Investor AB

Quarterly Report • Apr 24, 2019

Interim Management Statement January-March 2019

"During the quarter, our total return was 11 percent. Our major subsidiaries reported strong earnings growth of 27 percent. Longer-term, it is important that our companies use new technologies to provide significant value to customers and to contribute to an improved sustainable development. Our companies are working hard to capture the attractive opportunities that this offers."

Johan Forssell, CEO of Investor

Highlights during the first quarter

• Adjusted net asset value (NAV)* amounted to SEK 406,892m (SEK 532 per share) on March 31, 2019, an increase of SEK 34,887m, or 9 percent during the quarter. Total shareholder return amounted to 11 percent during the quarter, compared to 13 percent for the SIXRX return index.
• Listed Core Investments generated a total return* of 10 percent.
• Based on estimated market values, the value of Patricia Industries, excluding cash, increased by 7 percent during the quarter.
• Pro forma sales growth for the major subsidiaries amounted to 16 percent, of which 3 percent organic in constant currency. EBITA grew by 27 percent. Mölnlycke's organic sales growth amounted to 4 percent in constant currency.
• The value of Investor's investments in EQT increased by 6 percent in constant currency. Net cash flow to Investor amounted to SEK 740m.
• Leverage* (net debt/reported total assets) was 5.3 percent as of March 31, 2019 (6.1).

Financial information

	3/31 2019	12/31 2018
Adjusted NAV, SEK m*	406 892	372 004
Adjusted NAV, SEK per share*	532	486
Reported NAV1), SEK m*	357 671	327 508
Reported NAV1), SEK per share*	468	428
Market capitalization, excluding repurchased shares, SEK m	320 364	288 107
Share price (B-share), SEK	418.70	375.60
	Q1 2019	Q1 2018
Adjusted NAV, sequential change, incl. dividend added back, SEK m*	34 887	-1 720
Adjusted NAV, sequential change, incl. dividend added back, %*	9	0
Reported NAV1), sequential change, incl. dividend added back, SEK m*	30 163	6 312
Reported NAV1), sequential change, incl. dividend added back, %*	9	2
Market capitalization, sequential change, incl. dividend added back, SEK m*	32 257	-2 994
Market capitalization, sequential change, incl. dividend added back, %*	11	-1
Consolidated net sales, SEK m	10 326	8 605
Consolidated profit/loss, SEK m	28 808	4 403
Basic earnings per share, SEK	37.66	5.77

Overview annual average performance

	YTD	1 year	5 years	10 years	20 years
Adjusted NAV incl. dividend added back, %	9.4	8.6	-	-	-
Reported NAV, incl. dividend added back, %	9.2	7.1	12.5	15.8	8.4
Investor B, total return, %	11.5	16.9	15.8	18.8	11.7
SIXRX return index, %	13.2	8.7	9.6	15.4	8.8

* Financial measures that are not defined or specified in the applicable financial reporting framework. For more information, see page 16 and 25.

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.

CEO statement

Dear fellow shareholders,

During the first quarter 2019, our adjusted net asset value increased by SEK 35bn, or 9 percent. Our total shareholder return was 11 percent, while the SIXRX return index gained 13 percent, as financial markets recovered from the tough sentiment at the end of 2018.

The macroeconomic picture is mixed depending on industry

segment and geography, but it seems that we are entering a period of softer demand. The magnitude of a potential slowdown remains to be seen, but it will clearly be affected by companies' confidence in the future. This in turn, will be impacted by the trade talks between the U.S. and China, the UK situation and other geopolitical issues. In this environment, it is essential that our companies are well prepared to handle changes in demand. As engaged owners, we continue our work to support and constructively challenge our companies in this respect.

It is important that our companies use new technologies to develop products and solutions that provide significant added value to customers. Following a number of recent company and country visits, and having attended the Hannover industry fair, it is obvious that automation and digitalization are accelerating fast in a number of areas. Many of these new technologies will also have a positive sustainability impact, for example by contributing to the reduction of CO² emissions. Our companies are working hard to capture the attractive opportunities that this progress offers.

Listed Core Investments

The total return of Listed Core Investments amounted to 10 percent during the quarter, benefiting from strong performance from Electrolux, Atlas Copco and Husqvarna. The relatively weakest performers in the quarter were Saab, SEB and ABB.

Electrolux proposed to separate its professional appliances business, Electrolux Professional, into a new company to be listed in 2020. We believe that the intended split will further sharpen focus and add customer value in Electrolux' core consumer business and in Electrolux Professional. A separation will create two strong companies with good prospects for profitable growth and long-term value creation. Upon completion of the split, both companies will be listed core investments within Investor.

AstraZeneca entered into a significant global collaboration agreement with Japanese Daiichi Sankyo. We are supportive of this collaboration as it aligns well with AstraZeneca's strategic focus on oncology.

Our ambition is to develop our companies and create longterm value. To achieve this, we believe that it is important that the boards and the management teams, just like the owners, are exposed to the company's share price performance. For us as an engaged owner, the chairpersons of the boards have a key role. During the quarter we offered the chairpersons in our listed core investments the possibility to buy call options in their respective companies, thereby increasing their "skin in the game". The offer was positively received and a majority has invested.

Patricia Industries

Based on estimated market values, the value of Patricia Industries, excluding cash, increased by 7 percent during the quarter, driven by Mölnlycke, Laborie and Permobil.

In total, the major subsidiaries reported sales growth of 16 percent, of which 3 percent organic in constant currency. Profit growth was strong with EBITA increasing by 27 percent.

Mölnlycke reported organic sales growth of 4 percent in constant currency. The company continued to invest in sales and marketing to support new initiatives and ongoing launches.

Permobil's organic growth was flat in constant currency, but profitability improved substantially, mainly driven by improved cost efficiency.

In Laborie, organic growth amounted to 7 percent in constant currency and profitability improved significantly compared to last year.

Piab reported slightly negative organic growth in the quarter, mainly explained by the weak U.S. automotive industry. The underlying profitability remained strong.

EQT

The value of our EQT investments increased by 6 percent in constant currency, and the net cash flow to Investor amounted to SEK 0.7bn. During the quarter, EQT successfully closed the EQT Infrastructure IV fund at EUR 9bn. The process to simplify the ownership structure of EQT AB continued. As one step in this process, after the end of the quarter, we increased our ownership in EQT AB from 19 to 23 percent.

Priorities remain firm

Our strategy and operating priorities: to grow net asset value, operate efficiently and pay a steadily rising dividend, remain firm. We will continue to support our companies to further strengthen their positions and improve operating performance, regardless of business environment. We are also ready to capture attractive investment opportunities. This remains our way of generating attractive long-term total returns to you, dear fellow shareholders.

Johan Forssell

Net asset value overview

				Adjusted values	Reported values
	Number of shares 3/31 2019	Ownership capital/votes (%) 3/31 2019	Share of total assets (%) 3/31 2019	Value, SEK m 3/31 2019	Value, SEK m 12/31 2018	Value, SEK m 3/31 2019	Value, SEK m 12/31 2018
Listed Core Investments
Atlas Copco	207 754 141	16.9/22.3	12	51 441	43 373	51 441	43 373
ABB	232 165 142	10.7/10.7	10	40 490	39 480	40 490	39 480
AstraZeneca	51 587 810	4.1/4.1	9	38 789	34 806	38 789	34 806
SEB	456 198 927	20.8/20.8	9	36 590	39 206	36 590	39 206
Sobi	107 594 165	36.2/36.2	5	23 402	20 696	23 402	20 696
Ericsson	240 029 800	7.2/22.5	5	20 549	18 552	20 549	18 552
Epiroc	207 757 845	17.1/22.7	5	19 317	17 219	19 317	17 219
Wärtsilä	104 711 363	17.7/17.7	4	15 679	14 902	15 679	14 902
Nasdaq	19 394 142	11.7/11.7	4	15 744	14 187	15 744	14 187
Saab	40 972 622	30.2/39.7	3	12 202	12 576	12 202	12 576
Electrolux	50 786 412	16.4/28.4	3	12 102	9 459	12 102	9 459
Husqvarna	97 052 157	16.8/33.0	2	7 331	6 351	7 331	6 351
Total Listed Core Investments			69	293 635	270 807	293 635	270 807
Patricia Industries		Total exposure (%)
Subsidiaries
Mölnlycke2)		99	14	59 832	55 845	20 630	19 637
Permobil2)		96	3	10 932	9 946	4 293	4 209
Laborie		98	1	5 887	4 846	4 903	4 817
Piab2)		96	1	5 5111)	5 5111)	5 574	5 470
Sarnova		86	1	4 4791)	4 4791)	4 816	4 637
BraunAbility		95	1	3 594	3 163	2 024	1 942
Vectura		100	1	3 326	3 406	2 850	2 848
Aleris		100	0	1 814	1 844	2 827	2 831
Grand Group		100	0	273	343	162	187
Total subsidiaries			22	95 647	89 382	48 079	46 578
Three Scandinavia		40/40	1	5 484	5 801	3 831	4 108
Financial Investments			2	7 714	7 277	7 714	7 277
	Total Patricia Industries excl. cash		26	108 845	102 459	59 624	57 963
	Total Patricia Industries incl. cash			119 236	115 476	70 015	70 980
EQT			5	21 562	20 828	21 562	20 828
Other Assets and Liabilities			1	2 688	-660	2 688	-660
	Total Assets excl. cash Patricia Industries		100	426 730	393 435	377 509	348 938
Gross debt*				-32 990	-32 724	-32 990	-32 724
Gross cash*				13 151	11 294	13 151	11 294
Of which Patricia Industries				10 391	13 017	10 391	13 017
Net debt				-19 839	-21 430	-19 839	-21 430
Net Asset Value				406 892	372 004	357 671	327 508
Net Asset Value per share			532	486	468	428

1) Valued at investment amount as the acquisition was made less than 18 months ago.

