Kinnevik AB

Core results / NAV vs. equity reaction (good + surprising): Kinnevik’s NAV ended at NOK 29.8bn (SEK 108/share), +1% vs Q2. In the quarter Kinnevik invested SEK 165m and divested DKK 183m, ending with net cash position of SEK 7.4bn. Unlisted portfolio total return ~+1%, while Kinnevik B share total shareholder return was +19%—a notable divergence suggesting the market was pricing in expectations beyond near-term NAV movements.

Valuation performance: stable NAV despite some resets (mixed/negative): Management stressed there was no change in valuation methodology/process (company-by-company calibration vs broad peer groups). NAV drivers: growth and FX supported, but multiples were negative and some growth-company valuations didn’t “fully follow peers” due to updated forward expectations and calibration. A key negative: Climate Tech Holdings (mainly Stegra) was written down to zero value; partially offset by Enveda’s strong financing round and uplift in other holdings.

Largest holdings—what changed and what didn’t (investor-relevant detail): - Spring Health & Perk (largest holdings): Fair values broadly unchanged. Spring: premium vs broader HealthTech, described as guided to ~$1bn revenue run-rate, with earnings growth and FX offset by dilution; multiple did not fully follow HealthTech rerating. Perk: growth/currency helped, but multiples declined as transactional software peer group and key listed peer fell. - Muse & Oviva (software/health): marked down (Muse ~-6% mentioned; Oviva also down) primarily due to calibration/forward expectation changes, not a major deterioration—management framed it as timing/methodical updates rather than “material downgrades.” - Pleo (software) specifically: investor questions were met with the explanation that declines were mostly from weaker FinTech/software peer multiples, not company-specific collapse (no material downgrade confirmed). - Cityblock (value-based care): Fair value broadly unchanged despite acquisition activity; management emphasized the company continued to scale and remained flat in the quarter, which they interpret positively for health of execution.