Investor : Half-year Report

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

Our goal remains to generate attractive total shareholder returns by growing our net asset value, paying a steadily rising dividend and delivering on our ESG targets. To succeed, we focus relentlessly on performance, portfolio and people.

Christian Cederholm

President & CEO of Investor

Highlights during the second quarter

• Adjusted net asset value (NAV) amounted to SEK 969.4bn (SEK 317 per share) on June 30, 2024, an increase of SEK 69.0bn, or 8 percent, with dividend added back, during the quarter. Total shareholder return amounted to 9 percent, compared to 2 percent for the SIXRX return index.
• Listed Companies generated a total return of 11 percent. We invested SEK 2.8bn in Ericsson.
• Based on estimated market values, the total return for Patricia Industries, excluding cash, amounted to 2 percent (2 percent including cash), driven by earnings growth.
• Within Patricia Industries, sales growth for the major subsidiaries amounted to 9 percent, of which 7 percent organically in constant currency. Reported EBITA grew 7 percent and adjusted EBITA grew 10 percent.
• Mölnlycke reported organic sales growth of 8 percent in constant currency, with the largest business area Wound Care also growing 8 percent. The profit margin was unchanged.
• Sarnova and BraunAbility completed strategic add-on acquisitions for a total enterprise value of SEK 5.6bn. All acquisitions were financed by each respective company. Mölnlycke and Permobil distributed EUR 200m and SEK 600m respectively to Patricia Industries.
• The value change of Investments in EQT was -4 percent. Net cash flow to Investor amounted to SEK -5m.
• Leverage was 1.4 percent as of June 30, 2024 (1.7 percent as of December 31, 2023). Gross cash amounted to SEK

Financial information*

		6/30 2024	3/31 2024	12/31 2023
Adjusted NAV, SEK m*		969,376	915,109	818,386
Adjusted NAV, SEK per share*		317	299	267
Reported NAV, SEK m*1)		836,267	786,703	716,768
Reported NAV, SEK per share*1)		273	257	234
Market capitalization (both share classes), excluding repurchased shares, SEK m		885,675	819,914	712,694
Share price (B-share), SEK		290.20	268.65	233.50
			Q2 2024	H1 2024
Adjusted NAV, sequential change, incl. dividend added back, SEK m*			68,970	165,693
Adjusted NAV, sequential change, incl. dividend added back, %*			8	20
Reported NAV, sequential change, incl. dividend added back, SEK m*1)			64,267	134,202
Reported NAV, sequential change, incl. dividend added back, %*1)			8	19
Market capitalization, sequential change, incl. dividend added back, SEK m*			76,788	184,009
Market capitalization, sequential change, incl. dividend added back, %*			9	26
	Q2 2024	Q2 2023	H1 2024	H1 2023
Consolidated net sales, SEK m	16,112	14,831	31,076	28,841
Consolidated profit/loss, SEK m	65,147	45,309	132,103	78,121
Basic earnings per share, SEK	21.29	14.80	43.17	25.53

• Financial measures that are not defined or specified in the applicable financial reporting framework. For more information, see page 18 and 31-32. Change in market capitalization with dividend added back reflects the change in total market capitalization (both share classes) with the dividend paid out added back. Change in net asset value with dividend added back includes the full dividend approved by the AGM.
  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

t.

Overview annual average performance

	YTD	1 year	5 years	10 years	20 years
Adjusted NAV incl. dividend added back, %	20.2	27.3	20.1
Investor B, total return, %	25.9	37.0	23.5	19.4	17.8
SIXRX return index, %	10.6	18.4	12.7	11.4	11.6

INVESTOR Q2 2024 2

CEO statement

Dear fellow shareholders,

During the second quarter 2024, our adjusted net asset value reached SEK 969bn, an increase of 8 percent, including dividend added back. Our total shareholder return was 9 percent, compared to 2 percent for the SIXRX return index.

The geopolitical situation is challenging. In addition to military conflicts, rising protectionism is negatively affecting global trade. Moreover, global demand remains mixed. While the overall US economy continues to show relative strength, weakness in Germany is holding Europe back and the expected Chinese recovery is taking time. Consumers are still under pressure, and recent inflationary data has been volatile. Market expectations of lower interest rates are intact, but the pace and magnitude of central bank rate cuts is hard to predict. In this environment, agility remains key. While we cannot direct the wind, we can adjust the sails, pushing and supporting our companies to work relentlessly on performance here and now, and simultaneously investing to future-proof their businesses.