2) 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 4 percentage points and for Piab to approximately 4 percentage points.

Overview

For balance sheet items, figures in parentheses refer to year-end 2018 figures. For income statement and cash flow items, they refer to the same period last year.

Net asset value

During the first quarter 2019, adjusted net asset value increased from SEK 372.0bn to SEK 406.9bn. The change in adjusted net asset value, with dividend added back, was 9 percent (0).

Reported net asset value increased from SEK 327.5bn to SEK 357.7bn. The change in reported net asset value, with dividend added back, was 9 percent (2).

Total adjusted assets by business area

Net debt and cash flow

Net debt totaled SEK 19,839m on March 31, 2019 (21,430), corresponding to leverage of 5.3 percent (6.1).

Our target leverage range is 5-10 percent (net debt/total reported assets) over a business cycle. While leverage can fluctuate above and below the target level, it should not exceed 25 percent for a longer period of time.

Gross cash amounted to SEK 13,151m and gross debt to SEK 32,990m as of March 31, 2019.

The average maturity of Investor AB's debt portfolio was 10.1 years on March 31, 2019 (10.3).

Leverage development

Investor's net debt

SEK m	2019
Opening net debt	-21 430
Listed Core Investments
Dividends	1 242
Other capital distributions	20
Investments, net of proceeds	-92
Management cost	-25
Total	1 145
Patricia Industries
Proceeds	401
Investments	-90
Internal transfer to Investor	-2 912
Management cost	-67
Other1)	42
Total	-2 626
EQT
Proceeds (divestitures, fee surplus and carry)	2 451
Drawdowns (investments and management fees)	-1 709
Management costs	-2
Total	740
Investor groupwide
Internal transfer from Patricia Industries	2 912
Management cost	-30
Other2)	-551
Closing net debt	-19 839

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 123m during the first quarter 2019 (112).

As of March 31, 2019, rolling 4 quarters management cost amounted to 0.14 percent of the reported net asset value.

The Investor share

The price of the Investor A-share and B-share was SEK 418.80 and SEK 418.70 respectively on March 31, 2019, compared to SEK 378.00 and SEK 375.60 on December 31, 2018.

The total shareholder return amounted to 11 percent during the first quarter 2019 (-1).

The SIXRX return index was 13 percent during the first quarter 2019 (0).

Investor's market capitalization, excluding repurchased shares, was SEK 320,364m as of March 31, 2019 (288,107).

Average annual total return

Listed Core Investments

Our Listed Core Investments are ABB, AstraZeneca, Atlas Copco, Electrolux, 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

• Electrolux announced its proposal to spin off Electrolux Professional and list it as a separate company in 2020.
• AstraZeneca entered into a global collaboration with Daiichi Sankyo within cancer treatment.
• Nasdaq launched a public offer for the Oslo Børs.

Performance

The total return (excluding management costs) for Listed Core Investments amounted to 10 percent during the first quarter 2019.

The SIXRX return index gained 13 percent during the first quarter 2019.

Total return, Listed Core Investments

Contribution to net asset value (adjusted and reported) amounted to SEK 27,179m during the first quarter 2019 (3,872).

Contribution to net asset value

SEK m	Q1 2019	Q1 2018
Changes in value	22 756	-40
Dividends	4 448	3 937
Management cost	-25	-25
Total	27 179	3 872

Contribution to net asset value and total return

	Value, SEK m	Contribution, SEK m	Total return1) (%)
Atlas Copco	51 441	8 047	18.5
ABB	40 490	1 010	2.6
AstraZeneca	38 789	4 883	14.0
SEB	36 590	349	0.2
Sobi	23 402	2 706	13.1
Ericsson	20 549	2 228	12.0
Epiroc	19 317	2 089	12.1
Wärtsilä	15 679	1 029	7.0
Nasdaq	15 744	1 633	11.5
Saab	12 202	-375	-3.0
Electrolux	12 102	2 620	27.6
Husqvarna	7 331	983	15.4
Total	293 635	27 203	9.9

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

Dividends received

Dividends received totaled SEK 4,448m during the first quarter 2019 (3,937), of which SEK 3,205m were pending over the end of the quarter and reported in Other Assets and Liabilities.

In total, we expect to receive approximately SEK 9.5bn (SEK 9.7bn including the extraordinary dividend from SEB) in dividends during 2019 (8.7).

Dividends received, Listed Core Investments

Investments and divestments

First quarter

Options, with a strike price of 110 percent of the share price, in Atlas Copco, Electrolux, Epiroc, Ericsson, Husqvarna and Wärtsilä have been divested to the chairpersons in the respective company. The total consideration was SEK 20m.

To hedge these options, Investor acquired the underlying shares. 108,530 A-shares were purchased in Atlas Copco for SEK 26m. 120,279 B-shares were purchased in Electrolux for SEK 28m. 112,234 A-shares were purchased in Epiroc for SEK 10m. 128,452 B-shares were purchased in Ericsson for SEK 10m. 111,731 B-shares were purchased in Wärtsilä for SEK 17m.

Listed Core Investments, March 31, 2019

Patricia Industries' holdings are Mölnlycke, Permobil, Laborie, Piab, Sarnova, Aleris, BraunAbility, Vectura, Grand Group, Three Scandinavia and Financial Investments. Patricia Industries' focus is to invest in and develop wholly-owned companies in the Nordics and in North America.

For information regarding Alternative Performance Measures related to Patricia Industries and its investments, see page 16. Definitions can be found on Investor's website.

Highlights during the quarter

• The major subsidiaries reported sales growth of 16 percent, of which 3 percent was organic. EBITA growth amounted to 27 percent.
• Mölnlycke, Sarnova and Laborie made add-on acquisitions.
• SEK 360m was distributed from Three Scandinavia to Patricia Industries.

Operating performance

During the first quarter of 2019, sales growth for the major subsidiaries (including Piab, Sarnova and pro forma Aleris Healthcare) amounted to 16 percent, of which 3 percent was organic growth in constant currency. EBITA amounted to SEK 1,667m, an increase of 27 percent (25 percent excluding IFRS 16).

Implementation of IFRS 16

Effective January 1, 2019, there is a new standard for accounting of rental and lease agreements, IFRS 16. Leases are recognized on the balance sheet with a rightof-use asset and a financial liability representing future lease payments. In the income statement, amounts previously recorded as leasing costs are accounted for as depreciation and interest expenses. The impact on reported key figures varies between companies. However, on an aggregated level, EBITDA and net debt for the Patricia Industries companies will increase. The impact on EBITA is non-material.

Investor uses the new standard prospectively, which means that no IFRS 16 pro forma figures are available for 2018. To enable comparability, 2019 EBITDA, EBITA and net debt are presented both according to IFRS 16 and according to the previous standard.

Major subsidiaries, performance

Q1 2019
SEK m	Sales	Org. growth, constant currency	EBITDA2)	EBITDA %	EBITA1,2)	EBITA, %	Operating cash flow
Mölnlycke	3 893	4	1 115	28.7	963	24.7	606
Permobil	1 005	0	198	19.7	151	15.0	196
Laborie	444	7	94	21.2	86	19.4	-13
Piab	312	-2	104	33.4	94	30.2	73
Sarnova	1 485	2	171	11.5	152	10.2	83
BraunAbility	1 475	5	126	8.5	95	6.4	-40
Vectura	54	23	35	64.5	16	30.4	-216
Aleris	1 531	2	222	14.5	132	8.6	-5
Grand Group	119	13	9	7.2	-22	-18.4	-31
Total	10 317		2 073	20.1	1 667	16.2	653
Reported growth y/y, %	16		34		27

Organic growth, y/y, % 3

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

EBITDA and EBITA reported, including impact from IFRS16. EBITDA and EBITA grew by 21 percent and 25 percent respectively, excluding the impact from IFRS 16.

Patricia Industries, adjusted values, March 31, 2019

Performance

Contribution to adjusted net asset value amounted to SEK 6,616m during the first quarter 2019 (-5,670).

Contribution to adjusted net asset value

SEK m	Q1 2019	Q1 2018
Changes in value	6 697	-5 615
Management costs	-67	-56
Other	-14	1
Total	6 616	-5 670

Based on estimated market values, the value of Patricia Industries excluding cash, increased by 7 percent during the first quarter 2019.

During the first quarter, the main positive value drivers were Mölnlycke, Laborie and Permobil.

Investments and divestments

First quarter

Investments and divestments totaled SEK 91m and SEK 41m respectively.

Distributions received

Three Scandinavia distributed SEK 360m to Patricia Industries during the first quarter of 2019.

Distribution to Patricia Industries

Patricia Industries, net cash

SEK m	Q1 2019	Q1 2018
Beginning of period	13 017	19 368
Net cash flow	311	304
Internal transfer to Investor	-2 912	-1 580
Other1)	-24	-43
End of period	10 391	18 049

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

Impact on valuation from IFRS 16

As of January 1, 2019, the new IFRS 16 accounting standard has been implemented, affecting the financial data for the companies within Patricia Industries as well as the comparable listed companies and industry indices.

The effects of the implementation of IFRS 16 have been taken into consideration in order to align the financial information between the Patricia Industries companies and comparable peers and industry indices. In the valuations made as of March 31, 2019, the IFRS 16 impact has been excluded from EBITDA and net debt for the Patricia Industries companies.

