Interim report
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AB Industrivärden (publ) | Reg. no. 556043-4200 | www.industrivarden.net Interim Report January 1 – September 30, 2026 • Net asset value on September 30, 2026, was SEK 223.3 bn, or SEK 517 per share. During the first nine months of the year, net asset value increased by 17%, corresponding to SEK 74 per share. • The total return for the period was 31% for the Class A shares and 30% for the Class C shares, compared with 11% for the Stockholm Stock Exchange’s total return index (SIXRX). • During the first nine months, shares were purchased for a total of SEK 3.3 bn, of which SEK 1.2 bn in Essity, SEK 0.9 bn in Handelsbanken, SEK 0.8 bn in Volvo, SEK 0.3 bn in SCA and SEK 0.1 bn in Alleima. 2026 2025 2025 Sept 30 Sept 30 Dec 31 Net asset value, SEK mn 223,324 173,045 191,553 Net asset value per share, SEK 517 401 444 Share price, Industrivärden C, SEK 528.80 372.90 415.00 Debt-equities ratio 2% 3% 3% 2026 2025 2025 SEK mn Jan – Sept Jan – Sept Jan – Dec Earnings per share, SEK 81.97 39.32 81.97 Dividend income 9,511 9,532 9,532 Dividend paid 3,779 3,563 3,563 Equities portfolio: Purchases 3,297 3,448 4,650 Sales – – –
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Industrivärden Interim Report | 2 | January 1 – September 30, 2026* Financial overview The report pertains to the period January 1 through September 30, 2026. For income statement and cash flow items, figures in parentheses pertain to the value for the corresponding period in the preceding year. For balance sheet items, figures in parentheses pertain to the value on December 31, 2025. Net asset value Net asset value consists of the market value of the equities portfolio less net debt. On September 30, 2026, net asset value was SEK 223,324 mn (191,553) or SEK 517 per share (444), an increase of SEK 74 per share during the period. During the last ten-year period, net asset value increased from SEK 76,334 mn on September 30, 2016, to SEK 223,324 mn on September 30, 2026. The average annual growth of net asset value for the last five- and ten-year period was 12% and 11%, respectively. The chart below illustrates net asset value for the respective year-ends as well as for the current period ended on September 30, 2026. Development over time Share of value Holdings No. of shares Capital Votes SEK mn SE K/share % Sandvik 187,500,000 14.9 14.9 70,463 163 31 V olvo A 166,600,000 53,778 Volvo B 31,200,000 10,065 Handelsbanken A 236,800,000 12.0 12.2 36,597 85 16 Essity A 28,400,000 7,384 Essity B 54,900,000 14,225 SCA A 30,500,000 3,691 SCA B 58,000,000 6,992 Skanska A 12,667,500 3,505 Skanska B 19,500,000 5,396 Ericsson A 86,052,615 8,011 Ericsson B 1,000,000 92 Alleima 54,200,000 21.6 21.6 6,363 15 3 Other 504 1 0 Equities portfolio 227,066 526 100 Net debt -3, 742 -9 Net asset value 223,324 517 Debt-equities ratio 2% Sept 30, 2026 Market value 50 21 Ownership stake, % 2.6 15.0 12.2 29.0 10 2814828.39.7 4 7.7 24.5 4 19 12.6 29.0 25 5 -20,000 20,000 60,000 100,000 140,000 180,000 220,000 260,000 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 09/30/26 SEK mn Equitites portfolio Net debt Net asset value
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Industrivärden Interim Report | 3 | January 1 – September 30, 2026* Performance of the equities portfolio During the period, the market value of the equities portfolio, adjusted for purchases and sales, increased by SEK 26,296 mn, or 13%. Net purchases amounted to SEK 3,297 mn. On September 30, 2026, the market value of the equities portfolio was SEK 227,066 mn. Change in value, net purchases, dividend income Total return, shareholdings January 1 – September 30 Investment activities During the first nine months of 2026, shares were purchased for a total of SEK 3,297 mn (3,448), of which SEK 1,200 mn in Essity B, SEK 945 mn in Handelsbanken A, SEK 759 mn in Volvo B, SEK 291 mn in SCA B and SEK 102 mn in Alleima. Dividends received During the period, dividend income from holdings amounted to SEK 9,511 mn (9,532). Dividend payments received amounted to SEK 9,381 mn (9,408). Dividends decided on for which payment has not yet been received are recognized