Interim Management Statement

January – September 2018

Q3 2018

2

Overview

Adjusted NAV SEK 421 bn., +7 percent

Listed Core Investments+9% total return

EQT-2% value change (constant currency)

Patricia IndustriesEstimated market values +2% (ex. cash)

Total Shareholder Return +13%

SIXRX +7%

Pause picture – the earth

Listed Core Investments

4

Important activities within the companies

U.S. Air Force USD 9.2 bn. order to Boeing for T-X training aircraft, Saab risk-sharing partner

Acquisition of Brooks Automation’s cryogenic business strengthens offer within Vacuum

Awarded important 5G order

Increased focus on core brands, decisive action to resolve Consumer Brands

Bid for fin-tech Cinnober, strengthens position as leading market infrastructure provider

Reorganizing operations to more efficiently serve its two end markets, energy and marine

Patricia Industries

> Major subsidiaries (Piab and Sarnova pro forma): +14% reported sales growth,

3% organic in constant currency

> Reported EBITA +13%

> Mölnlycke organic sales growth +2%, Wound Care grew by 4%

> Good growth in new subsidiaries Piab and Sarnova

> Laborie’s profitability returning to more normal levels

> Improved margins in Aleris Care, lower in Healthcare, actions to improve operations taken

5

Highlights during the quarter

Aleris

> Organic sales growth +1 percent in constant

currency

> Profitability improved in Care, declined in

Healthcare

> Focusing of offering in Healthcare Stockholm as

part of ongoing restructuring initiatives

6

Q3 2018

A provider of healthcare and care services in Scandinavia

0

1

2

3

4

5

6

0

2 000

4 000

6 000

8 000

10 000

12 000

2014 2015 2016 2017 201812 m. rolling

%SEK m.

Sales EBITDA, % EBITA, %

Aleris divests Care

> Aleris Care has developed into a high-quality care services provider with high

user satisfaction

> Strategic review to specialize and decentralize operations

> Clear focus on two segments – Care and Healthcare

> New good home for Care to gain scale and develop further

> Divestiture strengthens Aleris’ balance sheet and enables stronger focus on

Healthcare services

7

Aleris divests Aleris Care

8

> Reported profits significantly impacted by restructuring costs in both segments

> Transaction expected to close during second quarter 2019 at the latest

> Aleris plans to reduce net debt by SEK 2,650 m. upon closing

Aleris Care

(12 m. roll. Sep. 30, 2018)

Sales: SEK 5,081 m.

EBITDA: SEK 163 m.

EBITA: SEK 127 m.

~6,000 employees

Aleris Healthcare

(12 m. roll. Sep. 30, 2018)

Sales: SEK 5,712 m.

EBITDA: SEK 245 m.

EBITA: SEK 29 m.

~5,000 employees

Strong position in Scandinavian healthcare services

9

Key priorities

Successfully close the transaction

Continue to enhance quality,

service and efficiency

Restructure Healthcare Sweden

Develop digital platform Doktor24

Adapt and manage new radiology

contract in Stockholm

Mölnlycke

> Organic sales growth +2 percent in constant currency

> Wound Care grew 4 percent, Surgical flat

> Emerging Markets, parts of Europe key growth

drivers, the U.S. flat

> Underlying profitability unchanged

> Roll-out of Mepilex® Border Flex continues, launched

in the U.S. and UK in the quarter. Initial market

response positive

10

Q3 2018

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

0

5

10

15

20

25

30

35

0

200

400

600

800

1 000

1 200

1 400

1 600

2014 2015 2016 2017 201812 m. rolling

%EUR m.

Sales EBITDA, % EBITA, %

Permobil

> Organic sales growth +1 percent in constant

currency

> No major difference in growth between business

areas and regions

> The EBITA margin declined, explained by

increasing operating costs, costs relating to CEO

transition, and an asset disposal loss

> Activities ongoing to address operating expenses

11

Q3 2018

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

4 500

2014 2015 2016 2017 201812 m. rolling

%SEK m.

Sales EBITDA, % EBITA, %

Piab

> Organic sales growth +6 percent in constant

currency

> EBITA margin 28 percent, impacted by product mix

change following acquisitions as well as increased

sales and marketing costs

> Integration of previously acquired Kenos

progressing well, new line of gripping solutions for

collaborative robots launched

12

Q3 2018

A provider of gripping and moving solutions for automated manufacturing and logistics processes

0

5

10

15

20

25

30

35

0

50

100

150

200

250

300

350

%SEK m.

Sales EBITDA, % EBITA, %

Sarnova

> Organic sales growth +6 percent in constant

currency

> Strong growth within Acute Care

> Profit growth exceeded sales growth

> Continued expansion of private label Curaplex

and pre-assembled custom kits, several new

products launched

13

Q3 2018

A specialty distributor of healthcare products in the U.S.

0

2

4

6

8

10

12

14

16

0

20

40

60

80

100

120

140

160

180

%USD m.

Sales EBITDA, % EBITA, %

BraunAbility

> Organic sales growth +3 percent in constant

currency

> EBITA margin impacted by voluntary product

recall

> Continued investments in supply chain

optimization

14

Q3 2018

A manufacturer of wheelchair accessible vehicles and wheelchair lifts

012345678910

0

100

200

300

400

500

600

2014 2015 2016 2017 201812 m. rolling

%USD m.