Listed Companies

Listed Companiespercent, outperforming the SIXRX by 9 percentage points. The outperformance was broad-based, partly driven by strong first quarter reports.

Ericsson is the world leader in mobile network technology and has a strong market position. Its core mobile networks business is profitable, and we believe that the company is well positioned to drive new growth. We invested SEK 2.8bn in Ericsson during the quarter, at a valuation we find attractive.

Patricia Industries

The total return during the quarter was 2 percent, driven primarily by earnings growth.

Sales growth for the major subsidiaries was 9 percent, of which 7 percent organically in constant currency. Adjusted EBITA grew 10 percent.

Mölnlycke reported organic growth of 8 percent in constant currency, driven by all business areas. Wound Care also grew by 8 percent organically in constant currency. Underlying profitability was essentially flat. Mölnlycke distributed EUR 200m to Patricia Industries.

Laborie, Permobil and Advanced Instruments all reported strong growth and profitability. Growth was supported by

TM.

Atlas Antibodiessales remain at low levels, largely due to weak demand from biotech customers. The company is doing a good job protecting profits. Over time, the key value driver is to return to growth.

Organic profitable growth always remains the top priority for our companies. That said, accelerating growth and innovation through add-on acquisitions to bring new products, technologies, customers and competence aboard, remains an integral part of our strategy. The work with such acquisitions is continuous in nature. However, the rate of closing is inherently volatile.

During the quarter, Sarnova and BraunAbility completed strategic add-on acquisitions for a total enterprise value of SEK 5.6bn. The acquisitions were financed by each company respectively.

Investments in EQT

The reported value change of Investments in EQT was -4 percent, driven by the negative total return in EQT AB. Investment activity remained high. Net cash flow to Investor was close to zero.

We stay on course

Our goal remains to generate attractive total shareholder returns by growing our net asset value, paying a steadily rising dividend and delivering on our ESG targets. To succeed, we focus relentlessly on performance, portfolio and people. As owners, we support our companies to capture profitable growth, including opportunities related to AI, innovation and the green transition. We also work with our own portfolio composition over time.

Attracting, developing and retaining top talent in our companies and at Investor is crucial. Over the last year, the boards of our portfolio companies were further strengthened.

We have a portfolio of strong, well-run companies, and a great team at Investor. It will require hard work, and the road will not always be straight, but I am confident that we are in a good position to continue building best-in-class companies and grow our net asset value. Thank you for your trust in our work.