as receivables on the balance sheet when the right to receive dividend has been determined (namely, on the first day the stock is traded without the right to receive dividend). Sept 30, 2026 SEK mn Market value Change in value Purchase (+) / sales (-) Dividend Sandvik 70,463 14,100 – 1,125 Vo lvo 63,844 5,124 759 2,543 Handelsbanken 36,597 4,752 945 4,025 Essity 21,609 -472 1,200 706 SCA 10,682 -152 291 266 Skanska 8,901 785 – 450 Ericsson 8,104 225 – 261 Alleima 6,363 1,931 102 136 Other 504 4 – – Total 227,066 26,296 3,297 9,511 Jan – Sept 2026 1% 1% 6% 13% 16% 27% 32% 49% 0 10 20 30 40 50 Essity SCA Ericsson Volvo Skanska Sandvik Handelsbanken Alleima % 0.1 0.3 0.5 1.3 2.1 7.7 9.9 15.2 0 2 4 6 8 10 12 14 16 SCA Essity Ericsson Skanska Alleima Volvo Handelsbanken Sandvik SEK bn
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Industrivärden Interim Report | 4 | January 1 – September 30, 2026* Net income for the period During the first nine months of 2026, dividend income amounted to SEK 9,511 mn (9,532) and change in value of shares, etc. to SEK 26,208 mn (7,715). Management cost amounted to SEK –103 mn (–97), which on a yearly basis corresponds to 0.06% (0.07%) of the market value of the equities portfolio on September 30, 2026. Financial items and tax amounted to SEK –113 mn (–103) and SEK –101 mn (–64), respectively. Net income for the period was SEK 35,402 mn (16,983), or SEK 81.97 per share (39.32). Financing Net debt amounted to SEK 3,742 mn (5,920) on September 30, 2026, corresponding to a debt-equities ratio of 2% (3%). The debt portfolio consists primarily of bonds, issued within the framework of Industrivärden’s Medium Term Note (MTN) program. The average maturity of the debt portfolio was 30 months (25) on September 30, 2026. During the period two new bonds of SEK 500 mn each, with tenors of five years, were issued. The loans pertain to refinancing and were issued within the framework of the MTN program. Information about debt financing, such as framework amounts and term sheets, is available on Industrivärden’s website. No part of Industrivärden’s debt financing is dependent on certain criteria in relation to financial performance measures (covenants) being met. Net debt Credit rating S&P Global Ratings has assigned Industrivärden a credit rating of A+/Stable/A-1. This rating was confirmed on March 19, 2026. Shareholders’ equity The Group’s shareholders’ equity at the end of the period was SEK 222,645 mn (191,018), corresponding to an equity ratio of 97% (96%). Share structure At the 2011 Annual General Meeting, a share conversion clause was added to the Articles of Association. Shareholders have the right at any time to request conversion of Class A shares to Class C shares. During the period, 5,989,764 shares were converted. Share structure on September 30, 2026 2026 2025 2025 SEK mn Sept 30 Sept 30 Dec 31 Non-current financial liabilities 4,501 5,000 5,000 Current financial liabilities 1,779 2,284 2,284 Provisions for pensions 0 0 0 Current financial receivables -147 -146 -21 Cash and cash equivalents -2,391 -2,478 -1,343 Total 3,742 4,660 5,920 Share class No. of shares No. of votes Capital, % Votes, % A (1 vote) 210,630,737 210,630,737.0 48.8 90.5 C (1/10 vote) 221,268,371 22,126,837.1 51.2 9.5 Total 431,899,108 232,757,574.1 100.0 100.0
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Industrivärden Interim Report | 5 | January 1 – September 30, 2026* Industrivärden’s stock Stock performance On the last day of trading in the period, September 30, 2026, the price of Industrivärden’s Class A and Class C shares was SEK 535.00 and SEK 528.80, respectively. Corresponding share prices on the last day of trading in 2025, December 30, were SEK 415.40 and SEK 415.00, respectively. The total return during the period was 31% for the Class A shares, and 30% for the Class C shares. During the last five- and ten-year period, the average annual total return for the Class C shares was 17% and 15%, respectively. The stock’s total return, compared with the total return for the Stockholm Stock Exchange (SIXRX) and the total return for the OMXS30 (OMXS30GI), is shown in the table and charts below. Average annual growth in value for respective period Total return over time Total return for the respective year/period Industrivärden C Index (SIXRX) Index (OMXS30GI) 9 months 30% 11% 16% 1 year 44% 18% 26% 3 years 25% 16% 18% 5 years 17% 7% 11% 7 years 16% 12% 13% 10 years 15% 11% 12% Sept 30, 2026 Total return 0 100 200 300 400 500 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Index Total return index (OMXS30GI) Total return index (SIXRX) Industrivärden C -30% -20% -10% 0% 10% 20% 30% 40% 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 09/30/26 Industrivärden C Total return index (SIXRX)
