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Kinnevik Interim / Quarterly Report 2026
2935_10-q_2026-04-16_ff3a1e3e-2927-48f7-8aee-1ebac3a1d02b.pdf
Interim / Quarterly Report
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Introduction
Net Asset Value
Financial Statements
Other
INTERIM REPORT Q1 2026
16 April 2026
Financial
- NAV of SEK 27.9bn (SEK 101 per share) – down SEK 8.0bn or 22 percent in the quarter (down 24 percent in constant currencies)
- Reflects impact of AI and macro-economic driven de-rating of portfolio companies' publicly listed peers, continued challenges in Climate Tech, and evolving views of each investee company
- Net investments of SEK 116m, including 212m previously announced follow-on investment into Mews and SEK 98m of proceeds from sale of real estate asset
- SEK 7.5bn in Net Cash at end of the quarter
Operational
- Kinnevik Board member Rubin Ritter appointed as interim CEO on 15 March with mandate to drive value creation from investment portfolio and optimize organizational set-up and working practices. Board's search for a permanent new CEO is ongoing
- Underlying operating performance and outlook for larger portfolio companies has not changed in aggregate since Q4 2025 results announcement, but markets and operating environment remain volatile
- Management cash cost to be significantly reduced – targeting around SEK 200m per year, starting 2027, compared to SEK 313m in 2025 (SEK 341m including non-cash items)
- Primary focus on Health & Bio and Software sectors, alongside a group of earlier stage Emerging companies. Climate Tech sector discontinued with no further new investments to be made, and 'Core Company' classification discontinued
- Natalie Tydeman, Managing Investment Director, has decided to leave Kinnevik to pursue other opportunities
Independent Review
- In March 2026, the Board commissioned an external independent review of the divestment of three fintech assets in Q1 2025. The review found that there have been no breaches of applicable laws or regulatory requirements. It also includes recommendations of internal improvements to be made. Please see here for the Board's statement
Key Financial Data
| 31 Mar 2026 | 31 Dec 2025 | 31 Mar 2025 | |
|---|---|---|---|
| Net Asset Value | 27 906 | 35 872 | 36 171 |
| Net Asset Value Per Share, SEK | 100.75 | 129.51 | 130.59 |
| Share Price, SEK | 50.02 | 83.70 | 70.66 |
| Net Cash / (Debt) | 7 478 | 8 561 | 10 474 |
| Adjusted Net Cash / (Debt) | 7 478 | 7 639 | 10 474 |
| SEKm | Q1 2026 | Q1 2025 | FY 2025 |
| Net Profit / (Loss) | -7 969 | -3 037 | -3 346 |
| Net Profit / (Loss) Per Share Pre Dilution, SEK | -28.77 | -10.96 | -12.08 |
| Net Profit / (Loss) Per Share Post Dilution, SEK | -28.77 | -10.96 | -12.08 |
| Change in Fair Value of Financial Assets | -8 009 | -3 092 | -4 222 |
| Investments | 214 | 800 | 3 607 |
| Divestments | 0 | -366 | -382 |
| Divestments, Fixed Assets | -98 | 0 | 0 |
Note: Our investment in Oviva was committed in Q4 2025 and closed in Q1 2026. The investment is not reflected in "Investments" in Q1 2026, and is reflected in "Adjusted Net Cash / (Debt)" in Q4 2025.
Forward-looking statements
This interim report contains forward-looking statements representing Kinnevik's current views or future expectations. Because these forward-looking statements involve both known and unknown risks and uncertainties, actual results may differ materially from the information set forth in the forward-looking statements. Such risks and uncertainties include but may not be limited to general business, economic, competitive and/or regulatory factors affecting the business of Kinnevik and/or its portfolio companies. Forward-looking statements in this interim report apply only at the time of announcement of the report and are subject to change without notice. Kinnevik undertakes no obligation to publicly update or revise any forward-looking statements as a result of new information, future events or otherwise, other than as required by applicable laws or regulations.
Kinnevik
Interim Report Q1 2026
Introduction
Net Asset Value
Financial Statements
Other
CEO STATEMENT
Our purpose at Kinnevik is to be good stewards of our shareholders' capital, generating attractive and sustainable returns while taking appropriate levels of risk. Being a good steward requires a culture that is focused on joint achievement, both in the Kinnevik team and in our portfolio companies. Such a culture is characterized by ownership and accountability, by focus and simplicity, and by clarity and candor. My first few weeks as interim CEO have been all about fostering such a culture.
Change often starts by confronting the hard facts. Our investment portfolio's net asset value was down 22 percent to SEK 27.9bn in Q1. This reflects the further de-rating of our portfolio companies' listed peers due to the uncertain macroeconomic backdrop and threats posed by AI disruption, continued challenges in climate tech, and our own evolving views on each portfolio company.
Climate Tech is a sector with great opportunities and a strong purpose, but it is also a sector that has been structurally challenged and is capital intensive. Our own performance in the sector has not yet delivered on our expectations, so we have decided not to make any new investments in this sector, and not to report it separately. At the same time, we will continue to be engaged owners and work closely with the Climate Tech companies in our portfolio. We have also decided to discontinue the concept of "core companies", as it does not reflect our way of thinking about the portfolio.
To be successful going forward, I am convinced that we need to change our ways of working. Starting today, we will move towards a smaller and more focused organization. This will enable more direct communication, stronger collaboration, better alignment, and faster decision-making. Every team member will have clearer accountability and the ability to create more impact.
Being good stewards for our shareholders' capital also requires us to be more mindful of our own cost. Every krona we spend without impact is a krona we cannot invest. We therefore intend to significantly reduce our management cash costs by the end of this year, and target to spend around SEK 200m per year, starting 2027, while also improving our performance. This compares with management cash costs of SEK 313m in 2025.
Being good stewards also means that we will become more selective and disciplined in making follow-on investments. In aggregate, our portfolio is not profitable, and growing these businesses into profitability will require additional funding. With a more disciplined approach, our goal is to invest no more than SEK 1.5bn into the existing portfolio. A possible exception to this would be opportunities to materially increase our holdings in companies that demonstrate profitable growth and the ability to compound on the basis of a more mature financial profile.
One of my core objectives as interim CEO is to preserve cash and provide optionality for my permanent successor. If we take our current net cash position of SEK 7.5bn and assume management cash costs of around SEK 200m per year over the next 5 years, as well as up to SEK 1.5bn of follow-on investments in the existing portfolio, we arrive at around SEK 5bn of available cash, plus the additional proceeds that we may realize from exits in the coming years. This optionality is also why the Board is not pursuing share buy-backs at this time.
Kinnevik has not created shareholder value over the past years, and we have now started to embrace the need for change. By focusing on the things that we can directly influence, we have started to make progress over the last weeks, but there is a lot more to do. I am optimistic that the value in our portfolio will become clearer and more tangible over time. In combination with our balance sheet, this can prove to be a stronger basis for the future than it may seem today.
Rubin Ritter
Interim Chief Executive Officer
© Kinnevik
Interim Report Q1 2026
Introduction
Net Asset Value
Financial Statements
Other
FINANCIAL OVERVIEW
Portfolio by Sector
% Share of Portfolio Value
Portfolio by Geography
% Value-Weighted End-Market
Note: Q4 '25 Net Cash adjusted for the unpaid investment in Oviva.
