Interim Management Statement January-September 2018

Highlights during the third quarter

Adjusted net asset value*, based on estimated market values for the major subsidiaries and partner-owned investments within Patricia Industries, amounted to SEK 420,572 m. (SEK 550 per share) on September 30, 2018. Adjusted net asset value increased by SEK 26,402 m., or 7 percent during the quarter.
Reported net asset value1)* amounted to SEK 372,371 m. (SEK 487 per share) on September 30, 2018, an increase of SEK 24,514 m., or 7 percent, during the quarter.
Listed Core Investments generated a total return* of 9 percent.
Based on estimated market values, the value of Patricia Industries, excluding cash, increased by 2 percent during the quarter.
Reported sales growth for the major subsidiaries (including Piab and Sarnova pro forma) amounted to 14 percent, of which 3 percent organic in constant currency. Reported EBITA grew by 13 percent.
The value of Investor's investments in EQT decreased by 2 percent in constant currency. Net cash flow to Investor amounted to SEK 338 m.

Financial information, year to date 2018

Adjusted net asset value growth and reported net asset value growth, including dividend added back, amounted to 12 percent and 13 percent, respectively.
Contribution to reported net asset value amounted to SEK 36,109 m. (35,504), of which; Listed Core Investments SEK 40,583 m. (43,602), Patricia Industries SEK 4,700 m. (-121) and EQT SEK 2,358 m. (1,774). Investor's total dividend amounted to SEK 9,178 m.
Leverage* (net debt/reported total assets) was 4.9 percent on September 30, 2018 (3.5).
Consolidated net sales for the period was SEK 30,510 m. (25,430). Consolidated profit/loss was SEK 42,816 m. (SEK 56.01 basic earnings per share), compared to SEK 45,314 m. (SEK 59.28 basic earnings per share) for the same period 2017.

		Total return
	NAV (%)**	Investor B (%)	SIXRX (%)
Q3 2018	7.0	12.6	6.9
YTD	13.5	12.1	11.3
1 year	13.8	4.2	8.3
5 years	16.3	19.4	12.7
10 years	13.8	16.1	13.5
20 years	10.7	12.5	10.1
	**Reported NAV, incl. dividend added back
			9/30 2018
Adjusted NAV, SEK per share*			550
	Reported NAV, SEK per share*		487
Share price (B-share), SEK			410.70

* Financial measures that are not defined or specified in the applicable financial reporting framework. For more information, see page 18 and 26. 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 third quarter, our adjusted net asset value grew by 7 percent, while our total shareholder return was 13 percent. The SIXRX return index increased by 7 percent.

Agility and competitive offering key in all environments

Having enjoyed a period of supportive macroeconomic development, judging by various leading indicators, it seems that we might be entering a softer demand environment. It is therefore critical that our companies are agile and flexible to successfully handle different demand situations, while maintaining focus on attractive long-term opportunities.

Important activities within Listed Core Investments

With a total return of 9 percent, Listed Core Investments outperformed the Swedish stock market.

Business activity in the portfolio remained high. The U.S. Air Force awarded Boeing a USD 9.2 bn. order for the development of the T-X trainer aircraft, which will benefit Saab as a risk-sharing partner of Boeing. Atlas Copco acquired the cryogenic business of Brooks Automation, strengthening its offering within the Vacuum Technique business area. Ericsson was awarded an important 5G order. Husqvarna announced that it will further increase focus and efforts on its core brands while taking decisive steps to resolve the underperforming Consumer Brands division. Nasdaq announced a bid for Swedish fintech company Cinnober to strengthen its position as one of the leading market infrastructure technology providers. Wärtsilä is reorganizing its operations in order to more efficiently serve its two end markets, energy and marine.

Profit growth in Patricia Industries

Based on adjusted market values, the value of Patricia Industries, excluding cash, increased by 2 percent during the quarter.

Reported sales growth for the major subsidiaries (including Piab and Sarnova pro forma) amounted to 14 percent, with organic growth of 3 percent in constant currency. EBITA grew 13 percent.

Mölnlycke reported organic growth of 2 percent in constant currency, with Wound Care growing at 4 percent. Emerging Markets remained the key growth driver. Underlying profitability was in line with last year. The roll-out of the new Mepilex® Border Flex dressing continues, with launches in the U.S. and UK during the quarter. The initial market reception has been positive.

Permobil grew 1 percent organically in constant currency, while profitability was lower than last year, partly explained by increasing operating expenses, which the company is taking measures to address.

Our two new subsidiaries, Sarnova and Piab, both reported organic growth of 6 percent in constant currency. In Sarnova, profit grew faster than sales. Piab reported a 28 percent EBITA margin, impacted by acquisitions as well as increased sales and marketing costs.

Laborie's organic sales growth remained strong at 15 percent and the integration of the recently acquired Cogentix Medical is progressing well. It is encouraging to see profitability returning to more normal levels.

Aleris reported organic sales growth of 1 percent in constant currency. Profitability improved in Care, but was lower than last year in Healthcare.

After the end of the quarter, Aleris announced the divestiture of its Care business, which offers high-quality services and has high user satisfaction. With its full focus on care, we believe that the buyer Ambea will be a good new home for Aleris Care. Following the divestiture, Aleris will become a pure healthcare services provider. To sustainably improve operations, focus will be on turning Healthcare Sweden around, developing the digital platform Doktor24, as well as adapting and managing the new contracts with lower prices for radiology services in Stockholm that will come into effect during the first quarter 2019. Upon closing of the transaction, Aleris plans to reduce its net debt by approximately SEK 2.65 bn.

We support EQT's decision to review options

The reported value change on our investments in EQT was -2 percent in constant currency. Adjusting for a sharp value decline in the listed Chinese holding LBX during the quarter, the value of our investments increased slightly in constant currency. Net cash flow to Investor amounted to SEK 0.3 bn.

In September, EQT communicated its decision to review various options of how to strengthen its balance sheet. We support this decision.

Financial flexibility remains high

Our balance sheet remains strong, with leverage at the low end of our 5-10 percent target range over a business cycle. In the quarter, Investor issued a 12-year EUR 500 m. bond with an all-in fixed interest rate of 1.52 percent and bought back parts of the 2021 bond, thereby increasing financial flexibility and extending the maturity profile.

Solid platform for long-term value creation

Our focus remains on contributing to strong operational performance in our existing companies. The strategic priorities to grow net asset value, operate efficiently and pay a steadily rising dividend, remain firm. By successfully executing on this strategy, continuing to generate strong cash flow, and by building great, sustainable businesses for the long-term, we strive to generate an attractive total return for you, dear fellow shareholders.

Johan Forssell

Net asset value overview

			Reported values			5) Adjusted values
	Number of shares	Ownership 1) capital/votes (%)	Share of total assets (%)	Contribution to net asset value, SEK m.	Value, SEK m.2)	Value, SEK m.2)	Value, SEK m.	Value, SEK m.
	9/30 2018	9/30 2018	9/30 2018	YTD 2018	9/30 2018	12/31 2017	9/30 2018	12/31 2017
Listed Core Investments3)
7) Atlas Copco	207 645 611	16.9/22.3	14	1 923	53 089	72 877	53 089	72 877
ABB	232 165 142	10.7/10.7	13	-207	49 103	50 891	49 103	50 891
SEB	456 198 927	20.8/20.8	12	4 221	45 303	43 705	45 303	43 705
AstraZeneca	51 587 810	4.1/4.1	9	8 140	36 261	29 302	36 261	29 302
Sobi	107 594 165	39.4/39.4	7	15 935	27 985	12 051	27 985	12 051
7) Epiroc	207 645 611	17.1/22.7	5	1 985	20 583	-	20 583	-
Ericsson	239 901 348	7.2/22.5	5	6 648	19 148	11 737	19 148	11 737
Wärtsilä	104 599 632	17.7/17.7	5	616	18 133	18 013	18 133	18 013
Nasdaq	19 394 142	11.8/11.8	4	2 672	14 737	12 268	14 737	12 268
Saab	32 778 098	30.0/39.5	4	1 800	14 652	13 033	14 652	13 033
Electrolux	47 866 133	15.5/30.0	2	-3 020	9 394	12 613	9 394	12 613
Husqvarna	97 052 157	16.8/33.0	2	-52	7 416	7 542	7 416	7 542
Total Listed Core Investments			81	40 5834)	315 805	284 030	315 805	284 030
Patricia Industries Subsidiaries		Total exposure (%)
Mölnlycke9)		99	5	2 854	20 044	19 681	60 300	58 637
Permobil9)		98	1	-17	4 687	4 402	9 852	8 784
Piab9)		96	1	-96	5 415	-	5 5118)	-
BraunAbility		95	1	338	3 258	2 921	4 628	3 002
Sarnova		86	1	82	4 561	-	4 4798)	-
Laborie		98	1	161	4 863	4 492	3 872	4 6578)
Vectura		100	1	9	2 561	2 552	2 870	2 902
Aleris		100	1	83	3 122	3 008	2 464	3 493
Grand Group		100	0	-5	191	197	467	701
			12	3 410	48 703	37 252	94 443	82 176
3 Scandinavia		40/40	1	539	4 527	4 197	6 987	7 758
Financial Investments			2	929	7 959	7 164	7 959	7 164
Total Patricia Industries excl. cash			16	4 7004)	61 189	48 614	109 389	97 099
Total Patricia Industries incl. cash					71 191	67 982	119 391	116 467
EQT			5	2 3584)	18 377	16 165	18 377	16 165
Other Assets and Liabilities			-1	-11 5326)	-3 8646)	-323	-3 864	-323
Total Assets excl. cash Patricia Industries
Gross debt*			100		391 506 -32 742	348 486 -31 123	439 706 -32 742	396 971 -31 123
Gross cash*					13 608	18 899	13 608	18 899
Of which Patricia Industries					10 002	19 368	10 002	19 368
Net debt					-19 135	-12 224	-19 135	-12 224
Net Asset Value				36 109	372 371	336 262	420 572	384 747
Net Asset Value per share					487	440	550	503

Calculated in accordance with the disclosure 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. The subsidiaries and the partner-owned investments within Patricia Industries are reported according to the acquisition method and equity method respectively.

Valued according to the class of share held by Investor, with the exception of Saab and Electrolux, for which the most actively traded class of share is used.

Including management costs, of which Listed Core Investments SEK 77 m., Patricia Industries SEK 177 m., EQT SEK 6 m. and Groupwide SEK 79 m.

As supplementary information, major wholly-owned subsidiaries and partner-owned investments within Patricia Industries are presented at estimated market values.

