Industrivärden-Discount almost gone-07/08/2026

Research evidence excerpt

Industrivärden-Discount almost gone-07/08/2026

Industrivärden

NEWSFLASH | 8 JUL 2026

Discount almost gone

INDU reported NAV of SEK 225.0bn in Q2, corresponding to SEK 521 NAVPS (currently SEK 519), implying a 10% q/q

increase. Total return YTD was 31% for the C share vs. SIXRX 8%. For the quarter, portfolio performance was driven mainly

by Sandvik (+12%), Volvo (+9%) and Handelsbanken (17%). With a continued strategy supporting core holdings, SEK 1.9bn

was invested YTD in: Essity (SEK 0.9bn), Volvo (SEK 0.3bn), SCA (SEK 0.3bn), Handelsbanken (SEK 0.3bn), and Alleima (SEK

0.1bn). For the period, net debt reached SEK 2.3bn and rose 21% q/q, implying a debt-equites ratio of 1% in Q2. The NAV

discount has effectively closed, with INDU now trading at just a 0.4% discount, near historical lows. We see elevated risk of

discount widening and find a more favourable risk/reward in owning the underlying portfolio. We have a Hold rating and TP

of SEK 475.

Discount (+)/Premium (-) to NAV

25%

20%

15%

10%

5%

0%

-5%

-10%

Jan-17Apr-17Jul-17Oct-17Jan-18Apr-18Jul-18Oct-18Jan-19Apr-19Jul-19Oct-19Jan-20Apr-20Jul-20Oct-20Jan-21Apr-21Jul-21Oct-21Jan-22Apr-22Jul-22Oct-22Jan-23Apr-23Jul-23Oct-23Jan-24Apr-24Jul-24Oct-24Jan-25Apr-25Jul-25Oct-25Jan-26Apr-26Jul-26

Filip Henriksson

+46 8 402 5284, filip.henriksson@paretosec.com

For disclosures on relevant definitions, methods, risks, potential conflicts of interests etc. and disclaimers please see www.paretosec.com. Investment Recommendations should be reviewed in

conjunction with the information therein. When distributed in the US: This document is intended for institutional investors and is not subject to all of the independence and disclosure standards

applicable to equity/debt research reports prepared for retail investors.