Half Year 2026 Investor AB Earnings Call Transcript
Key Points
- Investor AB (IVSBF) reported a 9% growth in net asset value and a 15% total shareholder return in Q2 2026.
- Listed Companies segment generated a strong total return of 14%, driven by industrial companies like ABB benefiting from electrification and data center demand.
- Patricia Industries saw organic sales growth of 7% and adjusted EBITDA growth of 16%, with solid cash flow conversion.
- EQT successfully raised USD 15.6 billion for its new Asia flagship fund, marking it as the largest Asia Pacific dedicated private equity fund ever raised.
- Investor AB maintains a strong financial position with low leverage and SEK 29 billion in cash at hand.
- Patricia Industries and investments in EQT contributed negatively to the overall performance, with Patricia Industries showing a total return of minus 3%.
- EQT's share price decline led to a negative 2% total return in the investments in EQT segment.
- Mölnlycke faced softer market conditions and increased competition, particularly in the US, impacting its growth.
- Piab's margin was negatively affected by SEK 46 million in restructuring costs and increased sales costs.
- The ongoing geopolitical tensions between the US and China pose challenges for Investor AB's portfolio companies operating in both regions.
Good morning, and welcome to Investor's results call for the second quarter and first half of 2026. I'm joined in our Stockholm Studio by CFO, Jenny Ashman Haquinius; and CEO, Christian Cederholm. Following the presentations, we will be opening up for questions, both via our operator as well as online. And with that, over to you.
Thank you, Jacob, and hi, everyone. In Q2, net asset value growth was 9%, total shareholder return for Investor's share was 15%.
The growth was all driven by Listed Companies, while both Patricia Industries and investments in EQT contributed negatively.
Importantly, while multiples were down, underlying performance in the Patricia companies was solid. At the end of the second quarter, adjusted net asset value stood at SEK1,215 billion.
Let me briefly go through the three business areas: Listed
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