lower sales impacts margins together with negative FX and tariffs, as well as 37 million in restructuring costs to drive efficiencies. And finally on to Atlas Antibondis, we contributed 200 million to strengthen the balance sheet. And this is to give room to the relatively new management to execute on the plan. And we do see that roughly 70% of the business is recovering, but we still see challenges in terms of soft market and competition for the Evitria part of the business. And over to Mönlycke. So Mönlycke had a solid quarter with 3% organic growth, and this was primarily driven by wound care. So wound care grew 5% organically and gloves 3% organically, and this was somewhat offset by a contracting ORS. On a general basis, we see continued good momentum in U.S. and China, while softer markets in Europe and the Middle East. In Europe, as mentioned before, there are pressures on healthcare budgets, and that's specifically in Germany and France. And in the Middle East, we see customers with relatively high inventory levels. Profitability for Manlycke improved, and this is despite negative impact from FX and tariffs, and this is driven by positive product mix, but also lower cost on the back of continuous work with efficiency improvements. and Manlyke distributed 200 million euros to Patricia Industries in Q4. We saw a 1% increase in estimated market values compared to Q3, so from 223 billion to 225 billion. And this increase was explained by earnings growth in the portfolio companies, as well as cash flow generation, and to a lesser extent also expansion in valuation multiples. However, the increase was essentially offset by a negative impact from currency. And looking at value development across the companies, we can see that the main contributors for Q4 were Nova Biomedical and Laboree, while Sarnova and PIAB was a drag on total value. For Sarnova, mainly due to multiples, and for PIAB, mainly lower earnings. Also worth highlighting is the distribution, so roughly 2 billion Swedish kronor from Mönlycke and Bonability respectively. as well as the already mentioned equity contribution to Atlas Antibodies of 200 million Swedish kronor to strengthen the balance sheet. And now moving on to investment in EQT. So total value change was 8% in the quarter, and that's primarily driven by EQT-AB, which was up 14%. Fund investments were essentially flat, and as a reminder, we report EQT fund investments with one quarter lag, so the 0% is based on EQT's Q3 report. On the right-hand side, we illustrate the net cash flow from EQT to investor, which was roughly 1 billion in the quarter, and this is driven by exit proceeds as well as dividend from EQT-AB. And here we have an illustration of the net cash flow from investments in EQT over time. While it's quite lumpy on a quarterly basis, over the past 10 years, we've received a net cash inflow of 1.6 billion on average per year. And the LTM net cash flow is a negative 2.4 billion. However, this includes 800 million in acquisition for EQT AB shares and also 4.5 billion in investment in Fort Knox. If we were to adjust for this, net cash flow on an LTM basis is a positive 3 billion. Our balance sheet remains strong. Our leverage as of Q4 is 2.1%, so it remains in the lower end of our policy range despite significant investments. And we closed the year with 27 billion in cash at hand. All of our three business areas generate cash flow to support investments and a steadily rising dividend to shareholders. And as you know, from listed companies, we receive ordinary dividends as well as extraordinary dividend. In partition industries, the portfolio companies generate cash flow, which can be reinvested in the companies or paid in distribution. And for investments in EQT, we have an ownership in EQT AB, which is an annual dividend, as well as fund investments where cash flow is by definition lumpy because it's dependent on drawdowns and exits, but it remains a strong contributor to cash flow over time. Since 2015, we have received total funds from all of these three business areas of 216 billion. And note here that equity is net cash flow in the pie chart to the left. The use of proceeds is illustrated on the right. More than 50% has been distributed to shareholders. Roughly 30% has been reinvested in Patricia Industries and more than 10% in listed companies. So this platform with three strong business areas provides a broad-based cash flow that supports continued growth and distributions. The incoming funds provide strong investment capacity and have been deployed across all of our three business areas. 2025 was a record year in terms of investments, and this has been executed on while maintaining a strong balance sheet going into 2026. While sustaining this high level of investment activity, as mentioned, more than 50% of incoming funds have been distributed to our shareholders. We have continuously delivered on our commitment to pay a steadily rising dividend, and we continue to do so also in 2025. So the dividend proposal for 2025, as Christian has already mentioned, is 5.6 Swedish kronor per share, which is an increase of 0.4 Swedish kronor per share compared to 2024. And this applies an average annual growth of 8% of the last 10 years. And then onto my final slide. So looking at the longer term perspective, the performance of the investor ABB share truly illustrates the strength and the resilience of our portfolio and strategy. So with that, I will leave the word back to Jacob.