InvestorINVE B
The Wallenberg family's investment company. Investor holds large, long-term stakes in listed companies such as ABB and Atlas Copco, wholly owned companies grouped in Patricia Industries, and a stake in EQT.
Investor has 12 large holdings. Net asset value was SEK 1,087.1bn at the end of 2025.
| Holding | Share of total assets | Value |
|---|---|---|
| ABB | 20% | SEK 252.8bn |
| Atlas Copco | 13% | SEK 172.3bn |
| Patricia Industries (excl. cash) | 19% | SEK 241.7bn |
| SEB | 8% | SEK 102.0bn |
| Saab | 8% | SEK 101.2bn |
| EQT (company and funds) | 7% | SEK 95.0bn |
| AstraZeneca | 7% | SEK 84.4bn |
| Epiroc | 4% | SEK 54.4bn |
| Sobi | 4% | SEK 54.2bn |
| Nasdaq | 4% | SEK 53.6bn |
| Wärtsilä | 3% | SEK 33.3bn |
| Ericsson | 2% | SEK 31.0bn |
Value builds as the holdings grow and pay dividends. Investor collects the dividends, pays its own small costs and passes the rest to its shareholders. The share often trades at a different price from the combined value of the holdings.
Latest report: January–September 2026
| Now | Year before | |
|---|---|---|
| Adjusted net asset value | SEK 1,258.0bn (SEK 411 a share) | SEK 1,087.1bn at 31 Dec 2025 (SEK 355 a share) |
| Change incl. dividends added back, 9 months | +17% | |
| Total return, Investor B, 9 months | +24% | SIXRX +11% |
| Net debt / total adjusted assets | 1.8% | 2.1% at 31 Dec 2025 |
| Gross cash | SEK 29,460m |
Source: Investor, interim report January–September 2026, pp. 2, 4 and 5. 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 15% a year since 2019, before dividends added back. Net asset value as the company reports it was SEK 1,087.1bn at the end of 2025.
| Year | Net asset value | Equity (IFRS) | Listed holdings |
|---|---|---|---|
| 2019 | – | SEK 420.9bn | – |
| 2020 | – | SEK 461.8bn | SEK 428.5bn |
| 2021 | – | SEK 682.6bn | SEK 634.9bn |
| 2022 | – | SEK 604.9bn | SEK 548.1bn |
| 2024 | – | SEK 819.4bn | SEK 762.0bn |
| 2025 | SEK 1,087.1bn | SEK 953.7bn | SEK 904.8bn |
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 16.0bn in dividends to the company in 2025, and it paid out SEK 15.9bn to its own shareholders.
| Year | Dividends received | Dividends paid | Cover |
|---|---|---|---|
| 2019 | – | – | – |
| 2020 | SEK 8.0bn | SEK 6.9bn | 1.16x |
| 2021 | SEK 11.3bn | SEK 10.7bn | 1.05x |
| 2022 | SEK 11.5bn | SEK 12.3bn | 0.94x |
| 2024 | SEK 15.6bn | SEK 14.7bn | 1.06x |
| 2025 | SEK 16.0bn | SEK 15.9bn | 1.01x |
Dividends received and paid from the cash flow statement.
Net debt is 1.8% of total adjusted assets, on the company's own measure (30 September 2026).
| Year | Net debt | Share of net asset value |
|---|---|---|
| 2019 | – | – |
| 2020 | SEK 58.6bn | – |
| 2021 | SEK 68.7bn | – |
| 2022 | SEK 64.9bn | – |
| 2024 | SEK 65.4bn | – |
| 2025 | SEK 93.5bn | 8.6% |
Competitive advantages, our assessment
Leverage = interest-bearing debt minus cash and short-term investments, divided by net asset value.
The share trades in line with net asset value per share, SEK 411.
Net asset value per share SEK 411 at 2026-09-30, share price SEK 412.00.
Discount = share price divided by net asset value per share, minus one. Net asset value is the latest reported.
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The measurable events that would show the picture is wrong, each with a level and a date.
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Where every number comes from
| Item | Amount | Period | Source |
|---|---|---|---|
| Equity | SEK 953.7bn | 2025-12-31 | Annual report 2025 (ESEF)ifrs-full:EquityAttributableToOwnersOfParent |
| Listed holdings, fair value | SEK 904.8bn | 2025-12-31 | Annual report 2025 (ESEF)ifrs-full:NoncurrentFinancialAssetsAtFairValueThroughProfitOrLossDesignatedUponInitialRecognition |
| Dividends received | SEK 16.0bn | 2025-12-31 | Annual report 2025 (ESEF)ifrs-full:DividendsReceivedClassifiedAsOperatingActivities |
| Adjusted net asset value | SEK 1,258.0bn | 2026-09-30 | Interim report January–September 2026, p. 2 |
| Adjusted net asset value | SEK 1,087.1bn | 2025-12-31 | Interim report January–September 2026, p. 2 |
| Holdings and shares | 2026-09-30 | Interim report January–September 2026, p. 4 | |
| Shares outstanding excl. own shares | 3,063,715,066 | 2026-09-30 | Interim report January–September 2026, p. 2 |
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 Investor: not disclosed. Data to 2025-12-31, price as of 2026-10-23.