Årsredovisning 2025

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ANNUAL & 
SUSTAINABILITY 
REPORT 2025

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CONTENTS
About Kinnevik .......................................................................................3
Chairperson Letter .........................................................................................................5
CEO Letter ...........................................................................................................................6
Our Impact and Legacy ..............................................................................................7
Key Events and Performance in 2025 .............................................................10
Our Investments ..................................................................................12
Portfolio Composition................................................................................................13
Our Portfolio Companies .........................................................................................15
Sustainability Statements ...............................................................20
General Information ....................................................................................................21
Governance .....................................................................................................................23
Social ....................................................................................................................................24
Environment ....................................................................................................................26
Other Disclosures and Limited Assurance .................................................28
Board Report ........................................................................................32
Board of Directors Report ......................................................................................33
Corporate Governance Report ...........................................................................36
Board of Directors .......................................................................................................42
Management ...................................................................................................................44
Financial Statements ........................................................................46
Group Financial Statements .................................................................................47
Notes for the Group ..................................................................................................50
Parent Company Financial Statements ........................................................78
Notes for the Parent Company............................................................................81
Auditor's Report ............................................................................................................87
Other ..................................................................................................................................90
Five-year Summary .....................................................................................................91
Definitions and Alternative Performance Measures .............................92
Annual General Meeting ..........................................................................................93
Forward-looking statements
This Annual & Sustainability 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 Annual & Sustainability 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. 
Annual & Sustainability Report 2025

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ABOUT KINNEVIK
Section one
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Kinnevik backs growth companies with generational 
potential by building on its tradition of active and 
long-term ownership.
We are 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, singularly 
focused on creating long-term shareholder 
value.
Kinnevik was founded in 1936 by the Stenbeck, 
Klingspor, and von Horn families, and has 
operated as a business builder and investor 
since then. Our shares are listed on Nasdaq 
Stockholm’s list for large cap companies under 
the ticker codes KINV A and KINV B.
7.6bn 
Adjusted Net Cash Position  
31 Dec 2025 (SEK)
35
Employees in Stockholm,  
London, and Zürich
36bn
Net Asset Value  
31 Dec 2025 (SEK)
AN ACTIVE OWNER  
INVESTING FOR  
GENERATIONS
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Active and accountable ownership is about being 
engaged in supporting the development of our 
portfolio companies. It is also about recognizing 
when we need to shift mindset and challenge 
assumptions, in both our own organization 
and our portfolio companies. A number of you 
inherited Kinnevik shares just as I did, others of 
you bought shares long ago, while some of you 
have invested more recently as I have also done. 
Kinnevik‘s role is to be a responsible steward 
of your capital and to generate attractive and 
sustainable returns on your investment over 
time. As a fellow shareholder and now also your 
Board Chairperson, I regret that this stewardship 
has not been as successful in recent Kinnevik 
history as it should have been.
Kinnevik’s multi-generational DNA has been 
defined by backing businesses that disrupt and 
reshape industries. Through successive waves 
of innovation and technological change, we have 
been early movers. We remain committed to 
backing category-defining, AI-native or enabled 
platforms that are transforming people’s lives.  
Our portfolio has pivoted in recent years away 
from large scale and highly cash generative 
investments towards early-stage growth 
investing. While there have been notable 
successes, and some promising operational 
performance by the investee companies, the 
overall returns have not been in line with the 
Board’s expectations and Kinnevik’s longer 
term track record. Part of this is to do with the 
volatility in public and private market valuations, 
and a lot of it is to do with the price paid, and the 
volume of investments.
The Kinnevik portfolio and our capital allocation 
will be more concentrated moving forward, with a 
greater focus on entry point valuation, on Europe, 
and on later stage growth companies. The team’s 
work with the existing portfolio of 36 companies 
will primarily focus on adding value, rather than 
committing capital, in order to maximize the 
portfolio’s performance and potential. Time and 
attention will also be dedicated to considering 
divestments that would enable us to focus our 
resources where they can generate enhanced 
returns outside the current portfolio. Additionally, 
we will reset our communication with the market 
to ensure that the value of our investments is 
more visible and simpler to understand, and in 
order to rebuild shareholder trust. None of these 
changes can happen overnight, but they are 
clear priorities for Kinnevik.
Our net cash position of SEK 7.6 billion at the 
end of 2025, which is largely the result of the 
divestment of our shareholding in Tele2, forms 
the basis of the financial engine for Kinnevik’s 
future investment strategy. We intend to invest 
these sale proceeds into long term holdings 
and, in the meantime, we are committed to 
increasing the yield on the cash and steering the 
portfolio towards more mature European growth 
companies, which will provide increased stability 
and predictability in the Kinnevik equity story.
Leadership is key in any business, and especially 
when in transition in a fast moving and constantly 
changing environment. In this context, I would 
like to thank Georgi Ganev and the management 
team for their commitment over the past eight 
years. After the completion of its strategic 
review in Q4 2025, the Board concluded that 
new leadership was required. We do not want 
to lose further pace, clarity or focus while the 
search for a permanent new CEO is conducted, 
which is why the Board took the decision in 
March to appoint Board member Rubin Ritter as 
interim CEO for the transition period until the 
new CEO joins. 
Technological change will continue to reshape 
industries and create new opportunities for 
ambitious companies. With a more focused 
portfolio, a strong balance sheet, and a renewed 
emphasis on disciplined capital allocation, 
Kinnevik will move forward into the next phase of 
value creation. Our intent and ambition remain 
the same after 90 years - to partner with great 
people and great companies to build industry-
defining, generational businesses that contribute 
to positive social and economic development.
Cristina Stenbeck 
Chairperson of the Board of Directors
Cristina Stenbeck
Kinnevik‘s role is to be a 
responsible steward of your 
capital and to generate 
attractive and sustainable 
returns on your investment 
over time.
CHAIRPERSON  
LETTER
Dear Fellow Owners,
When I returned to the Board in May last year, I did so because of questions that a number of the largest Kinnevik 
shareholders and I had about Kinnevik’s investment strategy, operating model and financial performance, and 
because of the conviction that ownership must be both active and accountable. This conviction has always 
been the cornerstone of the Kinnevik approach to investing in people, ideas and companies.
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Together with the Board, I share the conviction that Kinnevik has an 
important role to play as a provider of flexible and long-term capital 
that should generate superior and sustainable returns. In order to live 
up to this high bar, we must move faster and with more clarity to 
address the current challenges, and that is what I am determined 
to do.
The transition in recent years to an almost entirely private portfolio of 
early and growth stage ventures, in sometimes emerging and capital 
intensive sectors, has created both opportunities and challenges. 
The search for outliers with extraordinary returns, rather than 
compounders with higher visibility, has increased the risk profile of 
the portfolio. The relative immaturity of the holdings has also created 
a tension with the transparency requirements of a listed company 
that has proven to be difficult to navigate. While several companies 
are performing well and have the potential to become the bedrock 
of Kinnevik’s future, others have required substantial additional 
funding and have underperformed relative to the expectations set by 
sometimes high entry valuations.
Together with the leadership team, my first priority is to evaluate 
our organizational set-up, our capabilities, our cost base, our ways 
of working and our culture, in order to ensure that they match the 
value of our current portfolio and our ambition going forward. In our 
portfolio, we are supporting many great founder teams that aim to 
change the status-quo while carefully managing the resources at 
their disposal, which is only possible with great focus, a sense of 
urgency and a culture of accountability. These are qualities that we 
also need to strengthen within Kinnevik. 
Our second priority is to conduct an unbiased portfolio review, and 
to ensure that we continue to be a reliable and supportive owner, 
while starting down the path towards a more concentrated portfolio. 
Through these initiatives I aim to prepare the ground for the arrival of 
the permanent new CEO. I will work hard to be a good steward for the 
investments that we have made, and for the financial resources that 
we have at our disposal. 
Over the last few days we have already started working on 
these initiatives, and I would like to thank the team for being so 
welcoming and collaborative as I have stepped into this new role.  
Together, we are determined to meet the challenges that the current 
situation presents.  
I am writing to you within days of stepping into the role of interim CEO, and ten months after joining the Board 
of Kinnevik. My relationship with Kinnevik started back in 2010 when I was co-CEO of Zalando and Kinnevik 
was our largest shareholder. The sense of partnership that I have felt with Kinnevik since that time is the 
reason why I agreed to join the Board last year, and why I have now agreed to step into the role of interim CEO 
when asked to do so by the Board. 
CEO LETTER
Dear Shareholders.
Rubin Ritter 
Interim Chief Executive Officer
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We invest in technology-driven companies 
that address meaningful societal challenges
Since our founding in 1936, Kinnevik has built 
and backed businesses that have shaped key 
industries in Sweden and beyond. Our journey 
began with investments in the bedrock of 
Swedish industry, and over the years, we have 
consistently evolved our strategy in step with 
major technological and societal shifts. 
In the 1980s and 1990s, we disrupted highly 
regulated state monopolies in TV and 
telecommunication, improving access to 
information and entertainment for millions of 
consumers and contributing to a more open and 
connected society.
As digital adoption accelerated in the 2000s, 
Kinnevik played a central role in the digitization 
of consumer industries, reshaping online 
commerce and accelerating the transition to a 
digital lifestyle. 
Over the past decade, we have focused on 
building the next generation category leaders in 
healthcare and software. 
By partnering with transformative healthcare 
companies, we have expanded access to quality 
care for millions of people and redefined how 
healthcare services are delivered. Our support 
of AI-powered platforms has helped accelerate 
innovation in drug discovery, which has the 
potential to improve lives globally. We are also 
invested in leading software solutions that 
innovate corporate workflows and disrupt legacy 
systems for thousands of companies and their 
customers and employees.
Drawing on learnings from our portfolio 
companies, and as AI accelerates change across 
industries, we have invested in a select set of 
early AI-native companies. These investments 
not only position us for future growth but also 
help ensure that society continues to benefit 
from new technology and solutions. 
Kinnevik’s role in financing and supporting the 
next generation of growth companies
Innovation-driven, sustainable growth is the 
primary driver of long-term value creation.  
Yet the financing of growth companies is often 
shortsighted and cyclical. As a truly long-
term owner with patient capital, Kinnevik plays 
a vital role by supporting innovation, being 
willing to take risks, and by backing ambitious 
entrepreneurs, all of which are essential to 
driving societal progress.
Today, over half of Kinnevik’s portfolio is invested 
in six leading growth companies - Spring 
Health, Perk, Mews, Pleo, Cityblock, and Oviva. 
These companies are not only driving our value 
creation but also delivering transformative 
benefits across healthcare, technology, and the 
broader society.
Image credit: Enveda
A CONTRIBUTOR  
IN SOCIETY
Our impact
Over 50 million people world-wide  
have access to Spring Health 
50 million  
covered lives
Enveda discovers new drugs  
4x faster and at 1/10th of the cost  
compared to the industry average
4x faster  
drug discovery
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▪ r
We have been building and backing companies for nine decades, underpinning  
our commitment to support the next generation of industry-defining businesses.
Our 90- year legacy
Fagersta Bruks AB became a key part of 
Kinnevik’s industrial holdings in the 1970s. 
Tele2 disrupted Sweden’s state telophony 
monopoly in the 1990s, leveraging 
deregulation to drive down prices and 
open up the market to competition.
In 2018, we made our first  
investment in Perk, a core pillar  
of our software portfolio. 
In 2023, we made our first investment in 
Enveda, a clinical-stage biotech company 
using AI to discover new drug candidates. 
.
In the 2010s, Zalando established itself  
as a pioneer and market leader  
in European e-commerce.
MTG broke Sweden’s state TV monopoly 
in 1987 with the launch of TV3, becoming 
the first major commercial broadcaster in 
the market.
Livongo merged with Teladoc Health in 
2020 in the largest-ever digital health 
transaction at the time.
In 1990, Kinnevik founded Millicom, 
which became a pioneer in mobile phone 
technology globally.

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1 CAGR is short for compound annual growth rate and ARR is short for annual recurring revenue.
These six companies  
make up >50% of our portfolio
Read more about our companies
OUR PORTFOLIO 
COMPANIES
Leading European provider of digital care for 
weight-related and chronic illnesses. 
 
 
Sector:  Health & Bio 
First investment:  2025 
Ownership stake:  13% 
Share of portfolio:  3%
Scale: Supported over 1 million people to date 
New patient intake: Tripled over the past two years 
Profitability: Cash flow profitable in 2025
Hospitality operating system empowering hoteliers 
to maximize revenue and provide superior guest 
experiences. 
 
Sector:  Software 
First investment:  2022 
Ownership stake:  8% 
Share of portfolio:  7% 
Run rate revenues: EUR 330m (Aug ’25)  
Gross profit growth: 55% (from SaaS revenue, full-year ‘25) 
Payments volumes: EUR 17bn (full-year ‘25)
The leading pan-European spend management 
platform, simplifying corporate expense 
management.
Sector:  Software 
First investment:  2018 
Ownership stake:  13% 
Share of portfolio:  7% 
ARR:1 EUR 164m (Q4 ‘25)  
ARR CAGR:1 65% (‘20-25) 
Gross margin: >80% (Q4 ‘25)
Provides employers with mental healthcare for 
employees and their families.  
 
Sector:  Health & Bio 
First investment:  2021 
Ownership stake:  14% 
Share of portfolio:  17%
Revenue target: USD 1bn in the year following the Alma merger 
Revenue CAGR:1 >80% (last three years) 
Profitability: EBITDA profitable in 2025
Integrated travel, expense, and event management 
platform, offering travelers more freedom and 
corporations better control. 
 
Sector:  Software 
First investment:  2018 
Ownership stake:  13% 
Share of portfolio:  14% 
Annualized revenue: USD 360m (Oct '25)  
Revenue growth: 48% (full-year '25) 
Gross margin: 76% (Oct '25)
US tech-driven, value-based care provider 
focused on underserved populations with 
complex care needs.  
 
