Investor AB (publ) ($INVEA)

Honored shareholders, welcome. Welcome to the Investor Annual General Meeting 2026, and I declare the meeting open. The first 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, Ms. Petra Hedengran, is sitting next to me. She is the General Counsel of the company, and she'll take the minutes here today. And 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 is here next to me as well. Can the meeting approve 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 [indiscernible] shareholders and others the opportunity to follow the AGM via a webcast on the company's website and also allowing other shareholders to participate here as guests, and 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. And that being said, I would like to hand over again to the Chairman of the Board of Directors, Jacob Wallenberg.

Honorable shareholders, again, welcome to this Investor AGM 2026 at the China Theater. And this year as well, I would like to say thank you, thank you for the very nice investor dialogue that we've just had. And 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. And 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 higher return. And I and Investor, we're immensely proud over this fact. And I do believe that I share that pride with all of you here today. And now please do not misunderstand me. These 15 years, well, it's so much more than Investor. It's first and foremost, proof that everyday in our companies, we have very hard work that is being done to be at the forefront all the time. And 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, sectors, markets. And what will be the size for all these amazing companies 2 years from now, 5 years from now, 10 years from now. How can we work smarter than competitors? Can we use artificial intelligence? And 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. And then 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 forever. And how can we and our companies learn from what is happening right now in China. We see how the, for example, shortened development times, produce in more efficient manners more so than anyone else. And at the same time, they're becoming more and more competitive and they're even becoming leaders in one sector after another. And 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. And in Germany, it takes 4, 5 years. And then the question for us is how to become more competitive. And I do believe that we have to. We have to have the best leaders, the best coworkers and we have to be there when things happen. We have to learn from those here at the forefront. And 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 are now gone, and we see a new protection as society and polarization in the world today is the fact. And 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. And the vision of a more developed Nordic collaboration with the 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. We need a united Nordics. We need companies to have access to the European single market. And in Europe we also have to have that capability to build partnerships with the world outside of Europe like Mercosur. And we also have India to give a couple of examples of newer agreements. But 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. And 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 lose, we lose. If we snooze, if we fall asleep at will, well, that will not be a good thing. And 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. And last but not least, I would like to turn to you and say thank you. Thank you, dear co-shareholders, so more than 700 here today. Now 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, and a big thank you to all of you for your support and your confidence. And 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 on 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. And 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 submitted a postal vote and who have also notified for attendance here today and 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 1 which has been established by Euroclear Sweden AB requested by the company. It's based on the shareholders register. The number of shareholders registered and the number of postal votes received. This list has been distributed here and every shareholder who have notified the company and who are right 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. And it's therefore proposed that the list with the mentioned adjustments be adopted as the list of the voting list for the meeting. And 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, and 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 has 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 [indiscernible] and Javiera Ragnartz 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. And that takes us to Item 5, where we have determination of whether the meeting has been duly convened. And 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. And then we have Item 6, where we have presentation of the parent companies and the consolidated annual report, financial statements and the auditor's report and the sustainability report. And 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. So the documents have been duly presented. We're now going to hear from the auditor to start with, and then we'll also hear from the CEO President, and then after that we'll also open up for shareholders to ask questions or present comments. But right now, I would like to hand over to the chartered accountant, Jonas Ståhlberg from Deloitte.

