Slide 1: Kinnevik Presentation of Q3 2024
Kinnevik PRESENTATION OF Q3 2024 NN
Slide 2: Agenda
Q32024: H1 2024: AGENDA AGENDA Agenda Today’s Presenters 1. Key Events of the Quarter ▪ Tripling Down in Spring Health ▪ Strong Progress at Aira 2. Financial Update ▪ Financial Position ▪ Net Asset Value Development ▪ Private Company Valuations 3. Upcoming Capital Markets Day 4. Q&A Georgi Ganev Sam
Slide 3: Q3 2024
16 October 2024 3 Q3 2024
Slide 4: Key events of the quarter: executing on strategic priorities
Q3 2024: KEY EVENTS OF THE QUARTER We have continued to execute on our strategic priorities, investing in our high conviction companies and supporting exciting strategic developments in our selected ventures Key Events of the Quarter ▪ NAV of SEK 37.4bn or SEK 132 per share Private portfolio down 7%
Slide 5: Spring Health raised USD 100m pre-IPO round
Q3 2024: KEY EVENTS OF THE QUARTER In July, Spring Health raised a USD 100m pre-IPO funding round in which we participated with a USD 35m investment concurrent with an additional 45m acquisition of secondaries ▪ USD 100m funding round led by Generation Investment Management 15x Strengthening the com
Slide 6: Aira scaled to EUR 100m in annualized sales
Q3 2024: KEY EVENTS OF THE QUARTER Aira has scaled from zero to EUR 100m in annualized sales during our time as investors, and in the quarter we invested more capital with co-investors Temasek and Altor ▪ Invested another EUR 20m in Aira alongside co-investors Temasek and Altor EUR 100m The new fund
Slide 7: Financial Update
16 October 2024 7 Q3 2024
Slide 8: SEK 12.2bn net cash after completing transformation to growth
Q3 2024: FINANCIAL UPDATE SEK 12.2bn net cash after completing transformation to growth, >75% of investment directed to focus companies in 2024 to date, expecting SEK 1.0bn in follow-ons into focus companies in Q4 Financial Position ▪ SEK 2.4bn invested in ‘24 to date Change in Net Cash SEK 1.5bn or
Slide 9: NAV down 5% on VillageMD write-down and currency headwinds
Q3 2024: FINANCIAL UPDATE NAV down 5% driven by significant write-down of VillageMD and currency headwinds, in part offset by positive developments in core companies Net Asset Value ▪ NAV down 5% to SEK 37.4bn or 132 per share Growth Portfolio Value Change by Category Q/Q (SEKbn) ▪ Net cash position
Slide 10: Private portfolio peer benchmark multiples expanded 5%
Q3 2024: FINANCIAL UPDATE Multiples in the private portfolio’s value-weighted peer benchmarks expanded by 5% while the dollar was down 4% Q/Q and weighed on a large share of our portfolio Net Asset Value: Public Comparables & Currencies Q/Q Movements Change in Change in Change % of Private Peer Set
Slide 11: Software and virtual care EV/gross profit multiples
Q3 2024: FINANCIAL UPDATE Our Software and Virtual Care companies are valued near market-average gross profit multiples despite growing significantly faster and approaching cash flow profitability Net Asset Value: Software & Healthcare Technology Gross Profit Multiples Gross Profit Growth and EV/Gro
Slide 12: Our Core Growth Companies
Q3 2024: FINANCIAL UPDATE Our core companies continue to deliver on expectations, and we expect growth rates to stabilize as they reach their break-even inflection points Core Growth Companies Revenue Growth and EBITDA Margin Since Q4 2021, NTM Actual or Expected Basis 160% 140% 120% Revenue Growth,
Slide 13: Strong performance drove value growth in core companies
Q3 2024: FINANCIAL UPDATE Strong performance drove value growth in core companies, somewhat held back by pushing our valuation level of Pleo down to public benchmarks’ average level Core Growth Companies Key Financial & Valuation Metrics, NTM Basis, Fair Value in SEKm Change in Change in Change in C
Slide 14: VillageMD write-down and currency headwind holding back value growth
Q3 2024: FINANCIAL UPDATE VillageMD write-down and currency headwind holding back value growth, continued positive movements in Spring Health and TravelPerk Full Private Portfolio: Most Impactful Revisions and NAV Categories Key Financial & Valuation Metrics, NTM Basis, Fair Value in SEKm Change in
Slide 15: Capital Markets Day
Kinnevik U CAPITAL G ETS DAY
Slide 16: Upcoming Capital Markets Day
Q3 2024: UPCOMING CAPITAL MARKETS DAY We look forward to welcoming you all to next week’s Capital Markets Day 2024 Capital Markets Day Agenda Kinnevik as a Leading Growth Investor ▪ Georgi Ganev, CEO & Samuel Sjöström, CFO The Heart of Healthcare & The Rise of Mental Wellness ▪ Christian Scherrer, S
Slide 17: Q&A
Kinnevik 16 October 2024 voz £0. a)
Slide 18: Slide 18