Christian Cederholm

President & CEO

INVESTOR Q2 2024 3

Net asset value overview

			Adjusted values			Reported values
	Number of	Ownership	Share of total		Value,		Value,		Value,	Value,
	shares	capital/votes (%)	assets (%)		SEK m		SEK m		SEK m	SEK m
	6/30 2024	6/30 2024	6/30 2024		6/30 2024		12/31 2023	6/30 2024	12/31 2023
Listed Companies
Atlas Copco	835,653,755	17.0/22.3	17		164,958		143,400	164,958	143,400
ABB	265,385,142	14.3/14.3	16		155,968		118,035	155,968	118,035
AstraZeneca	51,587,810	3.3/3.3	9		85,687		69,695	85,687	69,695
SEB	456,198,927	21.7/21.8	7		71,364		63,321	71,364	63,321
Epiroc	207,635,622	17.1/22.7	4		43,665		41,552	43,665	41,552
Saab1)	163,890,488	30.2/39.7	4		41,300		24,862	41,300	24,862
Nasdaq	58,182,426	10.1/10.1	4		37,198		33,968	37,198	33,968
Sobi	122,964,760	34.7/34.7	4		34,769		32,729	34,769	32,729
Wärtsilä	104,711,363	17.7/17.7	2		21,233		15,206	21,233	15,206
Ericsson	311,492,541	9.3/24.5	2		20,522		16,859	20,522	16,859
Husqvarna	96,825,353	16.8/33.8	1		8,210		8,025	8,210	8,025
Electrolux	50,786,412	17.9/30.4	0		4,458		5,480	4,458	5,480
Electrolux Professional	58,941,654	20.5/32.5	0		4,112		3,213	4,112	3,213
Total Listed Companies			71		693,444		576,345	693,444	576,345
Patricia Industries		Total exposure (%)
Subsidiaries
Mölnlycke2)		99.6	9		89,985		77,690	19,782	19,839
Laborie		98.5	3		25,049		20,569	11,278	10,995
Sarnova		95.7	2		19,110		15,335	6,845	6,998
Permobil2)		98.3	2		18,528		14,548	4,928	5,211
Advanced Instruments		98.4	1		13,321		9,839	8,788	8,284
Piab2)		97.5	1		12,004		10,543	6,024	6,238
BraunAbility		93.6	1		11,546		8,551	2,078	1,521
Vectura		99.7	0		4,049		6,823	5,184	7,130
Atlas Antibodies		93.3	0		1,465		1,931	2,261	2,299
Total subsidiaries			20		195,058		165,828	67,166	68,514
Tre Skandinavien		40.0/40.0	1		7,809		6,796	2,593	2,493
Financial Investments			0		2,093		1,651	2,093	1,651
Total Patricia Industries excl. cash			21		204,960		174,275	71,851	72,657
Total Patricia Industries incl. cash					218,779		183,574	85,670	81,956
Investments in EQT
EQT AB	174,288,016	14.0/14.0	6		54,430		49,480	54,430	49,480
Fund investments			4		34,531		32,608	34,531	32,608
Total Investments in EQT			9		88,961		82,088	88,961	82,088
Other Assets and Liabilities3)			0		-3,843		-385	-3,843	-385
Total Assets excl. cash Patricia Industries		100		983,522		832,323	850,413	730,706
Gross debt*					-39,656		-38,789	-39,656	-38,789
Gross cash*					25,510		24,851	25,510	24,851
Of which Patricia Industries					13,819		9,299	13,819	9,299
Net debt					-14,147		-13,938	-14,147	-13,938
Net Asset Value					969,376		818,386	836,267	716,768
Net Asset Value per share					317		267	273	234

1. In May 2024, Saab made a 4:1 share split.
2. Including receivables related to Management Participation Program foundations. For Mölnlycke, the receivable corresponds to less than 1 percentage point of the total exposure (1), for Permobil to approximately 2 percentage points (2) and for Piab to approximately 3 percentage points (3).
3. As per 6/30 2024, including liability for dividend to shareholders of SEK 3,675m to be paid in November 2024.

INVESTOR Q2 2024 4

Overview

For balance sheet items, figures in parentheses refer to year-end 2023 figures. For income statement and cash flow items, they refer to the same period last year.

Net asset value

During the first half of 2024, adjusted net asset value increased from SEK 818.4bn to SEK 969.4bn. The change in adjusted net asset value, with dividend added back, was 20 percent during the period (17), of which 8 percent during the second quarter (9).

Reported net asset value increased from SEK 716.8bn to SEK 836.3bn. The change in reported net asset value, with dividend added back, was 19 percent during the period (14), of which 8 percent during the second quarter (8).

Total adjusted assets by business area

SEK m

1 200 000

1 000 000

800 000

600 000

1. 000

1. 000

0 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 20 20 20 21 21 21 21 22 22 22 22 23 23 23 23 24 24

Listed Companies		Patricia Industries ex cash		Investments in EQT

Net debt and cash flow

Net debt totaled SEK 14,147m on June 30, 2024 (13,938), corresponding to leverage of 1.4 percent (1.7).

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

Gross cash amounted to SEK 25,510m (24,851) and gross debt to SEK 39,656m as of June 30, 2024 (38,789). The

years on June 30, 2024 (10.8).

Leverage development

Percent 20

15

10

5

0

-5

Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2
20	20	20	21	21	21	21	22	22	22	22	23	23	23	23	24	24
					Leverage target range					Leverage

SEK m	H1 2024	H1 2023
Opening net debt	-13,938	-10,263
Listed Companies
Dividends	11,663	9,165
Divestments	0	914
Other capital distributions	18	46
Investments, net of proceeds	-2,832	-1
Management cost	-89	-79
Total	8,760	10,045
Patricia Industries
Proceeds	5,528	465
Investments	-1,021	-742
Management cost	-180	-157
Other1)	192	142

Total	4,520	-292
Investments in EQT
Proceeds (divestitures, fee surplus and	1,593	2,438
carry)
Drawdowns (investments and management	-2,597	-2,304
fees)
Management cost	-6	-5
Total	-1,010	128
Investor groupwide
Dividend to shareholders	-11,028	-10,109
Management cost	-104	-74
Other2)	-1,347	-2,654
Closing net debt	-14,147	-13,218

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

Management cost

management cost amounted to SEK 378m during the first half of 2024 (316).