Thank you. Well, that is my name, Jonas Ståhlberg, I represent Deloitte, and I'm the lead auditor for this audit of Investor. We have presented an unqualified auditor report. For 2025, we find it the annual report, Pages 183 to 185. And I'm going to get back to the conclusions in that auditor's report. But before doing so, a few comments, if you allow me. I would like to remind you the fact that the audit of Investors carried out by a central team in Stockholm with local teams for the subsidiaries, and we give instructions to those auditors of the subsidiaries as to when and how to carry out that audit, and we have ongoing contacts with those teams, and they report to us on an ongoing basis. This year, we have also had a deeper reconciliation with the team working with Nova and Biomedical due to the acquisition that was carried out by Advanced Instruments in 2025. The beginning of the financial year, we introduced our audit plan for the Audit and Risk Committee. And we have also on an ongoing basis, reported our audit and the results of it to them. We have done this on 6 occasions orally and in writing. And 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. And 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 3 that are so-called key audit matters. They are 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. Then we have valuation of listed and unlisted investments where we have significant values in the balance sheet and that we also have valuation of goodwill, but 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. And here, we have also ensured that there are appropriate routines for quality insurance. And 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. And here as well, our opinion is that Investor has good appropriate routines that are applied consistently over time. And that is particularly important for unlisted assets. Then we have the third area, which is investor and how it assesses goodwill and balance sheet. And here, we have looked at methods and the valuations, assumptions that have been used by management. to do impairment testing as they're called. And 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 2 separate opinions and both of them are unqualified. The first one is our limited insurance report on the sustainability statement, something that is statutory. And 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 that we haven't had any findings here either. So we feel that the financial reporting of investor gives a fair accurate view and has been established in accordance with applicable rules. And as you can see from the auditor's report, we recommend that the AGM adopt the income statement and the balance sheet for the company and the group and that 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 7, and I'm going to give the floor to Christian Cederholm, 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. And just as Jacob mentioned, there is certainly no lack of challenges, geopolitical tensions, including 2 and more ongoing wars being wage protectionist tendencies, sharpened competitive included 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 2 things at the same time. We need to be flexible, and we need to adapt to deal with the world around us the way it looks here and now. And 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 the 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. And 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, '25 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. Wille and ABB are examples of companies who have also continued to fine-tune their activities by divesting business which were considered noncore. 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. But 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 the integration has started and got off to an excellent start. We have also a high level of activity with investments in equity, the joint investment of Fortnox and acquisition of shares in Equity AB EQT. All in all, Investor made significant investments in all 3 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% -- and 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. And we do this by growing net asset value over time, pay continuously increasing dividend and by focusing on efficiency and sustainability. And to achieve all this, we focus on our strategic pillars, our framework for future-proofing, if you will, performance, portfolio and people, our 3 key factors. Growing 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. And we will pay a continuously increasing dividend 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. We are proud but never satisfied. And 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 reduction and reduction of greenhouse gases is a way of building strong business while also benefiting the climate. And in 2025, we took several steps, very important ones forward and the work continues. We have 3 focus areas: climate and circularity, diversity and inclusion and business ethics and governance. In climate and circularity, the company has reduced its direct emissions, 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 3 different objectives support our overall objective of generation of attractive total return. And 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 parts of the columns here represent the annual average return 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. And 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 value creation and future-proof ourselves and there are companies, performance, portfolio and people, our 3Ps. 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. And future-proofing is about innovation. And very often, our companies are market leaders, thanks to the product, products and services they develop. And we have to continue and the goal has to be to improve lives and business for our customers. It does happen that companies do not develop in line with their potential. And 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. And 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. And 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. And 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 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. And then the third P, people. We ensure that we have the right leadership by appointing a Board of Directors that appoint CEO President. We have to have the right agenda and the right values to drive long-term value creation. And it's about understanding what to do and also to ensure that these individuals have the sufficient pace that is necessary. And we maintain high business integrity. We respect our values, and we do the right thing even if it's difficult, even costs us in a shorter perspective. But in a perpetual perspective, there is 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, investments and structures to drive innovation and test new things. So here, we have our 3 Ps: performance, portfolio and people. And this is what drive us forward. And our focus is always on going forward. And there are 3 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. And 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. And 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. But today, many Chinese companies in a very strikingly short period of time have forged ahead, advanced their positions. So in many sectors today, we see that those Chinese actors, they are there, they are quick. They use innovation and they apply new technology. And 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. Well, here, we have many opportunities in all our companies throughout the value chain from R&D to production to aftermarket. And 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. Sobi is using AI models to find new applications for their medicines. And there are many, many good examples. But 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. And 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. And 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. But 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 companies' total emissions come from the use of the products with customers. So when Ericsson, ABB, Atlas Copco, 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. And 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 meritocracy, and we believe that groups where we have different backgrounds and perspectives that they make better decisions over time. And 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. And 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 creates opportunities for strong companies to forge ahead to move forward. And we -- our task is to navigate and also to catch those opportunities. We have a strong starting point, a clear purpose, a clear strategy. We have an attractive portfolio with strong companies, and we have a tried and tested ownership model. We have financial flexibility. And not least, we also have amazing coworkers at Investor and also in the companies. And here, I would like to take the opportunity to extend a big thank you to all these people in the companies and Investor. Your strong drive and your excellent work makes all the difference. We continue to have high ambitions as engaged owners, strong companies, and we continue to keep our focus on the 3 Ps: performance, portfolio and people. And 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. And now the floor is open for questions and comments from shareholders. And we have our officials with the roving microphone. So any shareholder who would like to take the floor, raise your hand, and we will bring a microphone to you. And we're very grateful if you can start by introducing yourselves before you ask your question. Microphone #1 over there. Thank you.

