Interim report
Page 1
Interim Report Q3 2026 15 October 2026
Page 2
Interim Report Q3 2026 2 Introduction Net Asset Value Financial Statements Other INTERIM REPORT Q3 2026 15 October 2026 30 Sep 2026 30 Jun 2026 31 Dec 2025 30 Sep 2025 Net Asset Value 29 843 29 624 35 872 37 546 Net Asset Value Per Share, SEK 107.75 106.96 129.51 135.56 Share Price, SEK 62.00 52.22 83.70 83.32 Premium / (Discount) −42% −51% −35% −39% Net Cash / (Debt) 7 398 7 421 8 561 8 602 Adjusted Net Cash / (Debt) 7 398 7 421 7 639 8 602 SEKm Q3 2026 Q3 2025 Q1-Q3 2026 Q1-Q3 2025 FY 2025 Net Profit / (Loss) 218 741 −6 034 −1 670 −3 346 Net Profit / (Loss) Per Share Pre Dilution, SEK 0.79 2.68 −21.79 −6.03 −12.08 Net Profit / (Loss) Per Share Post Dilution, SEK 0.79 2.68 −21.79 −6.03 −12.08 Change in Fair Value of Financial Assets 247 731 −6 030 −1 706 −4 222 Investments 165 1 015 436 2 675 3 607 Divestments −183 0 −183 −367 −382 Divestments, Fixed Assets 0 0 −98 0 0 Key Financial Data Note: Our investment in Oviva (SEK 919m) was committed in Q4 2025 and closed in Q1 2026. The investment is not reflected in ”Investments” in Q1-Q3 2026, and is reflected in ”Adjusted Net Cash / (Debt)” in Q4 2025. Key Developments ■ NAV of SEK 29.8bn (SEK 108 per share), up SEK 0.2bn or 1 percent in the quarter. NAV down SEK 6.0bn or 17 percent during the first nine months of 2026 ■ NAV growth in the third quarter was driven by company growth, financing rounds in Enveda and Tandem Health above our prior valuations, and currency tailwinds. This was partly offset by lower multiples, reflecting updated forward growth expectations in a few companies and weaker peer development in some subsectors, and by dilution ■ Net divestments of SEK 18m in the quarter, reflecting continued capital discipline. We completed the previously communicated divestments of Oda (SEK 103m) and YouScan (SEK 30m), and sold shares in Recursion (SEK 50m). Our participation in the financing rounds of Tandem Health and Enveda were our main investments ■ In the first nine months, our Health & Bio companies grew revenue by a weighted average of 33 percent, with EBITDA margins improving by 4 percentage points. Our Software companies grew by 30 percent, with EBITDA margins improving by 11 percentage points ■ In the quarter, Cityblock acquired Homeward Health, a rural value-based care provider, alongside a USD 116m financing round led by General Catalyst ■ Louis De Geer joined as General Counsel
Page 3
Interim Report Q3 2026 3 Introduction Net Asset Value Financial Statements Other A message from the CEO Kinnevik enters its next chapter with a strong balance sheet, a portfolio of growing companies and a clear direction. Over time, the portfolio will become more concentrated and weighted towards later-stage, profitable growth companies. The shift will be gradual and guided by disciplined capital allocation. The focus is now on delivery and transparency, which is what will strengthen trust and credibility. It is an honour to write my first quarterly report as CEO of Kinnevik, a role I assumed on August 1st. I do so with deep respect for the company’s legacy and a growing clarity about the opportunities and challenges ahead. My first months have been spent working closely with the team and meeting our portfolio companies and shareholders. Above all, it has been a listening tour, and I have been struck by how engaged our many stakeholders are in Kinnevik’s strategy and its next chapter. The conversations also reminded me of how central valuation is to investing in private growth companies. Most of our holdings are private, and our shareholder agreements limit the financial information we can share. This makes our valuations harder to assess from the outside and means shareholders must rely on our judgement. Kinnevik’s process is rigorous, built on insight into each company’s performance and outlook, and reflects our best estimate of fair value. Kinnevik is defined by its companies, and their performance is what will ultimately drive shareholder value. Our current portfolio is strong and will, over time, be complemented by new assets. The board and management are aligned on where Kinnevik is heading: the portfolio will become more concentrated, more European and more weighted towards later-stage growth companies. Our balance sheet remains strong, and to further increase our financial flexibility, we will primarily invest in profitable, cash-generating growth companies. We have already started to focus the portfolio and build a pipeline of new opportunities. This transformation will be gradual, and we will not let it be impacted by time pressure. The quarter in brief Net asset value amounted to SEK 29.8bn at the end of the quarter, corresponding to SEK 108 per share. This represents a change of 1 percent during the quarter. It was primarily driven by new financing rounds and currency tailwinds, offset by multiple contraction and dilution. Net cash amounted to SEK 7.4bn. Net divestments totalled SEK 18m, and we remain disciplined in deploying new capital. Our portfolio companies continue to grow while improving margins, with year-to-date revenue growth of 28 percent and EBITDA margins up 6 percentage points to negative 4 percent. Kinnevik invested USD 5m in Enveda’s financing round, which valued the company at USD 1.8bn. The valuation reflects the progress across its three clinical assets and adds further support for its AI-enabled drug discovery platform. Enveda will use the capital to scale its platform and pipeline, focused on identifying new molecules for drug development. During the quarter, Tandem Health raised USD 100m in a financing round led by the Scaleup Europe Fund, managed by EQT. Kinnevik participated with USD 12m. Tandem Health is present across Europe and its products are used by 10,000 care organisations in 14 markets. During the quarter, we took further steps towards the externally communicated 2027 management cost target of SEK 200m. We remain fully committed to this target and will continue to use technology to operate efficiently as we build the team for the future. Priorities ahead With a smaller team, we are now set up to move faster and more decisively. Financial discipline, combined with a strong balance sheet, gives us room to act. A more focused portfolio allows us to work even more closely with our companies, where the value is ultimately created. That is also how credibility will be rebuilt, through tangible results and transparency. Our transition is well under way, and while it will take time, the direction is clear. I firmly believe Kinnevik has what it takes to create shareholder value and I look forward to sharing our progress in the quarters and years to come. Thank you for your trust and engagement. Helena Saxon Chief Executive Officer
Page 4
Interim Report Q3 2026 4 Introduction Net Asset Value Financial Statements Other (0)%+0%(0)%(2)% +2% (1)% NET ASSET VALUE DRIVERS Q2 ’26 – Q3 ’26 Approximations (SEKbn) NAV up 1 percent in the quarter to SEK 29.8bn, as continued broad-based company growth, financing rounds above prior valuations and currency tailwinds were partially offset by lower multiples, cash burn, and dilution. Q2 2026 Q3 2026Cash FlowChange in NTM Outlook Currencies Net Cash / (Debt) Dilution & Other Listed AssetsNet Investments Multiples 29.6 29.8 ▪ Continued broad-based growth ▪ Cityblock acquires Homeward Health Performance +2% Markets & Calibration (0)% +3% (1)% ▪ Updated forward growth expectations in a few companies held multiples back relative to peers, alongside weaker peer development in some subsectors ▪ SEK weakening in the quarter Note: Change in NTM Outlook is based on NTM revenue or gross profit depending on valuation method.