Sector:  Health & Bio 
First investment:  2020 
Ownership stake:  9% 
Share of portfolio:  5% 
ARR:1 USD 1.5bn (end of ‘25) 
Members: >130,000 in 10 states 
Eligible individuals: 94 million in target markets
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Key events
 ▪ Spring Health, Perk, Mews, Pleo, Cityblock, and Oviva grew revenues by 40 percent on average in 2025 and improved EBITDA margins by 4 percentage points
 ▪ Perk reached annualized revenue of USD 360m, grew revenues of 48 percent, and reached a gross margin of 76 percent in 2025, up from around 40 percent in 2022 driven by 
increasing automation and integration of AI. This follows a USD 200m funding round announced in the beginning of 2025
 ▪ Mews grew SaaS gross profit by 55 percent in 2025 and passed EUR 330m in run-rate revenues in August. The company raised EUR 264m in new growth capital in January 2026
 ▪ Enveda raised USD 150m in September 2025 after strong clinical validation of its AI-powered drug discovery platform. At the end of the year, the company's leading drug candidate 
progressed to the next phase of clinical trials following strong results in earlier trials, and two new drug candidates advanced to the clinic
 ▪ We invested USD 100m in Oviva, a leading profitable European provider of digital care for weight-related and chronic illnesses
 ▪ We selectively added a new generation of AI-native category leaders to the portfolio, such as Strand Therapeutics, Tandem Health, and Nory
 ▪ Kinnevik’s lead shareholder Cristina Stenbeck joined the Board as Chair. Camilla Giesecke, Henrik Lundin, and Rubin Ritter were also elected as new Board members
 ▪ In November 2025, it was announced that Kinnevik’s CEO Georgi Ganev will leave his position, and in March 2026, Kinnevik’s Board member Rubin Ritter was appointed interim CEO
Financial position
 ▪ NAV of SEK 35.9bn (SEK 130 per share), down 3.3bn or 8 percent during the year (up 2 percent in constant currencies)
 ▪ Private portfolio down 12 percent during the year, negatively affected by a decline in comparable public market multiples, adverse currency movements, and write-downs in Climate 
Tech, partly offset by overall robust operational performance in our companies
 ▪ SEK 7.6bn in Adjusted Net Cash at end of 2025
KEY EVENTS
2025 in review
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PERFORMANCE IN 2025 
One-Year Annualized IRR by Sector (dark) 
And since inception (light)
Our portfolio continues to mature, and our larger companies are 
combining stable growth with disciplined margin control. Spring 
Health, Perk, Mews, Pleo, Cityblock, and Oviva grew revenues by 
40 percent on average in 2025 and improved EBITDA margins 
by 4 percentage points.
NAV Development
Total adjusted for other net liabilities, SEKbn 
Total shareholder return 
Annualized with reinvested cash and in-kind distributions
+13%
One year
(16)%
Five years
+1%
Ten years
+11%
Thirty years
Revenue growth
LTM (dark) & NTM expectations (light), value-weighted Q4 ’25,  
excluding pre-revenue businesses
40-50%
Health & Bio
55-60%
Full 
Portfolio
65-75%
Other Large 
Investments
Gross  
Margin
NTM
+40%
+20%
+50%
+30%
+10%
60-70%
Software
>55%
Spring Health, Perk, Mews, 
Pleo, Cityblock, and Oviva
Note:   Q4 ’25 Net Cash adjusted for the unpaid investment in Oviva.
Q4 ’24 Q1 ’25 Q2 ’25 Q3 ’25 Q4 ’25
10.5
1.0
25.6
36.2
9.6
0.9
27.2
36.8
8.6
0.9
28.9
37.5
7.6
0.7
27.5
35.9
10.9
1.1
28.1
39.2
Health & Bio
Software
Climate Tech
Total Portfolio
(12)%
24%
22%
(7)%
(13)%
(32)%
(13)%
■ Private ■ Public ■ Net Cash
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OUR INVESTMENTS
Section two
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SEKm Ownership Fair Value % of Portfolio
Spring Health 14%  4 873 17%
Perk 13%  3 853 14%
Mews 8%  2 059 7%
Pleo 13%  1 869 7%
Betterment 12%  1 696 6%
Cityblock 9%  1 460 5%
Enveda 13%  1 401 5%
Aira 18%  989 4%
Oviva 13%  922 3%
Transcarent 3%  828 3%
Ten Largest 
Assets  19 950 71%
Capital Structure
1 Jan-31 Dec 2025, SEKbn
Portfolio by Sector
Share of value, 31 Dec 2025
Portfolio by Geography
Value-weighted end-market, 31 Dec 2025
Ten Largest Investments
Ranked by fair value, 31 Dec 2025
A PORTFOLIO OF CATEGORY LEADERS  
IN OUR FOCUS SECTORS
Portfolio composition
7.6
-0.9
8.6
10.6
-2.1
Gross  
Cash
Net  
Cash
Gross  
Debt
Adjusted  
Net Cash
Divestment /  
(Investment)  
Commitments
US
54%
Europe 
33%
Nordics 
10%
Other
3%
Health & Bio  
37%
Other  
Investments 
33%
Software
30%
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The rise of AI is a transformative shift for software 
companies; structurally disruptive yet offering 
significant opportunities. By lowering the cost of 
building software, AI is increasing competition, 
putting pressure on pricing, and making it more 
difficult for many companies to sustain growth. 
We believe that building a durable and defensible 
software business in the AI era requires several 
critical elements. Below, we highlight a selection, 
together with examples from our portfolio. 
 ■ Deep workflow integration: Solutions that 
sit at the core of customers' day-to-day 
operations with control of central workflows 
will be highly costly and disruptive to replace
 ■ Proprietary data assets: Companies built on 
proprietary data that compounds with scale 
have a structural advantage, as it is difficult to 
replicate and creates defensibility
 ■ Continuous product innovation: A relentless 
focus on product improvement, customer 
satisfaction, and creating strong return on 
investment for customers is central
Mews is a “mission critical” operating system for 
hotels, using AI to analyze data and insights to 
optimize room rates in real time and anticipate 
returning guests’ needs and expectations. 
Spring Health uses machine learning on an 
expanding proprietary dataset to match patients 
with the right care provider faster and more 
accurately. This means less wasted therapy, 
fewer dropouts and better use of provider time, 
resulting in stronger health outcomes. 
Perk uses AI to automate frustrating non-core 
tasks for companies, including travel booking, 
expense filing, and team event coordination. 
Through the company's product-led growth 
model, user experience and automation drive 
adoption and expansion within organizations.
In addition to supporting innovation within our 
existing portfolio, we have selectively added 
a group of younger AI-native companies to 
the portfolio in 2025: Strand Therapeutics, a 
clinical-stage biotechnology company, Tandem 
Health, the leading medical scribe in Europe, and 
Nory, an operating system for restaurants.
Innovation and technological advancement are the engines of growth and 
long-term value creation, and AI represents the most significant tech-driven  
shift of our time. While the impact on individual markets, business models, and 
society at large continues to take shape, we are confident in the positioning 
of our portfolio companies to benefit from this transition. 
AI IS AN ACCELERATING 
FORCE ACROSS OUR 
PORTFOLIO
Artificial intelligence
Tandem Health is the leading medical scribe in Europe,.
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Business overview
Spring Health is a digital mental health service 
offering self-help tools, coaching, therapy, and 
medication. Spring Health uses AI and data 
driven analysis to match each person to care 
that fits their needs, helping them feel better 
faster.
Patients access Spring Health’s services via their 
employers or via health insurance, who pay a 
recurring fee for being able to offer Spring Health’s 
services as part of their healthcare package, as 
well as a fee per appointment. By connecting 
individuals to the right care early, Spring Health 
helps reduce overall healthcare costs and deliver 
a strong return on its customers' investment. 
For every dollar spent, employers using Spring 
Health achieve an average return of USD 1.90, net 
of all program fees.
At the end of 2025, Spring Health announced 
the acquisition of Alma, a platform service that 
handles the insurance and business side of 
running a mental health practice.
Kinnevik’s view
We believe Spring Health has built a 
differentiated platform to address mental 
health issues, which is a serious, large and 
growing condition. While AI agents can create 
mental health chatbots, serving patients safely 
at scale requires capabilities that are difficult 
to replicate, including a large clinician network, 
strong clinical oversight, regulatory expertise 
and extensive proprietary patient data. We see 
AI as a meaningful accelerant for Spring Health, 
enabling the company to scale care, improve 
matching and support patients between clinical 
interactions.
With strong organic growth and expected 
revenues of around USD 1bn in the year following 
the Alma acquisition, while remaining EBITDA 
profitable, we believe Spring Health is well 
positioned to further strengthen its leadership in 
tech-enabled mental healthcare.
Looking ten years ahead, Spring Health has 
the potential to become the leading global 
infrastructure for behavioral healthcare.
OUR PORTFOLIO COMPANIES
Provides employers with mental healthcare for 
employees and their families.
Kinnevik’s ownership 14%
Fair value of Kinnevik’s investment SEK 4.9bn
April Koh, Co-founder & CEO 
Dr. Adam Chekroud, Co-founder & President
USD 1bn
Combined revenue target in the year following 
completion of the Alma acquisition
>80%
Revenue CAGR over the past three years
>50 million
Covered lives
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Business overview
Perk is a business travel and spend management 
platform that provides its corporate customers 
with full visibility and control over costs through 
a centralized software platform. While employees 
can seamlessly book travel via an intuitive 
interface, the platform’s core value lies in the 
control layer. Through deep integration with 
company systems, Perk enables organizations 
to govern and optimize spend through policy 
enforcement, duty-of-care monitoring, 
centralized invoicing, fraud prevention, and more.
Revenue is generated through commissions paid 
by airlines, hotels, and other travel providers, and 
through subscription fees paid by corporations. 
Perk also charges for premium services such as 
flexible cancellation and advanced travel policy 
compliance tools. 
Kinnevik’s view
Perk operates in a large, still largely underserved 
market, underscoring the opportunity ahead. 
Corporate travel and expense is typically the 
second-largest controllable cost for businesses 
after payroll, yet most companies onboarding 
Perk today do so without any existing solution 
in place.
Over our eight years as investors, the team 
has consistently demonstrated their ability 
to efficiently acquire and retain corporate 
customers, resulting in attractive unit economics. 
At the same time, Perk has leveraged AI to 
materially expand gross margins from around 
40 percent in 2022 to well above 70 percent 
today, effectively reshaping expectations for the 
financial profile of a travel management business.
The company has helped redefine corporate 
travel by introducing a consumer-grade 
experience to a space long reliant on legacy 
infrastructure. As the market continues to 
evolve toward agentic booking experiences, Perk 
remains clear-eyed about the need to adapt to 
new forms of booking. 
We believe the company is well positioned to 
continue setting the industry standard, while 
providing customers with full control, high-
quality customer support, and operational 
reliability. These are mission-critical capabilities 
that are not easily replaced.
Avi Meir, Co-founder & CEO
Integrated travel, expense, and event 
management platform, offering travellers more 
freedom and corporations better control.
Kinnevik’s ownership 13%
Fair value of Kinnevik’s investment SEK 3.9bn
>USD 360m
Annualized revenue per October 2025
48%
Revenue growth in 2025
76%
Gross margin per October 2025
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Business overview
Mews provides an operating system for hotels 
that offers an end-to-end solution including 
pricing, bookings, payments, housekeeping, 
staffing, and event management. By handling all 
the operational complexity, Mews helps hotels to 
increase their profitability, operate smarter and 
scale without friction.
Mews generates revenue through recurring 
software subscription fees and by charging 
a fee on payments processed through its 
platform. Hotels can also purchase additional 
features, such as advanced analytics tools and 
integrations with third-party systems, which 
provide further revenue streams.
Kinnevik’s view
We believe Mews is a strong example of a 
successful vertical software business, and we 
have continued to increase our ownership as 
the company has consistently delivered on its 
strategy. Its mission-critical role as the operating 
system for hotels creates a strong moat, resulting 
in very low churn.
Mews continues to invest in accelerating agentic 
AI that can understand hotel context, reason 
across systems, and take action across revenue, 
operations, and guest experience. It is enabling 
the company to move from a system of record to 
a system of action that can turn static hotel data 
into actionable insights. 
Mews is intentionally expanding across three 
axes simultaneously, adding new geographies, 
moving upmarket and serving larger hotel chains, 
and continuing to layer new products onto the 
core platform. We believe that the above, paired 
with a large global market, positions Mews well 
to continue strengthening its position as the 
leading operating system for hospitality.
Hospitality operating system, empowering 
hoteliers to make better decisions and drive 
stronger performance.
Kinnevik’s ownership 8%
Fair value of Kinnevik’s investment SEK 2.1bn
Matt Welle, CEO 
Richard Valtr, Founder
>EUR 330m
Run-rate revenues per August 2025
55%
SaaS gross profit growth in 2025
15,000
Customers across 85 countries, per Q4’25
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Business overview
Pleo is a spend management platform that 
helps companies manage employee expenses 
and reimbursements, company cards, invoices, 
and subscriptions in one integrated system. By 
automating expense reporting and giving real-
time visibility into company spending, Pleo 
helps finance teams save time, stay in control, 
and make smarter financial decisions.
Pleo generates revenue through recurring 
software subscription fees, typically priced per 
user or per company. It also earns revenue from 
spend that flows through customers’ cards. 
Pleo has a high share of recurring revenues and 
as companies increase their usage, average 
revenue per account also increases over time.
Kinnevik’s view
We believe Pleo holds a valuable position at the 
center of its customers’ financial operations. 
The company is deeply entrenched in core 
financial workflows and captures rich, high-
frequency spend data. This central role not 
only drives strong product stickiness, but also 
enables Pleo to continuously expand its value 
proposition and monetization opportunities 
over time.
Looking ahead, Pleo is expanding its customer 
base while deepening its product offering. The 
recent expansion into adjacent areas such as 
cash and treasury management increases its 
relevance within the finance stack, while Pleo 
Embedded opens up a new avenue for growth 
by enabling businesses to build their own 
spend and cash management solutions on top 
of Pleo’s infrastructure. 
The company also continues to invest in AI 
to drive increased operational leverage and 
enhance the customer experience.
The leading pan-European spend manage-
ment platform, simplifying corporate expense 
management.
Kinnevik’s ownership 13%
Fair value of Kinnevik’s investment SEK 1.9bn
EUR 164m
Annualized recurring revenue, Q4 ’25
>80%
Gross margin, Q4 ’25
Business overview
Cityblock is a healthcare provider focused 
on underserved and low-income populations 
in the US. They deliver integrated primary 
care, behavioral health care, and social 
support to patients with complex needs, both 
virtually and in their communities. Cityblock 
operates a value-based care model, meaning 
the company is paid to improve patients’ 
health and makes profits based on patients’ 
healthcare outcomes.
Cityblock partners with national and regional 
health insurers and health systems, receiving a 
fixed monthly payment per member to manage 
their care. If it successfully improves outcomes 
and reduces overall medical costs by 
preventing expensive interventions, Cityblock 
shares in the cost savings.
Kinnevik’s view
Cityblock addresses a large and growing 
healthcare need in the US through its 
accessible, scalable, and community-based 
care model. With a vast and growing market of 
over 94 million eligible beneficiaries, we believe 
value-based care represents the future of 
American healthcare. 
AI presents an operational leverage opportunity 
for Cityblock, particularly in addressing the 
structural constraints in its industry such as 
provider shortages, administrative burden, 
and care coordination gaps. Cityblock 
is already deploying AI-powered clinical 
productivity tools that automate eligibility 
checks, documentation, and care coordination, 
freeing providers to focus on direct patient 
engagement.
With strong leadership, expanding partnerships, 
and increasing use of technology and AI to 
enhance care delivery, the company has the 
potential to capture a meaningful share of 
government-funded healthcare spending over 
time.
US tech-driven, value-based care provider 
focused on underserved populations with 
complex care needs.
Kinnevik’s ownership 9%
Fair value of Kinnevik’s investment SEK 1.5bn
>USD 1.5bn
Annual recurring revenue, end of ’25, USD
>130,000
Members across more than 10 US states
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Business overview
Enveda is building an AI-powered platform to 
discover new drugs. The company has shown it 
can identify new drug candidates 4x faster and 
at 1/10th the cost of traditional pharma. Today, 
Enveda has three drug candidates in clinical 
trials.
Enveda’s drug candidates can be developed 
and commercialized independently or in 
partnership with large pharma companies. 
Partnerships typically involve an upfront 
payment to Enveda, along with a share of future 
revenues or profits if the drug is successfully 
brought to market.
Kinnevik’s view
While many successful drugs originally came 
from nature (like penicillin and morphine), 
the field slowed down because the process 
was extremely difficult and inefficient. 
Enveda is transforming drug discovery by 
unlocking the vast chemical diversity found 
in nature through its AI-driven discovery 
platform. By combining mass spectrometry, 
machine learning, and advanced robotics, 
the company can decode complex natural 
chemistry and identify novel drug candidates 
from a previously unexplored chemical space.
In just five years, Enveda has built a strong 
pipeline with multiple development candidates 
progressing toward clinical milestones in 
areas such as eczema, asthma, obesity, and 
metabolic diseases. The three clinical-stage 
drug candidates together represent more 
than USD 20bn in potential annual sales, and 
Enveda’s platform continues to generate 
additional new candidates.
Business overview
Oviva is a digital healthcare provider focused 
on weight management and chronic conditions 
such as hypertension and type 2 diabetes. 
It delivers clinically validated programs 
combining nutrition, behavioral therapy, and, 
where appropriate, pharmacological treatment. 
Services are prescribed by physicians and 
delivered remotely through Oviva’s proprietary 
platform.
Oviva’s services are offered free-of-charge 
to eligible patients in Germany, the UK, and 
Switzerland. The public healthcare systems 
fully fund the treatment, compensating Oviva 
for delivering measurable health results.
Kinnevik’s view
Oviva addresses a large and growing healthcare 
need in Europe, where more than 200 million 
adults live with obesity and related chronic 
conditions. The company has supported more 
than one million patients to date, tripled new 
patient intake over the past two years, and 
reached cash-flow profitability in 2025.
We believe Oviva is well positioned to become 
a European leader in AI-enabled virtual care. 
While recent technological advancements are 
accelerating innovation across the obesity 
care landscape, Oviva already operates at 
scale with advanced AI-driven initiatives 
embedded in its model. Combined with strong 
clinical outcomes, established reimbursement 
relationships, and a robust regulatory position, 
this creates a differentiated and defensible 
platform for long-term growth.
Clinical-stage biotech company using AI 
to discover novel drug candidates in living 
systems.
Kinnevik’s ownership 13%
Fair value of Kinnevik’s investment SEK 1.4bn
4x
Uncovers novel therapeutics 4x faster and at 1/10th  
of the cost compared to the industry average
3 assets
In five years, Enveda's platform has generated  
three assets in the clinic, nine assets in IND- 
enabling studies, and over 20 development 
candidates
Leading European provider of digital care for 
weight-related and chronic illnesses.
Kinnevik’s ownership 13%
Fair value of Kinnevik’s investment SEK 922m
>1 million
People supported by Oviva to date
3x
New patient intake has tripled in the  
last two years
Profitable
Cash flow and EBITDA in 2025
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SUSTAINABILITY  
STATEMENTS
Section three
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GENERAL INFORMATION
Boundaries of reporting 
Kinnevik’s Sustainability Report is published 
annually and is integrated into the Annual 
Report. The Sustainability Report 2025 refers 
to the period 1 January to 31 December 2025 
and was published on Kinnevik’s website on 1 
April 2026. The reporting covers Kinnevik AB 
(publ), Kinnevik Capital Ltd, and Förvaltnings AB 
Eris&Co. The report has been subject to limited 
assurance by KPMG. Contact point for questions 
regarding the report is Mikaela Kramer, Kinnevik’s 
Communications Manager, +46 70 762 00 21.
Our strategy involves being a leading, board-
represented, shareholder in our companies with 
a sizable minority shareholding. This means 
we can exercise influence over our companies, 
mainly through Board representation, but we have 
no direct control over and do not consolidate 
them. The topics identified as material for our 
investee companies are on group parent level. 
The focus of this report is on the sustainability 
performance, structures, and initiatives of 
Kinnevik’s own operations. Additional information 
on the portfolio companies is provided on an 
aggregated level.
The portfolio-level KPIs outlined on page 28 are a 
quantitative representation of the sustainability 
performance in our ten largest portfolio 
companies. The KPIs do not cover the full extent 
of Kinnevik’s or our portfolio companies’ efforts. 
Global frameworks 
Kinnevik is a signatory of the UN Global 
Compact. This Sustainability Report serves as 
Kinnevik’s annual Communication on Progress 
to the UN Global Compact, containing our 
implementation of its principles on human 
rights, labor, environment, and anti-corruption. 
Kinnevik also recognizes the special importance 
of international standards on responsible 
business conduct, such as the OECD Guidelines 
for Multinational Enterprises and the UN Guiding 
Principles on Business and Human Rights. 
Kinnevik has evaluated the UN’s 2030 Agenda 
for Sustainable Development and its Sustainable 
Development Goals and identified those which 
we can most significantly contribute to.
Kinnevik’s Sustainability Report 2025 is prepared 
in accordance with the Global Reporting Initiative 
(”GRI”) Standards 2021. The GRI index is available 
on our website. 
Kinnevik are official supporters and have 
implemented the recommendations of the Task 
Force on Climate-related Financial Disclosures 
(TCFD), the most recent report is available on 
our website.  
Kinnevik is not currently in scope for mandatory 
reporting under the CSRD (EU Corporate 
Sustainability Reporting Directive) nor the EU 
taxonomy. While the sustainability information 
disclosed in this report takes inspiration from 
the ESRS (European Sustainability Reporting 
Standards), the report is not prepared in 
accordance with the CSRD. However, we have 
conducted a double materiality assessment in 
compliance with the ESRS, read more on the next 
page. 
Image credit: Pleo
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DOUBLE MATERIALITY 
ASSESSMENT
While Kinnevik is not currently in scope for mandatory reporting under the 
CSRD, we have conducted a double materiality assessment (“DMA”) using 
the guidance from EFRAG. The results of the DMA have been reviewed and 
verified by the Audit & Sustainability Committee.
Kinnevik's  
material topics
Impact  
materiality
Financial 
materiality
Materiality  
level
Governance
Protection of Whistleblowers Portfolio
Political Engagement and Lobbying Activities Kinnevik & Portfolio
Corporate Culture Kinnevik & Portfolio
Cyber Security Kinnevik & Portfolio
Corruption and Bribery Kinnevik
Active Ownership Kinnevik & Portfolio
Transparency - Kinnevik
Social
Working Conditions (Own Workforce) Kinnevik
Equal Treatment and Opportunities for all (Own Workforce) Kinnevik
Information-related impacts for consumers and/or end users Portfolio
Social Inclusion of Consumers and End Users Portfolio
Equal Treatment and Opportunities for All (Workers in the Value Chain) Portfolio
Other Work-Related Rights (Workers in the Value Chain) Kinnevik & Portfolio
Environment
Waste - Portfolio
Climate Change Mitigation - Kinnevik & Portfolio
Resource Inflows, including Resource Use Portfolio
Energy Portfolio
Scope
The DMA comprises both Kinnevik’s own 
operations and our investments. While Kinnevik 
does not consolidate portfolio companies, we 
have included the companies in our DMA to 
increase its relevance, equating the portfolio to a 
downstream value chain. We have taken a sector 
approach reflecting our investment strategy, as 
opposed to assessing each portfolio company 
individually, and based our assessment on 
Kinnevik’s economic exposure to different topics 
through the fair value of our investments. 
Process
We started by identifying all potentially material 
ESRS topics on both Kinnevik and sector levels. 
All topics were scored to assess impact and 
financial materiality. The assessment resulted in 
17 topics material for Kinnevik’s own operations, 
our portfolio, or both. Three are entity-specific 
and not pre-defined in the ESRS: active 
ownership, cyber security, and transparency.
Implications
The DMA has been discussed with our auditors 
and advisors, concluding that the resulting 
material topics align relatively well with our 
current reporting on a Kinnevik level. Further, the 
sector-level disclosures are mostly qualitative 
and relate to Kinnevik’s role as active owners - 
supporting our portfolio companies to mitigate 
risks and capture opportunities related to their 
material sustainability topics. 
As input for a small number of quantitative 
sector-related disclosures, we have collected 
data through a questionnaire sent to the ten 
largest portfolio companies, representing 71 
percent of our portfolio value per 31 December 
2025. An extract of the aggregated data is 
presented on page 28.
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CORPORATE GOVERNANCE 
STRUCTURES
Corporate governance at Kinnevik 
The basis for corporate governance at Kinnevik 
is Swedish legislation, Nasdaq Stockholm’s 
Rule Book for Issuers, and regulations and 
recommendations issued by relevant self-
regulatory bodies. Kinnevik also follows the 
Swedish Corporate Governance Code.
Kinnevik’s Board of Directors is responsible for 
overall strategy, including how sustainability 
is integrated in our value creation model, and 
is well informed about Kinnevik’s policies and 
procedures. Further, the Board is specifically 
responsible for identifying sustainability risks 
and opportunities, including those related to 
climate change, that may impact Kinnevik, 
our portfolio and strategy, and for defining 
appropriate guidelines to govern Kinnevik’s 
conduct in society. This is embedded in the work 
and delegation procedures of the Board. 
To assist the Board in fulfilling its responsibilities, 
it has appointed an Audit & Sustainability (“A&S”) 
Committee and a People & Remuneration 
(“P&R”) Committee, both of which constitute 
a subset of the Board. The A&S Committee 
assists the Board in monitoring the governance 
structures of Kinnevik’s investee companies, 
Kinnevik’s risk management process, and 
compliance with laws, regulations, and codes 
of conduct. The P&R Committee’s assignments 
include salaries, pension terms and conditions, 
incentive programs, and other conditions of 
employment at Kinnevik, as well as diversity, 
equity, & inclusion.
Kinnevik has a dedicated sustainability team to 
drive the implementation of our sustainability 
strategy. Together with the investment team, 
they are responsible for driving sustainability 
initiatives across our portfolio companies. The 
sustainability team regularly reports on progress 
and target fulfillment to Kinnevik’s management 
team, the A&S Committee, and the Board. An 
overview of Kinnevik’s risk management process 
is available on page 39. More information about 
Kinnevik’s governance bodies and their work is 
available in the Corporate Governance Report, 
starting on page 36.
Governance in the portfolio 
Kinnevik exerts influence over our companies 
through board representation and our active 
ownership model, with multiple touchpoints 
across people & HR, legal, finance, M&A, and 
sustainability. Some of our portfolio companies 
are in the early stages of development, and 
establishing sound governance and business 
conduct structures is fundamental to their long-
term success.
During 2025, we have focused on supporting 
companies preparing for CSRD reporting and 
advised them on establishing governance 
structures, including best practice risk 
management processes and whistleblowing 
reporting. We have also continued to engage 
with our companies to include sustainability on 
the Board agenda and to set the right tone at the 
top.
Key policies
Kinnevik’s key governance policies are available 
on our website. These are subject to a yearly 
review and are approved yearly by the Board. All 
employees, representatives of Kinnevik, and third 
parties engaged with Kinnevik are expected to 
fully comply with our governance policies. New 
employees are introduced to the policies as part 
of onboarding. Kinnevik conducts mandatory 
annual Code of Conduct training, including anti-
corruption and anti-bribery, for all employees. 
All managers are responsible for ensuring that 
their team members complete the annual Code 
of Conduct training and attend any additional 
compliance and policy-related trainings. 
Kinnevik only accepts 100 percent participation 
and completion. The Code of Conduct is 
shared with all relevant suppliers whereby their 
obligation to comply with the policy is clarified. 
Taking a risk-based approach, given that most of 
Kinnevik’s direct suppliers are large professional 
services firms such as audit and law firms, we 
do not perform further supply chain compliance 
activities.
Kinnevik expects all employees, as well as any 
relevant third parties, to come forward and voice 
serious concerns about any aspect of Kinnevik’s 
work, including the areas of human rights, 
labor, environment, anti-corruption, and anti-
discrimination. Kinnevik’s whistleblowing service 
is managed by the external party WhistleB. All 
reports received via the external service are 
handled confidentially by the Chairman of the 
A&S Committee, if needed with the assistance 
of Kinnevik’s Corporate Secretary. The Chairman 
of the A&S Committee promptly assesses 
if an investigation should be initiated upon 
receiving a report and is in such cases allowed 
to involve relevant Senior Executives and/or 
external advisors to ensure independence and 
objectivity. In 2025, Kinnevik did not receive 
any whistleblower reports, and no substantial 
incidents were reported to the company through 
any other means of communication. No actions 
have been taken in relation to any corruption or 
bribery-related incidents in 2025.
Kinnevik’s policies, processes, and rules relating to 
diversity, equity, & inclusion as well as employee 
well-being, health & safety, and benefits, 
including related management of impacts on 
our own workforce, are outlined in Kinnevik’s 
corporate policies. These include the Employee 
Handbook, the Talent Management Instructions 
and the Work Environment Handbook and apply 
to all Kinnevik employees. A summary of the key 
aspects related to diversity, equity, & inclusion is 
available on our website. 
Governance
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Diversity, equity, & inclusion targets and performance
Kinnevik’s greatest asset is and has always been our people - in 
our own organization and in our portfolio. Attracting and retaining 
top talent is a key to long-term value creation. And we make full 
use of the opportunities that arise from employing teams with 
different profiles, backgrounds, and perspectives.
1. Female representation
Target: Achieve an average share of women in portfolio company 
boards and management teams of 40%.
Outcome: The share of women in portfolio company boards was 
29 percent per end of 2025 (25 percent 2024) and in portfolio 
management teams 36 percent (37 percent).
 2. Follow-on investments 
Target: Only make follow-on investments in companies that are 
making sufficient progress in relation to diversity and inclusion.
Outcome: All potential follow-on investments are evaluated 
on diversity, equity, & inclusion (“DEI”) performance and are 
conditional upon satisfactory progress. During 2025, 96 percent 
of our portfolio companies made progress on their respective DEI 
ambitions and gaps (97 percent 2024).
3. Portfolio strategy
Target: Ensure 100 percent of portfolio companies have a DEI 
strategy in place, including measurable targets and regular internal 
tracking of progress.
Outcome: At the end of 2025, 96 percent of our portfolio 
companies had a DEI strategy in place (94 percent 2024).  
Enabling our portfolio’s growth
In 2025, we continued to support our portfolio companies in 
building high-performing, future-ready organizations through 
active ownership and hands-on advisory, actively embedding 
Diversity, Equity, & Inclusion (DEI). With a business-integrated 
approach to DEI we support with initiatives designed to strengthen 
leadership capabilities, decision-making, and long-term value 
creation by unlocking the full potential of high-performing and 
diverse teams.
Through our active ownership model, we work closely with portfolio 
company leadership teams and boards on inclusive leadership 
practices, reducing biases in people processes, and building 
organizational structures that enable successful execution and 
support sustainable growth. Our support includes:
 ▪ Strengthening management teams and Boards through a 
deliberate focus on diversity and skills composition.
 ▪ Conducting needs assessments and organizational and team 
design reviews to ensure the right capabilities and structures 
are in place for the development phase that the company is 
operating in.
 ▪ Enabling bias-aware and merit-based recruitment by providing 
structured recruitment processes and supporting targeted 
executive and specialist candidate searches.
 ▪ Delivering tailored advisory sessions, workshops, and peer-
learning forums, helping leadership teams translate DEI 
ambitions into concrete, value-driving actions.
 ▪ Guiding companies in the development of clear DEI and 
inclusive leadership action plans, including the definition of 
measurable objectives, KPIs, and follow-up mechanisms.
Note: Target fulfillment does not include new companies which Kinnevik invested in during 
2025, companies that do not carry a financial value in Kinnevik’s NAV per 31 December 2025, 
nor companies we do not engage with on these topics due to limited influence.
DIVERSITY, EQUITY, AND 
INCLUSION
Social
Average share of women  
in portfolio companies' boards
29%
Average share of women in portfolio 
companies' management teams
36%
All portfolio companies are given access to Kinnevik’s DEI and 
People & Culture Toolkit, which provide practical frameworks, 
tools, templates, case studies, and relevant research to support 
implementation. This is complemented by Kinnevik’s internal 
resources and DEI expertise as well as providing access to our 
curated network of external partners, enabling companies to scale 
initiatives efficiently and access tailored expertise when needed.
Through this active and structured ownership approach, Kinnevik 
supports its companies in building inclusive, high-performing 
organizations with leadership teams equipped to attract, develop, 
and retain diverse talent.
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Per year-end 2025, Kinnevik’s organization 
comprised 45 employees (48 FTEs for the full 
year 2025). Excluding employees on notice 
period and a wholly owned subsidiary which 
manages Kinnevik’s Stockholm office building, 
Kinnevik employed 35 people per year-end. 
All employees but two were on permanent 
contracts at year-end. 
We conduct quarterly surveys of Kinnevik 
employees’ well-being, health, satisfaction, and 
engagement. The 2025 surveys had an average 
response rate of 76 percent, and the results did 
not indicate any significant issues with regards to 
equal opportunities or physical work environment 
or mental health. Kinnevik received an average 
eNPS score of 27 (28) when employees were 
asked if they would recommend Kinnevik as an 
employer to a friend (scale of -100 to +100, where 
a score above +30 is considered excellent). 
Kinnevik is committed to promoting a safe and 
healthy work environment for all employees 
across physical, organizational and social aspects 
to prevent risk of occupational injuries and to 
maintain good health. As stated in Kinnevik’s Work 
Environment Handbook, if an employee is involved 
in an incident, accident, or any other situation of 
ill-health they should immediately inform their 
manager. During 2025, Kinnevik did not report 
any incidents to the Swedish Work Environment 
Authority (Swe: Arbetsmiljöverket). The level of 
sick leave was 7 percent.
Employee age distribution (31 Dec 2025, headcount)
Age 20-29 30-39 40-49 50+
Women 2 14 6 4
Men 5 9 7 -
Board of Directors age distribution (31 Dec 2025, headcount) 
Age 20-29 30-39 40-49 50+ 60+
Women - - 3 - -
Men - - 1 1 2
New employee hires in 2025, headcount
Age 20-29 30-39 40-49 50+ Total Rate
Stockholm
Women - 1 - - 1 2.1%
Men 3 - - - 3 6.3%
London
Women 1 - - - 1 2.1%
Men - - - - - -
Total 4 1 - - 5 10.5%
Turnover in 2025, headcount
Age 20-29 30-39 40-49 50+ Total Rate
Stockholm
Women 2 - 2 - 4 8.4%
Men - 1 2 1 4 8.4%
London
Women - 1 - - 1 2.1%
Men - 2 - - 2 4.2%
Total 2 4 4 1 11 23.2%
31 Dec 2025 (headcount)
Kinnevik organizational unit Total employees Share of Women
All employees 45 60%
Employees in core operations1 35 63%
Management team 6 50%
Investment team 12 58%
Corporate team 27 67%
Real estate company 6 33%
Stockholm 31 61%
London 14 57%
Board of Directors 7 43%
1 Excluding employees on notice period and a wholly owned subsidiary which manages Kinnevik’s Stockholm office building. Note: The new hire and turnover rates are calculated in relation to the number of FTEs in 2025 (47.5).
OWN WORKFORCE
Social
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Climate targets and performance
Kinnevik has two climate targets to reduce 
greenhouse gas (”GHG”) emissions and to align 
our portfolio and organization with a low-carbon 
economy:
 ▪ Reduce greenhouse gas emission intensity in 
Kinnevik’s portfolio by 50 percent by 2030, 
with 2020 as base year (scope 3 category 15 
Investments)
 ▪ Reduce greenhouse gas emissions from 
Kinnevik’s operations by 50 percent by 2030 and 
by 90 percent by 2050, with 2019 as base year 
(scope 1-3 excluding category 15 Investments) 
Emissions from Kinnevik’s operations were 532 
tCO2e in 2019 and 450 in 2025, a decrease of 16 
percent. The fulfillment of the portfolio target for 
2025 will be published in our Climate Progress 
Report in June 2026 (last year’s report is available 
on our website. 
69 percent of Kinnevik’s 2025 emissions excluding 
the portfolio were related to business travel. We 
believe being physically present is an important 
part of our active ownership model and that the 
benefits of driving our sustainability agenda on site 
need to be balanced against the negative impact 
of business travel. Our ambition is not to stop 
travelling, but to increase travel efficiency.
Kinnevik are official supporters and have 
implemented the recommendations of the Task 
Force on Climate-related Financial Disclosures 
(TCFD). The most recent report is available on our 
website.
Kinnevik’s own emissions (scope 1-3 
excluding category 15 Investments)
Our GHG disclosure is carried out in accordance 
with the GHG Protocol Corporate Accounting and 
Reporting Standard. We have not included any 
carbon credits in our GHG calculations throughout 
the value chain, and Kinnevik does not use any 
internal carbon pricing schemes. Since 2020, we 
have increased the scope of reporting for several 
categories and restated the historical data as 
needed. 
Climate calculations are made using an operational 
approach, and scope 2 calculations are made 
using a market-based method. Using a location-
based method, Kinnevik’s own emissions for 2025 
were 458 tCO2e.
Kinnevik’s disclosure of own emissions is subject to 
a limited assurance review, see page 31. Kinnevik’s 
total energy consumption in 2025, excluding the 
portfolio, was ca 175,000 kWh.
Kinnevik’s GHG emissions (tonnes CO2e) 2021 2022 2023 2024 2025
Scope 1 - Total 5.3 7.7 4.4 7.1 10.7
Company-operated vehicles 5.3 7.7 4.4 7.1 10.7
Scope 2 - Total 5.5 3.2 4.8 0.1 0.1
Energy 5.5 3.2 4.8 0.1 0.1
Scope 3 - Total 109.4 386.1 353.5 410.7 439.0
Company-operated vehicles 2.0 2.4 1.3 1.7 2.6
Energy 1.3 0.8 4.2 6.7 5.1
Purchased goods and services 23.2 53.7 71.9 119.9 117.3
Business travel 82.9 318.6 270.7 280.0 311.2
Employee commuting 0.0 4.0 4.6 2.4 2.8
Upstream & downstream leased assets 0.0 6.7 0.8 0.0 0.0
Total 120.2 397.0 362.7 417.9 449.9
Per FTE 3.0 8.8 7.9 8.9 9.4
Per square meter office space 0.2 0.3 0.3 0.3 0.4
OUR CLIMATE AMBITIONS, TARGETS,  
AND GREENHOUSE GAS EMISSIONS
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Area 2020-2025 2026-2030
Targets and transparency  ▪ Set climate targets for Kinnevik’s operations and portfolio companies, and initiated CDP disclosure (2020)
 ▪ Published inaugural TCFD report (2020) with yearly updates. A third RCP scenario was added to the scenario analysis in 2024
 ▪ Issued a sustainability-linked bond (2021) 
 ▪ Published inaugural annual Climate Progress Report (2022)
 ▪ Quantified financial impact of climate-related risks and assessed biodiversity impacts and dependencies 
 ▪ Continue driving fulfillment of climate targets and  review 
outcomes
 ▪ In 2030, we will set new targets and a pathway to 2040
Portfolio  ▪ Rolled out portfolio climate strategy and introduced sustainability dashboards for all companies (2020)
 ▪ Supported relevant portfolio companies in CSRD compliance by i.a. participating in validation discussions on materiality assessments (2024-25) 
 ▪ Developed a new set of Sustainability Standards including portfolio questionnaire based on the DMA (2025) 
 ▪ Supported several companies, as a sounding board and financially, to compile a GHG inventory, set climate targets, and develop a climate 
roadmap (all years)
 ▪ Continue supporting our companies to maximize and 
crystallize their positive climate impact
 ▪ Increasing number of companies measuring emissions    and 
setting climate targets
Own operations  ▪ Review of emissions in own operations (2022)
 ▪ Review of air travel emissions to facilitate more informed travel choices (2022)
 ▪ More climate-conscious policies for company cars and travel (2022)
 ▪ Restating internal GHG emissions to align with updated scope of reporting (all years)
 ▪ Continue to follow up and review own emissions and 
emissions from air travel
 ▪ Continue improving GHG inventory scope and metho-
dology 
Climate contribution  ▪ Purchased ca 5,000 tCO2e in carbon removals from a combination of Climeworks, The Carbon Lockdown Project, Frontier’s offtake portfolio and 
from our portfolio companies Agreena and Charm Industrial (2020-2024)
 ▪ Climate contributions have been discontinued as we focus 
resources on supporting our portfolio companies' bespoke 
climate efforts
Key performance indicators 2020 2021 2022 2023 2024 2025
Number of companies measuring GHG emissions1 19% 23% 24% 29% 28% 22%
Number of companies that have set GHG targets1 12% 14% 16% 18% 13% 11%
Change in portfolio emissions intensity2 - (11)% (14)% +8% (25)% To be published in June 2026
Kinnevik’s own GHG emissions per FTE2 2.4 3.0 8.8 7.9 8.9 9.4
1 Share of number of portfolio companies as of 31 December each year. Kinnevik has added several new portfolio companies through the years that were generally not measuring emissions at the time of investment, which is reflected  
in the development of the KPIs. The share of companies that measure emissions and have set targets for 2024 has been adjusted following the publication of the 2024 Sustainability Report, based on actual outcome in 2025.