Thank you. My name is Alexander Fernandez, 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. And 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 companies and the subsidiaries?

Thank you very much for that question. As I emphasized earlier, sustainability is a crucial component. And 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. And as of this year, you will have noticed we also have explicit targets for circularity as well. And the good thing about all this is that here and in the larger -- 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, but 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. And 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. And once again, this is clearly linked to value for the customer. So just as the other areas, it's very much linked to our business. Thank you very much. Microphone #8.

Bjorn Lund is my name. And there's one area where I feel that you haven't talked about it today. And well, if you're involved at all, but 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. And as a matter of fact, what I'm thinking about, that is space and how to develop that technology to be there. And 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. And 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. And this is immensely exciting and 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, and we have a couple of companies that deal more with space than others and Ericsson, for example. Ericsson, for example, they have tens of thousands of low orbit satellites. which means that they basically have a global coverage for a satellite phone today. And then you could link that to the network that we have on earth. Well, that is something exciting and will be there. Thank you. Then microphone #5.

Nilson 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? Is -- do you have it at the Board of Directors level? I know 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, and this is certainly one of the major challenges that many of us here today do not have our own 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 in the companies that we have strong value brands able to attract individuals also in the new really hot -- red hot areas. So talent supply is a constant battle. We're waiting 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, 1/3 of the Board bring different types of experience to the work of the Board. So that's one point of reference when we discuss AI-related issues. But of course, we also, in different ways, need to delve deeper and 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. But 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.

Station #1.

Well, thank you. I represent Shareholders' Association and the sister funds. And 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. And we say that somewhere around 40% to 60% of whatever gender. And we are well on our way on that journey. The portfolio companies on average are at around 40%. And we're headed there in the executive teams as well in the companies. And well, like you're saying, it's mainly about skills and competencies, of course. But 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 report?

I don't see any further requests. And if so, I find that we have dealt with Item 7 on today's agenda. Now moving on, that brings us to Item 8, the adoption of the income statement and balance sheet for the parent company. And for the group, you've heard that the auditor is in favor, and I ask if the meeting can adopt these income statement 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. And 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 in 2025. The auditor recommends discharge, and we would like to note that the Board members and the CEO will not vote under this resolution. And I ask the meeting if the meeting can grant discharge that is carried. Was there a question or a comment?

At station #3.

Thank you. Eon is my name, and I represent 400 shares. And 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. But we should -- I think we should deny them this charge for 2025. We have remembered the Holocaust, 11 million and incidents were murdered by the. And we had deliveries from Investor and the Golar factory in Gothenburg to those forces. And Investor could have stopped at any time those deliveries to Germany, but that was not done. And the United States of America, planned sanctions with that company. And 1 of the brothers also got the German Iron Cross. And a prosecutor should look at -- and the prosecutor Jacob Wallenberg for war crimes and crimes against the humanity. And that should award him 18 to 20 years of imprisonment. And then Mr. Wallenberg will be 90 years of age, and I will be 100. And that will then be a good meeting. Thank you.

Thank you. Then we have heard Sven Olof Erikson that you're against the discharge, but the discharge has also been granted all directors and the CEO President. So we will continue.