Ten Largest Investments
Ranked By Fair Value
| SEKm | Ownership | Fair Value | % of Portfolio | Fair Value Q/Q Change | Performance & Outlook | Multiples | Currencies |
|---|---|---|---|---|---|---|---|
| Spring Health | 14% | 3 764 | 18% | -23% | ↑ | ↓ | ↑ |
| Perk | 13% | 2 290 | 11% | -41% | ↑ | ↓ | → |
| Mews | 10% | 1 846 | 9% | -19% | ↑ | ↓ | → |
| Betterment | 12% | 1 549 | 8% | -9% | ↑ | ↓ | ↑ |
| Enveda | 13% | 1 448 | 7% | +3% | - | - | ↑ |
| Cityblock | 9% | 1 104 | 5% | -24% | ↑ | ↓ | ↑ |
| Pleo | 13% | 1 001 | 5% | -46% | ↑ | ↓ | → |
| Oviva | 13% | 860 | 4% | -7% | ↑ | ↓ | ↑ |
| Instabee | 16% | 524 | 3% | -28% | ↓ | ↓ | - |
| Omio | 6% | 466 | 2% | -30% | ↑ | ↓ | → |
| Ten Largest Assets | 14 852 | 73% | -25% |
Access more details about our valuations in Note 4. Note 4
NAV Development
Total Adjusted for Other Net Liabilities, SEKbn
Capital Allocation
Investments & Divestments
| SEKm | Q1 2026 | FY 2026 |
|---|---|---|
| Mews | 212 | 212 |
| Accruing Interest on Debt | 2 | 2 |
| Total Investments | 214 | 214 |
| Fixed Assets | 98 | 98 |
| Total Divestments | 98 | 98 |
| Net Investments / (Divestments) | 116 | 116 |
Kinnevik
Interim Report Q1 2026
Introduction
Net Asset Value
Financial Statements
Other
OPERATIONAL OVERVIEW
Performance by Category
Value-Weighted
| Metric | Health & Bio ■ | Software ■ | Prior Strategies ■ | Total Larger Co's |
|---|---|---|---|---|
| Investee Companies included in below Performance Metrics | Cityblock, Oviva, Pelago, Spring Health, Transparent | Cedar, Mews, Perk, Pleo | Betterment, HungryPanda, Instabee, Omio | (Aforementioned investee companies) |
| Investee Companies not included in below Performance Metrics | Enveda, Recursion, Strand Therapeutics | - | Climate Tech & Other Investments | |
| Last 12 Months | ||||
| Growth, Y/Y | 33% | 36% | 16% | 31% |
| Gross Margin | 48% | 60% | 72% | 57% |
| EBITDA Margin | -4% | -20% | 3% | -8% |
| Next 12 Months | ||||
| Growth, Y/Y | 25–35% | 30–40% | 10–20% | 25–35% |
| Gross Margin | 45–55% | 55–65% | 65–75% | 55–65% |
| EBITDA Margin | 0–5% | -10–0% | 0–5% | -5–0% |
Read more about our companies
Investee News in the Quarter
- Oviva announced its USD 220m round led by Kinnevik. The company also launched hypertension management, a major milestone in its transition to a comprehensive digital chronic care platform. (Read more)
- Mews raised EUR 264m following a strong year of 55 percent SaaS gross profit growth and expanding to 15,000 customers across 85 countries. (Read more)
- Enveda's leading drug candidate demonstrated robust efficacy results with a favorable safety profile. (Read more)
- Spring Health announced the acquisition of Alma, a service that handles the insurance and business side of running a mental health practice. The combined business expects to generate USD 1bn in revenue in the year following completion of the merger. (Read more)
- Tandem Health announced the acquisition of Juvoly, the leading AI medical scribe in the Netherlands. (Read more)
- Cityblock co-founder and CEO, Toyin Ajayi, M.D., and Andy Slavitt, co-founder and general partner at Kinnevik's partner Town Hall Ventures, shared their perspectives on the potential for AI-supported clinical care for low-income populations. (Read more)
- We shared our perspectives on how AI is impacting our largest companies, how defensible these businesses are in an AI-driven world, and how they can use AI to strengthen their position. (Read more)
- The latest issue of our newsletter, The Long View, explored the structural changes reshaping European healthcare and how AI is fundamentally transforming the sector. (Read more)
LONG VIEW
by Kinnevik
The Kinnevik Long View
Our newsletter keeps you updated with news and insights from the Kinnevik sphere. In our latest edition, we dive deeper into our EUR 100m lead investment in Oviva, Spring Health's acquisition of Alma and Tandem Health's acquisition of Juvoly. Be the first to receive our next edition by subscribing below.
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©
Kinnevik
Interim Report Q1 2026
Introduction Net Asset Value Financial Statements Other
NET ASSET VALUE (1/2)
| SEKm | Vintage | Ownership | Fair Value Q1 2026 | % of NAV Q1 2026 | NAV/S Q1 2026 | Fair Value Q/Q Change | Fair Value Q4 2025 | Value in Last Transaction | Time of Last Transaction |
|---|---|---|---|---|---|---|---|---|---|
| Cityblock | 2020 | 9% | 1104 | 4.0% | 4.0 | -24% | 1460 | 1353 | Q2 '24 |
| Enveda | 2023 | 13% | 1448 | 5.2% | 5.2 | 3% | 1401 | 1448 | Q4 '25 |
| Oviva | 2025 | 13% | 860 | 3.1% | 3.1 | -7% | 922 | 1119 | Q4 '25 |
| Pelago | 2021 | 14% | 436 | 1.6% | 1.6 | 3% | 424 | 467 | Q4 '23 |
| Recursion | 2022 | 3% | 392 | 1.4% | 1.4 | -23% | 505 | 392 | Public |
| Spring Health | 2021 | 14% | 3764 | 13.5% | 13.6 | -23% | 4873 | 4612 | Q3 '24 |
| Strand Therapeutics | 2025 | 7% | 333 | 1.2% | 1.2 | 3% | 323 | 333 | Q2 '25 |
| Transcarent | 2022 | 3% | 285 | 1.0% | 1.0 | -66% | 828 | 844 | Q1 '25 |
| Health & Bio | 8622 | 30.9% | 31.1 | -20% | 10736 | 10568 | |||
| Cedar | 2018 | 7% | 280 | 1.0% | 1.0 | -60% | 695 | 952 | Q4 '25 |
| Mews | 2022 | 10% | 1846 | 6.6% | 6.7 | -19% | 2059 | 2311 | Q1 '26 |
| Perk | 2018 | 13% | 2290 | 8.2% | 8.3 | -41% | 3853 | 3706 | Q4 '24 |
| Pleo | 2018 | 13% | 1001 | 3.6% | 3.6 | -46% | 1869 | 2582 | Q1 '24 |
| Software | 5417 | 19.4% | 19.6 | -38% | 8476 | 9551 | |||
| Nory | 2025 | >10% | 231 | 0.8% | 0.8 | 1% | 228 | 231 | Q3 '25 |
| Tandem Health | 2025 | 12% | 329 | 1.2% | 1.2 | 1% | 325 | 329 | Q2 '25 |
| Smaller Investments (4 Co's) | 2024-25 | Mixed | 321 | 1.2% | 1.2 | 3% | 313 | 321 | Q4 '24 - Q3 '25 |
| Emerging Companies | 881 | 3.2% | 3.2 | 2% | 866 | 881 |
Kinnevik
Interim Report Q1 2026
Introduction Net Asset Value Financial Statements Other
NET ASSET VALUE (2/2)
| SEKm | Vintage | Ownership | Fair Value Q1 2026 | % of NAV Q1 2026 | NAV/S Q1 2026 | Fair Value Q/Q Change | Fair Value Q4 2025 | Value in Last Transaction | Time of Last Transaction |
|---|---|---|---|---|---|---|---|---|---|
| Betterment | 2016 | 12% | 1549 | 5.6% | 5.6 | -9% | 1696 | 1180 | Q2 '25 |
| Global Fashion Group | 2010 | 35% | 379 | 1.4% | 1.4 | 71% | 222 | 379 | Public |
| HungryPanda | 2020 | 11% | 437 | 1.6% | 1.6 | -12% | 498 | 445 | Q4 '21 |
| Instabee | 2018 | 16% | 524 | 1.9% | 1.9 | -28% | 725 | 585 | Q3 '25 |
| Omio | 2018 | 6% | 466 | 1.7% | 1.7 | -30% | 661 | 635 | Q1 '26 |
| Climate Tech (6 Co's) (See note below) | 2021-23 | Mixed | 1230 | 4.4% | 4.4 | -56% | 2768 | 3380 | Q3 '22 - Q2 '26 |
| Other Investments (6 Co's) (See note below) | 2018-22 | Mixed | 599 | 2.1% | 2.2 | -53% | 1271 | 1478 | Q1 '22 - Q2 '25 |
