Kinnevik Ab Class A · OMXSTO:KINV_A

Kinnevik Ab Class A — Q2 2026 Earnings Presentation

15 slides from Kinnevik Ab Class A's earnings presentation, Jul 7, 2026

  1. Slide 1: Presentation of Q2 2026

    Presentation of Q2 2026 7 July 2026

  2. Slide 2: Agenda and Today's Presenters

    Q2 2026 Agenda Today’s Presenters 1. Interim CEO Update & Key Events 2. Net Asset Value 3. Capital Allocation 4. Closing Remarks 5. Q&A Rubin Ritter Samuel Sjöström Interim Chief Executive Officer Chief Financial Officer Forward-Looking Statements This presentation and accompanying interim report co

  3. Slide 3: NAV up 6%, progress on Interim CEO objectives, and upcoming management changes

    Q2 2026: EARNINGS CALL NAV up 6%, progress on Interim CEO objectives, and upcoming management changes Interim CEO Update & Key Events Q2 2026 ▪ Progress on 4 key objectives Team: Started transition towards smaller and more focused organization with achievement-oriented culture Cost: Identified and i

  4. Slide 4: Peer developments varied meaningfully between subsectors and business models

    Q2 2026: EARNINGS CALL Peer developments varied meaningfully between subsectors and business models, with SaaS rerating mainly driven by companies not relevant to our private portfolio Valuation Multiples Development Bottom to Top Quartile, ◼ Median, EV/GP or EV/R Key drivers of SaaS rerating Median

  5. Slide 5: NAV up 6% to SEK 29.6bn, largest investees Spring Health and Perk the key contributors

    Q2 2026: EARNINGS CALL NAV up 6% to SEK 29.6bn, largest investees Spring Health and Perk the key contributors Net Asset Value Key Movements ▪ NAV up 6% to SEK 29.6bn or 107 per share Change in Portfolio Value Up 5% in constant FX Q2 ‘26, SEKbn Net cash position of SEK 7.4bn or 27 per share +0,4 +0,1

  6. Slide 6: Net cash of SEK 7.4bn, growing to 7.6bn pro forma agreed divestments closing in Q3

    Q2 2026: EARNINGS CALL Net cash of SEK 7.4bn, growing to 7.6bn pro forma agreed divestments closing in Q3 Capital Allocation and Financial Position Activity in the Quarter ▪ SEK 57m invested, of which 29m into Wordsmith Change in Net Cash Participated with our pro rata share in the USD 70m funding r

  7. Slide 7: Closing Remarks

    7 July 2026 CLOSING REMARKS Q2 2026

  8. Slide 8: Kinnevik July 2026

    Kinnevik 7 July 2026 & 9707 ZO

  9. Slide 9: Private Valuations

    Appendix 7 July 2026 PRIVATE VALUATIONS Q2 2026

  10. Slide 10: Fair value of top 10 private investments up 11% in the quarter

    Q2 2026: PRIVATE PORTFOLIO VALUATION PEERS APPENDIX Fair value of top 10 private investments up 11% in the quarter Value Drivers for Top 10 Private Investments Operational Performance, Multiples & Currencies Portfolio Change in Change in Change in Change in Change in Company Fair Value Weight Fair V

  11. Slide 11: Growth and margins explain 30-40% of variance in public software multiples

    Q2 2026: PRIVATE PORTFOLIO VALUATION PEERS APPENDIX Growth and margins explains 30-40% of variance in public software multiples, with increasing correlations to perceived AI tailwinds, business models, and scale Software Correlation of Multiples to Growth & Profitability Based on Full Software Peer

  12. Slide 12: High-growth, low-margin public software companies continue to demand premiums

    Q2 2026: PRIVATE PORTFOLIO VALUATION PEERS APPENDIX High-growth, low-margin public software companies continue to demand meaningful premiums to low-growth, high-margin public software companies Software Growth/Profitability Quadrants Median Metrics by Quadrant, Above/Below Median Growth/Profitabilit

  13. Slide 13: We value our companies at meaningful discounts to public peers on a growth-adjusted basis

    Q2 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 Software & Health Averages vs Public Peers 20,0x 17,5x 15,0x 12,5x 10,0x Software Investees 7,5x Health Investees 5,0x 2,5x

  14. Slide 14: Impact from liquidation preferences down SEK 0.2bn in the quarter

    Q2 2026: PRIVATE PORTFOLIO VALUATION PEERS APPENDIX Impact from liquidation preferences down SEK 0.2bn in the quarter Liquidation Preferences Value Impact, SEKm and % of Private Portfolio 3 500 3 000 2 500 2 000 1 500 11,0% 9,8% 1 000 8,9% 8,6% 8,0% 8,3% 7,4% 6,7% 6,9% 6,2% 5,8% 5,6% 5,3% 5,0% 5,3%

  15. Slide 15: Slide 15

Kinnevik — Q2 2026 Earnings Presentation on 6ix