Kinnevik (KINV) Pre-Silent Presentation summary

Portfolio activity and investments

• Investment volume in Q3 2025 was slightly higher than in Q1 and Q2, with notable allocations to Enveda, Aira, Nory, and a secondary investment in a core company.

• USD 20m invested in Enveda as part of a USD 150m round following clinical validation of its AI drug discovery platform.

• EUR 29m invested in Aira, which reached an annual sales run-rate of EUR 200m; this follows SEK 66m invested in Q2.

• USD 24m invested in Nory, a UK-based AI operating system for restaurants.

• EUR 15m secondary investment into a core portfolio company; new investment in Strand Therapeutics closed and accounted for in Q2.

Portfolio company performance and market context

• TravelPerk grew 50% year-to-date with 72% gross margins; peer Navan filed for IPO in September.

• Valuation levels in public benchmarks declined in low single-digit percentages, with currency headwinds milder than previous quarters.

• Tech-enabled VBC and traditional care providers saw positive changes in multiples and share prices, while e-commerce logistics and food delivery experienced declines.

• Cityblock, a key investee, is significantly exposed to USD and EUR currency movements.

• Online travel agencies and digital wealth managers showed positive share price changes quarter-to-date.