| Prior Strategies | 5184 | 18.6% | 18.7 | -34% | 7841 | 8082 | |||
| Partnership Funds | 2020-25 | - | 328 | 1.2% | 1.2 | 6% | 310 | 328 | - |
| Total Portfolio Value | 20431 | 73.2% | 73.8 | -28% | 28229 | 29409 | |||
| Gross Cash | 9551 | 34.2% | 34.5 | 10642 | 9551 | ||||
| Gross Debt | -2073 | -7.4% | -7.5 | -2081 | -2073 | ||||
| Net Cash / (Debt) | 7478 | 26.8% | 27.0 | 8561 | 7478 | ||||
| Divestment / (Investment) Commitments | - | - | - | -922 | - | ||||
| Adjusted Net Cash / (Debt) | 7478 | 26.8% | 27.0 | 7639 | 7478 | ||||
| Other Net Assets / (Liabilities) | -3 | -0.0% | -0.0 | 4 | -3 | ||||
| Net Asset Value | 27906 | 100.0% | 100.8 | -22% | 35872 | 36884 |
Note: A split of "Climate Tech Investments" is available on page 18.
A split of "Other Investments" by vintage is available on page 17.
A historical pro forma overview of Net Asset Value is available on our website (click here).
In Q4 2025, our investment in Oviva is included in "Portfolio Value" and "Divestment / (Investment) Commitments", but is not included in "Financial Assets Held at Fair Value Through Profit or Loss" on the balance sheet.
Kinnevik
Interim Report Q1 2026
Introduction Net Asset Value Financial Statements Other
GROUP FINANCIAL STATEMENTS
Consolidated Income Statement and Report Concerning Total Comprehensive Income
| SEKm | Note | Q1 2026 | Q1 2025 | FY 2025 |
|---|---|---|---|---|
| Change in Fair Value of Financial Assets | 4 | -8 009 | -3 092 | -4 222 |
| Administration Costs | -72 | -80 | -341 | |
| Other Operating Income | 88 | 3 | 10 | |
| Other Operating Expenses | 0 | 0 | -1 | |
| Operating Profit/Loss | -7 993 | -3 169 | -4 554 | |
| Interest Income and Other Financial Income | 35 | 161 | 411 | |
| Interest Expenses and Other Financial Expenses | -11 | -29 | -95 | |
| Profit/Loss after Financial Net | -7 969 | -3 037 | -4 238 | |
| Tax | 0 | 0 | 892 | |
| Net Profit/Loss for the Period | -7 969 | -3 037 | -3 346 | |
| Total Comprehensive Income for the Period | -7 969 | -3 037 | -3 346 | |
| Net Profit/Loss per Share Before Dilution, SEK | -28.77 | -10.96 | -12.08 | |
| Net Profit/Loss per Share After Dilution, SEK | -28.77 | -10.96 | -12.08 | |
| Outstanding Shares at the End of the Period | 276 972 664 | 276 972 664 | 276 972 664 | |
| Average Number of Shares Before Dilution | 276 972 664 | 276 972 664 | 276 972 664 | |
| Average Number of Shares After Dilution | 276 972 664 | 276 972 664 | 276 972 664 |
Consolidated Earnings for the First Quarter
The change in fair value of financial assets amounted to a loss of SEK 8,009m (loss of SEK 3,092m) for the first quarter of which a profit of SEK 43m (loss of SEK 229m) was related to listed holdings and a loss of SEK 8,052m (loss of SEK 2,863m) was related to unlisted holdings. See note 4 for further details.
Other operating income primarily relates to the disposal of fixed assets. The decrease in net financial income is mainly attributable to a reduced net cash position, as well as foreign exchange differences.
Kinnevik
Interim Report Q1 2026
Introduction Net Asset Value Financial Statements Other
Consolidated Statement of Cash Flow
| SEKm | Note | Q1 2026 | Q1 2025 | FY 2025 |
|---|---|---|---|---|
| Cash Flow from Operating Costs | -76 | -118 | -340 | |
| Cash Flow from Other Operating Income | 93 | - | - | |
| Interest Received | 2 | 16 | 182 | |
| Interest Paid | -3 | -20 | -57 | |
| Cash Flow From Operations | 16 | -122 | -215 | |
| Investments in Financial Assets | -1142 | -909 | -2 812 | |
| Sale of Shares and Other Securities | 106 | 0 | 163 | |
| Cash Flow From Investing Activities | -1036 | -909 | -2 649 | |
| Amortisation | - | -1500 | -1500 | |
| Cash Flow From Financing Activities | 0 | -1500 | -1500 | |
| Cash Flow for the Period | -1020 | -2 531 | -4 364 | |
| Short-Term Investments and Cash, Opening Balance | 10 392 | 14 619 | 14 619 | |
| Revaluation of Short-Term Investments | 31 | 81 | 137 | |
| Short-Term Investments and Cash, Closing Balance | 9 403 | 12 169 | 10 392 |
Supplementary Cash Flow Information
| SEKm | Note | Q1 2026 | Q1 2025 | FY 2025 |
|---|---|---|---|---|
| Investments in Financial Assets | 4 | -1133 | -800 | -2 685 |
| Investments Not Paid | 2 | 3 | 29 | |
| Prior Period Investments, Paid in Current Period | -11 | -112 | -156 | |
| Cash Flow From Investments in Financial Assets | -1142 | -909 | -2 812 | |
| Divestments of Shares and Other Securities | 4 | - | 366 | 382 |
| Divestments Not Paid | - | -366 | -219 | |
| Prior Period Divestments, Paid in Current Period | 106 | - | - | |
| Cash Flow From Divestments of Shares and Other Securities | 106 | 0 | 163 |
Kinnevik
Interim Report Q1 2026
Introduction Net Asset Value Financial Statements Other
Condensed Consolidated Balance Sheet
| SEKm | Note | 31 Mar 2026 | 31 Mar 2025 | 31 Dec 2025 |
|---|---|---|---|---|
| ASSETS | ||||
| Fixed Assets | ||||
| Financial Assets Held at Fair Value Through Profit or Loss | 4 | 20 431 | 26 568 | 27 307 |
| Tangible Fixed Assets | 77 | 85 | 89 | |
| Right of Use Assets | 39 | 44 | 43 | |
| Other Long-Term Receivables | 0 | 220 | 106 | |
| Total Fixed Assets | 20 547 | 26 917 | 27 545 | |
| Current Assets | ||||
| Other Current Assets | 168 | 248 | 180 | |
| Short-Term Investments | 8 807 | 11 554 | 10 021 | |
| Cash and Cash Equivalents | 596 | 615 | 371 | |
| Total Current Assets | 9 571 | 12 417 | 10 572 | |
| TOTAL ASSETS | 30 118 | 39 334 | 38 117 | |
| SEKm | Note | 31 Mar 2026 | 31 Mar 2025 | 31 Dec 2025 |
| --- | --- | --- | --- | --- |
| SHAREHOLDERS' EQUITY AND LIABILITIES | ||||
| Shareholders' Equity Attributable to Equityholders of the Parent Company | 27 906 | 36 171 | 35 872 | |
| Interest-Bearing Liabilities, Long-Term | 5 | 555 | 2 053 | 550 |
| Interest-Bearing Liabilities, Short-Term | 5 | 1 500 | 4 | 1 504 |
| Non-Interest-Bearing Liabilities | 157 | 1 106 | 191 | |
| TOTAL EQUITY AND LIABILITIES | 30 118 | 39 334 | 38 117 | |
| Key Ratios | ||||
| Debt/Equity Ratio | 0.07 | 0.06 | 0.06 | |
| Equity Ratio | 93% | 92% | 94% | |
| Net Interest-Bearing Assets/Liabilities | 5 | 7 492 | 10 686 | 8 811 |
| Net Cash for the Group | 5 | 7 478 | 10 474 | 8 561 |
Consolidated Statement of Changes in Equity
| Q1 2026 | Q1 2025 | FY 2025 | |
|---|---|---|---|
| Opening Balance | 35 872 | 39 202 | 39 202 |
| Profit/Loss for the Period | -7 969 | -3 037 | -3 346 |
| Total Comprehensive Income for the Period | -7 969 | -3 037 | -3 346 |
| Transactions with Shareholders | |||
| Effect of Employee Equity Programs | 3 | 6 | 16 |
| Closing Balance for the Period | 27 906 | 36 171 | 35 872 |
9
Kinnevik
Interim Report Q1 2026
