This article first appeared on GuruFocus .
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Adjusted Net Asset Value:SEK1,087 billion, a 14% increase for the year.
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Total Shareholder Return (TSR):15% for the year.
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Listed Companies Total Return:22% for the year.
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Patricia Industries Total Return:-9% for the year, impacted by a weaker U.S. dollar.
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Organic Growth:4% for major subsidiaries.
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Add-on Acquisitions:SEK24 billion, with SEK16 billion funded by Patricia Industries.
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Dividend Proposal:SEK5.60 per share, an 8% increase from the previous year.
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Q4 Total Return:6% for the quarter.
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Patricia Industries Q4 Organic Sales Growth:5%.
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Patricia Industries Q4 Adjusted EBITDA:Declined by 6%.
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Investments in EQT Total Return:15% for the year, 8% in Q4.
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Cash at Hand:SEK27 billion at year-end.
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Leverage:2.1% as of Q4.
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Dividend Growth:Average annual growth of 8% over the last 10 years.
Release Date: January 22, 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 strong year with adjusted net asset value growing by 14% and total shareholder return of 15%.
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The company strengthened its ownership in Ericsson and Atlas Copco with a total investment of about SEK2.3 billion.
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Investments in EQT generated a total return of 15%, with the first co-investment in Fortnox alongside EQT X.
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The Board of Directors proposed a dividend of SEK5.60 per share for fiscal year 2025, representing an 8% increase over the previous year.
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Investor AB maintained a strong balance sheet with low leverage and a cash position of SEK27 billion, supporting future investments and dividends.
Negative Points
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Patricia Industries faced a total return of minus 9% due to significant headwinds from a weaker U.S. dollar.
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Adjusted EBITDA for Patricia Industries declined by 6%, impacted by negative currency effects and restructuring costs.
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Piab experienced negative organic growth due to weaker customer demand, particularly in the semiconductor market.
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Atlas Antibodies required a SEK200 million contribution to strengthen its balance sheet after a period of weak demand and performance.
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The geopolitical situation and tariffs remain unpredictable, posing challenges for future growth and profitability.
Q & A Highlights
Q: Starting off with a question on Molnlycke and Molnlycke growth. Is there any visibility on these France and Germany headwinds subsiding? Or should we expect this effect to persist in the foreseeable future? A: Jenny Haquinius, CFO: It's quite hard to say. We are seeing muted growth across many sectors at the moment, given what we're seeing globally. Specifically for Molnlycke in Europe, there's weakness in France and Germany due to pressure on healthcare budgets. It's hard to predict if this will change in the next quarter, but there's continued momentum in the US and China.
Q: On the margin in Molnlycke, is it fair to assume that the sort of tariff and currency impacts on profitability there are in line with previous quarters? A: Jenny Haquinius, CFO: Companies impacted by tariffs are mitigating well, but it's roughly a 1 percentage point impact on margins. For Molnlycke, FX impact is about 3 to 4 percentage points negatively. Molnlycke is working on efficiencies, which will continue through 2026.
Q: When you talk about solid cash flow in the coming years and this ambition to accelerate investments, could we view this as a comment on, say, EQT exit markets and the potential for, for example, Nova Biomedical start generating dividends to investors after the integration? A: Christian Cederholm, CEO: We look at cash generation from the three business areas. For Patricia and Nova, cash flow and debt capacity in subsidiaries are potential funding sources for acquisitions or distributions. The underlying cash generation in these businesses is solid.
Q: Regarding Nova Biomedical, looking at the combined company now, I was wondering how the geographical split looks like, how high is the share of US sales, for example? A: Christian Cederholm, CEO: The geographic split for Nova Biomedical is roughly 60% North America, with the remaining 40% equally divided between Europe and the rest of the world.
Q: On Atlas Antibodies, following the goodwill impairment and now equity contribution, what strategic options are you evaluating for Atlas Antibodies? A: Jenny Haquinius, CFO: We contributed SEK200 million to give management room to execute their plan. Roughly 70% of the business is doing well, while the evitria part is struggling. We believe in management and their plan to build on Atlas Antibodies.
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