Including dividend to shareholders of SEK 9,178 m. SEK 6,119 m. was paid in May 2018 and SEK 3,059 m. is reported as liabilities within other assets and liabilities.

On the Annual General Meeting on April 24, 2018 the shareholders in Atlas Copco decided to distribute Epiroc. The first day of trading was June 18, 2018. SEK 18,598 m. has been transferred from the value of Atlas Copco to the value of Eprioc on the date of the distribution.

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

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.

Valuation methodology
Listed Core Investments	Share price (bid) for the class of shares held by Investor
Patricia Industries
Subsidiaries	Reported value based on the acquisition method.
	The estimated market values are 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 are valued at invested amount during the first 18 months following the acquisition.
Partner-owned investments	Reported value based on the equity method.
	The estimated market values are mainly based on valuation mulitples for relevant listed peers and indices. New investments are valued at invested amount during the first 18 months following the acquisition.
Financial investments	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 – valuation overview

In addition to reported values, which are in accordance with IFRS, Investor provides estimated market values of 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 3 Scandinavia.

While the estimated market values might not necessarily reflect our view of the intrinsic values, they reflect how the stock market values similar companies.

The estimated market values are mainly based on valuation multiples, typically Enterprise Value (EV)/LTM1) 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 by Patricia Industries' share of capital.

Operating profit is adjusted to reflect, for example, pro forma effects of closed add-on acquisitions and certain nonrecurring 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.

Investments made less than 18 months ago are valued at the invested amount.

1) Last twelve months

Patricia Industries – valuation overview

	Estimated market value, Patricia Industries' 9/30, 2018	Comments
Subsidiaries
Mölnlycke	60 300	Applied EV/reported LTM EBITDA 17.1x
Permobil	9 852	Applied EV/adjusted LTM EBITDA 16.8x
Piab	5 511	Valued at investment amount as the acquisition was made less than 18 months ago
BraunAbility	4 628	Applied EV/adjusted LTM EBITDA 11.9x
Sarnova	4 479	Valued at investment amount as the acquisition was made less than 18 months ago
Laborie	3 872	Applied EV/adjusted LTM EBITDA 18.8x. Adjustments have been made for costs related to the acquisition of Cogentix due to its transformative nature. The acquisition of Cogentix will be valued at acquisition cost during the integration period
Vectura	2 870	Valuation mainly based on the estimated market value of the property portfolio
Aleris	2 464	Applied EV/adjusted LTM EBITDA 12.8x
Grand Group	467	Applied EV/reported LTM EBITDA 11.9x
Partner-owned investments
3 Scandinavia	6 987	Applied EV/adjusted LTM EBITDA 6.5x. Adjustment related to one-time impact from Danish VAT ruling during the fourth quarter 2017
Financial Investments	7 959	Unlisted holdings at multiple or third-party valuation, listed shares at share price (bid)
Total	109 389

Overview

Net asset value

During the nine-month period 2018, reported net asset value increased from SEK 336.3 bn. to SEK 372.4 bn. The change in net asset value, with dividend added back, was 13 percent during the period (15), of which 7 percent during the third quarter (1). The corresponding total return of the Stockholm Stock Exchange (SIXRX) was 11 percent and 7 percent respectively.

For balance sheet items, figures in parentheses refer to year-end 2017 figures. For income statement items and cash flow items, the figures in parentheses refer to the same period last year.

Net debt

Net debt* totaled SEK 19,135 m. on September 30, 2018 (12,224), corresponding to leverage of 4.9 percent (3.5).

Investor's net debt

SEK m.	YTD 2018
Opening net debt	-12 224
Listed Core Investments
Dividends	8 238
Other capital distributions	1 661
Investments, net of proceeds	-1 013
Management cost	-77
Total	8 808
Patricia Industries
Proceeds	3 175
Investments	-10 834
Internal transfer to Investor	-1 580
Management cost	-177
1) Other	50
Total	-9 366
EQT
Proceeds (divestitures, fee surplus and carry)	2 706
Drawdowns (investments and management fees)	-2 553
Management costs	-6
Total	146
Investor groupwide
Dividend to shareholders	-6 119
Internal transfer from Patricia Industries	1 580
Management cost	-79
2) Other	-1 882
Closing net debt	-19 135

Incl. currency related effects and net interest paid.

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

Performance by business area in summary

Q3 2018	Listed Core	Patricia		Investor
SEK m.	Investments	Industries	EQT	Groupwide	Total
Dividends	735	10	47	-1	791
Other operating income		2			2
Changes in value	24 108	149	-500	40	23 797
Net sales		11 016	0	0	11 016
Management cost	-26	-59	-2	-24	-111
Other profit/loss items		-9 782	-1	-110	-9 894
Profit/loss for the period	24 817	1 334	-456	-95	25 600
Non-controlling interest		5		0	5
Other effects on equity		-843	-235	-14	-1 092
Contribution to net asset value	24 817	497	-691	-109	24 514

Net asset value by business area 9/30 2018
Carrying amount	315 805	61 189	18 377	-3 864	391 506
Investor's net debt/cash		10 002		-29 137	-19 135
Total net assets including net debt/cash	315 805	71 191	18 377	-33 001	372 371
Q3 2017	Listed Core	Patricia		Investor
SEK m.	Investments	Industries	EQT	Groupwide	Total
Dividends	834	-5	3	0	832
Other operating income		2			2
Changes in value	3 431	188	352	10	3 981
Net sales		8 303			8 303
Management cost	-23	-47	-2	-23	-95
Other profit/loss items		-7 497	-1	-153	-7 650
Profit/loss for the period	4 242	945	352	-165	5 373
Non-controlling interest		4			4
Other effects on equity		-844	-147	-44	-1 035
Contribution to net asset value	4 242	105	205	-209	4 343
Net asset value by business area 9/30 2017
Carrying amount	285 857	47 656	13 981	22	347 517
Investor's net debt/cash		19 377		-31 313	-11 936
Total net assets including net debt/cash	285 857	67 034	13 981	-31 291	335 581

Listed Core Investments

Listed Core Investments contributed to the net asset value with SEK 40,583 m. during the nine-month period 2018 (43,602), of which SEK 24,817 m. during the third quarter (4,242).

Read more at www.investorab.com under "Our Investments" >>

Contribution to net asset value, Listed Core Investments

SEK m.	Q3 2018	YTD 2018	YTD 2017
Changes in value	24 108	32 422	36 245
Dividends	735	8 238	7 428
Management cost	-26	-77	-71
Total	24 817	40 583	43 602

The combined total return amounted to 15 percent during the nine-month period 2018, of which 9 percent during the third quarter.

Dividends

Dividends received totaled SEK 8,238 m. during the ninemonth period 2018 (7,428), of which SEK 735 m. during the third quarter. In total, we expect to receive approximately SEK 8.6 bn. in dividends during 2018.

Redemption program

In the second quarter 2018, a redemption program was carried out in Atlas Copco, in which Investor sold 207,645,611 redemption rights for SEK 1,661 m. in total.

Contribution to net asset value and total return

		Q3 2018			YTD 2018
	Value. SEK m.	Contribution to net asset value, SEK m.	Total return 1) Investor (%)	Contribution to net asset value, SEK m.	Total return Investor1) (%)
Atlas Copco	53 089	-750	-1.4	1 923	3.7
ABB	49 103	3 645	8.0	-207	0.1
SEB	45 303	6 503	16.8	4 221	10.6
AstraZeneca	36 261	4 154	12.8	8 140	28.6
Sobi	27 985	6 999	33.4	15 935	132.2
Epiroc	20 583	1 318	6.8	1 985	10.7
Ericsson	19 148	2 619	15.9	6 648	57.7
Wärtsilä	18 133	76	0.4	616	3.2
Nasdaq	14 737	-1 047	-6.7	2 672	21.7
Saab	14 652	2 468	20.3	1 800	14.1
Electrolux	9 394	-347	-3.6	-3 020	-24.3
Husqvarna	7 416	-795	-9.7	-52	-0.7
Total	315 805	24 843		40 660

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

Investments and divestments

Third quarter

No investments or divestments were made.

Earlier during the year

19,554,000 shares were purchased in Ericsson for SEK 1,002 m.

A provider of electrification products, robotics and motion, industrial automation and power grids	www.abb.com
A global, innovation-driven, integrated biopharmaceutical company	www.astrazeneca.com
A provider of compressors, vacuum solutions and air treatment systems, construction equipment, power tools and assembly systems	www.atlascopco.com
A provider of household appliances and appliances for professional use	www.electrolux.com
A productivity partner for the mining, infrastructure and natural resoucres industries.	www.epiroc.com
A provider of communication technologies and services	www.ericsson.com
A provider of outdoor power products, consumer watering products, cutting equipment and diamond tools	www.husqvarnagroup.com
A provider of trading, exchange technology, information and public company services	www.nasdaq.com
A provider of products, services and solutions for military defense and civil security	www.saabgroup.com
A financial services group with the main focus on the Nordic countries, Germany and the Baltics	www.sebgroup.com
A specialty healthcare company developing and delivering innovative therapies and services to treat rare diseases	www.sobi.com
A provider of complete lifecycle power solutions for the marine and energy markets	www.wartsila.com

Listed Core Investments

Patricia Industries contributed to the net asset value with SEK 4,700 m. during the nine-month period 2018 (-121), of which SEK 497 m. during the third quarter (105).

Investments, divestments and distributions

Investments totaled SEK 443 m. during the quarter. Divestments totaled SEK 129 m.

For information regarding Alternative Performance Measures related to Patricia Industries and its investments, see page 18. Definitions can be found on Investor's website.

Major subsidiaries, performance 1)

Patricia Industries, net cash

SEK m.	Q3 2018	YTD 2018	YTD 2017
Beginning of period	10 429	19 368	14 389
Net cash flow	-304	-7 659	7 222
Internal transfer to Investor	-	-1 580	-1 605
1) Other	-122	-127	-629
End of period	10 002	10 002	19 377

Includes currency related effects, net interest and management cost.

