Interim report
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Interim Management Statement January - September 2026
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CEO STATEMENT OVERVIEW LISTED COMPANIES PATRICIA INDUSTRIES INVESTMENTS IN EQT INVESTOR GROUP FINANCIALS 2 Highlights during the third quarter • Adjusted net asset value (NAV) was SEK 1,258.0bn (SEK 411 per share) on September 30, 2026, a change of SEK 43.3bn, or 4 percent, during the quarter. Total shareholder return was 1 percent, compared to 2 percent for the SIXRX return index. For the nine - month period , adjusted net asset value growth amounted to 17 percent, and total shareholder return to 24 percent, compared to 11 percent for the SIXRX return index. • Listed Companies ’ total return was 1 percent. Investor divested 2 .0 million shares in SEB for a total of SEK 376m during the quarter, and entered a new contract to divest 2 .0 million shares with settlement during the fourth quarter, in order to maintain the current ownership level in SEB. • Patricia Industries’ total return was 15 percent ( 16 percent excluding cash) based on estimated market values, driven by earnings growth, multiple expansion and positive currency impact. • Patricia Industries’ major subsidiaries reported sales growth of 12 percent, of which 7 percent organically in constant currency. Reported EBITA grew by 23 percent , adjusted EBITA grew by 26 percent . • Mölnlycke ’s reported organic sales growth was 5 percent in constant currency, with W ound Care growing 6 pe rcent. The underlying pr ofit margin was unchanged . • Mölnlycke announced the intention to separate its businesses into two standalone companies to create conditions for both companies to reach their full potential and drive long - term value creation. • The v alue change of Investments in EQT was 7 percent. Total net cash flow to Investor was SEK - 663m. • Leverage was 1.8 percent as of September 30, 2026 (2.1 percent as of December 31, 2025). Gross cash amounted to SEK 29,460m . T he average maturity of Investor AB’s debt portfolio was 8.4 years. Financial information* 9/30 2026 6/30 2026 12/31 2025 Adjusted NAV, SEK m* 1,258,016 1,214,733 1,087,082 Adjusted NAV, SEK per share* 1) 411 397 355 Reported NAV, SEK m* 2) 1,099,072 1,085,862 953,705 Reported NAV, SEK per share* 1, 2) 359 354 311 Market capitalization (both share classes), excluding repurchased shares, SEK m 1,234,030 1,225,307 1,009,998 Share price (B - share), SEK 405.80 402.55 330.40 Q3 2026 YTD 2026 Adjusted NAV, sequential change, incl. dividend added back, SEK m* 43,284 188,090 Adjusted NAV, sequential change, incl. dividend added back, %* 4 17 Reported NAV, sequential change, incl. dividend added back, SEK m* 2) 13,210 162,524 Reported NAV, sequential change, incl. dividend added back, %* 2) 1 17 Market capitalization, sequential change, incl. dividend added back, SEK m* 8,722 236,287 Market capitalization, sequential change, incl. dividend added back, %* 1 23 Q3 2026 Q3 2025 YTD 2026 YTD 2025 Consolidated net sales, SEK m 18,381 16,271 52,415 48,040 Consolidated profit/loss, SEK m 11,899 59,814 159,294 102,041 Basic earnings per share, SEK 3.89 19.53 52.00 33.33 * Financial measures that are not defined or specified in the applicable financial reporting framework. For more information, see page 21 and 33 - 34. Change in market capitalization with dividend added back reflects the change in total market capitalization (both share classes) with the dividend paid out added back. Change in net asset value with dividend added back includes the full dividend approved by t he AGM. 1) Based on 3,063,715,066 shares as of September 30, 2026 (3,063,309,055 ) . 2) In the reported net asset value, the major subsidiaries and partner - owned investments within Patricia Industries are reported according to the acquisition and equity method respectively. Methods are further described in Investor AB’s Annual report. Overview performance Average annual total return YTD 1 year 5 years 10 years 20 years Adjusted NAV incl. dividend added back, % 17.3 24.0 15.6 Investor B, total return, % 24.1 40.1 18.7 20.4 15.7 SIXRX return index, % 10.8 18.0 7.0 11.3 9.9
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CEO STATEMENT OVERVIEW LISTED COMPANIES PATRICIA INDUSTRIES INVESTMENTS IN EQT INVESTOR GROUP FINANCIALS 3 CEO statement Dear fellow shareholders, During the quarter, Investor’s adjusted net asset value grew by 4 percent, and total shareholder return amounted to 1 percent. Interest rates rose significantly, driven in part by higher inflation expectations, but also by doubts about the long - term sustainability of public debt levels and budget deficits in some countries. Equity markets, meanwhile, have been relatively resilient, supported by earnings growth. Our companies are doing a good job balancing current performance with investments in innovation, particularly related to AI, to secure profitable long - term growth. I was recently in Brussels to build a deeper understanding for the EU priorities at a time where both China and the US increasingly treat industrial capacity, technology and capital as instruments of national power. Europe is caught in between, constrained for example by fragmented markets for goods, services and capital, high energy c osts, and regulatory barriers. Europe has significant strengths and opportunity, not the least by realizing the potential of the single market. It is encouraging that there is broad agreement on what needs to be done. Turning ambition into action will require difficult trade - offs and s ustained political commitment and urgency, but at least the recipe for change seems increasingly clear. While Europe is a large and important market, most of our companies operate globally and must continue to cooperate and compete accordingly. Long - term success will ultimately depend on their ability to serve customers by innovat ing faster, invest ing more effectively and scal ing new technologies successfully. Listed Companies Listed Companies generated a total return of 1 percent. Saab and SEB were the largest positive contributors, while ABB was the main drag. ABB announced the USD 5.5bn acquisition of Rotork within industrial automation, and the launch of Infinitus, its direct current (DC) power solutions offering for AI data centers. Both initiatives are aligned with ABB’s focus on higher - value, technology - dri ven growth through innovation. Together with AT&T, 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 beyond connectivity . The nomination committees are preparing for the 2027 AGM season. Competition for top board talent remains intense, and we will continue advocating for higher board remuneration in Swedish listed companies to close the gap to international peers. This is a matter of sustaining long - term competitiveness. Patricia Industries Total return amounted to 15 percent, with support from earnings growth, increasing multiples and positive currency impact, as the SEK weakened compared to the end of the second quarter. The major subsidiaries reported sales growth of 12 percent. In constant currencies, organic sales growth was 7 percent, with solid growth across the majority of subsidiaries . Adjusted EBITA grew by 26 percent, with strong underlying performance as well as tailwind from add - on acquisitions and positive year - on - year currency impact. Tariff reclaims also added a few percentage points to the earnings growth. Mölnlycke grew sales by 5 percent organically in constant currency, with Wound Care growing 6 percent. The underlying profitability was essentially flat. The intended split of Mölnlycke into two companies should provide a better base realizing the full pot ential of its businesses. Nova Biomedical’s organic sales grew by 14 percent, driven by both biopharmaceutical and clinical products, and a weak comparison quarter last year. Margins improved on the back of operating leverage as well as synergies from the ongoing integration. The i ntegration progresses well, but significant work remains. Strong cash flow generation has driven deleveraging of the balance sheet. Vectura launched a major development project in Jönköping, for Saab. In conjunction with this, Patricia Industries invested SEK 500m in Vectura. In early October, Vectura divested its two remaining elderly care facilities, in line with the company’s main strategic focus on developing, owning and managing innovation clusters. Investments in EQT The value of Investments in EQT grew by 7 percent, with contribution from both EQT AB and the fund investments. Net cash flow to Investor was SEK - 0.7bn, as drawdowns exceeded fund proceeds. During the quarter, Investor committed capital to the European Sc aleup Fund. EQT closed the acquisition of Coller Capital, strengthening its position as a strategic partner for private market investors . Financial flexibility With strong cash flow generation and leverage at the lower end of the target range, we remain ready to support our companies, and we have ample opportunity to fund attractive investments across the three business areas over time. Going forward With a focused strategy, a high - quality portfolio, a proven engaged ownership model, high financial flexibility, and great people at Investor and in our companies, we have a strong platform, enabling us to continue to build our companies and ultimately gen erate attractive total returns over time to you, fellow shareholders. Thank you for your trust in our work . Christian Cederholm President & CEO
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CEO STATEMENT OVERVIEW LISTED COMPANIES PATRICIA INDUSTRIES INVESTMENTS IN EQT INVESTOR GROUP FINANCIALS 4 Net asset value overview Adjusted values Reported values Number of shares Ownership capital/votes (%) Share of total assets (%) Value, SEK m Value, SEK m Value, SEK m Value, SEK m 9/30 2026 9/30 2026 9/30 2026 9/30 2026 12/31 2025 9/30 2026 12/31 2025 Listed Companies ABB 265,385,142 14.6/14.6 20 252,810 182,966 252,810 182,966 Atlas Copco 840,268,390 17.1/22.3 13 172,275 138,888 172,275 138,888 SEB 436,198,927 22.0/22.0 8 102,026 87,230 102,026 87,230 Saab 163,890,488 30.2/39.7 8 101,235 88,419 101,235 88,419 AstraZeneca 51,587,810 3.3/3.3 7 84,398 88,009 84,398 88,009 Epiroc 207,635,622 17.1/22.7 4 54,357 43,325 54,357 43,325 Sobi 122,881,259 34.4/34.4 4 54,215 40,821 54,215 40,821 Nasdaq 58,439,208 10.5/10.5 4 53,639 51,999 53,639 51,999 Wärtsilä 104,441,723 17.7/17.7 3 33,325 34,390 33,325 34,390 Ericsson 334,492,541 9.9/24.8 2 30,978 30,291 30,978 30,291 Electrolux 152,359,236 18.5/31.8 0 3,993 3,255 3,993 3,255 Husqvarna 96,825,353 16.8/33.9 0 3,386 4,483 3,386 4,483 Electrolux Professional 58,508,710 20.4/32.3 0 2,642 3,822 2,642 3,822 Total Listed Companies 74 949,279 797,899 949,279 797,899 Patricia Industries Total exposure (%) Major subsidiaries Mölnlycke 1) 99.8 7 84,725 74,403 18,971 17,402 Nova Biomedical 99.2 3 40,116 29,946 23,907 21,615 Laborie 98.6 3 36,926 31,820 8,643 8,198 Sarnova 95.8 2 24,961 20,147 6,414 5,656 Permobil 1) 99.6 1 13,306 15,368 4,418 4,377 Piab Group 1) 98.4 1 12,014 11,951 7,708 6,955 BraunAbility 95.3 1 11,175 9,469 607 187 Vectura 99.7 0 4,582 3,385 5,788 4,485 Atlas Antibodies 2) 95.1 0 583 744 1,081 1,047 Total major subsidiaries 18 228,388 197,235 77,537 69,922 Tre Skandinavien 40.0/40.0 1 11,053 8,894 2,960 2,828 Financial investments 0 2,245 1,982 2,245 1,982 Total Patricia Industries excl. cash 19 241,687 208,110 82,743 74,733 Total Patricia Industries incl. cash 256,191 225,396 97,247 92,019 Investments in EQT EQT AB 183,288,016 14.0/14.0 4 52,860 65,284 52,860 65,284 Fund investments 3 42,110 39,106 42,110 39,106 Total Investments in EQT 7 94,970 104,390 94,970 104,390 Other Assets and Liabilities 3) 0 - 4,258 71 - 4,258 71 Total Assets excl. cash Patricia Industries 100 1,281,677 1,110,470 1,122,733 977,092 Gross debt* - 53,121 - 50,507 - 53,121 - 50,507 Gross cash* 29,460 27,119 29,460 27,119 Of which Patricia Industries 14,505 17,286 14,505 17,286 Net debt - 23,661 - 23,387 - 23,661 - 23,387 Net asset value 1,258,016 1,087,082 1,099,072 953,705 Net asset value per share 411 355 359 311 1) Including receivables related to Management Participation Program foundations. 3) As per September 30, 2026, including liability for dividend to shareholders of SEK 4,902m to be paid in November 2026 and pending dividend from Ericsson of SEK 502m received in October 2026. 2) Reported value as per December 31, 2025 includes a goodwill impairment amounting to SEK 1.4bn.