Sales EBITDA, % EBITA, %

Laborie

> Organic sales growth +15 percent in constant

currency

> Growth driven by strong urology business

> Profitability improved, EBITA margin returning to

more normal levels

> Continued focus on integration of Cogentix Medical,

restructuring of European business

15

Q3 2018

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

-15

-10

-5

0

5

10

15

20

25

30

0

10

20

30

40

50

60

70

80

90

%USD m.

Sales EBITDA, % EBITA, %

3 Scandinavia

> Subscription base +15,000 driven by Hallon and

Oister

> Service revenue increased by 1 percent, supported

by stronger DKK

> EBITDA improved, but adjusting for IFRS 15,

EBITDA declined by 1 percent, negatively impacted

by the previous Danish VAT ruling

16

Q3 2018

A provider of mobile voice and broadband services in Sweden and Denmark

0

5

10

15

20

25

30

0

2 000

4 000

6 000

8 000

10 000

12 000

2014 2015 2016 2017 201812 m. rolling

%SEK m.

Sales EBITDA, %

EQT

> -2 percent value change in constant currency

> Adjusting for sharp value decline in listed Chinese holding LBX, value increased slightly

> Net cash flow to Investor amounted to SEK 338 m.

> SEK 18.4 bn. value of our EQT investments

> Decision to review options to develop EQT, including strengthening of balance sheet

17

Q3 2018

0

1 000

2 000

3 000

4 000

5 000

2014

SEK m.

2017201620152013 YTD 2018

Net cash flow to Investor

EQT AB EQT Equity EQT Infrastructure EQT Credit EQT Midmarket EQT Ventures EQT Real Estate

Strategic priorities going forward

18

> More companies to become best-in-class

> Gradually strengthen ownership in selected holdings

> Continue to invest selectively in EQT funds

> Continued profitable growth in the existing companies

> New platforms in the Nordics and North America

> High quality

> Efficiency

> Pay a steadily rising

dividend

> Generate an attractive

total shareholder

return

LISTED CORE

INVESTMENTS

CORPORATE

FUNCTIONS

Interim Management Statement

January – September 2018Financials, Helena Saxon, CFO

Financial highlights

> Based on estimated market values of

Patricia Industries, adjusted Net Asset

Value amounted to SEK 421 bn., an

increase by 7 percent

20

Q3 2018

0

100

200

300

400

500

181716151311 141009 12080499 0502 07060098 0301

SEK bn.

372

421

Reported NAV

Adjusted NAV

Listed Core Investments

21

Q3 2018

-3 000

-2 000

-1 000

0

1 000

2 000

3 000

4 000

5 000

6 000

7 000

SEB NasdaqWärtsiläAstra

Zeneca

Saab Epiroc ElectroluxABB

SEK m.

HusqvarnaAtlas

Copco

Sobi Ericsson

> SEK 316 bn., 75% of total adjusted assets

> Total Contribution to NAV SEK 25 bn.

> TSR was 9% vs. SIXRX 7%

TSR % 33 17 13 8 16 20 7 0 -4 -1 -10 -7

Patricia Industries

22

Estimated market value development Q3 2018 vs Q2 2018

00331

161759

1 186

23

Total NAV

Sep 30, 2018

Financial

Investments

SarnovaPiab Patricia CashVectura

119 391

-426

-69

849

Laborie

117 053

3

-304

The Grand

Group

Permobil

-172

Mölnlycke BraunAbilityTotal NAV

Jun 30, 2018

Aleris

Major drivers of estimated market value Q3 2018

23

SEK +1.2 bn.Higher profit and cash flow impacted positively,

currency impacted negatively

Company

Est. market value

change Q3 2018 vs.

Q2 2018

Comment

SEK +0.3 bn.Cash flow and higher profit impacted positively,

multiples impacted negatively

SEK +0.8 bn. Cash flow and multiples impacted positively

SEK +0.8 bn. Higher profit

SEK -0.3 bn. Lower profit

Financial Investments

> Value essentially unchanged

> Strategic intent to gradually reduce the

portfolio remains

24

Q3 2018

4 214 m.

Atlas Antibodies

Other833 m.

Acquia

422 m.

509 m.

Neuronetics

1 599 m.

NS Focus

382 m.

Madrague

SEK 7 959 m.

2% of total adjusted assets

Leverage development

> Leverage 4.9% (3.5%) as of September 30, 2018

> Net debt SEK 19.1 bn.

> Gross cash SEK 13.6 bn.

> EUR 500 m. 2030 bond issued at all-in fixed

1.52% interest rate, EUR 230 m. of 2021 bond

bought back

> Average maturity of the debt portfolio 10.6 years

25

Current rating

Standard & Poor’s AA-

Moody’s Aa3

-15

-10

-5

0

5

10

15

20

25

30% Quarterly leverage development, 10 years

Leverage target range Leverage Maximum leverage

Q&A

Financial calendar & Contact details

Event Date

Year-End report, January – December 2018 January 24, 2019

Interim Management Statement, January – March 2019 April 24, 2019

Interim Report, January – June 2019 July 17, 2019

Interim Management Statement January-September 2019 October 18, 2019

27

Contact details

Viveka Hirdman-Ryrberg +46 70 550 3500

Head of Corporate Communication and Sustainability vihr@investorab.com

Magnus Dalhammar +46 73 524 2130

Head of Investor Relations md@investorab.com