Investor AB (publ)

Good morning and welcome to Investors Results Call for the third quarter of 2026. I'm joined here in the studio by our CFO, Jenny Arsman-Hakvinius, and our CEO, Kristian Sederholm. And after their presentations, we will be opening up for questions, both on the call via our operator, as well as online. And with that, over to you, Kristian.

Thank you, Jacob, and hi, everyone. In Q3, adjusted net asset value grew by 4%, and total shareholder return for the investor B share was 1%. All business areas contributed to growth, with particularly strong performance in Patricia Industries. At the end of the third quarter, adjusted net asset value stood at 1,258 billion Swedish. Let me briefly go through the three business areas, listed companies, Patricia Industries and investments in EQT, starting with listed companies. Listed companies generated a total return of 1% in Q3, with Saab and SEB contributing strongly. As previously mentioned, ABB announced its US$5.5 billion acquisition of Rotorq, strengthening its position within industrial automation by adding a portfolio of electric actuators for controlling valves. This is a significant acquisition for ABB and a good example of how add-ons can be used to complement organic growth in strategic areas. Together with AT&T, in July Ericsson demonstrated drone detection based on existing 5G infrastructure using advanced network sensing and AI. This highlights how Ericsson's leading radio technology can extend into applications also beyond connectivity. SoBi's Guido Oelker and SEB's Johan Torjeby have announced their departures, and we would like to take this opportunity to thank them both for their significant contributions. We're pleased that Jonas Ahlström has stepped in as interim CEO at SEB, and in SoBi, the board leads the search for a new CEO. The nomination committees are currently preparing for the 2027 AGM season. Competition for top competence is intense and global, and we will hence continue to push to close the gap between Swedish and international board remuneration levels for listed companies. Now over to Patricia Industries. where total return was 15%, driven by strong operating performance, further supported by multiple expansion and positive currency impact. For the major subsidiaries, organic sales growth was 7%, and adjusted EBITDA grew by 26%. This was boosted by M&A, some FX tailwind, as well as a few percentage points from tariff refunds. But, first and foremost, the underlying performance was strong with solid underlying leverage in most places. A few highlights then. Mönlycke announced its intended separation, creating two even more focused companies, all with the intention to create even better basis for each business to reach closer to their full potential. I will come back to this shortly. Nova Biomedical performed strongly, with healthy growth in both bio and clinical, and with efficiency improvement as the integration work continues. Vektura announced a major development project for a new R&D facility with Saab in Jönköping, and Patricia Industries invested 500 million to help finance this. Right after the end of the quarter, Vektura divested two elderly care facilities, all in line with its strategy of focusing on developing, owning, and managing innovation clusters. Sarnova acquired Mercury Medical, a manufacturer of respiratory and anesthesia products, adding a proprietary product portfolio to Sarnova's acute care and emergency preparedness businesses. This is another step, adding own products to the Sarnova portfolio as a complement to the distribution business. And finally, in July, Permobil distributed 550 million Swedish to Patricia Industries. So on Mönnlycke, they announced its intention to separate into two standalone companies, Mönnlycke, where the wound care and the antiseptics business will reside, and Mönnlycke Surgical, where the ORS and the gloves business will reside. This creates stronger conditions for both companies and all four business units to reach their full potential and drive long-term value creation through sharper strategic focus, clearer accountability, and even greater speed of execution. Currently, focus is, of course, on executing the split successfully while keeping momentum in the underlying business. We will revert to this as it develops. For the major subsidiaries, and our 40% in 3 Scandinavia, revenues amounted to almost 73 billion Swedish in the last 12 months, and EBITDA was 19 billion Swedish. And finally then, investments in EQT, our third business area. Total return was 7%, driven by both EQT AB and our fund investments. In the quarter, we invested 0.7 billion in the fund's net of exit proceeds. Activity remained high, and EQT closed the acquisition of Kohler Capital, complementing its portfolio with a strong platform in the secondaries market. Also, after the quarter, EQT announced the acquisition of Stockbridge, scaling its real estate platform, adding a sector specialist team with a local presence in the US. And, as reflected in our recent acquisitions of shares in EQT AB, we remain confident in their continued ability to generate attractive returns for its investors and its shareholders. As I've said many times, we're confident in our platform. In particular, I'd like to highlight our portfolio of high-quality companies. In today's complex operating environment, they're doing a good job focusing on improving efficiency and strengthening resilience while investing for the future. Our companies have a strong starting point with excellent customer offerings and leading market positions. As engaged owners, we remain focused on building and supporting these companies, and we're confident that this will create shareholder value over time. With that, I leave the floor to you, Jenny.

