AGM 2026

May 7, 2026

Slides

Honored shareholders, welcome. Welcome to the Investor Annual General Meeting 2026, and I declare the meeting opened. The 1st item on the agenda is election of the chair of the meeting, and I would like to tell you at the same time that the secretary for this AGM is Pia Faaredig, sitting next to me. She's the general counsel of the company, and she'll take the minutes here today. Here we also have the CEO President of the company, Christian Cederholm. The nominations committee has proposed Lawyer Eva Hägg to chair the meeting, and she's here next to me as well. Can the meeting approve of that proposal? Thank you. Thank you, and I thank for that confidence shown in me. Before we continue with the other agenda items, I have a few practical matters. The board of directors has decided to make this AGM more available by affording shareholders and others the opportunity to follow the AGM via a webcast on the company's website, and also allowing other than the shareholders to participate here as guests. Only the podium and the rostrum will be filmed. When arriving here today, we're giving a voting device, and voting devices are to be used where we need a qualified majority to make resolutions. That being said, I would like to hand over again to the chairman of the board of directors, Jacob Wallenberg. Oh. Honored shareholders, again, welcome to this Investor AGM 2026 at the China Theater. This year as well, I would like to say thank you. Thank you for the very nice investor dialogue that we've just had. I have to say it's more than a tradition. It's a way to, in a more informal manner, talk with shareholders and have those conversations. I and Christian, we cherish that opportunity. 15 years. Well, that is the number of consecutive years during which Investor has succeeded in outperforming the market and provide a high return. I and Investor, we're immensely proud over this fact. I do believe that I share that pride with all of you here today. Now please do not misunderstand me. These 15 years, well, it's so much more than Investor. It's first and foremost proof that every day in our companies, we have very hard work that is being done to be at the forefront all the time. This is being done by many amazing people. In times like these, where we have a new world order that is so complex, the future-proofing and those thoughts, well, it's of particular importance when the world is changing this rapidly. Well, in addition to navigating this and delivering here and now, it's also particularly important to try to understand those trends, new areas or sectors, markets, and what will be decisive for all these amazing companies two years from now, five years from now, ten years from now. How can we work smarter than competitors? Can we use artificial intelligence? We talked about this earlier here today, that artificial intelligence is here to stay, and things happen rapidly. Our companies, we have to keep up regardless of whether we want it or not, or it will be very, very difficult out there. We also have to remember that we have to make sure that we have the most sustainable and the most efficient companies in the world, because resources will not last for forever. How can we and our companies learn from what is happening right now in China? We see how they, for example, shorten developing times, produce in more efficient manners, more so than anyone else. At the same time, they're becoming more and more competitive, and they're even becoming leaders in one sector after another. I've already mentioned this here today, that, if I've understood things correctly, it takes them about 1.5, 2 years to produce a new car, a new model. In Germany it would take 4 or 5 years. The question for us is how to become more competitive. I do believe that we have to have the best leaders, the best coworkers, and we have to be there where things happen. We have to learn from those who are at the forefront. That is our obligation, and that's also part of our business model. We have to do what we can to optimize our preconditions, the preconditions of our companies. In our annual report, I wrote that a significant part of what we see in trade policy and rules that are to create stability, what we have had historically in the World Trade Organization, for example, globalization and those ideas, all those things that we have gotten used to, they're now gone, we see a new protectionist society and polarization in the world today is a fact. Then it's even more important that we act with decisiveness, and we have to follow and try to, wherever we can influence, in Sweden, in the Nordics, and in Europe. In Sweden, well, our companies, of course, they also have to be given the best possible political preconditions so that they become as competitive as they possibly can be. The vision of a more developed Nordic collaboration with a platform that would give us a strong voice in Europe, that is something that we have to cherish. The 5 Nordic countries together, our combined economies, that's the 12th largest economy in the world, and that is a platform we should avail ourselves to. We need a united Nordics. We need companies to have access to the European Single Market. In Europe, we also have to have that capability to build partnerships with the world outside of Europe, like Mercosur, we also have India, to give a couple of examples of newer agreements. At the same time, we have to invest more in infrastructure, physical infrastructure, tracks, roads, well-known questions in our country, but also digital infrastructure, energy. We need nuclear power, wind energy. We need to invest more in R&D technology. We have to continue to agree on more appropriate regulations as well, because unfortunately, in Sweden and in Europe, we're not doing what we should. We cannot stand still. Christian recently said this when we introduced our interim report. He said, "If we snooze, we lose." If we snooze, if we fall asleep at the wheel, well, that will not be a good thing. We, our companies, our colleagues, with all of us, we have to be very alert in these challenging times. The challenges are many, but there are also amazing opportunities. Last but not least, I would like to turn to you and say thank you. Thank you, dear co-shareholders. There are more than 700 here today, and this is a very select gathering that we have here. We have heard this already today. We have more than 730,000 shareholders today in Investor, a big thank you to all of you for your support and your confidence. Again, welcome to this year's annual general meeting. Thank you very much. Now it's time to resolve on item 2, which is the drawing up and the approval of the voting list. Participation and attendance today can be done in different ways. In addition to shareholders present here today, there are some shareholders who have submitted postal votes, and we have a list of participants and a compilation of the postal votes submitted up here on the podium. We see that the postal votes constitute approximately 80% of the shares and 87% of the votes in the list of participants. For shareholders who've submitted a postal vote and who've also notified for