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Industrivärden Interim Report | 6 | January 1 – September 30, 2026* Other report information Tax status In 2019, the Swedish Tax Agency assessed that AB Industrivärden shall, for tax purposes, be classified as an investment company. Since then, the concentration of the equities portfolio has increased, and against this background, Industrivärden once again submitted a query to the Swedish Tax Agency in the second quarter of 2026 as to whether the company should be classified as an investment company or as a conventionally taxed company. During the third quarter, the Swedish Tax Agency communicated that Industrivärden should be taxed as a conventionally taxed company, as of the 2027 tax year. Events after the balance sheet date No significant events have occurred after September 30, 2026. This interim report has not been subject to review by the Company’s auditors. Stockholm, October 7, 2026 Helena Stjernholm Chief Executive Officer
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Industrivärden Interim Report | 7 | January 1 – September 30, 2026* Financial statements Group, condensed Income statement Statement of comprehensive income Balance sheet 2026 2025 2026 2025 2025 S EK mn July – Sept July – Sept Jan – Sept Jan – Sept Jan – Dec Dividend income 131 124 9,511 9,532 9,532 Change in value of shares, etc. -1,712 7,343 26,208 7,715 26,244 Management cost -39 -27 -103 -97 -121 Operating income -1,620 7,440 35,616 17,150 35,655 Financial items -35 -32 -113 -103 -141 Income after financial items -1,655 7,408 35,503 17,047 35,514 Tax 2 -24 -101 -64 -113 Net income for the period -1,653 7,384 35,402 16,983 35,401 Earnings per share (no dilution effect exists), SEK -3.83 17.10 81.97 39.32 81.97 2026 2025 2026 2025 2025 SEK mn July – Sept July – Sept Jan – Sept Jan – Sept Jan – Dec Net income for the period -1,653 7,384 35,402 16,983 35,401 Other comprehensive income Items that are not to be reclassified in the income statement Actuarial gains and losses on pensions 0 0 0 0 10 Comprehensive income for the period -1,653 7,384 35,402 16,983 35,411 2026 2025 2025 SEK mn Sept 30 Sept 30 Dec 31 Tangible fixed assets 12 16 14 Equities 227,066 177,705 197,473 Total non-current assets 227,078 177,721 197,487 Current financial receivables 147 146 21 Other current receivables 34 70 49 Cash and cash equivalents 2,391 2,478 1,343 Total current assets 2,572 2,694 1,413 Total assets 229,650 180,415 198,900 Shareholders' equity 222,645 172,602 191,018 Non-current financial liabilities 4,501 5,000 5,000 Provisions for pensions 0 0 0 Deferred tax liability 336 241 284 Other non-current liabilities 195 106 111 Total non-current liabilities 5,032 5,347 5,395 Current financial liabilities 1,779 2,284 2,284 Other current liabilities 194 182 203 Total current liabilities 1,973 2,466 2,487 Total shareholders' equity and liabilities 229,650 180,415 198,900
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Industrivärden Interim Report | 8 | January 1 – September 30, 2026* Group, condensed (continuation) Change in shareholders’ equity Cash flow Parent Company, condensed Income statement Balance sheet 2026 2025 2025 SEK mn Jan – Sept Jan – Sept Jan – Dec Opening shareholders’ equity as per balance sheet 191,018 159,178 159,178 Net income for the period 35,402 16,983 35,401 Other comprehensive income 0 0 10 Comprehensive income for the period 35,402 16,983 35,411 Dividend to shareholders -3,779 -3,563 -3,563 Share savings program 4 4 -8 Closing shareholders’ equity as per balance sheet 222,645 172,602 191,018 