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CEO STATEMENT OVERVIEW LISTED COMPANIES PATRICIA INDUSTRIES INVESTMENTS IN EQT INVESTOR GROUP FINANCIALS 5 Overview For balance sheet items, figures in parentheses refer to year - end 2025 figures. For income statement and cash flow items, they refer to the same period last year. Investor’s net debt SEK m YTD 2026 YTD 2025 Opening net debt - 23,387 - 12,194 Listed Companies Dividends 14,272 12,928 Other capital distributions 62 1 Divestments 1,895 820 Investments - 1,931 - 2,402 Management cost - 142 - 139 Total 14,156 11,208 Patricia Industries Proceeds (distributions, divestitures, other) 3,176 5,104 Investments - 1,328 - 15,909 Internal transfer Investor/Patricia Industries - 4,642 8,748 Management cost - 300 - 298 Other 1) 312 220 Total - 2,782 - 2,135 Investments in EQT EQT AB, dividends received 455 381 Proceeds (fund distributions, other) 4,490 5,715 Investments (fund drawdowns, co - investments, other) - 5,284 - 9,652 Management cost - 10 - 10 Total - 349 - 3,566 Investor groupwide Internal transfer Investor/Patricia Industries 4,642 - 8,748 Management cost - 140 - 138 Dividend to shareholders - 12,255 - 11,487 Other 2) - 3,546 - 401 Closing net debt - 23,661 - 27,462 1) Includes currency - related effects and net interest paid. 2) Includes currency - related effects, revaluation of debt and net interest paid. Net asset value During the nine - month period 2026, adjusted net asset value increased from SEK 1,087.1bn to SEK 1,258.0bn. The change in adjusted net asset value, with dividend added back, was 17 percent during the period (8), of which 4 percent during the third quarter (7). Reported net asset value increased from SEK 953.7bn to SEK 1,099.1bn. The change in reported net asset value, with dividend added back, was 17 percent during the period (12), of which 1 percent during the third quarter (7). Net debt and cash flow Net debt totaled SEK 23,661m on September 30, 2026 (23,387), corresponding to leverage of 1.8 percent (2.1). Our target leverage range is 0 - 10 percent (net debt/total adjusted assets) over a business cycle. While leverage can fluctuate above and below the target level, it should not exceed 20 percent for a longer period of time. Gross cash amounted to SEK 29,460m (27,119) and gross debt to SEK 53,121m as of September 30, 2026 (50,507). The average maturity of Investor AB’s debt portfolio was 8.4 years on September 30, 2026 (9.2). Management cost M anagement cost amounted to SEK 592m during the nine - month period 2026 (585) , of which SEK 183m ( 185 ) during the third quarter. As of September 30, 2026, rolling 12 - month management cost amounted to SEK 802 m ( 792 ), corresponding to 0.06 percent of the adjusted net asset value (0.08). The Investor share The price of the Investor A - share and B - share was SEK 398.40 (328.70) and SEK 405.80 (330.40) respectively on September 30, 2026. The total shareholder return (Class B - share) amounted to 24 percent during the nine - month period 2026 (2), of which 1 percent during the third quarter (5). The SIXRX return index gained 11 percent during the nine - month period 2026 (6), of which 2 percent during the third quarter (3). Investor’s market capitalization, excluding repurchased shares, was SEK 1,234,030 m as of September 30 , 2026 (1,009,998). Adjusted net asset value by business area Leverage development Average annual total return -100 100 300 500 700 900 1 100 1 300 1 500 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 SEK m Listed Companies Patricia Industries Investments in EQT Other assets & liabilities Net debt -5 0 5 10 15 20 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 Percent Leverage target range Leverage 0 5 10 15 20 25 30 35 40 45 1 year 5 years 10 years 20 years Percent Investor B SIXRX
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CEO STATEMENT OVERVIEW LISTED COMPANIES PATRICIA INDUSTRIES INVESTMENTS IN EQT INVESTOR GROUP FINANCIALS 6 Listed Companies Listed Companies include ABB, AstraZeneca, Atlas Copco, Electrolux, Electrolux Professional, Epiroc, Ericsson, Husqvarna, Nas daq, Saab, SEB, Sobi and Wärtsilä. These are multinational companies with strong market positions and proven track records. Performance Total return (excluding management costs) amounted to 21 percent during the nine - month period 2026 (14), of which 1 percent during the third quarter (8). Contribution to net asset value (adjusted and reported) amounted to SEK 166,038m during the nine - month period 2026 (93,795), of which SEK 4,973m during the third quarter (58,714). Dividends received Dividends received totaled SEK 14,774m during the nine - month period 2026 (13,403), of which SEK 1,519m during the third quarter (1,372). SEK 502m was pending over the end of the quarter and is reported in Other Assets and Liabilities (475). The dividends received for the year includes SEK 2 , 52 2m in extra dividends from SEB , Atlas Copco and Wärtsilä (1,369). Investments and divestments During the quarter The contract entered during the second quarter, to divest 2 .0 m shares in SEB, was settled with proceeds to Investor of SEK 376m . Investor entered into a new contract to divest 2 .0 m shares in SEB. The contract will be settled during the fourth quarter 2026, with proceeds to Investor of approximately SEK 450m. The chairperson in Wärtsilä exercised options, sold by Investor in 20 20 , and bought 269 , 640 shares in Wärtsilä for a consideration of SEK 1 9 m to Investor . Earlier during the year Investor subscribed for 12,841,542 A - shares and 88,731,282 B - shares in Electrolux rights issue for a total SEK 1,70 1 m. 256,782 shares in Nasdaq were purchased for a total consideration of SEK 188m. 214,635 B - shares were purchased in Atlas Copco for a total consideration of SEK 30m. 8,000,000 A - shares in SEB were divested with proceeds to Investor of SEK 1,520m. The chairperson in Electrolux Professional exercised options, sold by Investor in 2019, and bought 432,944 B - shares in Electrolux Professional for a consideration of SEK 14m to Investor . Contribution to net asset value and total return Q3 2026 YTD 2026 Value, SEK m Contribution, SEK m Total return (%) 1) Contribution, SEK m Total return (%) ABB 252,810 - 26,173 - 9.4 72,779 40.2 Atlas Copco 172,275 8,490 5.2 35,457 25.8 SEB 102,026 17,703 20.9 21,512 26.7 Saab 101,235 18,323 22.1 13,012 14.7 AstraZeneca 84,398 - 9,115 - 9.6 - 2,073 - 2.4 Epiroc 54,357 - 526 - 1.0 11,426 26.3 Sobi 54,215 - 2,212 - 3.9 13,394 32.8 Nasdaq 53,639 8,966 20.0 1,917 3.8 Wärtsilä 33,325 - 4,963 - 12.8 161 0.3 Ericsson 30,978 - 4,638 - 12.8 1,690 5.4 Electrolux 3,993 - 715 - 15.7 - 935 - 29.6 Husqvarna 3,386 - 285 - 7.8 - 1,049 - 23.6 Electrolux Professional 2,642 163 6.6 - 1,110 - 29.1 Total 949,279 5,017 0.5 166,180 21.2 1) Calculated as the sum of share price changes with reinvested dividends, including add - on investments and/or divestments. Total return, Listed Companies Dividends received, Listed Companies I nvestments (net) , Listed Companies -30 -20 -10 0 10 20 30 2022 2023 2024 2025 2026 9m Percent Listed Companies SIXRX 0 2 000 4 000 6 000 8 000 10 000 12 000 14 000 16 000 2022 2023 2024 2025 2026 9m SEK m Ordinary dividend Extra dividend -2 000 -1 500 -1 000 -500 0 500 1 000 1 500 2 000 2 500 3 000 3 500 2022 2023 2024 2025 2026 9m SEK m
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CEO STATEMENT OVERVIEW LISTED COMPANIES PATRICIA INDUSTRIES INVESTMENTS IN EQT INVESTOR GROUP FINANCIALS 7 Pa tr icia Industries Patricia Industries develops private companies in the Nordics and in North America. Holdings include Atlas Antibodies, BraunA bility, Laborie, Mölnlycke, Nova Biomedical, Permobil, Piab Group, Sarnova, Vectura, Tre Skandinavien and Financial investments. Operating performance During the nine - month period 2026, sales growth for the major subsidiaries was 4 percent ( 0 ). Organic growth was 6 percent in constant currency ( 4 ). EBITA amounted to SEK 11,518 m ( 10,511 ), a n increase of 10 percent ( 2 ). Adjusted EBITA increased by 13 percent ( 1 ) . During the third quarter 2026, sales growth amounted to 12 percent ( - 4 ). Organic growth was 7 percent in constant currency ( 4 ). EBITA amounted to SEK 4,355 m ( 3,544 ), a n increase of 23 percent ( - 1 ). Adjusted EBITA increased by 26 percent ( - 2 ) . As of September 30, 2026, on a rolling 12 - month basis, the companies’ (subsidiaries and 40 percent of Tre Skandinavien) combined sales and EBITDA amounted to SEK 72.8 bn and SEK 19.0 bn respectively. During the third quarter 2026, sales and EBITDA amounted to SEK 19.3 bn, and SEK 5.4 bn respectively. Value development Based on estimated market values, the total return for Patricia Industries, including cash, amounted to 1 6 percent ( 17 percent excluding cash) during the nine - month period 2026, of which 15 percent ( 16 percent excluding cash) during the third quarter. The return during the third quarter was driven by earnings growth, higher multiple s, and positive currency impact sequentially during the quarter . Based on estimated market values, the major subsidiaries were valued at a value - weighted average 12 - month trailing EV/EBITDA multiple of 1 5 . 6 x. Contribution to adjusted net asset value amounted to SEK 35,183m during the nine - month period 2026 ( - 24,688), of which SEK 33,819m during the third quarter (7,771). For more information on valuation, see page 38 . Investments and divestments During the quarter Investments amounted to SEK 572 m , mainly related to Vectura ’s development of the S aab Jönköping project. Divestments amounted to SEK 142 m. Earlier during the year Investments amounted to SEK 756 m. Divestments amounted to SEK 15 m. Distributions received During the nine - month period 2026, distributions to Patricia Industries amounted to SEK 3,019m, of which SEK 550m during the third quarter from Permobil . Reported EBITDA (subsidiaries & 40% of Tre Skandinavien) Investments (gross) – Patricia Industries Distribution to Patricia Industries 0 5 000 10 000 15 000 20 000 0 1 000 2 000 3 000 4 000 5 000 6 000 Q3 16 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 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 SEK m Quarterly LTM (RHS) 0 2 000 4 000 6 000 8 000 10 000 12 000 14 000 16 000 18 000 2022 2023 2024 2025 2026 9m SEK m 0 1 000 2 000 3 000 4 000 5 000 6 000 7 000 8 000 9 000 10 000 2022 2023 2024 2025 2026 9m SEK m
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CEO STATEMENT OVERVIEW LISTED COMPANIES PATRICIA INDUSTRIES INVESTMENTS IN EQT INVESTOR GROUP FINANCIALS 8 Major subsidiaries, performance Q3 2026 YTD 2026 Last 12 months SEK m Sales Org. growth, constant currency EBITDA EBITDA (%) EBITA 1) EBITA (%) Operating cash flow Sales Org. growth, constant currency EBITDA EBITDA (%) EBITA 1) EBITA (%) Operating cash flow Sales EBITDA EBITDA (%) EBITA 1) EBITA (%) Operating cash flow Mölnlycke 6,006 5 1,939 32.3 1,733 28.9 1,641 17,422 3 5,294 30.4 4,690 26.9 4,614 23,343 7,098 30.4 6,292 26.9 6,590 Nova Biomedical 1,701 14 584 34.3 534 31.4 533 4,943 8 1,741 35.2 1,595 32.3 1,624 6,601 2,290 34.7 2,110 31.9 1,909 Laborie 1,555 13 572 37.1 546 35.4 506 4,291 11 1,292 30.1 1,233 28.7 922 5,497 1,564 28.5 1,489 27.2 1,298 Sarnova 3,251 8 617 19.0 565 17.4 195 9,180 7 1,689 18.4 1,540 16.8 1,169 11,976 2,094 17.5 1,891 15.8 1,357 Permobil 1,625 0 413 25.4 347 21.4 257 4,536 0 1,024 22.6 835 18.4 587 6,109 1,375 22.5 1,130 18.5 947 Piab Group 918 5 295 32.2 252 27.5 188 2,693 3 688 25.6 567 21.1 463 3,592 875 24.4 711 19.8 639 BraunAbility 3,084 10 389 12.6 331 10.7 536 8,663 9 1,131 13.1 963 11.1 1,035 11,170 1,379 12.4 1,159 10.4 1,048 Vectura 148 41 92 62.1 35 23.9 32 395 42 251 63.6 74 18.8 - 225 492 308 62.7 - 23 - 4.7 - 356 Atlas Antibodies 62 1 19 30.7 12 19.4 0 177 - 11 43 24.2 20 11.1 - 13 238 49 20.7 18 7.6 0 Total 18,349 4,920 26.8 4,355 23.7 3,887 52,302 13,154 25.1 11,518 22.0 10,176 69,018 17,031 24.7 14,777 21.4 13,432 Reported growth y/y, % 12 20 23 4 8 10 Organic growth, y/y, % 7 6 1) EBITA is defined as operating profit before acquisition - related amortizations. Patricia Industries – valuation overview Estimated market values, SEK m, 9/30 2026 Change Q3 2026 vs. Q2 2026 SEK m Major drivers Comments Major subsidiaries Mölnlycke 84,725 9,465 Earnings, multiples, currency and cash flow impacted positively Applied EV/adjusted LTM EBITDA 14.1x Nova Biomedical 40,116 8,701 Multiples, earnings and currency impacted positively Applied EV/adjusted LTM EBITDA 19.3x Laborie 36,926 6,661 Multiples, earnings and currency impacted positively Applied EV/adjusted LTM EBITDA 17.5x Sarnova 24,961 6,091 Earnings, multiples and currency impacted positively Applied EV/adjusted LTM EBITDA 15.0x Permobil 13,306 678 Earnings and multiples impacted positively. SEK 550m distribution to Patricia Industries Applied EV/reported LTM EBITDA 13.2x Piab Group 12,014 1,013 Earnings impacted positively Applied EV/adjusted LTM EBITDA 17.3x BraunAbility 11,175 90 Currency and cash flow impacted positively, multiples impacted negatively Applied EV/adjusted LTM EBITDA 11.4x Vectura 4,582 625 SEK 500m capital contribution from Patricia Industries Estimated market value of the property portfolio less debt and cost Atlas Antibodies 583 122 Earnings and multiples impacted positively Applied EV/adjusted LTM EBITDA 15.8x Partner - owned investments Tre Skandinavien 11,053 229 Earnings and cash flow impacted positively, multiples impacted negatively Applied EV/reported LTM EBITDA 6.9x Financial investments 2,245 107 Multiple or third - party valuation Total 241,687 Total incl. cash 256,191