attendance here today and who've who are in attendance, the postal vote remains valid unless the shareholder chooses to notify us that they would like to revoke the postal vote. The voting list, which is proposed to be adopted, is one which has been established by Euroclear Sweden AB, requested by the company. It's based on the shareholders register, the number of shareholders who've registered, and the number of postal votes received. This list has been distributed here, and every shareholder who've notified the company and who've arrived here today have been ticked off, and all shareholders who submitted postal votes have also been ticked off against this list, and shareholders who have been registered to attend the meeting but who did not arrive and register and who did not submit postal votes have been deleted from the list. It's therefore proposed that the list with the mentioned adjustments be adopted as the list of the voting list for the meeting. We have a total of 57% of all the shares and 78% of the number of votes in the company that are represented here at today's meeting. Can I ask if the meeting is prepared to approve this as the voting list? Thank you. That's carried. Item 3, the approval of the agenda is next. The agenda was included in the convening notice that's been distributed here. Can we adopt the agenda? Thank you. That's approved. Item 4, election of persons to attest to the accuracy of the minutes. The secretary has spoken to Fredrik Bergvall of Afa Försäkring and Fabiola Wagner of SEB Asset Management for this task. They've declared to be prepared to accept this assignment. Can I ask you to stand up for a moment, please, so that we can verify that you are here. Over there and over there. Thank you very much. Can the meeting elect the nominees for this assignment? Thank you. That takes us to item 5, where we have determination of whether the meeting has been duly convened. I find that notice has been given in accordance with the Companies Act and the Articles of Association. Can the meeting determine that it has been duly convened? That is carried. Thank you. Then we have item 6, where we have presentation of the parent company's and the consolidated annual report, financial statements, and the auditor's report and the auditor's report for the sustainability report. These documents have been sent out to shareholders who have requested to receive them, and they've been available at the company's premises and website and been available here today. These documents have been duly presented. We're now going to hear from the auditor to start with, then we'll also hear from the CEO President. After that, we'll also open up for shareholders to ask questions or present comments. Right now, I would like to hand over to the chartered accountant, Jonas Solberg from Deloitte. Thank you. That is my name is Jonas Solberg. I represent Deloitte, and I'm the lead auditor for this audit of Investor. We have presented an unqualified auditor's report for 2025. You find it in the annual report, pages 183-185. I'm going to get back to the conclusions in that auditor's report. Before doing so, a few comments, if you allow me. I would like to remind you about the fact that the audit of Investor is carried out by a central team in Stockholm with local teams for the subsidiaries. We give instructions to those auditors of the subsidiaries as to when and how to carry out that audit. We have ongoing contacts with those teams, and they report to us on an ongoing basis. This year, we have also had deeper consultation with the team working with Nova Biomedical due to the acquisition that was carried out by Advanced Instruments in 2025. At the beginning of the financial year, we introduced our audit plan for the Audit and Risk Committee, and we've also on an ongoing basis, reported our audit and the results of it to them. We have done this on six occasions, orally and in writing. Together with the closing of the books, we also met with the entire board of directors, where we gave an account of the outcome of our audit. We also had a discussion with the board of directors without executive management being present in accordance with the Swedish Code of Corporate Governance. The audit of Investor, well, there are many areas that are audited, but there are three that are so-called key audit matters. They're described in the annual report, and they are the same as previous years. We have internal governance over financial reporting, where the most important thing is the subsidiaries that we have in the group. We have valuation of listed and unlisted investments where we have significant values in the balance sheet, and then we also have valuation of goodwill, where we also have a significant amount in the balance sheet growing because of acquisitions. When it comes to the first area, we have looked at how management governs and instructs subsidiaries so that they follow the principles that have been decided on by Investor for their reporting. Here we have also ensured that there are appropriate routines for quality assurance. Our conclusion is that Investor has well-functioning routines within this area. The second area is processes for valuation of other investments, listed and unlisted. Here as well, our opinion is that Investor has good appropriate routines that are applied consistently over time. That is particularly important for unlisted assets. We have the third area, which is Investor and how it assesses goodwill and balance sheet. Here we have looked at methods and the valuations or functions that have been used by management to do impairment testing, as they're called. We have found that the values are defensible. There is one exception, and that is Atlas Antibodies and that goodwill value, where this year there was an impairment of around SEK 1.4 billion. We have looked at that impairment, and we agree in that size of that impairment being correct, and this is also relevant, and the relevant information is there in the annual report. We have also, in addition, presented two separate opinions, and both of them are unqualified. The first one is our limited assurance report on the sustainability statement as something that is statutory. You find that on pages 186, 187 in the annual report, where we feel that it is in compliance with the Annual Accounts Act and standards. We've also looked at the compliance with guidelines for remuneration to senior executive, and that information has been sent out, and we haven't had any findings here either. We feel that the financial reporting of Investor gives a fair accurate view and has been established in accordance with applicable rules. As you can see from the auditor's report, we recommended that the AGM adopt the income statement and the balance sheet for the company and the group, and that the profit be appropriated as proposed, and that the board of directors and the CEO President be granted a discharge. Thank you. Thank you very much. Item seven. I'm going to give the floor to Christian Cederholm, the CEO, for his address. Thank you, Chair. Esteemed shareholders, guests, once again, we note that the past year was an eventful one to say the least. Investor