Patricia Industries, reported net asset value

SEK m.	Q3 2018	YTD 2018	YTD 2017
Beginning of period	60 313	48 614	54 806
Investments	443	10 839	158
Divestments	-129	-343	-1 376
Distributions	-12	-2 833	-6 011
Changes in value	574	4 913	80
End of period	61 189	61 189	47 656
Total, incl. cash	71 191	71 191	67 034

Patricia Industries, contribution to reported net asset value

SEK m.	Q3 2018	YTD 2018	YTD 2017
Changes in value	574	4 913	80
Management cost	-59	-177	-166
Other items	-18	-36	-35
Total	497	4 700	-121

Q3 2018
SEK m.	Sales	EBITDA	EBITDA %	2) EBITA	EBITA, %	Operating cash flow
Mölnlycke	3 653	1 033	28	867	24	964
Permobil	1 062	192	18	156	15	196
Piab	312	93	30	89	28	22
BraunAbility	1 493	103	7	91	6	148
Sarnova	1 294	144	11	133	10	132
Laborie	446	111	26	103	24	2
Vectura	64	46	72	28	43	-10
Aleris	2 545	102	4	40	2	-79
Grand Group	173	22	13	12	7	0
Total	11 043	1 847	17	1 518	14	1 376
Reported growth y/y, %	14	12		13
Organic growth, y/y, %	3

Major subsidiaries, performance1)

YTD 2018

SEK m.	Sales	EBITDA	EBITDA, %	2) EBITA	EBITA, %	Operating cash flow
Mölnlycke	10 854	3 161	29	2 798	26	2 463
Permobil	3 042	524	17	414	14	416
Piab	919	253	28	241	26	138
BraunAbility	3 995	317	8	286	7	343
Sarnova	3 832	445	12	413	11	362
Laborie	1 116	73	7	53	5	-193
Vectura	163	105	64	47	29	-195
Aleris	8 063	373	5	194	2	109
Grand Group	438	24	5	-5	-1	-9
Total	32 422	5 274	16	4 440	14	3 435
Reported growth y/y, %	9	8		7
Organic growth, y/y, %	4

This table presents the performance of the major subsidiaries within Patricia Industries. Smaller subsidiaries and internal eliminations not included.

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

Activities during the quarter

Organic sales growth amounted to 2 percent in constant currency. Wound Care grew by 4 percent and Surgical was flat. Emerging Markets and parts of Europe were key growth drivers, while the U.S. was flat.
Profitability was negatively impacted by non-cash costs related to a write-down of distribution real estate in Belgium. Adjusted for these costs, the EBITA margin was approximately 2 percentage points higher.
The roll-out of Mepilex® Border Flex continues, with the product launched in the U.S. and UK during the quarter. The initial market response has been positive.

Key figures, Mölnlycke

Income statement items,		2018		2017	Last 12
EUR m.	Q3	YTD	Q3	YTD	months
Sales	351	1 060	345	1 076	1 428
Sales growth, %	2	-1	-2	2
Organic growth, constant
currency, %	2	2	1	2
EBITDA	99	309	94	292	417
EBITDA, %	28	29	27	27	29
EBITA	83	273	78	258	370
EBITA, %	24	26	23	24	26
Balance sheet items, EUR m.		9/30 2018	12/31 2017
Net debt		1 211		1 084
		2018		2017
Cash flow items, EUR m.	Q3	YTD	Q3	YTD
EBITDA	99	309	94	292
Change in working capital	2	-38	10	-59
Capital expenditures	-8	-30	-8	-35
Operating cash flow	93	241	96	198
Acquisitions/divestments	-19	-20	-	-6
Shareholder
contribution/distribution	-	-250	-450	-450
Other1)	-21	99	-8	-36
Increase(-)/decrease(+) in net debt	53	-128	-362	-295
					Last 12
Key ratios					months
Working capital/sales, %					13
Capital expenditures/sales, %					3
		9/30 2018		9/30 2017
Number of employees		7 795		7 735

Includes effects of exchange rate changes, interest and tax.

Activities during the quarter

Organic sales growth amounted to 1 percent in constant currency, with no major difference between business areas and regions.
The EBITA margin declined compared to last year, explained by increasing operating expenses, costs related to the CEO transition and an asset disposal loss. Activities are ongoing to address the cost base.
Permobil acquired a minority stake in Bellpal, a start-up providing a service to predict and alert falls among wheelchair users and other groups with greater risk of fall-related injuries. The service is delivered via a wrist-watch, and Permobil intends to distribute the watch globally.

Key figures, Permobil

Income statement items,		2018		2017	Last 12
SEK m.	Q3	YTD	Q3	YTD	months
Sales	1 062	3 042	860	2 601	4 090
Sales growth, %	24	17	2	9
Organic growth, constant
currency, %	1	3	3	3
EBITDA	192	524	192	489	727
EBITDA, %	18	17	22	19	18
EBITA	156	414	158	389	583
EBITA, %	15	14	18	15	14
Balance sheet items, SEK m.	9/30 2018 12/31 2017
Net debt		2 621
		2018		2017
Cash flow items, SEK m.	Q3	YTD	Q3	YTD
EBITDA	192	524	192	489
Change in working capital	11	-56	-34	23
Capital expenditures	-7	-51	-13	-88
Operating cash flow	196	416	144	423
Acquisitions/divestments	-	-549	-69	-69
Shareholder
contribution/distribution	-	-	-	-
1) Other	-19	-348	75	131
Increase(-)/decrease(+) in net debt	178	-480	150	486

Key ratios					Last 12 months
Working capital/sales, %					16
Capital expenditures/sales, %					2
		9/30 2018	9/30 2017
Number of employees		1 590		1 390

Activities during the quarter

Organic sales growth amounted to 6 percent in constant currency, with all regions contributing to growth.
Compared to last year, the EBITA margin was impacted by a change in product mix following acquisitions and increased costs for sales and marketing.
The integration of the previously acquired company Kenos is progressing well with strong sales growth, supported by the launch of a new line of gripping solutions for collaborative robots.

Key figures, Piab1)

Income statement items,		2018		2017	Last 12
SEK m.	Q3	YTD	Q3	YTD	months
Sales	312	919	243	735	1 212
Sales growth, %	28	25	27	30
Organic growth, constant currency, %	6	10	17	15
EBITDA	93	253	80	223	319
EBITDA, %	30	28	33	30	26
EBITA	89	241	77	213	304
EBITA, %	28	26	32	29	25
Balance sheet items, SEK m.	9/30 2018		12/31 2017
Net debt	1 132
	2018			2017
Cash flow items, SEK m.	Q3	YTD	Q3	YTD
EBITDA	93	253	80	223
Change in working capital	-64	-93	-13	-46
Capital expenditures	-7	-22	-5	-15
Operating cash flow	22	138	62	162
Acquisitions/divestments	-	-96	-	-5
Shareholder contribution/distribution	-	455	-	-375
2) Other	-31	-104	-6	-57
Increase(-)/decrease(+) in net
debt	-9	393	56	-275
Key ratios					Last 12 months
Working capital/sales, %					15
Capital expenditures/sales, %					3
		9/30 2018		9/30 2017
Number of employees		475		395

Consolidated as of June 14, 2018. Historic financial figures are reported according to Investor AB policy.

Includes effects of exchange rate changes, interest and tax.

Activities during the quarter

Organic sales growth amounted to 3 percent in constant currency.
The EBITA margin was impacted by a charge related to a voluntary product recall.
Investments in supply chain optimization initiatives continue.

Key figures, BraunAbility1)

Income statement items,		2018		2017	Last 12
USD m.	Q3	YTD	Q3	YTD	months
Sales	167	466	154	395	601
Sales growth, %	9	18	25	17
Organic growth, constant
currency, %	3	14	11	0
EBITDA	11	37	13	27	46
EBITDA, %	7	8	8	7	8
EBITA	10	33	11	24	39
EBITA, %	6	7	7	6	7
Balance sheet items, USD m.		9/30 2018	12/31 2017
Net debt		50
		2018	2017
Cash flow items, USD m.	Q3	YTD	Q3	YTD
EBITDA	11	37	13	27
Change in working capital	7	6	5	-6
Capital expenditures	-1	-3	-1	-4
Operating cash flow	17	40	17	17
Acquisitions/divestments	-9	-24	-	-39
Shareholder
contribution/distribution	-	-	-	-
Other2)	-3	-9	-1	-3
Increase(-)/decrease(+) in net debt	5	8	16	-25
					Last 12
Key ratios					months
Working capital/sales, %					13
Capital expenditures/sales, %					1
		9/30 2018		9/30 2017
Number of employees		1 575		1 335

Restated to align with industry practice. Parts of interest-bearing debt have been reclassified as working capital, reducing net debt and interest expenses, while increasing operating expenses.

Activities during the quarter

Organic sales growth amounted to 6 percent in constant currency, driven by strong growth in the Acute Care segment.
Profit growth exceeded sales growth.
Sarnova continues to expand its offering of Curaplex private label products and pre-assembled custom kits with several new product launches in the quarter.
Sarnova continues to invest in additional sales resources, new products, warehouse optimization and online enhancements, including the recently launched Emergency Preparedness website.

Key figures, Sarnova1)

Income statement items,		2018		2017	Last 12
USD m.	Q3	YTD	Q3	YTD	months
Sales	144	447	135	412	589
Sales growth, %	6	8	8	9
Organic growth, constant currency, %	6	8	7	8
EBITDA	16	52	14	45	68
EBITDA, %	11	12	10	11	12
EBITA	15	48	12	42	64
EBITA, %	10	11	9	10	11
Balance sheet items, USD m.		9/30 2018		12/31 2017
Net debt		305		328
		2018		2017
Cash flow items, USD m.	Q3	YTD	Q3	YTD
EBITDA	16	52	14	45
Change in working capital	0	-7	-4	-9
Capital expenditures	-1	-3	0	-13
Operating cash flow	15	42	10	23
Acquisitions/divestments	-	-	-	-
Shareholder
contribution/distribution	-	-	-	-
Other2)	-5	-19	-10	-29
Increase(-)/decrease(+) in net
debt	9	23	0	-6
Key ratios					Last 12 months
Working capital/sales, %					16
Capital expenditures/sales, %					1
		9/30 2018	9/30 2017
Number of employees		605		595

Consolidated as of April 4, 2018. Historic financial figures are reported according to Investor AB policy.

Includes effects of exchange rate changes, interest and tax.

Activities during the quarter

Organic sales growth amounted to 15 percent in constant currency. Growth was driven by strong performance in the urology business.
Profitability improved. Laborie continues to focus on the integration of the recently acquired Cogentix Medical and the restructuring of Laborie's European business.