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CEO STATEMENT OVERVIEW LISTED COMPANIES PATRICIA INDUSTRIES INVESTMENTS IN EQT INVESTOR GROUP FINANCIALS 9 A world leading medtech company that specializes in sustainable solutions for wound care and surgical procedures. Activities during the quarter 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 Care • 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. Gloves • Organic sales growth amounted to 5 percent in constant currency, driven by the US and EMEA. Antiseptics • Organic sales growth amounted to 9 percent in constant currency, driven by the US, while EMEA declined. Key figures, Mölnlycke Income statement items, EUR m 2026 2025 Last 12 months Q3 YTD Q3 YTD Sales 540 1,599 508 1,564 2,139 EBITDA 175 486 151 431 650 EBITA 156 430 133 375 576 Sales growth, % 6 2 0 3 Organic growth, constant currency, % 5 3 3 4 EBITDA, % 32.3 30.4 29.8 27.6 30.4 EBITA, % 28.9 26.9 26.3 24.0 26.9 Cash flow items, EUR m Q3 YTD Q3 YTD EBITDA 175 486 151 431 Lease payments - 5 - 16 - 5 - 17 Change in working capital 1 13 3 - 93 Capital expenditures - 23 - 59 - 22 - 58 Operating cash flow 148 423 128 263 Acquisitions/divestments - - - - Shareholder contribution/distribution - - 200 - - 200 Other 1) - 42 - 150 - 44 - 77 Increase( - )/decrease(+) in net debt 106 74 84 - 14 Key ratios Working capital/sales, % 20 Capital expenditures/sales, % 4 Balance sheet items, EUR m 9/30 2026 12/31 2025 Net debt 1,807 1,881 9/30 2026 9/30 2025 Number of employees 8,315 8,630 1) Includes effects of exchange rate changes, interest, tax and change in lease liabilities. Mölnlycke, sales and margin development Mölnlycke, distribution of sales and organic sales growth Share of sales, (%) Organic growth, constant currency, (%) Last 12 months Q3 2026 Wound Care 60 6 Operating Room Solutions 25 1 Gloves 12 5 Antiseptics 3 9 Total 100 5 Mölnlycke, distribution of sales by geography Share of sales, (%) 2025 Europe, Middle East, Africa 56 Americas 34 Asia Pacific 10 Total 100 Read more at www.molnlycke.com 0 5 10 15 20 25 30 35 0 100 200 300 400 500 600 700 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 EUR m Sales EBITDA, % EBITA, %
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CEO STATEMENT OVERVIEW LISTED COMPANIES PATRICIA INDUSTRIES INVESTMENTS IN EQT INVESTOR GROUP FINANCIALS 10 A global provider of scientific and analytical solutions for the biopharma, clinical and food & beverage industries. Activities during the quarter • Organic sales growth amounted to 14 percent in constant currency, driven by strong growth from both biopharmaceutical and clinical products and a weak comparison period impacted by a cyber incident. • The EBITA margin increased, driven by operating leverage and efficiency improvements as the integration progresses, partially offset by higher investments in general and administrative functions to support the integrated company, as well as elevated input costs for certain products. Key figures, Nova Biomedical 1) Income statement items, USD m 2026 2025 Last 12 months Q3 YTD Q3 YTD Sales 176 527 154 484 702 EBITDA 60 185 46 146 243 EBITA 55 170 41 135 224 Sales growth, % 14 9 - 4 5 Organic growth, constant currency, % 14 8 - 4 5 EBITDA, % 34.3 35.2 29.7 30.2 34.7 EBITA, % 31.4 32.3 26.6 27.9 31.9 Cash flow items, USD m Q3 YTD Q3 YTD EBITDA 60 185 46 146 Lease payments - 1 - 3 0 - 1 Change in working capital - 2 0 - 2 - 4 Capital expenditures - 2 - 10 - 1 - 4 Operating cash flow 55 173 42 138 Acquisitions/divestments - 5 - 5 - 2,190 - 2,190 Shareholder contribution/distribution - - 1,600 1,600 Other 2) - 6 - 27 - 104 - 171 Increase( - )/decrease(+) in net debt 44 141 - 652 - 623 Key ratios Working capital/sales, % 16 Capital expenditures/sales, % 2 Balance sheet items, USD m 9/30 2026 12/31 2025 Net debt 636 778 9/30 2026 9/30 2025 Number of employees 1,735 1,890 1) Nova Biomedical added pro forma unless otherwise stated. EBITDA and EBITA adjusted for transaction - and integration costs. 2) Includes effects of exchange rate changes, interest, tax and change in lease liabilities. Nova Biomedical , sales and margin development Read more at www.novabiomedical.com 0 5 10 15 20 25 30 35 40 0 20 40 60 80 100 120 140 160 180 200 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 USD m Sales EBITDA, % EBITA, %
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CEO STATEMENT OVERVIEW LISTED COMPANIES PATRICIA INDUSTRIES INVESTMENTS IN EQT INVESTOR GROUP FINANCIALS 11 A provider of diagnostic and therapeutic products for the Urology, Gastroenterology, Obstetrics, Neonatal & Gynecology markets. Activities during the quarter • Organic sales growth amounted to 13 percent in constant currency, driven by growth across Urology, Maternal & Child Health and Gastroenterology. • The EBITA margin increased, driven by product mix and a tariff refund, partially offset by ongoing commercial investments. Key figures, Laborie Income statement items, USD m 2026 2025 Last 12 months Q3 YTD Q3 YTD Sales 161 457 121 357 585 EBITDA 60 138 41 116 167 EBITA 57 131 39 110 159 Sales growth, % 33 28 8 11 Organic growth, constant currency, % 13 11 7 10 EBITDA, % 37.1 30.1 33.6 32.4 28.5 EBITA, % 35.4 28.7 32.3 30.8 27.2 Cash flow items, USD m Q3 YTD Q3 YTD EBITDA 60 138 41 116 Lease payments 0 - 1 - 1 - 2 Change in working capital 1 - 24 1 - 8 Capital expenditures - 7 - 14 - 5 - 11 Operating cash flow 53 98 36 95 Acquisitions/divestments - 4 - 517 0 - 14 Shareholder contribution/distribution - - - - Other 1) 2) - 22 - 101 - 13 - 34 Increase( - )/decrease(+) in net debt 28 - 520 23 47 Key ratios Working capital/sales, % 16 Capital expenditures/sales, % 3 Balance sheet items, USD m 9/30 2026 12/31 2025 Net debt 835 314 9/30 2026 9/30 2025 Number of employees 1,220 1,070 1) Includes effects of exchange rate changes, interest, tax and change in lease liabilities. 2) Includes the reversal of the non - cash PPA expense related to the Jada acquisition. Laborie , sales and margin development Read more at www.laborie.com 0 5 10 15 20 25 30 35 40 0 20 40 60 80 100 120 140 160 180 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 USD m Sales EBITDA, % EBITA, %
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CEO STATEMENT OVERVIEW LISTED COMPANIES PATRICIA INDUSTRIES INVESTMENTS IN EQT INVESTOR GROUP FINANCIALS 12 A US provider of specialty healthcare and safety products, services and software for the US emergency medical services (EMS), acute care and cardiac response markets . Activities during the quarter • Organic sales growth amounted to 8 percent in constant currency, driven by growth across the Emergency Preparedness, Cardiac Response, Acute Care, and Emergency Medical Services (EMS) Revenue Cycle Management (RCM) business units. • Adjusted for USD 7m of expenses related to the acquisition of Mercury Medical, the EBITA margin increased, as favorable product mix and operating leverage were partially offset by continued investments in the organization and digital infrastructure. • On August 4, Sarnova acquired Mercury Medical, a manufacturer of respiratory and anesthesia products. The acquisition adds a proprietary product portfolio to Sarnova’s Acute Care and Emergency Preparedness businesses. The purchase price was USD 43m, funded with cash on hand. Key figures, Sarnova Income statement items, USD m 2026 2025 Last 12 months Q3 YTD Q3 YTD Sales 337 978 290 858 1,274 EBITDA 64 180 55 158 223 EBITA 59 164 47 141 202 Sales growth, % 16 14 4 8 Organic growth, constant currency, % 8 7 3 4 EBITDA, % 19.0 18.4 18.9 18.4 17.5 EBITA, % 17.4 16.8 16.3 16.4 15.8 Cash flow items, USD m Q3 YTD Q3 YTD EBITDA 64 180 55 158 Lease payments - 1 - 3 - 1 - 3 Change in working capital - 34 - 36 - 17 - 40 Capital expenditures - 10 - 17 - 9 - 25 Operating cash flow 19 125 28 91 Acquisitions/divestments - 50 - 72 - 39 - 125 Shareholder contribution/distribution - - - - Other 1) - 31 - 140 - 23 - 61 Increase( - )/decrease(+) in net debt - 61 - 87 - 33 - 95 Key ratios Working capital/sales, % 17 Capital expenditures/sales, % 1 Balance sheet items, USD m 9/30 2026 12/31 2025 Net debt 1,060 973 9/30 2026 9/30 2025 Number of employees 2,325 1,560 1) Includes effects of exchange rate changes, interest, tax and change in lease liabilities. Sarnova, sales and margin development Read more at www.sarnova.com 0 5 10 15 20 25 0 50 100 150 200 250 300 350 400 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 USD m Sales EBITDA, % EBITA, %
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CEO STATEMENT OVERVIEW LISTED COMPANIES PATRICIA INDUSTRIES INVESTMENTS IN EQT INVESTOR GROUP FINANCIALS 13 A provider of advanced mobility and seating rehab solutions, including powered and manual wheelchairs, pressure - relieving cushions and power - assist devices. Activities during the quarter • Organic sales were flat in constant currency, with growth in EMEA and APAC offset by decline in Americas driven by Power Assist Devices and Manual . • The EBITA margin increased as last year was negatively impacted by non - recurring costs. Adjusted for these costs, the margin declined slightly as cost efficiency measures were offset by commercial investments. • Permobil launched the M4 Nexa, an all - new compact mid - wheel power wheelchair designed to accommodate a broader range of users, built on the principle of compact without compromise. • Permobil launched the Progeo Yoga Evo, a lighter and more flexible hybrid manual wheelchair that combines the rigidity of a fixed frame with the convenience of a folding chair making handling and portability easier. • Permobil distributed SEK 550m to Patricia Industries . Key figures, Permobil Income statement items, SEK m 2026 2025 Last 12 months Q3 YTD Q3 YTD Sales 1,625 4,536 1,537 4,587 6,109 EBITDA 413 1,024 366 1,055 1,375 EBITA 1) 347 835 313 885 1,130 Sales growth, % 6 - 1 - 7 - 4 Organic growth, constant currency, % 0 0 0 1 EBITDA, % 25.4 22.6 23.8 23.0 22.5 EBITA, % 21.4 18.4 20.3 19.3 18.5 Cash flow items, SEK m Q3 YTD Q3 YTD EBITDA 413 1,024 366 1,055 Lease payments - 18 - 55 - 18 - 55 Change in working capital - 65 - 108 54 - 51 Capital expenditures - 73 - 274 - 56 - 195 Operating cash flow 257 587 347 753 Acquisitions/divestments - 12 - 90 - - 11 Shareholder contribution/distribution - 550 - 550 - - 1,508 Other 2) - 181 - 580 - 34 101 Increase( - )/decrease(+) in net debt - 486 - 634 313 - 666 Key ratios Working capital/sales, % 21 Capital expenditures/sales, % 6 Balance sheet items, SEK m 9/30 2026 12/31 2025 Net debt 4,726 4,092 9/30 2026 9/30 2025 Number of employees 2,125 2,015 1) EBITA 2025 restated. 2) Includes effects of exchange rate changes, interest, tax and change in lease liabilities. Permobil, sales and margin development Read more at www.permobil.com 0 5 10 15 20 25 30 0 200 400 600 800 1 000 1 200 1 400 1 600 1 800 2 000 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 SEK m Sales EBITDA, % EBITA, %
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CEO STATEMENT OVERVIEW LISTED COMPANIES PATRICIA INDUSTRIES INVESTMENTS IN EQT INVESTOR GROUP FINANCIALS 14 A provider of gripping and moving solutions for end - users and machine manufacturers to improve energy efficiency, productivity and work environment. Activities during the quarter • Organic sales growth amounted to 5 percent in constant currency. Lifting Automation and Vacuum Automation contributed to growth, while Vacuum Conveying declined. All regions contributed to growth. • The EBITA margin increased, driven primarily by higher sales and a positive impact from tariff reclaims. • Within Vacuum Automation, Piab Group launched the AZT series of compact vacuum ejectors under the Airbest brand, expanding its offering for electronics and semiconductor automation in Asia. Key figures, Piab Group Income statement items, SEK m 2026 2025 Last 12 months Q3 YTD Q3 YTD Sales 918 2,693 860 2,701 3,592 EBITDA 295 688 239 749 875 EBITA 252 567 201 631 711 Sales growth, % 7 0 2 11 Organic growth, constant currency, % 5 3 2 3 EBITDA, % 32.2 25.6 27.8 27.7 24.4 EBITA, % 27.5 21.1 23.4 23.4 19.8 Cash flow items, SEK m Q3 YTD Q3 YTD EBITDA 295 688 239 749 Lease payments - 18 - 55 - 17 - 54 Change in working capital - 68 - 78 - 19 - 72 Capital expenditures - 21 - 92 - 22 - 77 Operating cash flow 188 463 180 546 Acquisitions/divestments - 131 - 131 - - 181 Shareholder contribution/distribution - - 14 - 70 - 180 Other 1) - 135 - 412 - 45 11 Increase( - )/decrease(+) in net debt - 79 - 94 65 196 Key ratios Working capital/sales, % 18 Capital expenditures/sales, % 4 Balance sheet items, SEK m 9/30 2026 12/31 2025 Net debt 3,272 3,178 9/30 2026 9/30 2025 Number of employees 1,490 1,515 1) Includes effects of exchange rate changes, interest, tax and change in lease liabilities. Piab Group, sales and margin development Read more at www.piabgroup.com 0 5 10 15 20 25 30 35 0 200 400 600 800 1 000 1 200 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 SEK m Sales EBITDA, % EBITA, %
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CEO STATEMENT OVERVIEW LISTED COMPANIES PATRICIA INDUSTRIES INVESTMENTS IN EQT INVESTOR GROUP FINANCIALS 15 A provider of mobility transportation solutions, including wheelchair accessible vehicles, lifts and seating, storage and sec urement products. Activities during the quarter • Organic sales growth amounted to 10 percent in constant currency, driven by strong growth of consumer Wheelchair Accessible Vehicles. • The EBITA margin decreased as a result of unfavorable product mix and higher input costs. Key figures, BraunAbility Income statement items, USD m 2026 2025 Last 12 months Q3 YTD Q3 YTD Sales 319 923 289 845 1,189 EBITDA 40 120 42 115 147 EBITA 34 103 37 99 124 Sales growth, % 10 9 9 1 Organic growth, constant currency, % 10 9 9 1 EBITDA, % 12.6 13.1 14.6 13.6 12.4 EBITA, % 10.7 11.1 12.7 11.7 10.4 Cash flow items, USD m Q3 YTD Q3 YTD EBITDA 40 120 42 115 Lease payments - 2 - 6 - 2 - 6 Change in working capital 23 12 - 6 3 Capital expenditures - 5 - 16 - 9 - 23 Operating cash flow 56 110 26 90 Acquisitions/divestments - - - - Shareholder contribution/distribution - - - - Other 1) - 28 - 51 - 2 - 18 Increase( - )/decrease(+) in net debt 29 60 24 72 Key ratios Working capital/sales, % 8 Capital expenditures/sales, % 2 Balance sheet items, USD m 9/30 2026 12/31 2025 Net debt 510 570 9/30 2026 9/30 2025 Number of employees 1,975 1,935 1) Includes effects of exchange rate changes, interest, tax and change in lease liabilities. BraunAbility, sales and margin development Read more at www.braunability.com 0 2 4 6 8 10 12 14 16 0 50 100 150 200 250 300 350 400 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 USD m Sales EBITDA, % EBITA, %