Introduction Net Asset Value Financial Statements Other
NOTES FOR THE GROUP
Note 1 Accounting Principles
The consolidated financial statements are prepared in accordance with the IFRS® Accounting Standards, as adopted by the EU. This report was prepared in accordance with the Annual Accounts Act and IAS 34, Interim Financial Reporting. The Parent Company has prepared its interim report according to the Swedish Annual Accounts Act chapter 9, "Interim Report". Information in accordance with IAS 34, Interim Financial Reporting is provided in the notes as well as in other places in the interim report. The accounting principles are the same as described in the 2025 Annual Report.
Note 2 Risk Management
Kinnevik's management of financial risks is centralized within Kinnevik's finance function and is conducted based on a Finance Policy established by the Board of Directors. The policy is reviewed continuously by the finance function and updated when appropriate in discussion with the Audit & Sustainability Committee and as approved by the Board of Directors.
Kinnevik has a model for risk management that aims to identify, control, and reduce risks. The output of the model is reported to the Audit & Sustainability Committee and Board of Directors on a regular basis.
Kinnevik is mainly exposed to financial risks in respect of:
- Valuation risk, in relation to negative changes in the value of the portfolio
- Foreign exchange rate risk, in relation to transaction and translation currency exposure
- Interest rate risk, having an adverse impact on financing costs
For a more detailed description of Kinnevik's risks and uncertainties, as well as risk management, see Note 17 for the Group in the 2025 Annual Report.
Note 3 Related Party Transactions
The Board of Kinnevik has adopted a Related Party Transactions Policy ensuring that Kinnevik's decision-making procedures and disclosure of executed related party transactions are in accordance with applicable laws and regulations. Kinnevik's related party transactions primarily consist of investments in the subset of Kinnevik's investee companies that are deemed related parties. Investees are primarily defined as related parties due to them being associated companies in which Kinnevik holds a larger ownership interest or in which a Kinnevik Board Director has a controlling interest (as of the Annual General Meeting on 12 May 2025, there are no such investees).
Investments in investee companies are included in financial assets accounted at fair value through profit and loss. Interest income from loans to investee companies is recognized as external interest income through profit and loss.
During the first quarter of 2026, one material related party transaction was carried out in the parent company. In connection with the appointment of Rubin Ritter, Board Director, as interim Chief Executive Officer of Kinnevik on 15 March 2026, Kinnevik entered into a consultancy agreement with Talberg GmbH, an investment and consultancy company wholly owned by Rubin Ritter. Under the terms of the agreement, Talberg GmbH will invoice Kinnevik a monthly consultancy fee of SEK 2.4 million for Rubin Ritter's services as interim CEO and an additional consultant. For the first quarter of 2026, the fee amounted to SEK 1.2 million, reflecting a pro-rated amount for the period 15–31 March 2026. Kinnevik may terminate the consultancy agreement at any time with immediate effect. For comparison, during the first quarter of 2025, no material related party transactions were carried out, either in the parent company or the Group.
Any transactions concluded with related parties take place on an arm's length basis on fair market conditions. In all agreements relating to goods and services prices are compared with up-to-date prices from independent suppliers in the market to ensure that all agreements are entered into on market terms.
In addition to our Related Party Transactions Policy and the above, Kinnevik's Works & Delegation Procedures include internal measures for handling conflicts of interests. All actual and potential conflicts of interest at Board level are documented and managed by the Board. For transparency, relevant relationships and interests are disclosed as part of the Board Directors' bios on our website.
Kinnevik Interim Report Q1 2026
Introduction Net Asset Value Financial Statements Other
Note 4 Fair Value of Unlisted Investments
Principles & Processes
Kinnevik applies IFRS 13 and the International Private Equity and Venture Capital Valuation Guidelines ("the Guidelines"). We depart from the Guidelines by taking a simplified approach to employee stock option plans, convertible debt, and liquidation preferences. This approach leads to lower fair values than otherwise would have been the case.
Kinnevik uses valuation methods commonly used by private market investors. These primarily include multiples of revenue, gross profit and/or operating profit. For pre-revenue businesses, valuation is typically based on methods such as scenario analyses, milestones and probability-weighted product pipelines.
Valuation multiples are calibrated against comparable listed companies, with peer groups reviewed regularly. Valuation levels relative to peer groups are calibrated mainly for differences in growth and profitability, and further adjusted for factors such as recent transactions, scale, and funding runway. Where relevant, preferential rights such as liquidation preferences are considered in allocating enterprise value across stakeholders.
The valuation process is led by Kinnevik's CFO and valuation team, who make decisions independently from the investment organization. Kinnevik regularly commissions independent reviews of its valuations and methodologies, as well as take on board input from external parties. Valuations are approved by the CEO and reviewed by the Audit & Sustainability Committee. External auditors review selected valuations each quarter and report directly to the Committee. Following Committee approval, valuations are reflected in the financial statements.
In accordance with IFRS 13, financial instruments measured at fair value are classified as follows:
Level 1: Quoted unadjusted prices in active markets for identical instruments.
Level 2: Valuations based on observable market inputs other than quoted prices included in Level 1, either directly or indirectly.
Level 3: Valuations based on techniques using significant unobservable inputs.
Valuation Methods
Value-Weighted
Note: "Other" includes valuation methods appropriate for earlier-stage companies, such as scenario analysis, milestones, and probability-weighted product pipelines.