Page 5
SEKm Q3 2026 FY 2026 Climate Tech - 23 Enveda 48 48 Mews - 212 Tandem Health 113 113 Partnership Funds 2 5 Smaller Investments - 29 Accruing Interest on Debt 2 5 Total Investments 165 436 Oda 103 103 Recursion 50 50 Other 30 30 Fixed Assets - 98 Total Divestments 183 281 Net Investments / (Divestments) -18 155 Interim Report Q3 2026 5 Introduction Net Asset Value Financial Statements Other 0 5 10 15 20 25 30 35 40 FINANCIAL OVERVIEW Note: Q4 ’25 Net Cash adjusted for the unpaid investment in Oviva. NAV Development Total Adjusted for Other Net Liabilities, SEKbn Q3 ’25 Q4 ’25 Q1 ’26 Q2 ’26 Q3 ’26 ■ Private ■ Public ■ Net Cash 8.6 0.9 28.9 37.5 7.6 0.7 27.5 35.9 7.5 0.8 19.7 27.9 7.4 0.9 21.3 29.6 7.4 0.9 21.6 29.8 Portfolio by Sector % Share of Portfolio Value 27% 53% 20% Currency % Split of Net Asset Value Capital Allocation Investments & Divestments ■ USD ■ SEK ■ EUR Health & Bio 46% Emerging Companies 6% Software 25% Other Investments & Partnership Funds 23%
Page 6
SEKm Ownership Fair Value % of Portfolio Fair Value Q/Q Change Spring Health 12% 4 854 22% -0% Perk 13% 2 542 11% +1% Enveda 11% 1 981 9% +30% Mews 10% 1 847 8% -6% Betterment 12% 1 531 7% +1% Cityblock 8% 1 235 6% -0% Pleo 13% 860 4% -15% Oviva 13% 790 4% -13% Instabee 16% 605 3% +4% Tandem Health 11% 602 3% +35% Ten Largest Companies 16 847 75% +2% Major Value Drivers in the Quarter Dilution impacted negatively, currency and earnings impacted positively Multiples impacted negatively, growth and currency impacted positively Marked in line with the latest financing round. SEK 48m invested by Kinnevik Multiples impacted negatively by updated for- ward expectations, currency impacted positively Multiples impacted negatively, growth, earnings and currency impacted positively Growth and currency impacted positively, multiples and dilution impacted negatively Updated forward expectations and multiples impacted negatively, currency impacted positively Multiples and forward expectations impacted negatively, currency impacted positively Growth and cash flow impacted positively, multiples flat Marked in line with the latest financing round. SEK 113m invested by Kinnevik Interim Report Q3 2026 6 Introduction Net Asset Value Financial Statements Other TOP 10 COMPANIES Performance Overview Company News ▪ Enveda announced a USD 311m financing round led by Catalio Capital Management. Proceeds will advance its three clinical- stage medicines into later-stage development and bring additional medicines into clinical trials. ▪ Tandem Health announced a USD 100m financing round led by the Scaleup Europe Fund, managed by EQT, to evolve from an AI Medical Assistant into an AI-native Clinic Operating System, and deepen its presence in existing European markets. ▪ Cityblock acquired Homeward Health, a rural-first Medicare Advantage provider, in an all-stock transaction, alongside a USD 116m financing round led by General Catalyst. ▪ Mews secured the first e-money license held by a hospitality operating system in the European Economic Area. The license allows Mews to process payments on its own infrastructure, giving hotels more control over their money flows within the platform.