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CEO STATEMENT OVERVIEW LISTED COMPANIES PATRICIA INDUSTRIES INVESTMENTS IN EQT INVESTOR GROUP FINANCIALS 16 A developer and manager of innovation clusters and commercial properties . Activities during the quarter • Total income growth amounted to 54 percent, driven by the consolidation of GoCo Health Innovation City as of April 1, 2026, as well as rental income from Saab’s R&D - focused office building in Lund. • The surplus ratio increased by 4 percentage points, driven by recently completed properties with triple net lease agreements. The total pro rata share of Net Operating Income (NOI) from Joint Ventures amounted to SEK 13m (not consolidated). • A rental agreement was signed with Saab for a n 80,000 sqm new full - scale R&D - site in Jönköping. Completion is expected in 2029. Patricia Industries contributed SEK 500m in equity capital to fund the development. • After the end of the quarter, on October 1, Vectura divested two elderly care homes in Danderyd and Vallentuna to Folksam. The total property value of the assets in the transaction amounts to SEK 550m. The divestment is aligned with Vectura’s main strategic focus to develop innovation clusters. Key figures, Vectura Income statement items, SEK m 2026 2025 Last 12 months Q3 YTD Q3 YTD Total income 148 395 96 276 492 Net operating income 1) 113 304 70 198 371 Surplus ratio, % 2) 76.8 76.9 73.2 71.7 75.6 Last 12 months Cash flow items, SEK m Q3 YTD Q3 YTD Capital expenditures 3) - 155 - 434 - 56 - 894 - 708 Balance sheet items, SEK m 9/30 2026 12/31 2025 External net debt 5,756 4,056 Property - related items 9/30 2026 12/31 2025 Property portfolio value, SEK m 11,059 7,738 of which properties under management 9,942 7,256 LTV, % 52 52 Properties under management, sqm 4) 161,021 106,954 Occupancy rate, % properties under management 96 99 9/30 2026 9/30 2025 Number of employees 55 40 1) Total income – property costs. 2) Net operating income / total income. 3) Including contribution to associated companies. 4) Total finalized sqm, leased or available for lease. Vectura, sales and margin development Read more at www.vectura.se 0 10 20 30 40 50 60 70 80 90 0 20 40 60 80 100 120 140 160 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 SEK m Total income Surplus ratio, %
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CEO STATEMENT OVERVIEW LISTED COMPANIES PATRICIA INDUSTRIES INVESTMENTS IN EQT INVESTOR GROUP FINANCIALS 17 A provider of advanced reagents for basic and clinical biomedical research . Activities during the quarter • Organic sales growth amounted to 1 percent in constant currency, as growth in HistoCyte Laboratories more than offset continued decline in evitria which is impacted by soft demand and competitive pressure, and Atlas Antibodies, affected by a weaker market for academic research. Sales were positively impacted by distributor stock - ups of the new evitria expression kit. • The EBITA margin improved, supported by efficiency initiatives. • evitria launched its new expression kit, the eviCHO, which provides customers with a ready - to - use system for transient protein expression . Key figures, Atlas Antibodies Income statement items, SEK m 2026 2025 Last 12 months Q3 YTD Q3 YTD Sales 62 177 61 203 238 EBITDA 19 43 14 55 49 EBITA 12 20 6 30 18 Sales growth, % 2 - 13 - 9 - 6 Organic growth, constant currency, % 1 - 11 - 4 - 3 EBITDA, % 30.7 24.2 22.4 26.9 20.7 EBITA, % 19.4 11.1 9.2 15.0 7.6 Cash flow items, SEK m Q3 YTD Q3 YTD EBITDA 19 43 14 55 Lease payments - 3 - 10 - 3 - 9 Change in working capital - 13 - 37 3 2 Capital expenditures - 3 - 9 - 3 - 11 Operating cash flow 0 - 13 10 36 Acquisitions/divestments - - - - Shareholder contribution/distribution - - - - Other 1) - 2 - 15 - 6 - 17 Increase( - )/decrease(+) in net debt - 2 - 28 4 19 Key ratios Working capital/sales, % 97 Capital expenditures/sales, % 5 Balance sheet items, SEK m 9/30 2026 12/31 2025 Net debt 174 146 9/30 2026 9/30 2025 Number of employees 110 105 1) Includes effects of exchange rate changes, interest, tax and change in lease liabilities. Atlas Antibodies, sales and margin development Read more at www.atlasantibodies.com -10 0 10 20 30 40 50 60 0 20 40 60 80 100 120 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 SEK m Sales EBITDA, % EBITA, %
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CEO STATEMENT OVERVIEW LISTED COMPANIES PATRICIA INDUSTRIES INVESTMENTS IN EQT INVESTOR GROUP FINANCIALS 18 A provider of mobile voice and broadband services in Sweden and Denmark. Activities during the quarter • The subscription base increased by 55,000, of which 46,000 in Sweden and 10,000 in Denmark. Tre Sweden passed 3 million subscribers. • Service revenue increased by 5 percent and EBITDA increased by 11 percent, driven by strong cost control. • Tre became the first mobile operator in Sweden to launch 5G Standalone in its commercial network for both consumers and businesses. The technology uses a network built purely on 5G, which means calls and data connections become more reliable and respond fa ster, and it lays the foundation for new digital services, such as network slicing, which allows a customer to receive dedicated, high - reliability performance for demanding uses, for example factory automation. Key figures, Tre Skandinavien 2026 2025 Last 12 months Income statement items Q3 YTD Q3 YTD Sales, SEK m 3,437 9,752 3,191 9,303 13,415 Sweden, SEK m 2,236 6,331 2,103 6,088 8,792 Denmark, DKK m 807 2,347 736 2,170 3,163 Service revenue, SEK m 1) 2,431 7,058 2,320 6,733 9,390 Sweden, SEK m 1,526 4,485 1,489 4,327 5,982 Denmark, DKK m 608 1,765 562 1,625 2,333 EBITDA, SEK m 1,314 3,739 1,181 3,307 4,869 Sweden, SEK m 919 2,688 844 2,383 3,515 Denmark, DKK m 265 721 228 624 927 EBITDA, % 38.2 38.3 37.0 35.5 36.3 Sweden 41.1 42.5 40.1 39.1 40.0 Denmark 32.9 30.7 31.0 28.7 29.3 Key ratios Capital expenditures/sales, % 10 Balance sheet items, SEK m 9/30 2026 12/31 2025 Net debt 6,076 6,441 9/30 2026 9/30 2025 Number of employees 1,910 1,865 Other key figures 9/30 2026 9/30 2025 Subscriptions 4,835,000 4,597,000 Sweden 3,003,000 2,839,000 Denmark 1,832,000 1,758,000 1) Mobile service revenue excluding interconnect revenue. Tre Skandinavien, sales and margin deve lopment Read more at www.tre.se 0 5 10 15 20 25 30 35 40 45 0 500 1 000 1 500 2 000 2 500 3 000 3 500 4 000 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 SEK m Sales EBITDA, %
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CEO STATEMENT OVERVIEW LISTED COMPANIES PATRICIA INDUSTRIES INVESTMENTS IN EQT INVESTOR GROUP FINANCIALS 19 Investments in EQT EQT is a purpose - driven global investment organization focused on active ownership strategies. With a Nordic heritage and a global mindset, EQT has a track record of three decades of developing companies across multiple geographies, sectors and strategies. Investor was one of the founders of EQT in 1994 and has committed capital to the vast majority of its funds. Investor’s investments in EQT, September 30, 2026 1) Investor Fund size EUR m Share (%) Outstanding commitment SEK m Reported value SEK m Real Assets EQT Infrastructure III 4,041 5 7 420 EQT Infrastructure IV 9,100 3 507 4,616 EQT Infrastructure V 15,700 3 1,306 6,401 EQT Infrastructure VI 21,500 3 3,324 4,477 Other Real Assets 2) - - 390 235 Private Capital EQT VII 6,817 5 55 1,043 EQT VIII 10,750 5 303 2,939 EQT IX 15,600 3 442 5,940 EQT X 21,700 3 2,274 5,319 BPEA IX 3) 15,600 3 4,470 0 Other private capital 4) - - 554 10,415 Funds not closed 5) - - 14,011 216 Credit funds Bridgepoint - - 246 89 Total investments 27,887 42,110 EQT AB 14.0/14.0 6) 52,860 Total investments in EQT 94,970 1) Investor’s investments in EQT funds are reported with a one - quarter lag. 2) EQT Infrastructure II, EQT Real Estate I, EQT Real Estate II. 3) BPEA IX fund size is stated and denominated in USD. 4) EQT MM, EQT MM Asia, EQT MM EU, EQT Ventures, EQT Ventures II, EQT Ventures III, EQT Growth, EQT Future, Fortnox and EQT Continuity. 5) EQT XI, EQT Transition Infrastructure, EQT Healthcare Growth, EQT Life Science 8 and EQT Scaleup Europe Fund. Outstanding commitment is maximum and dependent on final fund size. 6) Capital and votes respectively. Investments in EQT – net cash flow to Investor Read more at www.eqtgroup.com Performance • The reported value change was - 9 percent during the nine - month period 2026, of which - 11 percent in constant currency. During the third quarter, the reported value change was 7 percent, of which 6 percent in constant currency. • Contribution to net asset value (adjusted and reported) amounted to SEK - 9,769m during the nine - month period 2026 (5,082), of which SEK 5,879m during the third quarter (747). • Net cash flow to Investor was SEK - 349m during the nine - month period 2026, of which SEK - 663m during the third quarter . Investments in EQT AB • Total shareholder return for the nine - month period 2026 was - 21 percent, of which 5 percent during the third quarter. • Dividends received amounted to SEK 455m during the nine - month period 2026, of which SEK 0 m during the third quarter. • During the nine - month period 2026, Investor acquired shares in EQT AB for SEK 1,727m, of which SEK 0 m during third quarter 2026. Investments in EQT funds • The information on Investor’s investments in EQT funds is reported with a one - quarter lag. Consequently, the information in this report is presented as of June 30, 2026. • During the nine - month period 2026, the reported value change of Investor’s investments in EQT funds was 10 percent, of which 6 percent in constant currency. During the third quarter, the reported value change was 9 percent, of which 7 percent in constant c urrency. • During the nine - month period 2026, investments from Investor amounted to SEK 3,556m, of which SEK 1,498m during the third quarter. Proceeds to Investor amounted to SEK 4,490m, of which SEK 837m during the third quarter. Investor’s investments in EQT, key figures overview Q3 Q2 Q1 FY Q4 Q3 Q2 Q1 FY Q4 Q3 SEK m 2026 2026 2026 2025 2025 2025 2025 2025 2024 2024 2024 Reported value 94,970 88,427 90,802 104,390 104,390 97,358 96,776 90,512 88,710 88,710 94,492 Reported value change, % 7 - 2 - 13 15 8 1 4 1 8 - 5 7 Value change, constant currency, % 6 - 3 - 14 17 9 1 3 3 7 - 6 7 EQT AB, dividends received - 455 - 762 381 - 381 - 627 314 - Proceeds to Investor 837 1,617 2,037 6,976 1,261 3,351 1,616 748 3,726 1,550 898 Investments from Investor 1,500 1,552 2,243 10,089 427 3,186 4,791 1,685 4,102 953 546 Net cash flow to Investor - 663 520 - 206 - 2,351 1,215 165 - 2,794 - 937 252 910 352 -3 000 -2 000 -1 000 0 1 000 2 000 3 000 4 000 5 000 6 000 7 000 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 9m SEK m
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CEO STATEMENT OVERVIEW LISTED COMPANIES PATRICIA INDUSTRIES INVESTMENTS IN EQT INVESTOR GROUP FINANCIALS 20 Investor g roup Net debt Net debt totaled SEK 23,661m on September 30, 2026 (23,387). Debt financing of the Patricia Industries’ subsidiaries is arranged without guarantees from Investor and hence not included in Investor’s net debt. Investor guarantees SEK 2. 7 bn of the associated company T re S kandinavien ’s external debt, but this guaranteed loan is not included in Investor’s net debt. The same applies for pending dividends from investments and approved but not yet paid dividend to shareholders. Investor’s gross cash amounted to SEK 29,460m as of September 30, 2026 (27,119). The short - term investments are invested conservatively, taking into account the risk - adjusted return profile. Investor’s gross debt, excluding pension liabilities, amounted to SEK 53,015m as of September 30, 2026 (50,403). The average maturity of Investor AB’s debt portfolio was 8.4 years on September 30, 2026 (9.2), excluding the debt of the Patricia Industries subsidiaries. During the quarter, Moody’s upgraded Investor’s credit rating from Aa3 to Aa2, with a stable outlook. Following the upgrade, Investor is rated AA - (Stable) by S&P Global and Aa 2 (Stable) by Moody’s. Debt maturity profile, September 30, 2026 Net debt, September 30, 2026 SEK m Consolidated balance sheet Deductions related to Patricia Industries subsidiaries Investor’s net debt Other financial investments 23,255 - 604 22,651 Cash, bank and short - term investments 16,652 - 9,842 6,810 Receivables included in net debt 569 - 566 3 Interest bearing debt - 127,254 74,236 - 53,017 Provision for pensions - 1,030 924 - 107 Total - 87,808 64,148 - 23,661 Net financial items, YTD 2026 SEK m Group - Net financial items Deductions related to Patricia Industries subsidiaries Investor’s net financial items Interest income 1,394 - 83 1,312 Interest expenses - 4,898 2,926 - 1,972 Results from revaluation of loans, swaps and short - term investments 283 - 424 - 141 Foreign exchange result - 1,252 423 - 829 Other - 341 221 - 119 Total - 4,813 3,063 - 1,750 Parent company Share capital Investor’s share capital amounted to SEK 4,795m on September 30, 2026 (4,795). Share structure Class of share Number of shares Number of votes % of capital % of votes A 1 vote 1,246,763,376 1,246,763,376 40.6 87.2 B 1/10 vote 1,821,936,744 182,193,674 59.4 12.8 Total 3,068,700,120 1,428,957,050 100.0 100.0 Investor’s share capital consists of 3,068,700,120 shares with a quota of SEK 1.5625 per share. On September 30, 2026, Investor owned a total of 4,985,054 of its own shares (5,391,065). Other Offers to chairpersons Investor continues to offer chairpersons in certain companies within Listed Companies the opportunity to invest in options in their respective companies with a duration of five to seven years, as the chairperson has a particularly important role in driving successful board work. During the third quarter 2026, Wärtsilä ’s chairperson exercised all options, sold by Investor in 20 20 , and bought 269 , 640 shares in Wärtsilä for a consideration of SEK 1 9 m from Investor . During the second quarter 2026, Electrolux Professional’s chairperson exercised part of his options, sold by Investor in 2019, and bought 432,944 B - shares in Electrolux Professional for a consideration of SEK 14m from Investor . Acquisitions (business combinations) Sarnova’s acquisition of Mercury Medical On August 4, 2026, Sarnova acquired Mercury Medical, a manufacturer of respiratory and anesthesia products . The acquisition adds a proprietary product portfolio to Sarnova’s Acute Care and Emergency Preparedness businesses. The consideration amounted to SEK 499 m and was funded with cash on hand. In the preliminary purchase price allocation, goodwill amounted to SEK 106 m. The goodwill recognized for the acquisition corresponds to the combining of Mercury Medical’s decades of clinical innovation and manufacturing expertise with Sarnova’s resources and industry leadership and the ability to support healthcare providers acr oss the continuum of care. The goodwill recognized is not expected to be deductible for income tax purposes. Transaction - related costs amounted to SEK 37 m and derives from external legal fees and due diligence expenses. These costs have been included in the line - item Administrative, research and development and other operating costs in the Group’s consolidated income statement. For the period from the acqu isition date until September 30, 2026, Mercury Medical contributed net sales of SEK 47 m and profit/loss of SEK 0 m to the Group’s result. If the acquisition of Mercury Medical had occurred on January 1, 2026, management estimates that consolidated net sales for the Group would have increased by SEK 312 m and consolidated profit/loss for the period would have increased by SEK 35 m. 0 1 000 2 000 3 000 4 000 5 000 6 000 7 000 8 000 SEK m
