Slide 1: Presentation of Q4 2025
Presentation of Q4 2025 3 February 2026
Slide 2: Agenda, Today's Presenters and Forward-Looking Statements
Q4 2025 Agenda Today’s Presenters 1. Key Events Financing Round at Mews New Investment in Oviva Spring Health Acquiring Alma Enveda Hitting Clinical Milestones 2. Financial Update Capital Allocation & Financial Position Net Asset Value Development 3. Closing Remarks 2025 Progress Georg
Slide 3: Key Events
Section 1 3 February 2026 KEY EVENTS Q4 2025
Slide 4: Strong operational performance and solid proof points in another quarter of market headwinds
Q4 2025: KEY EVENTS OF THE QUARTER Strong operational performance and solid proof points in another quarter of market headwinds weighing on short-term NAV development Key Events of the Quarter Q4 2025 NAV down 4% to SEK 35.9bn or 130 per share (down 3% in constant FX) Core Company Progress Marke
Slide 5: Mews welcomed new investors sharing our conviction in their multi-product strategy
Q4 2025: KEY EVENTS OF THE QUARTER Mews welcomed new investors sharing our conviction in their multi-product strategy Mews New Funding Round EUR 264m funding round valuing the business at EUR 2.1bn Follow-Ons Paced With Proof Points 19% above underlying valuation in Q3 ‘25 Aggregate Investment, Fa
Slide 6: 2025 was a year of strong operational performance in our largest companies
Q4 2025: KEY EVENTS OF THE QUARTER 2025 was a year of strong operational performance and solid proof points in our largest co´s 7% 14% 7% of Portfolio of Portfolio of Portfolio 55% SaaS Gross Profit Growth (FY ‘25) 48% Revenue Growth (FY ‘25) 65% ARR CAGR (‘20-25) EUR 17bn Payments Volumes (FY ‘25)
Slide 7: Oviva adds Europe's largest digital provider of weight-related care to our portfolio
Q4 2025: KEY EVENTS OF THE QUARTER Oviva adds Europe’s largest digital provider of weight-related care to our healthcare portfolio – Kinnevik the largest shareholder in a new, profitable, fast-growing core company Oviva New Investment USD 100m investment as part of a 220m round, Kinnevik the large
Slide 8: Financial Development
Section 2 3 February 2026 FINANCIAL DEVELOPMENT Q4 2025
Slide 9: SEK 7.6bn net cash with a well-funded and more mature portfolio
Q4 2025: FINANCIAL DEVELOPMENT SEK 7.6bn net cash with a well-funded and more mature portfolio, capital allocation in 2026 focused on recycling capital and backing our winners Capital Allocation & Financial Position Activity & Outlook Invested SEK 932m in Q4 ‘25 almost exclusively into Oviva, Chan
Slide 10: Comparable public market multiples and currencies weighed on 2025 NAV
Q4 2025: FINANCIAL DEVELOPMENT Comparable public market multiples and currencies weighed on 2025 NAV by SEK 6.5bn, continued validation of valuation approach from private market investors Net Asset Value Key Movements NAV down 4% in Q4 ‘25 to SEK 35.9bn or 130 per share (down 3% Change in Portfoli
Slide 11: Underlying core company valuations down 5% on average
Q4 2025: FINANCIAL DEVELOPMENT Underlying core company valuations down 5% on average, solid performance overall but a lowered near-term outlook at Cityblock Core Companies Key Financial & Valuation Metrics, NTM Basis, Fair Value and Revenue in SEKm Change in Change in Change in Change in Share of Re
Slide 12: Full Private Portfolio: Sectors and NAV Categories
Q4 2025: FINANCIAL DEVELOPMENT Overall, market headwinds and write-downs in Climate Tech partly offset by the write-up of Mews and overall robust operational performance from our larger co´s Full Private Portfolio: Sectors & NAV Categories Key Financial & Valuation Metrics, NTM Basis, Fair Value in
Slide 13: Closing Remarks
Section 3 3 February 2026 CLOSING REMARKS Q4 2025
Slide 14: A year of returning portfolio stability, but NAV creation held back by market headwinds
Q4 2025: PORTFOLIO PROGRESS & 2025 OUTLOOK A year of returning portfolio stability, but net asset value creation held back by market headwinds Priorities at the Start of 2025 Outcomes Investment in Oviva accelerating portfolio maturity Discipline in Capital Allocation With limited capital needs in
Slide 15: We enter a transitional 2026 focused on operational performance, liquidity and reinvestment
Q4 2025: PORTFOLIO PROGRESS & 2025 OUTLOOK We enter a transitional 2026 focused on continued operational performance, actively creating liquidity in the portfolio, and re-investing in our many winners Operational Portfolio Selective Performance Liquidity Reinvestment Supporting our companies to cont
Slide 16: Q&A
3 February 2026 Q&A Section 4 Q4 2025
Slide 17: Private Valuations
Appendix 3 February 2026 PRIVATE VALUATIONS Q4 2025
Slide 18: Multiple contraction in public benchmarks reflected in NAV
Q4 2025: PRIVATE PORTFOLIO VALUATION PEERS APPENDIX Multiple contraction in public benchmarks reflected in NAV in consideration of transactions and changes in financial profile - deep-dive on private company valuations available on our website Valuation Multiple Developments Key Peer Groups & Kinnev
Slide 19: Valuation levels of public software companies increasingly correlated to growth
Q4 2025: PRIVATE PORTFOLIO VALUATION PEERS APPENDIX Valuation levels of public software co´s increasingly correlated to growth, with the multiple contraction in Q4 in part driven by worries around AI’s impact on future growth of incumbents Software Correlation of Multiples to Growth & Profitability
Slide 20: We value our companies at meaningful discounts to public peers on a growth-adjusted basis
Q4 2025: 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 Health and Software Averages vs Public Peers 30.0x 27.5x 25.0x 22.5x 20.0x 17.5x 15.0x 12.5x 10.0x 7.5x 5.0x Health Investee
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