Investor (INVE) Q3 2024 earnings summary

Executive summary

• Adjusted net asset value grew by 2% in Q3 2024 to SEK 986.3bn, reaching an all-time high, with a five-year average annual growth of 19% including dividends.

• Total shareholder return for the quarter was 8%, outperforming the SIXRX benchmark's 4%; year-to-date, listed companies delivered a 23% TSR versus 15% for SIXRX.

• Major subsidiaries achieved 7% organic sales growth and 8% adjusted operating income/EBITA growth year-over-year, with high M&A activity and over SEK 1.9bn in strategic and add-on acquisitions.

• Strategic acquisitions and investments continued, notably in Piab Group and EQT funds.

• Listed Companies delivered a 1% total return, Patricia Industries 3%, and EQT investments 7% in Q3.

Financial highlights

• Adjusted NAV per share reached SEK 322, up from SEK 317 at the end of Q2 2024.

• Group last twelve months sales and EBITDA, including 40% in Tre, were SEK 66bn and SEK 16bn, respectively.

• Q3 2024 profit was SEK 12,781m, compared to a loss of SEK 11,134m in Q3 2023; basic EPS for Q3 2024 was SEK 4.18.

• Market capitalization at SEK 957,246m as of September 30, 2024.

• Average annual net asset value growth was 19% over five years, with dividends added back.

Outlook and guidance

• Continued focus on profitable growth, future-proofing, and strategic investments across all business areas, with add-on acquisitions as a priority.

• Management emphasizes efficiency, agility, and supporting innovation, digitalization, and sustainability.

• No specific guidance on future growth rates, but optimism for continued growth in key products and segments.

• Further interest rate cuts are expected to ease consumer pressure, though macroeconomic and geopolitical uncertainties persist.