Page 7
Interim Report Q3 2026 7 Introduction Net Asset Value Financial Statements Other NET ASSET VALUE (1/2) SEKm Vintage Ownership Fair Value Q3 2026 % of NAV Q3 2026 Fair Value Q/Q Change Fair Value Q2 2026 Fair Value Q4 2025 Cityblock 2020 8% 1 235 4% -0% 1 241 1 460 Enveda 2023 11% 1 981 7% 30% 1 471 1 401 Oviva 2025 13% 790 3% -13% 905 922 Pelago 2021 14% 463 2% 4% 445 424 Recursion 2022 2% 489 2% 13% 477 505 Spring Health 2021 12% 4 854 16% -0% 4 865 4 873 Strand Therapeutics 2025 7% 349 1% 3% 339 323 Transcarent 2022 3% 237 1% -20% 296 828 Health & Bio 10 398 35% 4% 10 039 10 736 Cedar 2018 7% 340 1% 14% 298 695 Mews 2022 10% 1 847 6% -6% 1 962 2 059 Perk 2018 13% 2 542 9% 1% 2 524 3 853 Pleo 2018 13% 860 3% -15% 1 011 1 869 Software 5 589 19% -4% 5 795 8 476 Nory 2025 >10% 239 1% 3% 233 228 Tandem Health 2025 11% 602 2% 35% 332 325 Smaller Investments 2024–25 Mixed 469 2% 3% 455 313 Emerging Companies 1 310 4% 16% 1 020 866
Page 8
Interim Report Q3 2026 8 Introduction Net Asset Value Financial Statements Other SEKm Vintage Ownership Fair Value Q3 2026 % of NAV Q3 2026 Fair Value Q/Q Change Fair Value Q2 2026 Fair Value Q4 2025 Betterment 2016 12% 1 531 5% 1% 1 511 1 696 Global Fashion Group 2010 35% 376 1% -9% 411 222 HungryPanda 2020 11% 458 2% 3% 444 498 Instabee 2018 16% 605 2% 4% 579 725 Omio 2018 6% 445 1% -7% 478 661 Climate Tech 2021–23 Mixed 875 3% -16% 1 039 2 768 Other Smaller Investments 2018–22 Mixed 438 1% 3% 551 1 271 Other Investments 4 728 16% -3% 5 014 7 841 Partnership Funds 2020–25 - 426 1% 20% 353 310 Total Portfolio Value 22 450 75% 1% 22 221 28 229 Gross Cash 9 462 32% 9 489 10 642 Gross Debt -2 064 -7% -2 068 -2 081 Net Cash / (Debt) 7 398 25% 7 421 8 561 Divestment / (Investment) Commitments - - - -922 Adjusted Net Cash / (Debt) 7 398 25% 7 421 7 639 Other Net Assets / (Liabilities) -5 -0% -18 4 Net Asset Value 29 843 100% 1% 29 624 35 872 Note: A split of ”Climate Tech” and ”Other Smaller Investments” is available on page 16. A historical pro forma overview of Net Asset Value is available on our website. In Q4 2025, our investment in Oviva is included in ”Portfolio Value” and ”Divestment / (Investment) Commitments”, but is not included in ”Financial Assets Held at Fair Value Through Profit or Loss” on the balance sheet. NET ASSET VALUE (2/2)
Page 9
Interim Report Q3 2026 9 Introduction Net Asset Value Financial Statements Other SEKm Note Q3 2026 Q3 2025 Q1-Q3 2026 Q1-Q3 2025 FY 2025 Change in Fair Value of Financial Assets 4 247 731 −6 030 −1 706 −4 222 Administration Costs −44 −65 −196 −228 −341 Other Operating Income 0 2 90 7 10 Other Operating Expenses 0 0 0 0 −1 Operating Profit/Loss 203 668 −6 136 −1 927 −4 554 Interest Income and Other Financial Income 31 98 153 345 411 Interest Expenses and Other Financial Expenses −21 −25 −56 −88 −95 Profit/Loss after Financial Net 213 741 −6 039 −1 670 −4 238 Tax 5 0 5 0 892 Net Profit/Loss for the Period 218 741 −6 034 −1 670 −3 346 Total Comprehensive Income for the Period 218 741 −6 034 −1 670 −3 346 Net Profit/Loss per Share Before Dilution, SEK 0.79 2.68 −21.79 −6.03 −12.08 Net Profit/Loss per Share After Dilution, SEK 0.79 2.68 −21.79 −6.03 −12.08 Outstanding Shares at the End of the Period 276 972 664 276 972 664 276 972 664 276 972 664 276 972 664 Average Number of Shares Before Dilution 276 972 664 276 972 664 276 972 664 276 972 664 276 972 664 Average Number of Shares After Dilution 276 972 664 276 972 664 276 972 664 276 972 664 276 972 664 Consolidated Earnings for the Third Quarter The change in fair value of financial assets amounted to a profit of SEK 247m (profit of SEK 731m) for the third quarter of which a profit of SEK 26m (loss of SEK 26m) was related to listed holdings and a profit of SEK 221m (profit of SEK 757m) was related to unlisted holdings. See note 4 for further details. Administration costs amounted to SEK 44m (65m) in the third quarter, with the decrease mainly driven by lower personnel costs from a smaller organisation. The lower financial net is mainly attributable to a lower policy rate compared with the prior year, lower returns on short-term investments, which were affected by movements in market interest rates during the quarter and exchange differences. Consolidated Earnings for the First Nine Months of the Year The change in fair value of financial assets amounted to a loss of SEK 6,030m (loss of SEK 1,706m) for the first nine months of the year, of which a profit of SEK 187m (loss of SEK 299m) was related to listed holdings and a loss of SEK 6,217m (loss of SEK 1,407m) was related to unlisted holdings. See note 4 for further details. Administration costs amounted to SEK 196m (228m) in the first nine months. The decrease was mainly driven by lower personnel costs from a smaller organisation and reduced recruitment, partly offset by higher consultancy costs and one-off costs related to headcount reductions. Other operating income primarily relates to the disposal of fixed assets. The lower net financial income is mainly attributable to a smaller net cash position, lower interest rates and foreign exchange differences. GROUP FINANCIAL STATEMENTS Consolidated Income Statement and Report Concerning Total Comprehensive Income
Page 10
Interim Report Q3 2026 10 Introduction Net Asset Value Financial Statements Other SEKm Note Q3 2026 Q3 2025 Q1-Q3 2026 Q1-Q3 2025 FY 2025 Investments in Financial Assets 4 −165 −1 015 −1 356 −2 675 −2 685 Investments Not Paid 2 7 6 23 29 Prior Period Investments, Paid in Current Period −6 −114 −24 −150 −156 Cash Flow From Investments in Financial Assets −169 −1 122 −1 374 −2 802 −2 812 Divestments of Shares and Other Securities 4 183 - 183 367 382 Divestments Not Paid - - - −219 −219 Prior Period Divestments, Paid in Current Period - - 106 - - Cash Flow From Divestments of Shares and Other Securities 183 - 289 148 163 Supplementary Cash Flow Information SEKm Note Q3 2026 Q3 2025 Q1-Q3 2026 Q1-Q3 2025 FY 2025 Cash Flow from Operating Costs −65 −74 −205 −275 −340 Cash Flow from Other Operating Income - - 93 - - Interest Received 5 81 9 180 182 Interest Paid −6 −2 −10 −25 −57 Cash Flow From Operations −66 5 −113 −120 −215 Investments in Financial Assets −169 −1 122 −1 374 −2 802 −2 812 Sale of Shares and Other Securities 183 0 289 148 163 Cash Flow From Investing Activities 14 −1 122 −1 085 −2 654 −2 649 Amortisation - - - −1 500 −1 500 Cash Flow From Financing Activities - - - −1 500 −1 500 Cash Flow for the Period −52 −1 117 −1 198 −4 274 −4 364 Short-Term Investments and Cash, Opening Balance 9 355 11 560 10 392 14 619 14 619 Revaluation of Short-Term Investments 23 −12 132 86 137 Short-Term Investments and Cash, Closing Balance 9 326 10 431 9 326 10 431 10 392 Consolidated Statement of Cash Flow