29% Fair Value Decline
Private Portfolio, %
8.3 Negative Impact from Multiples
SEKbn
34% Multiple Contraction
Investees Valued on Multiples
Developments in the Quarter
During the quarter, the assessed value of our private portfolio declined by 29 percent (31 percent in constant currencies). The decrease was primarily driven by significant multiple compression in public software and healthcare technology markets, as well as write-downs of our Climate Tech investments (see p. 16). Broader macroeconomic uncertainty further pressured valuation levels, while also contributing to a weakening of the Swedish krona.
Valuation multiples across our public peer groups declined by 28 percent during the quarter, translating into 34 percent contraction in our portfolio's multiples. This compression was both pronounced and largely indiscriminate within public software and healthcare technology companies, despite limited deterioration in their near-term financial performance. As a result, valuations of several of our largest holdings were materially affected. Over time, we expect greater differentiation to emerge among the share price development of public comparables. We have outlined our evolving thoughts and portfolio insights on the impact of AI on our website. Read more here.
The Swedish krona weakened during the quarter amid macro uncertainty. Our value-weighted currency basket appreciated by 3 percent in the quarter, contributing a positive SEK 0.5bn impact on the value of our private portfolio. Over the last 12 months, the effect from currencies amount to negative SEK 0.7bn.
Our views on our investees' performance and outlook are continuously evolving, and our larger companies have started 2026 overall on plan. In the first months of the year, our Software companies delivered revenue growth of 32 percent and improved EBITDA margins by 7 percentage points year-over-year. Our Health & Bio companies reported revenue growth of 28 percent and EBITDA margin improvements of 3 percentage points. Rising oil prices may negatively impact corporate and leisure travel demand, potentially creating headwinds for Perk and Mews – this has not yet been reflected in reported performance nor incorporated into our outlook. Uncertainty remains around federal funding of Medicaid and Medicare, which we have reflected in our outlook on Cityblock.
We noted transaction activity across several portfolio companies in late 2025 and early 2026, including Mews and Oviva. In light of the significant public market correction, we have reassessed valuations also for recently transacted companies. Over the past 12 months, non-immaterial transactions occurred in 46 percent of our private portfolio by value. These transactions cleared at valuations that exceeded our respective prior NAV by 9 percent on a weighted average basis.
All publicly listed valuation benchmarks are available on our website under the Investor Relations section (click here). There, you can find the presentation on our valuation process and methodology, detailing the key considerations and processes involved. We recommend reviewing this material in conjunction with Note 4.
Note that all average figures in this Note 4 are value-weighted unless otherwise stated.
Kinnevik
Interim Report Q1 2026
Introduction Net Asset Value Financial Statements Other
Private Portfolio Overview
Valuation Trends: Quarterly Developments
SEKm and Q/Q Changes, Value-Weighted
| Fair Value | Portfolio Weight | Change in Fair Value | Change in Equity Value | Change in NTM Outlook | Change in NTM Multiple | Change in Peer NTM Multiple | |
|---|---|---|---|---|---|---|---|
| Spring Health | 3 764 | 18% | -23% | -26% | +5% | -30% | -36% |
| Perk | 2 290 | 11% | -41% | -43% | +5% | -45% | -29% |
| Mews | 1 846 | 9% | -19% | -20% | +7% | -25% | -29% |
| Betterment | 1 549 | 8% | -9% | -12% | +5% | -16% | -23% |
| Enveda | 1 448 | 7% | +3% | - | - | - | - |
| Cityblock | 1 104 | 5% | -24% | -27% | +4% | -31% | -3% |
| Pleo | 1 001 | 5% | -46% | -48% | +4% | -53% | -29% |
| Oviva | 860 | 4% | -7% | -13% | +9% | -22% | -36% |
| Instabee | 524 | 3% | -28% | -28% | -5% | -22% | -17% |
| Omio | 466 | 2% | -30% | -29% | +4% | -32% | -22% |
| Ten Largest Assets | 14 852 | 73% | -25% | -27% | +5% | -31% | -26% |
| Health & Bio | 8 230 | 40% | -20% | -24% | +5% | -33% | -31% |
| Software | 5 417 | 27% | -38% | -39% | +4% | -42% | -29% |
| Emerging Companies | 881 | 4% | +2% | - | - | - | - |
| Prior Strategies | 5 133 | 25% | -35% | -38% | +0% | -23% | -22% |
| Total Unlisted Portfolio | 19 661 | 96% | -29% | -34% | +3% | -34% | -28% |
Note: Change in Multiple and Peer Multiple are on the basis of NTM revenue or gross profit depending on valuation method.
Illustrative Value Drivers
Q4 '25 – Q1 '26 Approximations, SEKbn
Revenue Growth by Sector
Investees LTM Actuals (Dark) and NTM Expectations (Light) vs Public Peers (Grey)
Note: "Prior Strategies" includes companies Betterment, HungryPanda, Instabee and Omio. Constituents of "Total Larger Co's" are outlined on page 4. "Emerging Companies" are excluded due to their nascent nature.
Change in NTM Revenue Multiples
Investees (Red) vs Public Peers (Grey)
Kinnevik
Interim Report Q1 2026
12
Introduction Net Asset Value Financial Statements Other
Transaction Valuations Compared to NAV
Arm's-Length Transaction Valuations vs Preceding NAV Assessment, LTM
Aggregate Effect of Liquidation Preferences
SEKbn and % of Fair Value of Private Portfolio
Currency Split
% of Fair Value of Private Portfolio
Development of Key Currencies
Against the Swedish krona
Kinnevik
Interim Report Q1 2026
13
Introduction Net Asset Value Financial Statements Other
Health & Bio
Commentary
- 35 percent multiple contraction for public peers relevant to Spring Health, Oviva, Pelago and Transcarent. Cityblock's public peers developed less homogenously, with typically stronger multiple contraction in more tech-enabled peers
- Spring Health's acquisition of Alma expected to close during Q2 2026 – our valuation still on a stand-alone basis. The company continues to show strong growth at expanding operating margins
- Stable outlook at Cityblock amid continued uncertainty around federal funding of Medicaid and Medicare
- Oviva valued 13 percent below our entry price solely due to market movements
- Meaningful write-down of Transparent, in part driven by portfolio-wide discounting of preference rights due to amended IPEV Guidelines
Key Metrics
Investee Averages (excluding Enveda) and Public Peers
| Metric | Investee Average | Peer Average | Peer Top Quartile |
|---|---|---|---|
| Revenue Growth (NTM) | 25–35% | 7% | 12% |
| Revenue Growth (LTM) | 33% | 6% | 12% |
| Gross Margin (NTM) | 45–55% | 61% | 73% |
| EBITDA Margin (NTM) | 0–5% | 23% | 37% |
| EV/NTM R | 2.7x | 2.0x | 4.4x |
| EV/NTM R (Q/Q Change) | –33% | –31% | –27% |
| Equity Value (Q/Q Change) | –29% | –28% | –21% |
Note: "Our Investees" weighted by value. "Peer Top Quartile" show average metrics of top quartile peers in terms of revenue multiple.