	Estimated market values, SEKm, 3/31, 2019	Sequential change, SEK m	Major drivers	Comments
Subsidiaries
Mölnlycke	59 832	3 988	Higher multiples, currency impacted positively	Applied EV/adj. LTM EBITDA 16.6x. Earnings adjusted for recent acquisition.
Permobil	10 932	986	Higher profit	Applied EV/adj. LTM EBITDA 16.9x
Laborie	5 887	1 041	Higher profit	Applied EV/adj. LTM EBITDA 19.1x. Adjustments for the acquisition of Cogentix due to its transformative nature.
Piab	5 511	-		Investment amount, acquisition made less than 18 months ago
Sarnova	4 479	-		Investment amount, acquisition made less than 18 months ago
BraunAbility	3 594	431	Higher profit, currency and multiples impacted positively	Applied EV/adj. LTM EBITDA 12.2x
Vectura	3 326	-81		Estimated market value of the property portfolio less debt.
Aleris	1 814	-30		Applied EV/adj. LTM EBITDA 10.7x
Grand Group	273	-70		Applied EV/reported LTM EBITDA 11.0x
Partner-owned investments
Three Scandinavia	5 484	-317	SEK 360m distribution to Patricia Industries	Applied EV/adj. LTM EBITDA 6.3x. Adjustments related to one time impact from Swedish VAT ruling during the fourth quarter 2018
Financial Investments	7 714	437		Multiple or third-party valuation, share price (bid)
Total	108 845
Total incl. cash	119 236

Patricia Industries – valuation overview

Read more at www.molnlycke.com >>

A provider of advanced products for treatment and prevention of wounds and single-use surgical solutions

Activities during the quarter

Group

• Organic sales growth amounted to 4 percent in constant currency. The key growth driver was Europe, with the UK partly affected by stock build-up related to Brexit concerns. Growth markets continued to perform well.
• The EBITA margin was slightly lower compared to last year, primarily due to investments in sales and marketing to support new initiatives and ongoing launches.
• The acquisition of M&J Airlaid closed in January.
• Wound Care
• Wound Care grew by 5 percent organically in constant currency, mainly driven by Europe and emerging markets whereas the U.S. was down somewhat. From a product perspective, the main driver continued to be the Mepilex® Border range.
• Mepilex® Flex has now been launched in all major markets and continued to be well received.

Surgical

• Surgical grew by 4 percent organically in constant currency, primarily driven by strong performance in the Nordic countries and the UK.
• From a product category perspective, Surgical Trays and Gloves were the main contributors during the quarter.

Mölnlycke, sales and margin development

As of the first quarter 2019, IFRS 16 is implemented.

Key figures, Mölnlycke

Income statement items, EUR m	Q1 2019	Q1 2018	Last 12 months
Sales	374	350	1 475
EBITDA	107	101	424
EBITDA excl. IFRS 16	102	101	419
EBITA	92	92	373
EBITA excl. IFRS 16	92	92	373
Sales growth, % Organic growth,	7	-4
constant currency, %	4	2
EBITDA, %	28.7	28.9	28.7
EBITA, %	24.7	26.1	25.3
Cash flow items, EUR m	Q1 2019	Q1 2018
EBITDA	107	101
IFRS 16 lease payments	-5	-
Change in working capital	-38	-30
Capital expenditures	-6	-7
Operating cash flow	58	65
Acquisitions/divestments	-65	-1
Shareholder contribution/distribution	-	-
Other1)	-96	-53
Increase(-)/decrease(+) in net debt	-103	11
Key ratios
Working capital/sales, %			13
Capital expenditures/sales, %			3
Balance sheet items, EUR m		3/31 2019 12/31 2018
Net debt	1 296	1 193
Net debt, excl. IFRS 16	1 243	1 193
	3/31 2019	3/31 2018
Number of employees	7 850	7 650

1)Includes effects of exchange rate changes, interest and tax. For 2019 it also includes added lease liabilities of EUR 53m due to IFRS 16.

Mölnlycke, distribution of sales and organic sales growth

	Share of sales, (%) Last 12 months	Organic growth, constant currency, (%) Q1 2019
Wound Care	54	5
Surgical	46	4
Total	100	4

Mölnlycke, distribution of sales by geography

	Share of sales, (%)
	2018
Europe, Middle East, Africa	60
Americas	32
Asia Pacific	8
Total	100

Read more at www.permobil.com >>

A provider of advanced mobility and seating rehab solutions

Activities during the quarter

• Organic sales were flat in constant currency. Power Products declined, while Seating & Positioning and Manual Products grew. Regionally, APAC grew.
• The EBITA margin improved significantly driven by initiatives to control costs, production efficiency improvements, and favorable currency-related effects. In addition, M&A expenses were unusually low in the quarter.
• Permobil introduced a new front-wheel drive power wheelchair at the International Seating Symposium. Key features include improved seating immersion, improved height and reach options, new LED lights for safer driving and a wide range of colors to personalize the chair.

Key figures, Permobil

Income statement items, SEK m	Q1 2019	Q1 2018	Last 12 months
Sales	1 005	915	4 252
EBITDA	198	129	849
EBITDA excl. IFRS 16	187	129	839
EBITA	151	93	692
EBITA excl. IFRS 16	151	93	691
Sales growth, % Organic growth,	10	9
constant currency, %	0	5
EBITDA, %	19.7	14.1	20.0
EBITA, %	15.0	10.2	16.3
Cash flow items, SEK m	Q1 2019	Q1 2018
EBITDA	198	129
IFRS 16 lease payments	-11	-
Change in working capital	32	0
Capital expenditures	-23	-30
Operating cash flow1)	196	98
Acquisitions/divestments	-	-549
Shareholder
contribution/distribution Other1)	-	-
	-370	-91
Increase(-)/decrease(+) in net debt	-174	-541
Key ratios
Working capital/sales, %			16
Capital expenditures/sales, %			1
Balance sheet items, SEK m		3/31 2019 12/31 2018
Net debt	3 262	3 088
Net debt, excl. IFRS 16	3 114	3 088
	3/31 2019	3/31 2018
Number of employees	1 575	1 660

1)Includes effects of exchange rate changes, interest and tax. For 2019 it also includes added lease liabilities of SEK 148m due to IFRS 16.

Read more at www.laborie.com >>

A provider of innovative capital equipment and consumables for the diagnosis and treatment of urologic and gastrointestinal (GI) disorders

Activities during the quarter

• Organic sales growth amounted to 7 percent in constant currency. Growth was driven by strong performance in the urology business.
• The EBITA margin was impacted by the integration of Cogentix Medical and Ardmore Healthcare as well as the restructuring of Laborie's European business.
• On January 31, 2019, Laborie acquired Ardmore Healthcare, a UK-based supplier of gastrointestinal products. Ardmore's 2018 sales amounted to approximately USD 5m.

Key figures, Laborie

			Last 12
Income statement items, USD m	Q1 2019	Q1 2018	months
Sales	48	33	196
EBITDA	10	0	33
EBITDA excl. IFRS 16	10	0	32
EBITA	9	-1	29
EBITA excl. IFRS 16	9	-1	29
Sales growth, %	46	-3
Organic growth,
constant currency, %	7	-6
EBITDA, %	21.2	-0.2	16.7
EBITA, %	19.4	-2.1	14.9
Cash flow items, USD m	Q1 2019	Q1 2018
EBITDA	10	0
IFRS 16 lease payments	-1	-
Change in working capital	-7	1
Capital expenditures	-4	0
Operating cash flow	-1	0
Acquisitions/divestments	-3	-
Shareholder
contribution/distribution	-	-
Other1)	-13	-10
Increase(-)/decrease(+) in net debt	-17	-10
Key ratios
Working capital/sales, %			8
Capital expenditures/sales, %			15
Balance sheet items, USD m		3/31 2019 12/31 2018
Net debt	295	278
Net debt, excl. IFRS 16	288	278
	3/31 2019	3/31 2018
Number of employees	645	495

1) Includes effects of exchange rate changes, interest and tax. For 2019 it also includes added lease liabilities of USD 7m due to IFRS 16.

Read more at www.piab.com >>

A provider of gripping and moving solutions for automated manufacturing and logistics processes

Activities during the quarter

• Organic sales growth amounted to -2 percent in constant currency. The decline was mainly driven by weakness in the U.S. automotive sector. This impacted several business areas, including Robotic Gripping, which was also affected by an ongoing reorganization of sales channels.
• The underlying EBITA margin was strong, and an earn-out reversal had a slightly positive impact on the reported margin. Last year's reported margin was negatively impacted by one-off costs.
• Piab launched piLIFT® SMART, an ergonomic handling vacuum lifter with connectivity and data features to meet the needs of industry 4.0.
• Ronnie Leten was appointed new Chair.

Key figures, Piab1)

Income statement items, SEK m	Q1 2019	Q1 2018	Last 12 months
Sales	312	299	1 268
EBITDA	104	78	381
EBITDA excl. IFRS 16	99	78	375
EBITA	94	74	358
EBITA excl. IFRS 16	94	74	358
Sales growth, % Organic growth,	4	24
constant currency, %	-2	15
EBITDA, %	33.4	26.0	30.0
EBITA, %	30.2	24.7	28.3
Cash flow items, SEK m	Q1 2019	Q1 2018
EBITDA	104	78
IFRS 16 lease payments	-5	-
Change in working capital	-14	-30
Capital expenditures	-12	-7
Operating cash flow	73	41
Acquisitions/divestments Shareholder	-11	-96
contribution/distribution	-	-
Other2)	-102	-61
Increase(-)/decrease(+) in net debt	-40	-116
Key ratios
Working capital/sales, %			16
Capital expenditures/sales, %			3
Balance sheet items, SEK m		3/31 2019 12/31 2018
Net debt	1 105	1 064
Net debt, excl. IFRS 16	1 049	1 064
	3/31 2019	3/31 2018
Number of employees	470	460

Consolidated as of June 14, 2018.

Includes effects of exchange rate changes, interest and tax. For 2019 it also includes added lease liabilities of SEK 56m due to IFRS 16.

Read more at www.sarnova.com >>

A provider of innovative healthcare products to national emergency care providers, hospitals, schools, businesses and federal government agencies

Activities during the quarter

• Organic sales growth amounted to 2 percent in constant currency. Performance in both the Acute Care and Emergency Preparedness segments was strong, but negatively impacted by one fewer shipping day as well as a challenging comparison driven by an intense flu season during the first quarter 2018.
• On January 24, 2019, Sarnova completed the acquisition of Southeast Emergency Equipment (SEE), a regional provider of emergency preparedness products and services based in the U.S. SEE's 2018 sales were approximately USD 28m.
• Sarnova continued to invest in additional sales resources, new products, warehouse optimization and digital enhancements as well as its offering of Curaplex private label products and pre-assembled custom kits.