2 For the full calendar year. The change in emissions intensity for 2025 will be published in our Climate Progress Report in June 2026.
PATHWAY TO FULFILLMENT OF  
KINNEVIK’S CLIMATE TARGETS
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SUSTAINABILITY PROGRESS 
ACROSS OUR LARGEST COMPANIES
Portfolio KPIs
Governance
Implemented a Code of Conduct 100%
Regular employee compliance training 100%
Whistleblowing system managed by a third party 67%
Regular cyber security tests to identify vulnerabilities 95%
Regular employee cyber security training 100%
Regular risk assessments including rating risks based on likelihood and impact 95%
Environment
Measure GHG emissions in scope 1 and 2 70%
Measure GHG emissions scope 3 53%
A GHG materiality assessment has informed emissions measurement 61%
Policies in place to understand, control, and reduce the environmental and financial impacts caused  by use of resources 37%
General                                                                                                                                                                                                                                     Value-weighted
Sustainability strategy approved by the Board 58%
A materiality assessment has been conducted to inform the sustainability strategy 66%
Sustainability-related targets and a roadmap to reach the targets 27%
Sustainability is discussed in Board meetings on a regular basis 32%
Social
Compliance with Supplier Code of Conduct is actively monitored through for example supplier audits 10%
Health & safety risk assessments and/or audits 64%
Regular employee health & safety training 81%
Diversity, equity, & inclusion strategy approved by the Board 48%
Diversity, equity, & inclusion targets 55%
These KPIs are based on our annual sustainability questionnaire, which reflects our double materiality 
assessment. The KPIs represent the value-weighted performance of our ten largest companies - Spring 
Health, Perk, Mews, Pleo, Oviva, Cityblock, Betterment, Enveda, Aira, and Transcarent – representing 71 
percent of our portfolio value per 31 December 20251.
Portfolio sustainability KPIs 2025
1 Cityblock has not submitted its questionnaire and is therefore excluded from this year’s analysis.
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SUSTAINABILITY-LINKED FINANCING (1/2)
Kinnevik published a Sustainability-Linked 
Financing Framework (the “Framework”) in 
2021 to integrate our sustainability ambitions 
into our financing solutions. The Framework 
is aligned with the Sustainability-Linked Bond 
Principles as published by the International 
Capital Market Association (ICMA) in 2020, 
and the Sustainability-Linked Loan Principles, 
as published by the Loan Market Association 
(LMA), the Asia Pacific Loan Market Association 
(APLMA), and the Loan Syndications and Trading 
Association (LSTA) published in 2021. Under this 
Framework, Kinnevik may issue sustainability-
linked securities including but not limited to 
bonds and loans. 
Most of Kinnevik’s sustainability impact lies at 
portfolio level through our active ownership, thus 
the KPIs and annual sustainability performance 
targets (“SPTs”) included in the Framework relate 
to the portfolio. 
In November 2021, Kinnevik announced that it had 
issued SEK 2.0bn in new sustainability-linked bonds 
in the Nordic bond market under the Framework 
(ISIN SE0013360534 and ISIN SE0013360542). The 
final redemption price of the sustainability-linked 
bonds depends on Kinnevik’s ability to meet the 
SPTs listed in the table below. 
All three SPTs are measured annually. The 2025 
performance against the selected climate KPI 
and SPT requires that our portfolio companies 
report on their 2025 emissions. As this data is 
yet to be received, we will report on performance 
against the climate SPT in our Climate Progress 
Report to be published by 30 June 2026.
The Framework is available on our website. During 
2021, a sustainability link was also incorporated 
into Kinnevik’s SEK 5bn Revolving Credit Facilities.
Climate impact Diversity, equity, & inclusion Corporate governance
KPI Reduction in greenhouse gas emission intensity from Kinnevik’s port-
folio year on year
New capital allocation to female founded or led companies Annual average ESG Score across portfolio
SPT 7 percent reduction in greenhouse gas emission intensity from Kin-
nevik’s portfolio from year to year, resulting in a total reduction of 50 
percent by 2030 compared to 2020
On a two-year rolling basis, at least 10 percent of the capital invested 
into new companies by Kinnevik should be invested in female founded 
or led companies
5-percentage-point improvement in annual average ESG score from 
year to year across portfolio
Rationale The lion’s share of our emissions comes from scope 3, i.e. from our port-
folio companies.
As an active owner, we need to use our influence to ensure our portfolio 
companies are prepared for a low-carbon economy and sustainable growth.
More than 90 percent of global investments still go to all-male founding 
and management teams.
As part of our ambition to be Europe’s leading growth investor, we recog-
nize our shared responsibility to close the gender funding gap.
As an active owner, it is our responsibility to ensure our portfolio com-
panies stay focused on the entire spectrum of ESG and show continuous 
results.
Performance 2024 To be confirmed –
As portfolio companies are yet to report on their 2025 emissions, we will 
report on performance in our Climate Progress Report published by 30 
June 2026.
Not achieved –
2024-2025: 0 percent
On a two-year rolling basis, full-year 2024 and 2025, we have invested 0 
percent of the capital invested into new companies in female founded or 
led companies.
Achieved –
 ▪ 2024: 60 percent
 ▪ 2025: 65 percent
 ▪ We achieved a 5-percentage-point improvement from 2024 to 2025 
on a comparative basis.
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Environmental responsibility and reduced climate impact Social equality and good corporate citizenship Sound governance structures and economic growth
Methodology Performance against the SPT is based on change in intensity per company 
from previous year which requires that (i) a portfolio company has mea-
sured and reported on their GHG emissions for at least two years in a row 
and (ii) been part of Kinnevik’s portfolio during this period. The calculation 
consists of three steps:
1. The GHG intensity for each individual reporting portfolio company is 
calculated by dividing total GHG emissions by an individually selected 
denominator. 
2. The year-on-year percentage change in GHG intensity is calculated 
for each individual reporting portfolio company.
3. The year-on-year change in intensity for all reporting portfolio compa-
nies is aggregated and weighted by reported fair value at the end of 
the reporting period, resulting in a weighted change in GHG intensity 
compared to the previous year.
Performance against the SPT is based on the amount of capital invested 
into new companies being female founded or led companies divided by 
the total amount of capital being invested into new companies on a two-
year rolling basis. 
A company qualifies as a female founded company if, at the time of 
investment -
 ▪ at least 50 percent of the founding team active in the company are 
women, or
 ▪ at least 1/3 of the founding team active in the company are women and 
serve in the most senior level of the company, or
 ▪ a woman co-founder also serves as CEO or Chairman of the Board.
“Active in the company” is defined as still working operationally for the 
company or serving on the Board.
A company qualifies as a female led company if, at the time of investment 
 ▪ at least 50 percent of the senior management team are women, or
 ▪ a woman serves as CEO and at least 30 percent of the senior 
management team are women
Kinnevik performs a yearly assessment of all our portfolio companies 
based on the Kinnevik Standards 3.0. As part of this assessment, Kinnevik 
scores the companies on their fulfillment of the Standards. Each standard 
is in turn weighted based on Kinnevik’s view of the importance of the 
same. The assessments are performed by the Kinnevik sustainability team 
through interviews with the companies and our Board representatives.
The Standards include 84 metrics which in turn are split into two levels, 
one for small companies (equity value of < USD 750m) and one for large 
companies (equity value of >USD 750m), with the latter being more com-
prehensive and advanced. While small companies are only scored against 
the small company standards, large companies are scored on both small 
and large company standards. When a company is re-classified as a large 
company, we score the company as both a small and large company to 
have comparable scores between years. Should a standard not be deemed 
applicable to a certain company’s business model and/or sector/market, 
it is up to the sustainability team to decide whether such company should 
be scored against that standard or not. Fund investments are not included 
in the yearly assessment.
Portfolio 
coverage
For 2025, we expect 31 percent of our portfolio companies to have mea-
sured their greenhouse gas emissions for at least two consecutive years.
The SPT relates to a year-on-year change. Only portfolio companies that 
were in Kinnevik’s portfolio during the two previous years at the Target 
Observation Date will be included.
The SPT includes the entire amount of capital being invested into new 
companies during the current two-year rolling period, full year 2024 and 
2025.
The SPT refers to change in the average ESG score of the portfolio from 
the previous year, meaning that only companies which were in Kinnevik’s 
portfolio during the full year of 2024 and 2025 will be included in the cal-
culation. Hence, the 2025 SPT includes all Kinnevik’s portfolio companies 
as of 31 December 2025, excluding companies sold in 2025 and the new 
companies invested in during 2025.
SUSTAINABILITY-LINKED FINANCING (2/2)
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Conclusion
We have been appointed by the Board of 
Directors and the Managing Director to 
conduct a limited assurance engagement of 
the sustainability report of Kinnevik AB for the 
financial year 2025. The sustainability report is 
included on pages 20-30 in this document.
Based on our limited assurance engagement as 
described in the section Auditor’s responsibility, 
nothing has come to our attention that causes 
us to believe that the sustainability report 
is not, in all material respects, prepared in 
accordance with the applicable parts of the 
sustainability reporting framework issued by 
GRI (Global Reporting Initiative), as well as with 
the company’s own accounting and calculation 
principles.
Basis for conclusion
We have conducted the limited assurance 
engagement in accordance with ISAE 3000 
(Revised), Assurance Engagements Other 
than Audits or Reviews of Historical Financial 
Information. Our responsibility under this 
standard is further described in the section 
Auditor’s responsibility.
We believe that the evidence we have obtained 
is sufficient and appropriate to provide a basis 
for our conclusion.
Responsibilities of the Board of Directors and 
the Managing Director
The Board of Directors and the Managing 
Director are responsible for the preparation 
of the sustainability report in accordance with 
the applicable criteria, as described on page 
21 of the sustainability report. The applicable 
criteria consist of the applicable parts of the 
sustainability reporting framework issued by GRI 
(Global Reporting Initiative), and the company’s 
own accounting and calculation principles. This 
responsibility also includes such internal control 
as the Board of Directors and the Managing 
Director determine is necessary to enable the 
preparation of a sustainability report that is free 
from material misstatements, whether due to 
fraud or error.
Auditor’s responsibility
Our responsibility is to express a conclusion 
on the sustainability report based on our 
review. The limited assurance engagement 
has been conducted in accordance with ISAE 
3000 (Revised) Assurance Engagements Other 
than Audits or Reviews of Historical Financial 
Information. This standard requires that we 
plan and perform our procedures to obtain 
limited assurance that the sustainability report 
is prepared in accordance with the criteria 
described in the section Responsibilities of the 
Board of Directors and the Managing Director.
The procedures in a limited assurance 
engagement vary in nature and timing from, 
and are less in extent than for, a reasonable 
assurance engagement. Consequently, the level 
of assurance obtained in a limited assurance 
engagement is substantially lower than the 
assurance that would have been obtained had 
a reasonable assurance engagement been 
performed. This means that it is not possible for 
us to obtain such assurance that we become 
aware of all significant matters that could 
have been identified if a reasonable assurance 
engagement had been performed.
Our firm applies ISQM 1 (International Standard 
on Quality Management), which requires the 
firm to design, implement, and operate a system 
of quality management, including policies and 
procedures regarding compliance with ethical 
requirements, professional standards, and 
applicable legal and regulatory requirements.
We are independent of Kinnevik AB in accordance 
with professional ethics for accountants in 
Sweden and have otherwise fulfilled our ethical 
responsibilities in accordance with these 
requirements.
The limited assurance engagement involves 
performing procedures to obtain evidence to 
support the sustainability report. The auditor 
selects the procedures to be performed, including 
assessing the risks of material misstatements in 
the sustainability report, whether due to fraud 
or error. In this risk assessment, the auditor 
considers the parts of the internal control that 
are relevant to how the Board of Directors and 
the Managing Director prepare the sustainability 
report, in order to design procedures that are 
appropriate under the circumstances, but not 
for the purpose of providing a conclusion on the 
effectiveness of the company’s internal control. 
The review consists of making inquiries, primarily 
of persons responsible for the preparation of 
the sustainability report, performing analytical 
review, and conducting other review procedures.
The review procedures primarily include: 
 ▪ Through inquiry, obtain an understanding of 
the internal control environment, reporting 
processes, and information systems relevant 
to the preparation of the information in the 
sustainability report;
 ▪ Evaluate that the structure and information 
included in the sustainability report is 
presented in a clear and transparent manner;
 ▪ Perform substantive procedures on selected 
disclosures in the sustainability report;
Stockholm, 31 March 2026
KPMG AB
Mårten Asplund Torbjörn Westman
Authorized Public Special member
Accountant  of FAR
To Kinnevik AB (publ), corporate 
identity number 556047-9742
AUDITOR’S LIMITED ASSURANCE REPORT ON KINNEVIK 
AB’S SUSTAINABILITY REPORT
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BOARD  
REPORT
Section four
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The Board of Directors and the Chief Executive Officer of Kinnevik 
AB (publ), reg. no. 556047-9742, hereby present the annual report 
and consolidated financial statements for the financial year ended 
31 December 2025. The balance sheets and income statements 
of the Group and the Parent Company will be submitted to the 
Annual General Meeting on 5 May 2026 for adoption. The financial 
statements were approved by the Board of Directors on 31 of 
March 2026.
Significant financial transactions in 2025
During 2025, Kinnevik invested a total of SEK 3.6bn. Slightly more 
than half of these investments were directed into new companies, 
primarily into the two digital health companies Oviva and Tandem 
Health. Follow-on investments were concentrated towards Mews, 
Aira and Enveda. SEK 382m of capital was realized from the 
portfolio mainly through the EUR 32.75m (SEK 366m) divestment 
of a group of financial services assets. EUR 13.1m (SEK 146m) was 
received in Q2 2025, and EUR 9.8m (SEK 106m) was received in Q1 
2026. An additional EUR 9.8m will be received in the first half of 
2027. Kinnevik is entitled to an additional EUR 32.75m subject to 
certain return criteria. This right was valued at EUR 6m as at the 
end of 2025. A former Kinnevik employee manages this group of 
assets on behalf of the buyer of the assets.
The NAV amounted to SEK 35.9bn at year-end (SEK 129.5 per 
share), a decrease of SEK 3.3bn or 8 percent during the year. In 
constant currencies, NAV increased by 2 percent during the year. 
Net Cash amounted to SEK 8.6bn at year-end, or SEK 7.6bn when 
adjusting for the closing of the Oviva investment in January 2026.
Our portfolio continued to mature, and our larger companies 
combined stable growth with disciplined margin control. Spring 
Health, Perk, Mews, Pleo, Cityblock, and Oviva grew revenues by 
40 percent on average in 2025 and improved EBITDA margins 
by 4 percentage points compared to 2024. Several of our larger 
companies were successful in raising new growth capital during 
2025. At the beginning of the year, Perk announced it had raised 
a USD 200m funding round led by new investors Atomico and 
EQT Growth. In September 2025, Enveda announced it had raised 
USD 150m in a round led by Premji Invest. In January 2026, Mews 
announced it had raised a USD 300m funding round led by EQT 
Growth.
Group Financial Performance
Net changes in the fair value of financial assets, including dividends 
received, amounted to SEK -4,222m (-2,638) for the full year. Of 
this, SEK -460m (789) related to listed financial assets and SEK 
-3,762m (-3,427) to unlisted financial assets.
Operating expenses for the year totaled SEK 341m, of which SEK 
23m related to employee termination costs and SEK 11m to the 
refurbishment of the Stockholm office. At year-end, a tax provision 
of EUR 83m, originally recognized in 2020, was reversed, resulting 
in a positive impact on net profit of SEK 897m.
Cash flow and investments
Cash flow from operating activities amounted to SEK -215m (-220) 
during the year. Capital deployed in shares and securities totaled 
SEK 2,812m (4,069), while proceeds from divestments contributed 
a positive cash flow of SEK 163m (12,940). No cash dividend was 
distributed to shareholders.
Liquidity and financing
As at 31 December 2025, Kinnevik held a net cash position of SEK 
8,561m. Total credit facilities amounted to SEK 6,230m, comprising 
SEK 4,100m in undrawn revolving credit facilities and SEK 2,000m 
in outstanding bond issuances maturing between 2026 and 2028. 
Total available liquidity, including short-term investments and 
committed undrawn facilities, amounted to SEK 14,622m (SEK 
18,849m). Borrowings are primarily denominated in SEK, and the 
Group's foreign currency cash flows relate mainly to investment 
and divestment activities.
Risks and uncertainties
Kinnevik operates a risk management framework designed 
to identify, monitor and mitigate material risks, with quarterly 
reporting to the Board. The Group is primarily exposed to financial 
risks relating to changes in the value of the equity portfolio, 
market interest rates, exchange rate movements, and liquidity 
and refinancing risk. A detailed description of the Company's risk 
exposures and risk management policies is provided in Note 17 to 
the consolidated financial statements.
Guidelines for Remuneration To Senior  Executives 
The Board proposes the following guidelines for remuneration to 
the Chief Executive Officer and the other persons in the executive 
management of Kinnevik (the "Senior Executives"), as well as 
members of the Board to the extent they are remunerated outside 
their Board duties. The guidelines shall apply to remuneration 
agreed, and amendments to remuneration already agreed, after 
adoption of the guidelines by the 2026 Annual General Meeting. 
These guidelines will not apply to any remuneration separately 
decided or approved by the General Meeting, such as ordinary 
Board remuneration and share-related or share price-related 
remuneration.
The maximum amount for additional variable cash remuneration 
that may be awarded in particularly extraordinary circumstances 
for the purpose of recruiting or retaining Senior Executives is 
proposed to be raised to 150 percent of the Senior Executive's 
fixed annual cash salary. This reflects the increasingly competitive 
global market for top executive talent and is intended to 
strengthen Kinnevik's ability to recruit and retain key individuals 
in extraordinary circumstances. Further, to increase alignment 
with Kinnevik's shareholders, the threshold at which variable cash 
remuneration is conditional upon being re-invested in Kinnevik 
shares is proposed to be raised to a shareholding corresponding to 
three (3) times the Senior Executive’s fixed annual cash salary, net 
after taxes. Save for said adjustments, no other material changes 
have been made compared to the remuneration guidelines 
adopted by the 2024 Annual General Meeting. The Board has 
not received any feedback from shareholders concerning the 
remuneration guidelines.
The guidelines’ promotion of Kinnevik’s business strategy, 
long-term interests and sustainability
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, 
singularly focused on creating long-term shareholder value. For 
more information regarding Kinnevik’s business strategy, please 
see Kinnevik’s website at www.kinnevik.com. 
A prerequisite for the sustainable and successful implementation 
of Kinnevik's business strategy and safeguarding of its long-term 
interests is that Kinnevik is able to attract, motivate and retain the 
best talent in Sweden and globally. To achieve this, it is necessary 
BOARD OF DIRECTORS’ REPORT
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that Kinnevik offers competitive and cost efficient remuneration 
packages to create incentives to execute strategic plans, deliver 
excellent operating results and to ensure financial alignment with 
Kinnevik's shareholders. These guidelines for remuneration enable 
Kinnevik to offer Senior Executives a competitive remuneration 
package, which together with Kinnevik's long-term incentive plans  
("LTIPs") promote Kinnevik's business strategy and its long-term 
interests and sustainability. The guidelines aim to ensure that 
variable compensation correlates with behavior, actions and 
outcomes that generate meaningful shareholder value whilst 
achieving sustainability targets that ensure sound and sustainable 
business practices. Furthermore, the Board shall have the 
authority, subject to the restrictions that may apply under law or 
contract, to in whole or in part reclaim variable remuneration paid 
on incorrect grounds or based on information that was manifestly 
misstated.
Types of remuneration
The remuneration shall be on market terms and consist of fixed 
cash salary, variable cash remuneration, pension benefits and 
other customary benefits. Additionally, the General Meeting may 
resolve on, among other things, share-related or share price-
related remuneration.
The fixed cash salary is reviewed each year and is based on the 
Senior Executive's importance to Kinnevik's future value creation, 
competence and areas of responsibility in relation to market 
benchmarks.
Variable cash remuneration can amount to a maximum of 100 
percent of the Senior Executive's fixed annual cash salary. 
Additional variable cash remuneration may be awarded in 
particularly extraordinary circumstances, provided that such 
arrangements are made on an individual basis for the purpose 
of recruiting or retaining Senior Executives. Such additional 
remuneration may not exceed an amount corresponding to 150 
percent of the Senior Executive's fixed annual cash salary.
LTIPs are resolved upon by the General Meeting irrespective of 
these guidelines and shall be structured to ensure that Senior 
Executives' remuneration is tied to the long-term development 
of Kinnevik's shareholders’ wealth and to ensure that Senior 
Executives have a portion of their capital tied to the long-term 
creation of Kinnevik shareholder value. The outcome of LTIPs shall 
be linked to predetermined and objective performance criteria, 
based on Kinnevik's share price and/or value growth. For more 
information regarding the LTIPs that are ongoing, or that have 
ended during the current year, please see Kinnevik's website at 
www.kinnevik.com under the heading "Remuneration" (which can 
be found under the section "Governance"). 
Pension benefits shall be premium defined. Variable cash 
remuneration shall not qualify for pension benefits. Pension 
premiums for premium defined pension shall not amount to more 
than 30 percent of a Senior Executive's fixed annual cash salary.
Other customary benefits may include, for example, life insurance, 
medical insurance and a company car. Such benefits may not 
amount to more than 10 percent of the Senior Executive's fixed 
annual cash salary.
Termination of employment 
Upon termination of employment by Kinnevik, notice periods 
may not exceed 12 months. Fixed cash salary during the notice 
period and severance pay may not together exceed an amount 
corresponding to the fixed cash salary for 18 months for the Chief 
Executive Officer and 12 months for other Senior Executives. When 
termination is made by the Senior Executive, the notice period 
may not exceed 12 months for the Chief Executive Officer and six 
months for other Senior Executives, with no right to severance pay.
Criteria for awarding variable cash remuneration
Variable cash remuneration shall be based on predetermined and 
measurable financial and non-financial criteria that the Board 
believes will over time generate long-term shareholder value. 
The criteria shall encompass both individual and company-level 
objectives with a positive impact on Kinnevik's long-term total 
shareholder returns and sustainability targets. In order to further 
ensure alignment with Kinnevik's shareholders, payment of part of 
the variable cash remuneration is conditional upon a portion of it 
being re-invested into Kinnevik shares, until the Senior Executive 
has a shareholding in Kinnevik corresponding to three (3) times his 
or her fixed annual cash salary, net after taxes. 
Relative to what has been awarded under the previous guidelines 
for remuneration, variable cash remuneration under these 
guidelines shall exhibit a higher variance between individuals and 
between years.
The extent to which the criteria for awarding variable cash 
remuneration have been satisfied shall be evaluated annually. 
Evaluation of financial criteria shall to the extent possible be 
based on the financial information made public by Kinnevik. 
The People & Remuneration Committee is responsible for the 
evaluation, and the Committee shall have the discretion afforded 
them by shareholders to ensure that variable cash remuneration 
commensurately reflects shareholder value creation by making 
any necessary adjustments to the Senior Executives' actual 
rewards. This means that in years of poor overall performance, 
the outcome of variable cash remuneration may be adjusted 
downwards despite achievement of predetermined criteria.
Salary and employment conditions for employees 
In preparation of the Board's proposal for these remuneration 
guidelines, salary and employment conditions for Kinnevik's 
employees have been taken into account by including 
information on the employees' total income, the components 
of the remuneration and increase and growth rate over time, as 
the basis for the People & Remuneration Committee's and the 
Board's decision when evaluating whether the guidelines and the 
limitations set out herein are reasonable. The development of the 
remuneration to other employees is disclosed in the remuneration 
report.
Remuneration to Board members 
Board members in Kinnevik, elected at General Meetings, may in 
certain cases receive compensation for services performed within 
their respective areas of expertise, outside of their Board duties in 
Kinnevik. Compensation for such services shall be paid on market 
terms, be approved by the Board and disclosed. 
The decision-making process to determine, review and 
implement the guidelines 
The Board has established a People & Remuneration Committee 
tasked to prepare the Board's resolutions in remuneration related 
matters and the Board's proposal for remuneration guidelines for 
Senior Executives. The People & Remuneration Committee's tasks 
also include assisting in other matters such as the composition 
of the Senior Executive team, talent management, diversity 
and inclusion, and terms of termination of employments. The 
People & Remuneration Committee also monitors and evaluates 
the programs for variable remuneration for Senior Executives 
individually and the full Kinnevik team organizationally as well 
as the application of these guidelines and the remuneration 
structures and levels within Kinnevik in general.
Remuneration under employment subject to other rules than 
Swedish rules may be duly adjusted to comply with mandatory 
rules or established local practice, taking into account, to the 
extent possible, the overall purpose of these guidelines.
The members of the People & Remuneration Committee are 
independent of the Company and the executive management. 
Senior Executives do not participate in the Board's deliberations 
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and resolutions regarding remuneration-related matters in so far 
as they are affected by such matters.
The Board shall prepare a proposal for new guidelines where 
material changes of the guidelines become necessary, and in 
any case at least every fourth year and submit it to the General 
Meeting. The guidelines shall be in force until new guidelines are 
adopted by the General Meeting.
Derogation from the guidelines 
The Board may temporarily resolve to derogate from the 
guidelines, in whole or in part, if in a specific case there is special 
cause for the derogation and a derogation is necessary to serve 
Kinnevik's long-term interests, including its sustainability, or to 
ensure Kinnevik's financial viability.
Financial Objectives
Objective Target 2025 Outcome
Attractive Returns Annual TSR of 12-15% over the 
economic cycle
+13% (1 year)
 (16)% (5 years)
 +1% (10 years)
Low Leverage Loan-to-value ratio not ex-
ceeding 10% of portfolio value Net cash position
Shareholder 
Remuneration
Returns through value ap-
preciation and distribution of 
surplus capital via extraordinary 
dividends
No dividend proposed
Parent Company
Key financial items for the Parent Company in 2025:
 ▪ Operating expenses: SEK -327m (-428)
 ▪ Results from wholly owned subsidiaries (dividends and 
impairments): SEK -3,938m (-1,781)
 ▪ Profit/(loss) after financial items: SEK -4,465m (-2,899)
Share capital
As at 31 December 2025, the total number of shares in Kinnevik 
AB amounted to 281,602,031, comprising 33,752,915 Class A shares 
(ten votes each), 243,219,750 Class B shares (one vote each), and 
4,629,366 convertible subordinated incentive shares issued under 
long-term incentive programs. The aggregate number of votes 
represented by shares outstanding amounted to 585,378,265. In 
April 2025, 618,815 outstanding incentive shares issued under the 
2020 program were redeemed following failure to meet vesting 
conditions. In addition, 1,072,750 outstanding incentive shares 
under the 2023 and 2024 programs were redeemed following 
failure to meet the employment condition.
Information about major shareholders and any shareholder 
agreements can be found in the Corporate Governance Report.
Organization
As communicated in November 2025 and March 2026, Kinnevik’s 
CEO Georgi Ganev stepped down from his role effective 15 
March 2026. In connection with this, Rubin Ritter was appointed 
interim CEO until a permanent successor has been appointed. As 
communicated in connection with Kinnevik's Year-End Release 
2025 in February 2026, Kinnevik's Chief Communications Officer, 
Torun Litzén, stepped down from her role with effect from 3 
February 2026.
Outlook and Priorities for 2026
Kinnevik enters 2026 with a focused strategic agenda: supporting 
the continued development of its portfolio companies, actively 
pursuing liquidity events and exit opportunities, and selectively 
redeploying released capital into its highest-conviction holdings. 
New investment activity will be contingent on the realization of 
capital from the existing portfolio. Accordingly, net investment 
activity is expected to be materially lower than in prior years, with 
value creation driven primarily by continued strong operational 
performance across the largest portfolio companies.
Proposed Appropriation of Profits
The following amounts (SEK) are available for appropriation by the 
Parent Company's Annual General Meeting:
Retained earnings 27 323 060 119 
Share premium reserve 1 615 929 594
Total 28 938 989 713
The Board and the CEO propose that the unappropriated earnings 
and share premium at the disposal of the Annual General Meeting 
be disposed of as follows: 
The Board of Kinnevik does not propose an ordinary dividend for 
the financial year 2025. Kinnevik’s remaining retained earnings and 
share premium is accordingly to be carried forward.
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The corporate governance of Kinnevik is based on the Swedish 
Companies Act, Nasdaq Nordic Main Market Rulebook for Issuers 
of Shares and the Swedish Code of Corporate Governance (the 
”Code”), as well as other relevant Swedish and foreign laws and 
regulations. The Code is available on www.bolagsstyrning.se. This 
Corporate Governance Report is submitted in accordance with 
the Swedish Annual Accounts Act and the Code. Kinnevik has no 
deviation from the Code to report for 2025. There has been no 
infringement by Kinnevik of applicable stock exchange rules and 
no breach of good practice on the securities market reported by 
the disciplinary committee of Nasdaq Stockholm or the Swedish 
Securities Council in 2025.
Shareholders
As of 31 December 2025, the number of shares in Kinnevik 
amounted to 281,602,031, of which 33,752,915 Class A shares 
carrying ten votes each, 243,219,750 Class B shares carrying 
one vote each and 4,629,366 reclassifiable, subordinated, 
incentive shares carrying one vote each and which are held by 
the participants in Kinnevik’s long-term incentive plans launched 
in 2021-2024. Kinnevik’s Class A and Class B shares are listed on 
Nasdaq Stockholm’s Large Cap list. 
As of 31 December 2025, the Company’s largest shareholder was 
Verdere S.à r.l. with 5.65 percent of the share capital and 27.19 
percent of the votes. As of 31 December 2025, the ten largest 
shareholders represented 42.01 percent of the share capital and 
44.97 percent of the votes in the Company. Except for Verdere 
S.à r.l., no other shareholder has a direct or indirect shareholding 
in the company representing at least one tenth of the voting 
rights of all shares. The shareholders Marie, Wilhelm and Amelie 
Klingspor have informed the company that they have reached an 
agreement to take a long-term common position with regard to 
the management of Kinnevik AB through coordinated exercise 
of voting rights. To the best of the Board’s knowledge, there are 
no other shareholders’ agreements or shareholder associations 
in Kinnevik. Further information on major shareholders of the 
Company can be found  on our website www.kinnevik.com.
General meeting
The Swedish Companies Act and the Articles of Association 
determine how notice of the Annual General Meeting and 
Extraordinary General Meetings shall occur, and who has the right 
to participate in and vote at such meetings. In addition to what 
is required by law regarding a shareholder’s right to participate 
in the General Meeting, Kinnevik’s Articles of Association require 
advance notice of the General Meeting no later than the date 
stated in the notice and, where applicable, notice shall also be 
given if the shareholder intends to bring an adviser. There are no 
restrictions on the number of votes each shareholder may cast 
at the General Meeting. The Board has the right to decide that 
shareholders shall be able to exercise their voting rights at the 
General Meeting by postal voting in advance.
The 2025 Annual General Meeting was held on 12 May 2025. The 
Annual General Meeting resolved, inter alia, to approve the Board’s 
proposal for treatment of earnings, discharge the members of the 
Board and the CEO from liability for the financial year 2024, elect 
members of the Board and Auditor, determine remuneration to the 
Board and Auditor and approve the instruction for the Nomination 
Committee.
The minutes of the Annual General Meeting are available on our 
website www.kinnevik.com.
Nomination Committee
In accordance with the procedural guidelines for the Nomination 
Committee adopted by the General Meeting, Kinnevik shall have a 
Nomination Committee consisting of at least three members. The 
Nomination Committee shall be formed in consultation with the 
largest shareholders or groups of shareholders, measured by voting 
rights as of the last business day in August, who wish to participate 
in such consultation. When forming the Nomination Committee, 
particular consideration may be given to other factors than voting 
power, including the diversity of shareholder profiles, geographical 
footprint and the pursuit of a balance of business and investment 
expertise. Cristina Stenbeck shall serve as a member of the 
Nomination Committee and act as its convenor. The members of the 
Nomination Committee shall appoint the Committee's Chairperson 
at the first meeting.
The Nomination Committee for the 2025 Annual General Meeting 
comprised Lawrence Burns (nominated by Baillie Gifford) as 
Chairperson, Erik Brändström (nominated by Spiltan Fonder), 
Marie Klingspor (nominated by herself and Wilhelm Klingspor and 
Amelie Klingspor), Cristina Stenbeck (nominated by Verdere S.à r.l, 
AMS Sapere Aude Trust fbo HS and AMS Sapere Aude Trust fbo 
SMS), and the Chairperson of the Board James Anderson. 
The Committee held a series of meetings, interviewed a range 
of candidates as well as had correspondence among members 
between meetings. As a basis for its assessment, the Nomination 
Committee conducted interviews with each Board member as 
well as company management about the Board's work, Kinnevik's 
current strategy, and its future priorities. The Committee also 
took part in a performance review of the Board undertaken by its 
Chairperson. 
The Nomination Committee applied rule 4.1 of the Swedish 
Corporate Governance Code as its diversity policy. Accordingly, 
the Nomination Committee gave particular consideration to 
the importance of a diverse set of Board members, including 
their mentalities, experience, nationality, gender, professional 
backgrounds, risk appetites and business disciplines. The current 
Board comprises 43% percent female non-executives. Further 
information may be found in the Nomination Committee’s 
motivated statements regarding its proposals to the 2025 Annual 
General Meeting available on our website www.kinnevik.com.
The Nomination Committee ahead of the 2026 Annual General 
Meeting comprises Cristina Stenbeck (appointed by Verdere  
CORPORATE GOVERNANCE REPORT
Shareholders
CEO
Audit & Sustainability Committee
People & Remuneration Committee
Management
General Meeting
Elects the Board  
and Auditors
Board of Directors
Appoints CEO
Nomination Committee
Appointed by the largest shareholders  
Submits proposals for the Board and Auditors
Auditor
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S.à r.l., AMS Sapere Aude Trust fbo HS and AMS Sapere Aude 
Trust fbo SMS), Marie Klingspor (appointed by Wilhelm Klingspor, 
Amelie Klingspor and herself), Cian Whelan (appointed by Baillie 
Gifford) and Erik Brändström (appointed by Spiltan Fonder). Marie 
Klingspor is Chairperson of the Committee.
Auditors
According to the Articles of Association, Kinnevik shall as Auditor 
have no less than one and no more than three registered accounting 
firms. The Auditor’s term of office shall last until the end of the 
Annual General Meeting which is held during the first, second, third 
or fourth financial year after the Auditor was elected. At the 2024 
Annual General Meeting, the registered accounting firm KPMG AB 
was elected as Auditor until the end of the 2025 Annual General 
Meeting and at the 2025 Annual General Meeting KPMG AB were 
elected until the end of the 2026 Annual General Meeting. The 
authorized public accountant Mårten Asplund, born 1972, is Auditor-
in-charge. The Auditor’s independence is ensured by legislation and 
professional ethics and the audit firm’s internal guidelines, as well as 
by adhering to the Audit Committee’s guidelines governing the type 
of assignments that the audit firm may conduct in addition to the 
audit. Information regarding audit fees is provided in Note 12 for the 
Group and Note 4 for the Parent Company.
Board and Senior Executives 
Board members are elected at the Annual General Meeting for a 
period ending at the close of the next Annual General Meeting. 
The Articles of Association contains no restrictions pertaining 
to the eligibility of Board members. According to the Articles of 
Association, the number of Board members can be no less than 
three and no more than 12 members elected by shareholders.
At the 2025 Annual General Meeting, in accordance with the 
proposal by the Nomination Committee, Maria Redin, Claes 
Glassell and Jan Berntsson were re-elected as members of the 
Board and Cristina Stenbeck, Henrik Lundin, Rubin Ritter and 
Camilla Giesecke were elected as new members of the Board. 
The Annual General Meeting further elected Cristina Stenbeck as 
Chairperson of the Board. 
The independence of Board members in relation to the Company 
and its management, and to the major shareholders of the 
Company, is specified on pages 42-43. None of the Board members 
are employed within the Group. Rubin Ritter is not employed by 
the company but serves as interim CEO on a consultancy basis.
As of the end of 2025, Senior Executives in Kinnevik included Chief 
Executive Officer Georgi Ganev, Chief Financial Officer Samuel 
Sjöström, Director of Corporate Communications Torun Litzén, 
Managing Investment Director Natalie Tydeman, Senior Investment 
Director Christian Scherrer and Chief People & Platform Officer 
Anna Stenberg. For information about Senior Executives, please 
see pages 44-45 and Note 16 for the Group. As communicated 
in November 2025 and March 2026, Kinnevik’s CEO Georgi 
Ganev stepped down from his role effective 15 March 2026. In 
connection with this, Rubin Ritter was appointed interim CEO until 
a permanent successor has been appointed. As communicated 
in connection with Kinnevik's Year-End Release 2024 in February 
2026, Kinnevik's Chief Communications Officer, Torun Litzén, 
stepped down from her role with effect from 3 February 2026.
Board work
Kinnevik’s Board is responsible for the overall strategy of the 
Group and for organizing its administration in accordance with 
the Swedish Companies Act. The Board’s work and delegation 
procedures, instructions for the Chief Executive Officer and 
reporting instructions as well as internal policy documents are 
updated and approved at least annually and are also regularly 
updated when necessary. 
Significant issues addressed by Kinnevik’s Board during 2025 
include Kinnevik’s corporate and portfolio strategy and capital 
Board Director Position
Audit & Sustainability  
Committee
People & Remuneration  
Committee
Cristina Stenbeck Chairperson (from May ’25) - Chairperson (from May ’25)
Henrik Lundin Member (from May ’25) - Member (from May ’25)
Rubin Ritter Member (from May ’25) - -
Camilla Giesecke Member (from May ’25) - -
Claes Glassell Member Member (from May '25) Member
Maria Redin Member Member -
Jan Berntsson Member Chairperson -
James Anderson Chairperson (until May ’25) - Member (until May '25)
Susanna Campbell Member (until May ’25) - -
Harald Mix Member (until May ’25) - -
Cecilia Qvist Member (until May ’25) Member (until May ’25) -
Hans Ploos van Amstel Member (until May ’25) Member (until May ’25) Chairperson (until May '25)
Board Director Board meetings
Audit & Sustainability  
Committee meetings
People & Remuneration  
Committee meetings
Cristina Stenbeck 9/9 - 5/5
Henrik Lundin 9/9 - 5/5
Rubin Ritter 8/9 - -
Camilla Giesecke 8/9 - -
Claes Glassell 12/12 6/6 7/7
Maria Redin 11/12 9/10 -
Jan Berntsson 12/12 10/10 -
James Anderson 3/3 - 2/2
Susanna Campbell 3/3 - -
Harald Mix 3/3 - -
Cecilia Qvist 3/3 5/5 -
Hans Ploos van Amstel 3/3 3/5 2/2
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allocation plans, including material investments and divestments 
as well as the organizational structure and succession planning. 
As the basis for discussions concerning investee companies, 
Kinnevik’s management presented independent analyses of 
certain companies’ strategies, operations and future opportunities 
within the markets in which they are active. 
Compliance with laws and regulations, responsibility and market 
confidence in Kinnevik are some of the key issues which the 
Board actively focuses on. Kinnevik’s Code of Conduct and 
Sustainability Policy, both adopted by the Board, describes 
Kinnevik’s policy on issues pertaining to social responsibility, 
environmental considerations, governance and ethics.  
 