Item 11. And here, we have dispossession of Investor earnings. And 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, the third proposal is that SEK 4 be paid with the record date of 11th of May and on the second installment, SEK 1.60 per share with the record date being 9th of November. And we have heard the auditor recommending this. Can the meeting vote as proposed? That is carried. We have a number of items on the agenda where we have proposals from the Nominations Committee. And 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, Chair of Investor; Katarina Romberg of AMF; Magnus Carlson, the SEB Foundation; Peter Haslevo-lekta; 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. And 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 noted that there is high levels of attendance at the Board meetings. And 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 Johnston and Isabelle Kocher have declined reelection. The Nomination Committee proposes reelection 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. And we've assessed that the composition is fit for purpose and is characterized by breadth of competence, skills and experience in areas which are of strategic importance to investor. And we furthermore propose that Jacob Wallenberg be reelected as Chair of the Board. And that brings me then to the Board fees. 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 analysis covering Board remuneration in different European countries, and we see that there's a significant difference between the Board fees in Swedish listed company and corresponding levels internationally. Against this backdrop, the Nomination Committee is proposing an average increase of the fees by approximately 7% -- and 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 5 years should correspond to at least the fee of 1.5 years of directorship pretax. And 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 then, Nomination Committee proposes in accordance with the Audit and Risk Committee's recommendation to elect Deloitte for 1 further year. It's a reelection. And when it comes to fees for the auditors, we propose that fees for the audit be paid according to approved invoice. And by way of conclusion, I would like to thank the other members of the Nominations Committee for excellent cooperation. Thank you.

Thank you very much. Are there any questions for the Nominations Committee at this stage? No, I don't see any request. Thank you very much for that presentation. We'll proceed with the decision, starting with 12a, 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 12b, number of auditors. You've heard the proposal. Is the meeting in favor? That's adopted. And we continue with Item 13, where we have compensation for Board of Directors and auditors. We will begin with 13A Board fees. We've heard the proposal from the Nominations Committee. Can the meeting resolve accordingly?

There is a question. So if we could have a microphone station #4.

Well, it looks like there are 8 plus 2 people receiving those fees. But aren't you -- don't you have a Board of 11?

Well, the CEO does not receive this fee.

Okay. 13A to start with Board fees. We've heard a proposal from the Nominations Committee. Can the meeting resolve accordingly? That is carried. And then we continue with the 13B compensation for the auditor. We have heard a proposal from the Nominations Committee. Does the meeting wish to resolve accordingly? That is also carried. And then 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 Nominations Committee and then 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 wish to receive it and has been available on the company's website, we're going to resolve, and we are going to vote on one person at a time in the order they were suggested by the Nominations Committee. And 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, Sara Öhrvall? And I find that the meeting has decided as suggested by the Nominations Committee. Before we proceed, I would like to hand over to the Chairman of the Board of Directors, Jacob Wallenberg.

And I would like to -- after the elections of today, I would like to take this opportunity to extend my thank you, and thank you to the Board of Directors to those directors who are stepping down, Isabelle Kocher and Tom Johnston. Unfortunately, Isabelle couldn't be here today, but she's been on the Board of Directors for 5 years, and she leaves a clear impression. And we want to say thank you. To have a Board member that lives and works outside of Sweden, well, that is important. It gives important perspectives. We have talked about that earlier today. And I and the 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. And we are going to say thank you to her in person later on. But now I would like to turn to Tom. Tom? Tom, you do understand Swedish. I will be speaking Swedish, if that is okay. And 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 entered -- came on to the Board in 2010. You were still the CEO and President of SKF, and you had done an amazing journey within that company. You were part of developing that company for almost 40 years and your career and your contribution to Sweden and to Swedish trade and business, well, it cannot be overestimated. And this is not just me saying this or my cousin or my brother who are here today. You've also received distinctions from the Swedish King for your personal services to Sweden and Swedish interests. And you've also received distinctions from the British Queen for what you have done in the United Kingdom. So we see a bridge between cultures. And 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 [indiscernible], Husqvarna and Combient, for example. And we know, Tom, that you have worked a lot and how involved you have been. And you always give everything you have to give. And Tom, you're 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. And you have that ability, an amazing ability to see new perspectives and also to find solutions on very complex problems. And you contribute in that you share your experiences, for example, through mentorships in our ecosystem. And your mentor have been a mentor for younger coworkers, and we're very, very grateful. And we -- I will miss your energy, curiosity and your nice laughter. And you will be dearly missed in this group of directors. And one more time, I want to say thank you for everything you've done. And as a tradition also some flowers for you. And I also want to shake your hand and say thank you.