Key figures, Sarnova1)

Income statement items, USD m	Q1 2019	Q1 2018	Last 12 months
Sales	162	155	604
EBITDA	19	18	69
EBITDA excl. IFRS 16	18	18	69
EBITA	17	18	63
EBITA excl. IFRS 16	16	18	63
Sales growth, % Organic growth,	5	11
constant currency, %	2	10
EBITDA, %	11.5	11.8	11.5
EBITA, %	10.2	11.4	10.4
Cash flow items, USD m	Q1 2019	Q1 2018
EBITDA	19	18
IFRS 16 lease payments	-1	-
Change in working capital	-7	3
Capital expenditures	-2	-1
Operating cash flow	10	20
Acquisitions/divestments	-17	-
Shareholder
contribution/distribution	-	-
Other2)	-18	-9
Increase(-)/decrease(+) in net debt	-25	12
Key ratios
Working capital/sales, %			17
Capital expenditures/sales, %			1
Balance sheet items, USD m		3/31 2019 12/31 2018
Net debt	332	307
Net debt, excl. IFRS 16	319	307
	3/31 2019	3/31 2018
Number of employees	645	675

Consolidated as of April 4, 2018.

Includes effects of exchange rate changes, interest and tax. For 2019 it also includes added lease liabilities of USD 13m due to IFRS 16.

Read more at www.braunability.com >>

A manufacturer of wheelchair accessible vehicles and wheelchair lifts

Activities during the quarter

• Organic sales growth amounted to 5 percent in constant currency.
• The EBITA margin was impacted by the integration of recent acquisitions and continued investments in supply chain optimization initiatives.
• In February, BraunAbility announced plans to open a new global headquarters in Carmel, Indiana.

Key figures, BraunAbility

Income statement items, USD m	Q1 2019	Q1 2018	Last 12 months
Sales	161	131	676
EBITDA	14	10	49
EBITDA excl. IFRS 16	12	10	47
EBITA	10	9	42
EBITA excl. IFRS 16	10	9	42
Sales growth, % Organic growth,	23	19
constant currency, %	5	20
EBITDA, %	8.5	7.4	7.3
EBITA, %	6.4	6.5	6.2
Cash flow items, USD m	Q1 2019	Q1 2018
EBITDA	14	10
IFRS 16 lease payments	-2	-
Change in working capital	-16	-16
Capital expenditures	-1	-1
Operating cash flow	-4	-7
Acquisitions/divestments	-	-
Shareholder
contribution/distribution	-	-
Other1)	-25	-3
Increase(-)/decrease(+) in net debt	-30	-10
Key ratios
Working capital/sales, %			9
Capital expenditures/sales, %			1
Balance sheet items, USD m		3/31 2019 12/31 2018
Net debt	225	195
Net debt, excl. IFRS 16	202	195
	3/31 2019	3/31 2018
Number of employees	1 670	1 295

Includes effects of exchange rate changes, interest and tax. For 2019 it also includes added lease liabilities of USD 23m due to IFRS 16.

Read more at www.vecturafastigheter.se >>

Develops and manages real estate in community service, office and hotel

● Growth was mainly driven by the opening of the Royal Office and rental income from Grand Hôtel. Construction of an elderly care facility in Knivsta was initiated.

Key figures, Vectura

Income statement items, SEK m	Q1 2019	Q1 2018	Last 12 months
Sales	54	44	244
EBITDA	35	23	154
EBITDA, %	64.5	51.7	63.2
EBITA adj.1)	16	3	72
EBITA adj. %	30.4	5.7	29.4
Balance sheet items, SEK m		3/31 2019 12/31 2018
Net debt	2 392	2 166
Real estate market value1)	5 911	5 040

EBITA adjusted for depreciation of surplus values related to properties. Real estate market values as of year-end 2018 and 2017 respectively.

Read more at www.aleris.se >>

A provider of healthcare services in Scandinavia

● Adjusting for renegotiation of loss-making contracts and a capital gain, profit was slightly below last year, entirely driven by the new Radiology contract in Stockholm. Investments continued in Doktor24, which announced a partnership with Apoteket AB and Apoteksgruppen for onsite prescription renewal.

Key figures, Aleris1)

Income statement items, SEK m	Q1 2019	Q1 2018	Last 12 months
Sales	1 531	1 476	5 832
EBITDA	222	99	262
EBITDA excl. IFRS 16	149	99	190
EBITA	132	48	7
EBITA excl. IFRS 16	123	48	-1
Org. growth, constant currency, %	2	1
EBITDA, %	14.5	6.7	4.5
EBITA, %	8.6	3.2	0.1
Balance sheet items, SEK m		3/31 2019 12/31 2018
Net debt	1 794	n/a
Net debt, excl. IFRS 16	541	n/a

2018 Pro forma excluding Aleris Care.

Read more at www.grandhotel.se, www.lydmar.com, and www.thesparrowhotel.se >> Consists of Grand Hôtel, Lydmar Hotel, The Sparrow Hotel in Stockholm

● Organic sales growth was 13 percent. Last year's sales were impacted by Grand Hôtel's façade renovation. The EBITA margin was affected by start-up costs for The Sparrow Hotel.

Key figures, Grand Group

Income statement items, SEK m	Q1 2019	Q1 2018	Last 12 months
Sales	119	102	619
EBITDA	9	-13	56
EBITDA excl. IFRS 16	-19	-13	28
EBITA	-22	-23	-4
EBITA excl. IFRS 16	-29	-23	-11
Org. growth, constant currency, %	13	-13
EBITDA, %	7.2	-13.1	9.1
EBITA, %	-18.4	-22.6	-0.6
Balance sheet items, SEK m		3/31 2019 12/31 2018
Net debt	964	4
Net debt, excl. IFRS 16	37	4

Read more at www.tre.se >>

A provider of mobile voice and broadband services in Sweden and Denmark

Activities during the quarter

• The subscription base increased by 25,000 during the quarter, primarily driven by continued strong momentum for the Hallon and Oister brands.
• Service revenue decreased by 3 percent compared to the same period last year, negatively impacted by the VAT ruling in Sweden. On an underlying basis, service revenue increased by 2 percent.
• Excluding IFRS 16 and the VAT ruling in Sweden, EBITDA was slightly higher compared to last year.
• Operating cash flow was strong. Net debt was impacted by the previously communicated SEK 0.9bn distribution to the owners, of which SEK 360m to Patricia Industries, and the previously communicated VAT payment.
• Three Denmark acquired spectrum licenses in the 700 and 900 MHz bands. The total consideration of DKK 485m will be paid over a 10-year period. The acquired licenses enable the company to continue to improve its indoor and outdoor network performance in the country.
• Three Denmark signed a national roaming agreement with TDC.
• Three Sweden launched the most extensive roam like home-offering on the market including 80 countries. The service has been well received on the market.
• After the end of the quarter, Three Scandinavia repaid its SEK 1.8bn guaranteed bank loan from the European Investment Bank and refinanced it with non-guaranteed bank loans. After this, there are no outstanding owner guarantees towards Three Scandinavia.

Income statement items Q1 2019 Q1 2018 Last 12 months Sales, SEK m 2 645 2 662 10 531 Sweden, SEK m 1 599 1 800 6 803 Denmark, DKK m 622 647 2 682 Service revenue1) , SEK m 1 590 1 633 6 561 Sweden, SEK m 986 1 068 4 150 Denmark, DKK m 434 424 1 734 EBITDA, SEK m 948 822 2 025 Sweden, SEK m 648 625 1 048 Denmark, DKK m 216 147 703 EBITDA, excl. IFRS 16 796 822 1 873 Sweden, SEK m 566 625 967 Denmark, DKK m 165 147 652 EBITDA, % 38.5 30.9 19.2 Sweden 40.5 34.7 15.4 Denmark 34.7 22.8 26.2 Key ratios Capital expenditures/sales, % 15 Balance sheet items, SEK m 3/31 2019 12/31 2018 Net debt 6 960 3 253 Net debt, excl. IFRS 16 5 280 3 253 3/31 2019 3/31 2018 Number of employees 1 890 1 980 Other key figures 3/31 2019 3/31 2018 Subscriptions 3 432 000 3 323 000 Sweden 2 033 000 1 992 000 Denmark 1 399 000 1 331 000 Postpaid/prepaid ratio 68/32 72/28

Key figures, Three Scandinavia

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	Q1 2019	Q1 2018
Net asset value, beginning of period	7 277	7 164
Investments	61	44
Divestments/distributions	-41	-143
Changes in value	418	543
Net asset value, end of period	7 714	7 608

Activities during the quarter

No major investments or divestitures were made during the quarter.

Affibody announced a co-development partnership with Alexion Pharmaceuticals.

Five largest Financial Investments, March 31, 2019

Company	Region	Business	Listed/ unlisted	Reported value SEK m
NS Focus	Asia	IT	Listed	1 685
Madrague	Europe	Hedge fund	Unlisted	782
CDP Holding	Asia	IT	Unlisted	528
Acquia	U.S.	IT	Unlisted	454
Atlas Antibodies	Europe	Healthcare	Unlisted	363
Total				3 813

The five largest investments represented 49 percent of the total value of the Financial Investments.

As of March 31, 2019, European, U.S. and Asian holdings represented 22, 52 and 26 percent respectively of the total value of Financial Investments.

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

EQT is a leading investment firm founded in 1994 with Investor as one of its founders. EQT operates in Europe, Asia and the U.S. within several asset classes. Investor has committed capital to the vast majority of the EQT funds and also owns 19 percent of EQT AB (23 percent after the end of the quarter).

