Year-End Report 2016 CEO Johan Forssell 1 2 2016 summary > - - PowerPoint PPT Presentation

Year-End Report 2016

CEO Johan Forssell

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2016 summary

> Investor fully supports Atlas Copco’s proposal to split into two market-leading companies > SEK 1.5 bn. invested in listed core investments Ericsson, Wärtsilä and Atlas Copco > Laborie new subsidiary within Patricia Industries > Net asset value, with dividend added back, up 13 percent > Total shareholder return 13 percent (SIXRX 10 percent) > The Board proposes a dividend of SEK 11.00 per share (10.00) a 10 percent increase

EQT Equity EQT Infrastructure EQT Midmarket EQT Credit EQT AB Financial Investments

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Listed Core Investments

> Total return 14 percent (SIXRX 10 percent) > SEK 1.5 bn. invested in Ericsson, Wärtsilä and Atlas Copco > SEK 8.3 bn. in dividends received, up 8 percent

Summary 2016

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Listed Core Investments

> Proposal to split the group into two focused, market-leading companies > Logical and natural next step > Strong platforms for continued profitable growth and long-term value creation > Investor fully supports the proposal > Both companies will be listed core investments

Atlas Copco

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EQT

Summary 2016

> High activity during the year > Value change +10 percent in constant currency > SEK 1.0 bn. net cash flow to Investor

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Mölnlycke

> Invest in R&D, new products and complementary acquisitions > Grow in emerging markets > Continued focus on operational excellence

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Key priorities going forward

4 8 12 16 20 Sales growth EBITA growth Growth in operating cash flow %

Performance 2016

+6% +16% +11%

Continued growth in 2016

Organic growth, constant currency

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2 4 6 8 10 12 14 16 18 Vectura BraunAbility Laborie Aleris Mölnlycke Permobil Grand Group 3 Scandinavia (service rev.) % 17% 13% 10% 7% 6% 6% 6% 5%

Strong distributions in 2016

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*Excluding SEK 860 m. in proceeds from refinancing of Laborie

SEK 2.9 bn. SEK 0.8 bn. SEK 0.2 bn. 1 2 3 4 Mölnlycke 3 Scandinavia Permobil SEK bn.

Total SEK 3.9 bn.*

Strong cash flow

Leverage 5.3 percent - essentially flat despite investments and dividend paid

Main sources, SEK 13.2 bn. Main uses, SEK 13.8 bn.

Dividends received, Listed Core Investments SEK 8.3 bn. Net cash flow from EQT SEK 1.0 bn. Distributions* from Mölnlycke, Permobil, 3 Scandinavia SEK 3.9 bn. Dividend paid SEK 7.6 bn. Investments, Listed Core Investments SEK 1.5 bn. Acquisition of Laborie SEK 4.7 bn.

*Excluding SEK 860 m. in proceeds from refinancing of Laborie

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Our strategy remains firm

> Grow Net Asset Value > Operate efficiently > Pay a steadily rising dividend Generating an attractive total shareholder return

11 5 10 15 20 25 30 1 year 5 years 10 years 20 years %

Total shareholder return

INVE B SIXRX

Financials

January-December 2016 CFO Helena Saxon Presentation – January 31st, 2017

Financial highlights

> Net Asset Value (NAV) amounted to SEK 300.1 bn, an increase of SEK 9.4 bn during the quarter, corresponding to a change of 3% > Total shareholder return (Investor B-share) 9% compared to 3% SIXRX Index

Q4 2016

300

SEK bn.

50 100 150 200 250 300 350 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16

Contribution to Net Asset Value

Q4 2016

SEK m.

Listed Core Investments

Q4 2016

SEK 248 354 m. 78 percent of total assets Contribution to NAV, SEK m. Total return, Investor (%)

Atlas Copco 4 930 9.3 SEB 4 501 11.5 Saab 1 193 11.9 Wärtsilä 840 6.3 Nasdaq 610 5.4 Electrolux 589 5.7 Sobi 54 0.5 ABB

• 209
• 0.5

Husqvarna

• 267
• 3.7

Ericsson

• 1 409
• 13.1

AstraZeneca

• 3 467
• 11.9

Total* 7 341

Q4 2016 Invested SEK m. Divested SEK m.

Ericsson 1 011 Total 1 011

* Including Management cost

EQT

Q4 2016

SEK m.

SEK 13 996 m. 5 percent of total assets Q4 2016 Draw-downs Proceeds to Investor

SEK m. 976 873

A private equity group with portfolio companies in Northern and Eastern Europe, Asia and the U.S.

1,000 2,000 3,000 4,000 5,000 2011 2012 2013 2014 2015 2016

SEK m.

Net cash flow

Patricia Industries

Q4 2016

Contribution to NAV, SEK m.

