Investor AB

Annual / Quarterly Financial Statement • Jan 21, 2022

Year-End Report

2021

"Entering 2022, there is no lack of challenges and uncertainty. That said, regardless of how the global economy and equity markets develop, Investor stands strong. In our portfolio we have great companies with leading positions in attractive markets, led by top-quality people. We also have a strong financial position, enabling us to act on attractive opportunities that arise."

Johan Forssell, President & CEO of Investor

Highlights during the fourth quarter

• Adjusted net asset value (NAV) amounted to SEK 760,962m (SEK 248 per share) on December 31, 2021, an increase of SEK 78,564m, or 12 percent, with dividend added back, during the quarter. Total shareholder return amounted to 21 percent, compared to 12 percent for the SIXRX return index. For 2021, adjusted NAV growth, with dividend added back, amounted to 41 percent and total shareholder return to 55 percent, compared to 39 percent for SIXRX.
• Listed Companies generated a total return of 11 percent. The bid for Sobi, which Investor supported, was withdrawn. SEK 1bn was invested in Ericsson.
• Based on estimated market values, the total return for Patricia Industries, excluding cash, amounted to -1 percent (-1 percent including cash).
• Within Patricia Industries, organic sales growth for the major subsidiaries amounted to -10 percent in constant currency. Adjusted EBITA declined by 23 percent. Excluding Mölnlycke, combined organic sales growth for the major subsidiaries amounted to 8 percent in constant currency and adjusted EBITA grew by 24 percent.
• Mölnlycke reported organic sales growth of -26 percent in constant currency. Year-over-year growth was significantly distorted by the strong contribution from covid-19-related contract sales of Personal Protective Equipment during the fourth quarter 2020, while the contribution this quarter was zero. Gloves sales were negatively impacted by a temporary, covid-19-related, production halt. Wound Care grew 8 percent organically in constant currency, with strong profitability.
• The value of Investments in EQT increased by 30 percent. Net cash flow to Investor amounted to SEK 1.8bn.
• Leverage was 1.9 percent as of December 31, 2021 (3.5 as of December 31, 2020). Gross cash amounted to SEK 23,955m and the average maturity of Investor AB's debt portfolio was 10.8 years on December 31, 2021.
• The Board of Directors proposes a dividend per share of SEK 4.00 (3.50) to be paid in two installments, SEK 3.00 in May, 2022 and SEK 1.00 in November, 2022.

Financial information*

		12/31 2021	9/30 2021	12/31 2020
Adjusted NAV, SEK m*		760,962	682,398	546,385
Adjusted NAV, SEK per share*		248	223	178
Reported NAV, SEK m*1)		682,614	600,563	461,837
Reported NAV, SEK per share*1)		223	196	151
Market capitalization, excluding repurchased shares, SEK m		711,230	580,741	458,345
Share price (B-share), SEK		227.75	189.14	149.80
			Q4 2021	2021
Adjusted NAV, sequential change, incl. dividend added back, SEK m*			78,564	225,300
Adjusted NAV, sequential change, incl. dividend added back, %*			12	41
Reported NAV, sequential change, incl. dividend added back, SEK m*1)			82,051	231,500
Reported NAV, sequential change, incl. dividend added back, %*1)			14	50
Market capitalization, sequential change, incl. dividend added back, SEK m*			133,552	263,608
Market capitalization, sequential change, incl. dividend added back, %*			23	58
	Q4 2021	Q4 2020	2021	2020
Consolidated net sales, SEK m	11,037	11,206	40,737	39,323
Consolidated profit/loss, SEK m	81,091	7,586	227,965	52,662
Basic earnings per share, SEK	26.47	2.50	74.45	17.24

* Financial measures that are not defined or specified in the applicable financial reporting framework. For more information, see page 18 and 29-30. Change in market capitalization with dividend added back reflects the change in total market capitalization with the dividend paid out added back. Change in net asset value with dividend added back includes the full dividend approved by the AGM. Due to the 4:1 share split in May 2021, historical performance measures based on the number of shares have been recalculated. 1) In the reported net asset value, the wholly-owned subsidiaries and partner-owned investments within Patricia Industries are reported according to the acquisition and equity method

respectively. Methods are further described in Investor AB's Annual Report.

Overview annual average performance
	1 year	5 years	10 years	20 years
Adjusted NAV incl. dividend added back, %	41.2	19.7
Investor B, total return, %	54.9	24.8	25.3	14.6
SIXRX return index, %	39.3	17.7	16.8	11.3

CEO statement

Dear fellow shareholders,

Despite the pandemic, supply chain constraints and other challenges, the world economy continued to recover during 2021. The equity market was further supported by the low interest rate environment.

While acknowledging the tailwind from the equity market, 2021 turned out to be a strong year for Investor:

• Many of our companies made important strategic acquisitions and investments. We also saw good operational performance.
• The Investments in EQT developed strongly.
• We sharpened our climate targets and joined the UN initiative "Race to zero".
• Our financial position strengthened further, despite investments of more than SEK 7bn.
• Our shareholder base reached an all-time-high of 478,000, supported by our share split in May.
• Our adjusted net asset value grew 41 percent. Our total shareholder return amounted to 55 percent, outperforming the SIXRX return index by 16 percentage points.

Listed Companies

Listed Companies' total return was 44 percent during 2021, compared to 39 percent for the SIXRX return index.

Several companies made structural changes. To name a few, Ericsson announced the acquisition of Vonage, strengthening its offering in the enterprise segment. Electrolux Professional acquired Unified Brands, significantly expanding its U.S. presence. By combining the acquired Orbit Irrigation with its Gardena division, Husqvarna creates the global leader in residential watering. ABB continued to adjust its product portfolio by divesting non-core operations.

In December, the bid for Sobi, which we supported, was withdrawn. As the lead shareholder, our focus is now to continue to create long-term value.

During the fourth quarter, we invested SEK 1bn in Ericsson. Since the beginning of 2015, we have strengthened our ownership to 8 percent of total capital, an increase of almost 3 percentage points.

Patricia Industries

Based on estimated market values, Patricia Industries' total return, excluding cash, was 3 percent during 2021. During the fourth quarter, total return was -1 percent, driven by lower multiples and adjusted earnings, mitigated by positive currency effects and cash flow.

For the full year, sales growth for the major subsidiaries was 2 percent, of which 3 percent organic in constant currency. Adjusted EBITA was flat. Excluding Mölnlycke, where figures were substantially distorted by covid-19 related contracts for Personal Protective Equipment, organic sales and adjusted EBITA grew by 11 and 26 percent respectively.

During the fourth quarter, organic sales growth for the major subsidiaries was -10 percent, while adjusted EBITA declined by 23 percent. Excluding Mölnlycke, organic sales and adjusted EBITA grew by 8 and 24 percent respectively.

Mölnlycke's overall sales dropped by 26 percent organically, driven by a 48 percent decline in Surgical, heavily impacted by PPE and production disturbances within Gloves. Production has now returned to full capacity, but shipping-related constraints remain. Wound Care continued to perform well, growing 8 percent organically with strong profitability.

Atlas Antibodies, Advanced Instruments, Laborie and BraunAbility grew strongly. Piab and Permobil also reported good sales growth, while Sarnova was flat.

During the quarter, Permobil acquired Panthera within manual wheelchairs. In combination with the recent acquisition of Italian Progeo, Permobil strengthens its position in Europe substantially. Piab acquired AirBest, significantly strengthening its position in China.

The major strategic add-on acquisitions made earlier during the year by Advanced Instruments, Sarnova, Atlas Antibodies and BraunAbility, in which Patricia Industries invested SEK 5.5 bn, are performing well.

Investments in EQT

Our Investments in EQT developed strongly in 2021, with a reported value change of 111 percent. During the year, EQT AB completed the major strategic acquisition of Exeter Property Group and fund activity remained high. Net cash flow to Investor amounted to SEK 4.8bn. We will continue to invest selectively in new EQT funds.

Financial position

Cash flow was strong during 2021, supported by all business areas, resulting in a further strengthening of our financial position. At year-end, leverage was 1.9 percent, at the low end of our 0-10 percent leverage range. Against this background, the Board of Directors proposes a dividend of SEK 4 per share, an increase of 14 percent.

Going forward

Entering 2022, there is no lack of challenges and uncertainty. Inflation has risen sharply, and the U.S. Federal Reserve has clearly indicated the need to raise interest rates. Supply chain issues remain, geopolitical tensions are rising, and the pandemic is not over.

That said, regardless of how the global economy and equity markets develop, Investor stands strong. In our portfolio, we have great companies with leading positions in attractive markets, led by top-quality people. We also have a strong financial position, enabling us to act on attractive opportunities that arise.

To future-proof our companies and maximize value creation, we focus on the prioritized areas of sustainability including energy transition, innovation, digitalization as well as succession planning and talent management. At the end of the day, having the right person at the right place is critical to reach full potential.

Regarding capital allocation, we will continue to invest in all three business areas, depending on where we find the most attractive opportunities.

With our proven governance model, strong portfolio and dedicated people - at Investor and in our companies - I am confident that we are well positioned to continue to generate attractive returns to you, dear fellow shareholders.

Net asset value overview

			Adjusted values			Reported values
	Number of	Ownership	Share of total	Value,	Value,	Value,	Value,
	shares	capital/votes (%)	assets (%)	SEK m	SEK m	SEK m	SEK m
	12/31 2021	12/31 2021	12/31 2021	12/31 2021	12/31 2020	12/31 2021	12/31 2020
Listed Companies Atlas Copco	207,754,141	16.9/22.3	17	128,968	87,284	128,968	87,284
ABB	265,385,142	12.9/12.9	12	91,732	60,899	91,732	60,899
SEB	456,198,927	20.8/20.8	7	57,458	38,761	57,458	38,761
AstraZeneca	51,587,810	3.3/3.3	7	54,807	42,725	54,807	42,725
Epiroc	207,757,845	17.1/22.7	6	47,298	31,089	47,298	31,089
Nasdaq	19,394,142	11.6/11.6	5	36,835	21,061	36,835	21,061
Ericsson	266,745,735	8.0/23.8	3	26,589	25,971	26,589	25,971
Sobi	107,594,165	35.0/35.0	3	19,957	17,897	19,957	17,897
Husqvarna	97,052,157	16.8/33.2	2	13,986	10,339	13,986	10,339
Wärtsilä	104,711,363	17.7/17.7	2	13,242	8,581	13,242	8,581
Electrolux	50,786,412	16.4/28.4	1	11,089	9,742	11,089	9,742
Saab	40,972,622	30.2/39.7	1	9,440	9,854	9,440	9,854
Electrolux Professional	58,941,654	20.5/32.4	0	3,677	2,729	3,677	2,729
Total Listed Companies			66	515,078	366,932	515,078	366,932
Patricia Industries		Total exposure (%)
Subsidiaries
Mölnlycke1)		99	9	72,926	80,101	17,787	17,357
Laborie		98	2	14,727	7,564	8,276	7,599
Sarnova		95	1	11,099	7,925	6,527	4,094
Permobil1)		98	1	10,747	14,528	4,363	4,088
Piab1)		97	1	8,029	6,165	5,702	5,385
Advanced Instruments		99	1	6,952	5,472	7,082	4,998
BraunAbility		95	0	3,641	3,739	2,365	1,923
Vectura		99	0	3,630	4,202	3,705	3,926
Atlas Antibodies2)		89	0	2,960	366	2,313	366
Grand Group		-	-	-	101	-	101
Total subsidiaries			17	134,710	130,164	58,120	49,838
Three Scandinavia		40/40	1	6,801	8,459	5,043	4,237
Financial Investments			0	2,594	3,674	2,594	3,674
Total Patricia Industries excl. cash			19	144,106	142,297	65,758	57,749
Total Patricia Industries incl. cash				156,611	155,766	78,263	71,217
Investments in EQT
EQT AB	174,288,016	17.5/17.7	11	85,872	36,740	85,872	36,740
Fund investments			4	30,768	20,746	30,768	20,746
Total Investments in EQT			15	116,640	57,486	116,640	57,486
Other Assets and Liabilities			0	-371	-518	-371	-518
Total Assets excl. cash Patricia Industries			100	775,453	566,197	697,105	481,649
Gross debt*				-38,446	-41,675	-38,446	-41,675
Gross cash*				23,955	21,862	23,955	21,862
Of which Patricia Industries				12,505	13,468	12,505	13,468
Net debt				-14,491	-19,812	-14,491	-19,812
Net Asset Value				760,962	546,385	682,614	461,837
Net Asset Value per share				248	178	223	151

1) Including receivables related to Management Participation Program foundations. For Mölnlycke, the receivable corresponds to less than 1 percentage point of the total exposure, for Permobil to approximately 2 percentage points and for Piab to approximately 3 percentage points.

2) Atlas Antibodies has previously been presented within Financial Investments. Following its acquisition of evitria, it is now presented as a major subsidiary.

Overview

For balance sheet items, figures in parentheses refer to year-end 2020 figures. For income statement and cash flow items, they refer to the same period last year.

Net asset value

During 2021, adjusted net asset value increased from SEK 546.4bn to SEK 761.0bn. The change in adjusted net asset value, with dividend added back, was 41 percent (14) during the period, of which 12 percent during the fourth quarter (2).

Reported net asset value increased from SEK 461.8bn to SEK 682.6bn. The change in reported net asset value, with dividend added back, was 50 percent (11) during the period, of which 14 percent during the fourth quarter (1).

Total adjusted assets by business area

Net debt and cash flow

Net debt totaled SEK 14,491m on December 31, 2021 (19,812), corresponding to leverage of 1.9 percent (3.5).

