Interim Management Statement January-March 2021 +46 70 550 3500 [email protected] 2021-07-15 Interim Report January-June 2021

Interim Management Statement January-March 2021 +46 70 550 3500 Viveka.Hirdman-Ryrberg@Investorab.Com 2021-07-15 Interim Report January-June 2021

Year-End Report 2020 Johan Forssell, CEO

1 Helena Saxon, CFO A globally exceptional and challenging year

2 2020 – a Strong Year for Investor

Flexibility Listed Patricia Investments Strong Sustainability Companies Companies Industries in EQT financials Three focus adapting rapidly SEK 3.4bn in Acquisition of Strong value Strong cash flow, areas and to covid-19 add-on Advanced growth successful bond targets launched investments at Instruments, issue, low attractive levels several add-ons leverage

3 14% 19% 15% Adj. Net XXAsset Value growth, Total Shareholder Return,XX Total Shareholder Return, 2020 2020 2020 Total avkastning 2019 TSR Marknaden Investor AB Investor AB SIXRX

4 Pay a Steadily Rising Dividend

DPS, SEK

0 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020p

5 4:1 Share Split Proposed

•Strong surge in number of shareholders last few years

•Investor trades at a relatively high share price compared to most large-cap companies on Nasdaq Stockholm

•A split could increase liquidity by providing access to a larger shareholder base

6 Listed Companies 367 65% SEK bn of tot. adjusted assets

7 Key Activities in 2020

Electrolux Add-on Strategic Corporate People Sustainability Professional investments acquisitions structures New CEOs in Further Successful ABB Ericsson ABB several integration of spin-off Ericsson Atlas Copco Wärtsilä companies sustainability in Electrolux Pro. AstraZeneca Value Creation Plans

8 Patricia Industries 142 25% SEK bn of tot. adjusted assets

9 Key Activities in 2020

Advanced Strategic Three People Sustainability Instruments add-on Scandinavia New CEO in Stepped-up Clear leader in acquisitions Strategic Mölnlycke efforts attractive Sarnova divestment of segment Laborie passive network infrastructure

10 Patricia Industries – Total Sales and Profit 2015-2020

SEK m

45 000 14 000

40 000 12 000 35 000 10 000 30 000

25 000 8 000

20 000 6 000

15 000 4 000 10 000 2 000 5 000

0 0 2015 2016 2017 2018 2019 2020

Total EBITDA, major subsidiaries (RHS) EBITDA, 40% of Three Scandinavia (RHS) Total sales, major subsidiaries (LHS)

11 Mölnlycke 2015-2020, Permobil 2015-2020, Grand Group 2015-2020, Vectura 2015-2020, BraunAbility 2015-2020, Laborie 2016-2020, Piab 2018-2020, Sarnova 2018-2020, Advanced Instruments 2020, Three Scandinavia 2015-2020 Patricia Industries – Operational Performance (Subsidiaries)

% 30

-10

-20

-30 Q1 18 Q2 18 Q3 18 Q4 18 Q1 19 Q2 19 Q3 19 Q4 19 Q1 20 Q2 20 Q3 20 Q4 20

Reported sales growth Organic sales growth Adj. EBITA growth (RHS)

12 Patricia Industries – Operational Development Q4 2020

Organic sales growth 14% Organic sales 41% growth in constant 24% 19% currency** 16% 12% 1% 29% -10% -14% Adj. EBITA growth** -22%

-57% Mölnlycke Vectura Sarnova Advanced Piab Three Permobil Laborie Braun Grand Instruments Scandinavia* Ability Group

13 *Service revenue **Relates to major subsidiaries Organic growth Q4, % Margins, % Q4 2020 Q4 2019 EBITDA 31.4 28.3 41 EBITA 28.8 24.5

EBITDA 9.9 10.9 19 EBITA 8.5 9.4 (Adjusted margin higher)

EBITDA 48.5 39.1 16 EBITA 47.2 38.1

EBITDA 28.5 23.7 12 EBITA 24.6 20.8

Strong performance in Q4 2020

14 Organic growth Q4, % Margins, %

Q4 2020 Q4 2019

EBITDA 7.9 7.9 -22 EBITA 5.2 6.2

EBITDA 31.2 28.2 -14 EBITA 27.5 26.4 (Adjusted margin lower)

EBITDA 22.0 19.1 -10 EBITA 17.4 14.8

Good margin resilience

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

Q4 2020 EUR m. % 600 35 • Organic sales growth 41 percent in constant currency, 30 mainly driven by covid-19-related sales of PPE. Underlying 500 business also performed well and grew organically by 9 25 400 percent 20 300 • Wound Care organic growth 5 percent in constant currency 15 200 • Surgical organic growth 84 percent in constant currency 10

100 • Customer agreements within PPE expected to add 5

additional sales into 2021, although significantly less than 0 0 in 2020 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 16 17 17 17 17 18 18 18 18 19 19 19 19 20 20 20 20

• EBITA margin some 4 percentage points higher, positively Sales EBITDA, % EBITA, % impacted by strong sales and good cost control

