Slides
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Interim Management Statement January-September 2026
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Christian Cederholm President and Chief Executive Officer
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Q3 in summary 3 Adjusted net asset value growth 4% Total shareholder return 1% (SIXRX return index 2%) Listed Companies Patricia Industries Investments in EQT • ABB expands Industrial Automation offering • Mölnlycke to separate into two companies • Several initiatives to grow the platform 1% total return 15% total return 7% total return
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Business areas 4 Total adjusted assets SEK 1,282bn September 30, 2026 Adjusted net asset value SEK 1,258bn Listed Companies Patricia Industries Investments in EQT SEK 949bn 74% of total assets SEK 242bn 19% of total assets SEK 95bn 7% of total assets
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Listed Companies
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6 Listed Companies Highlights during the quarter • Total return 1% • ABB strengthens position within industrial automation through USD 5.5bn acquisition of Rotork • Ericsson highlights leadership in developing new AI- enabled network applications beyond connectivity • Announced departures of Sobi CEO Guido Oelkers and SEB CEO Johan Torgeby • Ahead of 2027 AGMs - focus on closing gaps between Swedish and international remuneration
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Patricia Industries
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8 Patricia Industries Highlights during the quarter • Total return 15% • Major subsidiaries’ reported sales growth 12%, of which 7% organically in constant currency • Adjusted EBITA grew 26% - strong performance, tailwind from add-ons and currency impact • Mölnlycke intends to separate into two companies to set the conditions for each business to reach full potential • Sarnova acquired Mercury Medical for USD 43m • Vectura announced development project with Saab in Jönköping, and divestments in line with strategy – Patricia Industries invested SEK 500m • SEK 550m distribution from Permobil
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Intention to separate Mölnlycke into two companies 9 Mölnlycke Mölnlycke Surgical
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Patricia Industries – Sales and EBITDA 10 LTM Sales LTM EBITDA SEK 72.8bn SEK 19.0bn Reported EBITDA, including items affecting comparability, for subsidiaries and Tre Skandinavien (40 percent ownership). For Mölnlycke, Q3 2020-Q3 2021 were materially positively impacted by PPE contracts. Nova Biomedical included from Q3 2025. 0 1,000 2,000 3,000 4,000 5,000 0 5,000 10,000 15,000 20,000 25,0006,000 Q4 16 Q1 17 Q2 17 Q3 17 Q4 17 Q1 18 Q2 18 Q3 18 Q4 18 Q1 19 Q2 19 Q3 19 Q4 19 Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q2 16 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q3 23 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Q3 16 Q2 25 Quarterly (LHS) LTM (RHS) SEK m
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Investments in EQT
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12 Investments in EQT Highlights during the quarter • Total return 7% – EQT AB total return 5% – EQT funds and co-investments 9% • Net cash flow to Investor SEK -0.7bn – SEK -0.7bn net cash flow from fund investments • Acquisition of Coller Capital completed, building strong platform in secondaries market
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13 A strong platform Clear purpose and focused strategy High-quality portfolio Proven and engaged ownership model Financial flexibility Great people, at Investor and in the companies
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Jenny Ashman Haquinius Chief Financial Officer
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15 Grow net asset value Adjusted net asset value, September 30, 2026 SEK 1,258bn -200 0 200 400 600 800 1,000 1,200 1,400 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Listed Companies Patricia Industries Investments in EQT Other assets & liabilities Net debt
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Total return by business area 16 Q3 2026 YTD 2026 1% 15% 7% 4% Listed Companies Patricia Industries Investments in EQT Total 21% 16% -9% 17% Listed Companies Patricia Industries Investments in EQT Total
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Listed Companies
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Listed Companies – Total return 18 Q3 2026 % 22% 21% 20% 7% 5% 1% 4% 8% 9% 10% 13% 13% 16% Saab SEB Nasdaq Electrolux Professional Atlas Copco Epiroc Sobi Husqvarna ABB AstraZeneca Ericsson Wärtsilä Total 1% SIXRX 2% Electrolux
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Listed Companies – NAV contribution 19 Q3 2026 SEK bn ABBAtlas CopcoSEB SobiEpiroc WärtsiläEricssonHusqvarna ElectroluxElectrolux Professional AstraZenecaNasdaqSaab -26 8 18 -2 -1 -5-5 0 -1 0 -9 9 18