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CEO STATEMENT OVERVIEW LISTED COMPANIES PATRICIA INDUSTRIES INVESTMENTS IN EQT INVESTOR GROUP FINANCIALS 21 Laborie ’ s acquisition of JADA ® On January 28, 2026, Laborie acquired the JADA ® System, a medical device that uses a low - level vacuum to control and treat abnormal postpartum uterine bleeding or hemorrhage, by acquiring 100 percent of Alidia Health, Inc., a subsidiary of Organon LLC. The acquisition of the JADA ® System expands Laborie’s Maternal & Child Health business unit and demonstrates the company’s commitment to delivering innovative, proven solutions to physicians and patients globally. The consideration amounted to SEK 3,878 m and was funded with cash on hand and external debt. A potential additional payment of up to USD 25m contingent on achievement of certain 2026 revenue targets may fall out. In the preliminary purchase price allocation, goodwill amounted to SEK 2,295 m. The goodwill recognized for the acquisition corresponds to the business’s position to further strengthen their mission to deliver customer - focused innovation to physicians and patients globally. The goodwill recognized is not expected to be deductible f or income tax purposes. Transaction - related costs amounted to SEK 141 m and derives from external legal fees and due diligence expenses. These costs have been included in the line - item Administrative, research and development and other operating costs in the Group’s consolidated income statement. For the period from the acquisition date until September 30, 2026, JADA ® System contributed net sales of SEK 546 m and profit/loss of SEK 69 m to the Group’s result. If the acquisition of JADA ® System had occurred on January 1, 2026, management estimates that consolidated net sales for the Group would have increased by SEK 53 m and consolidated profit/loss for the period would have increased by SEK 17 m. Other Other consists of a number of smaller acquisitions. Identifiable assets acquired and liabilities assumed SEK m Mercury Medical Jada® System Other Total Intangible assets 220 1,884 62 2,166 Property, plant and equipment 10 - 29 39 Other financial investments 0 - 2 2 Inventories 81 201 12 294 Trade receivables 44 - 31 75 Other current receivables 14 - 3 16 Cash and cash equivalents 89 - 16 105 Long - term interest bearing liabilities - - - 1 - 1 Deferred tax liabilities - - 490 - 15 - 505 Other provisions - 27 - - - 27 Other liabilities - 40 - 12 - 31 - 83 Net identifiable assets and liabilities 393 1,582 108 2,083 Consolidated goodwill 106 2,295 61 2,463 Consideration 499 3,878 169 4,546 Less: acquired cash and cash equivalents - 89 - - 16 - 105 Supplementary payments - 38 - 15 - 28 - 81 Paid additional purchased price related to acquisitions made in previous periods 725 Acquisitions of subsidiaries, net effect on cash flow 372 3,863 125 5,084 Pledged assets and contingent liabilities Total pledged assets amount to SEK 42.3bn (36.8), of which SEK 35.3bn (31.7) refers to pledged assets in the subsidiaries BraunAbility, Laborie, Nova Biomedical and Sarnova, related to outstanding loans corresponding to SEK 4.9bn (4.8), SEK 8.2bn (3.7), SE K 7.9bn (7.3) and SEK 10.6bn (9.3). Total contingent liabilities amount to SEK 5.5bn and refers to warranties within the major subsidiaries and Tre Skandinavien (6.9). Basis of preparation for the Interim Management Statement This Interim Management Statement has in all material aspects been prepared in accordance with NASDAQ Stockholm’s guidelines for preparing interim management statements. The accounting policies that have been applied for the consolidated income statement and consolidated balance sheet, are in agreement with the accounting policies used in the preparation of the company’s most recent annual report. Alternative performance measures Investor applies the ESMA Guidelines on Alternative performance measures (APMs). An APM is a financial measure of historical or future financial performance, financial position, or cash flows, other than a financial measure defined or specified in the appl icable financial reporting framework. For Investor’s consolidated accounts, this framework typically means IFRS. Definitions of all APMs used are found in the Annual report 202 5 and on www.investorab.com/investors - media/financials/definitions. Reconciliations to the financial statements for the APMs that are not directly identifiable from the financial statements and considered significant to specify, are disclosed on pages 33 - 34 . Reconciliations of APMs for individual subsidiaries or business areas are not disclosed, since the purpose of these are to give deeper financial information without being directly linked to the financial information for the Group, that is presented accor ding to the applicable financial reporting framework. Roundings Due to rounding, numbers presented throughout this Interim Management Statement may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures.
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CEO STATEMENT OVERVIEW LISTED COMPANIES PATRICIA INDUSTRIES INVESTMENTS IN EQT INVESTOR GROUP FINANCIALS 22 Financial calendar Nov. 4, 2026 Capital Markets Update Jan. 22, 2027 Year - e nd report 2026 Apr. 20, 2027 Interim Management Statement January - March 2027 Jul. 1 6 , 2027 Interim Report January - June 2027 Oct. 20, 2027 Interim Management Statement January - September 2027 Christian Cederholm President and CEO For more information Jacob Lund Chief Communications & Sustainability Officer +46 72 560 2157 jacob.lund@investorab.com Magnus Dalhammar Head of Investor Relations +46 73 524 2130 m agnus.dalhammar@investorab.com Address Investor AB (publ) (CIN 556013 - 8298) SE - 103 32 Stockholm, Sweden Visiting address: Arsenalsgatan 8C Phone: +46 8 614 2000 www.investorab.com Ticker codes INVEB SS in Bloomberg INVEb.ST in Reuters INVE B in NASDAQ OMX Information about Investor is also available on LinkedIn. This information is information that Investor AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 08:15 CET on October 16 , 2026. This Interim Management Statement and additional information is available on www.investorab.com This Interim Management Statement has not been subject to review by the company’s auditors
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CEO STATEMENT OVERVIEW LISTED COMPANIES PATRICIA INDUSTRIES INVESTMENTS IN EQT INVESTOR GROUP FINANCIALS 23 Consolidated income statement, in summary SEK m YTD 2026 YTD 2025 Q3 2026 Q3 2025 Dividends 15,232 13,797 1,519 1,372 Changes in value 141,609 84,939 9,500 57,381 Net sales 52,415 48,040 18,381 16,271 Cost of goods and services sold - 26,464 - 25,228 - 9,109 - 8,679 Sales and marketing cost - 7,386 - 6,924 - 2,514 - 2,280 Administrative, research and development and other operating cost - 9,859 - 8,891 - 3,365 - 3,056 Management cost - 592 - 585 - 183 - 185 Share of results of associates 433 323 93 130 Operating profit/loss 165,389 105,471 14,323 60,953 Net financial items - 4,813 - 2,666 - 1,916 - 1,031 Profit/loss before tax 160,576 102,805 12,407 59,921 Income taxes - 1,281 - 764 - 508 - 107 Profit/loss for the period 159,294 102,041 11,899 59,814 Attributable to: Owners of the Parent company 159,316 102,097 11,912 59,832 Non - controlling interest - 22 - 56 - 13 - 18 Profit/loss for the period 159,294 102,041 11,899 59,814 Basic earnings per share, SEK 52.00 33.33 3.89 19.53 Diluted earnings per share, SEK 51.97 33.31 3.89 19.52 Consolidated statement of comprehensive income, in summary SEK m YTD 2026 YTD 2025 Q3 2026 Q3 2025 Profit/loss for the period 159,294 102,041 11,899 59,814 Other comprehensive income for the period, including tax Items that will not be recycled to profit/loss for the period Revaluation of property, plant and equipment - - 61 - 7 Re - measurements of defined benefit plans - 28 60 4 1 Items that may be recycled to profit/loss for the period Hedging costs - 90 62 - 10 32 Foreign currency translation adjustment 4,267 - 7,008 1,446 - 725 Profit/loss from net investment hedge - 1,009 853 - 315 122 Share of other comprehensive income of associates 94 - 181 93 - 54 Total other comprehensive income for the period 3,235 - 6,274 1,218 - 619 Total comprehensive income for the period 162,529 95,766 13,117 59,196 Attributable to: Owners of the Parent company 162,524 95,853 13,123 59,209 Non - controlling interest 5 - 87 - 6 - 13 Total comprehensive income for the period 162,529 95,766 13,117 59,196
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CEO STATEMENT OVERVIEW LISTED COMPANIES PATRICIA INDUSTRIES INVESTMENTS IN EQT INVESTOR GROUP FINANCIALS 24 Consolidated balance sheet, in summary SEK m 9/30 2026 12/31 2025 9/30 2025 ASSETS Goodwill 82,550 75,267 76,848 Other intangible assets 38,672 36,407 37,326 Property, plant and equipment 20,887 17,488 18,667 Shares and participations 1,050,708 908,372 856,039 Other financial investments 23,255 13,910 10,368 Long - term receivables included in net debt 537 1,539 1,821 Other long - term receivables 4,944 4,738 4,567 Total non - current assets 1,221,553 1,057,719 1,005,636 Inventories 11,687 11,091 12,227 Shares and participations in trading operation 243 445 424 Short - term receivables included in net debt 32 5 2 Other current receivables 14,049 11,354 12,141 Cash, bank and short - term investments 16,652 22,193 22,282 Assets held for sale 546 - - Total current assets 43,209 45,088 47,076 TOTAL ASSETS 1,264,762 1,102,807 1,052,712 EQUITY AND LIABILITIES Equity 1,099,355 953,898 899,534 Long - term interest - bearing liabilities 125,825 114,290 114,319 Provisions for pensions and similar obligations 1,030 941 976 Other long - term provisions and liabilities 17,850 18,348 17,855 Total non - current liabilities 144,705 133,579 133,150 Current interest - bearing liabilities 1,429 1,431 1,221 Other short - term provisions and liabilities 19,251 13,899 18,807 Liabilities directly associated with assets held for sale 22 - - Total current liabilities 20,701 15,330 20,028 TOTAL EQUITY AND LIABILITIES 1,264,762 1,102,807 1,052,712 Consolidated statement of changes in equity, in summary SEK m YTD 2026 2025 YTD 2025 Opening balance 1/1 953,898 819,752 819,752 Profit for the period 159,294 157,340 102,041 Other comprehensive income for the period 3,235 - 7,257 - 6,274 Total comprehensive income for the period 162,529 150,084 95,766 Dividend to shareholders - 17,157 - 15,929 - 15,928 Changes in non - controlling interest 61 - 1 8 Effect of long - term share - based remuneration 119 148 96 Purchase of own shares - 96 - 154 - 160 Closing balance 1,099,355 953,898 899,534 Attributable to: Owners of the Parent company 1,099,072 953,705 899,225 Non - controlling interest 283 193 309 Total equity 1,099,355 953,898 899,534
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CEO STATEMENT OVERVIEW LISTED COMPANIES PATRICIA INDUSTRIES INVESTMENTS IN EQT INVESTOR GROUP FINANCIALS 25 Consolidated cash flow, in summary SEK m YTD 2026 YTD 2025 Operating activities Dividends received 14,721 13,308 Cash receipts 51,168 44,418 Cash payments - 40,116 - 35,692 Cash flows from operating activities before net interest and income tax 25,774 22,033 Interest received/paid - 3,012 - 3,436 Income tax paid - 1,465 - 1,590 Cash flows from operating activities 21,297 17,008 Investing activities Acquisitions 1) - 7,237 - 12,183 Divestments 2) 6,573 6,564 Increase in long - term receivables - 309 - 255 Decrease in long - term receivables 283 11 Acquisitions of subsidiaries, net effect on cash flow - 5,399 - 22,243 Increase in other financial investments 3) - 35,179 - 11,482 Decrease in other financial investments 4) 25,685 4,683 Net change, short - term investments 5) - 851 10,275 Acquisitions of property, plant and equipment - 2,662 - 2,449 Proceeds from sale of property, plant and equipment 115 318 Net cash used in investing activities - 18,981 - 26,762 Financing activities New share issue 3 - Borrowings 9,557 32,071 Repayment of borrowings - 6,069 - 9,833 Repurchases of own shares - 311 - 204 Transactions with non - controlling interest - 230 - 1,197 Dividend paid - 12,255 - 11,487 Net cash used in financing activities - 9,304 9,351 Cash flows for the period - 6,988 - 403 Cash and cash equivalents at the beginning of the year 14,058 17,220 Exchange difference in cash 690 - 402 Cash and cash equivalents at the end of the period 7,761 16,415 1) Acquisitions include investments in listed and unlisted companies not defined as subsidiaries. 2) Divestments include sale of listed and unlisted companies not defined as subsidiaries. 3) Increase in other financial investments include acquisition of bonds with maturity later than 1 year. 4) Decrease in other financial investments include disposals or reclassification of bonds with maturity later than 1 year. 5) Net changes, short - term investments includes acquisitions and disposals of bonds and certificates with maturity within 1 year.