The Board further has robust internal procedures for handling 
conflicts of interests and transactions with related parties. All 
transactions with related parties as well as actual and potential 
conflicts of interest at Board level are adequately documented 
and managed by the Board. These requirements are duly reflected 
in the Board’s work and delegation procedures and the policy for 
transactions with related parties. Information on transactions with 
related parties is presented in Note 15 for the Group.
During 2025, Kinnevik’s Board held 12 meetings (including the 
constituent meeting), of which six were extra meetings to discuss 
Kinnevik’s strategy and specific investments. All Board meetings 
during the year followed an agenda which, together with the 
documentation for each item on the agenda, was sent to Board 
members in advance of the meetings. A legal counsel serves as 
Corporate Secretary and is responsible for ensuring that the rules 
of procedure are complied with, and all Board members can turn 
to the Secretary for advice and assistance in their Board work. 
In 2025, a People & Remuneration Committee and an Audit & 
Sustainability Committee have been established within the Board. 
These committees are preparatory bodies of the Board and do 
not reduce the Board’s overall responsibility for the governance of 
the Company and decisions taken. 
Evaluation of the work of the Board
The Board complies with an annual performance review process 
to assess how well the Board, its committees and processes are 
functioning and how they might be improved. In certain years and 
upon request by the Board or Nomination Committee, a more 
extensive Board evaluation is undertaken either by an independent 
Board member or an external consultant. The evaluation of the 
Board’s work during 2025 was conducted by way of a questionnaire, 
covering areas such as the Board’s performance against its key 
duties, the Board’s composition and process, information and 
reporting, culture, strategy as well as the performance of individual 
Board members. The results of the questionnaire were presented 
to and discussed by the Board, and were also shared with the 
Nomination Committee. The Nomination Committee performed 
their own interviews with the Board members.
People & Remuneration Committee
The People & Remuneration Committee’s assignments are 
stipulated in rule 7.3 of the Code, and comprise issues concerning 
salaries, pension terms and conditions, incentive programs and 
other conditions of employment for Senior Executives. Further, the 
People & Remuneration Committee oversees Kinnevik’s relevant 
talent and performance processes including succession planning. 
The remuneration guidelines applied in 2025 are presented in 
Note 16 for the Group. The People & Remuneration Committee 
shall strive to meet not less than twice a year, and more frequently 
as required. Minutes are kept at the People & Remuneration 
Committee’s meetings and are reported to the Board at its next 
meeting. 
Audit & Sustainability Committee
The Audit & Sustainability Committee’s assignments are stipulated 
in Chapter 8, Section 49b of the Swedish Companies Act and Rule 
7.2 of the Code. These tasks include monitoring the Company’s 
financial reporting and the efficiency of the Company’s internal 
controls, as well as maintaining frequent contacts with the 
external auditors. The Audit & Sustainability Committee’s work 
primarily focuses on the quality and accuracy of the Group’s 
financial accounting and the accompanying reporting, in particular 
as it relates to the assessed valuations of Kinnevik’s unlisted 
investments, as well as the internal financial controls within 
the Group. Furthermore, the Audit & Sustainability Committee 
evaluates the Auditor’s work, qualifications and independence. 
The Audit & Sustainability Committee monitors the development 
of relevant accounting policies and requirements, discusses 
other significant issues connected with the Company’s financial 
reporting and reports its observations to the Board. The Committee 
also assists the Board in monitoring the sustainability structures 
of Kinnevik’s investee companies, Kinnevik’s risk management 
process and compliance with laws, regulations, codes of conduct 
and sustainability, including Kinnevik’s sustainability framework 
and efforts. The Audit & Sustainability Committee shall meet not 
less than four times annually, and typically meets ten times per 
year. Minutes are kept at the Audit & Sustainability Committee’s 
meetings and are reported to the Board at its next meeting. 
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Impact
Impact Financial/Portfolio Compliance Reputation Strategy
1 Low < 200 SEKm  
impact on NAV
Limited  
regulatory impact Limited stakeholder impact Limited adjustment needed
2 Medium 200-500 SEKm 
impact on NAV
Regulatory  
attention
Loss of confidence limited 
to one stakeholder group
Minor adjustments to 
operating plans and execution
3 High 500-1000 SEKm 
impact on NAV
Regulatory 
investigation
Loss of confidence by two 
or more stakeholder groups
Major changes in senior 
leadership and execution
4 Very 
High
>1 SEKbn  
impact on NAV
Regulatory  
sanctions 
Wide-spread loss of 
confidence
Significant changes in senior  
leadership, financial structure  
and strategic plan
Likelihood
Probability Description
1 Low (<10%) Very unlikely that the risk will materialize within the next 12 months
2 Medium (10-25%) Unlikely that the risk will materialize within the next 12 months
3 High (25-50%) Possible that the risk will materialize within the next 12 months
4 Expected (>50%) Likely that the risk will materialize within the next 12 months
Risk management at Kinnevik
Kinnevik’s Board of Directors is responsible for internal control 
and risk oversight in accordance with the Swedish Companies 
Act and the Swedish Corporate Governance Code. To support this 
responsibility, the Board has adopted a Risk Management Policy. 
The framework ensures a structured and repeatable approach 
to identifying, assessing, managing, monitoring, and reporting 
risks that could materially impact Kinnevik’s ability to achieve 
its strategic objectives. The Audit & Sustainability Committee 
(“A&S Committee”) is delegated by the Board to oversee risk 
management and reviews Kinnevik’s key risks and mitigation 
actions on a regular basis. The CEO holds ultimate responsibility 
for Kinnevik’s risk management process, with operational 
responsibility delegated to the CFO. 
Risk Register structure and categorization
Central to Kinnevik’s risk management framework is the Risk 
Register, a dynamic, document capturing the most material risks 
to Kinnevik. Risks are organized into clearly defined categories, 
which ensure comprehensive coverage and make it possible to 
compare and prioritize risks consistently across the business. 
These risk categories include:
1. Strategic: Relating to investment strategy, portfolio allocation, 
competitive dynamics, and execution of long-term objectives. 
These mainly include risks and opportunities related to strategic 
choices and our ability to create competitive advantages.
2. Portfolio: Relating to our portfolio companies and their 
performance, challenges and capabilities. These mainly focus on 
portfolio companies’ ability to raise new capital, execute on their 
strategy and outperform competition. 
3. Operational: Internal risks relating to how Kinnevik organizes and 
structures its business operations across our core processes 
(investments, valuations and financial closing) that can be 
controlled but not eliminated. These mainly relate to reputation, 
human errors and other inaccuracies. 
4. Compliance: Changes in regulation, compliance obligations, and 
potential legal exposures at Kinnevik and our portfolio companies. 
These mainly relate to our ability to ensure full compliance and 
changes in regulation affecting our ways of investing and reporting. 
5. External: Risks that could adversely affect stakeholder trust, 
brand value, or public perception, irrespective of financial impact.
Risk identification, assessment and mitigation
Risk identification is led by the Management Team under the 
CFO’s guidance and informed by regular interactions with portfolio 
company leadership, performance data, and external market 
developments. The process recognizes that risks evolve over time, 
and assessments are updated at least twice a year.
Each risk recorded in the Risk Register is documented in one of 
the five categories with:
 ▪ A clear description
 ▪ An assessment of likelihood and impact
 ▪ A risk rating that considers effects on fair value, financial 
performance, reputation, and strategic relevance. Where 
quantification is feasible, numerical estimates are used; for 
more complex or emerging risks, qualitative assessments are 
applied based on the scale of potential negative outcomes and 
whether impacts are remediable.
 ▪ Whether the risk is to be accepted, avoided, mitigated or transferred
 ▪ For risks requiring mitigation, the Risk Register identifies specific 
actions, assigns owners, and indicates target outcomes and 
timelines. This ensures accountability and enables systematic 
monitoring of mitigation progress.
Climate-related risks
Climate-related risks are integrated into the Risk Register 
and assessed in relation to Kinnevik’s existing portfolio, new 
investments, strategy, and reputation, recognizing increased 
external scrutiny of climate impacts. In 2023, Kinnevik undertook 
modelling of its portfolio’s exposure to physical climate risks 
(e.g., flooding, wildfires, drought) and analyzed potential financial 
impacts from asset damage and supply chain disruption. Further 
details are provided in Kinnevik’s TCFD reporting.
The Board’s description of internal control pertaining to the 
financial reporting for the 2025 financial year
The Board is responsible for internal control in accordance with 
the Swedish Companies Act and the Code. This description has 
been prepared in accordance with the Code’s Rules 8.1 and 8.2, 
and Chapter 6, Section 6 and Chapter 7, Section 31 of the Swedish 
Annual Accounts Act and is thus restricted to the internal control 
pertaining to the financial reporting.
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Overview of Kinnevik's most material risks
Risk Risk category Risk Mitigation actions
Key Personnel Strategic The ability to attract and retain key individuals is essential for Kinnevik’s long-term success. Kinnevik 
is heavily reliant on a small number of key individuals in management and investment teams, which 
exposes the company to succession gaps and risks stability in leadership, investment decision-
making, and strategic execution.
Kinnevik continuously identifies key skills important to Kinnevik and the portfolio companies.  Efforts 
to attract and retain key individuals is supported by ongoing performance and potential reviews, 
succession planning as well as the development of attractive remuneration packages in line with 
market expectations.
New Investments Strategic Kinnevik’s investment operations depend on the availability of investment opportunities on 
attractive terms, as well as Kinnevik’s ability to sufficiently identify and execute such investments. 
Failure to identify and execute investments due to competition in the capital markets or for other 
reasons may have a negative impact on the Company’s operations and competitiveness. Early-stage 
investments are further associated with greater uncertainty regarding ability to continue developing 
its business, achieve scalable and self-sustaining profitability, or become profitable at all, which 
could result in losses and negatively impact Kinnevik’s performance and net asset value.
Kinnevik mitigates this risk through a strong investment pipeline through continuous sector research, 
comprehensive market monitoring, and proactive sourcing of opportunities, and a disciplined 
investment process. The company applies clear investment criteria and active portfolio construction 
to manage concentration and stage exposure, and works closely with portfolio companies post-
investment to support strategic execution, operational development, and long-term value creation.
Influence Strategic As a minority shareholder, Kinnevik exercises influence over its portfolio companies primarily through 
board representation and ownership rights. As a result, portfolio companies may take decisions or 
actions that are not aligned with Kinnevik’s interests, and Kinnevik may have limited ability to prevent 
or mitigate such outcomes.
Our ability to influence our portfolio companies is supported by an active governance model and 
continued oversight, as well as strengthened shareholder rights such as protective terms and 
decision rights over material matters, complemented by our active ownership approach  
which builds long-term relationships with founders and management teams to support value 
creation and alignment.
Divestments and Recycling  
of Capital
Strategic As Kinnevik does not currently receive regular distributions from its portfolio, it is dependent on 
divestments to generate positive cash flow. There is a risk that Kinnevik may be unable to divest its 
holdings, or may only be able to do so at valuations below carrying value and, in some cases, below 
the invested amount.
Kinnevik mitigates this risk by maintaining a disciplined and flexible liquidity and capital allocation 
framework and actively planning and preparing exit options across the portfolio. Including continu-
ous portfolio reviews to prioritize divestments and manage timing based on market conditions.
Valuations Operational With a large share of the portfolio invested in unlisted companies, valuations are subject to greater 
uncertainty due to limited transaction data and reliance on valuation models and judgement. 
Changes in public market comparables, portfolio company performance, or valuation levels in recent 
transactions could lead to material revaluations, adversely affecting Kinnevik’s net asset value and 
financial results.
Kinnevik mitigates valuation risk through a structured and consistent valuation process aligned with 
IFRS 13 and the International Private Equity and Venture Capital Valuation Guidelines, ensuring that 
portfolio holdings are measured at fair value at each reporting date.
Market Volatility External Kinnevik is exposed to overall market volatility, which may adversely affect the value of its portfolio 
and financial results. Geopolitical uncertainty, high interest rates, and shifting inflation expectations 
may continue to weigh on the global economy, putting downward pressure on growth valuations and 
valuation multiples and making it more difficult for portfolio companies to secure capital. Further, 
as the majority of Kinnevik’s portfolio is held in USD, fluctuations in exchange rates may materially 
impact valuations and NAV in SEK, creating volatility in financial results independent of underlying 
portfolio performance.
Kinnevik seeks to reduce the potential impact from these risks  through active monitoring of 
macroeconomic conditions, geopolitical developments, and market sentiment, and by continuously 
assessing the potential impact on portfolio valuations, funding conditions, and liquidity. Kinnevik may 
also use derivative instruments to partially hedge foreign exchange exposure and reduce volatility.
Regulatory External Unfavorable, uncertain, or changing regulations across key sectors may create operational challeng-
es, increase costs, or hinder growth for portfolio companies. Regulatory developments may also im-
pact market access, business models, and funding conditions, which could negatively affect portfolio 
company performance, valuations, and Kinnevik’s NAV and financial results.
Kinnevik continuously monitors regulatory developments and support our portfolio companies in 
navigating these. Regulatory risks is also a key component of our due diligence ahead of investing in 
new companies and sectors.
Cyber and Information Security External Cyber and information security risks are significant and rapidly evolving. Security incidents such as 
cyberattacks, unauthorized access, data breaches, or information leakage could disrupt Kinnevik’s 
and its portfolio companies’ operations, damage reputation, and result in regulatory scrutiny or legal 
claims. Such incidents may have a material adverse effect on Kinnevik’s business, financial results, 
and financial position.
Kinnevik has a robust framework for information security including relevant policies and procedures 
to ensure a high level of security and educate our employees. This is also a key component of our 
due diligence ahead of investing in new companies and sectors.
Technological Development External Rapid technological advancements across Kinnevik’s focus sectors may outpace the ability of Kin-
nevik or its portfolio companies to identify, adopt, or integrate new solutions in time. Falling behind 
in innovation could erode competitiveness, weaken market positions, and negatively impact portfolio 
company valuations.
Kinnevik mitigates this risk by continuously monitoring technological developments, competitive 
dynamics, and market trends across its focus sectors. Kinnevik maintains an active dialogue with 
portfolio companies and regularly assesses their innovation capabilities, product roadmaps, and 
operational performance to identify emerging risks and opportunities.
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Control environment
The purpose of the Board’s rules of procedure and instructions for 
the Chief Executive Officer and Board Committees is to ensure 
a distinct division of roles and responsibility that promotes the 
efficient management of operational and financial risks. The 
Board has also adopted a number of fundamental guidelines 
of significance to activities involving internal controls, which 
are described in Kinnevik’s Policy and Procedure Manual and 
include instructions governing the financial reporting of results, 
authorization procedures, purchasing policies, investment policies, 
accounting principles, financial risk management and internal 
audits. The Company’s management reports regularly to the Board 
in accordance with established procedures. In addition, the Audit 
& Sustainability Committee reports on its work. Management 
is responsible for the system of internal controls required for 
managing risks associated with ongoing operations. This includes 
guidelines for the employees to ensure that they understand the 
importance of their particular roles in efforts to maintain efficient 
internal control. The Company’s operational and financial risks 
are reported bi-annually to the Board, including an analysis of 
their consequences and financial impact in the event of them 
materializing, and how and who exercises ongoing control over each 
risk and how these can be mitigated in part or in full.
Risk assessment and control activities
Kinnevik has implemented a model for assessing the risk of errors in 
accounting and the financial reporting. The most significant items 
and processes in which the risk of significant errors can typically 
arise encompass financial assets and instruments in the income 
statement and balance sheet, and the investment process. Kinnevik 
has established documented work routines and continuously 
evaluates how well the controls function in relation to these items 
and processes operate.
Internal audits & third party reviews
The Board evaluates the need for a separate internal audit 
function on a yearly basis. Kinnevik does not currently have a 
separate internal audit function, taking into account the size of 
the Company’s operations. Instead Kinnevik, on instructions from 
the Audit & Sustainability Committee, engages internal auditors 
to follow up and evaluate work relating to, inter alia, valuations of 
unlisted investments, risk management and internal control. The 
internal auditors report the results of their examination in the form 
of written reports to the Audit & Sustainability Committee. 
Information and communication
Kinnevik’s Policy and Procedure Manual and other guidelines 
of importance to financial reporting are updated at least once 
annually. Both formal and informal information channels to the 
Company’s management and Board are available for internal 
communication. For external communication, guidelines have been 
compiled in an Information Policy ensuring the Company complies 
with the demands for timely and accurate information to market 
participants and other various constituencies, such as shareholders, 
Board members, employees and suppliers.
Follow-up
The Board continuously evaluates the information provided by 
management, the Audit & Sustainability Committee and the 
People & Remuneration Committee. The work to monitor the 
efficiency of management’s efforts in this area is of particular 
importance to the follow-up of internal controls. This work 
includes ensuring that action is taken concerning those 
shortcomings and proposed measures that result from external 
and internal audits.
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Cristina Stenbeck
Chairperson
Born: 1977
Nationality: Swedish citizen.
Independence:  Independent of the Company and management, 
not independent of major shareholders.
Direct or related person ownership: 15,918,123 Class A shares 
and 150,000 Class B shares through Verdere S.à r.l. Cristina 
further indirectly holds 0.98 percent of the shares in Stegra as 
well as 0.74 percent of the shares in Vay, both Kinnevik portfolio 
companies.
Committee work: Chairperson of the People & Remuneration 
Committee.
Other current significant assignments: Board Director of  
Tandem Health.
Cristina Stenbeck was most recently elected Chairperson 
and Director of the Kinnevik Board in 2025. She first joined 
the Kinnevik Board in 2003, where she continued to serve for 
16 years, including as Chairperson from 2007 to 2016. She has 
been an active investor in both public and private companies 
for 20 years.
Cristina has been a member of the Board of several listed 
portfolio companies within the Kinnevik Group and more 
recently as an independent director. She was Chair of Zalando 
from 2014 to 2016 before returning to the Board as Chair from 
2019 to 2023 and Director of Spotify from 2017 to 2023. She 
holds a BSc. degree from Georgetown University.
*Cristina indirectly holds 4.6 percent of the shares in Estrid 
Studios AB, of which fellow Board Director Camilla Giesecke is 
Chairperson of the Board.
Claes Glassell
Board Director
Born: 1951
Nationality: Swedish citizen.
Independence: Independent of the Company and management 
and of major shareholders.
Direct or related person ownership: 10,000 class B shares.
Committee work: Member of the Audit & Sustainability 
Committee and People & Renumeration Committee.
Other current significant assignments: Board Director of 
Cambrex Corp. Senior advisor to Permira. 
Claes Glassell was elected a Director of the Kinnevik Board in 
2024. He has previously been COO and President of Cambrex 
Corp. (1999-2003), CEO of Cerus Corp. (2004-2011), and CEO 
of CMC Biologics (2011-2015). He has also chaired LSNE (2017-
2021) and Quotient Sciences (2019-2022) and has held senior 
roles and board positions in public and private companies, 
including Vitrolife AB, Cellartis AB, and Nobel Chemicals. Claes 
has also been involved with the Swedish Chamber of Commerce 
in New York and the Swedish Chemical Industry Association. He 
holds a master’s degree in chemical engineering from Chalmers 
University of Technology. 
Maria Redin
Board Director
Born: 1978
Nationality: Swedish citizen.
Independence: Independent of the Company and management 
and of major shareholders.
Direct or related person ownership: 17,500 Class B shares.
Committee work: Member of the Audit & Sustainability Committee.
Other current significant assignments: CEO of MTG. Board 
Director of Vinted.
Maria Redin was elected a Director of the Kinnevik Board in 
2024. She has been the CEO of MTG since 2020, where she 
previously held the positions of CFO and Head of Group Finance 
& Controlling. Maria also served as CEO of MTG’s former gaming 
and entertainment company Bet24 and was a member of the 
Board of NetEnt from 2012-2020. She holds a bachelor’s degree 
in business administration from Cameron University and a 
master’s degree in International Business from the University of 
Gothenburg.
Jan Berntsson
Board Director
Born: 1964
Nationality: Swedish citizen.
Independence: Independent of the Company and management 
and of major shareholders.
Direct or related person ownership: 200,000 Class B shares.
Committee work: Chairperson of the Audit & Sustainability 
Committee.
Other current significant assignments: Board Member of AFRY, 
Firefly AB and Mitt Liv AB, and a member of Nasdaq Stockholm’s 
Listing Committee. 
Jan Berntsson was elected a Director of the Kinnevik Board in 
2024. Jan began his career at Swedbank before joining Arthur 
Andersen in 1989, spending a year in Silicon Valley. He became 
a Partner in 1999 and joined Deloitte in 2002, serving as CEO of 
Deloitte Sweden 2008-2023. While at Deloitte, Jan held senior 
roles including on Deloitte’s Nordic Executive Group, North & 
South Europe Board, and Global Board. Jan has previously been 
lead audit partner for a number of Swedish companies including 
Kinnevik 2013-2020. Jan holds a bachelor’s degree in business 
administration from Stockholm University.
BOARD OF DIRECTORS
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Henrik Lundin
Board Director
Born: 1974
Nationality: Swedish citizen.
Independence: Independent of the Company and management 
and of major shareholders.
Direct or related person ownership: 50,000 Class B shares. 
IMAS Foundation owns 1.7 percent of the shares in Kinnevik's 
portfolio company Stegra.
Committee work: Member of the People & Remuneration 
Committee.
Other current significant assignments: CEO and CIO of IMAS 
Foundation, and Board Director of Lysa Fonder.
Henrik Lundin was elected a Director of the Kinnevik Board in 
2025. Henrik is an experienced investment leader who serves as 
Chief Executive Officer and Chief Investment Officer of the IMAS 
Foundation which financially supports the INGKA Foundation 
and, ultimately, the IKEA Foundation. Since Henrik joined IMAS 
in 2014, the portfolio has grown to €15bn, with investments 
in listed and non-listed assets, including venture, growth and 
buy-out equity strategies. He started his career as a financial 
journalist before joining Nordea Wealth Management in 2001 
where he served for 14 years, becoming its Chief Investment 
Strategist in 2005. He serves on the Board of Lysa Fonder, a 
Swedish fintech. He holds a Bachelor of Science in Economics 
from Stockholm University and an Executive MBA from INSEAD.
Rubin Ritter
Board Director
Born: 1982
Nationality: German citizen.
Independence: Independent of major shareholders.
Direct or related person ownership: -
Committee work: -
Other current significant assignments: -
Rubin Ritter was elected a Director of the Kinnevik Board in 
2025. He led Zalando for eleven years as its Co-CEO scaling 
the company from an early-stage private company to become 
Europe's leading fashion platform. Rubin started his career at 
McKinsey & Company where he was Senior Associate between 
2007 and 2010. He has a Diploma from WHU – Otto Beisheim 
School of Management.
On 15 March 2026, Rubin Ritter was appointed interim CEO of 
Kinnevik. 
Camilla Giesecke
Board Director
Born: 1980
Nationality: Swedish citizen.
Independence: Independent of the Company and management 
and of major shareholders.
Direct or related person ownership: 2,820 class  B shares.
Committee work: -
Other current significant assignments: COO of Klarna, 
Chairperson of Estrid.
Camilla Giesecke has played a pivotal role in scaling Klarna, one 
of Europe's most successful growth companies. Since joining 
in 2017, she has held several senior positions, including Chief 
Financial Officer and Chief Expansion Officer, before becoming 
Chief Operating Officer in 2022. 
Camilla began her career as an M&A analyst at J.P. Morgan 
Chase & Co. in London. Between 2006 and 2013, she worked 
at Investor AB as an investment professional, where she held 
various leadership roles at its portfolio companies, such 
as Permobil AB and Saab AB. In addition to her executive 
roles, she has served on the board of BHG Group, and she is 
currently Chairperson of Estrid. She holds a Master of Science in 
Economics and Business Administration from Stockholm School 
of Economics.
*Camilla Giesecke is Chairperson of Estrid Studios AB, in which 
the Chairperson of the Board Cristina Stenbeck indirectly holds 
4.6 percent of the shares.
BOARD OF DIRECTORS
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Georgi Ganev
CEO
Employed: 2018 (left his role on 15 March 2026 as Rubin Ritter 
was appointed interim CEO)
Born: 1976 
Nationality: Swedish citizen.
Board position: Board Director of Aira and Reach for Change.
Previous Experience: CEO of Dustin, CEO of Bredbandsbolaget 
and CMO at Telenor Sweden. 
Education: M.Sc. in Information Technology from Uppsala 
University.
Shareholding (including closely affiliated persons): 425,907 
Class B shares. 
Incentive shares: 293,030 (2024-29), 140,580 (2023-28), 
86,000 (2022-27), 70,000 (2021-26).
Georgi joined Kinnevik in 2018 from Dustin where he served 
as CEO 2012-2017.  Prior to Dustin Georgi was CEO of 
Bredbandsbolaget between 2007-2010 and CMO at Telenor 
Sweden between 2010-2012, starting his career within the 
Kinnevik Group at Tele2 in 2002. Georgi is a Board Director 
of Aira. Under Georgi’s leadership, Kinnevik has undertaken 
a strategic pivot, focusing on growth investments, becoming 
one of Europe’s leading listed growth investors. With his 
engineering background, Georgi is passionate about building 
transformational businesses using the power of technology to 
create new markets or redefine existing ones.
Samuel Sjöström
CFO
Employed: 2013
Born: 1987
Nationality: Swedish citizen.
Board positions: Playground Music Scandinavia.
Previous Experience: Various roles at Kinnevik, last as Chief 
Strategy Officer.
Education: BSc in Business & Economics from Stockholm 
School of Economics and LLM from Stockholm University.
Shareholding (including closely affiliated persons): 100,000 
Class B shares, of which 31,700 held through pension plan, 
insurance or similar.
Incentive shares: 72,080 (2024-29), 50,720 (2023-28), 29,000 
(2022-27), 22,000 (2021-26.
Samuel joined Kinnevik in 2013 out of university as a CFO trainee 
and was appointed CFO himself some nine years later. During 
his time at Kinnevik, he has mainly spent his time on planning, 
driving and executing on the transformation of Kinnevik into a 
growth-focused investment firm, and its many implications 
on our approach to capital allocation and stakeholder 
communication.
With the transformation completed in 2024, these days he 
mostly spends his time on helping existing and prospective 
investors understand Kinnevik’s portfolio and platform, and 
supporting our investment professionals in making the most of 
their and our investees’ potential.
Natalie Tydeman
Managing Investment Director
Employed: 2021
Born: 1971
Nationality: UK citizen.
Board positions: Job&Talent, Betterment, Solugen (observer), 
Stegra (observer), Charm (observer).
Previous Experience: Senior Partner at GMT Communications 
Partners, Senior Vice President – Ventures at Fremantle Media, 
Managing Director of Online & Interactive at Fox Kids Europe.
Education: MBA from Harvard Business School and BA in 
Mathematics from University of Oxford.
Shareholding (including closely affiliated persons): 23,088 
Class B shares, of which 6,186 held through pension plan, 
insurance or similar.
Incentive shares: 218,080 (2024-29), 130,780 (2023-28), 
80,000 (2022-27), 60,000 (2021-26)
Natalie manages the investment team and co-leads climate 
tech investments.
Having spent her career building and investing in disruptive 
technology companies, Natalie is passionate about the 
next frontiers of technology innovation and in particular 
the opportunity to support visionary founders in scaling up 
generational companies that will decarbonize major segments 
of our economy while creating financial and strategic value for 
customers and delivering long-term compounding returns for 
investors. 
MANAGEMENT
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Torun Litzén
Director Corporate Communication
Employed: 2007 (left her role on 3 February 2026)
Born: 1967
Nationality: Swedish citizen.
Board positions: Chairperson of Reach for Change.
Previous Experience: Senior IR officer at Nordea, fund manager 
at HQ Fonder, management consultant Coopers & Lybrand in 
Moscow, Russia.
Education: Graduate in Business Administration from Stockholm 
School of Economics.
Shareholding (including closely affiliated persons): 48,364 
Class B shares, of which 1,000 held through pension plan, 
insurance or similar.
Incentive shares: 48,770 (2024-29), 34,320 (2023-28), 21,000 
(2022-27), 22,000 (2021-26).
Torun joined Kinnevik in 2007 as a communications director. Prior 
to Kinnevik, Torun worked as an investor relations officer at Nor-
dea and a fund manager at HQ funds after starting her career 
working as a consultant in Moscow, Russia.  With her long expe-
rience, Torun has a deep understanding of Kinnevik’s stakehold-
ers and has been instrumental in crafting and telling the Kinnevik 
story across all channels including building investor and media 
relations, starting with Kinnevik’s first digital investments, and 
continuing through the current strategic pivot into a leading 
growth investor.  
Torun is also responsible for developing Kinnevik’s sustainabili-
ty strategy, executing on a structured engagement model and a 
bespoke approach for implementing sustainability strategies in 
each portfolio company with the aim of creating business value 
and supporting the company’s overall strategy. 
Christian Scherrer
Senior Investment Director
Employed: 2014
Born: 1986 
Nationality: Swiss citizen.
Board position: Enveda, Spring Health, Cityblock Health (observer), 
Transcarent (observer).
Previous Experience: JP Morgan. 
Education: MSc Finance from Imperial College and BA 
Economics and Business Administration from University of 
Zürich.
Shareholding (including closely affiliated persons): 27,043 
Class B shares. 
Incentive shares: 63,032 (2024-29), 76,820 (2023-28), 43,000 
(2022-27), 28,378 (2021-26).
Christian joined Kinnevik in 2014 in their London office after 
kickstarting his career at JP Morgan in technology and media 
investment banking. Since joining Kinnevik, Christian has built 
a sizeable healthcare portfolio, starting from zero to today 
representing over a third of Kinnevik’s asset base. He helped 
craft and execute the healthcare strategy, investing nearly USD 
1 billion into healthcare services and technology companies in 
the US and Europe.
An early investor in leading healthcare companies like Livongo 
(acquired by TDOC), VillageMD (acquired by WBA), Cityblock, 
Cedar, Transcarent and Spring Health, Christian has also 
spearheaded Kinnevik’s investments in biotech, leading a 
significant PIPE investment in Recursion (RXRX) and a private 
investment in Enveda Biosciences.
Anna Stenberg
Chief People & Platform Officer
Employed: 2020
Born: 1979
Nationality: Swedish citizen.
Board positions: Board Director of Bonnier Ventures, Chairperson 
of the Board of QuizRR, Board Director of Tipser, Board Director of 
Ingager, member of the Advisory Board of Reach for Change.
Previous Experience: Founder of WES, and various managerial 
positions at Modern Times Group.
Education: MSc BA from Stockholm School of Economics.
Shareholding (including closely affiliated persons): 32,400 
Class B shares, whereof 6,150 through a company.
Incentive shares: 62,640 (2024-29), 44,080 (2023-28), 29,000 
(2022-27), 22,000 (2021-26).
Anna returned to Kinnevik in 2020 as Chief People and Platform 
Officer after a decade as an entrepreneur, founding WES, which 
was acquired by SJR in 2019. She previously spent eight years 
at Kinnevik, starting as a management trainee in 2003 and 
leading businesses within former portfolio company MTG. With 
firsthand experience as an entrepreneur and portfolio company 
leader, Anna drives Kinnevik’s Platform, supporting investees 
with operational expertise and growth strategies. She is also a 
member of the investment committee, leading Founder and 
Team due diligence to assess leadership and organizational 
capacity in potential investments.
MANAGEMENT
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FINANCIAL STATEMENTS
Section five
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For the period 1 January-31 December (SEKm) Note 2025 2024
Change in Fair Value of Financial Assets 3 -4 222 -2 661
Dividends Received 3 - 23
Administration Costs 16 -341 -448
Other Operating Income 10 19
Other Operating Expenses -1 -8
Operating Profit/Loss -4 554 -3 075
Interest Income and Other Financial Income 4 411 656
Interest Expenses and Other Financial Expenses 4 -95 -203
Profit/Loss after Financial Net -4 238 -2 622
Tax 7 892 -1
Net Profit/Loss for the Period -3 346 -2 623
Total Comprehensive Income for the Period -3 346 -2 623
Net Profit/Loss per Share Before/After Dilution, SEK -12.08 -9.47
Outstanding Shares at the End of the Period 276 972 664 276 972 664
Average Number of Shares Before Dilution 276 972 664 276 972 664
Average Number of Shares After Dilution 276 972 664 276 972 664
Consolidated Statement of Comprehensive Income
For the period 1 January-31 December (SEKm) Note 2025 2024
Dividends Received 3 - 23
Cash Flow from Operating Costs  -340 -422
Interest Received  182 237
Interest Paid  -57 -58
Cash Flow From Operations -215 -220
Investments in Financial Assets 6 -2 812 -4 069
Sale of Shares and Other Securities 6 163 12 940
Cash Flow From Investing Activities -2 649 8 871
Amortization  -1 500 0
Dividend  0 -6 370
Cash Flow From Financing Activities  -1 500 -6 370
Cash Flow for the Year  -4 364 2 281
Short-Term Investments and Cash, Opening Balance  14 619 11 951
Revaluation of Short-Term Investments  137 387
Short-Term Investments and Cash, Closing Balance  10 392 14 619
Consolidated Statement of Cash Flow
GROUP FINANCIAL STATEMENTS

