Slide 1: Presentation of Q1 2026
Presentation of Q1 2026 16 April 2026
Slide 2: Agenda, Today's Presenters and Forward-Looking Statements
Q1 2026 Agenda Today’s Presenters 1. Interim CEO Reflections, Priorities & Actions 2. Investee Operational Development 3. Net Asset Value 4. Capital Allocation 5. Q&A 6. Closing Remarks Rubin Ritter Samuel Sjöström Interim Chief Executive Officer Chief Financial Officer Forward-Looking Statements Th
Slide 3: Interim CEO Reflections, Priorities & Actions: Embracing the Need to Change
Q1 2026: EARNINGS CALL Our purpose is to be good stewards of shareholders’ capital, generating attractive and sustainable returns while taking appropriate levels of risk Interim CEO Reflections, Priorities & Actions Embracing the Need to Change ▪ Being good stewards of our shareholder’s capital requ
Slide 4: Making every krona count – management cash cost reduction potential of c. 35%
Q1 2026: EARNINGS CALL Making every krona count – management cash cost reduction potential of c. 35% by end of 2026 Management Cash Cost SEKm ▪ Target cost reduction of c. 35% ▪ Potential restructuring costs to be taken in 2026 where possible 341 Cost may deviate in case of: c. 313 ▪ Inflation and F
Slide 5: Interim CEO mandate to pursue cash preservation for new CEO's strategy execution
Q1 2026: EARNINGS CALL Interim CEO mandate to pursue cash preservation for new CEO’s strategy execution Indicative Net Cash Uses SEKbn Excluding opportunities to increase stakes in assets showing profitable growth and outlook to compound 7.5 c. 1.0 <1.5 c. 5.0 Q1 '26 Runrate Management Cash Cost Fol
Slide 6: Solid investee performance in first months of 2026
Q1 2026: EARNINGS CALL Solid investee performance in first months of 2026, humble conviction in larger companies’ positioning and ability to navigate an AI-driven world Operational Performance Q1 ‘26 ▪ Larger investees overall delivering on plans in 2026 to date 28% Y/Y revenue growth in Health with
Slide 7: AI-driven derating primarily in SaaS and healthtech against macro uncertainty
Q1 2026: EARNINGS CALL AI-driven derating primarily in SaaS and healthtech against a backdrop of macro uncertainty Multiple Contraction Bottom to Top Decile Peer and Relevant Investees, EV/GP or EV/R Public Peer Average Tech-Enabled VBC, MCOs & Traditional Care Providers Cityblock Healthcare Technol
Slide 8: NAV down 22 percent due to contracting multiples and write-downs in Climate Tech
Q1 2026: EARNINGS CALL NAV down 22 percent due to contracting multiples and write-downs in Climate Tech Net Asset Value Key Movements ▪ Private portfolio’s average valuation multiples down 34%, bringing Change in Portfolio Value a SEK 8.3bn negative impact in the quarter Q1 ‘26, SEKbn ▪ NAV down 22%
Slide 9: SEK 7.5bn in net cash, no investments in the quarter beyond Mews round
Q1 2026: EARNINGS CALL SEK 7.5bn in net cash, no investments in the quarter beyond announced Mews round Capital Allocation and Financial Position Activity in the Quarter ▪ Invested SEK 214m almost exclusively into Mews, closing the round Change in Net Cash announced in January Q1 ‘26, SEKbn ▪ Net in
Slide 10: Kinnevik April 2026
Kinnevik 16 April 2026 & 9707 1D
Slide 11: Closing Remarks
16 April 2026 CLOSING REMARKS Q1 2026
Slide 12: Private Valuations
Appendix 16 April 2026 PRIVATE VALUATIONS Q1 2026
Slide 13: 31% multiple contraction on average in top 10 assets driving 25% write-down
Q1 2026: PRIVATE PORTFOLIO VALUATION PEERS APPENDIX 31% multiple contraction on average in top 10 assets driving a 25% average write-down Value Drivers for Top 10 Investments Operational Performance, Multiples & Currencies Portfolio Change in Change in Change in Change in Change in Company Fair Valu
Slide 14: Revenue growth continues to explain 30-40% of variance in public software multiples
Q1 2026: PRIVATE PORTFOLIO VALUATION PEERS APPENDIX Revenue growth continues to explain 30-40% of variance in public software multiples Software Correlation of Multiples to Growth & Profitability Based on Full Software Peer Set, EV/R & NTM Basis, Last 5 Years 0.70 0.60 0.50 0.40 0.30 0.20 0.10 Mar '
Slide 15: High-growth, low-margin public software companies trade at premiums
Q1 2026: PRIVATE PORTFOLIO VALUATION PEERS APPENDIX High-growth, low-margin public software companies continue to trade at meaningful premiums to low-growth, high-margin public software companies Software Growth/Profitability Quadrants Median Metrics by Quadrant, Above/Below Median Growth/Profitabil
Slide 16: We value our companies at meaningful discounts to public peers on a growth-adjusted basis
Q1 2026: PRIVATE PORTFOLIO VALUATION PEERS APPENDIX We value our companies at meaningful discounts to public peers on a growth-adjusted basis EV/NTM Revenue and Revenue Growth Healthcare and Software Averages vs Public Peers 20.0x 17.5x 15.0x 12.5x 10.0x 7.5x Software Investees Health Investees 5.0x
Slide 17: Impact from liquidation preferences down SEK 0.6bn in the quarter
Q1 2026: PRIVATE PORTFOLIO VALUATION PEERS APPENDIX Impact from liquidation preferences down SEK 0.6bn in the quarter, driven mainly by conservative application of amended IPEV Guidelines Liquidation Preferences Value Impact, SEKm and % of Private Portfolio 3,500 3,000 2,500 2,000 1,500 11.0% 9.8% 1
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