has been building leading companies for over 100 years through downturns and upturns in the business cycles, through technological shifts and different situations in the world around us. Just as Jacob Wallenberg mentioned, there is certainly no lack of challenges, geopolitical tensions, including two and more ongoing wars being waged, protectionist tendencies, sharpened competitive included, and ever more powerful Chinese competitors, and the technological shift with AI, which is perhaps the greatest shift witnessed since the electrification. The list goes on and on. In a world such as this, we and our businesses need to be able to deal with two things at the same time. We need to be flexible, we need to adapt to deal with the world around us the way it looks here and now, at the same time, we need to keep focus on the cap that we've set for us. Many of our companies, for example, need to deal with an increase in oil prices and disruptions of supply chains as a result of the conflict in the Middle East, while at the same time maintaining their focus on R&D. If we and our companies can succeed with sufficient speed moving forward, we can continue to build values for people and for the community by building strong and sustainable companies. 733,000 shareholders have chosen to show us confidence. We are grateful and proud of this. As Jacob pointed out, we sense the responsibility. We're also proud to be an important part of a relevant ecosystem, which is unique. Since 1917, the Wallenberg Foundations have been the largest owner of Investor, with the aim of promoting Sweden's development in R&D. All in all, the Foundations have granted over SEK 50 billion allocated to long-term investments between research and industry. Investor's role in the ecosystem is basically to build strong and sustainable resilient companies that will build value and generate an increase in dividend over time to the Foundations and to the other more than 733,000 shareholders. This is the core of Investor. World-class companies with strong market positions in attractive growth areas, companies that build values for their customers, for Investor, and for Investor shareholders in the end. We often say that the way our companies perform, Investor also performs. As a result of the excellent work in our companies in 2025 was a strong year also for Investor. It was indeed a year with high levels of activity. Let me give you some examples. The listed companies generated a profit growth of approximately 9%. Several major investments were announced. For example, AstraZeneca's extensive investments in both R&D and production in both the U.S. and China. Many companies completed add-on acquisitions in addition to organic growth. Wärtsilä and ABB are examples of companies who've also continued to fine-tune their activities by divesting business which weren't considered non-core. Our companies in Patricia Industries generated an organic sales growth of 4%. The profit decreased to some extent due to the headwinds from the weaker dollar. In addition, there were a number of add-on acquisitions as a complement to organic growth here as well. Advanced Instruments acquired Nova Biomedical for $2.2 billion, making it Investor's largest acquisition ever. We are convinced of the strength of this combined deal, and integration has started and got off to an excellent start. We have also high level of activity with investment in equity, the joint investment of Fort Knox, and acquisition of shares in EQT AB, EQT. All in all, Investor made significant investments in all three business areas. All in all, SEK 29 billion in 2025. All of those investments in companies where we see good preconditions for long-term value creation. Our net asset value was up by 14% and amounted to SEK 1,087 billion at the end of the year. The total return for the Investor share amounted to 15%. That's what I wanted to tell you about 2025. Investor has a clear, transparent strategy moving forward. The strategy has been made clearer and has been simplified, but the cap, the direction is the same. The overall objective is, of course, to generate an attractive total return to you as shareholders. We do this by growing net asset value over time, pay a continuously increasing dividend, and by focusing on efficiency and sustainability. To achieve all this, we focus on our strategic pillars, our framework for future-proofing, if you will. Performance, portfolio, and people. Our three P factors. The net asset value is our single most important value driver over time. Over the past 5 years, net asset value is up by 14% per year on average. Profit growth and an increased cash flow in the companies are the final drivers behind net asset value and total return. When the companies develop well, it's a very gratifying task to be a shareholder and the CEO of Investor. We will pay continuously increasing dividends. Over the past 10 years, we've seen an increase in dividends by 8% on average per year, provided that today's AGM will resolve, of course, to adopt the board's proposal to pay a dividend of SEK 5.60 per share. Efficiency and sustainability are integrated parts of our value creation. We have an efficient organization with low management costs, not least in relation to our total assets. This is important because it safeguards our capacity for investment and dividend payment. In that spirit, we continue to constantly challenge our working methods, including to explore and implement AI, to build efficiency and take even better decisions over time. To us, sustainability is a basic prerequisite for long-term competitiveness, as we discussed earlier today. The transition towards CO2 re-reduction and reduction of greenhouse gases is a way of building strong business while also benefiting the climate. In 2025, we took several steps, very important ones forward, and the work continues. We have three focus areas: climate and circularity, diversity and inclusion, and business ethics and governance. In climate and circularity, the company has reduced its direct emission Scope 1 and 2, that is by 74% compared to 2016. Almost all the companies in our portfolio work in a systematic way with inclusion, and all companies have supplier codes of conduct. Our three different objectives support our overall objective of generation of attractive total return. If we look at the situation so far, we follow the development on a continuous basis. It's the longer time elements which are more relevant to look at. The brighter columns here represent the annual average returns for the Class B shares. It is higher, as you can see, than the dotted line and the other columns. We see that we've overperformed the return requirements and the market. Let's remind us here as well that the important thing is to have good return over time, not to overperform the market, outperform it every single year. I would then like to talk a little bit more about our strategic pillars, the focus areas that are to help us to drive the value creation and future-proof ourselves and our companies. The performance portfolio, they say people are our true piece. Performance, it is about delivering results and profitable growth here and