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31 December (SEKm) Note 2025 2024
ASSETS
Fixed Assets
Financial Assets Held at Fair Value Through Profit or Loss 3 27 307 29 226
Tangible Fixed Assets  89 75
Right of Use Assets  43 55
Other Long-Term Receivables 106 0
Total Fixed Assets  27 545 29 356
Current Assets
Other Current Assets 180 132
Short-Term Investments 8 10 021 11 473
Cash and Cash Equivalents 8 371 3 146
Total Current Assets 10 572 14 751
TOTAL ASSETS 38 117 44 107
31 December (SEKm) Note 2025 2024
SHAREHOLDERS’ EQUITY AND LIABILITIES  
Shareholders’ Equity 9
Share Capital  28 28
Other Contributed Capital 8 840 8 840
Retained Earnings including Net Profit/Loss for the Year 27 004 30 334
Total Shareholders’ Equity 35 872 39 202
Long-Term Liabilities
Interest-bearing Loans 10 495 1 992
Provisions for Pensions  19 19
Tax Liability 7 5 950
Other Liabilities 11 41 49
Total Long-Term Liabilities  560 3 010
Short-Term Liabilities
Interest-bearing Loans 10 1 500 1 500
Other Liabilities 11 185 395
Total Short-Term Liabilities 1 685 1 895
TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES 38 117 44 107
Consolidated Balance Sheet