Key figures, Laborie

Income statement items,		2018		2017	Last 12
USD m.	Q3	YTD	Q3	YTD	months
Sales	50	130	32	98	166
Sales growth, %	56	32	8	7
Organic growth, constant
currency, %	15	7	3	4
EBITDA	13	9	7	22	15
EBITDA, %	26	7	22	23	9
EBITA	12	6	6	21	12
EBITA, %	24	5	20	21	7
Balance sheet items, USD m.		9/30 2018	12/31 2017
Net debt		272		57
		2018		2017
Cash flow items, USD m.	Q3	YTD	Q3	YTD
EBITDA	13	9	7	22
Change in working capital	-8	-22	-1	-1
Capital expenditures	-4	-9	-2	-3
Operating cash flow	1	-22	5	17
Acquisitions/divestments	-	-207	-	-5
Shareholder
contribution/distribution	-	25	-	-
Other1)	-6	-11	0	-5
Increase(-)/decrease(+) in net
debt	-5	-215	5	7
Key ratios					Last 12 months
Working capital/sales, %					7
Capital expenditures/sales, %					8
		9/30 2018	9/30 2017
Number of employees		640		475

Read more at www.vecturafastigheter.se >>

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

Activities during the quarter

Sales growth amounted to 14 percent, partly driven by the elderly care facility in Sundbyberg that was opened in March 2018.
The EBITA margin increased due to growth in rental income and leverage on the cost base.
Vectura was awarded a land allocation by the city of Stockholm for the development of an office building with a lifescience profile in Hagastaden. The building will be 25,000 square meters and is expected to be opened in 2024. Vectura initiated construction of an elderly care and elderly housing facility in Sigtuna, to be operated by Aleris.

Key figures, Vectura

Income statement items,		2018		2017	Last 12
SEK m.	Q3	YTD	Q3	YTD	months
Sales	64	163	56	154	216
Sales growth, %	14	6	9	14
EBITDA	46	105	39	102	137
EBITDA, %	72	64	69	66	63
EBITA adjusted1)	28	47	19	42	53
EBITA adjusted, %	43	29	34	27	25
EBITA	18	18	13	25	18
EBITA, %	28	11	24	16	9
Balance sheet items, SEK m.	9/30 2018 12/31 2017
Net debt	2 013 1 809
	2018			2017
Cash flow items, SEK m.	Q3	YTD	Q3	YTD
EBITDA	46	105	39	102
Change in working capital	41	24	37	57
Capital expenditures	-98	-325	-180	-342
Operating cash flow	-10	-195	-105	-183
Acquisitions/divestments	-	0	-1	-1
Shareholder
contribution/distribution	-	-	-	-
Other2)	-4	-9	-1	-16
Increase(-)/decrease(+) in net
debt	-14	-204	-106	-200
		9/30 2018		9/30 2017
Number of employees		21		17

EBITA adjusted for depreciation of surplus values related to properties. Includes effects of interest and tax.

Activities during the quarter

Organic sales growth amounted to 1 percent in constant currency.
Profitability continued to improve in Care. Margins in Healthcare declined, primarily as a result of continued investments in the digital platform Doktor 24 and certain underperforming units, mainly in Sweden.
Within Healthcare, as part of the ongoing restructuring initiatives, Aleris has decided to focus its offering in Stockholm through closure and consolidation of certain units.
Within Care, Aleris opened its first LSS home in Sweden.
After the end of the quarter, Aleris signed an agreement to divest its Care segment to Ambea. Care reported sales of SEK 5,081 m. for the 12-month period ending September 30, 2018. Reported EBITDA and EBITA, including restructuring costs, amounted to SEK 163 m. and SEK 127 m. respectively. The transaction is subject to approval by the competition authorities and is expected to close in the second quarter 2019 at the latest. Upon closing, Aleris plans to reduce net debt by approximately SEK 2,650 m.
Following the divestiture, Aleris will be a pure healthcare services provider. For the 12-month period ending September 30, 2018, reported sales within Healthcare amounted to SEK 5,712 m. Reported EBITDA and EBITA, including restructuring costs, amounted to SEK 245 m. and SEK 29 m. respectively. Going forward, focus will be on turning Healthcare Sweden around, developing the digital platform Doktor24, as well as adapting and managing the new contracts with lower prices for radiology services in Stockholm that will come into effect during the first quarter 2019.

Key figures, Aleris

Income statement items,		2018		2017	Last 12
SEK m.	Q3	YTD	Q3	YTD	months
Sales	2 545	8 063	2 408	7 715	10 793
Sales growth, %	6	5	2	7
Organic growth, constant
currency, %	1	2	1	1
EBITDA	102	373	136	437	408
EBITDA, %	4	5	6	6	4
EBITA	40	194	77	253	156
EBITA, %	2	2	3	3	1
Balance sheet items, SEK m.		9/30 2018	12/31 2017
Net debt		2 791
	2018			2017
Cash flow items, SEK m.	Q3	YTD	Q3	YTD
EBITDA	102	373	136	437
Change in working capital	-96	-42	-142	-131
Capital expenditures	-84	-221	-50	-173
Operating cash flow	-79	109	-56	132
Acquisitions/divestments	-	-18	-20	-56
Shareholder
contribution/distribution	-	-	-	-
1) Other	3	-285	-65	-136
Increase(-)/decrease(+) in net
debt	-76	-194	-141	-60
Key ratios					Last 12 months
Working capital/sales, %					-2
Capital expenditures/sales, %					2

		9/30 2018		9/30 2017

Number of employees 8 450 8 765

Read more at www.grandhotel.se and www.lydmar.com >>

The Grand Group offers Lodging, Food & Beverage as well as Conference & Banqueting, and consists of Scandinavia's leading hotels Grand Hôtel and Lydmar Hotel

Activities during the quarter

Underlying sales growth amounted to 3 percent, mainly driven by Grand Hôtel lodging. Reported growth of -7 percent was impacted by a change in the accounting for commissions from online bookings and from a one-time payment from the real estate owner Vectura last year.
The EBITA margin declined, mainly due to the one-time payment which positively impacted results last year. Depreciation levels increased following the investments in Vinterträdgården and room renovations.
After the end of the quarter, the Grand Group closed the acquisition of Hotel Drottning Kristina, which will undergo renovations and be re-opened under a new name in 2019.

Key figures, Grand Group

Income statement items,		2018		2017	Last 12
SEK m.	Q3	YTD	Q3	YTD	months
Sales	173	438	187	476	608
Sales growth, %	-7	-8	2	2
EBITDA	22	24	35	42	37
EBITDA, %	13	5	19	9	6
EBITA	12	-5	28	22	-3
EBITA, %	7	-1	15	5	0
Balance sheet items, SEK m.		9/30 2018	12/31 2017
Net debt		-28		-42
		2018	2017
Cash flow items, SEK m.	Q3	YTD	Q3	YTD
EBITDA	22	24	35	42
Change in working capital	-10	15	18	10
Capital expenditures	-12	-48	-28	-61
Operating cash flow	0	-9	25	-9
Acquisitions/divestments	-	-	-	-
Shareholder
contribution/distribution	-	-	-	-
Other1)	-2	-5	-2	-1
Increase(-)/decrease(+) in net debt	-2	-14	23	-10
					Last 12
Key ratios					months
Working capital/sales, %					-6
Capital expenditures/sales, %					12
		9/30 2018	9/30 2017
Number of employees		345		355

Includes effects of interest and tax.

Activities during the quarter

The subscription base increased by 15,000 during the quarter, primarily driven by continued strong momentum for the Hallon and Oister brands.
Service revenue increased by 1 percent compared to the same period last year, supported by appreciation of the DKK.
EBITDA was positively impacted by the change in accounting principles stipulated by IFRS 15. Excluding this change, EBITDA decreased by 1 percent compared to the same period last year, negatively impacted by the VAT ruling in Denmark.
Apple XS and Apple XS Max were successfully launched in September. In Denmark, Three has introduced completely new products from the fastest-growing smartphone brand Xiaomi.

Key figures, 3 Scandinavia

		2018		1) 2017	Last 12
Income statement items	Q3	YTD	Q3	YTD	months
Sales, SEK m.	2 744	8 126	2 795	8 410	11 161
Sweden, SEK m.	1 779	5 398	1 880	5 695	7 426
Denmark, DKK m.	691	1 988	713	2 109	2 744
Service revenue2), SEK m.	1 687	4 974	1 685	5 071	6 626
Sweden, SEK m.	1 073	3 202	1 118	3 338	4 283
Denmark, DKK m.	439	1 291	443	1 345	1 723
EBITDA,SEK m.	852	2 512	783	2 439	2 712
Sweden, SEK m.	603	1 828	568	1 756	2 352
Denmark, DKK m.	178	497	168	530	258
EBITDA, %	31	31	28	29	24
Sweden	34	34	30	31	32
Denmark	26	25	24	25	9
Balance sheet items, SEK m.		9/30 2018	12/31 2017
Net debt		3 193
		9/30 2018		9/30 2017
Number of employees		1 955		2 050
Key ratios					Last 12 months
Capital expenditures/sales, %					12
Other key figures		9/30 2018		9/30 2017
Subscriptions		3 370 000		3 304 000
Sweden		2 020 000		2 003 000
Denmark		1 350 000		1 301 000

Postpaid/prepaid ratio		70/30		74/26

Not restated according to IFRS 15.

Mobile service revenue excluding interconnect revenue.

Financial Investments

Financial Investments consists 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.

Activities during the quarter

A follow-on investment of SEK 109 m. was made in Atlas Antibodies. The holding in Mattersight was fully exited.

Change in net asset value, Financial Investments

SEK m.	Q3 2018	YTD 2018	YTD 2017
Net asset value, beginning of period	8 029	7 164	10 024
Investments	119	213	158
Divestments/distributions	-139	-353	-1 384
Changes in value	-49	935	-1 508
Net asset value, end of period	7 959	7 959	7 289

As of September 30, 2018, European, U.S. and Asian holdings represented 22, 55, and 23 percent of the total value of the Financial Investments, respectively.

30 percent of the net asset value of the Financial Investments is represented by investments in publicly listed companies.

Patricia Industries – key figures overview1)

Five largest Financial investments, September 30, 2018

Company	Region	Business	Listed/ unlisted	Reported value SEK m.
NS Focus	Asia	IT	Listed	1 599
Madrague	Europe	Hedge fund Unlisted		833
Neuronetics	U.S	Healthcare	Listed	509
Acquia	U.S.	IT	Unlisted	422
Atlas Antibodies	Europe	Healthcare	Unlisted	382
Total				3 745

The five largest investments represented 47 percent of the total value of the Financial Investments.

