Slides
Page 1
15 October 2026
Page 2
Helena Saxon Chief Executive Officer Caspar Sjöstrand Interim Chief Financial Officer 2 Summary Q3 2026 Key Events Q3 2026 Net Asset Value Development Portfolio Performance & Valuation Priorities Ahead Q&A
Page 3
3 Chief Executive Officer
Page 4
Summary Q3 2026 29.8 Net Asset Value, SEKbn 1% Growth 165 Investments, SEKm 183 Divestments, SEKm 1% Unlisted Companies Total Return 19% Total Shareholder Return (OMXSGI 2%) 4
Page 5
+3% +2% (1)% (2)% (1)% 29.6 29.8 (0)% +0% (0)% Q2 2026 Change in NTM Outlook Cash Flow Multiples Currencies Dilution & Other Net Investments Listed Assets Net Cash / (Debt) Q3 2026 ● SEK weakening in the quarter ● Updated forward growth expectations in a few companies held multiples back relative to peers, alongside weaker peer development in some subsectors Stable NAV as growth & currency gains offset lower multiples, cash burn & dilution ● Continued broad-based growth ● Cityblock acquires Homeward Health 5 Performance +2% Markets & Calibration (0)% Net Asset Value Drivers Approximations, SEKbn Note: Change in NTM Outlook is based on NTM revenue or gross profit depending on valuation method
Page 6
Key events Q3 2026 6 USD 100m Raised Integrated with 130+ medical record systems across 14 European markets USD 12m Follow-On Investment USD 116m Raised Acquired Homeward, reaching close to 200,000 members and USD 2.2bn in annualised revenue Strategic Acquisition USD 311m Raised Advancing three clinical programmes in atopic dermatitis, metabolic health and IBD USD 5m Follow-On Investment
Page 7
Interim Chief Financial Officer 7
Page 8
(6)-(15)% Fair value decrease for Mews, Oviva and Pleo, mainly as updated forward expectations held back multiples relative to peers +30-35% Fair value increase for Enveda and Tandem Health, following financing rounds priced above our prior valuations USD 400m Perk approaching USD 400m annualised revenue, with Spring Health expecting revenue of USD 1.0bn+ while remaining EBITDA profitable Fair Value Development of Ten Largest Companies, SEKm Top ten companies up 2% Q/Q; Tandem Health enters on new financing round 8 Company Fair Value Portfolio Weight Change in Fair Value Spring Health 4,854 22% (0)% Perk 2,542 11% +1% Enveda 1,981 9% +30% Mews 1,847 8% (6)% Betterment 1,531 7% +1% Cityblock 1,235 6% (0)% Pleo 860 4% (15)% Oviva 790 4% (13)% Instabee 605 3% +4% Tandem Health 602 3% +35% Ten Largest Companies 16,847 75% +2% Key Takeaways
Page 9
22.2 +0.4 (0.2) +0.3 (0.2) 22.5 Q2 '26 Health & Bio Software Emerging Companies Other Investments & Partnership Funds Q3 '26 Health & Bio and Emerging Companies offset Software and Other Investments 9 Fair Value Q/Q Change +4% (4)% +16% (2)% +1%
Page 10
82% Of the private portfolio is valued using revenue and gross profit multiples derived from broad groups of listed peers Portfolio companies are generally outgrowing peers, with improving profitability 10 Operational Benchmarking by Sector, Value-Weighted 30%+ LTM Revenue growth in both sectors, including M&A Last Twelve Months Health & Bio Software Kinnevik Companies Revenue Growth 32% 32% Gross Margin 50% 60% EBITDA Margin (2)% (12)% Peer Groups Revenue Growth 9% 17% Gross Margin 61% 75% EBITDA Margin 23% 24% +7pp LTM Combined EBITDA margin improvement, with profitability still building versus mature peers Note: Health & Bio benchmarked against HealthTech peers; Software against the Full Software Universe. Full peer sets available on our website. Health & Bio excludes Enveda and Strand Therapeutics. Key Takeaways
Page 11
Vertical SaaS Mixed peer development across subsectors 11 Valuation Multiple Developments Median Change in EV/Revenue or Gross Profit Multiple, Q3 ’26 ■ Peer group ■ Key peer ■ Kinnevik company Transactional SaaS HealthTech Value-Based Care Currency Split of Unlisted Portfolio % of Fair Value +3% Currency Effect on Portfolio Value Q3 2026, Q/Q (12)% +5% +10% (16)%Navan (16)% Hinge Health +6% Perk (9)% Pleo (20)% Mews (9)% Spring (0)% Cityblock (22)% USD 72% EUR 25% SEK 3%
Page 12
12 Fewer, larger holdings in later growth stages, where we can be the best owner Built quarter by quarter through results and transparency Capital to companies with a clear path to profitability, rigorous cost management
Page 13
13 15 October 2026
Page 14
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
Page 15
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 materially from the information set forth in the forward-looking statements. Such risks and uncertainties include but may not be limited to general business, economic, competitive and/or regulatory factors affecting the business of Kinnevik and/or its portfolio companies. Forward-looking statements in this presentation and accompanying interim report apply only at the time of its respective announcement and are subject to change without notice. Kinnevik undertakes no obligation to publicly update orrevise any forward-looking statements as a result of new information, future events or otherwise, other than as required by applicable laws or regulations. 15