• Strong cash flow, EUR 347m distribution to Patricia IFRS 16 implemented as of the first quarter 2019 Industries

• Zlatko Rihter new CEO as of November 30, 2020

16 A provider of advanced mobility and seating rehab solutions

Q4 2020 SEK m. % 1 400 25

• Organic sales growth -10 percent in constant 1 200 currency. Covid-19 restrictions continued to negatively 20 impact customer access. Continued growth in APAC, 1 000 15 while Americas and EMEA declined 800

• EBITA margin increased despite sales drop, driven by 600 10 cost reductions and elevated cost level prior year 400 • Agreement with Sodexo in Sweden to broaden 5 200 relationship and ensure MDR (Medical Device Regulation) compliance with the aim of increasing 0 0 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 patient safety 16 17 17 17 17 18 18 18 18 19 19 19 19 20 20 20 20

Sales EBITDA, % EBITA, %

IFRS 16 implemented as of the first quarter 2019

17 A specialty distributor of healthcare products in the U.S.

Negative impact from acquisition costs Q4 2020 USD m. costs % 250 18

• Organic sales growth 19 percent in constant currency, 16

with strong growth in both Emergency Preparedness 200 14 and Acute 12 150 • Adjusting for USD 4m in transaction costs related to 10 recent acquisitions, the underlying EBITA margin 8 100 increased 6 Positive impact • Acquisition of Digitech and the Emergency Medical 50 from Ambu transition 4 Services RCM business of company R1 closed. 2 Sarnova invested approximately USD 130m and owns 0 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 more than 60 percent of the combined business. 17 17 17 17 18 18 18 18 19 19 19 19 20 20 20 20 Sales EBITDA, % EBITA, % EBITDA adjusted, % EBITA adjusted, %

IFRS 16 implemented as of the first quarter 2019

18 A provider of innovative capital equipment and consumables for the urology and gastroenterology markets

Negative impact from USD m. Negative impact from transaction and integration % Q4 2020 80 transaction and integration costs related to Clinical 40 costs related to Cogentix Innovations 35 • Organic sales growth -14 percent in constant currency 70 30 due to significant decline in elective urology and 60 25 gastroenterology procedures due to covid-19 50 20 15 • Maternal and child health business (acquired in Q1 40 2020) grew during the quarter 10 30 5

• Reported EBITA margin increased. Last year’s profit 20 0 negatively impacted by acquisition-related costs, this -5 10 year’s profit supported by release of provisions. -10 Underlying profitability decreased compared to last 0 -15 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 year 16 17 17 17 17 18 18 18 18 19 19 19 19 20 20 20 20

• In October, Laborie acquired a majority interest in GI Sales EBITDA, % EBITA, % Supply and entered a strategic partnership with Urotronic IFRS 16 implemented as of the first quarter 2019

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

SEK m. Q4 2020 Negative impact % 500 from transaction- 40 related costs • Organic sales growth 12 percent in constant currency. 450 35 All regions contributed positively, with EMEA showing 400 30 the highest growth. All divisions grew, with Ergonomic 350 Handling growing the most 300 25 250 20 • EBITA margin of 25 percent. Last’ year’s margin was 200 24 percent adjusted for costs related to TAWI 15 150 acquisition 10 100 • Within Vacuum Automation, a number of new 50 5 products launched for the automotive, electronics and 0 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 e-commerce industries 17 17 17 17 18 18 18 18 19 19 19 19 20 20 20 20

Sales EBITDA, % EBITA, %

IFRS 16 implemented as of the first quarter 2019

20 A provider of osmolality testing instrumentation and consumables for the clinical, biopharma, and food & beverage markets

Q4 2020 USD m. % 25 60 • Organic sales growth 16 percent in constant currency, driven 50 by strong growth in consumables and services. Instruments 20 also reported good organic growth 40 • EBITA margin expanded to 47 percent, driven by operating 15 leverage and savings from reduced travel and marketing 30 expenses, partially offset by investments in the commercial 10 organization 20

5 • To prepare Advanced Instruments for future growth, 10 investments will be made to further expand the global commercial organization and accelerate key product 0 0 Q4 Q1 Q2 Q3 Q4 development projects 19 20 20 20 20

Sales EBITDA, % EBITA, %

21 A manufacturer of wheelchair accessible vehicles and wheelchair lifts

Q4 2020 USD m. % 250 12

• Organic sales growth -22 percent in constant 10 currency, driven by continued weakness in demand 200 8 on both the consumer and commercial side due to covid-19 150 6 4 • Despite unfavorable demand trend, profitability 100 essentially unchanged compared to last year, driven 2 by efficient cost management 0 50 -2

0 -4 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 16 17 17 17 17 18 18 18 18 19 19 19 19 20 20 20 20

Sales EBITDA, % EBITA, %

IFRS 16 implemented as of the first quarter 2019

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

Negative impact SEK m. from VAT rulings % Q4 2020 3 500 50

• Subscription base +48,000 during the quarter, of 3 000 40

which 41,000 in Sweden, 7,000 in Denmark 30 2 500 • Service revenue growth 1 percent, negatively 20 2 000 impacted by decreased roaming revenue 10 1 500 • Reported EBITDA -10 percent, adjusted EBITDA 0 1 000 +1 percent -10

