1

Interim Management

StatementJanuary-September 2019

Johan Forssell, CEO

Q3 2019 highlights

2

EQT ABSuccessfully

listed on

NASDAQ

Stockholm

22%Adjusted EBITA

growth in major

subsidiaries

8% Adjusted NAV

growth and

TSR(SIXRX +2%)

ABB SEK 1.3bn

invested

4.6%Leverage,

strong cash

flow, financial

flexibility

3

Macro Outlook – prepared for different scenarios

Investments in EQT

4

• Long-term investment horizon in EQT

– 18.3 percent ownership in EQT AB following utilization of

over-allotment option in October

• SEK 37bn in total investments

– Of which SEK 21bn in fund investments

• SEK 2.1bn net cash flow to Investor, of which SEK 1.6bn related

to secondary sale of shares in conjunction with IPO

5

EQT AB successfully listed on NASDAQ Stockholm

Listed Companies

6

Listed Companies

7

Patricia Industries

8

Patricia Industries

Organic sales growth, % EBITA growth, % (as reported in companies’ local currencies)

9

Strong performance in Q3 2019

Braun

Ability

VecturaGrand

Group

Laborie MölnlyckePermobilSarnova Piab

73%

67%

39%

27%

20%17%

13%8%

Vectura Sarnova Mölnlycke Braun

Ability

Permobil Grand

Group

Piab Laborie

18%

-2%

8%

7%

3%

6%

3%

-1%

Material items affecting comparability - Sarnova in Q3 2019, Mölnlycke in Q3 2018

10

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

Q3 2019

• Organic sales growth +7 percent in constant currency

• Wound Care +7 percent driven by product

launches and Emerging Markets

• Surgical +6 percent driven by Gloves and

Surgical Trays

• All geographies contributed to growth, Emerging

Markets at the highest rate

• EBITA margin higher compared to last year, which

was negatively impacted by a write-down

IFRS 16 implemented as of the first quarter 2019

0

5

10

15

20

25

30

35

0

50

100

150

200

250

300

350

400

450

Q316

Q416

Q117

Q217

Q317

Q417

Q118

Q218

Q318

Q418

Q119

Q219

Q319

%EUR m

Sales EBITDA, % EBITA, %

11

A provider of advanced mobility and seating rehab solutions

Q3 2019

• Organic sales growth +3 in constant currency

• All product segments contributed to growth. Strong

growth in APAC, Americas and EMEA stable

• EBITA margin improved driven by efficiency

improvements and favorable currency impact. Last

year also negatively impacted by CEO transition costs

and asset disposal

• TiLite MXA, new folding wheelchair for active use,

launchedIFRS 16 implemented as of the first quarter 2019

0

5

10

15

20

25

0

200

400

600

800

1 000

1 200

Q316

Q416

Q117

Q217

Q317

Q417

Q118

Q218

Q318

Q418

Q119

Q219

Q319

%SEK m

Sales EBITDA, % EBITA, %

12

A provider of innovative capital equipment and consumables for the diagnosis and treatment of urologic and

gastrointestinal disorders

Q3 2019

• Organic sales growth -2 percent in constant currency

• Profitability continued to improve driven by cost

savings materializing from Cogentix acquisition and

restructuring of the European business

• Commercial launch of the next generation NXT

urodynamics platform in September

IFRS 16 implemented as of the first quarter 2019

-15

-10

-5

0

5

10

15

20

25

30

35

40

0

10

20

30

40

50

60

Q316

Q416

Q117

Q217

Q317

Q417

Q118

Q218

Q318

Q418

Q119

Q219

Q319

%USD m

Sales EBITDA, % EBITA, %

13

A manufacturer of wheelchair accessible vehicles and wheelchair lifts

Q3 2019

• Organic sales growth +6 percent in constant currency

• Growth driven by Consumer WAVs

• EBITA margin improved, driven by operating

efficiency improvements and supply chain

optimization initiatives

IFRS 16 implemented as of the first quarter 2019

0

2

4

6

8

10

12

0

50

100

150

200

250

Q316

Q416

Q117

Q217

Q317

Q417

Q118

Q218

Q318

Q418

Q119

Q219

Q319

%USD m

Sales EBITDA, % EBITA, %

14

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

Q3 2019

• Organic sales growth -1 percent in constant currency

• Europe and APAC grew slightly, Americas declined.