Page 11
Interim Report Q3 2026 11 Introduction Net Asset Value Financial Statements Other SEKm Note 30 Sep 2026 30 Sep 2025 31 Dec 2025 SHAREHOLDERS’ EQUITY AND LIABILITIES Shareholders’ Equity Attributable to Equityholders of the Parent Company 29 843 37 546 35 872 Interest-Bearing Liabilities, Long-Term 5 514 2 052 550 Interest-Bearing Liabilities, Short-Term 5 1 500 5 1 504 Non-Interest-Bearing Liabilities 151 1 085 191 TOTAL EQUITY AND LIABILITIES 32 008 40 688 38 117 Key Ratios Debt/Equity Ratio 0.07 0.05 0.06 Equity Ratio 93% 92% 94% Net Interest-Bearing Assets/Liabilities 5 7 487 8 844 8 811 Net Cash for the Group 5 7 398 8 602 8 561 Q1-Q3 2026 Q1-Q3 2025 FY 2025 Opening Balance 35 872 39 202 39 202 Profit/Loss for the Period −6 034 −1 670 −3 346 Total Comprehensive Income for the Period −6 034 −1 670 −3 346 Transactions with Shareholders Effect of Employee Equity Programs 5 14 16 Closing Balance for the Period 29 843 37 546 35 872 Consolidated Statement of Changes in Equity SEKm Note 30 Sep 2026 30 Sep 2025 31 Dec 2025 ASSETS Fixed Assets Financial Assets Held at Fair Value Through Profit or Loss 4 22 450 29 828 27 307 Tangible Fixed Assets 73 90 89 Right of Use Assets - 45 43 Other Long-Term Receivables - 217 106 Total Fixed Assets 22 523 30 180 27 545 Current Assets Other Current Assets 159 77 180 Short-Term Investments 8 909 9 971 10 021 Cash and Cash Equivalents 417 460 371 Total Current Assets 9 485 10 508 10 572 TOTAL ASSETS 32 008 40 688 38 117 Condensed Consolidated Balance Sheet
Page 12
Interim Report Q3 2026 12 Introduction Net Asset Value Financial Statements Other Note 1 Accounting Principles The consolidated financial statements are prepared in accordance with the IFRS® Accounting Standards, as adopted by the EU. This report was prepared in accordance with the Annual Accounts Act and IAS 34, Interim Financial Reporting. The Parent Company has prepared its interim report according to the Swedish Annual Accounts Act chapter 9, ”Interim Report”. Information in accordance with IAS 34, Interim Financial Reporting is provided in the notes as well as in other places in the interim report. The accounting principles are the same as described in the 2025 Annual Report. Note 2 Risk Management Kinnevik’s management of financial risks is centralized within Kinnevik’s finance function and is conducted based on a Finance Policy established by the Board of Directors. The policy is reviewed continuously by the finance function and updated when appropriate in discussion with the Audit & Sustainability Committee and as approved by the Board of Directors. Kinnevik has a model for risk management that aims to identify, control, and reduce risks. The output of the model is reported to the Audit & Sustainability Committee and Board of Directors on a regular basis. Kinnevik is mainly exposed to financial risks in respect of: ■ Valuation risk, in relation to negative changes in the value of the portfolio ■ Foreign exchange rate risk, in relation to transaction and translation currency exposure ■ Interest rate risk, having an adverse impact on financing costs For a more detailed description of Kinnevik’s risks and uncertainties, as well as risk management, see Note 17 for the Group in the 2025 Annual Report. Note 3 Related Party Transactions The Board of Kinnevik has adopted a Related Party Transactions Policy ensuring that Kinnevik’s decision-making procedures and disclosure of executed related party transactions are in accordance with applicable laws and regulations. Kinnevik’s related party transactions primarily consist of investments in the subset of Kinnevik’s investee companies that are deemed related parties. Investees are primarily defined as related parties due to them being associated companies in which Kinnevik holds a larger ownership interest or in which a Kinnevik Board Director has a controlling interest (as of the Annual General Meeting on 12 May 2025, there are no such investees). Investments in investee companies are included in financial assets accounted at fair value through profit and loss. Interest income from loans to investee companies is recognized as external interest income through profit and loss. In connection with the appointment of Board member Rubin Ritter as interim Chief Executive Officer of Kinnevik on 15 March 2026, Kinnevik entered into a consultancy agreement with Talberg GmbH, an investment and consultancy company wholly owned by Rubin Ritter. Under the agreement, Talberg GmbH invoiced Kinnevik a monthly consultancy fee of SEK 2.4m for Rubin Ritter’s services as interim Chief Executive Officer and for one additional consultant. In addition to the fee, Talberg GmbH was reimbursed for actual travel expenses in accordance with the agreement. The agreement terminated as of 31 July 2026. Total compensation to Talberg GmbH, including travel expenses, amounted to SEK 2.5m for the third quarter of 2026, of which fees amounted to SEK 2.4m, and to SEK 11.4m for the period January–September 2026, of which fees amounted to SEK 10.7m. Any transactions concluded with related parties take place on an arm’s length basis on fair market conditions. In all agreements relating to goods and services prices are compared with up-to-date prices from independent suppliers in the market to ensure that all agreements are entered into on market terms. In addition to our Related Party Transactions Policy and the above, Kinnevik’s Works & Delegation Procedures include internal measures for handling conflicts of interests. All actual and potential conflicts of interest at Board level are documented and managed by the Board. For transparency, relevant relationships and interests are disclosed as part of the Board Directors’ bios on our website. NOTES FOR THE GROUP
Page 13