	Q3	Q2	Q1	FY	Q4	Q3	Q2	Q1	FY	Q4	Q3
	2018	2018	2018	2017	2017	2017	2017	2017	2016	2016	2016
Mölnlycke (EUR m.)
Sales	351	359	350	1 443	368	345	365	366	1 429	372	350
EBITDA	99	108	101	400	109	94	100	98	428	111	109
EBITDA, %	28	30	29	28	30	27	27	27	30	30	31
EBITA2)	83	99	92	355	97	78	90	89	392	101	100
EBITA, %	24	28	26	25	26	23	25	24	27	27	29
Net debt	1 211	1 264	1 073	1 084	1 084	1 204	841	891	909	909	712
Employees	7 795	7 715	7 650	7 570	7 570	7 735	7 740	7 475	7 505	7 505	7 485
Permobil (SEK m.)
Sales	1 062	1 065	915	3 649	1 048	860	905	837	3 335	939	844
EBITDA	192	202	129	692	203	192	160	137	682	206	176
EBITDA, %	18	19	14	19	19	22	18	16	20	22	21
EBITA2)	156	165	93	558	169	158	126	105	552	172	144
EBITA, %	15	15	10	15	16	18	14	13	17	18	17
Net debt	2 621	2 799	2 682	2 141	2 141	2 015	2 166	2 384	2 501	2 501	2 364
Employees	1 590	1 700	1 660	1 620	1 620	1 390	1 375	1 355	1 375	1 375	1 375
3) (SEK m.) Piab
Sales	312	309	299	1 028	293	243	251	241
EBITDA	93	83	78	289	66	80	75	68
EBITDA, %	30	27	26	28	22	33	30	28
EBITA2)	89	79	74	275	62	77	72	65
EBITA, %	28	26	25	27	21	32	29	27
Net debt	1 132	1 123	1 640	1 525	1 525	1 451	1 507	1 197
Employees	475	475	460	425	425	395	385	370
BraunAbility (USD m.)
Sales	167	168	131	531	135	154	132	110	454	116	123
EBITDA	11	16	10	36	9	13	9	5	40	9	12
EBITDA, %	7	9	7	7	7	8	7	4	9	7	9
EBITA2)	10	15	9	29	6	11	8	4	36	8	10
EBITA, %	6	9	7	6	4	7	6	3	8	7	8
Net debt	50	55	68	58	58	66	82	84	42	42	76
Employees	1 575	1 530	1 295	1 310	1 310	1 335	1 320	1 300	1 075	1 075	1 075

	Q3	Q2	Q1	FY	Q4	Q3	Q2	Q1	FY	Q4	Q3
	2018	2018	2018	2017	2017	2017	2017	2017	2016	2016	2016
Sarnova4) (USD m.)
Sales	144	148	155	555	142	135	137	140
EBITDA	16	18	18	61	16	14	15	17
EBITDA, %	11	12	12	11	11	10	11	12
EBITA2)	15	16	18	59	15	12	14	16
EBITA, %	10	11	11	11	11	9	11	11
Net debt	305	314	316	328	328	327	326	326
Employees	605	605	675	605	605	595	605	590
Laborie (USD m.)
Sales	50	47	33	134	36	32	32	34	123	31	30
EBITDA	13	-4	0	29	7	7	9	7	23	5	6

EBITDA, % EBITA2)	26	-9	0	22	19	22	27	19	19	14	20
	12	-5	-1	26	6	6	8	6	20	4	5
EBITA, %	24	-11	-2	19	16	20	25	18	17	12	18
Net debt	272	267	67	57	57	60	65	68	67	67	-42
Employees	640	675	495	470	470	475	440	435	425	425	410
Vectura (SEK m.)
Sales	64	56	44	208	53	56	54	45	184	49	51
EBITDA	46	36	23	134	32	39	39	25	115	30	35
EBITDA, %	72	66	52	65	60	69	72	55	62	60	68
EBITA2)	18	8	-7	25	0	13	11	0	10	2	8
EBITA, %	28	14	-16	12	0	24	21	1	5	4	17
Net debt	2 013	1 999	1 917	1 809	1 809	1 656	1 549	1 496	1 456	1 456	1 422
Employees	21	22	18	17	17	17	19	18	16	16	17
Aleris (SEK m.)
Sales	2 545	2 787	2 730	10 445	2 730	2 408	2 643	2 664	9 896	2 662	2 355
EBITDA	102	140	131	472	36	136	149	155	494	122	96
EBITDA, %	4	5	5	5	1	6	6	6	5	5	4
EBITA2)	40	81	73	215	-38	77	85	91	288	63	39

EBITA, %	2	3	3	2	-1	3	3	3	3	2	2
Net debt	2 791	2 715	2 694	2 597	2 597	2 644	2 503	2 611	2 584	2 584	2 739
Employees	8 450	8 370	8 390	8 665	8 665	8 765	8 755	8 915	8 690	8 690	8 585
Grand Group (SEK m.)
Sales	173	163	102	646	170	187	170	120	635	168	183
EBITDA	22	15	-13	55	13	35	15	-7	51	10	26
EBITDA, %	13	9	-13	9	8	19	9	-6	8	6	14
EBITA2)	12	6	-23	24	2	28	8	-14	24	2	20
EBITA, %	7	3	-23	4	1	15	5	-12	4	1	11
Net debt	-28	-30	-14	-42	-42	-79	-56	-65	-89	-89	-126
Employees	345	345	305	355	355	355	350	330	360	360	360
3 Scandinavia
Sales	2 744	2 720	2 662	11 444	3 035	2 795	2 804	2 811	11 480	2 933	2 714
Sweden, SEK m.	1 779	1 819	1 800	7 723	2 028	1 880	1 930	1 885	7 374	1 915	1 816
Denmark, DKK m.	691	651	647	2 865	756	713	672	724	3 242	783	703
EBITDA	852	838	822	2 639	200	783	831	825	3 063	821	810
Sweden, SEK m.	603	601	625	2 280	524	568	584	604	2 255	580	591
Denmark, DKK m.	178	171	147	292	-239	168	190	172	633	185	171
EBITDA, %	31	31	31	23	7	28	30	29	27	28	30
Sweden	34	33	35	30	26	30	30	32	31	30	33
Denmark	26	26	23	10	-32	24	28	24	20	24	24
Net debt, SEK m.	3 193	3 862	4 341	4 101	4 101	3 803	4 452	729	1 372	1 372	1 101
Employees	1 955	1 960	1 980	2 070	2 070	2 050	2 075	2 105	2 160	2 160	2 060

Financial Investments (SEK m.)
Net asset value, beginning of
period	8 029	7 608	7 164	10 024	7 289	7 900	9 219	10 024	12 850	10 293	10 717
Investments	119	50	44	397	239	57	59	41	611	155	146
Divestments/distribution	-139	-71	-143	-1 736	-352	-584	-500	-299	-2 368	-447	-546
Changes in value	-49	441	543	-1 519	-12	-84	-877	-546	-1 070	21	-23
Net asset value, end of period	7 959	8 029	7 608	7 164	7 164	7 289	7 900	9 219	10 24	10 024	10 293

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

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

Consolidated as of June 14, 2018. Historic financial figures are reported according to Investor AB policy.

Consolidated as of April 4, 2018. Historic financial figures are reported according to Investor AB policy.

Our investments in EQT contributed to the net asset value with SEK 2,358 m. during the nine-month period 2018 (1,774), of which SEK -691 m. during the third quarter (205).

Activities during the quarter

Net cash flow to Investor amounted to SEK 338 m.
In constant currency, the value change of Investor's investments in EQT was -2 percent. The reported value change was -4 percent.
Investor's total outstanding commitments to EQT funds amounted to SEK 14.5 bn. as of September 30, 2018 (16.6).
EQT communicated that it has initiated a review of various options of how to develop EQT into an even more global, longterm sustainable business, including options to further strengthen its balance sheet.
EQT VI divested Sportradar.
EQT VIII acquired SUSE and Saxo Payments Banking Circle.
EQT Infrastructure acquired SAUR Group and divested Tampnet.
EQT Mid Market Asia invested in China Shine.
EQT Real Estate acquired Allee Center in Germany.

Change in net asset value, EQT

SEK m.	Q3 2018	YTD 2018	YTD 2017
Net asset value, beginning of period	19 406	16 165	13 996
Contribution to net asset value (value change)	-691	2 358	1 774
Drawdowns (investments, manage ment, fees and management cost)	1 076	2 560	1 632
Proceeds to Investor (divestitures, fee surplus and carry)	-1 414	-2 706	-3 421
Net asset value, end of period	18 377	18 377	13 981

Investor's investments in EQT, September 30, 2018

	Fund size EUR m.	Investor's share (%)	Investor's remaining commitment SEK m.	Reported value SEK m.
1) Fully invested funds	20 344		1 747	10 947
EQT VII	6 817	5	1 358	2 747
EQT VIII	10 750	5	5 647
EQT Infrastructure III	4 000	5	1 211	1 119
EQT Credit
Opportunities III	1 272	10	1 135	148
2) EQT Ventures	461	11	271	347
EQT Midmarket Asia
III	630	27	1 363	494
EQT Midmarket US	616	30	377	1 444
EQT Midmarket
Europe	1 616	9	1 043	530
EQT Real Estate I	420	16	320	374
EQT new funds
EQT AB		19		227
Total	46 925		14 473	18 377

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

	Q3	Q2	Q1	FY	Q4	Q3	Q2	Q1	FY	Q4	Q3
SEK m.	2018	2018	2018	2017	2017	2017	2017	2017	2016	2016	2016
Reported value	18 377	19 406	16 794	16 165	16 165	13 891	14 116	13 956	13 996	13 996	13 300
Reported value change, %	-4	11	7	22	10	1	6	5	15	4	2
Value change, constant currency, %	-2	9	3	21	7	3	6	5	10	4	0
Drawdowns from Investor	1 076	1 088	396	3 781	2 149	872	414	345	2 864	976	942
Proceeds to Investor	1 414	383	910	4 757	1 336	1 212	1 160	1 050	3 874	873	1 141
Net cash flow to Investor	338	-705	514	976	-813	340	745	704	1 010	-104	199

Group

Net debt

Net debt totaled SEK 19,135 m. on September 30, 2018 (12,224). Debt financing of the subsidiaries within Patricia Industries is arranged on an independent, ring-fenced basis and hence not included in Investor's net debt. Within Patricia Industries, Investor guarantees SEK 0.7 bn. of 3 Scandinavia's external debt, but this is 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, 9/30 2018

SEK m.	Consolidated balance sheet	Deductions related to Patricia Industries	Investor's net debt
Other financial investments	4 096	-133	3 963
Cash, bank and short
term investments	14 929	-5 284	9 644
Receivables included
in net debt	1 706	-	1 706
Loans	-65 707	31 349	-34 359
Provision for pensions	-908	819	-90
Total	-45 885	26 750	-19 135

Investor's gross cash amounted to SEK 13,608 m. as of September 30, 2018 (18,899). The short-term investments are invested conservatively, taking into account the riskadjusted return profile. Gross debt, excluding pensions for Investor, amounted to SEK 32,653 m. as of September 30, 2018 (31,030).