And then we continue with Item 15, where we have election of Chair of the Board of Directors. The proposal from the Nominations Committee is that Jacob Wallenberg be reelected and I ask the meeting if the meeting wish to reelect Jacob Wallenberg. And that is carried. And we continue with Item 16, where we have election of auditors. We've heard a proposal from the Nominations Committee, reelection of Deloitte AB. Does the meeting wish to resolve as proposed that is carried. Item 17a and B next, the Board's proposal for long-term variable remuneration, and we 2 subitems to resolve upon. The proposals are contained in the material distributed here today, have been available on the company's website and been sent out to those who request to receive it. And 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 and 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. And performance requirements in Patricia's plan have been adjusted to be more in line with the requirements within Investor. So that was briefly a few words on the adjustments. And if there are any questions, I'm very happy to answer them, of course. And I think that there is a question over there, speaking point #2. Here we go.

Thank you. I'm an individual shareholder. For the third time this week, at the third 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 who produced all of this, nobody can comprehend it really, except possibly the consultants themselves and those who are directly concerned and covered by them. Now 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 one meeting where the CEO received CHF 9 million, but actually CHF 20 million through the programs. And 2 days ago, we read about Kinnevik in the Swiss newspaper, Svensagblad, where the share has dropped 80%, but senior executives have been paid very large amounts of money, EUR 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 group of employees if you exceed a certain result level, et cetera. And I'll remind you of the debacle of Scandia for 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. And 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. And 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. And that brings us back to the how. You say that it's not transparent. I read between the lines, you seem to be suggesting that there could be -- that you could be skewing things or getting money which shouldn't be paid out. But we have a very close monitoring of our programs, large institutional 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 kroner and , 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 who 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 17A or B? No.

Then it's time to proceed with the resolution under this item. And the second AP fund has asked that we include in the minutes that they are voting against 17A. But we will start with the resolution under 17A, 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 17b. Does the meeting resolve in accordance with the proposal on a long-term variable remuneration for employees in Patricia Industries? Thank you. And then items 18A and B, where we have proposals from the Board of Directors for purpose and transfer of own 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 2/3 requirement. We have a 2/3 requirement of votes cast and shares represented, which means that we're going to use the voting devices. So I would like to ask you to produce your voting devices. And if you are in favor of the Board's proposal, you press 1, which is yes. And if you're against, you press 2, no, and you can also abstain and then you press 3. Is that procedure understood? If so, we open up the vote under 17, 18. And we're about to close the vote. It is closed, and you'll see the outcome on the screen. And I find that the meeting has resolved as proposed by the Board of Directors. And we continue with 18b. And here, we need at least 9/10 of votes cast and shares represented at the meeting, which means that we'll be using the voting devices again. And if you're in favor, 1; if you're against 2 and if you wish to abstain, 3. And the vote is open. And in a few seconds, we will close the vote. And the vote is closed. And 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. And 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. But before we do so, there is one person I would like to pay tribute to. Petra Hedengran, our Chief Legal Counsel, who've been up here at the podium. And you have been sharing the podium with me, Petra, up here as the meeting Secretary for almost 20 years. But you will be stepping down from your position at Investor shortly. You will be receiving a proper thank you from the company. But 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 adviser 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. And myself and the entire Board are so grateful to you, Petra. So thank you so very much, and you're not getting away without some flowers. Same for you here. Thank you. Now I'm not going to close the meeting. That's not for me to do, but it is drawing to a close, nevertheless. And in my capacity as Chair of the Board of Directors, I would like to thank you. It's been a rewarding dialogue. And let me also take this opportunity to thank Christian and the ET, his team, thank you to you and the team for the extraordinary work that you have done over the past year. And it's such a valuable contribution to Investor, and we've continued to develop so well. Thank you.

I hereby declare the 2026 Annual General Meeting of Shareholders of Investor closed. [Statements in English on this transcript were spoken by an interpreter present on the live call.]