Interim Report Q3 2026 13 Introduction Net Asset Value Financial Statements Other Note 4 Fair Value of Unlisted Investments Principles & Processes Kinnevik applies IFRS 13 and the International Private Equity and Venture Capital Valuation Guidelines (“the Guidelines”). We depart from the Guidelines by taking a simplified approach to employee stock option plans, convertible debt, and liquidation preferences. This approach leads to a lower fair value of Kinnevik’s unlisted investments than otherwise would have been the case. Kinnevik uses valuation methods commonly used by private market investors. These primarily include multiples of revenue, gross profit and operating profit. For pre-revenue businesses, valuation is typically based on methods such as scenario analyses, milestones and probability-weighted product pipelines. Valuation multiples are calibrated against comparable listed companies, with peer groups reviewed regularly. Valuation levels relative to peer groups are calibrated mainly for differences in growth and profitability, and further adjusted for factors such as recent transactions, scale, and funding runway. Where relevant, preferential rights such as liquidation preferences are considered in allocating enterprise value across stakeholders. The valuation process is led by Kinnevik’s Interim CFO and valuation team, who make decisions independently from the investment organization. Kinnevik regularly commissions independent reviews of its valuations and methodologies, as well as takes on board input from external parties. Valuations are approved by the CEO and reviewed by the Audit & Sustainability Committee. External auditors review selected valuations and report directly to the Committee. Following Committee approval, valuations are reflected in the financial statements. In accordance with IFRS 13, financial instruments measured at fair value are classified as follows: Level 1: Quoted unadjusted prices in active markets for identical instruments. Level 2: Valuations based on observable market inputs other than quoted prices included in Level 1, either directly or indirectly. Level 3: Valuations based on techniques using significant unobservable inputs. Developments in the Interim Period In the third quarter, the assessed value of our private portfolio increased by 1 percent (decreased 2 percent in constant currencies), driven by continued operational growth across our companies and financing rounds in Enveda and Tandem Health above our prior valuations. These gains were largely offset by lower valuation multiples. While public markets rerated during the quarter, updated forward growth expectations in a few companies held multiples back relative to peers, alongside weaker peer development in some subsectors. During the first nine months of 2026, the assessed value of our private portfolio decreased by 22 percent (decreased 27 percent in constant currencies). The decrease was mainly driven by lower valuation multiples and significant write-downs in Climate Tech, partially offset by the companies’ continued growth. The Swedish krona weakened during the quarter, with our value-weighted currency basket appreciating by 3 percent. This had a positive impact of SEK 0.6bn on the value of our private portfolio, which was fully offset by the combined effect of cash burn, dilution and changes in liquidation preferences. During the first nine months of 2026, currency movements had a positive impact of SEK 1.4bn. Our private companies continued to develop well operationally. In the first nine months of the year, they delivered revenue growth of 28 percent and improved EBITDA margins by 6 percentage points year-over-year on a value-weighted basis. Our Health & Bio and Software companies grew revenues by 33 and 30 percent, respectively, with EBITDA margins improving by 4 and 11 percentage points. All publicly listed valuation benchmarks are available on our website under the Investor Relations section. The website also includes a presentation on our valuation process and methodology, which we recommend reviewing in conjunction with this Note 4. Valuation Methods Value-Weighted EV/NTM GP 66% Other 18% Note: ”Other” includes Scenario Analysis & Milestones and Weighted Pipeline. EV/NTM R 16% Unlisted Portfolio: Valuation and Operating Performance SEKm, Value-Weighted, vs. Listed Peers Health & Bio Software Emerging Companies Other Invest- ments Total Unlisted Portfolio Fair Value 9 909 5 589 1 310 4 778 21 586 Fair Value (Q/Q Change) +3% -4% +16% -1% +1% Equity Value (Q/Q Change) +0% -7% +14% -7% -3% Company Metrics (L TM) Revenue Growth 32% 32% n.a. 13% 28% Gross Margin 50% 60% n.a. 67% 57% EBITDA Margin -2% -12% n.a. -1% -5% Peer Metrics (L TM) Revenue Growth 9% 17% n.a. 18% 13% Gross Margin 61% 75% n.a. 62% 66% EBITDA Margin 23% 24% n.a. 29% 25% Note: Company metrics exclude nascent companies with limited revenue, including Enveda and Strand Therapeutics within Health & Bio.
Page 14
Interim Report Q3 2026 14 Introduction Net Asset Value Financial Statements Other Valuation Method and Calibration SEKm Fair Value Q3 2026 Valuation Method Peer Multiple Range EV/NTM Calibration Peer Group Multiple-Based Valuations Betterment 1 531 EV/GP 3.5-10.0x Middle Digital Wealth Management, SaaS Universe Cedar 340 EV/GP 3.5-7.5x Low HealthTech Cityblock 1 235 EV/ R 0.5-1.0x Middle Tech-Enabled VBC, MCO’s & Traditional Care HungryPanda 458 EV/ R 1.0-2.0x Low Food Delivery & Logistics Instabee 605 EV/ R 1.0-2.0x Middle Food Delivery & Logistics Mews 1 847 EV/GP 3.5-10.0x High SaaS Universe Omio 445 EV/GP 2.5-4.0x Low Travel Marketplaces Oviva 790 EV/GP 3.5-7.5x Low HealthTech Pelago 463 EV/GP 3.5-7.5x Middle HealthTech Perk 2 542 EV/GP 3.5-10.0x Middle SaaS Universe Pleo 860 EV/GP 3.5-10.0x Low SaaS Universe Spring Health 4 854 EV/GP 3.5-7.5x High HealthTech Transcarent 237 EV/ R 1.5-6.5x Low HealthTech Mixed Enveda 1 981 Milestones - - - Nory 239 Milestones - - - Strand Therapeutics 349 Milestones - - - Tandem Health 602 Milestones - - - Other Investments 1 782 Mixed - - - Partnership Funds 426 Latest NAV - - - Total Unlisted Assets 21 586 Note: Peer multiple range reflects top and bottom quartile in the respective group. Betterment’s peer multiple range reflects SaaS Universe due to unavailability of gross profit multiples for Digital Wealth Management peers.