As of June 30, 2024, rolling 12-month management cost amounted to 0.08 percent of the adjusted net asset value (0.08).

The Investor share

The price of the Investor A-share and B-share was SEK

287.70 and SEK 290.20 respectively on June 30, 2024, compared to SEK 231.50 and SEK 233.50 on December 31, 2023.

The total shareholder return (Class B-share) amounted to 26 percent during the first half of 2024 (16), of which 9 percent during the second quarter (6).

The SIXRX return index was 11 percent during the first half of 2024 (11), of which 2 percent during the second quarter

(2).

shares, was SEK 885,675m as of June 30, 2024 (712,694).

Average annual total return

Percent 40

35

30

25

20

15

10

5

0

YTD	1 year		5 years	10 years	20 years
				Investor B		SIXRX

INVESTOR Q2 2024 5

Listed Companies

Listed Companies include ABB, AstraZeneca, Atlas Copco, Electrolux, Electrolux Professional, Epiroc, Ericsson, Husqvarna, Nasdaq, Saab, SEB, Sobi and Wärtsilä. These are multinational companies with strong market positions and proven track records.

Highlights during the quarter

• The total return amounted to 11 percent compared to 2 percent for the SIXRX return index.
• Shares in Ericsson were purchased for SEK 2.8bn.

Performance

Total return (excluding management costs) amounted to 22 percent during the first half of 2024 (17), of which 11 percent during the second quarter (9).

The SIXRX return index was 11 percent during the first half of 2024 (11), of which 2 percent during the second quarter

(2).

Total return, Listed Companies

Percent
50
40
30
20
10
0
-10
-20
-30
2020	2021	2022	2023	2024
	Listed Companies	SIXRX

Contribution to net asset value (adjusted and reported) amounted to SEK 125,859m during the first half of 2024 (81,209), of which SEK 67,979m during the second quarter (45,649).

Contribution to net asset value

SEK m	Q2 2024	H1 2024	H1 2023
Changes in value	65,685	114,285	72,123
Dividends	2,339	11,663	9,165
Management cost	-45	-89	-79
Total	67,979	125,859	81,209

Contribution to net asset value and total return

		Q2 2024			H1 2024
				Total			Total
	Value,	Contribution,		return		Contribution,	return
	SEK m	SEK m		(%)1)		SEK m	(%)1)
Atlas Copco	164,958	16,328		10.9	22,727	15.9
ABB	155,968	24,598		18.7	40,633	33.3
AstraZeneca	85,687	10,756		14.4	17,058	24.9
SEB	71,364	5,343		8.1	13,283	21.6
Epiroc	43,665	2,464		5.9	2,500	6.0
Saab	41,300	2,573		6.4	16,569	66.3
Nasdaq	37,198	-1,770		-4.5	3,493	10.3
Sobi	34,769	1,893		5.8	2,041	6.2
Wärtsilä	21,233	4,169		24.4	6,214	41.2
Ericsson	20,522	2,593		17.1	1,209	7.5
Husqvarna	8,210	-575		-6.4	298	3.7
Electrolux	4,458	-397		-8.2	-1,022	-18.6
Electrolux	4,112	49		1.2	946	29.5
Professional
Total	693,444	68,023		10.9	125,948	21.8

Dividends received

Dividends received totaled SEK 11,663m during the first half of 2024 (9,165), of which SEK 2,339m during the second quarter (4,953).

Dividends received, Listed Companies

SEK m

1. 000

1. 000

1. 000

1. 000

1. 000

1. 000

0

2020

2021

2022

2023

2024

Investments and divestments

During the second quarter 2024, 44,746,806 B-shares in Ericsson were purchased for a total consideration of SEK 2.8bn.

Husqvarna chairperson exercised all options, sold by Investor in 2019, and bought 226,804 B-shares in Husqvarna for a consideration of SEK 16m from Investor. New 5-year options, with a strike price of 110 percent of the share price, were sold to the chairperson in Ericsson for a total consideration of SEK 2m.