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CEO STATEMENT OVERVIEW LISTED COMPANIES PATRICIA INDUSTRIES INVESTMENTS IN EQT INVESTOR GROUP FINANCIALS 26 Performance by business area Q3 2026 Q3 2025 SEK m Listed Companies Patricia Industries Investments in EQT Investor Groupwide Total Listed Companies Patricia Industries Investments in EQT Investor Groupwide Total Dividends 1,519 - - 0 1,519 1,372 - - 0 1,372 Changes in value 3,498 159 5,854 - 11 9,500 57,388 - 802 782 12 57,381 Net sales - 18,381 - - 18,381 - 16,271 - - 16,271 Cost of goods and services sold - - 9,109 - - - 9,109 - - 8,679 - - - 8,679 Sales and marketing cost - - 2,514 - - - 2,514 - - 2,280 - - - 2,280 Administrative, research and development and other operating cost - - 3,338 - 1 - 26 - 3,365 - - 3,040 - 2 - 14 - 3,056 Management cost - 44 - 97 - 3 - 39 - 183 - 46 - 95 - 3 - 41 - 185 Share of results of associates - 93 - - 93 - 130 - - 130 Operating profit/loss 4,973 3,577 5,850 - 76 14,323 58,714 1,504 777 - 43 60,953 Net financial items - - 937 - - 978 - 1,916 - - 995 - - 36 - 1,031 Income tax - - 550 - 42 - 508 - - 89 - - 18 - 107 Profit/loss for the period 4,973 2,089 5,850 - 1,012 11,899 58,714 420 777 - 97 59,814 Non - controlling interest - 13 - - 13 - 18 - - 18 Net profit/loss for the period attributable to the Parent company 4,973 2,102 5,850 - 1,012 11,912 58,714 438 777 - 97 59,832 Dividend to shareholders - - - 0 0 - - - 1 1 Other effects on equity - 1,644 30 - 375 1,298 - - 744 - 30 175 - 599 Contribution to net asset value 4,973 3,746 5,879 - 1,388 13,210 58,714 - 306 747 79 59,234 Net asset value by business area 9/30 2026 Carrying amount 949,279 82,743 94,970 - 4,258 1,122,733 752,528 80,757 97,358 - 3,956 926,687 Investor's net debt/ - cash - 14,505 - - 38,165 - 23,661 - 13,532 - - 40,993 - 27,462 Total net asset value including net debt/ - cash 949,279 97,247 94,970 - 42,424 1,099,072 752,528 94,289 97,358 - 44,949 899,225
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CEO STATEMENT OVERVIEW LISTED COMPANIES PATRICIA INDUSTRIES INVESTMENTS IN EQT INVESTOR GROUP FINANCIALS 27 Performance by business area , cont. YTD 2026 YTD 2025 SEK m Listed Companies Patricia Industries Investments in EQT Investor Groupwide Total Listed Companies Patricia Industries Investments in EQT Investor Groupwide Total Dividends 14,774 - 455 3 15,232 13,403 - 381 13 13,797 Changes in value 151,406 435 - 10,237 5 141,609 80,531 - 503 4,863 47 84,939 Net sales - 52,415 - - 52,415 - 48,040 - - 48,040 Cost of goods and services sold - - 26,464 - - - 26,464 - - 25,228 - - - 25,228 Sales and marketing cost - - 7,386 - - - 7,386 - - 6,924 - - - 6,924 Administrative, research and development and other operating cost - - 9,809 - 5 - 45 - 9,859 - - 8,846 - 5 - 40 - 8,891 Management cost - 142 - 300 - 10 - 140 - 592 - 139 - 298 - 10 - 138 - 585 Share of results of associates - 433 - - 433 - 323 - - 323 Operating profit/loss 166,038 9,324 - 9,797 - 177 165,389 93,795 6,564 5,229 - 118 105,471 Net financial items - - 3,063 - - 1,750 - 4,813 - - 1,967 - - 699 - 2,666 Income tax - - 1,275 - - 6 - 1,281 - - 749 - - 15 - 764 Profit/loss for the period 166,038 4,986 - 9,797 - 1,933 159,294 93,795 3,848 5,229 - 832 102,041 Non - controlling interest - 22 - - 22 - 56 - - 56 Net profit/loss for the period attributable to the Parent company 166,038 5,008 - 9,797 - 1,933 159,316 93,795 3,904 5,229 - 832 102,097 Dividend to shareholders - - - - 17,157 - 17,157 - - - - 15,928 - 15,928 Other effects on equity - 4,609 27 - 1,428 3,208 - - 6,935 - 147 774 - 6,307 Contribution to net asset value 166,038 9,617 - 9,769 - 20,518 145,367 93,795 - 3,031 5,082 - 15,985 79,861 Net asset value by business area 9/30 2026 Carrying amount 949,279 82,743 94,970 - 4,258 1,122,733 752,528 80,757 97,358 - 3,956 926,687 Investor's net debt/ - cash - 14,505 - - 38,165 - 23,661 - 13,532 - - 40,993 - 27,462 Total net asset value including net debt/ - cash 949,279 97,247 94,970 - 42,424 1,099,072 752,528 94,289 97,358 - 44,949 899,225
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CEO STATEMENT OVERVIEW LISTED COMPANIES PATRICIA INDUSTRIES INVESTMENTS IN EQT INVESTOR GROUP FINANCIALS 28 Financial instruments The numbers below are based on the same accounting and valuation policies as used in the preparation of the company’s most recent annual report. For information regarding financial instruments in level 2 and level 3, see Note 3 2 , Financial i nstruments, in Investor’s Annual r eport 202 5 . Valuation techniques, level 3 Fair value, SEK m Range Group 9/30 2026 12/31 2025 Valuation technique Input 9/30 2026 12/31 2025 Shares and participations 44,740 41,443 Last round of financing n/a n/a n/a Comparable companies EBITDA multiples n/a n/a Comparable companies Sales multiples 1.4 – 2.9 1.6 – 2.9 Comparable transactions Sales multiples 1.4 – 3.4 2.3 – 3.3 NAV n/a n/a n/a Other financial investments 370 309 Discounted cash flow Market interest rate n/a n/a Long - term and current receivables 2,621 2,510 Discounted cash flow Market interest rate n/a n/a Long - term interest - bearing liabilities 248 173 Discounted cash flow Market interest rate n/a n/a Other provisions and liabilities 8,303 9,564 Comparable companies EBITDA multiples n/a n/a All valuations in level 3 are based on assumptions and judgments that management considers to be reasonable based on the circumstances prevailing at the time. Changes in assumptions may result in adjustments to reported values and the actual outcome may di ffer from the estimates and judgments that were made. Shares and participations in level 3 are mainly fund investments within EQT. Unlisted holdings in funds are measured at Investor’s share of the value that the fund manager reports for all unlisted fund holdings (Net Asset Value) and is normally updated when a new valuation is received. The value change on Investor’s investments in EQT funds are reported with a one - quarter lag. Part of the unlisted portfolio is valued based on comparable companies, and th e value is dependent on the level of the multiples. The multiple ranges provided in the note show the minimum and maximum value of the actual multiples applied in these valuations. A 10 percent change of the multiples would have an effect on this part of t he unlisted portfolio of approximately SEK 100 m (75). For the derivatives, a parallel shift of the interest rate curve by one percentage point would affect the value by approximately SEK 275m (300).
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CEO STATEMENT OVERVIEW LISTED COMPANIES PATRICIA INDUSTRIES INVESTMENTS IN EQT INVESTOR GROUP FINANCIALS 29 Financial assets and liabilities by level The table below indicates how fair value is measured for the financial instruments recognized at fair value in the Balance s heet. The financial instruments are presented in three categories, depending on how the fair value is measured: Level 1: According to quoted prices in active markets for identical instruments Level 2: According to directly or indirectly observable inputs that are not included in level 1 Level 3: According to inputs that are unobservable in the market Financial instruments - fair value 9/30 2026 12/31 2025 Group Total carrying Total carrying SEK m Level 1 Level 2 Level 3 Other 1) amount Level 1 Level 2 Level 3 Other 1) amount Financial assets Shares and participations 995,478 6,686 44,740 3,805 1,050,708 857,317 5,975 41,443 3,636 908,372 Other financial investments 22,782 - 370 103 23,255 13,482 - 309 119 13,910 Long - term receivables included in net debt - 1 536 - 537 - 932 606 - 1,539 Other long - term receivables - - 2,062 2,882 4,944 - - 1,904 2,834 4,738 Shares and participations in trading operation 243 - - - 243 445 - - - 445 Short - term receivables included in net debt - 32 - - 32 - 5 - - 5 Other current receivables - 22 22 14,005 14,049 - 0 - 11,354 11,354 Cash, bank and short - term investments 6,389 - - 10,262 16,652 13,464 - - 8,729 22,193 Total 1,024,892 6,740 47,730 31,058 1,110,420 884,708 6,912 44,262 26,673 962,555 Financial liabilities Long - term interest - bearing liabilities - 461 248 125,117 125,825 2) - 250 173 113,867 114,290 2) Other long - term provisions and liabilities - - 8,290 9,560 17,850 - - 8,922 9,427 18,348 Short - term interest - bearing liabilities - - - 1,429 1,429 3) - 1 7 1,423 1,4313) Other short - term provisions and liabilities 75 25 13 19,137 19,251 188 70 635 13,006 13,899 Total 75 486 8,551 155,243 164,355 188 320 9,737 137,723 147,968 1) To enable reconciliation with balance sheet items, financial instruments not valued at fair value as well as other assets and liabilities that are included within balance sheet items have been included within Other. 2) The Group’s loans are valued at amortized cost. Fair value on long - term loans amounts to SEK 129,441m (117,378). 3) The Group’s loans are valued at amortized cost. Fair value on short - term loans amounts to SEK 1,429m (1,431).