now, and at the same time invest in the future. As long-term owners, we have to be able to deal with both these things at the same time. Our company's capability to generate profitable growth is the single most important driver for net asset value over time, and it is about customer value and to what extent our companies can create that customer value so that we get profits. Profits that can then be invested so that we can future-proof activities. Future-proofing is about innovation. Very often our companies are market leaders, thanks to the products and services they develop. We have to continue, and the goal has to be to improve lives and business for our customers. It does happen that our companies do not develop in line with their potential. When that happens, we, as owners, we have to ensure, one, that we are in agreement with the executive team and the board as to what the problem is. Two, we have to have a plan to rectify this. Three, we have to make sure that we have the right people around the table in management on the board so that we can execute. Sometimes, this is quickly corrected, and other times, unfortunately, it takes a bit longer. Our portfolio, well, it is about Investor and all our companies having an ambition to have long-term growth. The cash flow that we have gives us an opportunity and a responsibility to invest more over time, more than we have been able to historically, so that we can continuously develop our portfolio. Of course, we do this in addition to all the excellent work that is being done in all the specific companies. Well, to work with a portfolio, that also means that sometimes we leave the certain businesses where we feel that a company can find a better home with another owner. We cherish our financial flexibility, which means that we can act quickly when necessary. Then the third P, people. We ensure that we have the right leadership by appointing a board of directors that appoint a CEO President. We have to have the right agenda and the right values to drive long-term value creation. It's about understanding what to do and also to ensure that these individuals have the sufficient pace that is necessary. We maintain high business integrity, respect our values, and we do the right thing, even if it's difficult, even costs us in a shorter perspective. Never the right time to compromise on values. To embrace new technology, that is about creating the right preconditions for our companies and our employees so that we have the right skills and competencies, investment, and structures to drive innovation and test new things. Here we have our three Ps: performance, portfolio, and people. This is what drive us forward. Our focus is always on going forward. There are three areas that are of particular importance and that are of interest because this will have an impact on us and our companies for long term. Innovation. Innovation is absolutely decisive for competitiveness over time. For us, that begins with an obsession to develop better solutions for customers, users or patients. That is the foundation. That is what gives that reason for being for a company. Here we have the right preconditions, but we also have sharp competition. We have already mentioned China. They used to compete with low costs and okay quality. Today, many Chinese companies, in a very strikingly short period of time, have forged ahead, advanced their positions. In many sectors today, we see that those Chinese actors, they are there, they are quick, they use innovation, and they apply new technology. This means that our companies, that we have strong positions today, but we have to continue to work harder, more rapidly to stay ahead. Digitalization and AI. Here we have many opportunities in all our companies throughout the value chain, from R&D to production to aftermarket. We see many promising examples as to how AI can shorten development cycles, create more efficient businesses, and improve products and offerings. Ericsson, for example, is using AI to optimize investments and operations of mobile networks, as Sobi is using AI models to find new applications for their medicines. There are many, many good examples. At the same time, this is only the beginning of this journey. Technology, well, usually that is not the bottleneck. It's rather our own capacity, innovation, and willingness to change. That is what sets the limits. One thing I know for sure, if we do not do this, then we will be outrun. Our role as engaged owners is to encourage and push for new investments in technologies, efficiencies, and make sure that we have sharper and sharper offerings from our companies. Sustainability, that is also key for competitiveness over time. Our companies are doing excellent work when it comes to reducing emissions in Scope 1 and 2 through electrification, making things more efficient, and using renewables. The main emissions we have in the value chain in Scope 3, and that is where we have the biggest business opportunities as well, we feel. 90% of our portfolio company's total emissions come from the use of the products with customers. When Ericsson, ABB, and SKF, when they develop new, more energy-efficient solutions, that creates a direct added value for the customer because it brings energy costs down, and at the same time we reduce emissions of carbon dioxide. That is just one example as to how the climate transition has a business value. I would also like to highlight the importance of diversity and inclusion. Lately, this has become somewhat polarized, but we think that it's quite simple. We believe in a meritocracy, we believe that groups where we have different backgrounds and perspectives, that they make better decisions over time. To attract the most skilled coworkers, we have to recruit from that entire talent pool, and we have to make sure that everyone is given the same opportunity to develop. That is why we stick to our ambition when it comes to diversity and inclusion. Finally, the world around us will continue to offer challenges, but we have seen from history that at the same time, this create opportunities for strong companies to forge ahead, to move forward. Our task is to navigate and also to capture those opportunities. We have a strong starting point, a clear purpose, a clear strategy. We have an attractive portfolio with strong companies, we have a tried-and-tested ownership model. We have financial flexibility, not least, we also have amazing coworkers at Investor and also in the companies. Here I would like to take the opportunity to extend a big thank you to all these people in the companies and in Investor. Your strong drive and your excellent work makes all the difference. We continue to have high ambitions as engaged owners in strong companies, we continue to keep our focus on the 3 Ps: performance, portfolio, and people. We have all the necessary preconditions to continue to create value for you, the shareholders. Thank you. Thank you for your confidence. Thank you very much. Now the floor is open for questions and comments from shareholders. We have our officials with the roving microphone. Any shareholder who would like to take the floor, raise your hand, and we