Read more at www.eqtpartners.com >>

Highlights during the quarter

● EQT successfully closed the fund EQT Infrastructure IV at EUR 9bn.

Performance

Contribution to net asset value (adjusted and reported) amounted to SEK 1,474m during the first quarter 2019 (1,143).

In constant currency, the value change of Investor's investments in EQT was 6 percent. The reported value change was 7 percent.

Net cash flow to Investor amounted to SEK 740m.

Investor's total outstanding commitments to EQT funds amounted to SEK 15.3bn as of March 31, 2019 (16.5).

Change in adjusted net asset value, EQT

SEK m	Q1 2019	Q1 2018
Net asset value, beginning of period	20 828	16 165
Contribution to net asset value (value change)	1 474	1 143
Drawdowns (investments, management, fees and management cost)	1 711	396
Proceeds to Investor (divestitures, fee surplus and carry)	-2 451	-910
Net asset value, end of period	21 562	16 794

Investor's investments in EQT, March 31, 2019

			Investor
	Fund size EUR m	Share (%)	Outstanding commitment SEK m	Reported value SEK m
1) Fully invested funds	20 344		1 708	9 105
EQT VII	6 817	5	806	3 762
EQT VIII	10 750	5	5 029	677
EQT Infrastructure III	4 000	5	263	2 331
EQT Infrastructure IV	8 976	3	2 834
EQT Credit
Opportunities III	1 272	10	1 084	193
2) EQT Ventures	461	11	239	626
EQT Midmarket
Asia III	630	27	1 313	553
EQT Midmarket US	616	30	375	1 546
EQT Midmarket
Europe	1 616	9	954	686
EQT Real Estate I	420	18	333	388
EQT new funds			316
EQT AB		19		1 694
Total	55 902		15 254	21 562

EQT V, EQT VI, EQT Expansion Capital I and II, EQT Greater China II, EQT Infrastructure I and II, EQT Credit Fund I and II, EQT Mid Market.

Fund commitment excluding the EQT Ventures Co-Investment Schemes and the EQT Ventures Mentor Funds.

Investor's investments in EQT, key figures overview

	Q1	FY	Q4	Q3	Q2	Q1	FY	Q4	Q3	Q2	Q1
SEK m	2019	2018	2018	2018	2018	2018	2017	2017	2017	2017	2017
Reported value	21 562	20 828	20 828	18 377	19 406	16 794	16 165	16 165	13 891	14 116	13 956
Reported value
change, %	7	30	14	-4	11	7	22	10	1	6	5
Value change,
constant currency, %	6	25	14	-2	9	3	21	7	3	6	5
Drawdowns from
Investor	1 711	4 023	1 464	1 076	1 088	396	3 781	2 149	872	414	345
Proceeds to Investor	2 451	4 228	1 522	1 414	383	910	4 757	1 336	1 212	1 160	1 050
Net cash flow to
Investor	740	205	58	338	-705	514	976	-813	340	745	704

Group

Net debt

Net debt totaled SEK 19,839m on March 31, 2019 (21,430). Debt financing of the subsidiaries within Patricia Industries 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, 3/31, 2019

SEK m	Consolidated balance sheet	Deductions related to Patricia Industries	Investor's net debt
Other financial
investments	8 044	-160	7 884
Cash, bank and
short-term
investments	10 341	-5 074	5 267
Receivables included
in net debt	2 526	-	2 526
Interest bearing debt	-69 873	34 455	-35 418
Provision for
pensions	-991	893	-98
Total	-49 952	30 114	-19 839

Investor's gross cash amounted to SEK 13,151m as of March 31, 2019 (11,294). The short-term investments are invested conservatively, taking into account the riskadjusted return profile. Investor's gross debt, excluding pension liabilities, amounted to SEK 32,892m as of March 31, 2019 (32,626).

The average maturity of Investor AB's debt portfolio was 10.1 years on March 31, 2019 (10.3), excluding the debt of Mölnlycke, Laborie, Aleris, Permobil, BraunAbility, Grand Group, Vectura, Sarnova and Piab.

Debt maturity profile, 3/31 2019

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

Net financial items, 2019

SEK m	Group - Net financial items	Deductions related to Patricia Subsidiaries	Investor's net financial items
Interest income	5	-2	3
Interest expenses	-526	294	-232
Results from revaluation of loans, swaps and short
term investments	27	-	27
Foreign exchange result	-184	-101	-285
Other	-17	5	-12
Total	-695	195	-500

Share capital

Investor's share capital amounted to SEK 4,795m on March 31, 2019 (4,795).

Share structure

Class of share	Number of shares	Number of votes	% of capital	% of votes
A 1 vote	311 690 844	311 690 844	40.6	87.2
B 1/10 vote	455 484 186	45 548 418	59.4	12.8
Total	767 175 030	357 239 262	100.0	100.0

On March 31, 2019, Investor owned a total of 2,108,682 of its own shares (2,108,682).

Other

Proposed dividends

The Board of Directors proposes a dividend to the shareholders of SEK 13.00 per share for fiscal year 2018 (12.00). The dividend is proposed to be paid out in two installments, SEK 9.00 with record date May 10, 2019 and SEK 4.00 with record date November 11, 2019.

The dividend level proposed is based on the stated dividend policy to distribute a large percentage of the dividends received from the listed core investments, as well as to make a distribution from other net assets corresponding to a yield in line with the equity market. The goal is to pay a steadily rising dividend.

Annual General Meeting

Investor AB's Annual General Meeting will be held at 3.00 p.m., May 8, 2019, at the City Conference Center, Barnhusgatan 12-14, Stockholm, Sweden. Registration commences at 1.30 p.m.

Notification of participation in the Annual General Meeting can be given until May 2, 2019. Notification can be given through Investor's website (www.investorab.com), or by calling +46 8 611 2910. Additional information about Investor's Annual General Meeting is available on Investor's website.

Investor's audited Annual Report is available at the company's head office and website.

Events after the end of the quarter

As previously announced by EQT AB and communicated in Investor AB's Year-End Report 2018, EQT AB is reviewing different options to further strengthen its balance sheet and several steps are being taken to simplify EQT AB's ownership structure.

Investor supports the steps taken by EQT AB. As one part of these steps, on April 5, 2019, Investor announced that following regulatory approval, it had increased its ownership in EQT AB from 19 percent to approximately 23 percent. Investor will remain a long-term shareholder in EQT AB.

Acquisitions (business combinations)

Other acquisitions

During the period Sarnova and Mölnlycke acquired two entities. The aggregated purchase price amounts to SEK 862m and goodwill amounts to a total of SEK 706m.

Pledged assets and contingent liabilities

Total pledged assets amount to SEK 14.1bn (13.3), of which SEK 11.0bn (10.6) refers to pledged assets in the subsidiaries BraunAbility, Laborie and Sarnova, related to outstanding loans corresponding to SEK 2.0bn, SEK 2.7bn and SEK 3.3bn. The remaining increase in pledged assets mainly relates to increased debt.

During the quarter contingent liabilities have decreased from SEK 3.4bn to SEK 2.6bn. The change is mainly related to a decrease in warranties due to divested businesses.

Basis of preparation for the Interim Management Statement

This Interim Management Statement has in all material aspects been prepared in accordance with NASDAQ Stockholm's guidelines for preparing interim management statements. Except stated below, the accounting policies that have been applied for the consolidated income statement and consolidated balance sheet, are in agreement with the accounting policies used in the preparation of the company's most recent annual report.

New accounting policies applied from 2019

The new standard IFRS 16 Leases is applied from January 1, 2019. The new accounting policy is described below. For a table presenting the effect on the Consolidated Balance Sheet of the new accounting policy, see page 24.

IFRS 16 concerns the accounting for rental and lease agreements for both lessors and lessees. For Investor as a lessee, the new standard has entailed that a right-of-use asset is recognized for the right to use the leased assets. At the same time, a lease liability is recognized representing the obligation to pay lease payments for the leased assets. Investor has used the new standard prospectively and therefore used the transition method to apply the standard retrospectively with the cumulative effect of initially applying the standard as an adjustment to the opening balance of retained earnings as of January 1, 2019. The lease liability recognized corresponds to the present value of the remaining lease payments, except short-term leases and leases of low value, discounted using the incremental borrowing rate as per January 1, 2019. The average incremental borrowing rate was 3.8 percent at the date of initial application of IFRS 16.

The right-of-use asset connected to the lease payments yet not paid, has in most cases been measured to an amount equal to the lease liability, adjusted for the amount of any prepaid or accrued lease payments relating to these lease contracts. In some cases, the rightof-use asset has been measured at its carrying amount as if the Standard had been applied since the commencement date instead, but discounted using the incremental borrowing rate at January 1, 2019. This method has had an effect on retained earnings of SEK -33m. The total right-of-use assets as per January 1, 2019 were SEK 3,023m. Of these, SEK 2,809m was buildings and land and mainly related to rental agreements for offices and industrial premises.

The effect on the Consolidated Income Statement will not be significant. However, due to leasing costs being reversed and instead being accounted for as depreciation and interest expense, applying an effective interest method, the profit/loss before tax for the year will decrease by approximately SEK 60m in the near term. In

the Consolidated Cash Flow the cash payments within Operating activities will decrease correspondingly and instead be reported as interest paid within Operating activities and repayment of borrowings within Financing activities.

From January 2019, Investor applies IAS 40 Investment Property on certain parts of Buildings and land as certain properties, previously held as owner-occupied properties, from mid-January are leased out to external lessees and therefore classified as investment properties. The changed accounting policy has had no effect on Investor's equity, since the properties already are measured at fair value. In the future, these properties will not be depreciated and instead changes in the fair value of the properties will be recognized in profit or loss and not in Other Comprehensive Income as before. The effect on the Consolidated Balance Sheet of the new accounting policy can be found in the table on page 24.

Other known changes to IFRS and IFRIC to be applied in the future are not expected to have any significant impact on the Group's reporting.

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 2018 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 page 25. 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 Interim Management Report may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures.