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CEO STATEMENT OVERVIEW LISTED COMPANIES PATRICIA INDUSTRIES INVESTMENTS IN EQT INVESTOR GROUP FINANCIALS 30 Changes in financial assets and liabilities in Level 3 Group 9/30 2026 Group 12/31 2025 SEK m Shares and participations Other financial investments Long - term receivables included in net debt Other current receivables Long - term interest - bearing liabilities Other long - term provisions and liabilities Other current liabilities Shares and participations Other financial investments Long - term receivables included in net debt Other current receivables Long - term interest - bearing liabilities Other long - term provisions and liabilities Other current liabilities Opening balance at the beginning of the year 41,443 309 2,510 - 173 8,922 642 38,173 279 2,731 2 17 10,294 582 Total gain or losses in profit or loss statement in line Changes in value 1,012 - 4 - - - - 1,549 - 312 - - 111 44 in line Net financial items - - 7 - 22 74 - 377 - 6 - - 52 - 308 - 2 59 648 - 1 in line Cost of goods and services sold - - - - - 2 - - - 0 - - - 59 - 30 in line Foreign currency translation adjustment 334 25 - 1 - 438 13 - 640 - 34 0 0 4 - 1,104 - 97 Acquisitions 6,525 44 - - - 35 1 9,344 116 - - - 3 2 Divestments - 4,575 - - - - - 182 - - 6,982 - - - - - 1,015 - 50 Issues - - 94 - - 276 30 - - 66 - 93 476 - Settlements - - - 11 - - - 824 - 667 - - - 21 - - - 204 - 38 Reclassification - - - - - - - - - - - - - 229 229 Transfer out of Level 3 - - - - - - - - - - 270 - - - - Carrying amount at end of the period 44,740 370 2,598 22 248 8,290 13 41,443 309 2,510 0 173 8,922 642 Total unrealized gains/losses for the period included in profit/loss for financial instruments held at the end of the period Changes in value - 822 - 4 - - - - - 1,308 - 233 - - 121 44 Net financial items - - - - 70 421 - 486 - - 308 - 134 - 609 - Total - 822 - 4 - 70 421 - - 822 - - 76 - 134 - 487 44
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CEO STATEMENT OVERVIEW LISTED COMPANIES PATRICIA INDUSTRIES INVESTMENTS IN EQT INVESTOR GROUP FINANCIALS 31 Revenue from contracts with customer s Group Q3 2026 Group Q3 2025 SEK m Healthcare equipment Life science Real estate Gripping and moving solutions Total Healthcare equipment Life science Real estate Gripping and moving solutions Total Geographical market Sweden 287 39 130 27 483 283 40 75 27 425 United Kingdom 649 146 - 32 827 534 118 - 38 690 France 584 38 - 83 705 610 33 - 83 726 Germany 483 49 - 72 603 477 38 - 70 585 Rest of Europe 1,998 228 - 157 2,384 1,956 174 - 147 2,277 U.S. 9,956 1,024 - 312 11,291 8,642 811 - 277 9,730 North America, excl. U.S. 398 50 - 30 478 303 49 - 34 385 South America 151 31 - 27 209 133 35 - 24 192 Africa 85 5 - 1 92 83 25 - 1 110 Oceania 346 28 - 9 384 306 23 - 8 337 China 359 27 - 116 502 202 26 - 106 333 Asia, excl. China 224 148 - 51 423 319 116 - 46 481 Total 15,521 1,813 130 918 18,381 13,847 1,488 75 860 16,271 Category Sales of products 14,812 1,565 - 903 17,280 13,183 1,141 - 847 15,172 Sales of services 699 211 - 15 925 648 346 - 13 1,008 Revenues from leasing 10 33 130 - 173 14 - 75 - 89 Other income 0 3 - - 4 1 1 1 - 3 Total 15,521 1,813 130 918 18,381 13,847 1,488 75 860 16,271 Sales channels Through distributors 8,598 407 - 224 9,230 7,859 289 - 21 8,170 Directly to customers 6,923 1,405 130 693 9,152 5,988 1,199 75 839 8,101 Total 15,521 1,813 130 918 18,381 13,847 1,488 75 860 16,271 Timing of revenue recognition Goods and services transferred at a point of time 15,455 1,678 - 918 18,051 13,636 1,388 - 860 15,884 Goods and services transferred over time 66 134 130 - 330 211 100 75 - 386 Total 15,521 1,813 130 918 18,381 13,847 1,488 75 860 16,271
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CEO STATEMENT OVERVIEW LISTED COMPANIES PATRICIA INDUSTRIES INVESTMENTS IN EQT INVESTOR GROUP FINANCIALS 32 Revenue from contracts with customers , cont. Group 9/30 2026 Group 9/30 2025 SEK m Healthcare equipment Life science Real estate Gripping and moving solutions Total Healthcare equipment Life science Real estate Gripping and moving solutions Total Geographical market Sweden 905 124 356 91 1,476 829 118 216 85 1,247 United Kingdom 1,789 437 - 97 2,322 1,692 188 - 109 1,989 France 1,774 109 - 274 2,157 1,915 44 - 265 2,225 Germany 1,359 134 - 204 1,697 1,437 62 - 218 1,717 Rest of Europe 6,101 645 - 462 7,208 6,122 313 - 481 6,916 U.S. 27,800 2,909 - 848 31,557 26,336 1,532 - 854 28,722 North America, excl. U.S. 1,119 149 - 101 1,369 952 99 - 103 1,154 South America 346 106 - 85 537 387 40 - 69 496 Africa 295 79 - 6 380 320 27 - 5 352 Oceania 966 78 - 23 1,067 891 32 - 23 946 China 722 83 - 351 1,157 644 42 - 341 1,028 Asia, excl. China 916 421 - 152 1,489 932 167 - 149 1,248 Total 44,093 5,274 356 2,693 52,415 42,457 2,666 216 2,701 48,040 Category Sales of products 41,743 4,534 - 2,642 48,919 40,526 2,003 - 2,664 45,193 Sales of services 2,314 598 - 52 2,964 1,888 662 - 37 2,587 Revenues from leasing 32 131 356 - 519 39 - 212 - 251 Other income 3 10 - - 14 5 1 3 - 9 Total 44,093 5,274 356 2,693 52,415 42,457 2,666 216 2,701 48,040 Sales channels Through distributors 24,021 1,172 - 625 25,818 23,827 788 - 736 25,352 Directly to customers 20,072 4,101 356 2,069 26,598 18,630 1,878 216 1,965 22,688 Total 44,093 5,274 356 2,693 52,415 42,457 2,666 216 2,701 48,040 Timing of revenue recognition Goods and services transferred at a point of time 43,599 4,883 - 2,693 51,175 42,002 2,492 - 2,701 47,195 Goods and services transferred over time 494 391 356 - 1,241 455 174 216 - 845 Total 44,093 5,274 356 2,693 52,415 42,457 2,666 216 2,701 48,040
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CEO STATEMENT OVERVIEW LISTED COMPANIES PATRICIA INDUSTRIES INVESTMENTS IN EQT INVESTOR GROUP FINANCIALS 33 Reconciliations of significant Alternative performance measures In the financial statements issued by Investor, Alternative performance measures (APMs) are disclosed, which complete measures that are defined or specified in the applicable financial reporting framework, such as revenue, profit or loss or earnings per sh are. APMs are disclosed when they complement performance measures defined by IFRS. The basis for disclosed APMs are that they are used by management to evaluate the financial performance and thus believed to give analysts and other stakeholders valuable informa tion. Investor AB discloses the definitions of all APMs used on http://www.investorab.com/investors - media/financials/definitions and on pages 166 - 168 in the Annual report 2025. Below reconciliations of significant APMs to the most directly reconcilable line item, subtotal or total presented in the financial statements of the corresponding period are disclosed. Gross cash Gross cash or Investor’s cash and readily available placements are defined as the sum of cash and cash equivalents, short - term investments , financial investments and interest - bearing current and long - term receivables. Deductions are made for items related to subsidiaries within Patricia Industries. Group 9/30 2026, SEK m Consolidated balance sheet Deductions related to Patricia Industries Investor’s gross cash Group 12/31 2025, SEK m Consolidated balance sheet Deductions related to Patricia Industries Investor’s gross cash Other financial investments 23,255 - 604 22,651 Other financial investments 13,910 - 577 13,333 Cash, bank and short - term investments 16,652 - 9,842 6,810 Cash, bank and short - term investments 22,193 - 8,407 13,786 Gross cash 39,906 - 10,446 29,460 Gross cash 36,103 - 8,984 27,119 Gross debt Gross debt is defined as interest - bearing current and long - term liabilities, including pension liabilities, less derivatives with positive value related to the loans. Deductions are made for items related to subsidiaries within Patricia Industries. Group 9/30 2026, SEK m Consolidated balance sheet Deductions related to Patricia Industries Investor’s gross debt Group 12/31 2025, SEK m Consolidated balance sheet Deductions related to Patricia Industries Investor’s gross debt Receivables included in net debt 569 - 566 3 Receivables included in net debt 1,543 - 606 937 Loans - 127,254 74,236 - 53,017 Loans - 115,721 64,381 - 51,340 Provision for pensions - 1,030 924 - 107 Provision for pensions - 941 837 - 103 Gross debt - 127,715 74,594 - 53,121 Gross debt - 115,119 64,612 - 50,507 Net debt Gross debt less gross cash at balance sheet date. Group 9/30 2026, SEK m Group 12/31 2025, SEK m Investor’s gross cash - 29,460 Investor’s gross cash - 27,119 Investor’s gross debt 53,121 Investor’s gross debt 50,507 Investor’s net debt 23,661 Investor’s net debt 23,387 Total assets The net of all assets and liabilities not included in net debt. Total reported assets are based on reported values according to IFRS. Total adjusted assets are adjusted for estimated market values for Patricia Industries’ major subsidiaries and partner - own ed investments. Group 9/30 2026, SEK m Consolidated balance sheet Deductions related to non - controlling interest Investor’s net asset value Group 12/31 2025, SEK m Consolidated balance sheet Deductions related to non - controlling interest Investor’s net asset value Equity 1,099,355 - 283 1,099,072 Equity 953,898 - 193 953,705 Investor’s net debt 23,661 Investor’s net debt 23,387 Total reported assets 1,122,733 Total reported assets 977,092 Adjustment for estimated market value Patricia Industries holdings 158,944 Adjustment for estimated market value Patricia Industries holdings 133,378 Total adjusted assets 1,281,677 Total adjusted assets 1,110,470
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CEO STATEMENT OVERVIEW LISTED COMPANIES PATRICIA INDUSTRIES INVESTMENTS IN EQT INVESTOR GROUP FINANCIALS 34 Net debt ratio (leverage) Net debt ratio or leverage is defined as Net debt/Net cash as a percentage of total adjusted assets. The target leverage range is 0 - 10 percent (net debt to total adjusted assets) over a business cycle. Group 9/30 2026, SEK m Net debt ratio Group 12/31 2025, SEK m Net debt ratio Investor’s net debt 23,661 = 1.8% Investor’s net debt 23,387 = 2.1% Total adjusted assets 1,281,677 Total adjusted assets 1,110,470 R eported net asset value Reported net asset value is equal to Investor’s net asset value and equity attributable to owners of the Parent company. Adjusted net asset value Net asset value based on estimated market values for Patricia Industries’ major subsidiaries and partner - owned investments. The estimated market values are mainly based on valuation multiples, typically Enterprise value (EV)/Last 12 months’ operating profi t, for relevant listed peers and indices. More information about the assessment basis can be found in section Patricia Industries - valuation overview on page 8 and Patricia Industries, overview of estimated market values on page 38 . In the table below there are a reconciliation between Reported net asset value and Adjusted net asset value. More details regarding the differences can be found in the table Net asset value overview on page 4. Group 9/30 2026, SEK m Group 12/31 2025, SEK m Reported net asset value 1,099,072 Reported net asset value 953,705 Reported value for net assets Patricia Industries - 82,743 Reported value for net assets Patricia Industries - 74,733 Estimated market value Patricia Industries holdings 241,687 Estimated market value Patricia Industries holdings 208,110 Adjusted net asset value 1,258,016 Adjusted net asset value 1,087,082 Reported net asset value, SEK per share Equity attributable to shareholders of the Parent company in relation to the number of shares outstanding at the balance sheet date. Group 9/30 2026, SEK m Net asset value, SEK per share Group 12/31 2025, SEK m Net asset value, SEK per share Investor’s reported net asset value 1,099,072 = 359 Investor’s reported net asset value 953,705 = 311 Number of shares, excluding own shares 3,063,715,066 Number of shares, excluding own shares 3,063,309,055 Adjusted net asset value, SEK per share Total assets, including estimated market values for Patricia Industries’ major subsidiaries and partner - owned investments, less net debt in relation to the number of shares outstanding at the balance sheet date. Group 9/30 2026, SEK m Net asset value, SEK per share Group 12/31 2025, SEK m Net asset value, SEK per share Investor’s adjusted net asset value 1,258,016 = 411 Investor’s adjusted net asset value 1,087,082 = 355 Number of shares, excluding own shares 3,063,715,066 Number of shares, excluding own shares 3,063,309,055