Our target leverage range is 0-10 percent (net debt/total adjusted assets) over a business cycle. While leverage can fluctuate above and below the target level, it should not exceed 20 percent for a longer period of time.

Gross cash amounted to SEK 23,955m and gross debt to SEK 38,446m as of December 31, 2021.

The average maturity of Investor AB's debt portfolio was 10.8 years on December 31, 2021 (10.8).

Investor's net debt SEK m 2021 Opening net debt -19,812 Listed Companies Dividends 10,834 Other capital distributions 1,487 Investments, net of proceeds -1,017 Management cost -123 Total 11,181 Patricia Industries Proceeds 8,353 Investments -6,227 Internal transfer to Investor -2,938 Management cost -261 Other1) 111 Total -963 Investments in EQT Proceeds (divestitures, fee surplus and carry) 12,902 Drawdowns (investments and management fees) -8,058 Management cost -9 Total 4,834 Investor groupwide Dividend to shareholders -10,722 Internal transfer from Patricia Industries 2,938 Management cost -136 Other2) -1,810 Closing net debt -14,491

1) Incl. currency related effects and net interest paid.

2) Incl. currency related effects, revaluation of debt and net interest paid.

Management cost

Investor's management cost amounted to SEK 158m during the fourth quarter 2021 (163).

As of December 31, 2021, rolling 12 month management cost amounted to 0.07 percent of the adjusted net asset value.

The Investor share

The price of the Investor A-share and B-share was SEK 238.6 and SEK 227.75 respectively on December 31, 2021, compared to SEK 149.38 and SEK 149.80 on December 31, 2020. In May, 2021, Investor completed a 4:1 share split.

The total shareholder return (Class B-share) amounted to 55 percent during 2021 (19), of which 21 percent during the fourth quarter (2).

The SIXRX return index gained 39 percent during 2021 (15), of which 12 percent during the fourth quarter (6).

Investor's market capitalization, excluding repurchased shares, was SEK 711,230m as of December 31, 2021 (458,345).

Average annual total return

Listed Companies

Listed Companies include ABB, AstraZeneca, Atlas Copco, Electrolux, Electrolux Professional, Epiroc, Ericsson, Husqvarna, Nasdaq, Saab, SEB, Sobi and Wärtsilä. These are multinational companies with strong market positions and proven track records. In general, they are well positioned and we work continuously to support them to remain or become best-in-class.

Highlights during the quarter

• Ericsson announced the acquisition of Vonage, strengthening its position in the enterprise market segment.
• Investor invested SEK 1bn in Ericsson.
• The bid for Sobi, which Investor supported, was withdrawn.

Performance

Total return (excluding management costs) for Listed Companies amounted to 44 percent during 2021, of which 11 percent during the fourth quarter.

The SIXRX return index was 39 percent during 2021, of which 12 percent during the fourth quarter.

Contribution to net asset value (adjusted and reported) amounted to SEK 159,327m during 2021 (25,650), of which SEK 53,320m during the fourth quarter (-5,993).

Contribution to net asset value

SEK m	Q4 2021	2021	2020
Changes in value	50,220	148,616	18,482
Dividends	3,134	10,834	7,281
Management cost	-34	-123	-113
Total	53,320	159,327	25,650

Contribution to net asset value and total return

		Q4 2021		2021
	Value, SEK m	Contribution, SEK m	Total return (%)1)	Contribution, SEK m	Total return (%)
Atlas Copco	128,968	20,393	18.7	43,201	49.8
ABB	91,732	13,572	17.4	32,784	54.8
SEB	57,458	2,951	4.9	22,435	58.3
AstraZeneca	54,807	340	0.6	13,296	31.8
Epiroc	47,298	10,153	27.2	17,352	56.0
Nasdaq	36,835	4,033	12.3	16,108	76.9
Ericsson	26,589	259	1.0	128	0.4
Sobi	19,957	-5,453	-21.5	2,060	11.5
Husqvarna	13,986	3,963	39.5	3,879	38.2
Wärtsilä	13,242	2,194	20.0	4,865	57.4
Electrolux	11,089	1,693	16.5	2,616	26.7
Saab	9,440	-751	-7.4	-222	-2.3
Electrolux Professional	3,677	6	0.2	949	34.8
Total	515,078	53,354	11.5	159,449	43.9

1) Calculated as the sum of share price changes with reinvested dividends, including add-on investments and/or divestments.

Dividends received

Dividends received totaled SEK 10,834m during 2021 (7,281), of which SEK 3,134m during the fourth quarter (1,819).

Redemptions received totaled SEK 1,487m during 2021, of which SEK 863m relates to the mandatory redemption program in Electrolux during the fourth quarter and SEK 623m relates to the mandatory redemption program in Epiroc during the second quarter.

Dividends received, Listed Companies

Investments and divestments

Fourth quarter

10,640,971 Ericsson B shares were purchased for SEK 1,000m.

Earlier during the year

5,000,000 Ericsson B shares were sold and 5,000,000 Ericsson A shares were purchased. Both the buy and sell transactions were conducted at a share price of SEK 103.85.

Listed Companies, value distribution, December 31, 2021

Patricia Industries

Patricia Industries includes Advanced Instruments, Atlas Antibodies, BraunAbility, Laborie, Mölnlycke, Permobil, Piab, Sarnova, Vectura, Three Scandinavia and Financial Investments. Patricia Industries' focus is to invest in and develop wholly-owned companies in the Nordics and in North America.

Highlights during the quarter

• Based on estimated market values, the total return, excl. cash, amounted to -1 percent (-1 percent incl. cash), driven by multiple contraction and lower adjusted earnings, mitigated by positive currency effects and cash flow.
• Permobil and Piab announced strategic add-on acquisitions.

Operating performance

During 2021, sales growth for the major subsidiaries (including Advanced Instruments and Atlas Antibodies pro forma and excluding the Grand Group) was 2 percent. Organic growth was 3 percent in constant currency. EBITA amounted to SEK 7,594m, a decrease of 1 percent. Adjusting for items affecting comparability, mainly related to transaction and integration costs, EBITA was flat.

During the fourth quarter 2021, sales growth was -4 percent. Organic growth was -10 percent in constant currency. EBITA amounted to SEK 1,754m, a decrease of 28 percent. Adjusted EBITA decreased by 23 percent.

Excluding Mölnlycke, where figures were substantially distorted by covid-19-related contracts for Personal Protective Equipment, organic sales and adjusted EBITA grew by 8 and 24 percent respectively during the fourth quarter 2021.

Patricia Industries, adjusted values, December 31, 2021

Major subsidiaries, performance

Q4 2021

		Org. growth, constant					Operating
SEK m	Sales	currency	EBITDA	EBITDA (%)	EBITA1)	EBITA, (%)	cash flow
Mölnlycke	4,254	-26	1,069	25.1	903	21.2	1,292
Laborie	739	14	196	26.4	179	24.2	176
Sarnova	2,051	0	268	13.1	224	10.9	185
Permobil	1,119	6	192	17.2	149	13.3	37
Piab	472	8	109	23.1	81	17.2	79
Advanced Instruments	274	18	102	37.1	98	35.8	89
BraunAbility	1,626	14	117	7.2	76	4.6	75
Vectura	71	24	42	59.2	7	9.5	-97
Atlas Antibodies	81	19	42	51.4	37	45.0	24
Total	10,688		2,136	20.0	1,754	16.4	1,860
Reported growth y/y, %	-4		-24		-28
Organic growth, y/y, %	-10

1) EBITA is defined as operating profit before acquisition-related amortizations.

2021

		Org. growth,
SEK m	Sales	constant currency	EBITDA	EBITDA (%)	EBITA1)	EBITA, (%)	Operating cash flow
Mölnlycke	17,100	-6	4,925	28.8	4,274	25.0	3,870
Laborie	2,686	21	802	29.9	716	26.6	516
Sarnova	7,168	0	894	12.5	778	10.9	659
Permobil	4,062	6	782	19.2	612	15.1	214
Piab	1,738	18	485	27.9	409	23.5	376
Advanced Instruments	880	24	326	37.1	314	35.7	278
BraunAbility	5,941	17	448	7.5	304	5.1	329
Vectura	279	32	172	61.5	45	16.0	-355
Atlas Antibodies	324	34	162	50.1	143	44.2	115
Total	40,178		8,997	22.4	7,594	18.9	6,003
Reported growth y/y, %	2		0		-1
Organic growth, y/y, %	3

1) EBITA is defined as operating profit before acquisition-related amortizations.

Performance

Contribution to adjusted net asset value amounted to SEK 3,694m during 2021 (22,211), of which SEK -2,063m during the fourth quarter (6,412).

Contribution to adjusted net asset value

SEK m	Q4 2021	2021	2020
Changes in value	-1,988	3,933	22,470
Management cost	-69	-261	-289
Other	-7	21	30
Total	-2,063	3,694	22,211

Based on estimated market values, the total return for Patricia Industries, excluding cash, amounted to 3 percent (2 percent including cash) during 2021, of which -1 percent (-1 percent including cash) during the fourth quarter. During the fourth quarter, the negative return was driven by multiple contraction and lower adjusted earnings, mitigated by positive currency effects and cash flow.

For more information on valuation, see page 33.

Investments and divestments

Fourth quarter

Investments amounted to SEK 47m. Divestments amounted to SEK 218m.

Earlier during the year

Investments amounted to SEK 6,180m, of which SEK 2,004m related to Atlas Antibodies, SEK 1,809m to Sarnova and SEK 1,481m to Advanced Instruments in conjunction with add-on acquisitions. Divestments amounted to SEK 2,107m, mainly related to divestments of financial investments and the divestment of Grand Group (the Grand Hôtel property was owned and divested by Vectura).

Distributions received

During 2021, distributions to Patricia Industries amounted to SEK 6,027m, of which SEK 511m during the fourth quarter. Regarding the distribution from Three Scandinavia related to the divestment of its passive network infrastructure, approximately SEK 3.2bn has been received and another SEK 1.9bn, of which approximately 63 percent in cash, is expected to be received during the first half of 2022.

Patricia Industries, net cash

0

SEK m	Q4 2021	2021	2020
Beginning of period	11,877	13,468	20,897
Net cash flow	681	2,125	-4,343
Internal transfer to Investor	-	-2,938	-2,938
Other1)	-53	-150	-147
End of period	12,505	12,505	13,468

2017 2018 2019 2020 2021

1) Includes currency-related effects, net interest and management cost.

Patricia Industries – valuation overview
	Estimated market values, SEK m, 12/31, 2021	Change Q4 2021 vs. Q3 2021 SEK m	Major drivers	Comments
Subsidiaries
Mölnlycke	72,926	-2,156	Lower earnings impacted negatively, cash flow impacted positively. EUR 50m distribution to Patricia Industries	Implied EV/reported LTM EBITDA 17.9x
Laborie	14,727	529	Higher earnings and currency effects impacted positively, mitigated by lower multiples	Applied EV/adj. LTM EBITDA 20.5x
Sarnova	11,099	286	Higher earnings and currency effects impacted positively, mitigated by lower multiples	Applied EV/adj. LTM EBITDA 13.4x. Acquisitions of Digitech and Allied 100 valued at cost
Permobil	10,747	-1,740	Lower multiples and lower earnings impacted negatively	Applied EV/adj. LTM EBITDA 17.9x
Piab	8,029	-106	No major value drivers	Applied EV/adj. LTM EBITDA 19.1x
Advanced Instruments	6,952	0	-	Investment amount, acquisition made less than 18 months ago
BraunAbility	3,641	144	No major value drivers	Applied EV/adj. LTM EBITDA 12.7x
Vectura	3,630	680	Increased value of the property portfolio	Estimated market value of the property portfolio less debt and cost
Atlas Antibodies	2,960	-3	No major value drivers	Implied EV/reported LTM EBITDA 23.1x
Partner-owned investments
Three Scandinavia	6,801	-171	Higher earnings impacted positively, mitigated by lower multiples	Applied EV/adj. LTM EBITDA 5.5x. The estimated market value includes a discounted value of the estimated remaining divestment proceeds attributable to Patricia Industries
Financial Investments	2,594	-133		Multiple or third-party valuation, share price
Total	144,106
Total incl. cash	156,611

A provider of advanced products for treatment and prevention of wounds and single-use surgical solutions. Read more at www.molnlycke.com

Activities during the quarter

Group

• Organic sales growth amounted to -26 percent in constant currency. The decline was explained by significant contribution from covid-19-related contract sales of Personal Protective Equipment (PPE) last year. Gloves remained impacted by a temporary, covid-19-related, halt in production. Wound Care continued to perform strongly.
• The EBITA margin declined, despite the strong performance in Wound Care, mainly explained by increased raw material and logistics costs, and the production halt in Gloves.
• Cash flow generation was strong and Mölnlycke distributed EUR 50m to Patricia Industries.
• Mölnlycke invested in production capacity expansion within Wound Care and Gloves. The new capacity will be available starting next year.

Wound Care

• Organic growth amounted to 8 percent in constant currency, with the U.S. and growth markets performing strongly.

Surgical

• Organic growth amounted to -48 percent in constant currency, heavily distorted by PPE boosting sales during the fourth quarter last year, while the contribution this quarter was zero. In addition, global supply constraints and the covid-19-related production halt in Gloves impacted negatively. Gloves production is now running at full capacity, but long lead times in freight continue to impact sales.

