Kinnevik Ab Class A · OMXSTO:KINV_A

Kinnevik Ab Class A — Q2 2025 Earnings Presentation

16 slides from Kinnevik Ab Class A's earnings presentation, Jul 8, 2025

  1. Slide 1: Kinnevik Presentation of Q2 2025

    Kinnevik PRESENTATION OF Q2 2025 NK

  2. Slide 2: Agenda and Today's Presenters

    Agenda Today’s Presenters 1. Key Events of the Quarter ▪ Core Company Performance ▪ Tandem Health Investment 2. Financial Update ▪ Capital Allocation & Financial Position ▪ Net Asset Value Development ▪ Private Company Valuations 3. 2025 Outlook 4. Q&A Georgi Ganev Samuel Sjöström Torun Litzén Chief

  3. Slide 3: Key Events of the Quarter

    Kinnevik Suton KEY EVENTS OF THE QUARTER

  4. Slide 4: A stable quarter of solid operational performance and selective investment

    Q2 2025: KEY EVENTS OF THE QUARTER A stable quarter of solid operational performance and selective investment into candidates with the potential to become our next generation of core holdings Key Events of the Quarter Q2 2025 ▪ NAV up 2% to SEK 36.8bn or 133 per share (up 4% in constant FX) Private

  5. Slide 5: Operational performance of our core companies remained reassuring during H1 '25

    Q2 2025: KEY EVENTS OF THE QUARTER Operational performance of our core companies remained reassuring during H1 ‘25 Core Company Performance Q2 2025 ▪ Consistent start of the year from our five core companies, hitting forecasts on growth and profitability improvements as a group >35% Growth H1 ’25, Y

  6. Slide 6: Tandem Health has built Europe's most widely adopted AI medical assistant

    Q2 2025: KEY EVENTS OF THE QUARTER Tandem Health has built Europe’s most widely adopted AI medical assistant, and we welcomed them to the portfolio with a EUR 30m investment Tandem Health Investing in the Intersection of Healthcare, Vertical SaaS & AI ▪ Partnering with a Swedish company operating in

  7. Slide 7: Financial Development

    Kinnevik FINANCIAL ELOPMENT

  8. Slide 8: SEK 9.6bn net cash and well-funded portfolio

    Q2 2025: FINANCIAL DEVELOPMENT SEK 9.6bn net cash and well-funded portfolio with improved margins at end of Q2 ’25 – focus on utilizing our capital allocation strength and flexibility with discipline Capital Allocation & Financial Position Q2 2025 Activity & Outlook ▪ Invested SEK 860m in Q2 ’25 Cha

  9. Slide 9: NAV was up 2% through robust operational progress

    Q2 2025: FINANCIAL DEVELOPMENT NAV was up 2% through robust operational progress and mildly expanding multiples offsetting currency depreciation – up 4% in constant currencies Net Asset Value High-Level Q2 2025 Movements ▪ NAV up 2% in Q2 ‘25 to SEK 36.8bn or 133 per share (up 4% in Change in Portfo

  10. Slide 10: Multiples in public benchmarks up 14% on average

    Q2 2025: FINANCIAL DEVELOPMENT Multiples in public benchmarks up 14% on average and the portfolio’s currency basket down 2% - deep-dive on private company valuations available on our website Net Asset Value External Drivers, Averages Key Investees Change in Change % of Private Peer Set Currency % of

  11. Slide 11: Underlying core company valuations up 7% on average

    Q2 2025: FINANCIAL DEVELOPMENT Underlying core company valuations up 7% on average, with conservative forecast revisions and restrained multiple expansion relative to public peers Core Companies Key Financial & Valuation Metrics, NTM Basis, Fair Value and Revenue in SEKm Change in Change in Change i

  12. Slide 12: Overall stability in valuations across the full portfolio

    Q2 2025: FINANCIAL DEVELOPMENT Overall stability in valuations across the full portfolio, with significant write-up of Betterment and continued inertia in Climate Tech in awaiting important milestones Full Private Portfolio: Sectors & NAV Categories Key Financial & Valuation Metrics, NTM Basis, Fair

  13. Slide 13: 2025 Outlook

    Kinnevik 8 July 2025 SzOz ZO

  14. Slide 14: In 2025 the strengths of our strategy and our portfolio will become more apparent

    Q2 2025: 2025 OUTLOOK In 2025 the strengths of our strategy and our portfolio will become more apparent and better reflected in our value creation trajectory Discipline in Stability in Proof-Points & Capital Allocation Performance Transparency With limited capital needs in the With a more mature and

  15. Slide 15: Questions

    Kinnevik QUESTI SWERS

  16. Slide 16: Slide 16

Kinnevik — Q2 2025 Earnings Presentation on 6ix