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CEO STATEMENT OVERVIEW LISTED COMPANIES PATRICIA INDUSTRIES INVESTMENTS IN EQT INVESTOR GROUP FINANCIALS 35 Patricia Industries, key figures overview 1) Q3 Q2 Q1 FY Q4 Q3 Q2 Q1 FY Q4 Q3 2026 2026 2026 2025 2025 2025 2025 2025 2024 2024 2024 Mölnlycke (EUR m) Sales 540 544 514 2,104 540 508 537 519 2,064 546 506 Sales growth, % 6 1 - 1 2 - 1 0 5 4 7 8 9 Organic growth, constant currency, % 5 2 3 4 3 3 7 3 7 8 9 EBITDA 175 169 142 596 164 151 140 140 595 158 144 EBITDA, % 32.3 31.1 27.6 28.3 30.4 29.8 26.1 26.9 28.8 28.9 28.5 EBITA 2) 156 151 124 521 146 133 121 121 523 140 127 EBITA, % 28.9 27.7 24.0 24.8 27.0 26.3 22.5 23.3 25.3 25.6 25.1 Operating cash flow 148 143 132 443 179 128 88 48 453 132 118 Net debt 1,807 1,913 1,798 1,881 1,881 1,810 1,894 1,779 1,796 1,796 1,526 Employees 8,315 8,280 8,320 8,510 8,510 8,630 8,965 8,725 8,530 8,530 8,400 Nova Biomedical (USD m) Sales 176 176 175 659 175 154 159 171 621 160 160 Sales growth, % 14 10 3 6 10 - 4 10 8 9 11 14 Organic growth, constant currency, % 14 10 1 6 10 - 4 10 8 9 11 14 EBITDA 60 63 62 204 58 46 53 48 185 50 48 EBITDA, % 34.3 36.1 35.3 31.0 33.0 29.7 33.2 28.0 29.8 31.1 29.9 EBITA 2) 55 58 56 189 54 41 50 44 171 46 44 EBITA, % 31.4 33.2 32.3 28.7 30.9 26.6 31.3 26.0 27.5 28.9 27.6 Operating cash flow 55 57 61 169 31 42 n/a n/a n/a n/a n/a Net debt 636 681 726 778 778 792 n/a n/a n/a n/a n/a Employees 1,735 1,760 1,775 1,815 1,815 1,890 1,945 1,930 1,930 1,930 1,890 Laborie (USD m) Sales 161 158 138 484 128 121 121 115 436 115 112 Sales growth, % 33 31 20 11 11 8 12 13 22 19 26 Organic growth, constant currency, % 13 13 6 10 9 7 10 14 21 18 25 EBITDA 60 43 35 145 29 41 39 35 133 37 36 EBITDA, % 37.1 27.3 25.2 29.9 22.9 33.6 32.7 30.9 30.4 32.3 31.9 EBITA 2) 57 41 33 137 27 39 38 33 126 36 34 EBITA, % 35.4 26.1 23.9 28.4 21.5 32.3 31.1 29.1 29.0 31.2 30.5 Operating cash flow 53 43 2 134 40 36 35 23 87 26 27 Net debt 835 863 850 314 314 343 366 376 390 390 411 Employees 1,220 1,175 1,170 1,080 1,080 1,070 1,040 1,045 1,060 1,060 1,090 Sarnova (USD m) Sales 337 330 312 1,154 296 290 284 284 1,069 271 279 Sales growth, % 16 16 10 8 9 4 10 9 8 8 13 Organic growth, constant currency, % 8 10 4 4 6 3 7 2 3 1 5 EBITDA 64 63 53 202 43 55 53 50 173 45 52 EBITDA, % 19.0 19.2 16.9 17.5 14.6 18.9 18.8 17.7 16.1 16.8 18.7 EBITA 2) 59 58 47 178 38 47 48 45 152 41 46 EBITA, % 17.4 17.6 15.2 15.5 12.7 16.3 17.0 15.9 14.2 15.0 16.7 Operating cash flow 19 50 56 111 20 28 26 36 139 41 53 Net debt 1,060 999 939 973 973 817 784 704 723 723 733 Employees 2,325 1,990 1,935 1,935 1,935 1,560 1,540 1,525 1,515 1,515 1,515
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CEO STATEMENT OVERVIEW LISTED COMPANIES PATRICIA INDUSTRIES INVESTMENTS IN EQT INVESTOR GROUP FINANCIALS 36 Q3 Q2 Q1 FY Q4 Q3 Q2 Q1 FY Q4 Q3 2026 2026 2026 2025 2025 2025 2025 2025 2024 2024 2024 Permobil (SEK m) Sales 1,625 1,534 1,377 6,161 1,573 1,537 1,515 1,536 6,518 1,744 1,652 Sales growth, % 6 1 - 10 - 5 - 10 - 7 - 8 4 9 3 4 Organic growth, constant currency, % 0 2 - 1 1 1 0 0 3 7 3 5 EBITDA 413 342 269 1,406 351 366 355 333 1,506 375 430 EBITDA, % 25.4 22.3 19.5 22.8 22.3 23.8 23.4 21.7 23.1 21.5 26.0 EBITA 2) 3) 347 282 207 1,179 295 313 298 274 1,288 317 375 EBITA, % 21.4 18.4 15.0 19.1 18.7 20.3 19.7 17.9 19.8 18.2 22.7 Operating cash flow 257 152 178 1,113 360 347 167 239 1,065 362 296 Net debt 4,726 4,240 4,186 4,092 4,092 4,440 4,753 3,393 3,774 3,774 3,740 Employees 2,125 2,085 2,065 2,020 2,020 2,015 2,030 2,040 2,045 2,045 2,035 Piab Group (SEK m) Sales 918 896 879 3,599 898 860 883 957 3,446 1,007 839 Sales growth, % 7 1 - 8 4 - 11 2 9 22 12 24 10 Organic growth, constant currency, % 5 3 1 1 - 3 2 1 7 3 7 5 EBITDA 295 175 219 936 187 239 250 259 928 304 214 EBITDA, % 32.2 19.5 24.8 26.0 20.8 27.8 28.3 27.1 26.9 30.2 25.5 EBITA 2) 252 135 180 776 144 201 212 218 774 260 176 EBITA, % 27.5 15.0 20.5 21.5 16.1 23.4 24.0 22.8 22.5 25.8 21.0 Operating cash flow 188 186 90 722 177 180 172 193 658 281 147 Net debt 3,272 3,194 3,261 3,178 3,178 3,310 3,375 3,400 3,506 3,506 3,529 Employees 1,490 1,510 1,530 1,560 1,560 1,515 1,505 1,475 1,420 1,420 1,435 BraunAbility (USD m) Sales 319 334 270 1,112 267 289 299 257 1,072 239 265 Sales growth, % 10 12 5 4 12 9 - 1 - 3 - 2 - 15 - 2 Organic growth, constant currency, % 10 12 5 4 12 9 - 1 - 3 - 2 - 15 - 2 EBITDA 40 46 34 142 27 42 41 31 120 17 29 EBITDA, % 12.6 13.9 12.5 12.7 10.0 14.6 13.8 12.2 11.2 6.9 11.0 EBITA 2) 34 40 28 120 21 37 36 26 95 8 24 EBITA, % 10.7 12.1 10.4 10.8 8.0 12.7 12.0 10.1 8.9 3.2 8.9 Operating cash flow 56 60 - 6 92 3 26 54 10 75 14 29 Net debt 510 539 589 570 570 341 365 408 413 413 417 Employees 1,975 2,020 1,955 1,935 1,935 1,935 1,935 1,915 1,870 1,870 1,965 Vectura (SEK m) Total income 148 150 98 372 96 96 95 85 245 68 58 Total income growth, % 54 59 14 52 42 65 73 32 - 27 - 24 - 28 EBITDA 92 100 59 214 57 59 52 46 132 37 38 EBITDA, % 62.1 66.8 60.8 57.6 58.9 61.7 55.2 54.1 53.7 54.4 65.3 Operating cash flow 2) 32 - 211 - 46 - 896 - 131 - 113 - 259 - 394 - 1,570 - 290 - 302 External net debt 5,756 6,212 4,144 4,056 4,056 5,123 5,232 4,860 3,283 3,283 2,603 Property portfolio value 11,059 10,901 7,915 7,738 7,738 8,874 9,031 8,688 8,490 8,490 7,295 Employees 55 55 45 40 40 40 40 40 40 40 40
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CEO STATEMENT OVERVIEW LISTED COMPANIES PATRICIA INDUSTRIES INVESTMENTS IN EQT INVESTOR GROUP FINANCIALS 37 Q3 Q2 Q1 FY Q4 Q3 Q2 Q1 FY Q4 Q3 2026 2026 2026 2025 2025 2025 2025 2025 2024 2024 2024 Atlas Antibodies (SEK m) Sales 62 55 59 265 61 61 66 76 286 69 68 Sales growth, % 2 - 16 - 22 - 7 - 11 - 9 - 7 - 3 - 23 - 16 - 4 Organic growth, constant currency, % 1 - 14 - 17 - 4 - 6 - 4 - 2 - 3 - 23 - 17 0 EBITDA 19 9 15 61 7 14 17 24 96 21 20 EBITDA, % 30.7 16.4 24.5 23.2 10.8 22.4 25.9 31.3 33.5 30.8 29.0 EBITA 2) 12 1 6 29 - 1 6 9 16 63 13 11 EBITA, % 19.4 2.1 10.8 11.0 - 2.4 9.2 13.7 20.8 21.9 18.9 15.9 Operating cash flow 0 - 5 - 7 48 12 10 6 20 71 21 6 Net debt 174 171 161 146 146 358 363 367 377 377 399 Employees 110 110 110 110 110 105 105 105 105 105 110 Tre Skandinavien Sales, SEK m 3,437 3,196 3,119 12,965 3,662 3,191 3,061 3,051 12,485 3,348 3,079 Sweden, SEK m 2,236 2,053 2,041 8,549 2,462 2,103 2,007 1,977 8,212 2,211 2,019 Denmark, DKK m 807 789 752 2,986 816 736 718 716 2,790 739 690 EBITDA, SEK m 1,314 1,234 1,191 4,438 1,130 1,181 1,047 1,080 4,244 1,053 1,131 Sweden, SEK m 919 887 881 3,210 827 844 756 784 3,045 757 805 Denmark, DKK m 265 239 216 830 206 228 198 198 783 192 212 EBITDA, % 38.2 38.6 38.2 34.2 30.9 37.0 34.2 35.4 34.0 31.4 36.7 Sweden 41.1 43.2 43.2 37.5 33.6 40.1 37.6 39.6 37.1 34.2 39.9 Denmark 32.9 30.3 28.7 27.8 25.3 31.0 27.6 27.6 28.0 26.0 30.7 Net debt, SEK m 6,076 6,339 6,023 6,441 6,441 5,690 6,125 6,623 6,950 6,950 6,806 Employees 1,910 1,930 1,935 1,850 1,850 1,865 1,900 1,880 1,895 1,895 1,885 1) For information regarding Alternative Performance Measures in the table, see page 21. Definitions can be found on Investor ’s website. 2) EBITA is defined as operating profit before acquisition - related amortizations. 3) EBITA 2025 restated.
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CEO STATEMENT OVERVIEW LISTED COMPANIES PATRICIA INDUSTRIES INVESTMENTS IN EQT INVESTOR GROUP FINANCIALS 38 Valuation methodology Listed Companies Share price (bid) for the class of shares held by Investor, with the exception of Saab, Electrolux and Electrolux Professiona l for which the most actively traded share class is used. Ownership calculated in accordance with the disclosure of regulations of Sweden’s Financial Instruments Trading Act (LHF). AB B, AstraZeneca, Nasdaq and Wärtsilä in accordance with Swiss, British, U.S. and Finnish regulations. Includes market value of derivatives related to investments if applicable. Patricia Industries Subsidiaries Reported value based on the acquisition method. As supplementary information, subsidiaries are also presented at estimated ma rket values, mainly based on valuation multiples for relevant listed peers and indices. Other methodologies may also be used, for e xample relating to real estate assets. New platform investments and major add - on acquisitions normally valued at invested amount during the first 18 months following the acquisition. Partner - owned investments Reported value based on the equity method. As supplementary information, partner - owned investments are also presented at estimated market values, mainly based on valuation multiples for relevant listed peers and indices. Financial investments Unlisted holdings at multiple or third - party valuation, listed shares at share price (bid). Investments in EQT Unlisted holdings at multiple or third - party valuation, listed shares at share price (bid). Patricia Industries, overview of estimated market values Supplementary information In addition to reported values, which are in accordance with IFRS, Investor provides estimated market values for the major subsidiaries and partner - owned investments within Patricia Industries in order to facilitate the evaluation of Investor’s net asset value. This supplementary, non - GAAP information also increases the consistency between the valuation of Listed Companies an d our major wholly - owned subsidiaries and partner - owned T re Skandinavien . Estimated market values While the estimated market values might not necessarily reflect our view of the intrinsic values, they reflect how the stock market values similar companies. Methodology The estimated market values are mainly based on valuation multiples (median), typically Enterprise value (EV)/Last 12 months’ operating profit, for relevant listed peers and indices. We define EV as quarterly volume - weighted average share price (VWAP) plus closing date net debt. While we focus on EBITA when evaluating the performance of our companies, for valuation purposes, EBITDA multiples are more commonly available, and therefore often used. From the estimated EV, net debt is deducted , and the remaining equity value is multiplied with Patricia Industries’ share of capital. Adjustments Operating profit is adjusted to reflect, for example, pro forma effects of completed add - on acquisitions and certain non - recurring items. An item is only viewed as non - recurring if it exceeds a certain amount set for each company, is unlikely to affect the company again, and does not result in any future benefit or cost. Acquisitions made less than 18 months ago are normally valued at cost.
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39 We create value for people and society by building strong and sustainable businesses Investor AB, founded by the Wallenberg family in 1916, creates value for people and society by building strong and sustainable companies. Through substantial ownership and board participation, we drive initiatives that we believe create value and support o ur companies to remain or become best - in - class. Our portfolio is organized in three business areas: Listed Companies, Patricia Industries and Investments in EQT. Our ultimate target Our ultimate target is to generate an attractive total return. Our long - term return requirement is the risk free interest rate plus an equity risk premium, in total 8 - 9 percent annually. Our total return objectives • Grow net asset value • Pay a steadily rising dividend • Operate efficiently and sustainably