During the first quarter 2024 there were no investments or divestments.

Listed Companies, value distribution, June 30, 2024

Electrolux	Electrolux 1%	Husqvarna 1%
		Ericsson 3%
Professional 1%
Atlas Copco			Wärtsilä 3%
		Sobi 5%
24%

Nasdaq 5%

Saab 6%

SEK 693bn

Epiroc 6%

ABB 22%

SEB 10%

AstraZeneca

12%

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

INVESTOR Q2 2024 6

Patricia Industries

Patricia Industries develops wholly-owned companies in the Nordics and in North America. Holdings include Advanced Instruments, Atlas Antibodies, BraunAbility, Laborie, Mölnlycke, Permobil, Piab, Sarnova, Vectura, Tre Skandinavien and Financial Investments.

Highlights during the quarter

• Total return amounted to 2 percent, driven by earnings growth.
• Sarnova and BraunAbility completed strategic add-on acquisitions for a combined enterprise value of SEK 5.6bn.
• Mölnlycke distributed EUR 200m and Permobil SEK 600m to Patricia Industries.

Operating performance

During the first half of 2024, sales growth for the major subsidiaries was 8 percent (22). Organic growth was 7 percent in constant currency (12). EBITA amounted to SEK 6,182m (5,707), an increase of 8 percent (37). Adjusting for items affecting comparability, EBITA grew by 10 percent (34).

During the second quarter 2024, sales growth amounted to 9 percent (22). Organic growth was 7 percent in constant currency (13). EBITA amounted to SEK 3,197m (2,982), an increase of 7 percent (40). Adjusting for items affecting comparability, EBITA grew by 10 percent (34).

As of June 30, 2024, on a rolling 12-month basis, the

Skandinavien) combined sales and EBITDA amounted to SEK 64.9bn (59.6) and SEK 15.8bn (14.0) respectively. During the second quarter 2024, sales and EBITDA amounted to SEK 16.9bn (15.6), and SEK 4.1bn (3.8) respectively.

Patricia Industries, adjusted values, June 30, 2024

	Financial
Vectura 2%	Investments
Tre Skandinavien 4%	1%	Atlas

BraunAbility 6%		Antibodies 1%
Piab 6%
Advanced				Mölnlycke
Instruments
		SEK 205bn	44%
6%
Permobil 9%

Sarnova 9%

Laborie 12%

Reported EBITDA (subsidiaries & 40% of Tre Skandinavien)

SEK m

4 500

16 000

4 000

14 000

3 500

12 000

3 000

10 000

2 500

8 000

2 000

6 000

1 500

1 000

4 000

500

2 000

0

Q4 17

Q3 22

0

Q1 15

Q2 15

Q3 15

Q4 15

Q1 16

Q2 16

Q3 16

Q4 16

Q1 17

Q2 17

Q3 17

Q1 18

Q2 18

Q3 18

Q4 18

Q1 19

Q2 19

Q3 19

Q4 19

Q1 20

Q2 20

Q3 20

Q4 20

Q1 21

Q2 21

Q3 21

Q4 21

Q1 22

Q2 22

Q4 22

Q1 23

Q2 23

Q3 23

Q4 23

Q1 24

Q2 24

Quarterly

LTM (RHS)

Major subsidiaries, performance

Q2 2024

		Org. growth,
		constant					Operating cash
SEK m	Sales	currency	EBITDA	EBITDA (%)	EBITA1)	EBITA (%)	flow
Mölnlycke	5,905	8	1,684	28.5	1,495	25.3	1,319
Laborie	1,153	21	333	28.9	313	27.2	232
Sarnova	2,773	0	383	13.8	329	11.9	283
Permobil	1,639	12	377	23.0	323	19.7	259
Advanced Instruments	441	11	201	45.7	192	43.6	197
Piab	813	2	200	24.6	162	19.9	139
BraunAbility	3,221	5	421	13.1	364	11.3	398
Vectura	55	141	25	46.0	3	4.7	-445
Atlas Antibodies	71	-35	24	33.4	15	21.7	15
Total	16,071		3,649	22.7	3,197	19.9	2,398
Reported growth y/y, %	9		7		7
Organic growth, y/y, %	7
H1 2024
		Org. growth,
		constant					Operating cash
SEK m	Sales	currency	EBITDA	EBITDA (%)	EBITA1)	EBITA (%)	flow
Mölnlycke	11,528	6	3,338	29.0	2,915	25.3	2,306
Laborie	2,210	21	632	28.6	595	26.9	360
Sarnova	5,467	3	789	14.4	682	12.5	484
Permobil	3,122	11	701	22.4	596	19.1	407
Advanced Instruments	816	9	353	43.2	336	41.1	353
Piab	1,600	0	410	25.6	338	21.1	231
BraunAbility	5,984	6	784	13.1	677	11.3	327
Vectura	120	113	57	47.6	4	3.1	-978
Atlas Antibodies	149	-32	55	36.8	39	26.0	45
Total	30,997		7,119	23.0	6,182	19.9	3,534
Reported growth y/y, %	8		8		8
Organic growth, y/y, %	7

