Investor posted a 10% decrease in NAV over Q1, mainly driven by the poor performance of its listed assets (-10%) impacted by the current Ukraine-Russia war. On the unlisted companies side, Patricia Industries also fell by 5% due to the normalization of Mölnlycke’s post-Covid activity. In view of the unfavorable economic and geopolitical environment, as well as the current supply chain disruptions, the HoldCo has a cautious outlook for 2022.