Key figures, Mölnlycke

Income statement items,	2021		2020
EUR m	Q4	YTD	Q4	YTD
Sales		420 1,686		554 1,793
EBITDA	106	485	174	536
EBITA	89	421	159	475
Sales growth, %	-24	-6	38	16
Organic growth, constant currency, %	-26	-6	41	18
EBITDA, %	25.1	28.8	31.4	29.9
EBITA, %	21.2	25.0	28.8	26.5
Cash flow items, EUR m	Q4	YTD	Q4	YTD
EBITDA	106	485	174	536
IFRS 16 lease payments	-5	-21	-5	-19
Change in working capital	44	-34	75	-8
Capital expenditures	-17	-49	-16	-38
Operating cash flow	128	382	229	470
Acquisitions/divestments	-	-	-7	-11
Shareholder contribution/distribution	-50	-250	-350	-350
Other1)	-19	-150	-37	-130
Increase(-)/decrease(+) in net debt	58	-18	-165	-21
Key ratios
Working capital/sales, %		16
Capital expenditures/sales, %		3
Balance sheet items, EUR m		12/31 2021		12/31 2020
Net debt		1,510		1,492
		12/31 2021		12/31 2020
Number of employees		8,315		7,910

1) Includes effects of exchange rate changes, interest, tax and change in lease liabilities due to IFRS 16.

Mölnlycke, distribution of sales and organic sales growth

	Share of sales, (%) Last 12 months	Organic growth, constant currency, (%) Q4 2021
Wound Care	54	8
Surgical	46	-48
Total	100	-26

Mölnlycke, distribution of sales by geography

	Share of sales, (%) 2021
Europe, Middle East, Africa	60
Americas	31
Asia Pacific	9
Total	100

A provider of innovative capital equipment and consumables for the urology and gastroenterology markets. Read more at www.laborie.com

Activities during the quarter

• Organic sales growth amounted to 14 percent in constant currency. Urology, Gastrointestinal and Maternal & child health all grew. End-customer demand was strong, but significant supply chain challenges impacted negatively.
• The EBITA margin declined. Adjusting for Pelvalon transaction costs of USD 4m in the fourth quarter 2021 and the release of provisions related to the Clinical Innovations integration last year, the EBITA margin improved from 19 to 29 percent, despite rising input costs, and continued investment in certain general and administrative functions as well as research and development.
• In October, 2021, Laborie announced the acquisition of Pelvalon, a medical technology company that has developed the EclipseTM System, an innovative, nonsurgical, patientcontrolled device for women suffering from fecal incontinence. The product is highly complementary to Laborie's product portfolio and commercial channels.
• In January, 2022, Laborie exercised its option to acquire a perpetual exclusive license to the OptilumeTM drug-coated balloon for treatment of urethral strictures, following the product's FDA approval in December 2021. The product fits well into Laborie's urology product portfolio and commercial channels. The total consideration amounts to USD 165m. Adjusting for its minority ownership, Laborie will invest approximately USD150m, which will be funded with USD 100m in equity from Patricia Industries and the remainder from Laborie's cash and external debt.

Key figures, Laborie

Income statement items, USD m		2021		2020
		YTD	Q4	YTD
Sales	84	313	69	230
EBITDA	22	93	22	44
EBITA	20	83	19	37
Sales growth, %	20	36	23	12
Organic growth, constant currency, %	14	21	-14	-19
EBITDA, %	26.4	29.9	31.2	19.1
EBITA, %	24.2	26.6	27.5	16.0
Cash flow items, USD m	Q4	YTD	Q4	YTD
EBITDA	22	93	22	44
IFRS 16 lease payments	-1	-4	-1	-2
Change in working capital	0	-20	1	-5
Capital expenditures	-1	-10	-6	-16
Operating cash flow	20	60	15	21
Acquisitions/divestments	-74	-74	-18	-542
Shareholder	-	-	-	450
contribution/distribution Other1)	-4	-8	-12	-42
Increase(-)/decrease(+) in net	-58	-22	-15	-114
debt
Key ratios
Working capital/sales, %		15
Capital expenditures/sales, %		3
Balance sheet items, USD m	12/31 2021		12/31 2020
Net debt		424		403
		12/31 2021		12/31 2020
Number of employees		780		870

1) Includes effects of exchange rate changes, interest, tax and change in lease liabilities due to IFRS 16.

A provider of innovative healthcare products to national emergency care providers, hospitals, schools, businesses and federal government agencies. Read more at www.sarnova.com

Activities during the quarter

• Organic sales were flat in constant currency compared to last year. The fourth quarter last year benefitted from significant covid-19-driven demand for personal protective equipment. The fourth quarter 2021 was negatively impacted by supply chain challenges related to the availability of Automated External Defibrillators (AEDs) and related accessories.
• Adjusting for approximately USD 4m in transaction costs related to the Digitech acquisition last year, the EBITA margin increased from 10 percent to 11 percent. The margin expansion was driven by good operating performance, partially offset by higher input costs and ongoing investment in digital platform enhancement and warehouse optimization.

Key figures, Sarnova

Income statement items,		2021		2020
USD m	Q4	YTD	Q4	YTD
Sales	233	835	199	725
EBITDA	30	104	20	78
EBITA	25	91	17	69
Sales growth, %	17	15	29	12
Organic growth, constant currency, %	0	0	19	9
EBITDA, %	13.1	12.5	9.9	10.8
EBITA, %	10.9	10.9	8.5	9.5
Cash flow items, USD m	Q4	YTD	Q4	YTD
EBITDA	30	104	20	78
IFRS 16 lease payments	-1	-4	-1	-3
Change in working capital	3	6	-24	-16
Capital expenditures	-11	-29	0	-10
Operating cash flow	21	77	-6	49
Acquisitions/divestments	-	-289	-251	-251
Shareholder contribution/distribution	-	210	-	-
Other1)	-12	-41	-30	-37
Increase(-)/decrease(+) in net debt	9	-44	-287	-239
Key ratios
Working capital/sales, %		16
Capital expenditures/sales, %		3
Balance sheet items, USD m		12/31 2021		12/31 2020
Net debt2)		569		525
		12/31 2021		12/31 2020
Number of employees		1,370		1,195

1) Includes effects of exchange rate changes, interest, tax and change in lease liabilities due to IFRS 16.

2) Digitech's profit and balance sheet are fully included in Sarnova's financial items as November 1, 2020. Hence, the balance sheet include all net debt but figures for the last 12 months only include five months of earnings.

A provider of advanced mobility and seating rehab solutions. Read more at www.permobil.com

Activities during the quarter

• Organic sales growth amounted to 6 percent in constant currency, driven by EMEA and Americas, while APAC was flat.
• The EBITA margin declined, mainly due to investments in a strategic product development project. Adjusted for this, the margin declined slightly, driven by increased costs for freight and sourcing.
• Permobil launched Mototronik, a front-mounted power assist device for manual wheelchairs.
• Permobil acquired Panthera, a leading Swedish manufacturer of manual wheelchairs with annual sales of approximately SEK 150m. The acquisition will strengthen Permobil's offer within light manual wheelchairs. The transaction was completed on January 3, 2022 and will be funded by equity from Patricia Industries.

Key figures, Permobil

Income statement items,		2021	2020
SEK m	Q4	YTD	Q4	YTD
Sales		1,119 4,062 1,021 3,944
EBITDA	192	782	225	826
EBITA	149	612	178	641
Sales growth, %	10	3	-16	-11
Organic growth,
constant currency, %	6	6	-10	-9
EBITDA, %	17.2	19.2	22.0	20.9
EBITA, %	13.3	15.1	17.4	16.3
Cash flow items, SEK m	Q4	YTD	Q4	YTD
EBITDA	192	782	225	826
IFRS 16 lease payments	-19	-62	-15	-55
Change in working capital	-91	-330	12	184
Capital expenditures	-45	-175	-24	-120
Operating cash flow	37	214	197	835
Acquisitions/divestments	-	-262	-	-47
Shareholder	-	-	-	-
contribution/distribution
Other1)	-178	-559	261	202
Increase(-)/decrease(+) in net debt	-140	-607	458	990
Key ratios
Working capital/sales, %		19
Capital expenditures/sales, %		4
Balance sheet items, SEK m		12/31 2021		12/31 2020
Net debt	3,166		2,559
		12/31 2021		12/31 2020
Number of employees		1,660		1,570

1) Includes effects of exchange rate changes, interest, tax and change in lease liabilities due to IFRS 16.

A provider of gripping and moving solutions for automated manufacturing and logistics processes. Read more at www.piab.com

Activities during the quarter

• Organic sales growth amounted to 8 percent in constant currency, driven by APAC and Americas. Vacuum Conveying and Vacuum Automation reported strong growth, while Lifting Automation declined.
• The EBITA margin declined, primarily due to negative impact from a write-down of a discontinued product line and transaction costs related to acquisitions.
• Piab acquired Airbest, a leading local Chinese player within Vacuum Automation, strengthening the company's presence in the country.
• Within Vacuum Conveying, Piab launched piFLOW®AM, a vacuum conveyor for the additive manufacturing market.
• After the end of the quarter, Piab acquired Manut-LM, a French manufacturer of lifting automation equipment, further strengthening the company's presence in the country.

Key figures, Piab

Income statement items, SEK m		2021		2020
		YTD	Q4	YTD
Sales		472 1,738		435 1,526
EBITDA	109	485	124	420
EBITA	81	409	107	359
Sales growth, %	8	14	36	20
Organic growth,	8	18	12	-4
constant currency, %
EBITDA, %	23.1	27.9	28.5	27.5
EBITA, %	17.2	23.5	24.6	23.5
Cash flow items, SEK m	Q4	YTD	Q4	YTD
EBITDA	109	485	124	420
IFRS 16 lease payments	-8	-32	-9	-35
Change in working capital	-9	-42	-21	21
Capital expenditures	-13	-35	-9	-43
Operating cash flow	79	376	85	364
Acquisitions/divestments	-254	-254	-	-980
Shareholder	-	-60	-	-
contribution/distribution
Other1) Increase(-)/decrease(+) in net	-87	-256	108	30
debt	-262	-193	193	-587
Key ratios
Working capital/sales, %		17
Capital expenditures/sales, %		2
Balance sheet items, SEK m	12/31 2021			12/31 2020
Net debt	1,767		1,574
		12/31 2021		12/31 2020
Number of employees		695		625

1) Includes effects of exchange rate changes, interest, tax and change in lease liabilities due to IFRS 16.

A global provider of osmolality testing instrumentation and consumables for the clinical, biopharmaceutical, and food & beverage markets. Read more at www.aicompanies.com

Activities during the quarter

• Organic sales growth amounted to 18 percent in constant currency, driven by strong instruments, consumables and services performance. The recently acquired Solentim products, not included in organic growth, continued to perform strongly, with growth clearly above the company average.
• Adjusting for USD 3m in purchase price adjustments related to the Solentim acquisition, the EBITA margin was 44 percent. The decrease is mainly explained by Solentim having lower profitability than Advanced Instruments.
• Investments in the global commercial organization, general and administrative functions, and research and development continued.

Key figures, Advanced Instruments

Income statement items, USD m	2021		2020
	Q4	YTD	Q4	YTD
Sales	31	103	22	77
EBITDA	12	38	10	37
EBITA	11	37	10	35
Sales growth, %	45	34	16	9
Organic growth,	18	24	16	9
constant currency, %
EBITDA, %	37.1	37.1	48.5	47.7
EBITA, %	35.8	35.7	47.2	46.0
Cash flow items, USD m	Q4	YTD	Q4	YTD
EBITDA	12	38	10	37
IFRS 16 lease payments	0	-1	-1	-1
Change in working capital	-1	-3	3	-1
Capital expenditures	-1	-2	0	-1
Operating cash flow	10	32	12	34
Acquisitions/divestments	-	-238	-	-
Shareholder	-	170	-	-
contribution/distribution Other1)	-2	-7	-53	-62
Increase(-)/decrease(+) in net
debt	8	-43	-41	-28
Key ratios
Working capital/sales, %		7
Capital expenditures/sales, %		1
Balance sheet items, USD m		12/31 2021		12/31 2020
Net debt		195		152
		12/31 2021		12/31 2020
Number of employees		225		130

1) Includes effects of exchange rate changes, interest, tax and change in lease liabilities due to IFRS 16.

A manufacturer of wheelchair accessible vehicles and wheelchair lifts. Read more at www.braunability.com

Activities during the quarter

• Organic sales growth amounted to 14 percent in constant currency, driven by strong consumer demand and last year's sales being depressed by covid-19. Recovery was led by the consumer and retail segments, while the commercial segment remained impacted by limited availability of OEM chassis.
• The EBITA margin declined slightly, driven by increased material and labor costs, as well as unfavorable product portfolio mix, which was largely offset by pricing initiatives.

Key figures, BraunAbility

Income statement items,	2021		2020
USD m	Q4	YTD	Q4	YTD
Sales	184	692	150	567
EBITDA	13	52	12	44
EBITA	9	35	8	29
Sales growth, %	22	22	-21	-23
Organic growth, constant currency, %	14	17	-22	-24
EBITDA, %	7.2	7.5	7.9	7.7
EBITA, %	4.6	5.1	5.2	5.1
Cash flow items, USD m	Q4	YTD	Q4	YTD
EBITDA	13	52	12	44
IFRS 16 lease payments	-2	-9	-2	-8
Change in working capital	1	7	21	-11
Capital expenditures	-4	-12	-1	-5
Operating cash flow	8	38	30	20
Acquisitions/divestments	-	-76	-	-4
Shareholder	-	20	-	-
contribution/distribution Other1)	-1	-94	-2	-12
Increase(-)/decrease(+) in net debt	7	-111	28	4
Key ratios
Working capital/sales, %		8
Capital expenditures/sales, %		2
Balance sheet items, USD m		12/31 2021		12/31 2020
Net debt		300		189
		12/31 2021		12/31 2020
Number of employees		1,825		1,555

1) Includes effects of exchange rate changes, interest, tax and change in lease liabilities due to IFRS 16.