EV/NTM Revenue and Revenue Growth
Key Public Peers as at Year-End
Kinnevik
Interim Report Q1 2026
Introduction Net Asset Value Financial Statements Other
Software
Commentary
- Indiscriminate derating for public software businesses in the quarter driven mainly by AI disruption risk, average peer multiple down by 29 percent
- Mews valued 20 percent below Q1 '26 funding round
- Multiple contraction at Perk in excess of peer average, tightening gap to key peer Navan despite meaningful operational, financial and technical differences
- More significant multiple contraction at Cedar and Pleo to reflect smaller scale and weaker growth relative to Mews and Perk. Secondary trade involving new investor in Cedar during Q1 '26 at 137 percent premium to our valuation, disregarded due to small size
Key Metrics
Investee Averages and Public Peers
| Metric | Investee Average | Peer Average | Peer Top Quartile |
|---|---|---|---|
| Revenue Growth (NTM) | 30–40% | 14% | 20% |
| Revenue Growth (LTM) | 36% | 16% | 23% |
| Gross Margin (NTM) | 55–65% | 75% | 74% |
| EBITDA Margin (NTM) | -10–0% | 23% | 25% |
| EV/NTM R | 3.9x | 4.3x | 8.7x |
| EV/NTM R (Q/Q Change) | -42% | -29% | -26% |
| Equity Value (Q/Q Change) | -39% | -25% | -6% |
Note: "Our Investees" weighted by value. "Peer Top Quartile" show average metrics of top quartile peers in terms of revenue multiple.
27%
Portfolio Weight
-38%
Fair Value Change (Q/Q)
EV/NTM Gross Profit and Revenue Growth
Key Public Peers as at Year-End
Kinnevik
Interim Report Q1 2026
Introduction Net Asset Value Financial Statements Other
Climate Tech
Commentary
- Climate Tech sector focus discontinued – last quarter of company-specific valuation commentary. Aggregate fair value written down by 56 percent in the quarter, resulting in a 6 percent share of portfolio value
- Aira written down by 64 percent to reflect continued cuts in the company's growth outlook as it prioritizes a transitional period of reaching profitability before investing more meaningfully into growth
- Investment in Solugen written down by 46 percent, in part driven by amended approach to liquidation preferences due to amendments of IPEV Guidelines
- Stegra announced it is raising EUR 1.4bn in new capital from a mix of new and existing investors. Kinnevik elected not to invest. As a consequence, in the quarter we wrote down our investment in Stegra by 83 percent to a level that reflects the discounted value of our expectation to recoup our full EUR 102m investment within 5–6 years should the company meet its revised business plan
Valuation Changes
Climate Tech Investments, SEKm
| SEKm | Q1 2026 | Q4 2025 | Fair Value Q/Q Change |
|---|---|---|---|
| Agreena | 146 | 170 | -15% |
| Aira | 353 | 989 | -64% |
| Breathe | - | 92 | -100% |
| Charm Industrial | 127 | 123 | +3% |
| Solugen | 249 | 461 | -46% |
| Stegra | 110 | 649 | -83% |
| Vay | 245 | 284 | -14% |
| Total | 1230 | 2768 | -56% |
Change in Fair Value of Financial Assets
| SEKm | Q1 2026 | Q1 2025 | FY 2025 |
|---|---|---|---|
| Global Fashion Group | 157 | 47 | 24 |
| Recursion | -114 | -276 | -484 |
| Total Listed Assets | 43 | -229 | -460 |
| Betterment | -147 | -303 | 6 |
| Cedar | -415 | -130 | -154 |
| Cityblock | -356 | -51 | -285 |
| Enveda | 47 | -86 | 265 |
| HungryPanda | -61 | -35 | -58 |
| Instabee | -201 | -102 | -233 |
| Mews | -425 | -65 | 520 |
| Nory | 3 | - | -4 |
| Omio | -195 | -74 | -131 |
| Oviva | -59 | - | - |
| Pelago | 12 | 4 | 85 |
| Perk | -1563 | -390 | -445 |
| Pleo | -868 | -268 | -576 |
| Spring Health | -1109 | -514 | -906 |
| Strand Therapeutics | 10 | - | -12 |
| Tandem Health | 4 | - | -8 |
| Transcarent | -543 | -71 | -145 |
| Smaller Investments (4 Co’s) | 8 | -6 | -18 |
| Climate Tech (6 Co’s) | -1539 | -192 | -966 |
| Other Investments (6 Co’s) | -672 | -549 | -647 |
| Partnership Funds | 18 | -32 | -50 |
| Total Unlisted Assets | -8052 | -2863 | -3762 |
| Total Listed and Unlisted Assets | -8009 | -3092 | -4222 |
| of which Unrealized Gains/Losses Level 3 | -8052 | -2408 | -3323 |
Note: Change in unrealized gains or losses for assets in Level 3 for the period are recognized in the Income Statement as a change in fair value of financial assets.
Kinnevik Interim Report Q1 2026
Introduction Net Asset Value Financial Statements Other
Split of "Other Investments"
| Fair Value by Vintage, SEKm | Investments | Q1 2026 | Q4 2025 |
|---|---|---|---|
| 2018 | Oda | 83 | 92 |
| 2021 | Job&Talent, Nick's, Superb, Vivino | 388 | 991 |
| 2022 | Omnipresent, SafetyWing | 65 | 119 |
| Mixed | FinTech Sale Earn-Out | 63 | 69 |
| Total | 599 | 1271 |
Fair Value Sensitivity Analysis Against Changes in Valuation Multiples
| SEKm | -20% | -10% | Actual | +10% | +20% |
|---|---|---|---|---|---|
| Spring Health | 3 193 | 3 456 | 3 764 | 4 100 | 4 438 |
| Perk | 1 897 | 2 093 | 2 290 | 2 499 | 2 723 |
| Mews | 1 535 | 1 682 | 1 846 | 2 022 | 2 194 |
| Total | 6 625 | 7 231 | 7 900 | 8 621 | 9 355 |
| Effect | -1 275 | -669 | 721 | 1 455 |
In addition to sensitivities of our three largest unlisted assets above, for all investments in companies valued using multiples, an increase in the multiple by 10 percent would have increased the aggregate assessed fair value by SEK 1,447m. Similarly, a decrease in multiple by 10 percent would have decreased the aggregate assessed fair value by SEK 1,382m.