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

INVESTOR Q2 2024 7

Value development

Contribution to adjusted net asset value amounted to SEK 35,006m during the first half of 2024 (34,538), of which SEK 4,618m during the second quarter (16,671).

Contribution to adjusted net asset value

SEK m	Q2 2024		H1 2024	H1 2023
Changes in value	4,693		35,193	34,704
Management cost	-91		-180	-157
Other	16		-8	-9
Total	4,618		35,006	34,538

Based on estimated market values, the total return for Patricia Industries, excluding cash, amounted to 20 percent (19 percent including cash) during the first half of 2024, of which 2 percent (2 percent including cash) during the second quarter. The return during the second quarter was positively impacted by earnings growth.

For more information on valuation, see page 35.

Investments and divestments

During the first half of 2024, investments amounted to SEK 1,021m, of which SEK 258m during the second quarter. The add-on acquisitions in Sarnova and BraunAbility were funded by each company respectively.

Divestments amounted to SEK 73m during the first half of 2024, of which SEK 43m during the second quarter.

Distributions received

During the first half of 2024, distributions to Patricia Industries amounted to SEK 5,455m, of which SEK 2,942m during the second quarter mainly related to distribution from Mölnlycke and Permobil.

Distribution to Patricia Industries

SEK m

1. 000

1. 000

1. 000

1. 000

1. 000

1. 000

1. 000

0

2020

2021

2022

2023

2024

Patricia Industries, net cash
SEK m	Q2 2024	H1 2024	H1 2023
Beginning of period	11,031	9,299	11,823
Net cash flow	2,726	4,508	-277
Internal transfer to Investor	-	-	-
Other1)	61	12	-16
End of period	13,819	13,819	11,530

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

	Patricia Industries	valuation overview
		Estimated market	Change Q2
		values, SEK m,	2024 vs. Q1
		6/30, 2024	2024 SEK m	Major drivers	Comments
	Subsidiaries
	Mölnlycke	89,985	-3,318	Multiples and currency impacted	Applied EV/adjusted LTM EBITDA 17.0x
				negatively, mitigated by higher earnings.
				SEK 2.2bn distribution to Patricia
				Industries
	Laborie	25,049	1,337	Earnings impacted positively, mitigated	Applied EV/adjusted LTM EBITDA 19.2x
				by currency impact.
	Sarnova	19,110	-237	Multiples and currency impacted	Applied EV/adjusted LTM EBITDA 15.8x
				negatively
	Permobil	18,528	993	Earnings impacted positively. SEK 0.6bn	Applied EV/adjusted LTM EBITDA 14.9x
				distribution to Patricia Industries
	Advanced Instruments	13,321	639	Earnings and cash flow impacted	Applied EV/adjusted LTM EBITDA 21.7x.
				positively, currency impacted negatively
	Piab	12,004	1,101	Multiples impacted positively	Applied EV/adjusted LTM EBITDA 17.7x
	BraunAbility	11,546	1,748	Earnings and multiples impacted	Applied EV/adjusted LTM EBITDA 11.6x
				positively, currency impacted negatively
	Vectura	4,049	-539		Estimated market value of the property
					portfolio less debt and cost
	Atlas Antibodies	1,465	-385	Earnings impacted negatively	Applied EV/adjusted LTM EBITDA 18.2x
	Partner-owned
	investments
	Tre Skandinavien	7,809	415	Multiples and earnings impacted	Applied EV/reported LTM EBITDA 6.4x
				positively
	Financial Investments	2,093	212		Multiple or third-party valuation, share price
	Total	204,960
	Total incl. cash	218,779