• Divestment of passive network infrastructure 500 -20

announced, allowing further focus on core business. 0 -30 Total proceeds to Patricia Industries estimated at Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 16 17 17 17 17 18 18 18 18 19 19 19 19 20 20 20 20 approximately SEK 5bn. SEK 1.1bn received during the quarter Sales EBITDA reported, % EBITDA adjusted*, %

• After the end of the quarter, Three secured 100MHz

spectrum in the 3.5GHz-band in Swedish 5G auction IFRS 16 implemented as of the first quarter 2019 *Adjusted for IFRS 15 (Capitalization of customer acquisition/retention costs)

23 Investments in EQT 57 10% SEK bn of tot. adjusted assets Investments in EQT

SEK 57bn Investments in 55% EQT Total Return 2020

96 percent total return, EQT AB 12 percent total return EQT funds

10% of total adjusted SEK 0.2bn assets Net cash flow to Investor 2020

25 Brygga Strong prospects for continued attractive performance

Sharpen Ensure our role an attractive as an engaged portfolio owner

26 Market Leaders with Strong Exposure to Attractive Long-term Trends

SEK566bn

27 Committed to continue to Create Value

1. Clear and proven ownership model 2. Companies with strong market positions and exposure to attractive trends 3. Strong network and financial strength to support value creation

28 Year-End Report 2020 Helena Saxon, CFO

29 Net Asset Value Development

SEK bn

550 546 Adjusted NAV 500 462 Reported NAV 450 400 350 300 250 200 150 100 50 0 10 11 12 13 14 15 16 17 18 19 20

30 Listed Companies

2020 SEK bn TSR, % • 2020: TSR 8%, SIXRX 15% 12 220 • Q4 2020: TSR -2%, SIXRX 6% 220 210 10 46 Electrolux 8 50 3% Wärtsilä Saab 2% 6 34 40 3% Elux Pro 26 30 Husqvarna 1% 4 3% Atlas Copco 16 11 20 Sobi 24% 2 8 8 5% 10 -3 Nasdaq -7 0 6% 0 -9 -15 -10 -2 -23 Ericsson -20 SEK 367bn -4 7% -30 -6 -40 ABB

Epiroc

ABB Sobi SEB

17% Saab

8% Epiroc

Nasdaq

Wärtsilä

Elux Pro Elux

Ericsson

Electrolux

Husqvarna Atlas CopcoAtlas SEB AstraZeneca 11% AstraZeneca 12% Contribution to NAV (LHS) TSR (RHS)

31 Patricia Industries – Total Return

XX19% 5%XX Total avkastning 2019 TSR Marknaden Total return (excl. cash) Total return (excl. cash) 2020 Q4 2020

32 Patricia Industries – Change in Estimated Market Values

Q4 2020 Summary

Estimated market value change

733 313 Distributions/proceeds 842 871 (35) (204) 1 736 (361) 155 766 5 472 (33) (799) Net Distribution of 149 267 proceeds of SEK 3 681m SEK 69m

Acquisition cost

Total NAV Advanced Three Financial Permobil Piab Vectura Mölnlycke The Grand Sarnova BraunAbility Laborie Patricia Total NAV Q3 2020 Instruments Scand. Investments Healthcare Group Cash Q4 2020

33 Major Drivers of Estimated Market Values Q4 2020

Est. market value Company change Q4 2020 vs. Major drivers Q3 2020

Strong earnings and cash flow impacted positively, SEK 3.6bn currency impacted negatively (before distribution) Multiple lowered to reflect PPE profit during 2020

SEK 2.9bn Value increase driven by divestment of passive network (incl. SEK 1.1bn infrastructure during the quarter received)

Strong cash flow and higher multiples impacted SEK 0.8bn positively

Higher multiples, earnings and cash flow impacted SEK 0.7bn positively

Lower adjusted earnings and currency impacted SEK -2.0bn negatively, higher multiples impacted positively

34 Strong Cash Flow - Great Financial Flexibility

2015-2020 Sources Uses

Dividend paid Listed ~98 ~98 Companies SEK bn SEK bn

Investments in EQT

Net debt approximately unchanged, leverage down from 7.3 percent to 4.1 percent

35 Financial Position, December 31, 2020

% Ratings 10.8y Average AA-/Aa3 20 maturity of S&P/ debt Moody’s portfolio

0 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Leverage target range Leverage

36 Average Annual Total Shareholder Return As of December 31, 2020

0 1 year 5 years 10 years 20 years

Investor B SIXRX Return requirement

37 We create value for people and society by building strong and sustainable businesses Contact Financial Calendar

Viveka Hirdman-Ryrberg Head of Corporate Communication & 2021-04-20 Sustainability Interim Management Statement January-March 2021 +46 70 550 3500 [email protected] 2021-07-15 Interim Report January-June 2021

2021-10-18 Interim Management Statement Magnus Dalhammar January-September 2021 Head of Investor Relations

+46 73 524 2130 [email protected]