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Consolidated Statement of Changes in Equity
1) The AGM 2024 resolved on an extraordinary cash value transfer to holders of ordinary shares (i.e. Class A shares and Class B shares) through a share redemption plan.  
Each ordinary share in Kinnevik entitles to one (1) redemption share,  and each redemption share entitles to a redemption amount of SEK 23.00 per share.
SEKm Share Capital
Other Contributed   
Capital
Retained Earnings  
including Net  
Result for the Year
Total Shareholders’  
Equity
Opening Balance 1 January 2024 28 8 840 39 293 48 161
Profit/Loss for the Period -2 623 -2 623
Total Comprehensive Income for the Year -2 623 -2 623
Transactions with Shareholders
Cash Dividend 1) -6 370 -6 370
Effect of Long-Term Incentive Program 34 34
Closing Balance 31 December 2024 28 8 840 30 334 39 202
Profit/Loss for the Period -3 346 -3 346
Total Comprehensive Income for the Year -3 346 -3 346
Transactions with Shareholders
Effect of Long-Term Incentive Program 16 16
Closing Balance 31 December 2025 28 8 840 27 004 35 872

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Note 1 Significant Accounting Principles
Compliance with Standards and Legislation
The consolidated financial statements have been prepared in accordance 
with IFRS accounting standards as adopted by the EU, as well as the 
application of Swedish rules in RFR 1 Supplementary accounting rules for 
groups issued by the Council for Sustainability and Financial Reporting.
The Parent Company’s annual accounts have been prepared in accordance 
with Swedish law and with the application of recommendation RFR 2 
Accounting for legal entities by the Council for Sustainability and Financial 
Reporting.
Conditions for the preparation of the Parent Company’s and Group’s 
financial reports 
The financial reports are presented in Swedish kronor, which matches the 
Parent Company’s functional currency. Amounts are rounded to the nearest 
million (MSEK) unless otherwise stated. Due to rounding, figures presented 
in the financial statements may not always sum exactly to totals, and 
percentages may differ from exact calculations. Most of the Group’s assets 
are financial, and the majority of these are recognized at fair value. Other 
assets and liabilities are mainly reported at historical acquisition cost. Non-
current assets essentially consist of amounts expected to be recovered or 
paid after more than twelve months from the balance sheet date, and long-
term liabilities comprise values for which the Group has an unconditional 
right to choose to settle later than twelve months from the balance sheet 
date. Other assets and liabilities are classified as current assets and current 
liabilities respectively. Accounting policies have been applied consistently 
across all periods presented in the financial statements, unless otherwise 
stated.
New standards not yet applied 
From 1 January 2027, IFRS 18 Presentation and Disclosures in Financial 
Statements comes into force. The new standard will give the income 
statement a new structure and require disclosures regarding certain 
performance measures. IFRS 18 will replace IAS 1 Presentation of Financial 
Statements, but will not affect the valuation of items in the financial 
statements. However, classification and labelling will change for some items, 
and the standard may alter which transactions are included in operating 
profit. Work is ongoing to map how the new standard will affect the Group’s 
financial reports.
None of the other EU-approved new and amended IFRS accounting 
standards or IFRIC interpretations are currently assessed as significantly 
affecting Kinnevik’s results or financial position. The same applies to 
Swedish regulations. 
Classification as an investment entity 
Kinnevik meets the criteria for an Investment Company under IFRS 10, and 
the following key considerations have been made in this assessment:
 ■ Kinnevik raises capital from its shareholders to invest in portfolio 
companies, which Kinnevik then helps develop to generate returns 
both as direct income and appreciation in the value of investments. 
Investments are made in both listed and unlisted companies.
 ■ Kinnevik continuously monitors and evaluates its investments in 
portfolio companies based on fair value.
 ■ Kinnevik is currently focused on investments across several different 
sectors. The company does not have a stated time horizon for divesting 
holdings, but the investment strategy is continuously evaluated and the 
focus changes over time.
This means that operational subsidiaries are also recognized at fair value 
rather than being consolidated. Only subsidiaries providing services related 
to the investment company’s investment activities are consolidated.
In accordance with IAS 28 Investments in Associates and Joint Ventures, 
holdings in associated companies are recognized at fair value with value 
changes reported in profit and loss in accordance with IFRS 9 Financial 
Instruments.
Financial instruments 
Financial instruments recognized in the Group’s balance sheet comprise, 
on the asset side: shares and holdings measured at fair value through profit 
and loss, other financial placements, loan receivables, trade receivables, 
short-term placements, liquid funds, and derivatives. On the liability side 
are loan liabilities, trade payables, and derivatives. Financial assets that are 
spot instruments are recognized on the trade date, which is the day the 
Group commits to acquire or dispose of the instrument.
Classification and valuation 
Financial instruments are classified into different categories. The 
classification of financial assets is made based on the characteristics of the 
contractual cash flows from the financial asset and the Group’s business 
model.
The valuation after the initial recognition is described under each respective 
category below.
Financial assets measured at fair value through profit and loss 
Financial assets in this category are continuously measured at fair value, 
with changes in value recognized in profit or loss.
Kinnevik’s financial assets measured at fair value through profit and loss 
consist of financial assets, including short-term placements and loan 
receivables, which, according to management’s risk management and 
investment strategy, are managed and evaluated based on fair value.
Receivables at amortized cost 
Loan receivables and other receivables that are non-derivative financial 
assets, including cash and cash equivalents, with fixed or determinable 
payments and fixed maturity and which are not quoted in an active market, 
are measured at amortized cost. Impairment of doubtful receivables is 
assessed individually.
Trade receivables are generally due for payment after 30 days.
Derivatives 
Kinnevik uses derivatives, where applicable, to hedge cash flow risks. One 
example is interest rate swaps to hedge interest rate risk in bond issues. 
Kinnevik does not apply hedge accounting, and changes in value are 
recognized as a financial item in the income statement.
Liabilities at amortized cost 
Financial liabilities not classified as held for trading are measured at 
amortized cost. Amortised cost is determined based on the effective 
interest rate calculated when the liability was incurred. This means that 
premiums and discounts, as well as direct costs related to the raising of 
loans, are allocated over the maturity of the liability.
Valuation at fair value 
Fair value is defined in IFRS 13 as the price that would be received to sell an 
asset or paid to transfer a liability in an orderly transaction between market 
participants at the measurement date.
The fair value of financial instruments traded in an active market is based 
on quoted market prices at the balance sheet date. The market price used 
is the last quoted bid price on the balance sheet date. For companies with 
two types of shares, the most liquid share type’s market price is used.
The fair value of other financial instruments is determined using the methods 
assumed for each individual case to give the best estimate of fair value. For 
assets and liabilities maturing within one year, nominal value adjusted for 
interest and premiums is assumed to provide a good approximation of fair 
value.
Kinnevik’s unlisted holdings are valued based on IFRS 13 and the 
International Private Equity and Venture Capital Valuation Guidelines, with 
a comprehensive assessment to determine which valuation method and 
reference points are appropriate to establish the fair value of each holding. 
Even if a valuation from a financing round is not used as a valuation method, it 
may serve as an important reference point for valuing the asset in question, 
especially regarding younger portfolio companies for which traditional 
valuation methods are less applicable. In new issues, consideration is given 
to whether the newly issued shares have different rights and/or higher 
preference to the company’s assets than previously issued shares.
The valuation methods used by Kinnevik include applying relevant multiples 
to the company’s historical or expected sales or earnings, and the valuation 
of future cash flows. In a valuation based on multiples, differences in size, 
historical growth and profitability, as well as capital cost, are considered.
NOTES FOR THE GROUP