INVESTOR Q2 2024 8

A world-leading medtech company that specializes in sustainable solutions for wound care and surgical procedures. Read more at www.molnlycke.com

Activities during the quarter

Group

• Organic sales growth amounted to 8 percent in constant currency, driven by all business areas and all major regions.
• The EBITA margin was largely unchanged. Underlying profitability was supported by sales growth and product mix, partly offset by increased logistics costs.
• Expanding its presence in the Middle East, Mölnlycke increased its ownership in a joint venture with Tamer Group, a leading healthcare distributor in Saudi Arabia. This setup enables Mölnlycke to offer localized manufacturing in the region, starting with Trays by the end of 2024.
• Mölnlycke successfully issued a 10-year EUR 500m bond and simultaneously repurchased approximately 45 percent of its outstanding EUR 500m bond maturing in 2025.
• Mölnlycke distributed EUR 200m to Patricia Industries.
• After the quarter, Mölnlycke invested USD 15m for around 8 percent ownership in Nasdaq-listed MediWound, an Israel- based provider of next-generation enzymatic therapeutics, focused on non-surgical wound debridement. The companies have also entered into a collaboration agreement, granting Mölnlycke specific rights such as having a representative attend the meetings on MediWound's R&D Committee.

Wound Care

• Organic sales growth amounted to 8 percent in constant currency, with growth across all regions.

Operating Room Solutions

• Organic sales growth amounted to 7 percent in constant currency, driven by volume growth, mix and price. The Trays category remained the main driver.

Gloves

• Organic sales growth amounted to 7 percent in constant currency, on the back of an improved supply situation, and a comparison period negatively impacted by distributors reducing inventory.

Key figures, Mölnlycke

Income statement items,	2024	2023	Last 12
EUR m	Q2		H1		Q2	H1	months
Sales	514		1,012	475	955	1,981
EBITDA	146		293	135	271	567
EBITA	130		256	119	239	497
Sales growth, %	8		6	4	8
Organic growth,	8		6	6	9
constant currency, %
EBITDA, %	28.5		29.0	28.4	28.4	28.6
EBITA, %	25.3		25.3	25.0	25.0	25.1
Cash flow items, EUR m	Q2		H1		Q2	H1
EBITDA	146		293	135	271
Lease payments	-5		-11	-6	-12
Change in working capital	-14		-59	-7	-71
Capital expenditures	-12		-20	-10	-22
Operating cash flow	115		202	112	166
Acquisitions/divestments	-		-	-	0
Shareholder	-200		-200	-	-
contribution/distribution
Other1)	-49		-103	-20	-36
Increase(-)/decrease(+) in net	-134		-100	92	129
debt

Key ratios
Working capital/sales, %		19
Capital expenditures/sales, %		2
Balance sheet items, EUR m	6/30 2024	12/31 2023
Net debt	1,610	1,510

	6/30 2024	6/30 2023
Number of employees	8,725	8,705

1. Includes effects of exchange rate changes, interest, tax and change in lease liabilities.

•	The previously announced closing and relocation of a
		Mölnlycke, distribution of sales and organic sales growth
	manufacturing unit in Malaysia was successfully completed.
•	Mölnlycke was awarded a 4-year Biogel contract in Skåne,					Organic growth, constant
	Sweden, where sustainability in product life cycle				Share of sales, (%)	currency, (%)
	management and materials was a key differentiator.				Last 12 months	Q2 2024
Antiseptics			Wound Care	59	8
•	Organic sales growth amounted to 24 percent in constant			Operating Room	26	7
		Solutions
	currency, supported by a stable supply situation.
			Gloves	12	7
			Antiseptics	3	24
Mölnlycke, sales and margin development

EUR m																	Total	100	8
600																35
500																30	Mölnlycke, distribution of sales by geography
																		Share of sales, (%)
																25
400																		2023
																20	Europe, Middle East, Africa	58
																Americas	33
300
																Asia Pacific	10
																15
200																10	Total		100
100																5
0																0
Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2
20	20	20	21	21	21	21	22	22	22	22	23	23	23	23	24	24
				Sales				EBITDA, %				EBITA, %
																INVESTOR Q2 2024	9

A provider of diagnostic and therapeutic products within Gastroenterology, Urology & Urogynecology, and Obstetrics, Gynecology & Neonatal.

