Interim Report

January-June 2017

Q2 2017 overview

2

Adjusted net asset value increased by 3 percent (Reported NAV +3 percent)

Total shareholder return 11 percent (SIXRX up 4 percent)

Patricia Industries: mixed performance

Listed Core Investments: 3 percent total return

EQT: value change 6 percent in constant currency, SEK 0.7 bn. net cash flow to Investor

Listed Core Investments – Q2 summary

> Total return +3 percent

> No investments made

> High activity in the companies

– Saab: Inaugural flight of next generation Gripen E

– Sobi: Guido Oelkers appointed new CEO

– Wärtsilä: Strategic acquisition of Greensmith

– Ericsson: The search for a new Chairperson initiated

– Atlas Copco: new Chairperson and CEO appointed for Epiroc, split preparations continue

3

LISTED CORE

INVESTMENTS

Patricia Industries – Q2 summary

> Adjusted market value of SEK 98 bn. (excluding cash), total return +2.5 percent

> Mixed operating performance

– Good organic growth and improved profitability in Laborie, 3 Scandinavia and Vectura

– Permobil and BraunAbility affected by ongoing product launches

– Challenges in Aleris, initiatives to improve efficiency

– Low organic growth in Mölnlycke, performance below our ambitions

4

Mölnlycke

> Organic sales growth 1 percent in

constant currency

> Growth impacted by strong second

quarter last year

> Lower growth in the U.S., Europe

contracted, strong growth in Emerging

markets

> The EBITA margin decreased, mainly due

to the reimbursement cut in France,

higher raw materials prices and currency

effects

Q2 2017

A provider of single-use surgical and wound care products for customers, health care professionals and patients

0

5

10

15

20

25

30

35

0

200

400

600

800

1 000

1 200

1 400

1 600

2013 2014 2015 2016 2017Rolling 12 m.

%EUR m.

Sales EBITDA, % EBITA, %

5

Aleris

> Organic sales declined by 2 percent in

constant currency

> Healthcare Sweden and parts of Care Norway

impacted growth negatively

> EBITA margin lower as the addition of Curato

did not compensate for negative impact Care

Norway

> Ongoing radiology tender in Stockholm

appealed

> Implementation of initiatives to improve

efficiency continued

Q2 2017

A provider of healthcare and care services in Scandinavia

0

1

2

3

4

5

6

0

1 000

2 000

3 000

4 000

5 000

6 000

7 000

8 000

9 000

10 000

2013 2014 2015 2016 2017Rolling 12 m.

%SEK m.

Sales EBITDA, % EBITA, %

6

Permobil

> Organic sales growth 1 percent in

constant currency

> Growth driven by North America, Europe

declined due to weaker market

development

> Launches of new products progressed

well, with positive customer reception

> Adjusted for costs related to a settlement

regarding a legacy product, the EBITA

margin improved slightly

Q2 2017

A provider of advanced mobility and seating rehab solutions

0

5

10

15

20

25

0

500

1 000

1 500

2 000

2 500

3 000

3 500

4 000

2013 2014 2015 2016 2017Rolling 12 m.

%SEK m.

Sales EBITDA, % EBITA, %

7

BraunAbility

> Organic sales declined by 4 percent in

constant currency

> Consumer WAV business affected by

weak market demand and product launch

> Production of new Chrysler vehicle

ramping smoothly, significant order

backlog

> Commercial WAV business performed well

> EBITA margin declined due to lower

volumes, launch-related OPEX and

acquisition related costs

Q2 2017

A world-leading manufacturer of wheelchair accessible vehicles and wheelchair lifts

0

2

4

6

8

10

200

250

300

350

400

450

500

2013 2014 2015 2016 2017Rolling 12 m.

%USD m.

Sales EBITDA, % EBITA, %

8

Laborie

> Organic sales growth 5 percent in

constant currency

> Good performance in both urodynamics

and GI diagnostics

> Profitability improved

> Significant investments in business

development and operations

Q2 2017

A leading provider of innovative capital and consumables for the diagnosis and treatment in urologic and gastrointestinal (GI) disorders

0

5

10

15

20

25

95

100

105

110

115

120

125

130

2015 2016 2017Rolling 12 m.

%USD m.

Sales EBITDA, % EBITA, %

9

3 Scandinavia

> Subscription base +23,000, driven by

Denmark

> Service revenue growth 5 percent

> Significant EBITDA margin expansion

reflecting good operating leverage and

non-recurring costs in Q2 2016

> SEK 4.3 bn. non-guaranteed bank loan

was raised and subsequently, SEK 1.7 bn.

distribution to Patricia Industries

Q2 2017

3 Scandinavia, a provider of mobile voice and broadband services in Sweden and Denmark

2021222324252627282930

0

2 000

4 000

6 000

8 000

10 000

12 000

2013 2014 2015 2016 2017Rolling 12 m.