Page 15
Interim Report Q3 2026 15 Introduction Net Asset Value Financial Statements Other SEKm Q3 2026 Q3 2025 Q1-Q3 2026 Q1-Q3 2025 FY 2025 Global Fashion Group -36 6 154 75 24 Recursion 61 -31 33 -374 -484 Total Listed Assets 26 -26 187 -299 -460 Betterment 20 184 -165 34 6 Cedar 42 39 -355 -96 -154 Cityblock -6 44 -225 -26 -285 Enveda 462 423 532 293 265 HungryPanda 14 -16 -40 -48 -58 Instabee 26 -32 -120 -221 -233 Mews -115 28 -424 206 520 Nory 6 1 11 1 -4 Omio -33 -8 -216 -115 -131 Oviva -115 - -129 - - Pelago 18 -4 39 92 85 Perk 18 129 -1 311 70 -445 Pleo -151 -149 -1 009 -419 -576 Spring Health -11 115 -19 -473 -906 Strand Therapeutics 10 -5 26 -6 -12 Tandem Health 157 -4 164 -1 -8 Transcarent -59 -11 -591 -128 -145 Emerging Smaller Investments 14 -7 127 -12 -18 Climate Tech -166 189 -1 920 76 -966 Other Smaller Investments 19 -148 -701 -588 -647 Partnership Funds 72 -12 111 -46 -50 Total Unlisted Assets 221 757 -6 217 -1 407 -3 762 Total Listed and Unlisted Assets 247 731 -6 030 -1 706 -4 222 of which Unrealized Gains/Losses Level 3 222 757 -6 216 -953 -3 323 Note: Change in unrealized gains or losses for assets in Level 3 for the period is recognized in the Income Statement as a change in fair value of financial assets. Change in Fair Value of Financial Assets SEKm Shares Held % Capital / % Votes 30 Sep 2026 30 Sep 2025 31 Dec 2025 Global Fashion Group 79 093 454 34.6/34.6 376 273 222 Recursion 11 890 091 2.2/2.2 489 615 505 Total Listed Assets 864 888 727 Betterment 12/12 1 531 1 724 1 696 Cedar 7/7 340 753 695 Cityblock 8/8 1 235 1 719 1 460 Enveda 11/11 1 981 1 429 1 401 HungryPanda 11/11 458 508 498 Instabee 16/16 605 737 725 Mews 10/10 1 847 1 741 2 059 Nory >10 239 233 228 Omio 6/6 445 677 661 Oviva 13/13 790 - - Pelago 14/14 463 431 424 Perk 13/13 2 542 4 368 3 853 Pleo 13/13 860 2 026 1 869 Spring Health 12/12 4 854 5 306 4 873 Strand Therapeutics 7/7 349 329 323 Tandem Health 11/11 602 332 325 Transcarent 3/3 237 845 828 Emerging Smaller Investments Mixed 469 319 313 Climate Tech Mixed 875 3 809 2 768 Other Smaller Investments Mixed 438 1 345 1 271 Partnership Funds - 426 309 310 Total Unlisted Assets 21 586 28 940 26 580 Total Listed and Unlisted Assets 22 450 29 828 27 307 Fair Value of Financial Assets
Page 16
Interim Report Q3 2026 16 Introduction Net Asset Value Financial Statements Other SEKm Q3 2026 Q3 2025 Q1-Q3 2026 Q1-Q3 2025 FY 2025 Recursion - - - 101 101 Total Listed Assets - - - 101 101 Enveda 48 192 48 192 192 Mews - 169 212 398 402 Nory - 232 - 232 232 Oviva - - 919 - - Strand Therapeutics - - - 335 335 Tandem Health 113 - 113 333 333 Transcarent - - - 201 201 Emerging Smaller Investments - 97 29 228 228 Climate Tech 2 326 27 453 454 Other Smaller Investments 0 0 1 202 202 Partnership Funds 2 - 5 - 5 Total Unlisted Assets 165 1 015 1 356 2 574 2 584 Total Listed and Unlisted Assets 165 1 015 1 356 2 675 2 685 SEKm Q3 2026 Q3 2025 Q1-Q3 2026 Q1-Q3 2025 FY 2025 Opening Balance 21 332 27 168 26 580 28 140 28 140 Investments 165 1 015 1 356 2 574 2 584 Disposals / Exit Proceeds -133 - -133 -367 -382 Reclassifications - - - - - Change in Fair Value 221 757 -6 217 -1 407 -3 762 Closing Balance 21 586 28 940 21 586 28 940 26 580 Investments in Financial Assets Changes in Unlisted Assets in Level 3 SEKm -20% -10% Actual +10% +20% Spring Health 3 940 4 395 4 854 5 323 5 790 Perk 2 085 2 311 2 542 2 799 3 057 Mews 1 540 1 679 1 847 2 022 2 200 Total 7 565 8 385 9 243 10 144 11 047 Effect -1 678 -858 901 1 804 In addition to sensitivities of our three largest unlisted assets valued using multiples above, for all investments in companies valued using multiples, an increase in the multiple by 10 percent would have increased the aggregate assessed fair value by SEK 1,523m. Similarly, a decrease in multiple by 10 percent would have decreased the aggregate assessed fair value by SEK 1,484m. Fair Value Sensitivity Analysis Against Changes in Valuation Multiples Fair Value by Vintage, SEKm Investments Q3 2026 Q2 2026 Pre 2018 Legacy Assets - 30 2018 Oda - 103 2021 Job&Talent, Superb, Vay, Vivino 394 395 2022 Agreena, SafetyWing, Solugen, Stegra 489 564 2023 Aira, Charm Industrial 361 430 Mixed FinTech Sale Earn-Out 69 68 Total 1 313 1 590 whereof Climate Tech 875 1 039 whereof Other Smaller Investments 438 551 Fair Value of Financial Assets
Page 17
Interim Report Q3 2026 17 Introduction Net Asset Value Financial Statements Other SEKm 30 Sep 2026 30 Sep 2025 31 Dec 2025 Loans to Investee Companies 106 306 308 Short-Term Investments 8 909 9 971 10 021 Cash and Cash Equivalents 417 460 371 Interest Rate Swaps Revaluation 25 42 38 Total Interest-Bearing Assets 9 457 10 779 10 738 Corporate Bond Maturity 2028 500 2 000 500 Accrued Borrowing Cost −3 −5 −5 Other Interest-Bearing Long-Term Liabilities 17 59 55 Total Interest-Bearing Long-Term Liabilities 514 2 054 550 Corporate Bond Maturity 2026 1 500 - 1 500 Accrued Borrowing Cost - - - Other Interest-Bearing Short-Term Liabilities - 5 4 Total Interest-Bearing Short-Term Liabilities 1 500 5 1 504 Total Interest-Bearing Liabilities 2 014 2 059 2 054 Net Interest-Bearing Assets / (Liabilities) 7 443 8 720 8 684 Net Unpaid Divestments / (Investments) 44 124 127 Total Net Interest-Bearing Assets 7 487 8 844 8 811 Net Cash / (Debt) for the Group 7 398 8 602 8 561 Note 5 Interest-Bearing Assets and Liabilities The net interest-bearing assets amounted to SEK 7,487m and Kinnevik was in a net cash