Financial calendar

May 8, 2019	Annual General Meeting
Jul. 17, 2019	Interim Report January-June 2019
Oct. 18, 2019	Interim Management Statement January-September 2019
Jan. 22, 2020	Year-End Report 2019
Apr. 22, 2020	Interim Management Statement January-March 2020

Stockholm, April 24, 2019

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 April 24, 2019.

This Interim Management Statement and additional information is available on www.investorab.com

This Interim Management Statement has not been subject to review by the company's auditors

Consolidated Income Statement, in summary

SEK m		1/1-3/31 2019 1/1-3/31 2018
Dividends	4 448	3 940
Other operating income	0	2
Changes in value	24 729	937
Net sales	10 326	8 605
Cost of goods and services sold	-6 059	-5 504
Sales and marketing cost	-1 499	-1 054
Administrative, research and development and other operating cost	-2 180	-1 153
Management cost	-123	-112
Share of results of associates	93	30
Operating profit/loss	29 735	5 691
Net financial items	-695	-1 113
Profit/loss before tax	29 040	4 578
Income taxes
Profit/loss for the period	-232	-176
	28 808	4 403
Attributable to:
Owners of the Parent Company	28 813	4 413
Non-controlling interest	-5	-10
Profit/loss for the period	28 808	4 403
Basic earnings per share, SEK	37.66	5.77
Diluted earnings per share, SEK	37.64	5.76

Consolidated Statement of Comprehensive Income, in summary

SEK m	1/1-3/31 2019 1/1-3/31 2018
Profit/loss for the period	28 808	4 403
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	-	-
Re-measurements of defined benefit plans	-	-
Items that may be recycled to profit/loss for the period
Cash flow hedges	-	-74
Hedging costs	91	-
Foreign currency translation adjustment	1 289	1 757
Share of other comprehensive income of associates	22	105
Total other comprehensive income for the period	1 402	1 788
Total comprehensive income for the period	30 210	6 190
Attributable to:
Owners of the Parent Company	30 213	6 200
Non-controlling interest	-3	-10
Total comprehensive income for the period	30 210	6 190

Consolidated Balance Sheet, in summary

SEK m	3/31 2019	12/31 2018	3/31 2018
ASSETS
Goodwill	44 302	43 387	35 550
Other intangible assets	25 000	24 722	16 143
Property, plant and equipment	13 475	10 460	9 384
Shares and participations	326 950	303 186	314 015
Other financial investments	8 044	2 998	6 529
Long-term receivables included in net debt	2 525	1 838	2 326
Other long-term receivables	1 843	1 744	1 063
Total non-current assets	422 138	388 334	385 010
Inventories	5 111	4 748	3 320
Shares and participations in trading operation	364	294	337
Short-term receivables included in net debt	2	3	-
Other current receivables	10 386	6 348	9 211
Cash, bank and short-term investments	10 341	13 918	19 318
Assets held for sale	-	2 382	-
Total current assets	26 203	27 693	32 187
TOTAL ASSETS	448 342	416 028	417 197
EQUITY AND LIABILITIES
Equity	357 826	327 690	342 654
Long-term interest bearing liabilities	67 747	63 866	57 459
Provisions for pensions and similar obligations	991	962	905
Other long-term provisions and liabilities	10 587	10 166	6 276
Total non-current liabilities	79 325	74 993	64 640
Current interest bearing liabilities	2 126	3 845	2 200
Other short-term provisions and liabilities	9 065	8 762	7 704
Liabilities directly associated with assets held for sale	-	738	-
Total current liabilities	11 191	13 345	9 904
TOTAL EQUITY AND LIABILITIES	448 342	416 028	417 197

Consolidated Statement of Changes in Equity, in summary

SEK m	1/1-3/31 2019	1/1-12/31 2018	1/1-3/31 2018
Opening balance	327 690	336 326	336 326
Adjustment for changed accounting policies	-33	108	108
Opening balance adjusted for changed accounting policies	327 657	336 434	336 434
Profit for the period	28 808	-2 299	4 403
Other comprehensive income for the period	1 402	2 524	1 788
Total comprehensive income for the period	30 210	225	6 190
Dividend to shareholders	-	-9 179	-
Changes in non-controlling interest	-23	164	26
Effect of long-term share-based remuneration	-18	46	3
Closing balance	357 826	327 690	342 654
Attributable to:
Owners of the Parent Company	357 671	327 508	342 575
Non-controlling interest	155	182	79
Total equity	357 826	327 690	342 654

Consolidated Cash Flow, in summary

SEK m	1/1-3/31 2019	1/1-3/31 2018
Operating activities
Dividends received	1 603	1 224
Cash receipts	9 905	8 255
Cash payments	-8 945	-7 424
Cash flows from operating activities before net interest and income tax	2 563	2 055
Interest received/paid	-662	-534
Income tax paid	-372	-361
Cash flows from operating activities	1 529	1 160
Investing activities
Acquisitions	-1 891	-1 429
Divestments	2 542	1 079
Increase in long-term receivables	-30	-
Decrease in long-term receivables	-	25
Acquisitions of subsidiaries, net effect on cash flow	-842	-565
Divestments of subsidiaries, net effect on cash flow	2 666	-
Increase in other financial investments	-5 856	-1 233
Decrease in other financial investments	804	41
Net change, short-term investments	2 203	-39
Acquisitions of property, plant and equipment	-474	-320
Proceeds from sale of property, plant and equipment	35	5
Net cash used in investing activities	-842	-2 436
Financing activities
New share issue	-	30
Borrowings	492	162
Repayment of borrowings	-2 761	-263
Repurchases of own shares	-24	-11
Net cash used in financing activities	-2 292	-82
Cash flows for the period	-1 606	-1 358
Cash and cash equivalents at the beginning of the year	11 416	16 260
Exchange difference in cash	156	218
Cash and cash equivalents at the end of the period	9 966	15 120

Operating segment

PERFORMANCE BY BUSINESS AREA 1/1-3/31 2019

	Listed Core			Investor
SEK m	Investments	Patricia Industries	EQT	Groupwide	Total
Dividends	4 448	-	-	1	4 448
1) Other operating income	-	0	-	0	0
Changes in value	22 756	775	1 204	-5	24 729
Net sales	-	10 326	-	-	10 326
Cost of goods and services sold	-	-6 059	-	-	-6 059
Sales and marketing cost	-	-1 499	-	-	-1 499
Administrative, research and development and
other operating cost	-	-2 172	-1	-7	-2 180
Management cost	-25	-67	-2	-30	-123
Share of results of associates	-	93	-	-	93
Operating profit/loss	27 179	1 397	1 201	-42	29 735
Net financial items	-	-195	-	-500	-695
Income tax	-	-255	-	23	-232
Profit/loss for the period	27 179	947	1 201	-519	28 808
Non-controlling interest	-	5	-	-	5
Net profit/loss for the period attributable to the
Parent Company	27 179	953	1 201	-519	28 813
Other effects on equity	-	939	273	138	1 349
Contribution to net asset value	27 179	1 891	1 474	-381	30 163
Net asset value by business area 3/31 2019
Carrying amount	293 635	59 624	21 562	2 688	377 509
Investors net debt/-cash	-	10 391	-	-30 230	-19 839
Total net asset value including net debt/-cash	293 635	70 015	21 562	-27 542	357 671

PERFORMANCE BY BUSINESS AREA 1/1-3/31 2018

	Listed Core			Investor
SEK m	Investments	Patricia Industries	EQT	Groupwide	Total
Dividends	3 937	0	2	1	3 940
Other operating income1)	-	2	-	-	2
Changes in value	-40	533	437	7	937
Net sales	-	8 605	-	-	8 605
Cost of goods and services sold	-	-5 504	-	-	-5 504
Sales and marketing cost	-	-1 054	-	-	-1 054
Administrative, research and development and
other operating cost	-	-1 145	-2	-6	-1 153
Management cost	-25	-56	-2	-29	-112
Share of results of associates	-	118	-	-88	30
Operating profit/loss	3 872	1 499	434	-115	5 691
Net financial items	-	-117	-	-995	-1 113
Income tax	-	-199	-	23	-176
Profit/loss for the period	3 872	1 183	434	-1 087	4 403
Non-controlling interest	-	10	-	-	10
Net profit/loss for the period attributable to the
Parent Company	3 872	1 193	434	-1 087	4 413
Other effects on equity	-	1 169	708	22	1 900
Contribution to net asset value	3 872	2 362	1 143	-1 065	6 312
Net asset value by business area 3/31 2018
Carrying amount	284 992	50 727	16 794	2 819	355 333
Investors net debt/-cash	-	18 049	-	-30 808	-12 759
Total net asset value including net debt/-cash	284 992	68 776	16 794	-27 989	342 575

Includes interest on loans.

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 30, Financial Instruments, in Investor's Annual Report 2018.

Valuation techniques, level 3

Group 3/31 2019	Fair value, SEK m	Valuation technique	Input	Range
Shares and participations	26 909	Last round of financing	n/a	n/a
		Comparable companies	EBITDA multiples	n/a
		Comparable companies	Sales multiples	1.3 – 3.3
		Comparable transactions	Sales multiples	0.6 – 6.7
		NAV	n/a	n/a
Other financial investments	72	Discounted cash flow	Market interest rate	n/a
Long-term receivables	3 246	Discounted cash flow	Market interest rate	n/a
Long-term interest bearing liabilities	53	Discounted cash flow	Market interest rate	n/a
Other provisions and liabilities	3 038	Discounted cash flow		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 71 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 200m. For the derivatives, a parallel shift of the interest rate curve by one percentage point would affect the value by approximately SEK 1,100m.