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The work to value Kinnevik’s unlisted holdings is led by the company’s 
Chief Financial Officer and carried out by a valuation team, independent of 
each holding’s investment manager, and is based on financial information 
reported from each holding. The accuracy and reliability of financial 
information used in valuations is ensured through ongoing contact with 
the management of each holding and regular reviews of their reporting. 
Information and opinions on applicable valuation methods are periodically 
obtained from reputable investment banks and audit firms. The valuations 
are discussed with the CFO and CEO, after which a proposal is discussed 
with the Audit Committee and external auditors. After their review and 
any adjustments, the valuations are approved and included in Kinnevik’s 
accounts before being approved at a meeting attended by the company’s 
external auditors.
Note 2 provides disclosures for the Group per class of financial instruments 
measured at fair value through profit and loss, broken down into the 
following three levels:
Level 1:  Fair value determined by quoted prices in an active market for the 
same instrument.
Level 2: Fair value determined by valuation techniques with observable 
market data, either directly (such as price) or indirectly (derived 
from price) and not included in Level 1.
Level 3: Fair value determined using valuation technique with significant 
input that is not observable on the market.
Long-term incentive programs and share-based compensation 
Kinnevik’s long-term incentive programs launched in 2020-24 are based on 
a structure in which participants subscribe for and receive incentive shares. 
These incentive shares are converted into Kinnevik B shares after five years, 
provided certain performance and employment conditions are met. To 
participate in the programs, employees are required to make a personal 
investment. In exchange, Kinnevik subsidizes the value of participating in 
the programs to a varying extent, including the tax effect at grant. The fair 
value of subsidized incentive shares, including social security charges, is 
recognized in accordance with IFRS2 and expensed over each program’s 
vesting period. The tax effect on this fair value, including social security 
charges, has been expensed directly at the time of payment. No costs 
for social security charges will arise upon a future potential conversion of 
incentive shares into Kinnevik B shares.
Revenue recognition 
Revenue from service activities is recognized when services are provided to 
the customer, after deduction of any discounts.
Interest income is recognized as it is earned, based on the established 
values of the financial assets.
Received dividends are recognized when shareholders’ entitlement to 
receive the dividend has been established.
Tax 
Total tax charged to the year’s result comprises current tax. No deferred tax 
is recognized, as tax profits are not expected to arise within the foreseeable 
future.
Distributed dividends 
Cash and in-kind dividends to shareholders are recognized in the 
accounting period in which the dividend is decided. For in-kind dividends, 
the market value of net assets at the time of the dividend is recognized as 
the distributed value.
Leasing 
The right of use of the office premises in England (the lease asset) and 
the liability is measured at the present value of future lease payments and 
are reported in the statement of financial position. The right of use also 
includes direct costs attributable to the signing of the lease agreement. 
In the income statement, depreciation on the right of use and interest 
expenses are recognized. The right of use is reported separately from other 
assets in the statement of financial position. 
Cash Flow Statement 
Kinnevik prepares a cash flow statement for the Parent Company and the 
Group using the direct method. When preparing the cash flow statement, 
cash and bank, investments in short-term interest funds, and other 
investments with an original maturity of no more than three months are 
included among liquid assets. The book value of these assets corresponds 
to market value.
Significant judgements and assumptions 
In the preparation of the annual and consolidated accounts, judgements 
and assumptions are made that affect reporting and disclosures. Below is 
a summary of significant judgements from the board and management in 
applying IFRS, as well as assumptions and estimates that by their nature are 
difficult to assess.
Key judgements in the application of 
the Group’s accounting policies 
See  
Note
Valuation 
of Unlisted 
Holdings
Appropriate valuation method, 
comparable public companies, financial 
performance and outlook, recent 
transactions Note 2
Environmental 
Matters
Future decisions by County 
Administrative Boards etc. Note 14