position of SEK 7,398m as at 30 September 2026. Kinnevik’s total credit facilities (including issued bonds) amounted to SEK 3,730m as at 30 September 2026, of which SEK 1,600m related to unutilized revolving credit facilities, SEK 130m to unutilized overdraft facilities and SEK 2,000m to bonds maturing in 2026 and 2028. The Group’s available liquidity, including short-term investments and available unutilized credit facilities, totaled SEK 11,056m (14,661m) as at 30 September 2026. Kinnevik currently has no bank loans outstanding, and its bank facilities, when drawn, carry variable interest rates. Debt capital market financing typically consists of commercial paper and senior unsecured bonds. Commercial pa- per may be issued with a maximum tenure of twelve months under Kinnevik’s SEK 5bn commercial paper program, and senior unsecured bonds may be issued with a minimum tenure of twelve months under Kinnevik’s SEK 6bn medium-term note program. In order to hedge interest rate risks, Kinnevik has entered into a number of interest rate swap agreements whereby it effectively pays a fixed rate on bonds that carry a floating rate coupon. The derivatives had a positive market value of SEK 25m at the end of the quarter and are marked to market based on discounted cash flows with observable market data. The derivatives are covered by ISDA agreements. As at 30 September 2026, the average interest rate for outstanding senior unsecured bonds amounted to 1.5 percent and the weighted average remaining tenure for all Kinnevik’s credit facilities amounted to 1.3 years. The carrying amounts of the bonds are a reasonable approximation of fair value as they bear variable interest rates.
Page 18
Interim Report Q3 2026 18 Introduction Net Asset Value Financial Statements Other SEKm Q3 2026 Q3 2025 Q1-Q3 2026 Q1-Q3 2025 FY 2025 Administration Costs −51 −62 −186 −205 −327 Other Operating Income 0 0 0 0 10 Operating Profit / Loss −51 −62 −186 −205 −317 Profit / Loss from Financial Assets, Associated Companies and Other Companies 34 0 −582 1 −439 Profit / Loss from Financial Assets, Subsidiaries −941 −1 −5 280 −1 −3 938 Financial Net 26 58 105 190 229 Profit / Loss after Financial Items −932 −5 −5 943 −15 −4 465 Group Contribution - - - - −7 Profit / Loss Before Tax −932 −5 −5 943 −15 −4 472 Taxes - - - - - Net Profit / Loss for the Period −932 −5 −5 943 −15 −4 472 Total Comprehensive Income for the Period −932 −5 −5 943 −15 −4 472 Condensed Parent Company Income Statement PARENT COMPANY FINANCIAL STATEMENTS
Page 19
Interim Report Q3 2026 19 Introduction Net Asset Value Financial Statements Other SEKm 30 Sep 2026 30 Sep 2025 31 Dec 2025 SHAREHOLDERS’ EQUITY AND LIABILITIES Shareholders’ Equity Restricted Equity 6 896 6 896 6 896 Unrestricted Equity 23 002 33 392 28 939 Total Shareholders’ Equity 29 898 40 288 35 835 Provisions Provisions for Pensions and Other 17 16 17 Total Provisions 17 16 17 Long-Term Liabilities External Interest-Bearing Loans 497 1 995 495 Total Long-Term Liabilities 497 1 995 495 Short-Term Liabilities External Interest-Bearing Loans 1 500 0 1 500 Liabilities to Group Companies 185 0 76 Other Liabilities 69 56 57 Total Short-Term Liabilities 1 754 56 1 633 TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES 32 166 42 355 37 980 SEKm 30 Sep 2026 30 Sep 2025 31 Dec 2025 ASSETS Fixed Assets Equipment 5 10 8 Shares and Participation in Group Companies 21 249 29 345 25 418 Shares and Participation in Associated Companies and Other Compa- nies 1 576 2 596 2 157 Receivables from Group Companies 23 276 0 Total Fixed Assets 22 853 32 227 27 583 Current Assets Short-Term Receivables 32 49 118 Other Prepaid Expenses 6 9 10 Short-Term Investments 8 909 9 971 10 021 Cash and Cash Equivalents 366 99 248 Total Current Assets 9 313 10 128 10 397 TOTAL ASSETS 32 166 42 355 37 980 The Parent Company’s liquidity, including short-term investments and unutilized credit facilities, totaled SEK 11,005m (SEK 14,300m) per 30 September 2026. The Parent Company’s interest-bearing external liabilities amounted to SEK 1,997m (SEK 1,997m) on the same date. Net Investments in tangible fixed assets amounted to SEK 0m (net investment SEK 0m) during the first nine months. Condensed Parent Company Balance Sheet
Page 20
Interim Report Q3 2026 20 Introduction Net Asset Value Financial Statements Other Definitions And Alternative Performance Measures Kinnevik applies the ESMA Guidelines on Alternative Performance Measures (”APM”). An APM is a financial measure of historical or future financial perfor mance, financial position, or cash flows, other than a financial measure defined or specified in the applicable financial reporting framework. For Kinnevik’s consolidated accounts, this typically means IFRS Accounting Standards. APMs are disclosed when they complement performance measures defined by IFRS Accounting Standards. The basis for disclosed APMs is that they are used by management to evaluate the financial performance and therefore believed to give analysts and other stakeholders valuable information. Definitions of all APMs used are found on this page and reconciliations can be found on Kinnevik’s corporate website www.kinnevik.com. Adjusted Net Cash / (Debt) Net Cash / (Debt), including Divestments and Investments that were com- mitted prior to quarter-end, but that closed after quarter-end Average Remaining Duration The value-weighted average number of years until all credit