The average maturity of Investor AB's debt portfolio was 10.6 years on September 30, 2018 (9.9), excluding the debt of Mölnlycke, Laborie, Aleris, Permobil, BraunAbility, Grand Group, Vectura, Sarnova and Piab.

A 12-year EUR 500 m. bond was issued during the quarter, while EUR 230 m. of the 2021 bond was bought back.

Cash and cash equivalents include an amount of SEK 59 m. (CNY 46 m.) that is only available for use within China. An application has been submitted to SAFE for regulatory approval to transfer the funds out of China.

Debt maturity profile, 9/30 2018

Net financial items, YTD 2018

SEK m.	Group - Net financial items	Deductions related to Patricia Subsidiaries	Investor's net financial items
Interest income	24	-20	4
Interest expenses	-1 377	606	-771
Results from revaluation of loans, swaps and short-term
investments	-6	-55	-60
Foreign exchange result	-463	-87	-550
Other	34	-68	-34
Total	-1 787	377	-1 411

The Investor share

The price of the A-share and B-share was SEK 409.80 and SEK 410.70 respectively on September 30, 2018, compared to SEK 367.50 and SEK 374.10 on December 31, 2017.

The total shareholder return amounted to 12 percent during the nine-month period 2018 (21), of which 13 percent during third quarter (-1).

The total market capitalization of Investor, adjusted for repurchased shares, was SEK 313,928 m. as of September 30, 2018 (284,048).

Share capital

Investor's share capital amounted to SEK 4,795 (4,795) m. on September 30, 2018.

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 September 30, 2018, Investor owned a total of 2,118,426 of its own shares (2,392,938). The net decrease in holdings of own shares is attributable to the purchase of own shares and transfer of shares and options within Investor's long-term variable remuneration program.

Other

Events after the end of the quarter

On October 16, 2018, Patricia Industries' wholly-owned subsidiary Aleris announced that it has signed an agreement to divest its Care segment to Ambea. For the 12-month period ending September 30, 2018, Aleris Care reported sales of SEK 5,081 m., EBITDA of SEK 163 m. and EBITA of SEK 127 m. The transaction is subject to approval by relevant competition authorities and is expected to close during the second quarter 2019 at the latest. Following the divestiture, Aleris will be a pure healthcare services provider. Upon closing, Aleris plans to reduce its net debt by approximately SEK 2,650 m.

Dividend to shareholders

The Annual General Meeting 2018 approved the proposal of the Board of Directors of a dividend of SEK 12.00 per share for fiscal year 2017 (11.00). The dividend amounted to SEK 9,178 m. in total, whereof SEK 6,119 m. was paid on May 11, 2018 and SEK 3,059 m. is presented within Other Assets and Liabilities in the Net asset value overview until it is paid on November 11, 2018.

Acquisitions (business combinations)

Investor's acquisition of Piab

On June 14, 2018, Patricia Industries, a part of Investor AB, acquired shares corresponding to 89 percent of the votes in the Swedish company Piab Group AB. Piab is a leading gripping and moving solutions company that develops and manufactures a complete line of products such as vacuum pumps and ejectors, suction cups and vacuum conveyors

used for gripping and moving applications in automated manufacturing and logistics processes. With its broad network of seasoned industrialists and experience within the engineering sector, Patricia Industries is well positioned to support Piab in its progress. The consideration amounted to SEK 4,713 m. and was paid in cash.

In the preliminary purchase price allocation, goodwill amounts to SEK 3,640 m. The goodwill recognized for the acquisition corresponds to Piab's position, with support from Patricia Industries, to increase penetration in existing markets and broadening of the product portfolio.

Investor's acquisition of Sarnova

On April 4, 2018, Patricia Industries, a part of Investor AB, acquired 86 percent of the leading U.S. healthcare product specialty distributor Sarnova Holdings, Inc. With its longterm value creation objectives and experience within both healthcare products and services, Patricia Industries is well positioned to support Sarnova in its progress. The consideration amounted to SEK 4,297 m. and was paid in cash.

In the preliminary purchase price allocation, goodwill amounts to SEK 4,117 m. The goodwill recognized for the acquisition corresponds to Sarnova's position, with support from Patricia Industries, to further strengthen its capacity to serve their customers, vendors and employees and fulfill its mission to save and improve patients' lives.

Laborie's acquisition

On April 23, 2018, Laborie completed the acquisition of Cogentix Medical, a global medical technology company that provides proprietary, innovative technologies to a number of specialty markets including urology. The acquisition significantly strengthens Laborie's product offering within urology diagnostics and therapeutics and also adds channel scale. The consideration amounted to SEK 2,083 m. and was paid using cash and debt.

In the preliminary purchase price allocation, goodwill amounts to SEK 1,119 m. The goodwill recognized for the acquisition corresponds to the complementary strengths of the companies in the field of urology diagnostics and therapeutics.

Other acquisitions

During the quarter Patricia Industries acquired additional shares in Atlas Antibodies. Mölnlycke acquired SastoMed GmbH. The aggregated purchase price amounted to SEK 308 m. and preliminary goodwill amounted to a total of SEK 250 m.

Pledged assets and contingent liabilities

Total pledged assets amount to SEK 14.8 bn. (9.4), of which SEK 11.9 bn. refers to pledged assets in the subsidiaries BraunAbility, Laborie and Sarnova, related to outstanding loans corresponding to SEK 0.8 bn., SEK 2.5 bn. and SEK 3.1 bn.

Three of Investor AB's subsidiaries have historically claimed deductions for certain interest expenses, which have been denied by the tax authorities. The recent appeals to the Administrative Court of Appeal were denied in May 2018. Investor still believes that these deductions have been claimed rightfully and has appealed the decision to the Supreme Administrative Court. However, the costs that were previously reported as other contingent liabilities, SEK 740 m. (740), have now been expensed.

There were no other material changes in contingent liabilities during the period.

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 2018

The new standards IFRS 9 Financial Instruments and IFRS 15 Revenue from Contracts with Customers are applied from January 1, 2018. The new accounting policies are described below. For tables presenting the effects of the new accounting policies, see page 25.

IFRS 9 Financial Instruments has replaced IAS 39 Financial Instruments: Recognition and Measurement. IFRS 9 presents a model for classification and measurement of financial instruments and an expected loss model for the impairment of financial assets and introduces significant changes to hedge accounting.

Classification and measurement of financial assets related to debt instruments is based on the business model for managing the financial asset and the characteristics of the contractual cash flows of the asset. Investments in equity instruments are classified as measured at fair value through profit or loss. Besides some changes in category names, these changes have had no effect on the valuation of Investor's financial assets. The IFRS 9 accounting model for financial liabilities is broadly the same as that in IAS 39.

A loss allowance is recognized for all financial assets classified as measured at amortized cost. This loss allowance is based on expected credit losses and has had no significant impact on the accounting for Investor's financial assets.

IFRS 9 relaxes the requirements for hedge effectiveness and makes it possible to define the currency basis spread as a cost of hedging. Investor applies this definition from January 1, 2018. The currency basis spread is therefore accounted for in Other Comprehensive Income instead of in the financial net as before. It is also accumulated in a separate reserve for hedging costs in equity. There has been no restatement of comparatives.

IFRS 15 Revenue from Contracts with Customers is a new standard for revenue that has replaced all existing standards and interpretations on revenue. Revenue is recognized to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services.

The new standard has not had any significant effect for the Group, neither with regard to the amounts recognized as revenue, nor the timing of when revenue is recognized. Areas most impacted are classification and accrual of dealer commissions. Investor has applied 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, 2018.

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 2017 and on www.investorab.com/investors-media/investorin-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 26. 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 Report may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures.

Financial calendar

Jan. 24, 2019	Year-End Report 2018
Apr. 24, 2019	Interim Management Statement January-March 2019
Jul. 17, 2019	Interim Report January-June 2019
Oct. 18, 2019	Interim Management Statement January-September 2019

Stockholm, October 17, 2018

Johan Forssell President and Chief Executive Officer

For more information:

Helena Saxon, Chief Financial Officer: +46 8 614 2000 [email protected]

Viveka Hirdman-Ryrberg, Head of Corporate Communication and Sustainability: +46 8 614 2058, +46 70 550 3500 [email protected]

Magnus Dalhammar, Head of Investor Relations: +46 8 614 2130, +46 73 524 2130 [email protected]

Address:

Investor AB (publ) (CIN 556013-8298) SE-103 32 Stockholm, Sweden Visiting address: Arsenalsgatan 8C Phone: +46 8 614 2000 Fax: + 46 8 614 2150 www.investorab.com

Ticker codes:

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

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 October 17, 2018.

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.	1/1-9/30 2018	1/1-9/30 2017	7/1-9/30 2018	7/1-9/30 2017
Dividends	8 297	7 510	791	832
Other operating income	5	16	2	2
Changes in value	34 560	37 071	23 797	3 981
Net sales	30 510	25 430	11 016	8 303
Cost of goods and services sold	-19 580	-16 271	-7 048	-5 348
Sales and marketing cost	-3 767	-3 145	-1 375	-1 001
Administrative, research and development and other operating cost	-4 175	-3 010	-1 534	-948
Management cost	-339	-320	-111	-95
Share of results of associates	258	454	120	136
Operating profit/loss	45 768	47 735	25 656	5 862

Net financial items	-1 787	-2 031	136	-352
Profit/loss before tax	43 981	45 704	25 793	5 511

Income taxes	-1 165	-391	-192	-137
Profit/loss for the period	42 816	45 314	25 600	5 373

Attributable to:
Owners of the Parent Company	42 842	45 325	25 606	5 377
Non-controlling interest	-26	-11	-5	-4
Profit/loss for the period	42 816	45 314	25 600	5 373

Basic earnings per share, SEK	56.01	59.28	33.47	7.03
Diluted earnings per share, SEK	55.97	59.22	33.44	7.02

Consolidated Statement of Comprehensive Income, in summary

SEK m.	1/1-9/30 2018	1/1-9/30 2017	7/1-9/30 2018	7/1-9/30 2017
Profit/loss for the period	42 816	45 314	25 600	5 373
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	36	30	0	0
Re-measurements of defined benefit plans	8	-5	8	-17
Items that may be recycled to profit/loss for the period
Cash flow hedges	-480	19	-480	0
Hedging costs	-177	-	-13	-
Foreign currency translation adjustment	2 740	-1 507	-652	-993
Share of other comprehensive income of associates	165	-23	16	-48
Total other comprehensive income for the period	2 291	-1 486	-1 121	-1 057
Total comprehensive income for the period	45 107	43 828	24 479	4 316
Attributable to:
Owners of the Parent Company	45 131	43 841	24 484	4 320
Non-controlling interest	-24	-13	-5	-4
Total comprehensive income for the period	45 107	43 828	24 479	4 316