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

					Total carrying
Group 3/31 2019, SEK m	Level 1	Level 2	Level 3	Other1)	amount
Financial assets
Shares and participations	293 826	2 241	26 909	3 974	326 950
Other financial investments	7 887		72	85	8 044
Long-term receivables included in net debt		293	2 231		2 525
Other long-term receivables			1 015	828	1 843
Shares and participations in trading operation	364				364
Short-term receivables included in net debt		2			2
Other current receivables	3	7		10 375	10 386
Cash, bank and short-term investments	5 243			5 097	10 341
Total	307 323	2 543	30 228	20 360	360 453
Financial liabilities
Long-term interest bearing liabilities		276	53	67 418	67 7472)
Other long-term provisions and liabilities			2 949	7 638	10 587
Short-term interest bearing liabilities		101		2 025	2 126
Other short-term provisions and liabilities	402	31	89	8 542	9 065
Total	402	409	3 091	85 623	89 525

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.

The Group's loans are valued at amortized cost. Fair value on long-term loans amounts to SEK 72,480m.

Changes in financial assets and liabilities in Level 3

Group 3/31 2019, 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	25 936	67	2 553	47	2 798	86
Total gain or losses in profit or loss statement
in line Changes in value	1 572	3			-2
in line Net financial items			659	6
Reported in other comprehensive income
in line Foreign currency translation
adjustment	410	2	4		52	3
Acquisitions	1 559		30		102
Divestments and Settlements	-2 568
Revaluation in Equity
Transfer in to Level 3
Transfer out of Level 3
Carrying amount at end of period	26 909	72	3 247	53	2 949	89
Total gains/losses for the period included in
profit/loss for financial instruments held at
the end of the period (unrealized results)
Changes in value	1 050	3	659	-6	2
Net financial items
Total	1 050	3	659	-6	2

Revenue from contracts with customers

Group 3/31 2019, SEK m			Field of operation
	Healthcare equipment	Healthcare services	Hotel	Real estate	Gripping and moving solutions	Total
Geographic market:
Sweden	184	818	119	25	10	1 155
Scandinavia, excl. Sweden	315	728			7	1 050
Europe, excl. Scandinavia	2 190	1			139	2 329
U.S.	4 766				78	4 844
North America, excl. U.S.	157				20	177
South America	149				12	161
Africa	90					91
Australia	191				1	192
Asia	283				45	327
Total	8 325	1 546	119	25	312	10 326
Category:
Sales of products	8 217	2			312	8 530
Sales of services	92	1 515	119			1 726
Revenues from Leasing	14	29		24		67
Other income	2	1		1		3
Total	8 325	1 546	119	25	312	10 326
Sales channels:
Through distributors	4 645		77		171	4 893
Directly to customers	3 680	1 546	41	25	140	5 433
Total	8 325	1 546	119	25	312	10 326
Timing of revenue recognition: Goods and services transferred at
a point of time Goods and services transferred	8 239	29			310	8 578
over time	86	1 517	119	25	2	1 748
Total	8 325	1 546	119	25	312	10 326

Effects of changes in accounting policies

IFRS 16 Leases

From January 1, 2019 Investor applies IFRS 16 Leases. In the below table the effects of the new accounting policy are disclosed. On page 16, the new accounting policy is described.

Balance sheet items affected by changed accounting policy:

	Reported as per	Adjustment due	Adjusted as per
SEK m	12/31 2018	to IFRS 16	1/1 2019
Property, plant and equipment	10 460	3 023	13 483
Whereof buildings and land	1111)	2 809	2 920
Whereof machinery and equipment	171)	214	231
Shares and participations	303 186	-332)	303 153
Other current receivables	6 348	-413)	6 307
Equity	327 690	-33	327 658
Long-term interest bearing liabilities	63 866	2 380	66 246
Whereof lease liabilities	1061)	2 380	2 487
Current interest bearing liabilities	3 845	602	4 447
Whereof lease liabilities	161)	602	618

1) Finance leases according to IAS 17.

2) Increase in shares and participations in associates due to the effect of changed accounting policy in Three Scandinavia.

3) Adjustment for prepaid lease payments.

IAS 40 Investment Property

From mid-January 2019 certain properties are classified as Investment Property according to IAS 40 due to the properties being leased out to external lessees after that time. These properties were previously used for services within the Group and therefore classified as owner-occupied property reported according to the revaluation model less accumulated depreciation and revaluation adjustments. The effect on the Consolidated Balance Sheet at the time for reclassification was as follows:

|--|

Buildings and land reported as owner-occupied property	-1 438
Investment Property	1 438
Property, plant and equipment	-

More information about the changed accounting policy can be found on page 16.

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-in-figures/definitions and in the Annual Report 2018. 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 3/31 2019, SEK m	Consolidated balance sheet	Deductions related to Patricia Industries	Investor's gross cash	Group 12/31 2018, SEK m	Consolidated balance sheet	Deductions related to Patricia Industries	Investor's gross cash
Other financial investments	8 044	-160	7 884	Other financial investments	2 998	-152	2 845
Cash, bank and				Cash, bank and
short-term investments	10 341	-5 074	5 267	short-term investments	13 918	-5 470	8 449
Gross cash	18 385	-5 234	13 151	Gross cash	16 916	-5 622	11 294

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 3/31 2019, SEK m	Consolidated balance sheet	Deductions related to Patricia Industries	Investor's gross debt	Group 12/31 2018, SEK m	Consolidated balance sheet	Deductions related to Patricia Industries	Investor's gross debt
Receivables included				Receivables included
in net debt	2 526	-	2 526	in net debt	1 841	-	1 841
Loans	-69 873	34 455	-35 418	Loans	-67 711	33 244	-34 467
Provision for				Provision for
pensions	-991	893	-98	pensions	-962	863	-98
Gross debt	-68 337	35 348	-32 990	Gross debt	-66 832	34 108	-32 724

Net debt

Gross debt less gross cash at Balance Sheet date.

-11 294
32 724
21 430

Total assets

The net of all assets and liabilities not included in net debt.

Group 3/31 2019, SEK m	Consolidated balance sheet	Deductions related to non controlling interest	Investor's net asset value	Group 12/31 2018, SEK m	Consolidated balance sheet	Deductions related to non controlling interest	Investor's net asset value
Equity	357 826	-155	357 671	Equity	327 690	-182	327 508
Investor's net debt			19 839	Investor's net debt			21 430
Total assets			377 509	Total assets			348 938

Net debt ratio (leverage)

Net debt ratio or leverage is defined as Net debt/Net cash as a percentage of total assets.

Group 3/31 2019, SEK m	Investor's net asset value	Net debt ratio	Group 12/31 2018, SEK m	Investor's net asset value	Net debt ratio
Investor's net debt	19 839		Investor's net debt	21 430
Total assets	377 509	=5.3%	Total assets	348 938	= 6.1%

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.

Group 3/31 2019, SEK m	Investor's net asset value	Net asset value/SEK per share	Group 12/31 2018, SEK m	Investor's net asset value	Net asset value/SEK per share
Investor's reported net asset value	357 671		Investor's reported net asset value	327 508
Number of shares, excluding own shares	765 066 348	=468	Number of shares, excluding own shares	765 066 348	= 428

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.

Group 3/31 2019, SEK m	Investor's net asset value	Net asset value/SEK per share	Group 12/31 2018, SEK m	Investor's net asset value	Net asset value/SEK per share
Investor's adjusted net asset value	406 892		Investor's adjusted net asset value	372 004
Number of shares, excluding own shares	765 066 348	=532	Number of shares, excluding own shares	765 066 348	= 486

Patricia Industries, key figures overview1)