will bring microphone to you. We are very grateful if you can start by introducing yourselves before you ask your question. Floor is open. Microphone number 1 over there. Thank you. Thank you. My name is Alexandra Fernando, and I represent the Folksam group. We always ask a question related to sustainability at the AGM, and this year we're focusing on climate and the environment once again. I have a question for the CEO. You're describing in your annual report that resource utilization and the circular economy have a significant impact and is of strategic importance both in the subsidiaries and the portfolio companies, and at the same time, the work is at quite an early stage in many cases and that the level of ambition varies. How do you perceive Investor's role as an active owner in strengthening and further developing circular solutions both in the portfolio and the companies and the subsidiaries? Thank you very much for that question. As I emphasized earlier, sustainability is a crucial component. At the end of the day, it's about being competitive over time. We've talked a lot about the climate, both in terms of reducing the emissions of greenhouse gases, measuring Scopes 1, 2, and 3. As of this year, you will have noticed we also have explicit targets for circularity as well. The good thing about all this is that here and in the scope of the larger challenge to reduce greenhouse gas emissions, we have a moral responsibility to do better for the next generations to take better care of this globe also benefits future generations and our businesses. Circularity has been added at a later stage, it links very well in with what we've already talked about. Let me give you a few examples. If we look at the emissions by one company moving up from the suppliers up through the value chain with circularity. At an early design stage, you can make sure you use less materials, recycled materials. The life cycle of a product can be extended and need more material over time, therefore. If you look at the other end, the lifetime and the lifespan of a product at the customers, you could have a good service offerings, making sure that machines can run for a long time with no disruptions. Once again, this is clearly linked to value for the customer. Just as the other areas, it's very much linked to our business. Thank you very much. Microphone number eight. Oh, hey, Björn. Hello. Björn Lundgren is my name. There's one area where I feel that you haven't talked about it today, and, well, if you're involved at all. What I'm thinking about is something that is becoming quite important. I'm thinking about the geopolitical situation on one hand, but then also how to be able to manage environmental changes in an efficient manner. As a matter of fact, what I'm thinking about, that is space and how to develop better technology to be there. Well, that takes us back to China, and they have invested a lot, and they've also taken market shares in Latin America and other places as well. I feel that Sweden is not on board. I don't know if you're involved somehow, but I would like to know how, if so. Well, thank you. Thank you for that question. This is immensely exciting. A lot of things are happening in China, in the U.S., but as a matter of fact, also in Europe and in the Nordics. We have a couple of companies that deal more with space than others, Saab and Ericsson, for example. Ericsson, for example, they have 10s of thousands of low orbit satellites, which means that they basically have a global coverage for satellite phone today. You could link that to the network that we have on Earth. Well, that is something exciting. We'll be there. Thank you. Microphone number 5. Kelly Nilsson. Kelly Nilsson Peterson is my name. Hello. I'm retired now, but I'm proud to say that I worked for 35 years for ABB. It's an extraordinary company. I have a practical question about AI competence and skills supply. How do you find that competence? Do you have it at the board of directors level? I understand it's bottom up, but it's something that many people don't know very much about, after all. Thank you. Thank you for that question. You're very spot on in those remarks, this is certainly one of the major challenges that many of us here today do not have, Experience to be able to drive the required technology shift. If we look at the talent pool and supply of skills, we have a benefit in Investor and as in the companies that with strong value brands able to attract individuals also in the new really hot red hot areas. Talent supply is a constant battle. We're waging a war to get the people we need. We will get there, but it's only early stage of this journey. Would you like to say anything? Yes. For the board, the way we try to relate to this matter is this: We make sure that we have people with some sort of background in AI and experience of it. We have a number of people, a third of the board, bring different types of experience to the work of the board. That's one point of reference when we discuss AI related issues. Of course, we also, in different ways, need to delve deeper. A number of the members of the board take part in different training events and schemes, not least together with senior management of Investor, et cetera. It's very important what you're underlying in your comment. It's still very early days. Very few people have the necessary competence. We all need to learn a lot more about this. Thank you. Station number 1. Well, thank you. I represent Swedish Shareholders' Association and the Shareholder Funds. I'm thinking about gender distribution and the plan that you have ahead for even those numbers out. I do think that skills and competencies are more important, perhaps, myself. Well, thank you. Well, yes, we do have a target, objectives for our own board of directors and also for the boards of our companies. We say that somewhere around 40% to 60% of whatever gender. We are well on our way on that journey. The portfolio companies on average are at around 40%. We're headed there in the executive teams as well in the companies. Well, like you're saying, it's mainly about skills and competencies, of course. If we look at what the distribution was 10 or 20 years ago, I don't think that that truly reflected the skills and competencies. We did not have enough women then in particularly in some of the sectors. Are you happy with that reply? Thank you. I don't see any further requests. If so, I find that we have dealt with item 7 on today's agenda. Moving on, that brings us to item 8, the adoption of the income statement and balance sheet for the parent company. For the group you've heard that the auditor is in favor. May I ask if the meeting can adopt these income statements and balance sheets? Thank you. That's adopted. Moving on to item 9, which is the presentation of the board of directors remuneration report. The report is part of the material distributed here today. It's been available on the company's website and has been sent out to shareholders who requested to receive it. Are there any questions and comments on the remuneration report? I don't see anyone requesting the floor, and I ask if the meeting can approve this report. Thank you. That takes us to item 10, where we have discharge from liability for the Board of Directors and the President for the management of the company 2025. The auditor recommends this discharge, and we would like to note that the board members and the CEO will not vote under this resolution. I ask the meeting if the meeting can grant this charge. That is carried. Was there a question or a comment? That is station number 3. Thank you. Sanola Ericsson is my name, and I represent 400 shares. I apologize my voice isn't the best today. Honored shareholders, ladies and gentlemen, this is an important day for all of us. We can depose of the Board of Directors and the management. We should I think we should deny them this charge for 2025. We have remembered the Holocaust. 