Investor Nov 2025 Update
Update of the Underlying Developments within Investor AB's portfolio so far in 2025.
Disclaimer: This newsletter is provided for informational and educational purposes only. The analysis shared is based on my personal research and is not tailored to individual circumstances. The views expressed are my own and do not constitute financial advice or recommendations to buy or sell any securities.
Our preferred KPI for Investor, Underlying Operating Income, is up 7% from 2024.
This number would have been 8% if we reported it in local currencies, and not translating EUR and USD numbers into SEK. Either way, with one quarter left of 2025, it looks like Investor will deliver around 10% growth in Underlying Operating Income in 2025. A respectable growthrate in a market environment where such growth is rare, and well within Investor’s objective of deliver more than 8% annual returns over time.
We know many investors who prefer individual companies within Investor, like Atlas Copco. However, this year has shown why the stability of Investor can be so valuable. I have yet to see retail investor’s discussing companies like Sobi or ABB, but these have contributed greatly to Investor’s underlying profits in a year where more commonly owned names (at least in the retail community), like SEB and Atlas Copco, have delivered declines in their profits.
We find Investor’s exposure to companies with strong competetive positions, in several markets with durable tailwinds, as worthy of a cornerstone holding within our own portfolio. We’ll now go over valuation, and which subsidiaries having contributed most (and least) to this year’s 7% growth.