Mölnlycke 809 Vectura 296 Laborie 268 3 Scandinavia 184 BraunAbility 172 Grand Group

• 13

Aleris

• 38

Permobil

• 40

Financial Investments 24 Total* 1 601

Q4 2016 Invested Divested/Distributions

SEK m. 155 4 673

SEK 54 806 m. 17 percent of total assets

Financial Investments

SEK 21 067 m. SEK 3 923 m. SEK 3 940 m. SEK 181m. SEK 2 161 m. SEK 5 446 m. SEK 10 024 m. SEK 3 136 m. SEK 4 928 m.

* Including Management cost

Mölnlycke

> Organic growth 4 percent in constant currency > Both Wound Care and Surgical contributed to growth > U.S. and Europe continued to grow, strong growth in Emerging Markets > EBITA margin increased driven by mix,

• perating leverage

> Continued investments in Procedure PakTM assembly facility > Distribution of EUR 300 m to Patricia Industries

Q4 2016

A provider of advanced products for treatment and prevention of wounds and single-use surgical solutions

5 10 15 20 25 30 35 200 400 600 800 1,000 1,200 1,400 1,600 2012 2013 2014 2015 2016 % EUR m. Sales EBITDA, % EBITA, %

Laborie

> Organic growth 6 percent in constant currency > Continued strong performance within urodynamic business > EBITA margin impacted by transaction

• costs. Underlying margin 25 percent

> Refinancing completed, USD 100 m. distributed to Patricia Industries

Q4 2016

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

Aleris

> Organic growth 3 percent in constant currency > Growth mainly driven by Care in Norway and Denmark > EBITA margin increase mainly driven by Curato > Two of Aleris’ Swedish hospitals again qualified in the top of a yearly ranking

Q4 2016

A provider of healthcare and care services in Scandinavia

1 2 3 4 5 6 7 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 10,000 2012 2013 2014 2015 2016 % SEK m. Sales EBITDA, % EBITA, %

Permobil

> Organic growth 1 percent in constant currency > U.S. sales somewhat lower than last year, good growth in Europe > EBITA margin largely unchanged > SEK 200 m distributed to owners, of which SEK 194 m to Patricia Industries

Q4 2016

A provider of advanced mobility and seating rehab solutions

5 10 15 20 25 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 2012 2013 2014 2015 2016 % SEK m. Sales EBITDA, % EBITA, %

BraunAbility

> Organic growth 13 percent in constant currency > Strong demand for commercial wheelchair accessible vans (WAVs) and domestic lifts > EBITA margin slightly higher despite significant investments > Continued improvement in production quality and efficiency

Q4 2016

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

2 4 6 8 10 200 250 300 350 400 450 2013 2014 2015 2016 % USD m. Sales EBITDA, % EBITA, %

Vectura and Grand Group

Vectura > Growth 16 percent > Grand Hôtel, new Aleris facilities, Hamlet addition contributed to growth > New construction project initiated Grand Group > Growth 5 percent > All segments grew, primarily Lodging > EBITA margin declined somewhat

Q4 2016

Vectura, develops and manages real estate, including Grand Hôtel and Aleris-related properties Grand Hôtel, Scandinavia’s leading five-star hotel, and Lydmar Hotel, offering both lodging and food & beverage

• 40
• 20

20 40 60 80 50 100 150 200 2013 2014 2015 2016 % SEK m. Sales EBITDA, % EBITA, %

• 10
• 5

5 10 100 200 300 400 500 600 700 2013 2014 2015 2016 % SEK m. Sales EBITDA, % EBITA, %

3 Scandinavia

> The subscriber base decreased by 10,000 in the quarter > Hallon and Oister continued to attract subscribers > Service revenue growth 7 percent > EBITDA grew 9 percent > SEK 623 m distributed to the owners, of which SEK 249 m to Patricia Industries

Q4 2016

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

20 21 22 23 24 25 26 27 28 2,000 4,000 6,000 8,000 10,000 12,000 2012 2013 2014 2015 2016 % SEK m. Sales EBITDA, %

Financial Investments

> Continued focus on divestitures > Net proceeds amounted to SEK 292 m

Q4 2016

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

SEK 10 024 m. 3 percent of total assets

Leverage development

> Leverage 5.3% (5.5%) as of December 31, 2016 > Net debt amounted to SEK 16.8 bn > Cash and readily available placements amounted to SEK 16.7 bn > Average maturity of the debt portfolio 10.0 years > After the end of the quarter the SEK 10 bn Revolving Credit Facility was refinanced

Current rating Standard & Poor’s AA- Moody’s Aa3

• 15
• 10
• 5

5 10 15 20 25 30 %

Leverage development

Leverage target range Leverage Maximum leverage

Financial calendar & Contact details

Event Date Capital Markets Day March 30, 2017 Interim Management Statement, January – March 2017 April 25, 2017 Annual General Meeting May 3, 2017 Interim Report, January – June 2017 July 19, 2017 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

Q&A