11 million Jews and dissidents were murdered by the Nazis. We had deliveries from Investor and the Gulag factory in Gothenburg. To those forces, Investor could have stopped at any time those deliveries to Germany. That was not done. The United States of America planned sanctions towards that company. One of the brothers also had got the German Iron Cross, and a prosecutor should look at and prosecute Jacob Wallenberg for war crimes and crimes against humanity. That should award him 18-20 years of imprisonment. Then Mr. Wallenberg will be 90 years of age, and I will be 100. That will then be a good meeting. Thank you. Thank you. We have heard Sven-Olof Eriksson that you are against the discharge, but the discharge has also been granted all the directors and the CEO president. We will continue. 11. Item 11. Here we have disposition of Investor earnings. You have the opinion on page 182 in the annual report from the board of directors, and the board of directors proposes a dividend of SEK 5.60 per share, split on 2 installments, and that the rest be carried forward. The first installment, their proposal is that SEK 4 be paid with a record date of the 11th of May, and on the 2nd installment, SEK 1.60 per share with a record date of being 9th of November. We have heard the auditor recommending this. Can the meeting vote as proposed? That is carried. Now we have a number of items on the agenda where we have proposals from the Nomination Committee. Before we proceed with the resolutions, I'm going to give the floor to the Chair of the Nomination Committee, Leif Johansson, to present the proposals from the Nomination Committee. You have the floor. Thank you. Just deal with my pollen allergy for a moment before I tell you everything. Esteemed shareholders and participants at today's AGM, the Nomination Committee for this year's AGM was made up of Jacob Wallenberg, Chair of Investor; Catarina Romberg of AMS; Magnus Carlsson, SEB Foundation; Peder Hasslev of Alecta; and myself, Leif Johansson, appointed by the Wallenberg Foundations. The proposals from the Nomination Committee, the reasoned opinion, and our presentation can be found in the material distributed here today. Therefore, I will only very briefly present our proposals to you now. Starting with the composition of the board. It is the impression and opinion of the Nomination Committee that the work of the board of directors of Investor is functioning well. We have availed ourselves, amongst other things, of an evaluation of the work of the board as part of our assessment. The Nomination Committee has also noticed that there is high levels of attendance at the board meetings. In order to assess the requirements placed on the board of directors as a result of the company's challenges and future focus, the Nomination Committee has discussed the matter of the size and composition of the board of directors. An important point of departure was the principle that the composition of the board shall reflect and give room for the different skills and experiences that are needed in order to support and develop the active owner philosophy of Investor, as well as the long-term active involvement as an owner. We've also been informed that board members Tom Johnstone and Isabelle Kocher have declined re-election. The nomination committee proposes re-election of all other members of the board, and you can see the proposal up here on the screen. The committee's proposal means that the number of board members is reduced to 11, in line with the committee's ambition to achieve a certain reduction of the size of the board of directors. We've assessed that the composition is fit for purpose and is characterized by broad breadth of competence, skills, and experience in areas which are of strategic importance to Investor. We furthermore propose that Jacob Wallenberg be re-elected as chair of the board. That brings me then to the board fees. The Nomination Committee has tabled a proposal that you can see up here on the screen. The starting point being that the fee level should be competitive in order to allow us to attract and retain individuals with the best possible skills and experience, also from an international perspective. In our assessment, amongst other things, we've looked at analyses Covering board remuneration in different European countries, and we see that there's a significant difference between the board fees in Swedish-listed companies and corresponding levels internationally. Against this backdrop, the nomination committee is proposing an average increase of the fees by approximately 7%. In line with last year, we recommend to the board to adopt a policy which means that the shareholding of a director on the board after five years should correspond to at least the fee of 1.5 years of directorship pre-tax. In order to facilitate such a holding, we propose that we retain the possibility for individual directors to receive up to 50% of the board fee in the form of synthetic shares. The auditors. Nomination committee proposes in accordance with the audit and risk committee's recommendation to elect Deloitte for one further year. Re-election. When it comes to fees for the auditors, we propose that fees for the audit be paid according to approved invoice. When we have conclusion, I would like to thank the other members of the Nomination Committee for excellent cooperation. Thank you. Thank you very much. Are there any questions for the Nomination Committee at this stage? No, I don't see any requests. Thank you very much for that presentation. We proceed with the decisions, starting with 12 A, the number of members. You've heard the Nomination Committee's proposal. Does the meeting resolve in accordance with this proposal? Yes, that's carried. Moving on to 12 B, number of auditors. You've heard the proposal. Is the meeting in favor? That's adopted. We continue with item 13, where we have compensation for Board of Directors and auditors. We will begin with 13 A, Board fees. We've heard the proposal from the Nomination Committee. Can the meeting resolve accordingly? There is a question. If we could have a microphone to station number 4. Well, it looks like there are 8 plus 2 people receiving those fees. Don't you have a Board of 11? Well, the CEO does not receive this fee. Okay, thank you. Okay, 13 A to start with, Board fees. We've heard the proposal from the Nomination Committee. Can the