Investor AB (publ) (IVSBF) Q2 2026 Earnings Call Transcript

Good morning, and welcome to Investor's results call for the second quarter and first half of 2026. I'm joined in our Stockholm Studio by CFO, Jenny Ashman Haquinius; and CEO, Christian Cederholm. Following the presentations, we will be opening up for questions, both via our operator as well as online. And with that, over to you Christian.

Thank you, Jacob, and hi, everyone. In Q2, net asset value growth was 9%, total shareholder return for Investor's B share was 15%. The growth was all driven by Listed Companies, while both Patricia Industries and Investments in EQT contributed negatively. Importantly, while multiples were down, underlying performance in the Patricia companies was solid. At the end of the second quarter, adjusted net asset value stood at SEK 1,215 billion. Let me briefly go through the 3 business areas: Listed Companies, Patricia Industries and Investments in EQT. Starting with Listed Companies. Listed Companies generated a total return of 14% in Q2. Performance was primarily driven by a few of our industrial companies, led by ABB, which benefits from electrification and demand related to the build-out of data centers. During the quarter, we participated with our pro-rata share of SEK 1.7 billion in Electrolux's rights issue as they strengthened their balance sheet. The joint ventures with Midea is another important strategic step aimed at improving profitability in North America. As you know, Wärtsilä recently completed a number