Develops and manages real estate in community service, office and hotel. Read more at www.vecturafastigheter.se

Activities during the quarter

• Total sales decreased by 20 percent, due to lost income from the divested Grand Hôtel property. Adjusted for this divestment, growth amounted to 24 percent driven by new Community Services properties.
• A nursing home in Vällingby (6,800 m2 ) was acquired.
• Rental agreements of more than 3,000 m2 in Forskaren, an office building in the life-science center in Hagastaden, Stockholm, were signed.
• During 2021, property market value decreased due to recent divestments. Adjusting for divestments the property market value increased, explained by acquisition of care properties, investments in on-going construction projects as well as yield compression in the market.

Key figures, Vectura

Income statement items, SEK m	2021		2020
	Q4	YTD	Q4	YTD
Sales	71	279	90	298
EBITDA	42	172	60	184
EBITDA, %	59.2	61.5	67.4	61.9
EBITA adj.1)	7	45	2	34
EBITA adj %	9.5	16.0	2.1	11.4
Balance sheet items, SEK m	12/31 2021		12/31 2020
Net debt	3,963		4,302
	12/31 2021		12/31 2020
Real estate market value	8,388		9,182

1) EBITA adjusted for depreciation of surplus values related to properties.

A global developer of advanced reagents for biomedical research. Read more at www.atlasantibodies.com

Activities during the quarter

• Organic sales growth amounted to 19 percent in constant currency. The evitria business was the largest growth driver.
• The EBITA margin increased slightly.
• Investments in the commercial organization and administrative functions continued.
• Atlas Antibodies continued to expand its product portfolio, launching a broad set of monoclonal and polyclonal antibodies, primarily targeting academic cancer research.

Key figures, Atlas Antibodies

2021 Income statement items,			2020
SEK m	Q4	YTD	Q4	YTD
Sales	81	324	66	247
EBITDA	42	162	33	124
EBITA	37	143	29	107
Sales growth, %	23	31	24	10
Organic growth,	19	34	30	15
constant currency, %
EBITDA, %	51.4	50.1	50.5	50.2
EBITA, %	45.0	44.2	44.1	43.3
Cash flow items, SEK m	Q4	YTD	Q4	YTD
EBITDA	42	162	33	124
IFRS 16 lease payments	-2	-6	-1	-5
Change in working capital	-12	-32	1	-40
Capital expenditures	-4	-9	-1	-1
Operating cash flow	24	115	33	78
Acquisitions/divestments		- -2,629	-	-
Shareholder	-	2,030	-	-
contribution/distribution
Other1) Increase(-)/decrease(+) in net	17	-22	8	-18
debt	40	-505	41	59
Key ratios
Working capital/sales, %		31
Capital expenditures/sales, %		3
Balance sheet items, SEK m		12/31 2021	12/31 2020
Net debt		406		-117
		12/31 2021	12/31 2020
Number of employees		115		95
1) Includes effects of exchange rate changes, interest, tax and change in lease

liabilities due to IFRS 16.

A provider of mobile voice and broadband services in Sweden and Denmark. Read more at www.tre.se.

Activities during the quarter

• The subscription base increased by 44,000, of which 33,000 in Sweden and 11,000 in Denmark. Service revenue growth was 4 percent.
• Reported and adjusted (adjusted for items affecting comparability last year and for the negative earnings impact from the divestment of Three Scandinavia's passive network infrastructure assets) EBITDA increased.
• Three Sweden improved its business-to-business customer satisfaction to its highest level ever in the SKI (Svenskt Kvalitetsindex) annual customer satisfaction survey published in October.
• The startup company Buddywise won 5G Sustainability Awards, Three Sweden´s award to promote and encourage ideas building on 5G technology that can contribute to a more sustainable society.

Key figures, Three Scandinavia

	2021		2020
Income statement items	Q4	YTD	Q4	YTD
Sales, SEK m		2,925 10,750		2,873 10,668
Sweden, SEK m	1,929	6,946	1,879	6,818
Denmark, DKK m	730	2,787	723	2,740
Service revenue, SEK m1)	1,763	6,913	1,691	6,777
Sweden, SEK m	1,138	4,402	1,052	4,167
Denmark, DKK m	458	1,839	465	1,856
EBITDA, SEK m	931	3,535	923	3,934
Sweden, SEK m	636	2,564	616	2,725
Denmark, DKK m	216	711	224	861
EBITDA, %	31.8	32.9	32.1	36.9
Sweden	33.0	36.9	32.8	40.0
Denmark	29.6	25.5	30.9	31.4
Key ratios
Capital expenditures/sales, %		33
Balance sheet items, SEK m	12/31 2021		12/31 2020
Net debt	6,498		6,341
	12/31 2021		12/31 2020
Number of employees	1,735		1,775
Other key figures		12/31 2021		12/31 2020
Subscriptions	3,834,000		3,678,000
Sweden	2,337,000		2,209,000
Denmark	1,497,000		1,469,000
1) Mobile service revenue excluding interconnect revenue.

1) Mobile service revenue excluding interconnect revenue.

Financial Investments

Financial Investments consist of investments in which the investment horizon has not yet been defined. Our objective is to maximize the value and use realized proceeds for investments in existing and new subsidiaries. However, some holdings could become long-term investments.

Change in net asset value, Financial Investments

SEK m	Q4 2021	2021	2020
Net asset value, beginning of period	2,727	3,674	4,310
Investments	47	273	100
Divestments	-193	-2,018	-1,188
Exit proceeds pending settlement	-4	-	-
Changes in value	18	665	818
Net asset value, end of period	2,594	2,594	4,041

Activities during the quarter

• The holding in Agjunction was fully exited.

Five largest Financial Investments, December 31, 2021

Company	Region	Business	Listed/ unlisted	Reported value, SEK m
CDP Holding	Asia	IT	Unlisted	773
EZ Texting	U.S	IT	Unlisted	347
August Capital Partners VII	U.S	Venture fund	Unlisted	283
Sutter Hill Ventures	U.S	Venture fund	Unlisted	266
SmartBiz	U.S	IT	Unlisted	240
Total				1,910

As of December 31, 2021, the five largest investments represented 74 percent of the total value of the Financial Investments.

1 percent of the total value of the Financial Investments was represented by publicly listed companies.

Investments in EQT

EQT is a purpose-driven global investment organization focused on active ownership strategies. With a Nordic heritage and a global mindset, EQT has a track record of almost three decades of delivering consistent and attractive returns across multiple geographies, sectors and strategies. Investor was one of the founders of EQT in 1994 and has committed capital to the vast majority of its funds. Read more at www.eqtgroup.com

Highlights during the quarter

• The reported value change of Investor's investments in EQT was 30 percent.
• Net cash flow to Investor amounted to SEK 1.8bn.

Performance

Contribution to net asset value (adjusted and reported) amounted to SEK 63,988m during 2021 (20,409), of which SEK 27,596m during the fourth quarter 2021 (7,873).

The reported value change of Investor's investments in EQT was 111 percent during 2021, of which 110 percent in constant currency. During the fourth quarter, the value change amounted to 30 percent, of which 30 percent in constant currency.

Net cash flow to Investor amounted to SEK 1,845m during the fourth quarter.

Investments in EQT AB

The value increase of Investor's holding in EQT AB amounted to SEK 22,727m, corresponding to a total shareholder return of 36 percent, during the fourth quarter. Total shareholder return for 2021 amounted to 135 percent.

Dividends received amounted to SEK 418m during 2021, of which SEK 209m during the fourth quarter.

Investments in EQT funds

Following the IPO of EQT AB in September 2019, Investor reports the value change on its EQT fund investments with a one-quarter lag. Consequently, the information related to Investor's investments in EQT funds in this report is presented as of September 30, 2021.

The reported value change of Investor's investments in EQT funds amounted to 18 percent during the fourth quarter, of which 17 percent in constant currency. The reported value change for 2021 amounted to 70 percent, of which 67 percent in constant currency.

Investor's total outstanding commitments to EQT funds amounted to SEK 11.1bn as of December 31, 2021 (16.3).

Change in adjusted net asset value, EQT

SEK m	Q4 2021	2021	2020
Net asset value, beginning of period	90,889	57,486	37,248
Contribution to net asset value Drawdowns (investments, management fees and management	27,596	63,988	20,409
cost) Proceeds to Investor (divestitures, fee surplus, carry and dividend)	3,120 -4,965	8,068 -12,902	4,630 -4,801
Net asset value, end of period	116,640	116,640	57,486

Investor's investments in EQT, December 31, 20211)

		Investor
	Fund size EUR m	Share (%)	Outstanding commitment SEK m	Reported value SEK m
Fully invested funds2)	37,186		3,172	18,676
EQT IX	15,600	3	1,393	3,784
EQT Infrastructure IV	9,100	3	680	2,381
EQT Infrastructure V	15,700	3	3,330	1,231
Credit Opportunities III3)	1,272	10	493	929
EQT Ventures II	619	3	84	138
EQT Mid Market Asia III	630	27	321	1,515
EQT Mid Market Europe	1,616	9	451	1,845
EQT Real Estate II	1,000	3	216	96
EQT new funds	-	6	990	173
Total fund investments	82,723		11,130	30,768
EQT AB		17.5/17.74)		85,872
Total investments in EQT				116,640

1) Following the IPO of EQT AB in September 2019, Investor's investments in EQT funds are reported with a one-quarter lag.

2) EQT V, EQT VI, EQT VII, EQT VIII, EQT Expansion Capital II, EQT Greater China II, EQT Infrastructure I, II and III, Credit Fund II, EQT Mid Market, EQT Mid Maraket US, EQT Real Estate I, EQT Ventures.

3) Divested by EQT AB to Bridgepoint, October 2020.

4) Capital and votes respectively.

Investor's investments in EQT, key figures overview
	FY	Q4	Q3	Q2	Q1	FY	Q4	Q3	Q2	Q1	FY	Q4
SEK m	2021	2021	2021	2021	2021	2020	2020	2020	2020	2020	2019	2019
Reported value	116,640	116,640	90,889	78,467	75,566	57,486	57,486	50,143	48,843	40,603	37,248	37,248
Reported value change, %	111	30	16	9	30	55	16	3	16	11	103	9
Value change, constant currency, %	110	30	16	9	29	57	18	3	19	8	101	11
Drawdowns from Investor	8,068	3,120	2,258	1,169	1,520	4,630	377	968	1,906	1,378	7,266	514
Proceeds to Investor	12,902	4,965	2,550	4,986	401	4,801	908	1,313	280	2,301	12,227	3,207
Net cash flow to Investor	4,834	1,845	292	3,817	-1,119	171	531	344	-1,626	923	4,961	2,694

Investor Group

Net debt

Net debt totaled SEK 14,491m on December 31, 2021 (19,812). Debt financing of the Patricia Industries subsidiaries is arranged without guarantees from Investor and hence not included in Investor's net debt. Pending dividends from investments and approved but not yet paid dividend to shareholders are not included in Investor's net debt either.

Net debt, December 31, 2021

SEK m	Consolidated balance sheet	Deductions related to Patricia Industries	Investor's net debt
Other financial
investments	14,778	-236	14,542
Cash, bank and short
term investments	18,534	-9,121	9,413
Receivables included
in net debt	1,964	-	1,964
Interest bearing debt	-87,221	46,919	-40,301
Provision for pensions	-1,068	959	-109
Total	-53,013	38,521	-14,491

Investor's gross cash amounted to SEK 23,955m as of December 31, 2021 (21,862). The short-term investments are invested conservatively, taking into account the riskadjusted return profile. Investor's gross debt, excluding pension liabilities, amounted to SEK 38,337m as of December 31, 2021 (41,565).

The average maturity of Investor AB's debt portfolio was 10.8 years on December 31, 2021 (10.8), excluding the debt of Mölnlycke, Laborie, Permobil, BraunAbility, Vectura, Sarnova, Piab, Advanced Instruments and Atlas Antibodies.

Investor is rated AA- (Stable Outlook) by S&P Global and Aa3 (Stable Outlook) by Moody's.

Debt maturity profile, December 31, 2021

Net financial items, 2021

SEK m	Group - Net financial items	Deductions related to Patricia Industries	Investor's net financial items
Interest income	-3	-2	-5
Interest expenses	-2,100	1,101	-999
Results from revaluation of loans, swaps and short
term investments	86	-	86
Foreign exchange result	-548	36	-512
Other	-782	656	-126
Total	-3,347	1,791	-1,556

Parent Company

Share capital

Investor's share capital amounted to SEK 4,795m on December 31, 2021 (4,795).

Share structure

Class of share	Number of shares	Number of votes	% of capital	% of votes
A 1 vote	1,246,763,376	1,246,763,376	40.6	87.2
B 1/10 vote	1,821,936,744	182,193,674	59.4	12.8
Total	3,068,700,120	1,428,957,050	100.0	100.0

Following a 4:1 share split in May 2021, Investor's share capital consists of 3,068,700,120 shares with a quota of SEK 1.5625 per share.

On December 31, 2021, Investor owned a total of 5,242,353 of its own shares (5,453,120).

Results and investments

The Parent Company's result after financial items was SEK 136,791m (22,855). The result is mainly related to Listed Companies which contributed to the result with dividends amounting to SEK 10,286m (6,433) and value changes of SEK 126,711m (18,972).

During 2021, the Parent Company invested SEK 3,621m in financial assets (15,289), of which SEK 0m in Group companies (11,572) and purchases in Listed Companies of SEK 1,520m (3,380). The Parent Company divested SEK 800m in Group Companies (3,000) and SEK 519m (18) in Listed Companies during the year. By the end of the period, Shareholder's equity totaled SEK 471,763m (345,742). The Parent Company has provided a loan of USD 90m to a Group Company. During 2021 the Parent Company had three maturities of loan, two external loans totaling EUR 376m and one internal loan of EUR 266m.