facilities inclu- ding outstanding bonds reaches maturity Debt/Equity Ratio Interest-bearing liabilities including interest-bearing provisions, divided by share holders’ equity Divestments All divestments in fixed listed and unlisted financial assets Divestment / (Investment) Commitments Divestments and Investments that were committed prior to quarter-end, but that closed after quarter-end Equity Ratio Shareholders’ equity as a percentage of total assets Gross Cash Sum of short-term investments, cash and cash equivalents and other interest-bearing receivables, including unpaid Divestments Gross Debt Sum of interest-bearing liabilities including unpaid Investments Internal Rate of Return (”IRR”) The annual rate of return calculated in quarterly intervals on a SEK basis that renders a zero net present value of fair values at the beginning and end of the respective measurement period, Investments and Divestments during the period, and cash dividends and dividends in kind during the period Investments All investments in fixed listed and unlisted financial assets, including loans to portfolio companies Kinnevik Market Capitalization Market value of all outstanding shares in Kinnevik at the end of the period Net Asset Value (”NAV”) Net value of all assets on the balance sheet (equaling shareholders’ equity) Net Asset Value Change Change in Net Asset Value without adjustment for dividends paid or other transactions with shareholders Net Asset Value per Share Net Asset Value attributable to each share based on the number of shares outstanding at the end of the period Net Cash / (Debt) Gross Cash less Gross Debt Net Cash / (Debt) including Net Loans to Investee Companies Gross Cash and net outstanding receivables relating to portfolio compa- nies, less Gross Debt Net Cash to Portfolio Value / (Leverage) Net Cash / (Net Debt), excluding net outstanding receivables relating to portfolio companies, as a percentage of Portfolio Value Net Investments / (Divestments) The net of all Investments and Divestments in the period Net Profit / (Loss) per Share Before and After Dilution Net profit / (loss) for the period attributable to each share based on the average number of shares outstanding during the period, before and after dilution Portfolio Value Total book value of fixed financial assets held at fair value through profit or loss, including divestments and investments that were committed prior to quarter-end, but that closed after quarter-end. Total Shareholder Return (”TSR”) Annualized total return of the Kinnevik B share on the basis of share- holders reinvesting all cash dividends, dividends in kind, and mandatory share redemption proceeds into the Kinnevik B share, before tax, on each respective ex-dividend date. The value of Kinnevik B shares held at the end of the measurement period is divided by the price of the Kinnevik B share at the beginning of the period, and the resulting total return is then recalculated as an annual rate Note: Net profit/loss per share before and after dilution is also a measurement defined by IFRS Accounting Standards. Number of Shares Number of Votes Par Value (SEKk) Class A Shares (10 Votes Each) 33 752 915 337 529 150 3 375 Class B Shares (1 Vote Each) 243 219 749 243 219 749 24 322 Total Issued and Outstanding Shares 276 972 664 580 748 899 27 697 Incentive Shares (1 Vote Each) Class C-D Shares LTIP 2021 793 046 793 046 79 Class C-D Shares LTIP 2022 1 018 288 1 018 288 102 Class C-D Shares LTIP 2023 1 250 902 1 250 902 125 Class C-D Shares LTIP 2024 1 567 130 1 567 130 157 Total Issued and Allocated Incen- tive Shares 4 629 366 4 629 366 463 Class B Shares in Custody 1 1 0 Total Registered Shares 281 602 031 585 378 266 28 160 Distribution by Share Class per 30 September 2026
Page 21
Interim Report Q3 2026 21 Introduction Net Asset Value Financial Statements Other Kinnevik is a Swedish long-term owner of technology-enabled businesses with clear paths to sustainable, profitable growth, sup- porting them actively on boards and beyond. Founded in 1936 by the Stenbeck, Klingspor and von Horn families, Kinnevik builds value for shareholders over time. Kinnevik is listed on Nasdaq Stock- holm’s large cap list under the ticker codes KINV A and KINV B. 2027 Financial Calendar 4 February Year-End Release 2026 15 April Interim Report for January-March 4 May Annual General Meeting 7 July Interim Report for January-June 14 October Interim Report for January-September This information is information that Kinnevik AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the agency of the contact person set out below, at 08.00 CET on 15 October 2026. Forward-looking statements This interim report contains forward-looking statements representing Kin- nevik’s current views or future expectations. Because these forward-looking statements involve both known and unknown risks and uncertainties, actual re- sults 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 interim report apply only at the time of announcement of the report and are subject to change without notice. Kinnevik undertakes no obligation to publicly update or revise any forward-looking statements as a result of new information, future events or otherwise, other than as required by applicable laws or regulations. For further information, visit www.kinnevik.com or contact: Hannah Björk Director Corporate Communication Phone: +46 (0)70 762 00 50 Email: press@kinnevik.com OTHER INFORMATION