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Note 2 Financial assets and liabilities
Financial assets and liabilities by valuation category
2025 Fair value through 
profit or loss
Assets,
Amortized cost
 Financial debt, 
amortized cost
Total book  
value
Fair  
value
Financial assets accounted at fair value through profit or loss 27 307 - - 27 307 27 307
Other current assets - 247 - 247 247
Derivatives 38 - - 38 38
Short-term investments 10 021 - - 10 021 10 021
Cash and cash equivalents - 371 - 371 371
Total financial assets 37 366 618 - 37 984 37 984
Interest-bearing loans - - 1 995 1 995 1 995
Trade payables - - 7 7 7
Other payables - - 98 98 98
Total financial liabilities - - 2 100 2 100 2 100
2024 Fair value through 
profit or loss
Assets,
Amortized cost
 Financial debt, 
amortized cost
Total book  
value
Fair  
value
Financial assets accounted at fair value through profit or loss 29 226 - - 29 226 29 226
Other current assets - 51 - 51 51
Derivatives 79 - - 79 79
Short-term investments 11 473 - - 11 473 11 473
Cash and cash equivalents - 3 146 - 3 146 3 146
Total financial assets 40 778 3 197 - 43 975 43 975
Interest-bearing loans - - 3 492 3 492 3 492
Trade payables - - 9 9 9
Other payables - - 276 276 276
Total financial liabilities - - 3 777 3 777 3 777

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Financial assets measured at fair value through profit or loss by level
The table below indicates how fair value is measured for Kinnevik’s financial assets and liabilities. The financial 
instruments are categorized on three levels as defined in Note 1.
Level 1 Level 2 Level 3
2025 
Total Level 1 Level 2 Level 3
2024 
Total
Global Fashion Group 222 - - 222 198 - - 198
Recursion 505 - - 505 888 - - 888
Total Listed Assets 727 - - 727 1 086 - - 1 086
Agreena - - 170 170 - - 341 341
Aira - - 989 989 - - 690 690
Betterment - - 1 696 1 696 - - 1 690 1 690
Cedar - - 695 695 - - 849 849
Cityblock - - 1 460 1 460 - - 1 745 1 745
Enveda - - 1 401 1 401 - - 944 944
HungryPanda - - 498 498 - - 556 556
Instabee - - 725 725 - - 958 958
Mews - - 2 059 2 059 - - 1 137 1 137
Omio - - 661 661 - - 792 792
Pelago - - 424 424 - - 339 339
Perk - - 3 853 3 853 - - 4 298 4 298
Pleo - - 1 869 1 869 - - 2 445 2 445
Solugen - - 461 461 - - 552 552
Spring Health - - 4 873 4 873 - - 5 779 5 779
Level 1 Level 2 Level 3
2025 
Total Level 1 Level 2 Level 3
2024 
Total
Stegra - - 649 649 - - 1 305 1 305
Transcarent - - 828 828 - - 772 772
Partnership Funds - - 310 310 - - 355 355
Other Investments - - 2 959 2 959 - - 2 593 2 593
Total Unlisted Assets - - 26 580 26 580 - - 28 140 28 140
Short-term invest-
ments 10 021 - - 10 021 11 473 - - 11 473
Total Financial Assets 
measured at Fair 
Value through Profit 
or Loss 10 748 - 26 580 37 328 12 559 - 28 140 40 699
Change in financial assets in level 3
2025 2024
Opening balance 1 January 28 140 28 152
Investments 2 584 3 485
Disposals / Exit proceeds -382 -70
Change in fair value -3 762 -3 427
Closing balance 31 December 26 580 28 140

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