Consolidated Balance Sheet, in summary

SEK m.	9/30 2018	12/31 2017	9/30 2017
ASSETS
Goodwill	44 933	33 859	34 033
Other intangible assets	24 980	15 966	15 508
Property, plant and equipment	9 881	9 171	8 648
Shares and participations	346 818	311 875	311 832
Other financial investments	4 096	5 389	7 148
Long-term receivables included in net debt	1 702	1 894	1 503
Other long-term receivables	1 856	1 024	1 091
Total non-current assets	434 265	379 179	379 762

Inventories	4 592	3 343	3 418
Shares and participations in trading operation	346	266	182
Short-term receivables included in net debt	4	-	-
Other current receivables	7 391	5 328	5 698
Cash, bank and short-term investments	14 929	20 450	16 878
Total current assets	27 261	29 387	26 176
TOTAL ASSETS	461 526	408 567	405 938
EQUITY AND LIABILITIES
Equity	372 670	336 326	335 640
Long-term interest bearing liabilities	64 088	55 303	53 685
Provisions for pensions and similar obligations	908	865	867
Other long-term provisions and liabilities	10 027	6 362	6 351
Total non-current liabilities	75 023	62 531	60 903

Current interest bearing liabilities	1 620	2 092	2 049
Other short-term provisions and liabilities	12 214	7 617	7 347
Total current liabilities	13 833	9 710	9 396
TOTAL EQUITY AND LIABILITIES	461 526	408 567	405 938

Consolidated Statement of Changes in Equity, in summary

SEK m.	1/1-9/30 2018	1/1-12/31 2017	1/1-9/30 2017
Opening balance	336 326	300 141	300 141
Adjustment for changed accounting policies	108	-	-
Opening balance adjusted for changed accounting policies	336 434	300 141	300 141
Profit for the period	42 816	44 298	45 314
Other comprehensive income for the period	2 291	175	-1 486
Total comprehensive income for the period	45 107	44 473	43 828
Dividend to shareholders	-9 178	-8 411	-8 411
Changes in non-controlling interest	260	21	8
Effect of long-term share-based remuneration	47	101	73
Closing balance	372 670	336 326	335 640
Attributable to:
Owners of the Parent Company	372 371	336 262	335 581
Non-controlling interest	298	64	59
Total equity	372 670	336 326	335 640

Consolidated Cash Flow, in summary

SEK m.	1/1-9/30 2018	1/1-9/30 2017
Operating activities
Dividends received	8 501	7 305
Cash receipts	29 952	24 593
Cash payments	-25 909	-21 406
Cash flows from operating activities before net interest and income tax	12 544	10 491
Interest received/paid	-1 815	-1 683
Income tax paid	-1 101	-404
Cash flows from operating activities	9 628	8 404
Investing activities
Acquisitions	-3 773	-3 109
Divestments	4 695	4 703
Increase in long-term receivables	-980	-
Decrease in long-term receivables	440	1 714
Acquisitions of subsidiaries, net effect on cash flow	-11 848	-497
Increase in other financial investments	-5 633	-11 551
Decrease in other financial investments	6 935	8 110
Net change, short-term investments	227	1 212
Acquisitions of property, plant and equipment	-1 115	-1 109
Proceeds from sale of property, plant and equipment	21	44
Net cash used in investing activities	-11 032	-481
Financing activities
New share issue	30	0
Borrowings	11 387	5 304
Repayment of borrowings	-9 471	-2 917
Repurchases of own shares	-11	-
Dividends	-6 119	-8 411
Net cash used in financing activities	-4 184	-6 024
Cash flows for the period	-5 588	1 899
Cash and cash equivalents at the beginning of the year	16 260	11 250
Exchange difference in cash	330	-292
Cash and cash equivalents at the end of the period	11 0021)	12 8571)

Changes in liabilities arising from financing activities

			Non-cash changes
Group 9/30 2018, SEK m.	Opening balance	Cash flows	Acquisitions	Foreign exchange movements	Fair value changes	Other	Closing balance
Long-term interest bearing liabilities	55 194	3 722	4 525	2 006	-172	-1 299	63 9761)
Current interest bearing liabilities	2 528	-1 793	148	-179	86	864	1 6542)
Long-term financial leases	109	-3	1	8		-4	1121)
Current financial leases	19	-10		1		5	152)
Assets held to hedge long-term liabilities	-1 894				192		-1 7023)
Total liabilities from financing activities	55 957	1 916	4 674	1 836	106	-434	64 055

		Non-cash changes
Group 12/31 2017, SEK m.	Opening balance	Cash flows	Acquisitions	Foreign exchange movements	Fair value changes	Other	Closing balance
Long-term interest bearing liabilities	53 165	4 211		248	-523	-1 907	55 1941)
Current interest bearing liabilities	1 779	-1 482		91	-3	2 143	2 5282)
Long-term financial leases	148	-21		-18			1091)
Current financial leases	16			3			192)
Assets held to hedge long-term liabilities	-2 402				508		-1 8943)
Total liabilities from financing activities	52 706	2 708		325	-18	236	55 957

Included in Balance sheet item Long-term interest bearing liabilities.

Included in Balance sheet item Current interest bearing liabilities and Other short-term provisions and liabilities.

Included in Balance sheet item Long-term receivables included in net debt.

Operating segment

PERFORMANCE BY BUSINESS AREA 1/1-9/30 2018

	Listed Core			Investor
SEK m.	Investments	Patricia Industries	EQT	Groupwide	Total
Dividends	8 238	10	49	0	8 297
1) Other operating income	-	5	-	-	5
Changes in value	32 422	588	1 600	-50	34 560
Net sales	-	30 510	-	-	30 510
Cost of goods and services sold	-	-19 580	-	-	-19 580
Sales and marketing cost	-	-3 767	-	-	-3 767
Administrative, research and development and
other operating cost	0	-4 144	-5	-26	-4 175
Management cost	-77	-177	-6	-79	-339
Share of results of associates	-	346	-	-88	258
Operating profit/loss	40 583	3 790	1 638	-243	45 768
Net financial items	-	-377	-	-1 411	-1 787
Income tax	-	-517	-	-648	-1 165
Profit/loss for the period	40 583	2 896	1 638	-2 301	42 816
Non-controlling interest	-	26	-	0	26
Net profit/loss for the period attributable to the
Parent Company	40 583	2 922	1 638	-2 301	42 842
Dividend to shareholders	-	-	-	-9 178	-9 178
Other effects on equity	-	1 778	720	-53	2 445
Contribution to net asset value	40 583	4 700	2 358	-11 532	36 109
Net asset value by business area 9/30 2018
Carrying amount	315 805	61 189	18 377	-3 864	391 506
Investors net debt/-cash	-	10 002	-	-29 137	-19 135
Total net asset value including net debt/-cash	315 805	71 191	18 377	-33 001	372 371

PERFORMANCE BY BUSINESS AREA 1/1-9/30 2017

	Listed Core			Investor
SEK m.	Investments	Patricia Industries	EQT	Groupwide	Total
Dividends	7 428	2	81	-	7 510
Other operating income1)	-	16	-	-	16
Changes in value	36 245	-884	1 701	9	37 071
Net sales	-	25 430	-	-	25 430
Cost of goods and services sold	-	-16 271	-	-	-16 271
Sales and marketing cost	-	-3 145	-	-	-3 145
Administrative, research and development and
other operating cost	-	-3 002	-3	-5	-3 010
Management cost	-71	-166	-6	-77	-320
Share of results of associates	-	453	-	-	454
Operating profit/loss	43 602	2 434	1 772	-73	47 735
Net financial items	-	-817	-	-1 214	-2 031
Income tax	-	-377	-	-14	-391
Profit/loss for the period	43 602	1 241	1 772	-1 301	45 314
Non-controlling interest	-	11	-	-	11
Net profit/loss for the period attributable to the Parent Company	43 602	1 252	1 772	-1 301	45 325
Dividend to shareholders	-	-	-	-8 411	-8 411
Other effects on equity	-	-1 373	2	-39	-1 411
Contribution to net asset value	43 602	-121	1 774	-9 751	35 504
Net asset value by business area 9/30 2017
Carrying amount	285 857	47 656	13 981	22	347 517
Investors net debt/-cash	-	19 377	-	-31 313	-11 936
Total net asset value including net debt/-cash	285 857	67 034	13 981	-31 291	335 581

Includes interest on loans.

Financial instruments

Except changes due to IFRS 9 as described on page 17 and page 25, 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 29, Financial Instruments, in Investor's Annual Report 2017.

Valuation techniques, level 3

Group 9/30 2018	Fair value, SEK m.	Valuation technique	Input	Range
Shares and participations	23 650	Last round of financing	n.a.	n.a.
		Comparable companies Comparable companies	EBITDA multiples Sales multiples	n.a. 1.3 – 5.0
		Comparable transactions	Sales multiples	3.1 – 11.5
		NAV	n.a.	n.a.
Other financial investments	52	Discounted cash flow	Market interest rate	n.a.
Long-term receivables included in net debt	2 405	Discounted cash flow	Market interest rate	n.a.
Long-term interest bearing liabilities	45	Discounted cash flow	Market interest rate	n.a.
Other provisions and liabilities	2 923	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 70 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 200 m. For the derivatives, a parallel shift of the interest rate curve by one percentage point would affect the value by approximately SEK 1,000 m.

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 9/30 2018, SEK m.	Level 1	Level 2	Level 3	Other1)	amount
Financial assets
Shares and participations	318 492	2	23 650	4 673	346 818
Other financial investments	3 966		52	78	4 096
Long-term receivables included in net debt		278	1 423		1 702
Other long-term receivables			982	874	1 856
Shares and participations in trading operation	346				346
Short-term receivables included in net debt		4			4
Other current receivables		2		7 389	7 391
Cash, bank and short-term investments	11 086			3 843	14 929
Total	333 890	287	26 107	16 858	377 141
Financial liabilities
Long-term interest bearing liabilities		304	45	63 740	64 0882)
Other long-term provisions and liabilities			2 798	7 229	10 027
Short-term interest bearing liabilities		74		1 546	1 620
Other short-term provisions and liabilities	391	29	125	11 670	12 214
Total	391	406	2 967	84 185	87 948

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 67,896 m.