Thank you, Christian, and good morning. So let's move over to the financials for the quarter. So in Q3, 2026, adjusted net asset value was 1,258 billion, and this implies an increase of 4% compared to Q2. For the quarter, the value uptick was driven by all business areas, but particularly strong performance in Patricia Industries, which was up 15%, followed by investments in EQT, which was up 7%. Now, double-clicking on each of the business areas, starting with listed companies. Within listed companies, share price performance was mixed, particularly strong in terms of total return for Saab, SEB and Nasdaq with exposure to defense and financial markets, but a tougher quarter in terms of total return for industrials and consumer. Total return for listed companies portfolio was 1%, which is one percentage point behind 6RX. As for absolute contribution, we see a similar pattern, although ABB is the biggest drag given weight and size in our portfolio. And then moving on to Patricia Industries. Solid performance across the Patricia Industries companies in Q3. The major subsidiaries grew 7% organically and adjusted EBITDA increased by 26%, primarily due to strong operating performance, but also in part helped by M&A, positive FX and tariff refunds. And then double-clicking on performance across the companies in Patricia Industries, and I will comment on a few of them. Solid organic growth across all companies in North America at attractive margins. For Laboree, organic growth of 13% was driven by all business areas, and also this quarter to a large extent by the Optilum urethral strictures product. Profitability for Laboree increased despite continued investments in commercial. NOVA Biomedical grew 14% organically and profitability increased on the back of efficiency improvements from the ongoing integration. Integration work continues, but performance thus far underpins the potential of this platform. Looking at the Nordics, PIAB grew 5% organically, and this was driven by lifting automation and vacuum automation. Profitability increased in part due to tariff refunds and FX, but also on the back of operating leverage. Permobil saw yet another quarter with muted growth, but despite this and commercial investments, it's good to see solid profitability, and focus for the company is on ongoing product launches to fuel growth. Moving on to Mönlycke. Mönlycke had a quarter with 5% organic growth with growth driven by all four business areas. Focusing on wound care specifically, we saw 6% organic growth driven by all regions, particularly strong quarter in Canada and good momentum in China and pockets of Europe. Wound care US showed organic growth largely in line with the market, but we are seeing continued tough competition and that's specifically within prevention. Profitability was largely in line with last year, also when adjusting for tariff reclaims and FX, and this is despite higher raw material and logistics costs. We saw 15% increase in estimated market values for Patricia Industries comparing to Q2, so from 222 billion to 256 billion. And this increase was explained by expanding multiples, earnings growth, solid cash flow generation, and positive FX. And as a reminder, our multiple-based valuation method uses a three-month value-weighted price and not the quarter and spot price. And the positive impact from FX comes from a weaker Swedish krona in Q3 compared to Q2. If we look at value development across companies, all companies contributed positively. And the main positive contribution came from Mönlycke and Nova Biomedical. Also worth highlighting is the distribution of 550 million from Permobil to Patricia Industries and the equity contribution to Vektura of 500 million to fund the development of Saab's new R&D site in Jönköping. And then moving on to investments in EQT. Total value change was positive, so 7% in the quarter, and that's driven by both EQT AB and fund investments. And as a reminder, we report the EQT fund investments with one quarter lag, so the 9% is based on EQT's Q2 report. And then on the right-hand side, you see the net cash flow from EQT to investor, which was negative in Q3, and that's because drawdowns were larger than proceeds. And here we illustrate net cash flow from investments in EQT to investor over time. It's quite lumpy on a quarterly basis, but over the past 10 years, we've received a net cash inflow of 1.5 billion on average per year. And our balance sheet remains strong. Our leverage as of Q3 is 1.8%, and that remains in the lower end of our policy range. And we closed the quarter with 29 billion in cash at hand. Also worth mentioning is that we, as part of the annual rating assessment, were upgraded by Moody's from AA3 to AA2, and that reflects our strong track record, attractive portfolio of companies, clear strategy, and financial strength. And then onto my final slide, looking at the longer-term perspective, the performance of the investor ABB share truly demonstrates the strength and the resilience of our portfolio and our strategy. And with that, I will leave the word back to Jacob.