IndustrivärdenINDU C
The investment company of the Handelsbanken sphere. Industrivärden holds large, long-term stakes in a handful of big Swedish companies: Sandvik, Volvo, Handelsbanken, Essity, SCA, Skanska, Ericsson and Alleima. Everything is listed.
Industrivärden has 8 large holdings. Net asset value was SEK 191.6bn at the end of 2025.
| Holding | Share of portfolio | Value |
|---|---|---|
| Sandvik | 31% | SEK 70.5bn |
| Volvo | 28% | SEK 63.8bn |
| Handelsbanken | 16% | SEK 36.6bn |
| Essity | 10% | SEK 21.6bn |
| SCA | 5% | SEK 10.7bn |
| Skanska | 4% | SEK 8.9bn |
| Ericsson | 4% | SEK 8.1bn |
| Alleima | 3% | SEK 6.4bn |
Value builds as the holdings grow and pay dividends. Industrivärden collects them, pays its small costs and interest, and passes the rest to shareholders. Because every holding is listed, net asset value is close to the equity on the balance sheet.
Latest report: January–September 2026
| Now | Year before | |
|---|---|---|
| Net asset value | SEK 223,324m (SEK 517 a share) | SEK 191,553m at 31 Dec 2025 (SEK 444 a share) |
| Change in net asset value, 9 months | +17% | |
| Total return, C share, 9 months | +30% | SIXRX +11% |
| Dividends received | SEK 9,511m | SEK 9,532m |
| Dividend paid | SEK 3,779m | SEK 3,563m |
| Management cost | SEK 103m, 0.06% of the portfolio a year | SEK 97m |
| Net debt / portfolio value | 2% (SEK 3,742m) | 3% at 31 Dec 2025 |
Source: Industrivärden, Interim Report January 1 – September 30, 2026, pp. 1–3. Interim reports are not filed in ESEF, so these figures are read by hand from the report.
Net asset value as the company reports it, with listed holdings at market price and unlisted ones at the company's own estimate. The source is named below.
Equity has grown 9% a year since 2019, before dividends added back. Net asset value as the company reports it was SEK 191.6bn at the end of 2025.
| Year | Net asset value | Equity (IFRS) | Listed holdings |
|---|---|---|---|
| 2019 | – | SEK 112.5bn | – |
| 2020 | – | SEK 121.0bn | SEK 128.9bn |
| 2021 | – | SEK 143.1bn | SEK 150.0bn |
| 2022 | – | SEK 126.2bn | SEK 133.8bn |
| 2023 | – | SEK 149.9bn | SEK 157.5bn |
| 2024 | – | SEK 159.2bn | SEK 166.5bn |
| 2025 | SEK 191.6bn | SEK 191.0bn | SEK 197.5bn |
IFRS equity from the annual reports, average annual change before dividends added back. Net asset value by year is added once we have it from the company's own reports.
The holdings paid SEK 9.5bn in dividends to the company in 2025, and it paid out SEK 3.6bn to its own shareholders.
| Year | Dividends received | Dividends paid | Cover |
|---|---|---|---|
| 2019 | – | – | – |
| 2020 | SEK 657m | – | – |
| 2021 | SEK 7.2bn | SEK 3.6bn | 1.99x |
| 2022 | SEK 5.5bn | SEK 2.9bn | 1.88x |
| 2023 | SEK 6.4bn | SEK 3.1bn | 2.05x |
| 2024 | SEK 8.6bn | SEK 3.3bn | 2.56x |
| 2025 | SEK 9.5bn | SEK 3.6bn | 2.68x |
Dividends received and paid from the cash flow statement.
Net debt is 1.6% of the market value of the equity portfolio, on the company's own measure (30 September 2026).
| Year | Net debt | Share of net asset value |
|---|---|---|
| 2019 | – | – |
| 2020 | SEK 7.8bn | – |
| 2021 | SEK 6.5bn | – |
| 2022 | SEK 7.4bn | – |
| 2023 | SEK 7.3bn | – |
| 2024 | SEK 6.9bn | – |
| 2025 | SEK 5.9bn | 3.1% |
Competitive advantages, our assessment
Leverage = interest-bearing debt minus cash and short-term investments, divided by net asset value.
The share trades 3% below net asset value per share, SEK 517.
Net asset value per share SEK 517 at 2026-09-30, share price SEK 502.80.
Discount = share price divided by net asset value per share, minus one. Net asset value is the latest reported.
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Where every number comes from
| Item | Amount | Period | Source |
|---|---|---|---|
| Equity | SEK 191.0bn | 2025-12-31 | Annual report 2025 (ESEF)ifrs-full:Equity |
| Listed holdings, fair value | SEK 197.5bn | 2025-12-31 | Annual report 2025 (ESEF)ifrs-full:NoncurrentFinancialAssetsAtFairValueThroughProfitOrLoss |
| Dividends received | SEK 9.5bn | 2025-12-31 | Annual report 2025 (ESEF)ifrs-full:DividendsReceivedClassifiedAsOperatingActivities |
| Net asset value | SEK 223,324m | 2026-09-30 | Interim Report January–September 2026, p. 1 |
| Net asset value | SEK 191,553m | 2025-12-31 | Interim Report January–September 2026, p. 1 |
| Holdings, market value | SEK 227,066m | 2026-09-30 | Interim Report January–September 2026, pp. 2–3 |
| Number of shares | 431,899,108 | 2026-09-30 | Interim Report January–September 2026, p. 4 |
| Net debt | SEK 3,742m | 2026-09-30 | Interim Report January–September 2026, p. 4 |
The figures come from the company's annual reports in the machine-readable ESEF format, via filings.xbrl.org and the Swedish financial regulator. The latest filing wins, so restated comparatives replace the originals. Anything not tagged in ESEF is given with its source and page.
General analysis and educational material, not personal investment advice and not a recommendation to buy or sell. The figures are mechanical and can be rebuilt from the company's public reports; the text is the author's judgement. Author's position in Industrivärden: not disclosed. Data to 2025-12-31, price as of 2026-10-23.