Fair Value of Financial Assets
| SEKm | Shares Held | % Capital / % Votes | 31 Mar 2026 | 31 Mar 2025 | 31 Dec 2025 |
|---|---|---|---|---|---|
| Global Fashion Group | 79 093 454 | 34.6/34.6 | 379 | 246 | 222 |
| Recursion | 13 434 171 | 2.5/2.5 | 392 | 713 | 505 |
| Total Listed Assets | 770 | 958 | 727 | ||
| Betterment | 12/12 | 1 549 | 1 387 | 1 696 | |
| Cedar | 7/7 | 280 | 719 | 695 | |
| Cityblock | 9/9 | 1 104 | 1 694 | 1 460 | |
| Enveda | 13/13 | 1 448 | 858 | 1 401 | |
| HungryPanda | 11/11 | 437 | 521 | 498 | |
| Instabee | 16/16 | 524 | 856 | 725 | |
| Mews | 10/10 | 1 846 | 1 297 | 2 059 | |
| Nory | >10 | 231 | - | 228 | |
| Omio | 6/6 | 466 | 718 | 661 | |
| Oviva | 13/13 | 860 | - | - | |
| Pelago | 14/14 | 436 | 343 | 424 | |
| Perk | 13/13 | 2 290 | 3 908 | 3 853 | |
| Pleo | 13/13 | 1 001 | 2 177 | 1 869 | |
| Spring Health | 14/14 | 3 764 | 5 265 | 4 873 | |
| Strand Therapeutics | 7/7 | 333 | - | 323 | |
| Tandem Health | 12/12 | 329 | - | 325 | |
| Transcarent | 3/3 | 285 | 902 | 828 | |
| Smaller Investments (4 Co's) | Mixed | 321 | 152 | 313 | |
| Climate Tech (6 Co's) | Mixed | 1 230 | 3 134 | 2 768 | |
| Other Investments (6 Co's) | Mixed | 599 | 1 356 | 1 271 | |
| Partnership Funds | - | 328 | 323 | 310 | |
| Total Unlisted Assets | 19 661 | 25 610 | 26 580 | ||
| Total Listed and Unlisted Assets | 20 431 | 26 568 | 27 307 |
17
Kinnevik
Interim Report Q1 2026
Introduction Net Asset Value Financial Statements Other
Investments in Financial Assets
| SEKm | Q1 2026 | Q1 2025 | FY 2025 |
|---|---|---|---|
| Recursion | – | 101 | 101 |
| Total Listed Assets | – | 101 | 101 |
| Enveda | – | – | 192 |
| Mews | 212 | 225 | 402 |
| Nory | – | – | 232 |
| Oviva | 919 | – | – |
| Strand Therapeutics | – | – | 335 |
| Tandem Health | – | – | 333 |
| Transcarent | – | 201 | 201 |
| Smaller Investments (4 Co’s) | – | 55 | 228 |
| Climate Tech (6 Co’s) | 1 | 46 | 454 |
| Other Investments (6 Co’s) | 0 | 173 | 202 |
| Partnership Funds | – | – | 5 |
| Total Unlisted Assets | 1133 | 699 | 2584 |
| Total Listed and Unlisted Assets | 1133 | 800 | 2685 |
Changes in Unlisted Assets in Level 3
| SEKm | Q1 2026 | Q1 2025 | FY 2025 |
|---|---|---|---|
| Opening Balance | 26 580 | 28 140 | 28 140 |
| Investments | 1133 | 699 | 2 584 |
| Disposals / Exit Proceeds | – | –366 | –382 |
| Reclassifications | – | – | – |
| Change in Fair Value | –8 052 | –2 863 | –3 762 |
| Closing Balance | 19 661 | 25 610 | 26 580 |
Kinnevik
Interim Report Q1 2026
18
Introduction Net Asset Value Financial Statements Other
Note 5 Interest-Bearing Assets and Liabilities
The net interest-bearing assets amounted to SEK 7,492m and Kinnevik was in a net cash position of SEK 7,478m as at 31 March 2026.
Kinnevik's total credit facilities (including issued bonds) amounted to SEK 6,230m as at 31 March 2026 of which SEK 4,100m related to unutilized revolving credit facilities and SEK 2,000m related to bonds maturing in 1-2 years.
The Group's available liquidity, including short-term investments and available unutilized credit facilities, totaled SEK 13,633m (16,399) as at 31 March 2026.
Kinnevik currently has no bank loans outstanding, and its bank facilities when drawn carry variable interest rates. Debt capital market financing typically consists of commercial paper and senior unsecured bonds. Commercial paper may be issued with a maximum tenure of twelve months under Kinnevik's SEK 5bn commercial paper program, and senior unsecured bonds may be issued with a minimum tenure of twelve months under Kinnevik's SEK 6bn medium-term note program.
In order to hedge interest rate risks, Kinnevik has entered into a number of interest rate swap agreements whereby it pays a fixed annual interest rate also on bonds with a floating rate coupon. The derivatives had a positive market value of SEK 40m at the end of the quarter and are marked to market based on discounted cash flows with observable market data. The derivatives are covered by ISDA agreements.
As at 31 March 2026, the average interest rate for outstanding senior unsecured bonds amounted to 1.5 percent and the weighted average remaining tenure for all Kinnevik's credit facilities amounted to 1.1 years. The carrying amount of the liabilities is a reasonable approximation of fair value as they bear variable interest rates.
| SEKm | 31 Mar 2026 | 31 Mar 2025 | 31 Dec 2025 |
|---|---|---|---|
| Loans to Investee Companies | 75 | 276 | 308 |
| Short-Term Investments | 8 807 | 11 554 | 10 021 |
| Cash and Cash Equivalents | 596 | 615 | 371 |
| Interest Rate Swaps Revaluation | 40 | 71 | 38 |
| Total Interest-Bearing Assets | 9 518 | 12 516 | 10 738 |
| Corporate Bond Maturity 2028 | 500 | 2 000 | 500 |
| Accrued Borrowing Cost | - | -7 | -5 |
| Other Interest-Bearing Long-Term Liabilities | 55 | 60 | 55 |
| Total Interest-Bearing Long-Term Liabilities | 555 | 2 053 | 550 |
| Corporate Bond Maturity 2026 | 1 500 | - | 1 500 |
| Accrued Borrowing Cost | -4 | - | - |
| Other Interest-Bearing Short-Term Liabilities | 4 | 4 | 4 |
| Total Interest-Bearing Short-Term Liabilities | 1 500 | 4 | 1 504 |
| Total Interest-Bearing Liabilities | 2 055 | 2 057 | 2 054 |
| Net Interest-Bearing Assets / (Liabilities) | 7 463 | 10 459 | 8 684 |
| Net Unpaid Divestments / (Investments) | 29 | 227 | 127 |
| Total Net Interest-Bearing Assets | 7 492 | 10 686 | 8 811 |
| Net Cash / (Debt) for the Group | 7 478 | 10 474 | 8 561 |
Kinnevik Interim Report Q1 2026
Introduction Net Asset Value Financial Statements Other
PARENT COMPANY FINANCIAL STATEMENTS
Condensed Parent Company Income Statement
| SEKm | Q1 2026 | Q1 2025 | FY 2025 |
|---|---|---|---|
| Administration Costs | -62 | -74 | -327 |
| Other Operating Income | 0 | 0 | 10 |
| Operating Profit / Loss | -62 | -74 | -317 |
| Profit / Loss from Financial Assets, Associated Companies and Other Companies | -772 | 0 | -439 |
| Profit / Loss from Financial Assets, Subsidiaries | -5 915 | 0 | -3 938 |
| Financial Net | 23 | 67 | 229 |
| Profit / Loss after Financial Items | -6 726 | -7 | -4 465 |
| Group Contribution | - | - | -7 |
| Profit / Loss Before Tax | -6 726 | -7 | -4 472 |
| Taxes | - | - | - |
| Net Profit / Loss for the Period | -6 726 | -7 | -4 472 |
| Total Comprehensive Income for the Period | -6 726 | -7 | -4 472 |
Kinnevik
Interim Report Q1 2026
Introduction Net Asset Value Financial Statements Other
Condensed Parent Company Balance Sheet
| SEKm | 31 Mar 2026 | 31 Mar 2025 | 31 Dec 2025 |
|---|---|---|---|
| ASSETS | |||
| Tangible Fixed Assets | |||
| Equipment | 7 | 10 | 8 |
| Shares and Participation in Group Companies | 19 503 | 35 345 | 25 418 |
| Shares and Participation in Associated Companies and Other Companies | 1 385 | 2 596 | 2 157 |
| Receivables from Group Companies | 22 | 17 | 0 |
| Total Fixed Assets | 20 917 | 37 968 | 27 583 |
| Current Assets | |||
| Short-Term Receivables | 1 133 | 83 | 118 |
| Other Prepaid Expenses | 6 | 6 | 10 |
| Short-Term Investments | 8 807 | 11 554 | 10 021 |
| Cash and Cash Equivalents | 348 | 485 | 248 |
| Total Current Assets | 10 294 | 12 128 | 10 397 |
| TOTAL ASSETS | 31 211 | 50 096 | 37 980 |
The Parent Company's liquidity, including short-term investments and unutilized credit facilities, totaled SEK 13,385m (SEK 14,499m) per 31 March 2026. The Parent Company's interest-bearing external liabilities amounted to SEK 1,996m (SEK 1,995m) on the same date. Net investments in tangible fixed assets amounted to SEK 0m (SEK 1m) during the first quarter.