%SEK m.

Sales EBITDA, %

10

EQTQ2 2017

EQT Equity

EQT

Infrastructure

EQT Midmarket

EQT Credit

EQT AB

SEK 14 116 m.

4% of total

adjusted assets

Value change 6 percent in

constant currency

Outstanding commitment

SEK 11.7 bn. Draw-downs

SEK 414 m.

Proceeds to Investor

SEK 1 160 m.

EQT Ventures

0

1 000

2 000

3 000

4 000

5 000

2012 2013 2014 2015 2016 H1 2017

SEK m. Net cash flow

EQT

Real Estate

11

Strategic priorities going forward

> More companies to become best-in-class

> Gradually strengthen ownership in selected holdings

> Continue to invest in EQT funds

> Continued profitable growth in the existing companies

> New platforms in the Nordics and North America

> High quality

> Cost efficiency

> Pay a steadily rising

dividend

> Generate an attractive

total shareholder

return

LISTED CORE

INVESTMENTS

SUPPORT

FUNCTIONS

12

Interim Report, January-June 2017Financials, Helena Saxon, CFO

13

Financial highlights

> Reported Net Asset Value amounted to

SEK 331 bn., an increase of SEK 1 bn.

during the quarter. Adjusted for dividend

paid, growth was 3% during the quarter.

> Based on estimated market values of

Patricia Industries, adjusted Net Asset Value

amounted to SEK 377 bn.

> Total shareholder return (Investor B-share)

was 10.6% compared to 4.1% SIXRX Index

Q2 2017

331

SEK bn.

0

50

100

150

200

250

300

350

97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17

14

Contribution to Reported Net Asset Value (NAV)Q2 2017

SEK m.

15

Listed Core InvestmentsQ2 2017

SEK 281 181 m.

72% of total

adjusted assets

No investments or

divestments were made

during the quarter-500

500

1 500

2 500 Total Contribution to

reported NAV

SEK 9 520 m.

16

Patricia IndustriesEstimated market values vs. reported values – June 30, 2017

59.2

8.4 7.54.7 4.5 3.0 2.1 0.5

7.9

97.8

22.5

4.0 4.1 4.5 4.0 2.9 2.2 0.2

7.9

52.3

0

20

40

60

80

100

120

Mölnlycke Permobil 3 Scandinavia Laborie Aleris BraunAbility Vectura Grand Group FinancialInvestments

PatriciaIndustries

SEK bn.

Estimated market value Reported value

SEK

36.7 bn.

diff.

SEK

4.3 bn.

diff.

SEK

3.5 bn.

diff.

SEK

45.5 bn.

diff.

Excl. cash

Financial

Investments

17

Major drivers of estimated market value Q2 2017

18

SEK 3.0 bn.Multiple, cash flow and currency positive drivers,

lower operating profit impacted negatively

SEK 0.8 bn.Stable operating performance, multiple

the main value driver

SEK -0.7 bn,Stable multiple, value change mainly driven

by lower operating profit

SEK -1.1bn.

Distribution of SEK 1.7 bn., underlying value

change SEK 0.6 bn. driven by operating

profit and cash flow

CompanyEst. market value

change Q2 vs. Q1Comment

Financial Investments

> Net divestitures amounted to SEK 0.4 bn.,

in line with strategy

> Value decrease mainly attributable to NS

Focus

Q2 2017

Financial Investments consists of all former Investor Growth Capital (IGC) investments and other holdings

SEK 7 900 m.2 percent of total assets

19

Leverage development

> Leverage 4.7% (5.3%) as of June 30, 2017

> Net debt amounted to SEK 16.2 bn.

> Cash and readily available placements amounted to SEK 14.7 bn.

> Proactive balance sheet management

– Repurchase of bonds for a total SEK 1.4 bn.

> Average maturity of the debt portfolio 10.4 years

Current rating

Standard & Poor’s AA-

Moody’s Aa3

20

Financial calendar & Contact details

Event Date

Interim Management Statement, January – September 2017 October 17, 2017

Interim Report, January – December 2017 January 23, 2018

Contact details

Stefan Stern +46 70 636 7417

Head of Corporate Relations, Sustainability and Communications stst@investorab.com

Magnus Dalhammar +46 73 524 2130

Head of Investor Relations md@investorab.com

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