Other

Annual General Meeting

Investor AB's Annual General Meeting will be held on May 3, 2022. Additional information about Investor's Annual General Meeting will be available on Investor's website. Investor's audited Annual Report in Swedish will be made available at the company's head office and website no later than April 12, 2022.

Dividend Proposal

The Board of Directors proposes a dividend to the shareholders of SEK 4.00 per share for fiscal year 2021 (3.50). The dividend is proposed to be paid out in two installments, SEK 3.00 with record date May 5, 2022 and SEK 1.00 with record date November 7, 2022. The dividend level proposed is based on the stated dividend policy to pay a steadily rising dividend, supported by cash flow from our three business areas: Listed Companies, Patricia Industries and Investments in EQT.

Acquisitions (business combinations) Piab's acquisition of Airbest Technology

On December 31, 2021, Piab completed the acquisition of Airbest Technology, a leading local Chinese player within Vacuum Automation. The consideration amounted to SEK 272m. In the preliminary purchase price allocation,

goodwill amounted to SEK 408m. The goodwill recognized for the acquisition corresponds to the complementary strengths of the companies. The goodwill recognized is not expected to be deductible for income tax purposes. Transaction related costs amounted to SEK 14m and derive from external legal fees and due diligence expenses. These costs have been included in the line item Administrative, research and development and other operating cost in the Group's consolidated income statement. If the acquisition had occurred on January 1, 2021, management estimates that consolidated net sales for the Group would have increased by SEK 92m and consolidated profit/loss for the period would have increased by SEK 37m.

Laborie's acquisition of Pelvalon

On October 12, 2021, Laborie acquired Pelvalon, a medical technology company that has developed the EclipseTM System, an innovative, nonsurgical, patientcontrolled device for women suffering from fecal incontinence. The consideration amounted to SEK 271m. In the preliminary purchase price allocation, goodwill amounted to SEK 116m. The goodwill recognized for the acquisition corresponds to the complementary strengths of the companies and in further support Laborie's long-term growth. The goodwill recognized is not expected to be deductible for income tax purposes. Transaction related costs amounted to SEK 35m and derive from external legal fees and due diligence expenses. These costs have been included in the line item Administrative, research and development and other operating cost in the Group's consolidated income statement. For the period from the acquisition date until December 31, 2021, Pelvalon contributed net sales of SEK 0m and profit/loss of SEK -3m to the Group's result. If the acquisition had occurred on January 1, 2021, management estimates that consolidated net sales for the Group would have increased by SEK 0m and consolidated profit/loss for the period would have decreased by SEK 3m.

Sarnovas' acquisition of Allied 100

On September 3, 2021, Sarnova completed the acquisition of Allied 100, a leading specialty distributor of automated external defibrillators (AEDs) used in emergency situations to save the lives of sudden cardiac arrest patients. The consideration amounted to SEK 2,639m. In the final purchase price allocation, goodwill amounted to SEK 1,830m. The goodwill recognized for the acquisition corresponds to the complementary strengths of the companies to providing a comprehensive portfolio of AED products to the professional and civilian first responder markets. The goodwill recognized is not expected to be deductible for income tax purposes. Intangible assets in the acquisition consists mainly of Trade names and Customer relationships. Transaction related costs amounted to SEK 42m and derive from external legal fees and due diligence expenses. These costs have been included in the line item Administrative, research and development and other operating cost in the Group's consolidated income statement. For the period from the acquisition date until December 31, 2021, Allied 100 contributed net sales of SEK 292m and profit/loss of SEK 6m to the Group's result. If the acquisition had occurred on January 1, 2021, management estimates that consolidated net sales for the Group would have increased by SEK 688m and consolidated profit/loss for the period would have decreased by SEK 22m.

Advanced Instruments' acquisition of Solentim

On August 26, 2021, Advanced Instruments completed the acquisition of Solentim, a global leader in innovative

solutions for cell line development of biopharmaceutical products. The consideration amounted to SEK 2,226m. In the preliminary purchase price allocation, goodwill amounted to SEK 1,172m. The goodwill recognized for the acquisition corresponds to the complementary strengths of the companies to expand the commercial and R&D capabilities of biopharmaceuticals. The goodwill recognized is not expected to be deductible for income tax purposes. Intangible assets in the acquisition consists mainly of Proprietary technology and Trademarks. Transaction related costs amounted to SEK 70m and derive from external legal fees and due diligence expenses. These costs have been included in the line item Administrative, research and development and other operating cost in the Group's consolidated income statement. For the period from the acquisition date until December 31, 2021, Solentim contributed net sales of SEK 63m and profit/loss of SEK -25m to the Group's result. If the acquisition had occurred on January 1, 2021, management estimates that consolidated net sales for the Group would have increased by SEK 109m and consolidated profit/loss for the period would have increased by SEK 19m.

Atlas Antibodies' acquisition of evitria

On August 5, 2021, Atlas Antibodies completed the acquisition of evitria, a quality leader within custom recombinant antibody expression, serving the biopharmaceutical industry. The consideration amounted to SEK 2,319m. In the final purchase price allocation, goodwill amounted to SEK 2,326m. The goodwill recognized for the acquisition corresponds to the complementary strengths of the companies innovation to create an antibody-focused platform, serving a wide range of customers. The goodwill recognized is not expected to be deductible for income tax purposes. Intangible assets in the acquisition consists mainly of Proprietary technology and Customer contracts. Transaction related costs amounted to SEK 35m and derive from external legal fees and due diligence expenses. These costs have been included in the line item Administrative, research and development and other operating cost in the Group's consolidated income statement. For the period from the acquisition date until December 31, 2021, evitria contributed net sales of SEK 85m and profit/loss of SEK 27m to the Group's result. If the acquisition had occurred on January 1, 2021, management estimates that consolidated net sales for the Group would have increased by SEK 93m and consolidated profit/loss for the period would have increased by SEK 39m.

BraunAbility's acquisition of Q'Straint

On May 28, 2021, BraunAbility completed the acquisition of 51 percent of Q'Straint, an industry leader in Wheelchair Passenger Safety Solutions. The consideration amounted to SEK 709m. In the final purchase price allocation, goodwill amounted to SEK 980m. The goodwill recognized for the acquisition corresponds to the complementary strengths of the companies to accelerate innovation in wheelchair-accessible transportation technology for the disability community. The goodwill recognized is not expected to be deductible for income tax purposes. Intangible assets in the acquisition consists mainly of Proprietary technology. Transaction related costs amounted to SEK 28m and derive from external legal fees and due diligence expenses. These costs have been included in the line item Administrative, research and development and other operating cost in the Group's consolidated income statement. For the period from the acquisition date until December 31, 2021, Q'Straint contributed net sales of SEK 280m and profit/loss of SEK -

30m to the Group's result. If the acquisition had occurred on January 1, 2021, management estimates that consolidated net sales for the Group would have increased by SEK 225m and consolidated profit/loss for the period would have increased by SEK 74m.

Permobil's acquisition of Progeo

On June 28, 2021, Permobil completed the acquisition of Progeo, a leading Italian manufacturer of manual wheelchairs. The consideration amounted to SEK 330m (including the company's net cash position). In the final purchase price allocation, goodwill amounted to SEK 192m. The goodwill recognized for the acquisition corresponds to the complementary strengths of the companies. The goodwill recognized is not expected to be deductible for income tax purposes. Transaction related

costs amounted to SEK 5m and derive from external legal fees and due diligence expenses. These costs have been included in the line item Administrative, research and development and other operating cost in the Group's consolidated income statement. For the period from the acquisition date until December 31, 2021, Progeo contributed net sales of SEK 66m and profit/loss of SEK 5m to the Group's result. If the acquisition had occurred on January 1, 2021, management estimates that consolidated net sales for the Group would have increased by SEK 50m and consolidated profit/loss for the period would have decreased by SEK 9m.

SEK m	Airbest	Pelvalon	Allied 100	Solentim	evitria	Q'Straint	Progeo	Total
Intangible assets	-	155	775	1,241	267	995	62	3,495
Property, plant and equipment	23	-	30	2	18	32	13	118
Other financial investments	-	-	-	-	-	-	1	1
Inventories	19	-	100	45	1	127	33	325
Trade receivables	15	0	127	10	25	71	35	284
Other current receivables	0	0	26	10	3	12	19	70
Cash and cash equivalents	18	0	24	76	30	26	68	241
Long-term interest bearing liabilities	-92	-	-	-	-286	-1,380	-7	-1,766
Deferred tax liabilities	-	-	-123	-309	-57	-	-16	-504
Other liabilities	-119	0	-149	-22	-8	-55	-70	-422
Net identifiable assets and liabilities	-136	155	809	1,054	-7	-172	139	1,842
Non-controlling interest	-	-	-	-	-	99	-	99
Consolidated goodwill	408	116	1,830	1,172	2,326	980	192	7,024
Consideration	272	271	2,639	2,226	2,319	709	330	8,766

Pledged assets and contingent liabilities

Total pledged assets amount to SEK 24.8bn (20.9), of which SEK 23.4bn (17.8) refers to pledged assets in the subsidiaries BraunAbility, Laborie, Advanced Instruments and Sarnova, related to outstanding loans corresponding to SEK 2.7bn, SEK 3.7bn, SEK 2bn and SEK 5.1bn.

Total contingent liabilities amount to SEK 1.1bn (1.1).

Risks and uncertainties

The main risks that the Group and the Parent Company are exposed to are primarily related to the value changes of the listed assets due to market price fluctuations. The development of the global economy is an important uncertainty factor in assessment of near-term market fluctuations. The covid-19 pandemic continues to create uncertainty in businesses and in the financial markets.

The development of the financial markets also affects the various unlisted holdings' businesses and opportunities for new investments and divestments. Investor and its subsidiaries are exposed to commercial risks and financial risks, such as share price risks, interest rate risks and currency risks. In addition, the subsidiaries, through their business activities within respective sector, are also exposed to legal/regulatory risks as well as political risks. Whatever the economic situation in the world, operational risk management requires a continued high level of awareness and focused work to mitigate current risks in line with stated policies and procedures. Investor's risk management, risks and uncertainties are described in detail in the Annual Report, (Administration report and Note 3).

Accounting policies

For the Group, this Year-End Report is prepared in accordance with IAS 34 Interim Financial Reporting and applicable regulations in the Swedish Annual Accounts Act, and for the Parent Company in accordance with Sweden's Annual Accounts Act, chapter 9 Interim report. The accounting policies that have been applied for the Group and Parent Company, are in agreement with the accounting policies used in preparation of the company's most recent annual report.

Alternative Performance Measures

Investor applies the ESMA Guidelines on Alternative Performance Measures (APMs). An APM is a financial measure of historical or future financial performance, financial position, or cash flows, other than a financial measure defined or specified in the applicable financial reporting framework. For Investor's consolidated accounts, this framework typically means IFRS.

Definitions of all APMs used are found in the Annual Report 2020 and on www.investorab.com/investorsmedia/investor-in-figures/definitions.

Reconciliations to the financial statements for the APMs that are not directly identifiable from the financial statements and considered significant to specify, are disclosed on pages 29-30. Reconciliations of APMs for individual subsidiaries or business areas are not disclosed, since the purpose of these are to give deeper financial information without being directly linked to the financial information for the Group, that is presented according to the applicable financial reporting framework.

Roundings

Due to rounding, numbers presented throughout this Year-End Report may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures.

Financial calendar

Apr. 21, 2022	Interim Management Statement January-March 2022
May 3, 2022	Annual General Meeting 2022
Jul. 15, 2022	Interim Report January-June 2022
Oct. 20, 2022	Interim Management Statement January-September 2022
Jan. 20, 2023	Year-End Report 2022

Stockholm, January 21, 2022

Johan Forssell President and Chief Executive Officer

For more information

Helena Saxon Chief Financial Officer +46 8 614 2000 helena.saxon@investorab.com

Viveka Hirdman-Ryrberg Head of Corporate Communication and Sustainability +46 70 550 3500 viveka.hirdman-ryrberg@investorab.com

Magnus Dalhammar Head of Investor Relations +46 73 524 2130 magnus.dalhammar@investorab.com

Address

Investor AB (publ) (CIN 556013-8298) SE-103 32 Stockholm, Sweden Visiting address: Arsenalsgatan 8C Phone: +46 8 614 2000 www.investorab.com

Ticker codes

INVEB SS in Bloomberg INVEb.ST in Reuters INVE B in NASDAQ OMX

Information about Investor is also available on LinkedIn.

This information is information that Investor AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 08:15 CET on January 21, 2022

This Year-End Report and additional information is available on www.investorab.com

Review Report

Introduction

We have reviewed the Year-End report of Investor AB (publ), corporate identity number 556013-8298, for the period January 1-December 31, 2021. The Board of Directors and the President are responsible for the preparation and presentation of this interim report in accordance with IAS 34 and the Annual Accounts Act. Our responsibility is to express a conclusion on this interim report based on our review.

Scope of Review

We conducted our review in accordance with the International Standard on Review Engagements ISRE 2410, Review of Interim Financial Information Performed by the Independent Auditor of the Entity. A review consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review has a different focus and is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (ISA) and other generally accepted auditing practices. The procedures performed in a review do not enable us to obtain a level of assurance that would

make us aware of all significant matters that might be identified in an audit.

Therefore, the conclusion expressed based on a review does not give the same level of assurance as a conclusion expressed based on an audit.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the Year-End report is not, in all material respects, prepared for the Group in accordance with IAS 34 and the Annual Accounts Act, and for the Parent Company in accordance with the Annual Accounts Act.

