Kinnevik Ab Class A · OMXSTO:KINV_A
Kinnevik Ab Class A — Q3 2026 Earnings Presentation
15 slides from Kinnevik Ab Class A's earnings presentation, Oct 15, 2026
Slide 1: Kinnevik Q3 2026 earnings presentation
15 October 2026
Slide 2: Summary Q3 2026 agenda and presenters
Summary Q3 2026 Key Events Q3 2026 Net Asset Value Development Portfolio Performance & Valuation Priorities Ahead Q&A Helena Saxon Chief Executive Officer Caspar Sjöstrand Interim Chief Financial Officer 2
Slide 3: Chief Executive Officer
Chief Executive Officer 3
Slide 4: Summary Q3 2026
Summary Q3 2026 165 1% Unlisted Companies Investments, SEKm Total Return 29.8 Net Asset Value, SEKbn 1% Growth 183 19% Total Shareholder Return Divestments, SEKm (OMXSGI 2%) 4
Slide 5: Stable NAV as growth & currency gains offset lower multiples, cash burn & dilution
Stable NAV as growth & currency gains offset lower multiples, cash burn & dilution Net Asset Value Drivers Approximations, SEKbn Performance +2% Markets & Calibration (0)% (1)% +3% (1)% (2)% (0)% +0% (0)% +2% ● SEK weakening ● Continued broad-based growth in the quarter ● Cityblock acquires Homeward
Slide 6: Key events Q3 2026
Key events Q3 2026 USD 12m USD 5m Follow-On Investment Follow-On Investment Strategic Acquisition USD 100m Raised USD 311m Raised USD 116m Raised Integrated with 130+ medical record Advancing three clinical Acquired Homeward, reaching close to systems across 14 European markets programmes in atopic
Slide 7: Interim Chief Financial Officer
Interim Chief Financial Officer 7
Slide 8: Top ten companies up 2% Q/Q; Tandem Health enters on new financing round
Top ten companies up 2% Q/Q; Tandem Health enters on new financing round Fair Value Development of Ten Largest Companies, SEKm Company Fair Value Portfolio Weight Change in Fair Value Key Takeaways USD 400m Spring Health 4,854 22% (0)% Perk 2,542 11% +1% Perk approaching USD 400m annualised revenue,
Slide 9: Health & Bio and Emerging Companies offset Software and Other Investments
Health & Bio and Emerging Companies offset Software and Other Investments Fair Value +4% (4)% +16% (2)% +1% Q/Q Change +0.3 (0.2) +0.4 (0.2) 22.5 22.2 Q2 '26 Health & Bio Software Emerging Other Investments & Q3 '26 Companies Partnership Funds 9
Slide 10: Portfolio companies are generally outgrowing peers, with improving profitability
Portfolio companies are generally outgrowing peers, with improving profitability Operational Benchmarking by Sector, Value-Weighted Last Twelve Months Health & Bio Software Key Takeaways Kinnevik Companies Revenue Growth 32% 32% 30%+ LTM Revenue growth in both sectors, including M&A Gross Margin 50%
Slide 11: Mixed peer development across subsectors
Mixed peer development across subsectors Valuation Multiple Developments Currency Split of Unlisted Portfolio Median Change in EV/Revenue or Gross Profit Multiple, Q3 ’26 % of Fair Value ■ Peer group HealthTech ■ Key peer SEK ■ Kinnevik company +10% 3% Vertical SaaS Hinge Health +5% +6% EUR 25% Tran
Slide 12: Fewer, larger holdings in later growth stages, where we can be the best owner
Fewer, larger holdings in Capital to companies with a Built quarter by quarter later growth stages, where clear path to profitability, through results and we can be the best owner rigorous cost management transparency 12
Slide 13: 15 October 2026
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Slide 14: Kinnevik is a Swedish long-term owner of technology-enabled businesses
Kinnevik is a Swedish long-term owner of technology-enabled businesses with clear paths to sustainable, profitable growth, supporting them actively on boards and beyond 14
Slide 15: Forward-Looking Statements
Forward-Looking Statements This presentation and accompanying interim report contains forward-looking statements representing Kinnevik’s current views or future expectations. Because these forward-looking statements involve both known and unknown risks and uncertainties, actual results may differ ma