meeting resolve accordingly? That is carried. We continue with the 13 B, compensation for the auditor. We have heard a proposal from the Nomination Committee. Does the meeting wish to resolve accordingly? That is also carried. That takes us to item 14, where we have election of members of the Board of Directors. The meeting has decided on 11 members. We've heard a proposal from the Nomination Committee. On the count of other assignments that these nominees have in other companies, that is included in the documentation that has been distributed here today and has also been sent out to those who wish to receive it and has been available on the company's website. We're going to resolve, we are going to vote on one person at a time in the order they were suggested by the Nomination Committee. I ask the meeting if the meeting wish to elect Katarina Berg, Christian Cederholm, Magdalena Gerger, Sven Nyman, Mats Rahmström, Grace Reksten Skaugen, Hans Stråberg, Fred Wallenberg, Jacob Wallenberg, Marcus Wallenberg. Does the meeting wish to elect Sara Öhrvall? I find that the meeting has so decided as is suggested by the Nomination Committee. Before we proceed, I would like to hand over to the Chairman of the Board of Directors, Jacob Wallenberg. I would like to after the elections of today, I would like to take this opportunity to extend my thank you and a thank you to the board of directors, to those directors who are stepping down, Isabelle Kocher and Tom Johnstone. Unfortunately, Isabelle couldn't be here today, but she's been on the board of directors for five years, and she leaves a clear impression. We want to say thank you. To have a board member that is works outside of Sweden, well, that is important. It gives important perspectives. We've talked about that earlier today. I and other members of the board will miss Isabelle's contributions, well-informed, contributions in our discussions. She's very knowledgeable as a business leader and has a lot of experience from energy and transition issues. We are going to say thank you to her in person later on. Now I would like to turn to Tom, [Foreign language]. Tom, you do understand Swedish as I will be speaking Swedish if that is okay. Ja. Jag är då väldigt glad. I am very happy to be able to in person convey this thank you from me and the board of directors. Thank you for all the work that you have done for the Investor board of directors and in the remuneration committee for many years. You came on to the board in 2010. You were still the CEO, President of SKF, and you had done an amazing journey within that company. You were part of developing that company for almost 40 years. Your career and your contribution to Sweden and to Swedish trade and business cannot be overestimated. This is not just me saying this or my cousin or my brother who is here today. You've also received distinctions from the Swedish King for your personal services to Sweden and Swedish interests. You've also received distinctions from the British Queen for what you have done in the United Kingdom. You see a bridge between cultures. With all your experience and great competence you have contributed to not only Investor but also the portfolio companies and this larger ecosystem. You've had roles as chair, Berzela and Husqvarna and Combient, for example. We know, Tom, that you have worked a lot and how involved you have been. You always give everything you have to give. Tom, you are a very experienced, wise, knowledgeable person and you have been a major asset for Investor. When we have had meetings, well, I know that you're sharp, profound, but you're also creative, dynamic and very curious. You have that ability, amazing ability to see new perspectives and also to find solutions on very complex problems. You contribute in that you share your experiences, for example, through mentorships in our ecosystem. You're a mentor, have been a mentor for younger coworkers and we're very, very grateful. We, I, will miss your energy, curiosity and your nice laughter, and you will be dearly missed in this group of directors. One more time, I want to say thank you for everything you've done. As a tradition, also some flowers for you. I also want to shake your hand and say thank you. [Foreign language] ska vi gå vidare och vi har We continue with item 15 where we have election of Chair of the Board of Directors. Proposal from the Nomination Committee is that Jacob Wallenberg be reelected and ask the meeting if the meeting wish to reelect Jacob Wallenberg. That is carried. We continue with item 16 where we have election of auditors. We've heard a proposal from the Nomination Committee, reelection of Deloitte AB. Does the meeting wish to resolve as proposed? That is carried. Och därmed har vi kommit fram till punkt- Item 17 A and B. Next, the board's proposals for long term variable remuneration. We have 2 sub items to resolve upon. The proposals are contained in the material distributed here today. It's been available on the company's website and it sends out to those who request to receive it. Before we proceed with the resolution, I'm going to give the floor to the Chair of the Board, Jacob Wallenberg. Thank you very much. The Investor Board of Directors has presented an LTVR, Long Term Variable Remuneration plan for 2026, which in all main components is in line with the program and the plans resolved upon by the 2025 AGM to ensure that Investor is competitive and that we can offer efficient long-term so-called incentive plans that will allow us to attract and retain key competence. There are a few adjustments that are proposed this year. While they in themselves do not entail any major differences here now, I would like to highlight them to the AGM nevertheless. First of all, we propose to set an increased ceiling, not distribution, but ceiling for the grant value, which can be used moving forward in the future to be able to offer a higher component of variable remuneration as a part of total compensation. In addition, a number of adjustments are made for Patricia Industries with the aim of, amongst other things, adapting the plan to current market practices in the U.S. for our U.S. people. Performance requirements in Patricia's plan have been adjusted to be more in line with the requirements within Investor. That was briefly a few words on the adjustments. If there are any questions, I'm very happy to answer them, of course. I think that there is a question over there. Speaking point number 2. Here we go. Thank you. Jonas Rodhe. I'm an individual shareholder. For the 3rd time this week, at the 3rd AGM, I would like to speak against these programs. They're not good. They're making things less transparent. It's one of the least transparent points. 