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Patricia Industries
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Operating performance – Major subsidiaries 21 Q3 2026 YTD 2026 12% 7% 26% Reported sales growth Organic sales growth Adjusted EBITA growth 4% 6% 13% Reported sales growth Organic sales growth Adjusted EBITA growth
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22 Patricia Industries – Operating performance Org. growth, % Q3 2026 EBI TA margin, % Q3 2026 EBI TA margin, Change pp Va lu e , S EK b n Ve c t u ra 41 76.81) 3.61) 4.6 Nova Biome d ic a l 14 31.4 4.8 40.1 La b o rie 13 35.4 3.1 36.9 Bra unAb ilit y 10 10.7 -2.0 11.2 Sarnova 8 17.4 1.1 25.0 Mölnlyc ke 5 28.9 2.6 84.7 P ia b Group 5 27.5 4.1 12.0 At la s Ant ib od ie s 1 19.4 10.2 0.6 P e rmob il 0 21.4 1.1 13.3 Tre S ka nd ina vie n 42) 38.23) 1.2 11.1 (40%) 1) Surplus ratio 2) Service revenue 3) EBITDA, % of total sales
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23 Group • Organic sales growth amounted to 5 percent in constant currency, driven by all business areas. • The EBITA margin improved compared to last year, driven by sales growth, cost control, and positive impact from tariff reclaims and currency effects. Adjusted for tariff reclaims and currency effects, the margin was in line with last year, despite higher raw material and freight costs. • Mölnlycke announced its intention to separate its Operating Room Solutions and Gloves businesses into a new standalone company, to enable greater strategic focus and support long-term value creation. Wound Ca re • Organic sales growth amounted to 6 percent in constant currency, driven by all regions. Operating Room Solutions • Organic sales growth amounted to 1 percent in constant currency, driven by the Trays business. Glove s • Organic sales growth amounted to 5 percent in constant currency, driven by the US and EMEA. Ant is e p t ic s • Organic sales growth amounted to 9 percent in constant currency, driven by the US, while EMEA declined. Activities during the quarter Share of sales last 12 months Antiseptics Gloves Operating Room Solutions Wound Care 0% 5% 10% 15% 20% 25% 30% 35% 0 100 200 300 400 500 600 Q3 21 Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Sales, EUR m (LHS) EBITA, % (RHS) EBITDA, % (RHS)
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24 Patricia Industries – Major drivers of estimated market Average multiple 15.6x Total EV/total EBITDA, Patricia Industries major subsidiaries SEK 223bn SEK 225bn Q2 2026 Q3 2026 SEK 222bn SEK 256bn 15% + Multiples + Earnings + Currency
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25 Patricia Industries – Change in estimated market values Distribution to Patricia Industries of SEK 550m Equity contribution from Patricia Industries of SEK 500m 229 122 107 90 172 Mölnlycke Nova Biomedical Laborie Permobil Atlas Antibodies Q3 2026Tre Skandinavien 222 237 678 625 Vectura 9 465 8 701 6 661 6 091 1 013 Q2 2026 Patricia CashPiab BraunAbilityFinancial Investments Sarnova 256 191
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Investments in EQT
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Investments in EQT – Performance 27 Reported value change, % Q3 2026 Net cash flow to Investor, SEK m Q3 2026 5% 9% 7% EQT AB Fund investments Total 837 -663 -1,500 0 Investments Proceeds Dividend from EQT AB Net cash flow
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28 Investments in EQT – Net cash flow to Investor Average net cash flow to Investor, 10 years SEK 1.5bn Outstanding commitments, September 30, 2026 SEK 27.9bn -6 -4 -2 0 2 4 6 8 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Net cash flow to Investor, LTM Dividend from EQT AB Proceeds Investments
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Strong financial flexibility
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30 Leveragethe target range Leverage 1.8% S&P AA- Moody’s Aa2 0% 5% 10% 15% 20% 25% Q4 21 Q4 22 Q4 23 Q4 24 Q4 25 Leverage Maximum leverage Leverage target range
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Shareholder returns 31 Average annual total return September 30, 2026 0% 10% 20% 30% 40% 50% YTD 2026 1 year 5 years 10 years 20 years Adjusted NAV Investor B SIXRX Return requirement
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We create value for people and society by building strong and sustainable businesses
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33 Financial calendar Jacob Lund Chief Communications & Sustainability Officer +46 725 60 21 57 Jacob.lund@investorab.com November 4, 2026 Capital Markets Update January 22, 2027 Year-End Report 2026 April 20, 2027 Interim Management Statement January-March 2027 July 16, 2027 Interim Report January-June 2027 October 20, 2027 Interim Management Statement January-September 2027 Magnus Dalhammar Head of Investor Relations +46 73 524 2130 Magnus.dalhammar@investorab.com