Investor - 2025 H1 Update

In H1 2025, the conglomerate grew underlying profits ~6% vs 2024, adjusted for currency translations. We have 20 graphs highlighting the Developments within.

We’ll cover all the numbers we track for Investor in this writeup. This will be exclusive for paid subscribers. The Net Asset Value section is available to all.

Topics for Today:

1. Net Asset Value

2. Underlying Operating Income

3. Today’s Valuation on Consolidated Profits vs Historically

4. The Dividends

5. Key Developments + Graphs for all subsidiaries

6. A little look into an interesting Outsider’ within the Portfolio

---

I) Net Asset Value

Investor’s Adjusted NAV reached SEK 960 billion by Q2 2025, down 1% since 2024. Below, we break down the contribution to NAV from each subsidiary.

Exhibit I: Net Asset Value by subsidiary (to the right)

At the end of Q2 2025, the shareprice discount to that NAV was ~12%. If you would like to know the discount right now, we recommend: IBINDEX.SE (~11% July 30th).

As of Q2, the share price traded at a ~12% discount to NAV. For a more up-to-date figure, we recommend checking ibindex.se (approx. 11% as of July 30th).

That said, regular readers know our focus isn’t primarily on the discount. Instead, we prefer to look under the hood of this conglomerate. We believe this view provides a clearer picture of where value is created—and what price you’re truly paying for the underlying businesses.