Strong growth in Ergonomic Handling, Robotic

Gripping remained weak

• EBITA margin improved driven by good cost control,

favorable mix and the weak SEK

• Clas Gunneberg assumed the CEO position

IFRS 16 implemented as of the first quarter 2019

0

5

10

15

20

25

30

35

40

0

50

100

150

200

250

300

350

400

Q117

Q217

Q317

Q417

Q118

Q218

Q318

Q418

Q119

Q219

Q319

%SEK m

Sales EBITDA, % EBITA, %

15

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

Q3 2019

• Organic sales growth +8 percent in constant currency

• Mutual agreement to transition distribution of several

products from Sarnova to Ambu

• Excluding profit contribution from Ambu transition,

EBITA margin in line with last year

• Acquisition and integration of emergency medical

services business of Concordance Healthcare

Solutions completed

IFRS 16 implemented as of the first quarter 2019

0

2

4

6

8

10

12

14

16

18

0

20

40

60

80

100

120

140

160

180

Q117

Q217

Q317

Q417

Q118

Q218

Q318

Q418

Q119

Q219

Q319

%USD m

Sales EBITDA, % EBITA, %

EBITDA adjusted, % EBITA adjusted, %

16

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

Q3 2019

• Subscription base +31,000

• Service revenue +4 percent excluding previously

communicated Swedish VAT ruling

• Excl. IFRS 16 and Swedish VAT ruling, EBITDA

+10 percent

• In October, Three improved its customer satisfaction

to highest level ever in annual SKI customer

satisfaction survey

IFRS 16 implemented as of the first quarter 2019

*EBITDA excluding charges related to VAT rulings and IFRS 15 impact

-30

-20

-10

0

10

20

30

40

50

0

500

1 000

1 500

2 000

2 500

3 000

3 500

Q316

Q416

Q117

Q217

Q317

Q417

Q118

Q218

Q318

Q418

Q119

Q219

Q319

%SEK m

Sales EBITDA reported, % EBITDA adjusted*, %

17

Average annual total shareholder return

0

5

10

15

20

25

30

35

YTD 1 year 5 years 10 years 20 years

Percent

Investor B SIXRX Return requirement

As of September 30, 2019

Interim Management

StatementJanuary-September 2019

Helena Saxon, CFO18

10-year Net Asset Value development

19

0

50

100

150

200

250

300

350

400

450

500

12

SEK bn

09 10 11 14 1813 15 16 17 19

388

456

Reported NAV

Adjusted NAV

Listed Companies

20

Q3 2019 Summary

6 113

2 217 2 0791 786 1 674

1 359

-162

-836-1 128

-2 198 -2 355-2 860

-3 000

-2 000

-1 000

0

1 000

2 000

3 000

4 000

5 000

6 000

7 000

ELUXATCONasdaqAZN SEB Epiroc ABB Saab HUSQ Ericsson Wärtsilä Sobi

TSR 15 6 10 4 10 2 -1 -7 -13 -10 -17 -15

SEK 310bn

• Total contribution to NAV SEK 6bn

• Listed Companies TSR 2%, in line with SIXRX

Atlas Copco20%

ABB 15%

AstraZeneca14%

SEB 13%

Epiroc 7%

Nasdaq 6%

Ericsson 6%

Sobi 5%

Electrolux 4%

Saab 4%

Wärtsilä 4% Husqvarna 2%

SEK

316bn

Patricia Industries

21

Q3 2019 Summary

8 491

1 820

1 6571 387

7781 775

Total NAV

June 30,

2019

Mölnlycke Total NAV

Sept 30,

2019

Financial

Investments

VecturaGrand GroupBraunAbility Three

Scandinavia

LaboriePermobil

125 506

-17 -184-899

140 313

Patricia

Cash

Estimated market value change

+13%value

increase

excl. cash

Major Drivers of Estimated Market Values Q3 2019

22

SEK +8.5bnHigher multiples, higher profit, cash flow and currency

impacted positively

Company

Est. market value

change Q3 2019 vs.

Q2 2019

Major drivers

SEK +1.4bnHigher profit, cash flow and currency impacted

positively

SEK +1.7bnHigher profit, higher multiples and currency impacted

positively

SEK +0.8bn Higher profit and cash flow impacted positively

SEK +1.8bn Higher profit and higher multiples

Financial Investments

23

Q3 2019 Summary

• Strategic priority to maximize value and redeploy proceeds

from Financial Investments

• Cash proceeds received from exits of WhiteHat Security,

Memira and NS Focus

• Receivable of SEK 791m related to the sale of NS Focus

outstanding as of September 2019

• After the end of the quarter, the holding in HireVue was fully

exited

Five largest financial investments, Sept 30, 2019

Company Region Business Listed/

unlisted

Reported

value,

SEK m

Madrague Europe Hedge fund Unlisted 751

CDP Holding Asia IT Unlisted 548

HireVue U.S. IT Unlisted 442

Acquia U.S. IT Unlisted 394

CallFire U.S. IT Unlisted 372

Total 2 507

Financial Position as of September 30, 2019

24

• Leverage 4.6% (6.1% Dec 31, 2018)

• Net debt SEK 18.7bn

• Gross cash SEK 19.0bn

• Average maturity of the debt portfolio 11.3 years

Current rating

Standard & Poor’s AA-

Moody’s Aa3

0

5

10

15

Q115

Q215

Q315

Q415

Q116

Q216

Q316

Q416

Q117

Q217

Q317

Q417

Q118

Q218

Q318

Q418

Q119

Q219

Q319

Percent

Target range Leverage

We create value

for people and society

by building

strong and sustainable

businesses

Financial Calendar & Contact Details

26

Event Date

Year-End Report 2019 January 22, 2020

Interim Management Statement January – March 2020 April 22, 2020

Interim Report January – June 2020 July 17, 2020

Interim Management Statement January-September 2019 October 19, 2020

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