Changes in financial assets and liabilities in Level 3

			Long-term receivables	Long-term	Other long-term
Group 9/30 2018, SEK m.	Shares and participations	Other financial investments	included in net debt	interest bearing liabilities	provisions and liabilities	Other current liabilities
Opening balance	21 383		1 509	45	1 700
Total gain or losses in profit or loss statement
in line Changes in value	2 355			0	-0	-42
in line Net financial items			-86		1 018
Reported in other comprehensive income
in line Foreign currency translation
adjustment	1 032	1	2		85	3
Acquisitions	2 243	51	980		57
Divestments and Settlements	-2 763				-54	-8
Transfer in to Level 3					2	171
Transfer out of Level 3	-6001)				-11
Carrying amount at end of period	23 650	52	2 405	45	2 798	125
Total gains/losses for the period included in profit/loss for instruments held at the end of the period (unrealized results)
Changes in value	151 784		-86	0
Net financial items
Total	151 784		-86	0

The reasons for transfer from level 3 are listing of investment and company becoming a subsidiary.

Revenue from contracts with customers

Group 9/30 2018, SEK m.		Field of operation
	Health care equipment	Health care services	Hotel	Real estate	Gripping and moving solutions	Total
Geografical market:
Sweden	544	3 827	438	19	11	4 839
Scandinavia, excl. Sweden	854	4 339			12	5 205
Europe, excl. Scandinavia	6 011	1			176	6 188
U.S.	11 711				97	11 807
North America, excl. U.S.	461				49	509
South America	426				13	439
Africa	232				2	234
Australia	525				3	528
Asia	701				61	762
Total	21 463	8 167	438	19	422	30 510
Category:
Sales of products	21 271	1			422	21 694
Sales of services	165	8 155	438	17		8 775
Revenues from Leasing	28					28
Other income		12		2		14
Total	21 463	8 167	438	19	422	30 510
Sales channels:
Through distributors	13 571	81	263		232	14 147
Directly to customers	7 893	8 086	175	19	190	16 363
Total	21 463	8 167	438	19	422	30 510
Timing of revenue recognition:
Goods and services transferred at a point of time	21 333	8 167	438		415	30 353
Goods and services transferred over time	131			19	7	157
Total	21 463	8 167	438	19	422	30 510

Effects of changes in accounting policies

From January 1, 2018 Investor applies IFRS 9 Financial Instruments and IFRS 15 Revenue from contracts with customers. Below, tables presenting the effects of the new accounting policies are disclosed. On page 17 the new accounting policies are described.

Effects on equity due to changes in accounting policies:

SEK m.	Reported as per 12/31 2017	Adjustment due to IFRS 9	Adjustment due to IFRS 15	Adjusted as per 1/1 2018
Share capital	4 795			4 795
Other contributed equity	13 533			13 533
Reserves	4 897	3071)		5 203
Retained earnings, including profit/loss for the year	313 036	-307	1082)	312 839
Equity attributable to shareholders of the Parent Company	336 262	0	108	336 371
Non-controlling interest	64			64
Total equity	336 326	0	108	336 434

Adjustment for currency basis spread accounted for as hedging cost from 1/1 2018.

Mainly adjustment for capitalized costs directly connected to obtaining customer contracts.

Balance sheet items affected by changes in accounting policies:

SEK m.	Reported as per 12/31 2017	Adjustment due to IFRS 9	Adjustment due to IFRS 15	Adjusted as per 1/1 2018
Shares and participations	311 875		1082)	311 983
Other current receivables	5 328	1) 0		5 328
Equity	336 326	0	108	336 434

Increased loss allowance for expected credit losses.

Increase in shares and participations in associates due to the effect of changed accounting policy in 3 Scandinavia.

IFRS 9 Financial Instruments

Effects on measurement categories and carrying amounts determined under IAS 39 and new measurement categories and carrying amounts determined under IFRS 9:

	Reported as per 12/31 2017 under IAS 39				Adjustment due to IFRS 9		Adjusted as per 1/1 2018 under IFRS 9
Category	Fair value option	Held for trading	Derivatives used in hedge accounting	Financial assets available for-sale	Loans and receivables			Hold to collect	Other
Measurement			Fair value through profit/loss	Fair value through Other Compre hensive Income	Amortized cost	Total carrying amount		Amortized cost	Fair value through profit/loss	Total carrying amount
Assets, SEK m.
Shares and participations	307 520			2	14	307 535			307 535	307 535
Other financial investments	5 286				104	5 389		104	5 286	5 389
Long-term receivables included in net debt			1 894			1 894			1 894	1 894
Other long-term receivables					321	321		155	166	321
Shares and participations in trading operation		266				266			266	266
Other current receivables		14			4 570	4 584	0	4 570	14	4 584
Cash, bank and short-term investments	20 450					20 450		8 037	12 413	20 450

IFRS 15 Revenue from Contracts with Customers

Investor applies IFRS 15 prospectively and have 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. Below Net sales and Cost of goods and services sold are disclosed for the period 1/1-9/30 2018 both as determined under IFRS 15 and as determined under previous accounting policies.

SEK m.	1/1-9/30 2018
Reported Net sales	30 510
Adjustment due to IAS 18
Increase due to reclassification of dealer commissions	75
Adjusted Net sales under previous standard	30 585
Reported Cost of goods and services sold	-19 580
Adjustment due to IAS 18
Increase due to reclassification of dealer commissions	-75
Adjusted Cost of goods and services sold under previous standard	-19 655

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 2017. 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 9/30 2018, SEK m.	Consolidated balance sheet	Deductions related to Patricia Industries	Investor's gross cash	Group 12/31 2017, SEK m.	Consolidated balance sheet	Deductions related to Patricia Industries	Investor's gross cash
Other financial				Other financial
investments	4 096	-133	3 963	investments	5 389	-139	5 251
Cash, bank and				Cash, bank and
short-term investments	14 929	-5 284	9 644	short-term investments	20 450	-6 802	13 648
Gross cash	19 025	-5 418	13 608	Gross cash	25 839	-6 940	18 899

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 9/30 2018, SEK m.	Consolidated balance sheet	Deductions related to Patricia Industries	Investor's gross debt	Group 12/31 2017, SEK m.	Consolidated balance sheet	Deductions related to Patricia Industries	Investor's gross debt
Receivables included				Receivables included
in net debt	1 706	-	1 706	in net debt	1 894	-	1 894
Loans	-65 707	31 349	-34 359	Loans	-57 396	24 472	-32 924
Provision for pensions	-908	819	-90	Provision for pensions	-865	773	-93
Gross debt	-64 910	32 168	-32 742	Gross debt	-56 367	25 245	-31 123

Net debt

Gross debt less gross cash at Balance Sheet date.

Group 9/30 2018, SEK m.		Group 12/31 2017, SEK m.
Investor's gross cash	-13 608	Investor's gross cash	-18 899
Investor's gross debt	32 742	Investor's gross debt	31 123
Investor's net debt	19 135	Investor's net debt	12 224

Total assets

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

Group 9/30 2018, SEK m.	Consolidated balance sheet	Deductions related to non controlling interest	Investor's net asset value	Group 12/31 2017, SEK m.	Consolidated balance sheet	Deductions related to non controlling interest	Investor's net asset value
Equity Investor's net debt	372 670	-298	372 371 19 135	Equity Investor's net debt	336 326	-64	336 262 12 224
Total assets			391 506	Total assets			348 486

Net debt ratio (leverage)

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

Group 9/30 2018, SEK m.	Investor's net asset value	Net debt ratio	Group 12/31 2017, SEK m.	Investor's net asset value	Net debt ratio
Investor's net debt	19 135	=4.9%	Investor's net debt	12 224	= 3.5%
Total assets	391 506		Total assets	348 486

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 9/30 2018, SEK m.	Investor's net asset value	Net asset value/SEK per share	Group 12/31 2017, SEK m.	Investor's net asset value	Net asset value/SEK per share
Investor's reported net asset value	372 371		Investor's reported net asset value	336 262
Number of shares, excluding own shares	765 056 604	=487	Number of shares, excluding own shares	764 782 092	= 440

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 9/30 2018, SEK m.	Investor's net asset value	Net asset value/SEK per share	Group 12/31 2017, SEK m.	Investor's net asset value	Net asset value/SEK per share
Investor's adjusted net asset value Number of shares, excluding own shares	420 572 765 056 604	=550	Investor's adjusted net asset value Number of shares, excluding own shares	384 747 764 782 092	= 503

AI Terminal

Investor AB

2931_10-q_2018-10-17_b1260f38-2561-44d6-b632-3a116b967b08.pdf

Interim Management Statement January-September 2018

Highlights during the third quarter

Financial information, year to date 2018

CEO statement

Agility and competitive offering key in all environments

Important activities within Listed Core Investments

Profit growth in Patricia Industries

We support EQT's decision to review options

Financial flexibility remains high

Solid platform for long-term value creation

Net asset value overview

Patricia Industries – valuation overview

Patricia Industries – valuation overview

Overview

Net asset value

Net debt

Performance by business area in summary

Listed Core Investments

Contribution to net asset value, Listed Core Investments

Dividends

Redemption program

Contribution to net asset value and total return

Investments and divestments

Third quarter

Earlier during the year

Listed Core Investments

Read more at www.patriciaindustries.com >>

Investments, divestments and distributions

Major subsidiaries, performance 1)

Patricia Industries, net cash

Patricia Industries, reported net asset value

Patricia Industries, contribution to reported net asset value

Major subsidiaries, performance1)

Activities during the quarter

Key figures, Mölnlycke

Activities during the quarter

Key figures, Permobil

Activities during the quarter

Key figures, Piab1)

Activities during the quarter

Key figures, BraunAbility1)

Activities during the quarter

Key figures, Sarnova1)

Activities during the quarter

Key figures, Laborie

Activities during the quarter

Key figures, Vectura

Activities during the quarter

Key figures, Aleris

Activities during the quarter

Key figures, Grand Group

Read more at www.tre.se >>

Activities during the quarter

Key figures, 3 Scandinavia

Financial Investments

Activities during the quarter

Change in net asset value, Financial Investments

Patricia Industries – key figures overview1)

Five largest Financial investments, September 30, 2018

Activities during the quarter

Change in net asset value, EQT

Investor's investments in EQT, September 30, 2018

Investor's investments in EQT, key figures overview

Group

Net debt

Net debt, 9/30 2018

Debt maturity profile, 9/30 2018

Net financial items, YTD 2018

The Investor share

Share capital

Share structure

Other

Events after the end of the quarter

Dividend to shareholders

Acquisitions (business combinations)

Investor's acquisition of Piab

Investor's acquisition of Sarnova