Kinnevik (KINV) Pre-silent presentation summary

Market environment and valuation trends

• AI-driven derating observed across portfolio sectors amid broader macroeconomic uncertainty.

• Significant quarter-on-quarter declines in EV/Revenue or EV/Gross Profit multiples for several sectors, with some segments experiencing up to 40% drops.

• Sectors impacted include tech-enabled value-based care, healthcare technology, SaaS (mid-margin, high-growth, transactional), e-commerce logistics, food delivery, digital wealth management, and online travel agencies.

Portfolio composition and currency impact

• US Dollar exposure constitutes 66% of the private portfolio and 52% of NAV, with a 3.3% positive currency change versus SEK.

• Euro exposure accounts for 29% of the private portfolio and 23% of NAV, with a 1.4% positive currency change.

• Swedish Krona and British Pound exposures are minor, each representing 2-3% of the private portfolio and NAV.