Read more at www.laborie.com

A US provider of specialty healthcare and safety products, services and software for the US emergency medical services (EMS), acute care and cardiac response markets. Read more at www.sarnova.com

Activities during the quarter

• Organic sales growth amounted to 21 percent in constant currency. All product areas grew, with the OptilumeTM urethral strictures product contributing significantly.
• The EBITA margin continued to be impacted by significant investments in the launch of OptilumeTM for the treatment of benign prostatic hyperplasia (BPH) and increased research and development activity.

Key figures, Laborie

Income statement items,	2024	2023		Last 12
USD m	Q2		H1		Q2		H1	months
Sales	108		210	89		173	395
EBITDA	31		60	29		54	111
EBITA	29		56	28		51	103
Sales growth, %	21		21	2		4
Organic growth,	21		21	2		5
constant currency, %
EBITDA, %	28.9		28.6	32.8		31.1	28.2
EBITA, %	27.2		26.9	31.1	29.3	26.0
Cash flow items, USD m	Q2		H1		Q2		H1
EBITDA	31		60	29		54
Lease payments	-1		-2	-1		-1
Change in working capital	-3		-15	-14		-13
Capital expenditures				-3		-6
-6		-9
Operating cash flow				12		34
22		34
Acquisitions/divestments				-		-3
-1		-3
Shareholder
-		-	-		-
contribution/distribution
Other1)	-16		-21	-6		-16
Increase(-)/decrease(+) in net
5		10	5		15
debt

Key ratios
Working capital/sales, %		16
Capital expenditures/sales, %		5
Balance sheet items, USD m	6/30 2024	12/31 2023
Net debt	426	435

	6/30 2024	6/30 2023
Number of employees	1,070	905

1. Includes effects of exchange rate changes, interest, tax and change in lease liabilities.

Activities during the quarter

• Organic sales were flat in constant currency, with growth impacted by a notably strong prior-year quarter and market- driven headwinds for Cardiac Response, partly offset by strong growth in Emergency Preparedness.
• Adjusting for acquisition-related expenses in the quarter, the underlying EBITA margin declined by 1 percentage point, driven by continued investments in the commercial organization, digital platform, and warehouse optimization.
• Sarnova acquired One Beat Medical, a distributor of automated external defibrillators (AEDs), accessories and CPR training services across the U.S. The purchase price of approximately USD 160m was funded with cash on hand and incremental debt. For the 12-month period ending June 30, 2024, One Beat Medical sales were approximately USD 77m.
• Sarnova acquired incremental equity interest from its co- investor in the Digitech emergency medical services (EMS) revenue cycle management (RCM) business, increasing its ownership from approximately 60 to approximately 90 percent. The business will be further integrated into and operate as a business unit within Sarnova. The purchase price was approximately USD 150m, funded with cash on hand and incremental debt.
• Sarnova acquired QuadMed, a U.S. distributor of EMS
  Preparedness business unit. The purchase price was up to USD 12m, depending on certain revenue milestones, funded with cash on hand.

Key figures, Sarnova

Income statement items,	2024	2023	Last 12
USD m	Q2		H1		Q2	H1	months
Sales	260		519	247	492	1,017
EBITDA	36		75	40	74	159
EBITA	31		65	35	64	138
Sales growth, %	5		6	17	14
Organic growth,	0		3	17	14
constant currency, %
EBITDA, %	13.8		14.4	16.2	15.0	15.6
EBITA, %	11.9		12.5	14.2	13.0	13.5
Cash flow items, USD m	Q2		H1		Q2	H1
EBITDA	36		75	40	74
Lease payments	-1		-2	-1	-2
Change in working capital	-3		-20	1	14
Capital expenditures	-5		-8	-4	-7
Operating cash flow	27		46	36	78
Acquisitions/divestments	-305		-311	-	-
Shareholder	-		-	-	-
contribution/distribution
Other1)	-17		-18	-20	-32
Increase(-)/decrease(+) in net	-296		-283	16	46
debt
Key ratios
Working capital/sales, %							15
Capital expenditures/sales, %							1
Balance sheet items, USD m	6/30 2024	12/31 2023
Net debt			757			474
	6/30 2024	6/30 2023
Number of employees			1,465			1,405

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

INVESTOR Q2 2024 10