2026 2025 2025 S EK mn Jan – Sept Jan – Sept Jan – Dec Dividend received 9,381 9,408 9,532 Management cost paid -77 -73 -115 Other -179 -188 -205 Cash flow from operating activities 9,125 9,147 9,212 Purchases of shares -3,297 -3,448 -4,650 Sales of shares – – – Cash flow from investing activities -3,297 -3,448 -4,650 Loans raised 1,000 1,998 1,998 Amortization of debt -2,001 -2,499 -2,497 Dividend paid -3,779 -3,563 -3,563 Cash flow from financing activities -4,780 -4,064 -4,062 Cash flow for the period 1,048 1,635 500 Cash and cash equivalents at end of period 2,391 2,478 1,343 2026 2025 2025 S EK mn Jan – Sept Jan – Sept Jan – Dec Operating income 26,154 15,849 30,053 Income after financial items 25,911 15,622 29,753 Income for the period 25,911 15,622 29,753 Comprehensive income for the period 25,911 15,622 29,763 2026 2025 2025 SEK mn Sept 30 Sept 30 Dec 31 Non-current assets 155,679 118,162 132,907 Current assets 148 142 38 Total assets 155,827 118,304 132,945 Shareholders’ equity 141,344 105,079 119,208 Non-current liabilities 4,696 5,106 5,111 Current liabilities 9,787 8,119 8,626 Total shareholders' equity and liabilities 155,827 118,304 132,945
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Industrivärden Interim Report | 9 | January 1 – September 30, 2026* Notes Note 1 Accounting policies This interim report has been prepared in accordance with IAS 34 – Interim Financial Reporting. Disclosures in accordance with IAS 34.16A are provided – in addition to the financial statements and their accompanying notes – also in other parts of the interim report. The consolidated financial statements have been prepared in accordance with IFRS Accounting Standards as endorsed by the EU and the Swedish Annual Accounts Act. The Parent Company financial statements have been prepared in accordance with RFR 2, Supplementary Reporting Rules for Legal Entities, and the Swedish Annual Accounts Act. New or revised IFRS Accounting Standards and interpretations from the IFRS Interpretations Committee (IFRIC) have not had any material effect on the Group’s or Parent Company’s reporting during the period. Note 2 Financial instruments In accordance with IFRS 13, financial instruments are carried at fair value based on a 3- level hierarchy. The classification is based on the input data used in the valuation of the instruments. Instruments in Level 1 are valued at quoted prices for identical instruments in an active market. Instruments in Level 2 are valued in a valuation model which uses input data that is directly or indirectly observable in the market. Input data used in the valuation model in Level 2 includes interest rates, volatility, and dividend estimates. Instruments in Level 3 are valued using a valuation technique based on input data that is not observable in a market. The valuation technique that is used for the financial instruments in Level 3 is based on net assets in the respective subsidiaries measured at fair value. No changes between the levels occurred compared with the preceding year. Financial instruments measured at fair value Note 3 Risks and uncertainties The most significant risk in Industrivärden’s operations is share price risk, i.e., the risk of a change in value due to changes in share prices. A change of 1% in the prices of the holdings in the equities portfolio on September 30, 2026, would have affected the equities portfolio’s market value by approximately +/- SEK 2,300 mn. Further information on risks and uncertainties is provided in the 2025 Annual Report. Note 4 Related-party transactions No significant transactions with related parties were made during the period. SEK mn Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets Equities 226,562 – 504 227,066 196,973 – 500 197,473 Derivatives, etc. – 1 – 1 – 2 – 2 Total assets 226,562 1 504 227,067 196,973 2 500 197,475 Liabilities Derivatives, etc. – 208 – 208 – 122 – 122 Total liabilities – 208 – 208 – 122 – 122 Sept 30, 2026 Dec 31, 2025