Stockholm, January 21, 2022

Deloitte AB

For signature, please see Swedish version

Jonas Ståhlberg

Authorized Public Accountant

Consolidated Income Statement, in summary

SEK m	2021	2020	H2 2021	H2 2020	Q4 2021	Q4 2020
Dividends	11,254	7,664	4,397	2,756	3,346	2,011
Changes in value	213,505	41,138	104,178	27,828	77,903	2,220
Net sales	40,737	39,323	21,393	21,129	11,037	11,206
Cost of goods and services sold	-21,743	-21,417	-11,602	-11,544	-5,997	-6,039
Sales and marketing cost	-6,072	-5,873	-3,173	-2,871	-1,631	-1,539
Administrative, research and development and other operating cost	-8,420	-7,033	-4,833	-3,636	-2,124	-2,050
Management cost	-530	-531	-277	-277	-158	-163
Share of results of associates	2,938	1,825	75	1,643	-20	1,543
Operating profit/loss	231,669	55,097	110,158	35,027	82,356	7,188
Net financial items	-3,347	-1,973	-1,985	-80	-1,141	694
Profit/loss before tax	228,322	53,125	108,173	34,948	81,215	7,883
Income taxes	-357	-463	-147	-192	-124	-297
Profit/loss for the period	227,965	52,662	108,027	34,756	81,091	7,586
Attributable to:
Owners of the Parent Company	228,065	52,790	108,064	34,839	81,098	7,653
Non-controlling interest	-100	-128	-38	-84	-7	-67
Profit/loss for the period	227,965	52,662	108,027	34,756	81,091	7,586
Basic earnings per share, SEK	74.45	17.24	35.28	11.38	26.47	2.50
Diluted earnings per share, SEK	74.41	17.23	35.26	11.37	26.46	2.50

Consolidated Statement of Comprehensive Income, in summary

SEK m	2021	2020	H2 2021	H2 2020	Q4 2021	Q4 2020
Profit/loss for the period	227,965	52,662	108,027	34,756	81,091	7,586
Other comprehensive income for the period, including tax
Items that will not be recycled to profit/loss for the period
Revaluation of property, plant and equipment	21	-15	21	-15	21	-15
Re-measurements of defined benefit plans	46	-57	25	-65	26	-69
Items that may be recycled to profit/loss for the period
Cash flow hedges	68	-121	25	-16	14	9
Hedging costs	-12	-12	5	-77	-13	-36
Foreign currency translation adjustment	3,518	-4,376	2,162	-4,382	996	-3,825
Share of other comprehensive income of associates	28	-240	34	-276	23	-244
Total other comprehensive income for the period	3,668	-4,822	2,273	-4,832	1,067	-4,180
Total comprehensive income for the period	231,633	47,840	110,299	29,924	82,158	3,406
Attributable to:
Owners of the Parent Company	231,708	47,982	110,319	30,021	82,149	3,485
Non-controlling interest	-74	-142	-20	-97	9	-80
Total comprehensive income for the period	231,633	47,840	110,299	29,924	82,158	3,406

Consolidated Balance Sheet, in summary
SEK m	12/31 2021	12/31 2020
ASSETS
Goodwill	55,437	46,686
Other intangible assets	33,168	28,395
Property, plant and equipment	14,044	14,741
Shares and participations	638,336	432,131
Other financial investments	14,778	3,302
Long-term receivables included in net debt	1,964	2,015
Other long-term receivables	2,727	2,526
Total non-current assets	760,454	529,795
Inventories	6,767	5,374
Shares and participations in trading operation	375	14
Short-term receivables included in net debt	-	22
Other current receivables	9,412	7,950
Cash, bank and short-term investments	18,534	27,892
Total current assets	35,088	41,252
TOTAL ASSETS	795,542	571,047
EQUITY AND LIABILITIES
Equity	683,505	462,775
Long-term interest bearing liabilities	83,966	81,776
Provisions for pensions and similar obligations	1,068	1,186
Other long-term provisions and liabilities	13,026	10,893
Total non-current liabilities	98,059	93,855
Current interest bearing liabilities	3,255	4,709
Other short-term provisions and liabilities	10,722	9,708
Total current liabilities	13,977	14,417
TOTAL EQUITY AND LIABILITIES	795,542	571,047
Consolidated Statement of Changes in Equity, in summary
SEK m	2021	2020
Opening balance 1/1	462,775	420,923
Profit for the period	227,965	52,662
Other comprehensive income for the period	3,668	-4,822

Total comprehensive income for the period 231,633 47,840 Dividend to shareholders -10,722 -6,916 Changes in non-controlling interest -991) 827 Effect of long-term share-based remuneration 64 100 Purshase of own shares -147 - Closing balance 683,505 462,775

Owners of the Parent Company 682,614 461,837 Non-controlling interest 891 939 Total equity 683,505 462,775

1) Includes reclassification of non-controlling interest amounting to SEK -620m.

Attributable to:

Consolidated Cash Flow, in summary
SEK m	2021	2020
Operating activities
Dividends received	11,254	7,994
Cash receipts	39,488	37,479
Cash payments	-32,904	-30,985
Cash flows from operating activities before net interest and income tax	17,838	14,488
Interest received/paid	-2,143	-2,255
Income tax paid	-1,440	-1,263
Cash flows from operating activities	14,256	10,970
Investing activities
Acquisitions	-9,695	-8,262
Divestments	16,779	5,816
Increase in long-term receivables	-93	-303
Decrease in long-term receivables	101	34
Divestments of associated companies	2,126	1,114
Acquisitions of subsidiaries, net effect on cash flow	-8,915	-14,774
Divestments of subsidiaries, net effect on cash flow	4,079	30
Increase in other financial investments	-25,603	-7,591
Decrease in other financial investments	14,103	12,503
Net change, short-term investments	8,079	-3,882
Acquisitions of property, plant and equipment	-3,799	-2,786
Proceeds from sale of property, plant and equipment	68	343
Proceeds from sale of other investment	-	19
Net cash used in investing activities	-2,772	-17,739
Financing activities
New share issue	494	61
Borrowings	6,172	21,714
Repayment of borrowings	-8,968	-7,479
Repurchases of own shares	-149	-11
Dividend paid	-10,722	-6,889
Net cash used in financing activities	-13,174	7,397
Cash flows for the period	-1,690	628
Cash and cash equivalents at the beginning of the year	19,670	19,231
Exchange difference in cash	350	-190
Cash and cash equivalents at the end of the period	18,330	19,670

Performance by Business Area Q4 2021

	Listed	Patricia	Investments in	Investor
SEK m	Companies	Industries	EQT	Groupwide	Total
Dividends	3,134	-	209	3	3,346
Changes in value	50,220	366	27,329	-12	77,903
Net sales	-	11,037	-	-	11,037
Cost of goods and services sold	-	-5,997	-	0	-5,997
Sales and marketing cost	-	-1,631	-	-	-1,631
Administrative, research and development and other operating cost	0	-2,118	-1	-4	-2,124
Management cost	-34	-69	-3	-52	-158
Share of results of associates	-	-20	-	-	-20
Operating profit/loss	53,320	1,568	27,534	-66	82,356
Net financial items	-	-881	-	-260	-1,141
Income tax	-	-152	-	28	-124
Profit/loss for the period	53,320	535	27,534	-297	81,091
Non-controlling interest	-	7	-	0	7
Net profit/loss for the period attributable to the Parent Company	53,320	542	27,534	-297	81,098
Other effects on equity	-	882	62	9	953
Contribution to net asset value	53,320	1,424	27,596	-289	82,051
Net asset value by business area 12/31 2021
Carrying amount	515,078	65,758	116,640	-371	697,105
Investors net debt/-cash	-	12,505	-	-26,997	-14,491
Total net asset value including net debt/-cash	515,078	78,263	116,640	-27,367	682,614

Performance by Business Area Q4 2020

	Listed	Patricia	Investments in	Investor
SEK m	Companies	Industries	EQT	Groupwide	Total
Dividends	1,819	0	192	0	2,011
Changes in value	-7,781	1,446	8,526	29	2,220
Net sales	-	11,206	-	-	11,206
Cost of goods and services sold	-	-6,039	0	0	-6,039
Sales and marketing cost	-	-1,539	-	-	-1,539
Administrative, research and development and other operating cost	-	-2,041	-1	-8	-2,050
Management cost	-31	-90	-3	-40	-163
Share of results of associates	-	1,543	-	-	1,543
Operating profit/loss	-5,993	4,486	8,714	-19	7,188
Net financial items	-	-412	-	1,106	694
Income tax	-	-234	-	-63	-297
Profit/loss for the period	-5,993	3,840	8,714	1,024	7,586
Non-controlling interest	-	67	-	0	67
Net profit/loss for the period attributable to the Parent Company	-5,993	3,908	8,714	1,024	7,653
Dividend to shareholders	-	-27	-	0	-27
Other effects on equity	-	-3,004	-841	-290	-4,135
Contribution to net asset value	-5,993	877	7,873	734	3,491
Net asset value by business area 12/31 2020
Carrying amount	366,932	57,749	57,486	-518	481,649
Investors net debt/-cash	-	13,468	-	-33,281	-19,812
Total net asset value including net debt/-cash	366,932	71,217	57,486	-33,799	461,837

Performance by Business Area 2021

	Listed	Patricia	Investments in	Investor
SEK m	Companies	Industries	EQT	Groupwide	Total
Dividends	10,834	-	418	2	11,254
Changes in value	148,616	1,722	63,174	-6	213,505
Net sales	-	40,737	-	-	40,737
Cost of goods and services sold	-	-21,743	-	0	-21,743
Sales and marketing cost	-	-6,072	-	-	-6,072
Administrative, research and development and other operating cost	0	-8,391	-5	-24	-8,420
Management cost	-123	-261	-9	-136	-530
Share of results of associates	-	2,938	-	-	2,938
Operating profit/loss	159,327	8,928	63,578	-164	231,669
Net financial items	-	-1,791	-	-1,556	-3,347
Income tax	-	-312	-	-45	-357
Profit/loss for the period	159,327	6,825	63,578	-1,765	227,965
Non-controlling interest	-	100	-	0	100
Net profit/loss for the period attributable to the Parent Company	159,327	6,926	63,578	-1,765	228,065
Dividend to shareholders	-	-	-	-10,722	-10,722
Other effects on equity	-	2,968	410	56	3,435
Contribution to net asset value	159,327	9,894	63,988	-12,431	220,778
Net asset value by business area 12/31 2021
Carrying amount	515,078	65,758	116,640	-371	697,105
Investors net debt/-cash	-	12,505	-	-26,997	-14,491
Total net asset value including net debt/-cash	515,078	78,263	116,640	-27,367	682,614

Performance by Business Area 2020

SEK m	Listed Companies	Patricia Industries	Investments in EQT	Investor Groupwide	Total
Dividends	7,281	0	383	-1	7,664
Changes in value	18,482	1,932	20,689	36	41,138
Net sales	-	39,323	-	-	39,323
Cost of goods and services sold	-	-21,417	0	0	-21,417
Sales and marketing cost	-	-5,873	-	-	-5,873
Administrative, research and development and other operating cost	-	-7,006	-4	-22	-7,033
Management cost	-113	-289	-10	-119	-531
Share of results of associates	-	1,825	-	-	1,825
Operating profit/loss	25,650	8,495	21,058	-106	55,097
Net financial items	-	-2,217	-	244	-1,973
Income tax	-	-774	-	311	-463
Profit/loss for the period	25,650	5,504	21,058	449	52,662
Non-controlling interest	-	128	-	-	128
Net profit/loss for the period attributable to the Parent Company	25,650	5,633	21,058	449	52,790
Dividend to shareholders	-	-27	-	-6,889	-6,916
Other effects on equity	-	-3,605	-649	-464	-4,718
Contribution to net asset value	25,650	2,001	20,409	-6,904	41,156
Net asset value by business area 12/31 2020
Carrying amount	366,932	57,749	57,486	-518	481,649
Investors net debt/-cash	-	13,468	-	-33,281	-19,812
Total net asset value including net debt/-cash	366,932	71,217	57,486	-33,799	461,837

Parent Company Income Statement, in summary
SEK m	2021	2020	H2 2021	H2 2020
Dividends	10,286	6,433	3,904	2,148
Changes in value	128,188	18,996	55,886	15,987
Net sales	10	11	6	5
Operating cost	-420	-388	-222	-199
Write-down of shares in subsidiaries	-	-2,4001)	-	0
Operating profit/loss	138,063	22,652	59,573	17,941
Profit/loss from financial items
Net financial items	-1,273	203	-636	526
Profit/loss after financial items	136,791	22,855	58,937	18,467
Income tax	-	-	-	-
Profit/loss for the period	136,791	22,855	58,937	18,467

1) Write-down of shares in Invaw Invest AB (holding company of the shares in Wärtsilä).

Parent Company Balance Sheet, in summary
SEK m	12/31 2021	12/31 2020
ASSETS
Intangible assets and Property, plant and equipment	18	15
Financial assets	529,377	399,942
Total non-current assets	529,395	399,957
Current receivables	379	4,149
Cash and cash equivalents	-	-
Total current assets	379	4,149
TOTAL ASSETS	529,773	404,106
EQUITY AND LIABILITIES
Equity	471,763	345,742
Provisions	137	150
Non-current liabilities, interest bearing	44,625	44,749
Total non-current liabilities	44,762	44,899
Current liabilities, interest bearing	946	3,718
Current liabilities	12,303	9,747
Total current liabilities	13,249	13,465
TOTAL EQUITY AND LIABILITIES	529,773	404,106

Financial instruments

The numbers below are based on the same accounting and valuation policies as used in the preparation of the company's most recent annual report. For information regarding financial instruments in level 2 and level 3, see Note 31, Financial Instruments, in Investor's Annual Report 2020.

