Regulatory press release

Kinnevik’s Interim Report 1 January – 31 March 2023

”In the first quarter, we made headway on our 2023 priorities. We invested significant capital to accrete ownership in Spring Health and Agreena and financed these investments by exiting our remaining shareholding in Teladoc – ending the quarter with a net cash position remaining above SEK 10bn. The market backdrop continued to be volatile, exacerbated by distress in the banking sector, impacting the financial ecosystem our growth companies form part of. The impact on Kinnevik and our investees was limited, but the events serve as an important reminder of the fragility of current markets and the importance of financial resilience in these uncertain times.”

Georgi Ganev, CEO of Kinnevik

Key Events

Led Spring Health’s most recent funding round, stepping up our commitment and increasing our ownership in one of our most high conviction businesses
Participated in Agreena’s funding round, as the company is seeing strong traction and has scaled its activities by 10x since our first investment about a year ago
Exited Teladoc, realizing an IRR exceeding 55% since our first Livongo investment in 2017, releasing an incremental SEK 1.0bn in the quarter
Ranked first in the Venture Capital category in the Honordex Inclusive PE & VC Index for the third year in a row. Additionally, we ranked as the only investor among Equileap’s top companies in Sweden for gender equality, and ranked second globally for our equal parental leave policy

Investment Management Activities

We invested SEK 814m in the quarter, including:
- SEK 523m into Spring Health
- SEK 119m into Agreena
- SEK 104m into Parsley Health
In the quarter, we released SEK 1,020m by exiting our remaining Teladoc investment

Financial Position

NAV of SEK 55.5bn (SEK 198 per share), up SEK 2.6bn or 5% in the quarter
Net cash position of SEK 10.5bn, corresponding to 23% of quarter-end portfolio value

Events After the Quarter

Enveda, a biotechnology company tackling drug discovery through a nature-based approach, was added to our emerging cluster of life sciences investments with a USD 25m investment in April

A conference call will be held today at 10.00 CET to present the results.

Link to the webcast (listen only):

https://edge.media-server.com/mmc/p/gv9ajpf9

Those who wish to ask questions during the conference call are welcome to register via the below link. Participants will receive dial-in numbers and confirmation code upon registration. Please make sure to register and dial in a few minutes before the call begins.

Link to conference call (for participants):

https://register.vevent.com/register/BI4963eecad6f04250908a3d176b44f8b5

For further information, visit www.kinnevik.com or contact:

Torun Litzén, Director Investor Relations
Phone +46 (0)70 762 00 50
Email press@kinnevik.com

Kinnevik’s ambition is to be Europe’s leading listed growth investor. We back the best digital companies for a reimagined everyday and to deliver significant returns. We understand complex and fast-changing consumer behaviours, and have a strong and expanding portfolio in healthcare, software, marketplaces and climate tech. As a long-term investor, we strongly believe that investing in sustainable business models and diverse teams will bring the greatest returns for shareholders. We back our companies at every stage of their journey and invest in Europe and the US. 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.