Kinnevik Ab Class A · OMXSTO:KINV_A
Kinnevik Ab Class A — Q3 2025 Earnings Presentation
18 slides from Kinnevik Ab Class A's earnings presentation, Oct 16, 2025
Slide 1: Presentation of Q3 2025
PRESENTATION OF Q3 2025 16 October 2025
Slide 2: Agenda and Today's Presenters
Q3 2025 Agenda Today’s Presenters 1. Key Events of the Quarter Solid Core Company Performance Mews and Its Multi-Product Strategy Enveda Raising New Capital 2. Financial Update Capital Allocation & Financial Position Net Asset Value Development Private Company Valuations 3. Portfolio Pro
Slide 3: Key Events of the Quarter
Section 1 KEY EVENTS 16 October 2025 Q3 2025 OF THE QUARTER
Slide 4: Key Events of the Quarter
Q3 2025: KEY EVENTS OF THE QUARTER Another stable quarter of operational performance in our core companies of today, and selective investment in the core companies of tomorrow Key Events of the Quarter Q3 2025 NAV up 2% to SEK 37.5bn or 136 per share (up 3% in constant FX) Private portfolio up 3%
Slide 5: Core Company Performance
Q3 2025: KEY EVENTS OF THE QUARTER Operational performance of our core companies remained reassuring, with lead indicators pointing towards continued positive progress in 2026 Core Company Performance Q3 2025 Continued operational progress in our five core companies, with positive lead indicators
Slide 6: Mews secondary investment and Flexkeeping acquisition
Q3 2025: KEY EVENTS OF THE QUARTER We invested additional capital in Mews, at pace with the company delivering proof-points in its go-to-market progress and continued product development Mews Secondary Investment & Flexkeeping Acquisition EUR 15m secondary investment in the quarter, putting more F
Slide 7: Enveda raised a USD 150m funding round
Q3 2025: KEY EVENTS OF THE QUARTER Enveda raised a USD 150m funding round after its leading drug candidate completed Phase 1a clinical trials, a strong validation of its AI-powered drug discovery platform Enveda New Funding Round Raised USD 150m in Q3 ‘25 from a strong group of new and Follow-Ons
Slide 8: Financial Development
Section 2 16 October 2025 FINANCIAL DEVELOPMENT Q3 2025
Slide 9: SEK 8.6bn net cash and well-funded portfolio
Q3 2025: FINANCIAL DEVELOPMENT SEK 8.6bn net cash and well-funded portfolio – focus on reinforcing the portfolio’s trend of maturity and creating optionality for liquidity Capital Allocation & Financial Position Q3 2025 Activity & Outlook Invested SEK 1,015m in Q3 ’25 Change in Net Cash SEK 169m i
Slide 10: NAV up 2% with operational progress offsetting contracting multiples
Q3 2025: FINANCIAL DEVELOPMENT NAV up 2% with operational progress offsetting contracting multiples and currency depreciation Net Asset Value High-Level Q3 2025 Movements NAV up 2% in Q3 ‘25 to SEK 37.5bn or 136 per share (up 3% in Change in Portfolio Value constant FX) Q/Q by Category, SEKbn Net
Slide 11: Multiples in public benchmarks down 3% on average
Q3 2025: FINANCIAL DEVELOPMENT Multiples in public benchmarks down 3% on average and the portfolio’s currency basket down 1% - 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 % o
Slide 12: Underlying core company valuations up 2% on average
Q3 2025: FINANCIAL DEVELOPMENT Underlying core company valuations up 2% on average, with careful forecast revisions and multiple contraction relative to public peers Core Companies Key Financial & Valuation Metrics, NTM Basis, Fair Value and Revenue in SEKm Change in Change in Change in Change in Sh
Slide 13: Core companies and mature companies continued to deliver stability
Q3 2025: FINANCIAL DEVELOPMENT Core companies and mature companies continued to deliver stability, and Enveda’s upround manifested the value created by its recent progress Full Private Portfolio: Sectors & NAV Categories Key Financial & Valuation Metrics, NTM Basis, Fair Value in SEKm Change in Chan
Slide 14: Portfolio Progress & 2025 Outlook
Section 3 PORTFOLIO PROGRESS 16 October 2025 Q3 2025 & 2025 OUTLOOK
Slide 15: The portfolio's trend of maturity will persist
Q3 2025: PORTFOLIO PROGRESS & 2025 OUTLOOK The portfolio’s trend of maturity will persist, and enables a more stable trajectory and focused capital allocation Portfolio Progress & What It Enables Q4 ‘22 vs Today Parameter From To Growth Rate >175% in 2022 30-40% over NTM Increased stability in perfo
Slide 16: Entering the end of 2025, we continue to focus on proving portfolio strengths
Q3 2025: PORTFOLIO PROGRESS & 2025 OUTLOOK Entering the end of 2025, we continue to focus on proving the strengths of our portfolio, and for it to be reflected in our value creation trajectory Discipline in Stability in Proof-Points & Capital Allocation Performance Transparency With limited capital
Slide 17: Q&A
16 October 2025 Q&A Section 4 Q3 2025
Slide 18: Kinnevik
Kinnevik