	Q1 2019	FY 2018	Q4 2018	Q3 2018	Q2 2018	Q1 2018	FY 2017	Q4 2017	Q3 2017	Q2 2017	Q1 2017
Mölnlycke (EUR m)
Sales	374	1 452	392	351	359	350	1 443	368	345	365	366
Sales growth	7	1	7	2	-1	-4	1	-1	-2	1	6
Organic growth, constant currency, %	4	3	6	2	3	2	2	2	1	1	5
EBITDA	107	418	109	99	108	101	400	109	94	100	98
EBITDA, %	28.7	28.8	27.9	28.3	30.2	28.9	27.7	29.6	27.2	27.3	26.9
EBITA2)	92	372	99	83	99	92	355	97	78	90	89
EBITA, % Operating cash flow	24.7 58	25.6 374	25.2 133	23.7 93	27.5 83	26.1 65	24.6 326	26.3 128	22.7 96	24.8 57	24.4 45
Net debt	1 296	1 193	1 193	1 211	1 264	1 073	1 084	1 084	1 204	841	891
Employees	7 850	7 895	7 895	7 795	7 715	7 650	7 570	7 570	7 735	7 740	7 475
Permobil (SEK m)
Sales	1 005	4 162	1 120	1 062	1 065	915	3 649	1 048	860	905	837
Sales growth	10	14	7	24	18	9	9	12	2	10	14
Organic growth, constant currency, %	0	1	-2	1	5	5	4	9	3	1	5
EBITDA	198	780	257	192	202	129	692	203	192	160	137
EBITDA, %	19.7	18.8	22.9	18.1	19.0	14.1	19.0	19.4	22.3	17.7	16.4
EBITA2)	151	634	220	156	165	93	558	169	158	126	105
EBITA, %	15.0	15.2	19.7	14.7	15.5	10.2	15.3	16.1	18.4	13.9	12.5
Operating cash flow	196	649	233	196	122	98	605	181	144	151	128
Net debt Employees	3 262 1 575	3 088 1 565	3 088 1 565	2 621 1 590	2 799 1 700	2 682 1 660	2 141 1 620	2 141 1 620	2 015 1 390	2 166 1 375	2 384 1 355
Laborie (USD m) Sales	48	181	51	50	47	33	134	36	32	32	34
Sales growth, %	46	35	43	56	45	-3	9	13	8	8	7
Organic growth,
constant currency, %	7	7	6	15	11	-6	5	7	3	5	7
EBITDA	10	22	14	13	-4	0	29	7	7	9	7
EBITDA, % EBITA2)	21.2 9	12.4 19	27.1 13	26.0 12	-9.5 -5	-0.2 -1	21.6 26	18.7 6	21.6 6	27.3 8	19.2 6
EBITA, %	19.4	10.6	25.4	24.3	-11.4	-2.1	19.5	15.7	19.8	25.3	17.6
Operating cash flow	-1	-20	2	1	-24	0	23	5	5	8	5
Net debt	295	278	278	272	267	67	57	57	60	65	68
Employees	645	580	580	640	675	495	470	470	475	440	435
Piab) (SEK m)
Sales	312	1 255	335	312	309	299	1 028	293	243	251	241
Sales growth, % Organic growth,	4	22	14	28	23	24	32	38	27	29	34
constant currency, %	-2	9	5	6	10	15	16	18	17	9
EBITDA	104	354	101	93	83	78	289	66	80	75	68
EBITDA, %	33.4	28.2	30.0	29.7	26.9	26.0	28.1	22.4	32.9	29.9	28.2
EBITA2)	94	338	96	89	79	74	275	62	77	72	65
EBITA, % Operating cash flow	30.2 73	26.9 216	28.8 78	28.4 22	25.6 75	24.7 41	26.8 245	21.2 83	31.6 62	28.6 69	26.8 31
Net debt	1 105	1 064	1 064	1 132	1 123	1 640	1 525	1 525	1 451	1 507	1 197
Employees	470	465	465	475	475	460	425	425	395	385	370
Sarnova4) (USD m)
Sales	162	597	150	144	148	155	555	142	135	137	140
Sales growth, %	5	8	5	6	8	11	10	14	8	9	9
Organic growth, constant currency, %	2	7	5	6	8	10	9	13	7	8	9
EBITDA	19	69	17	16	18	18	61	16	14	15	17
EBITDA, %	11.5	11.6	11.5	11.1	11.9	11.8	11.1	11.3	10.0	11.1	11.8
EBITA2)	17	64	16	15	16	18	57	15	12	14	16
EBITA, %	10.2	10.7	10.6	10.2	10.6	11.4	10.3	10.8	8.5	10.5	11.3
Operating cash flow	10	49	7	15	7	20	29	6	10	9	4
Net debt Employees	332 645	307 620	307 620	305 605	314 605	316 675	328 605	328 605	327 595	326 605	326 590
BraunAbility (USD m)
Sales	161	646	180	167	168	131	531	135	154	132	110
Sales growth, %	23	22	33	9	27	19	17	17	25	15	10
Organic growth,
constant currency, %	5	15	17	3	22	20	1	2	11	-4	-8
EBITDA EBITDA, %	14 8.5	45 7.0	8 4.6	11 6.8	16 9.4	10 7.4	36 7.0	9 6.5	13 8.2	9 7.1	5 4.4
EBITA2)	10	40	7	10	15	9	29	6	11	8	4
EBITA, %	6.4	6.2	3.6	6.0	8.7	6.5	5.5	4.3	7.5	6.3	3.5
Operating cash flow	-4	55	15	17	31	-7	27	9	17	3	-2
Net debt	225	195	195	50	55	68	58	58	66	82	84
Employees	1 670	1 685	1 685	1 575	1 530	1 295	1 310	1 310	1 335	1 320	1 300

	Q1	FY	Q4	Q3	Q2	Q1	FY	Q4	Q3	Q2	Q1
	2019	2018	2018	2018	2018	2018	2017	2017	2017	2017	2017
Vectura (SEK m)
Sales	54	233	70	64	56	44	208	53	56	54	45
Sales growth, %	23	12	32	14	3	-2	13	8	9	8	30
EBITDA	35	142	37	46	36	23	134	32	39	39	25
EBITDA, %	64.5	60.8	52.2	72.3	65.6	51.7	64.5	60.4	69.3	71.8	54.9
EBITA adjusted2)	16	58	10	28	17	3	48	6	19	17	6
EBITA, %	30.4	24.7	14.7	43.4	31.0	5.7	23.0	10.7	33.8	32.1	12.9
Operating cash flow	-216	-298	-103	-10	-59	-127	-194	-11	-105	-38	-41
Net debt	2 392	2 166	2 166	2 013	1 999	1 917	1 809	1 809	1 656	1 549	1 496
Real estate, market value		5 911					5 040
Employees	21	22	22	21	22	18	17	17	17	19	18
Aleris5) (SEK m)
Sales	1 531	5 778	1 532	1 265	1 504	1 476	5 542	1 466
Sales growth, %	4	4	4
Organic growth,
constant currency, %	2	1	0
EBITDA	222	139	-60	-3	103	99	350	46
EBITDA, %	14.5	2.4	-3.9	-0.2	6.9	6.7	6.3	3.2
EBITA2)	132	-77	-117	-59	51	48	128	-11
EBITA, %	8.6	-1.3	-7.6	-4.7	3.4	3.2	2.3	-0.8
Operating cash flow	-5	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Net debt	1 794	344	344	n/a	n/a	n/a	n/a	n/a
Employees	3 350	3 360	3 360	3 390	3 350	3 390	3 410	3 410
Grand Group (SEK m)
Sales	119	603	164	173	163	102	646	170	187	170	120
Sales growth, %	16	-7	-3	-7	-4	-15	2	1	2	-5	13
Organic growth,
constant currency, %	13	-2	-1	3	-1	-13	0	1	-5	-5	13
EBITDA	9	34	11	22	15	-13	55	13	35	15	-7
EBITDA, % EBITA2)	7.2 -22	5.7 -5	6.5 0	12.6 12	9.2 6	-13.1 -23	8.5 24	7.8 2	18.5 28	8.6 8	-6.1 -14
EBITA, %	-18.4	-0.8	0.2	7.0	3.4	-22.6	3.7	1.4	14.9	4.7	-11.7
Operating cash flow	-31	-42	-33	0	18	-27	-52	-43	25	-8	-25
Net debt	964	4	4	-28	-30	-14	-42	-42	-79	-56	-65
Employees	505	380	380	345	345	305	355	355	355	350	330
Three Scandinavia
Sales Sweden, SEK m	2 465 1 599	10 728 7 004	2 602 1 606	2 744 1 779	2 720 1 819	2 662 1 800	11 444 7 723	3 035 2 028	2 795 1 880	2 804 1 930	2 811 1 885
Denmark, DKK m	622	2 707	719	691	651	647	2 865	756	713	672	724
EBITDA	948	1 899	-613	852	838	822	2 639	200	783	831	825
Sweden, SEK m	648	1 025	-804	603	601	625	2 280	524	568	584	604
Denmark, DKK m	216	634	137	178	171	147	292	-239	168	190	172
EBITDA, %	38.5	17.7	-23.6	31.0	30.8	30.9	23.1	6.6	28.0	29.6	29.3
Sweden	40.5	14.6	-50.0	33.9	33.0	34.7	29.5	25.8	30.2	30.2	32.1
Denmark	34.7	23.4	19.1	25.8	26.3	22.8	10.2	-31.6	23.6	28.3	23.8
Net debt, SEK m	6 960	3 253	3 253	3 193	3 862	4 341	4 101	4 101	3 803	4 452	729
Employees	1 890	1 975	1 975	1 955	1 960	1 980	2 070	2 070	2 050	2 075	2 105
Financial Investments (SEK m)
Net asset value, beginning of
period	7 277	7 164	7 959	8 029	7 608	7 164	10 024	7 289	7 900	9 219	10 024
Investments	61	266	53	119	50	44	397	239	57	59	41
Divestments/distribution	-41	-765	-411	-139	-71	-143	-1 736	-352	-584	-500	-299
Changes in value	418	611	-324	-49	441	543	-1 519	-12	-84	-877	-546
Net asset value, end of period	7 714	7 277	7 277	7 959	8 029	7 608	7 164	7 164	7 289	7 900	9 219

For information regarding Alternative Performance Measures in the table, see page 16. Definitions can be found on Investor's website.

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

Consolidated as of June 14, 2018.

Consolidated as of April 4, 2018.

Pro forma excluding Aleris Care. Pro forma balance sheet items not available for historical periods.

Valuation methodology

Listed Core Investments	Share price (bid) for the class of shares held by Investor, with the exception of Saab and Electrolux 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 Financial investments	Reported value based on the equity method. As supplementary information, subsidiaries are also presented at estimated market values, mainly based on valuation multiples for relevant listed peers and indices. New investments valued at invested amount during the first 18 months following the acquisition. Unlisted holdings at multiple or third-party valuation, listed shares at share price (bid).
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 Core Investments 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-inclass. 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.

Engaged ownership

We are an engaged, long-term owner that actively supports the building and development of best-in-class companies. Through substantial ownership and board representation, we drive the initiatives that we believe will create the most value for each individual company. Ultimately, this creates value for our shareholders and thus society as a whole.

Investment philosophy

Our investment philosophy is "buy-to-build", and to develop our companies over time, as long as we see further value creation potential. Our goal is for our companies to maintain or achieve best-in-class positions, and for all of them to outperform peers and reach full potential.

Our operating priorities

Grow net asset value

To achieve attractive net asset value growth, we own high-quality companies and are an engaged owner, supporting our companies to achieve profitable growth. We strive to allocate our capital wisely.

Operate efficiently

We maintain cost discipline to remain efficient and in order to maximize our operating cash flow.

Pay a steadily rising dividend

Our dividend policy is to distribute a large percentage of the dividends received from our listed core investments, as well as to make a distribution from other net assets corresponding to a yield in line with the equity market. The goal is to pay a steadily rising dividend.

Our financial targets

Return requirement

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

Leverage policy

Our target leverage range is 5-10 percent (net debt/reported total assets) over a business cycle. While leverage can fluctuate above and below the target level, it should not exceed 25 percent for any longer period of time. Our leverage policy allows us to capture investment opportunities and to support our companies.

Sustainability

We have a long tradition of being a responsible owner and company. We firmly believe that sustainability is a prerequisite for creating long-term value.