Kinnevik (KINV) Pre-silent presentation summary

Key milestones and portfolio developments

• Investment activity remained steady, with a major undisclosed investment to be revealed with earnings.

• Perk rebranded and achieved 48% revenue growth in 2025, reaching EUR 360m ARR and 76% gross margin.

• Cityblock grew to USD 1.5bn ARR by end of 2025, up from USD 1bn in 2024, serving over 130,000 members in 10 states.

• Enveda advanced its lead candidate to Phase 2a trials and now has three assets in the clinic, validating its discovery platform.

• Vay secured investment from Grab at a premium to NAV, with a potential takeover path; Stegra financing round ongoing.

External valuation and market environment

• Broad-based peer multiple compression and currency depreciation created 15–20% valuation headwinds in Q4 2025.

• US Dollar and Euro both depreciated 2% against SEK, impacting 64% and 31% of the private portfolio, respectively.

• Portfolio exposure includes tech-enabled VBC, healthcare technology, e-commerce logistics, and digital wealth managers.

• Market benchmarks for core and mature companies showed significant declines, with some sectors down as much as 40%.

• NAV and portfolio composition as of Q3 2025 reflect these market and currency shifts.