This article first appeared on GuruFocus .
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Net Asset Value Growth:9% increase in Q2 2026.
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Total Shareholder Return:15% for Investor's share in Q2 2026.
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Adjusted Net Asset Value:SEK1,215 billion at the end of Q2 2026.
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Listed Companies Total Return:14% in Q2 2026.
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Patricia Industries Total Return:-3% in Q2 2026.
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Patricia Industries Organic Sales Growth:7% in Q2 2026.
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Patricia Industries Adjusted EBITDA Growth:16% in Q2 2026.
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Three Scandinavia Revenue:Almost SEK71 billion in the last 12 months.
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Three Scandinavia EBITDA:Just over SEK18 billion in the last 12 months.
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EQT Total Return:-2% in Q2 2026.
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EQT AB Share Price Decline:4% in Q2 2026.
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Cash at Hand:SEK29 billion at the end of Q2 2026.
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Leverage:1.9% as of Q2 2026.
Release Date: July 16, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
Positive Points
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Investor AB ( IVSBF ) reported a 9% growth in net asset value and a 15% total shareholder return in Q2 2026.
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Listed Companies segment generated a strong total return of 14%, driven by industrial companies like ABB benefiting from electrification and data center demand.
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Patricia Industries saw organic sales growth of 7% and adjusted EBITDA growth of 16%, with solid cash flow conversion.
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EQT successfully raised USD 15.6 billion for its new Asia flagship fund, marking it as the largest Asia Pacific dedicated private equity fund ever raised.
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Investor AB maintains a strong financial position with low leverage and SEK 29 billion in cash at hand.
Negative Points
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Patricia Industries and investments in EQT contributed negatively to the overall performance, with Patricia Industries showing a total return of minus 3%.
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EQT's share price decline led to a negative 2% total return in the investments in EQT segment.
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Molnlycke faced softer market conditions and increased competition, particularly in the US, impacting its growth.
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Piab's margin was negatively affected by SEK 46 million in restructuring costs and increased sales costs.
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The ongoing geopolitical tensions between the US and China pose challenges for Investor AB's portfolio companies operating in both regions.
Q & A Highlights
Q: Your listed portfolio has outperformed Patricia Industries for several quarters. Given the pressure on multiples and softer market conditions for Molnlycke, at what point would you reconsider the strategic medtech concentration in Patricia? A: Christian Cederholm, CEO: We remain convinced about the long-term outlook for profitable growth in medtech due to demographic trends and technological advancements. Despite recent trading challenges, we are committed to medtech and believe in its long-term potential.
Q: Could you elaborate on the growth outlook for Molnlycke's Wound Care business, particularly in the US market? A: Jenny Haquinius, CFO: The US market is currently flat compared to last year due to market softness and increased competition, particularly on price. Molnlycke is focusing on health economic value and geographic expansion, especially in APAC, to drive growth.
Q: How do you manage the geopolitical tensions between the US and China, given Investor AB's ambition to have its portfolio companies active in both nations? A: Christian Cederholm, CEO: We focus on innovation and differentiated products to navigate geopolitical challenges. Our companies aim to offer leading products globally, which helps mitigate geopolitical risks.
Q: Are you experiencing any operational impacts from AI disruption in your software-exposed holdings, and how is Fortnox performing in this environment? A: Christian Cederholm, CEO: We see AI as an opportunity, particularly in software-heavy businesses like Fortnox, which benefits from AI in customer care and other areas. We focus on leveraging strong customer relationships and data flow to stay competitive.
Q: Regarding Molnlycke, how are you addressing the competitive landscape and pricing challenges in the US market? A: Jenny Haquinius, CFO: Competition is intensifying, particularly in prevention. Molnlycke is emphasizing the health economic value of its products and investing in sales force and customer education to maintain its competitive edge.
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
