Kinnevik AB

NAV / returns / liquidity (headline snapshot) - Net asset value (NAV): NOK 29.8bn at Q3 end (SEK 108/share), +1% vs Q2. - Shareholder return: Kinnevik B delivered 19% TSR in the quarter. - Capital activity: Invested SEK 165m, divested DKK 183m; quarter-end net cash position: SEK 7.4bn (supports flexibility for future investments/transformation).

Valuation drivers: “stable overall, but multiples & calibration matter” (good + bad) - No change in valuation methodology/process vs prior quarters (companies are valued using broad peer groups, adjusted for growth, profitability, scale and outlook). - NAV was stable; main positives were growth and currency. - Negatives: multiples compressed / did not follow public peers fully, particularly because several peer subsectors (notably transactional software/value-based care) declined and because Kinnevik sometimes did not follow peers 1:1 when forecasting looked less certain. - Also wrote down Climate Tech Holdings (Stegra) to zero value (major negative).

Largest holdings: where the quarter was steady vs marked down - Spring Health & Perk: both continued to grow strongly; fair values broadly unchanged. - Spring Health: cited as ~$1bn forward revenues and maintaining profitability (post Alma acquisition). Valuation unchanged because lower multiples offset earnings/currency tailwinds. - Perk: growth and currency helped, but lower software multiples pulled valuations down relative to peer developments. - Value uplift (surprise/positive): Enveda and Tandem rounds lifted values roughly +30% to +35%. - Muse, Oviva, Pleo: decreased in value mainly due to forward-expectation/multiple calibration (not described as major demand collapse). Kinnevik emphasized “no material downgrades” (investor reassurance).