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Industrivärden Interim Report | 10 | January 1 – September 30, 2026* Definitions and alternative performance measures This report includes financial key ratios that are based on IFRS rules, such as earnings per share. In addition, other Alternative Performance Measures (APMs) are used by the Company and other stakeholders to describe the Group’s operations and which cannot be discerned or derived from the financial statements. These APMs are to be regarded as a complement to the financial reporting presented in accordance with IFRS Accounting Standards. It should be noted that the APMs defined below may differ somewhat from other companies’ definitions of the same terms. Reconciliation of APMs is provided on Industrivärden’s website under the menu Investors – Industrivärden in figures. Market value of equities portfolio The equities portfolio’s listed holdings valued at current market prices on the balance sheet date, and the item Other valued in accordance with description in Note 2 Financial Instruments. Net debt Financial liabilities and provisions for pensions less financial receivables and cash and cash equivalents. Earnings per share Net income for the period divided by the weighted average number of shares outstanding. Debt–equities ratio Net debt in relation to the market value of the equities portfolio. Equity ratio Shareholders’ equity as a share of total assets. Net asset value The market value of the equities portfolio less net debt. Total return, shares Change in the share price taking into account reinvested dividends. The total return is compared with the total return for the Stockholm Stock Exchange (SIXRX) and the total return for the OMXS30 (OMXS30GI). Total return, shareholdings Change in value of a shareholding including calculated reinvested dividend. Reported only for the current reporting period. Change in value of shareholdings For shares held at both the start and end of the period, the change in market value consists of the difference in value between these two points in time. For shares sold during the period, the change in market value consists of the difference between the payment received for the shares and their value at the start of the period. For shares acquired during the period, the change in market value consists of the difference between the cost of the shares and their value at the end of the period.
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Industrivärden Interim Report | 11 | January 1 – September 30, 2026* Information Financial calendar Year-End Report: February 5, 2027 Annual Report 2026: February 26, 2027 Interim Report Jan – March: April 5, 2027 Annual General Meeting: April 15, 2027 Interim Report Jan – June: July 7, 2027 Interim Report Jan – Sept: October 7, 2027 Contact persons Sverker Sivall Head of Corporate Communications and Sustainability +46-8-666 64 19 ssl@industrivarden.se Karl Åberg Deputy Chief Executive Officer, Head of the Investment Organization and the Finance Function +46-8-666 64 06 kag@industrivarden.se Contact information AB Industrivärden (publ) Box 5403 SE-114 84 Stockholm, Sweden Registered office: Stockholm Reg. no.: 556043–4200 Switchboard: +46-8-666 64 00 info@industrivarden.se Ticker codes, Class C shares INDUC SS in Bloomberg INDUc.ST in Reuters INDU C in Nasdaq Stockholm Additional information Additional information, including interim reports, annual reports and press releases, is available on Industrivärden’s website: www.industrivarden.net. This report is a translation of the Swedish original. In the event of any difference between the two versions, the Swedish version shall take precedence. Publication This information is such that AB Industrivärden is required to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the named Head of Corporate Communi- cations and Sustainability, at 10:00 a.m. CEST on October 7, 2026. Industrivärden at a glance Industrivärden is a listed holding company that invests in and works long-term to develop and create value in its portfolio companies. Active ownership is exercised through sizable ownership stakes in a selection of listed companies with strong market positions, g ood cash flows, financial strength and clear development capacity.
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AB Industrivärden (publ) | Reg. no. 556043-4200 | www.industrivarden.net