| SEKm | 31 Mar 2026 | 31 Mar 2025 | 31 Dec 2025 |
|---|---|---|---|
| SHAREHOLDERS' EQUITY AND LIABILITIES | |||
| Shareholders' Equity | |||
| Restricted Equity | 6 896 | 6 896 | 6 896 |
| Unrestricted Equity | 22 215 | 33 392 | 28 939 |
| Total Shareholders' Equity | 29 111 | 40 288 | 35 835 |
| Provisions | |||
| Provisions for Pensions and Other | 17 | 16 | 17 |
| Total Provisions | 17 | 16 | 17 |
| Long-Term Liabilities | |||
| External Interest-Bearing Loans | 500 | 1 993 | 495 |
| Total Long-Term Liabilities | 500 | 1 993 | 495 |
| Short-Term Liabilities | |||
| External Interest-Bearing Loans | 1 496 | 0 | 1 500 |
| Liabilities to Group Companies | 29 | 7 753 | 76 |
| Other Liabilities | 58 | 46 | 57 |
| Total Short-Term Liabilities | 1 583 | 7 799 | 1 633 |
| TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES | 31 211 | 50 096 | 37 980 |
Kinnevik
Interim Report Q1 2026
Introduction
Net Asset Value
Financial Statements
Other
Distribution by Share Class per 31 March 2026
| Number of Shares | Number of Votes | Par Value (SEKk) | |
|---|---|---|---|
| Class A Shares (10 Votes Each) | 33 752 915 | 337 529 150 | 3 375 |
| Class B Shares (1 Vote Each) | 243 219 749 | 243 219 749 | 24 322 |
| Total Issued and Outstanding Shares | 276 972 664 | 580 748 899 | 27 697 |
| Incentive Shares (1 Vote Each) | |||
| Class C–D Shares LTIP 2021 | 793 046 | 793 046 | 79 |
| Class C–D Shares LTIP 2022 | 1 018 288 | 1 018 288 | 102 |
| Class C–D Shares LTIP 2023 | 1 250 902 | 1 250 902 | 125 |
| Class C–D Shares LTIP 2024 | 1 567 130 | 1 567 130 | 157 |
| Total Issued and Allocated Incentive Shares | 4 629 366 | 4 629 366 | 463 |
| Class B Shares in Custody | 1 | 1 | 0 |
| Total Registered Shares | 281 602 031 | 585 378 266 | 28 160 |
Definitions And Alternative Performance Measures
Kinnevik applies the Esma Guidelines on Alternative Performance Measures ("APM"). An APM is a financial measure of historical or future financial performance, financial position, or cash flows, other than a financial measure defined or specified in the applicable financial reporting framework. For Kinnevik's consolidated accounts, this typically means IFRS Accounting Standards.
APMs are disclosed when they complement performance measures defined by IFRS Accounting Standards. The basis for disclosed APMs is that they are used by management to evaluate the financial performance and therefore believed to give analysts and other stakeholders valuable information. Definitions of all APMs used are found on this page and reconciliations can be found on Kinnevik's corporate website www.kinnevik.com.
Average Remaining Duration
The value-weighted average number of years until all credit facilities including outstanding bonds reaches maturity
Adjusted Net Cash / (Debt)
Net Cash / (Debt), including Divestments and Investments that were committed prior to quarter-end, but that closed after quarter-end
Debt/Equity Ratio
Interest-bearing liabilities including interest-bearing provisions, divided by shareholders' equity
Divestment / (Investment) Commitments
Divestments and Investments that were committed prior to quarter-end, but that closed after quarter-end
Divestments
All divestments in fixed listed and unlisted financial assets
Equity Ratio
Shareholders' equity as a percentage of total assets
Gross Cash
Sum of short-term investments, cash and cash equivalents and other interest-bearing receivables, including unpaid Divestments
Gross Debt
Sum of interest-bearing liabilities including unpaid Investments
Internal Rate of Return ("IRR")
The annual rate of return calculated in quarterly intervals on a SEK basis that renders a zero net present value of fair values at the beginning and end of the respective measurement period, Investments and Divestments during the period, and cash dividends and dividends in kind during the period
Investments
All investments in fixed listed and unlisted financial assets, including loans to portfolio companies
Kinnevik Market Capitalization
Market value of all outstanding shares in Kinnevik at the end of the period
Net Asset Value ("NAV")
Net value of all assets on the balance sheet (equaling shareholders' equity)
Net Asset Value Change
Change in Net Asset Value without adjustment for dividends paid or other transactions with shareholders
Net Asset Value per Share
Net Asset Value attributable to each share based on the number of shares outstanding at the end of the period
Net Cash / (Debt)
Gross Cash less Gross Debt
Net Cash / (Debt) including Net Loans to Investee Companies
Gross Cash and net outstanding receivables relating to portfolio companies, less Gross Debt
Net Cash to Portfolio Value / (Leverage)
Net Cash / (Net Debt), excluding net outstanding receivables relating to portfolio companies, as a percentage of Portfolio Value
Net Investments / (Divestments)
The net of all Investments and Divestments in the period
Net Profit / (Loss) per Share Before and After Dilution
Net profit / (loss) for the period attributable to each share based on the average number of shares outstanding during the period, before and after dilution
Portfolio Value
Total book value of fixed financial assets held at fair value through profit or loss, including divestments and investments that were committed prior to quarter-end, but that closed after quarter-end.
Total Shareholder Return ("TSR")
Annualized total return of the Kinnevik B share on the basis of shareholders reinvesting all cash dividends, dividends in kind, and mandatory share redemption proceeds into the Kinnevik B share, before tax, on each respective ex-dividend date. The value of Kinnevik B shares held at the end of the measurement period is divided by the price of the Kinnevik B share at the beginning of the period, and the resulting total return is then recalculated as an annual rate
Kinnevik
Interim Report Q1 2026
Introduction Net Asset Value Financial Statements Other
OTHER INFORMATION
Kinnevik's Annual General Meeting 2026
The Annual General Meeting of Kinnevik will be held on 5 May 2026. Further details on how and when to register, including the notice, is available in the Governance section on Kinnevik's website.
2026 Financial Calendar
5 May Annual General Meeting
7 July Interim Report for January–June
15 October Interim Report for January–September
This information is information that Kinnevik AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the agency of the contact person set out below, at 08.00 CET on 16 April 2026.
For further information, visit www.kinnevik.com or contact:
Samuel Sjöström
Chief Financial Officer
Email: [email protected]
Mikaela Kramer
Corporate Communications Manager
Phone: +46 (0)70 762 00 50
Email: [email protected]
Kinnevik is an active owner and partner, providing patient capital from our own balance sheet to technology-enabled growth businesses. Our founders are building tomorrow's industry leaders, making everyday life easier and better for people around the world. We invest across all stages of a company's growth journey, focused on creating long-term shareholder value. Kinnevik was founded in 1936 by the Stenbeck, Klingspor, and von Horn families. Kinnevik's shares are listed on Nasdaq Stockholm's list for large cap companies under the ticker codes KINV A and KINV B..
Kinnevik Interim Report Q1 2026