Investor AB (publ) (IVSBF) This fall 2025 Earnings Call Transcript

Jacob Lund
Chief Communications & Sustainability Officer and Member of Management Board

Good morning, and welcome to Investor’s Q4 and year-end results for 2025. I’m joined here in the studio in Stockholm by our CFO, Jenny Ashman Haquinius; and our CEO, Christian Cederholm and both will soon be giving their presentations. After that, as usual, we’ll be opening up for questions, both on the call via our operator and online.

And with that, over to you, Christian.

Christian Cederholm
CEO, President & Director

Thank you, Jacob, and hello, everyone. As we look back on the past year, it’s clear that 2025 was anything but straightforward. The world remains impacted by significant geopolitical uncertainty. Now despite these headwinds, the global economy delivered decent growth. And in this environment, our companies are doing a good job balancing profitable growth here and now, including focus on efficiency and cost out whilst continuously investing to future-proof their businesses.

Let’s take a closer look at how we performed over the last year. So 2025 turned out a strong year for Investor. Adjusted net asset value grew by 14%, and our TSR, total shareholder return, was 15%. Listed companies total return amounted to 22%, and we strengthened our ownership in Ericsson and Atlas Copco for a total investment of about SEK 2.3 billion. Patricia Industries total return was minus 9% with considerable headwind from the weaker U.S. dollar.