9 pages, 11 pages. Consultants have produced all of this. Nobody can comprehend it, really, except possibly the consultants themselves and those who are directly concerned and covered by them. Please bear in mind that I'm not challenging the level of compensation for these senior executives per se, but I think it should be done in a much more transparent way. There was 1 meeting where the CEO received SEK 9 million, but actually SEK 20 million through the programs. A few days ago, we read about Kinnevik in the Swedish newspaper, Svenska Dagbladet, where the share has dropped 80%, but senior executives have been paid very large amounts of money, SEK 0.5 billion through these programs. I would appeal to the board of directors. I understand that you won't be taking back this proposal this year, but review them. Pay more in direct remuneration. Have bonus programs for the entire set group of employees if you exceed a certain results level, et cetera. I'll remind you of the debacle of Skandia 22 years ago, where the company nearly went bust and ceased to exist, although there are some remnants left as a result of these horrific programs designed back then that nobody could understand. I'm turning not just to the Investor Board of Directors, but to all the institutional large owners of Investor and all the other companies, for that matter, in the business community. Thank you. Thank you very much. Thank you for those reflections. I am the Chair of the Remuneration Committee of Investor. If, as you say, you do not object as a point of principle to the level of remuneration, it's the how rather than the what. My view is that what we're looking to achieve is that we want to have an incentive for the employees, in particular, those in senior executive positions, but for all employees. Whereby if Investor develops well, they should be able to get more remuneration than if that weren't the case. If we only pay a cash compensation, I cannot create such incentives. Either you get paid or you don't. Speaking as the Chair of the Board of Directors of Investor, to me, there is an added value to all of you that we set up these variable plans and programs that give more pay to our employees if things go well compared to when things go less well. That brings us back to the how. You say that it's not transparent, and read between the lines, you seem to be suggesting that there could be skewing things or getting money which shouldn't be paid out. We have a very close monitoring of our programs. Large institutional and owners are very active, and they're represented here today as well. It's not just us doing the monitoring. We have continuous conversations with those owners, what they deem reasonable, how we should do this. It's not just us cooking up something back at the office. We are transparent, I would put it to you. We work with other people whom we are not able to influence and who present their views and opinions, and together, we devise programs which will provide a model for variable remuneration. And the Board of Directors of Investor believe that this is what is in the best interest of all of you shareholders to ensure that we get the most possible out of Investor. Having said that, if we agree on the amounts in krona and öre, nevertheless, we do not agree on the how, but I believe that I have quite a lot of backing for my approach, working in close cooperation with other people whom I'm not able to impact per se, institutional owners, for example, and they are very knowledgeable in these matters. Thank you very much. Any further questions under 17 A or B? No. It's time to proceed with the resolution under this item. The Second AP Fund has asked that we include in the minutes that they are voting against 17 A. We'll start with the resolution under 17 A, and I ask if the meeting can resolve in accordance with the proposal for long-term variable remuneration for employees in Investor, excluding Patricia Industries. That's carried. Thank you. Moving on to the resolution under 17 B. Does the meeting resolve in accordance with the proposal on a long-term variable remuneration for employees in Patricia Industries? Thank you. Then items 18A and B, where we have proposals from the Board of Directors for purpose and transfer of owned shares. The entire proposal has been included in the documentation that has been distributed here today, has been available on the company website, and has been sent to those shareholders who have requested to receive it. Are there questions or comments to 18A or B? If not, we're going to start with 18A, where we need a two-third requirement. We have a two-third requirement of votes cast and shares represented, which means that we're going to use the voting devices. I would like to ask you to produce your voting devices. If you're in favor of the Board's proposal, you press 1, which is a yes. If you're against, you press 2, no. You can also abstain, and then you press 3. Is that procedure understood? If so, we open up the vote under 17-18 A. We're about to close the vote. It is closed, and you'll see the outcome on the screen. I find that the meeting has resolved as proposed by the board of directors. We continue with 18B. Here, we need at least nine-tenths of the votes cast and shares represented at the meeting, which means that we'll be using the voting devices again. If you're in favor, 1, if you're against it, 2, and if you wish to abstain, 3. The vote is open. In a few seconds, we will close the vote. The vote is closed. We'll see the outcome on the screen, and I find that the meeting has voted in favor of the board's proposal. That brings us to the final item on today's agenda. Before we conclude, I'm going to give the floor to Chair of the Board of Directors. Ladies and gentlemen, esteemed shareholders. As of this meeting, 2025 is closed. Before we do so, there is one person I would like to pay tribute to, Petra Hedengran, our Chief Legal Counsel, who's been up here on the podium. You have been sharing the podium with me, Petra, up here as the meeting secretary for almost 20 years. You will be stepping down from your position at Investor shortly. You will be receiving a proper thank you from the company. Here at the AGM, on behalf of Investor and all the shareholders, I would like to express our very deep debt of gratitude for all your contributions over so many years. Many of you do not work with legal counsels, but I can tell you that it is a particular category of individuals. We are so very dependent on having individuals like Petra to help us, not just with such in-depth knowledge, but with significant integrity and the ability to relate to very, very complex issues, whilst at the same time being an advisor for us, where we have ideas about doing business all the time and finding solutions. You provide us somehow with the best-informed position of all in the room. It's been so valuable to us. I myself, and the entire board, are so grateful to you, Petra. Thank you so very much. You're not getting away without some flowers. Same for you here. Thank you. I'm not going to close the meeting. That's not for me to do, but it, we-- it is drawing to a close nevertheless. In my capacity as Chair of the Board of Directors, I would like to thank you. It's been a rewarding dialogue. Let me also take this opportunity to thank Christian and his team. His team. Thank you to you and the team for the extraordinary work that you have done over the past year, it's such a valuable contribution to Investor, we've continued to develop so well. Thank you. I hereby declare the 2026 Annual General Meeting of shareholders of Investor closed.