	Valuation techniques, level 3
--	-------------------------------	--

Group 12/31 2021	Fair value, SEK m	Valuation technique	Input	Range
Shares and participations	33,756	Last round of financing	n/a	n/a
		Comparable companies	EBITDA multiples	n/a
		Comparable companies	Sales multiples	3.1 – 4.4
		Comparable transactions Sales multiples		2.2 – 3.6
		NAV	n/a	n/a
Other financial investments	160	Discounted cash flow	Market interest rate	n/a
Long-term and current receivables	3,745	Discounted cash flow	Market interest rate	n/a
Long-term interest bearing liabilities	46	Discounted cash flow	Market interest rate	n/a
Other provisions and liabilities	6,036	Discounted cash flow	n/a	n/a

All valuations in level 3 are based on assumptions and judgments that management considers to be reasonable based on the circumstances prevailing at the time. Changes in assumptions may result in adjustments to reported values and the actual outcome may differ from the estimates and judgments that were made.

The unlisted part of Financial Investments' portfolio companies, corresponds to 99 percent of the portfolio value. Part of the unlisted portfolio is valued based on comparable companies, and the value is dependent on the level of the multiples. The multiple ranges provided in the note show the minimum and maximum value of the actual multiples applied in these valuations. A 10 percent change of the multiples would have an effect on the Financial Investments portfolio value of approximately SEK 120m. For the derivatives, a parallel shift of the interest rate curve by one percentage point would affect the value by approximately SEK 900m.

Financial assets and liabilities by level

The table below indicates how fair value is measured for the financial instruments recognized at fair value in the Balance Sheet. The financial instruments are presented in three categories, depending on how the fair value is measured:

Level 1: According to quoted prices in active markets for identical instruments Level 2: According to directly or indirectly observable inputs that are not included in level 1 Level 3: According to inputs that are unobservable in the market

Financial instruments - fair value

Group 12/31 2021,					Total carrying
SEK m	Level 1	Level 2	Level 3	Other1)	amount
Financial assets
Shares and participations	598,769	2,355	33,756	3,456	638,336
Other financial investments	14,543	-	160	75	14,778
Long-term receivables included in net debt	-	-	1,964	-	1,964
Other long-term receivables	-	-	1,781	946	2,727
Shares and participations in trading operation	375	-	-	-	375
Other current receivables	22	1	-	9,389	9,412
Cash, bank and short-term investments	9,356	-	-	9,178	18,534
Total	623,065	2,357	37,661	23,043	686,125
Financial liabilities
Long-term interest bearing liabilities	-	-	46	83,920	83,9662)
Other long-term provisions and liabilities	-	-	5,935	7,091	13,026
Short-term interest bearing liabilities	-	228	-	3,027	3,2553)
Other short-term provisions and liabilities	117	131	101	10,373	10,722
Total	117	359	6,082	104,411	110,969

1) To enable reconciliation with balance sheet items, financial instruments not valued at fair value as well as other assets and liabilities that are included within balance sheet items have been included within Other.

2) The Group's loans are valued at amortized cost. Fair value on long-term loans amounts to SEK 88,354m.

3) The Group's loans are valued at amortized cost. Fair value on long-term loans amounts to SEK 3,262m.

Changes in financial assets and liabilities in Level 3

Group 12/31 2021,

SEK m	Shares and participations	Other financial investments	Long-term receivables included in net debt	Long-term interest bearing liabilities	Other long term provisions and liabilities	Other current liabilities
Opening balance at the beginning of the year	24,409	120	3,586	59	4,179	117
Total gain or losses in profit or loss statement
in line Changes in value	13,271	23	228	-	-113	-
in line Net financial items	-	-11	-50	-14	680	8
Reported in other comprehensive income
in line Foreign currency translation adjustment	813	13	10	-	226	0
Acquisitions	7,386	51	0	-	1,398	-
Divestments	-12,078	-34	-50	-	-	-
Issues	-	-	43	-	6	3
Settlements	-	-	-20	-	-442	-28
Transfer out of Level 3	-45	-	-	-	-	-
Carrying amount at end of the period	33,756	160	3,745	46	5,935	101
Total unrealized gains/losses for the period included in profit/loss for financial

Total	-8,414	-	-50	14	1,132	-
Net financial items	-	-	-50	14	481	-
Changes in value	-8,414	-	-	-	1,613	-
instruments held at the end of the period

Revenue from contracts with customers

Group 2021,	Field of operation
SEK m	Healthcare equipment	Healthcare services	Hotel	Real estate	Osmolality testing	Gripping and moving solutions	Total
Geographical market
Sweden	747	359	68	229	1	102	1,506
Scandinavia, excl. Sweden	1,182	8	-	-	4	51	1,246
Europe, excl. Scandinavia	10,006	53	-	-	203	721	10,982
U.S.	21,463	261	-	-	534	436	22,694
North America, excl. U.S.	750	0	-	-	41	94	885
South America	281	-	-	-	9	58	347
Africa	483	0	-	-	4	6	492
Australia	908	-	-	-	12	11	930
Asia	1,295	26	-	-	73	260	1,654
Total	37,116	707	68	229	880	1,738	40,737
Category
Sales of products	35,594	-	-	-	779	1,713	38,087
Sales of services	1,443	707	68	-	101	25	2,343
Revenues from leasing	70	-	-	224	-	-	293
Other income	9	-	-	5	-	-	14
Total	37,116	707	68	229	880	1,738	40,737
Sales channels
Through distributors	20,813	-	41	-	432	691	21,977
Directly to customers	16,303	707	27	229	447	1,047	18,760
Total	37,116	707	68	229	880	1,738	40,737
Timing of revenue recognition
Goods and services transferred
at a point of time	36,734	707	-	-	856	1,738	40,035
Goods and services transferred
over time	382	-	68	229	23	-	702
Total	37,116	707	68	229	880	1,738	40,737

Reconciliations of significant Alternative Performance Measures

In the financial statements issued by Investor, Alternative Performance Measures (APMs) are disclosed, which complete measures that are defined or specified in the applicable financial reporting framework, such as revenue, profit or loss or earnings per share.

APMs are disclosed when they complement performance measures defined by IFRS. The basis for disclosed APMs are that they are used by management to evaluate the financial performance and in so believed to give analysts and other stakeholders valuable information.

Investor AB discloses the definitions of all APMs used on www.investorab.com/investors-media/investor-infigures/definitions and in the Annual Report 2020. Below reconciliations of significant APMs to the most directly reconcilable line item, subtotal or total presented in the financial statements of the corresponding period are disclosed.

Gross cash

Gross cash or Investor's cash and readily available placements are defined as the sum of cash and cash equivalents, short-term investments and interest-bearing current and long-term receivables. Deductions are made for items related to subsidiaries within Patricia Industries.

Group 12/31 2021, SEK m	Consolidated balance sheet	Deductions related to Patricia Industries	Investor's gross cash	Group 12/31 2020, SEK m	Consolidated balance sheet	Deductions related to Patricia Industries	Investor's gross cash
Other financial				Other financial
investments	14,778	-236	14,542	investments	3,302	-201	3,101
Cash, bank and short				Cash, bank and short
term investments	18,534	-9,121	9,413	term investments	27,892	-9,130	18,762
Gross cash	33,311	-9,357	23,955	Gross cash	31,194	-9,332	21,862

Gross debt

Gross debt is defined as interest-bearing current and long-term liabilities, including pension liabilities, less derivatives with positive value related to the loans. Deductions are made for items related to subsidiaries within Patricia Industries.

Group 12/31 2021, SEK m	Consolidated balance sheet	Deductions related to Patricia Industries	Investor's gross debt	Group 12/31 2020, SEK m	Consolidated balance sheet	Deductions related to Patricia Industries	Investor's gross debt
Receivables included in net debt	1,964	-	1,964	Receivables included in net debt	2,037	-	2,037
Loans	-87,221	46,919	-40,301	Loans	-86,484	42,883	-43,602
Provision for pensions	-1,068	959	-109	Provision for pensions	-1,186	1,077	-110
Gross debt	-86,324	47,878	-38,446	Gross debt	-85,634	43,959	-41,675

Net debt

Gross debt less gross cash at Balance Sheet date.

Group 12/31 2021,		Group 12/31 2020,
SEK m		SEK m
Investor's gross cash	-23,955	Investor's gross cash	-21,862
Investor's gross debt	38,446	Investor's gross debt	41,675
Investor's net debt	14,491	Investor's net debt	19,812

Total assets

The net of all assets and liabilities not included in net debt. Total reported assets are based on reported values according to IFRS. Total adjusted assets are adjusted for estimated market values for Patricia Industries' major subsidiaries and partner-owned investments.

Group 12/31 2021, SEK m	Consolidated balance sheet	Deductions related to non controlling interest	Investor's net asset value	Group 12/31 2020, SEK m	Consolidated balance sheet	Deductions related to non controlling interest	Investor's net asset value
Equity Investor's net debt	683,505	-891	682,614 14,491	Equity Investor's net debt	462,775	-939	461,837 19,812
Total reported assets			697,105	Total reported assets			481,649
Adjustment for estimated market value Patricia Industries holdings			78,348	Adjustment for estimated market value Patricia Industries holdings			84,548
Total adjusted assets			775,453	Total adjusted assets			566,197

Net debt ratio (leverage)

Net debt ratio or leverage is defined as Net debt/Net cash as a percentage of total adjusted assets. As of Q3 2021 the leverage policy has been updated, now targeting 0-10 percent net debt to total adjusted assets (previously 5-10 percent net debt to total reported assets).

Group 12/31 2021, SEK m		Net debt ratio	Group 12/31 2020, SEK m		Net debt ratio
Investor's net debt	14,491 =	1.9%	Investor's net debt	19,812 =
Total adjusted assets	775,453		Total adjusted assets	566,197	3.5%

Reported net asset value

Reported net asset value is equal to Investor's net asset value and equity attributable to owners of the Parent Company.

Adjusted net asset value

Net asset value based on estimated market values for Patricia Industries' major subsidiaries and partner-owned investments. The estimated market values are mainly based on valuation multiples, typically Enterprise value (EV)/Last 12 months' operating profit, for relevant listed peers and indices. More information about the assessment basis can be found in section Patricia Industries - valuation overview on page 8 and Patricia Industries, overview of estimated market values on page 33. In the table below there are a reconciliation between Reported net asset value and Adjusted net asset value. More details regarding the differences can be found in the table Net asset value overview on page 4.

Group 12/31 2021, SEK m	Group 12/31 2020, SEK m
Reported net asset value	682,614 Reported net asset value 461,837
Reported value for net assets Patricia Industries	Reported value for net assets Patricia -65,758 -57,749 Industries
Estimated market value Patricia Industries holdings	Estimated market value Patricia 144,106 142,297 Industries holdings
Adjusted net asset value	760,962 Adjusted net asset value 546,385

Reported net asset value, SEK per share

Equity attributable to shareholders of the Parent Company in relation to the number of shares outstanding at the Balance Sheet date. The comparable period 12/31 2020 have been recalculated due to the 4:1 share split in May 2021.

Group 12/31 2021, SEK m		Net asset value, SEK per share	Group 12/31 2020, SEK m		Net asset value, SEK per share
Investor's reported net asset value	682,614		Investor's reported net asset value	461,837
Number of shares, excluding own shares	= 3,063,457,767	223	Number of shares, excluding own shares	= 3,063,247,000	151

Adjusted net asset value, SEK per share

Total assets, including estimated market values for Patricia Industries' major subsidiaries and partner-owned investments, less net debt in relation to the number of shares outstanding at the Balance Sheet date. The comparable period 12/31 2020 have been recalculated due to the 4:1 share split in May 2021.

Group 12/31 2021, SEK m		Net asset value, SEK per share	Group 12/31 2020, SEK m		Net asset value, SEK per share
Investor's adjusted net asset value	760,962		Investor's adjusted net asset value	546,385
Number of shares, excluding own shares	= 3,063,457,767	248	Number of shares, excluding own shares	= 3,063,247,000	178

Patricia Industries, key figures overview1)

	FY 2021	Q4 2021	Q3 2021	Q2 2021	Q1 2021	FY 2020	Q4 2020	Q3 2020	Q2 2020	Q1 2020	FY 2019	Q4 2019
Mölnlycke (EUR m)
Sales	1,686	420	405	417	443	1,793	554	479	358	401	1,542	402
Sales growth, %	-6	-24	-15	16	11	16	38	26	-7	7	6	3
Organic growth,	-6	-26	-16	18	14	18	41	29	-7	7	4	1
constant currency, % EBITDA	485	106	112	123	146	536	174	144	103	115	451	114
EBITDA, %	28.8	25.1	27.5	29.4	32.9	29.9	31.4	30.0	28.8	28.8	29.2	28.3
EBITA2)	421	89	95	107	130	475	159	129	89	99	391	99
EBITA, %	25.0	21.2	23.4	25.6	29.4	26.5	28.8	26.9	24.7	24.6	25.3	24.5
Operating cash flow	382	128	91	84	79	470	229	70	105	66	382	122
Net debt	1,510	1,510	1,568	1,623	1,473	1,492	1,492	1,326	1,375	1,449	1,471	1,471
Employees	8,315	8,315	8,175	8,040	7,850	7,910	7,910	7,860	8,110	7,855	7,790	7,790
Laborie (USD m)
Sales Sales growth, %	313 36	84 20	74 19	80 85	76 37	230 12	69 23	62 24	43 -14	55 15	205 13	56 11
Organic growth,
constant currency, %	21	14	6	67	11	-19	-14	-13	-45	-4	4	8
EBITDA	93	22	20	28	23	44	22	18	7	-3	56	16
EBITDA, %	29.9	26.4	27.7	34.5	30.9	19.1	31.2	28.4	17.3	-5.1	27.3	28.2
EBITA2)	83	20	18	25	20	37	19	16	6	-4	51	15
EBITA, %	26.6	24.2	24.4	31.3	26.7	16.0	27.5	25.6	13.7	-7.1	25.1	26.4
Operating cash flow Net debt	60 424	20 424	16 366	22 396	2 400	21 403	15 403	6 388	4 379	-5 376	24 288	11 288
Employees	780	780	780	775	825	870	870	860	820	820	580	580
Sarnova (USD m)
Sales	835	233	230	183	191	725	199	171	165	189	647	155
Sales growth, %	15	17	34	10	1	12	29	5	-1	17	8	3
Organic growth,	0	0	14	-3	-10	9	19	5	-2	14	4	-2
constant currency, %
EBITDA EBITDA, %	104 12.5	30 13.1	24 10.3	23 12.6	27 14.2	78 10.8	20 9.9	15 8.5	21 12.9	22 11.8	82 12.6	17 10.9
EBITA2)	91	25	21	20	24	69	17	13	19	20	73	15
EBITA, %	10.9	10.9	9.1	11.0	12.7	9.5	8.5	7.3	11.6	10.8	11.3	9.4
Operating cash flow	77	21	9	24	23	49	-6	35	5	15	86	33
Net debt	569	569	578	496	509	525	525	239	266	267	287	287
Employees	1,370	1,370	1,370	1,240	1,215	1,195	1,195	670	670	655	645	645
Permobil (SEK m)
Sales	4,062	1,119	1,054	981	908	3,944	1,021	941	912	1,070	4,446	1,214
Sales growth, %	3	10	12	8	-15	-11	-16	-17	-16	6	7	8
Organic growth, constant currency, %	6	6	11	18	-7	-9	-10	-13	-17	3	1	4
EBITDA	782	192	211	187	192	826	225	220	165	215	924	232
EBITDA, %	19.2	17.2	20.1	19.0	21.1	20.9	22.0	23.4	18.2	20.1	20.8	19.1
EBITA2)	612	149	168	147	148	641	178	176	119	168	726	180
EBITA, %	15.1	13.3	16.0	15.0	16.3	16.3	17.4	18.7	13.1	15.7	16.3	14.8
Operating cash flow	214	37	90	-12	98	835	197	187	203	248	776	122
Net debt	3,166	3,166	3,026	2,959	2,671	2,559	2,559	3,017	3,286	3,709	3,549	3,549
Employees Piab (SEK m)	1,660	1,660	1,645	1,630	1,540	1,570	1,570	1,560	1,600	1,650	1,625	1,625
Sales	1,738	472	438	422	406	1,526	435	349	342	399	1,267	320
Sales growth, %	14	8	25	23	2	20	36	9	9	28	1	-4
Organic growth,	18	8	26	33	9	-4	12	-10	-16	-2	-4	-9
constant currency, %
EBITDA	485	109	130	126	121	420	124	102	94	100	379	76
EBITDA, %	27.9	23.1	29.6	29.8	29.8	27.5	28.5	29.1	27.5	25.1	29.9	23.7
EBITA2) EBITA, %	409 23.5	81 17.2	113 25.9	110 26.0	105 25.9	359 23.5	107 24.6	82 23.4	82 23.9	89 22.2	341 26.9	67 20.8
Operating cash flow	376	79	106	104	87	364	85	82	102	96	325	83
Net debt	1,767	1,767	1,505	1,548	1,592	1,574	1,574	1,767	1,839	2,047	987	987
Employees	695	695	680	660	650	625	625	630	660	665	515	515
Advanced Instruments
(USD m)
Sales	103	31	26	24	22	77	22	19	16	20	70	19
Sales growth, % Organic growth,	34	45	33	49	11	9	16	10	-7	16	19	27
constant currency, %	24	18	26	47	11	9	16	10	-7	16	19	27
EBITDA	38	12	3	12	11	37	10	10	7	9	30	7
EBITDA, %	37.1	37.1	13.3	50.9	50.4	47.7	48.5	48.8	44.3	48.2	43.3	39.1
EBITA2)	37	11	3	12	11	35	10	9	7	9	30	7
EBITA, %	35.7	35.8	11.9	49.5	48.9	46.0	47.2	47.0	42.2	46.6	42.2	38.1
Operating cash flow Net debt	32 195	10 195	7 203	9 142	6 149	34 152	12 152	9 112	7 116	6 121	31 124	13 124
Employees	225	225	225	145	130	130	130	120	125	120	115	115
					INVESTOR Q4 2021 – 31

	FY	Q4	Q3	Q2	Q1	FY	Q4	Q3	Q2	Q1	FY	Q4
	2021	2021	2021	2021	2021	2020	2020	2020	2020	2020	2019	2019
BraunAbility (USD m)
Sales	692	184	192	171	146	567	150	152	92	173	734	191
Sales growth, %	22	22	26	86	-15	-23	-21	-21	-52	7	14	10
Organic growth,	17	14	17	81	-16	-24	-22	-22	-53	5	5	5
constant currency, %
EBITDA	52	13	17	12	10	44	12	17	1	14	70	15
EBITDA, %	7.5	7.2	9.0	7.1	6.6	7.7	7.9	11.2	1.4	7.9	9.6	7.9
EBITA2)	35	9	13	8	6	29	8	13	-2	10	57	12
EBITA, %	5.1	4.6	6.6	4.9	4.1	5.1	5.2	8.8	-2.6	5.8	7.7	6.2
Operating cash flow	38	8	23	6	2	20	30	2	-7	-5	72	29
Net debt	300	300	307	326	190	189	189	216	216	208	193	193
Employees Vectura (SEK m)	1,825	1,825	1,825	1,760	1,495	1,555	1,555	1,600	1,655	1,735	1,700	1,700
Sales	279	71	61	66	81	298	90	77	68	62	273	72
Sales growth, %	-6	-20	-21	-3	29	9	24	3	-4	15	17	3
EBITDA	172	42	40	41	48	184	60	50	43	30	173	38
EBITDA, %	61.5	59.2	66.2	62.1	59.6	61.9	67.4	65.3	63.1	48.6	63.3	53.0
EBITA adjusted2)	45	7	13	13	12	34	2	14	11	7	74	1
EBITA, %	16.0	9.5	21.7	19.8	14.4	11.4	2.1	17.9	16.6	11.2	27.2	1.2
Operating cash flow	-355	-97	-52	-160	-46	-1,450	-574	-25	-740	-111	-597	-100
Net debt	3,963	3,963	3,453	2,537	4,361	4,302	4,302	3,900	3,551	2,791	2,662	2,662
Real estate,
market value	8,388	8,388				9,182					7,282
Employees	33	33	31	31	34	31	31	29	26	26	22	22
Atlas Antibodies (SEK
m)
Sales	324	81	86	81	76	247	66	62	57	61	-	-
Sales growth, %	31	23	38	43	23	13	24	8	13	9	-	-
Organic growth, constant currency, %	34	19	39	47	32	15	30	12	11	7	-	-
EBITDA	162	42	45	36	40	124	33	33	28	29	-	-
EBITDA, %	50.1	51.4	52.3	43.9	52.7	50.2	50.5	52.8	50.0	47.5	-	-
EBITA2)	143	37	40	31	36	107	29	29	24	25	-	-
EBITA, %	44.2	45.0	46.5	38.1	47.0	43.3	44.1	46.0	42.5	40.3	-	-
Operating cash flow	115	24	56	13	12	78	33	25	8	12	-	-
Net debt	406	406	429	22	-60	-117	-117	-76	-65	-60	-	-
Employees	115	115	110	116	109	94	94	89	88	88	-	-
Three Scandinavia
Sales, SEK m	10,750	2,925	2,696	2,543	2,586	10,668	2,873	2,568	2,620	2,608	10,705	3,008
Sweden, SEK m	6,946	1,929	1,740	1,617	1,659	6,818	1,879	1,645	1,649	1,645	6,826	1,889
Denmark, DKK m	2,787	730	697	676	683	2,740	723	666	678	673	2,736	789
EBITDA, SEK m	3,535	931	892	849	863	3,934	923	1,026	960	1,025	3,919	1,031
Sweden, SEK m	2,564	636	662	625	641	2,725	616	729	684	696	2,662	676
Denmark, DKK m	711	216	168	164	164	861	224	214	193	230	887	250
EBITDA, %	32.9	31.8	33.1	33.4	33.4	36.9	32.1	39.9	36.6	39.3	36.6	34.3
Sweden	36.9	33.0	38.1	38.6	38.6	40.0	32.8	44.3	41.5	42.3	39	35.8
Denmark	25.5	29.6	24.1	24.2	24.0	31.4	30.9	32.1	28.4	34.2	32.4	31.7
Net debt, SEK m	6,498	6,498	5,940	6,070	6,173	6,341	6,341	6,398	6,950	6,683	6,934	6,934
Employees	1,735	1,735	1,685	1,775	1,740	1,775	1,775	1,760	1,755	1,755	1,810	1,810
Financial Investments
(SEK m)
Net asset value, beginning of period	3,674	2,727	2,664	3,918	4,040	4,310	3,169	3,207	3,949	4,310	7,277	6,452
Investments	273	47	107	115	13	100	50	2	25	23	283	27
Divestments/	-2018	-193	-139	-575	-1,130	-1,188	-119	-149	-741	-179	-3,652	-932
distributions Exit proceeds pend.	-	-4	4	-341	341	-	-	-	-	-	-	-791
settlement
Changes in value	665	18	90	-93	654	818	941	110	-27	-205	402	-446
Net asset value, end of period	2,594	2,594	2,727	3,024	3,918	4,040	4,040	3,169	3,207	3,949	4,310	4,310

1) For information regarding Alternative Performance Measures in the table, see page 18. Definitions can be found on Investor's website.

2) EBITA is defined as operating profit before acquisition-related amortizations.

Valuation methodology
Listed Companies	Share price (bid) for the class of shares held by Investor, with the exception of Saab, Electrolux and Electrolux Professional for which the most actively traded share class is used. Ownership calculated in accordance with the disclosure of regulations of Sweden's Financial Instruments Trading Act (LHF). ABB, AstraZeneca, Nasdaq and Wärtsilä in accordance with Swiss, British, U.S. and Finnish regulations. Includes market value of derivatives related to investments if applicable.
Patricia Industries
Subsidiaries	Reported value based on the acquisition method. As supplementary information, subsidiaries are also presented at estimated market values, mainly based on valuation multiples for relevant listed peers and indices. Other methodologies may also be used, for example relating to real estate assets. New investments valued at invested amount during the first 18 months following the acquisition.
Partner-owned investments	Reported value based on the equity method. As supplementary information, partner-owned investments are also presented at estimated market values, mainly based on valuation multiples for relevant listed peers and indices.
Financial Investments	Unlisted holdings at multiple or third-party valuation, listed shares at share price (bid).
Investments in EQT	Unlisted holdings at multiple or third-party valuation, listed shares at share price (bid).

Patricia Industries, overview of estimated market values

Supplementary information	In addition to reported values, which are in accordance with IFRS, Investor provides estimated market values for the wholly-owned subsidiaries and partner-owned investments within Patricia Industries in order to facilitate the evaluation of Investor's net asset value. This supplementary, non-GAAP information also increases the consistency between the valuation of Listed Companies and our major wholly-owned subsidiaries and partner-owned Three Scandinavia.
Estimated market values	While the estimated market values might not necessarily reflect our view of the intrinsic values, they reflect how the stock market values similar companies.
Methodology	The estimated market values are mainly based on valuation multiples, typically Enterprise value (EV)/Last 12 months' operating profit, for relevant listed peers and indices. While we focus on EBITA when evaluating the performance of our companies, for valuation purposes, EBITDA multiples are more commonly available, and therefore often used. From the estimated EV, net debt is deducted, and the remaining equity value is multiplied with Patricia Industries' share of capital.
Adjustments	Operating profit is adjusted to reflect, for example, pro forma effects of completed add-on acquisitions and certain non-recurring items. An item is only viewed as non-recurring if it exceeds a certain amount set for each company, is unlikely to affect the company again, and does not result in any future benefit or cost. Acquisitions made less than 18 months ago are valued at the invested amount.

Investor in brief

Investor, founded by the Wallenberg family in 1916, is an engaged owner of high-quality, global companies. We have a long-term investment perspective. Through board representation, as well as industrial experience, our network and financial strength, we work continuously to support our companies to remain or become best-in-class. Our holdings include, among others, ABB, Atlas Copco, Ericsson, Mölnlycke and SEB.

Our purpose

We create value for people and society by building strong and sustainable businesses.

Our ultimate target

Our ultimate target is to generate an attractive total return. Our long-term return requirement is the risk free interest rate plus an equity risk premium, in total 8-9 percent annually.

Our strategic priorities

• Grow net asset value

We own high-quality companies and are an engaged owner, supporting our companies to achieve profitable growth. We strive to allocate our capital wisely.

• Pay a steadily rising dividend

Our goal is to pay a steadily rising dividend. Our dividend policy is supported by cash flow from all three business areas: Listed Companies, Patricia Industries and Investments in EQT.

• Deliver on our ESG targets

We firmly believe that sustainability integrated in the business model is a prerequisite for creating long-term value. Our three focus areas with specific targets are Business Ethics & Governance, Climate & Resource Efficiency and Diversity & Inclusion.

Our operating priorities

• Engaged ownership
• Ensure an attractive portfolio
• Operate efficiently
• Maintain financial flexibility