FULLTEXT DEL 2 AV 2
Årsredovisning 2025
Annual & Sustainability Report 2025
54
Our Investments Sustainability Statements Board Report Financial Statements OtherContents About Kinnevik
Fair Value of Unlisted Investments
Principles & Processes
In assessing the fair value of our unlisted investments, we adhere to IFRS
13 and the International Private Equity and Venture Capital Valuation
Guidelines (available here). We use valuation methods that private market
investors use when valuing companies in connection with investment
decisions. This typically means multiples of revenue, gross profit and
operating profit. For pre-revenue businesses, this typically means
scenario-based approaches or discounted cash flow models. Accuracy
and reliability of financial information used in the valuation assessments
is ensured through contacts with investee management teams and regular
reviews of investees’ reporting.
Valuation multiples are calibrated against publicly listed companies with
similar business models, financial profiles and end-markets. These peer
groups are evaluated regularly, also through the consulting of external
valuation specialists. Valuation levels relative to peer groups are calibrated
mainly in consideration of differences in growth and profitability levels.
Further calibrations are made due to considerations such as scale,
financial strength and funding runway, path and time to liquidity, and
quality and recurrence of revenue. When applicable, consideration is
given to preferential rights such as liquidation preferences and how they
determine the allocation of enterprise value between a company’s different
stakeholders.
The valuation process is led by Kinnevik’s CFO and his valuation team, who
act independently from the investment teams. Valuation assessments are
approved by Kinnevik’s CEO after which they are presented, discussed
and iterated with the Audit & Sustainability Committee. Kinnevik’s external
auditors review valuations of a number of investee companies each quarter,
and report their observations to the Audit & Sustainability Committee
directly. After this process, and the Committee’s approval of the final
valuation assessments, the valuations are reflected in Kinnevik’s financial
reports.
In accordance with IFRS 13, information in this note is provided per class
of financial instruments that are valued at fair value in the balance sheet:
Level 1: Fair value established based on listed prices in an active market for
the same instrument.
Level 2: Fair value established based on valuation techniques with
observable market data, either directly (as a price) or indirectly
(derived from a price) and not included in Level 1.
Level 3: Fair value established using valuation techniques, with significant
input from data that is not observable in the market.
Developments During 2025
Portfolio Stability, Market Volatility
During 2025, the value of our private portfolio increased by 1 percent in
constant currencies, and decreased by 12 percent in SEK terms. Continued
operational performance and stability in our core and mature companies
could not offset contracting public market multiples, currency headwinds,
and negative development in Climate Tech.
Our core companies performed well operationally throughout 2025. Before
the addition of Oviva, the group grew revenues by 34 percent at improved
margins. Including Oviva, they grew by 40 percent on average and reduced
EBITDA loss margins by 4 percentage points compared to 2024. Perk and
Mews both announced fundraises at substantial premiums to NAV, enabling
them to increase their investments into growth. This in turn weighed on
both companies’ margins. Spring Health delivered its first full year of EBITDA
profitability, and Cityblock maintained a mid-single digit EBITDA loss margin
despite industry-wide pressure on gross margins. Meanwhile, our mature
companies delivered average revenue growth of 13 percent during 2025
with a 3 percent EBITDA margin.
Average public equity market valuation multiples declined by 10 percent
during the year, on par with our investee multiples contracting by 9 percent.
Multiple contraction was the most severe in Health & Bio. In total, public
equity market valuation multiples brought a SEK 2.4bn negative impact on
our assessment of the value of the private portfolio. The SEK strengthened
against all our private portfolio’s most important currencies during 2025.
This created an additional 13 percent, or SEK 4.1bn, negative effect on the
value of our private portfolio.
During 2025, there were transactions in 45 percent of our private portfolio
including the funding round in Mews that was announced in January 2026.
When weighted by value, primary transactions cleared at a 55 percent
premium to preceding NAV, and secondary transactions at a 9 percent
discount to preceding NAV, with a total average 26 percent above preceding
NAV. In companies where our NAV solely relied on our internal models and
processes, we decreased our underlying valuations by 8 percent in constant
currencies during 2025. Larger transaction-driven revaluations during 2025
included Transcarent in Q1, Enveda in Q3 and Mews in Q4.
All publicly listed valuation benchmarks are available on our website under
the Investor Relations section. There you can also find the presentation on
our valuation process and methodology, detailing the key considerations
and processes involved. We recommend that you peruse the presentation
before reading through this Note 2.
Note: Our investment in Oviva is not included in the tables on pages 53, 54 and 63,
but included elsewhere as relevant in Note 2.
Click here for the presentation on our
valuation process and methodology
Valuation Methods
Value-Weighted
EV/NTM GP
64%
DCF
2%
Other
11%
Note: Other includes scenario analysis, milestones, and
weighted pipelines.
EV/NTM R
24%
Multiple Contraction
Negative SEK Impact on
Private Portfolio in 2025
Currency Headwind
Negative SEK Impact on
Private Portfolio in 2025
Core Company
Revenue Growth
2025 Average, Y/Y
Including Oviva
Core Company
EBITDA Margin Change
2025 Average, Y/Y
Including Oviva
4.1 bn
2.4 bn
40%
+4pp
===== SIDA 55 =====
Annual & Sustainability Report 2025
55
Our Investments Sustainability Statements Board Report Financial Statements OtherContents About Kinnevik
28.1 27.5
By Sector
Fair
Value
Portfolio
Weight
Change in
Fair
Value
Change in
Equity
Value
2025
Growth
Change in
Multiple
Change in
Peer Multiple
Health & Bio 9 908 35% (9)% +16% +37% (8)% (18)%
Software 8 476 30% (7)% +4% +38% (12)% (10)%
Climate Tech 2 269 8% (32)% (46)% - - -
Other Large 3 580 13% (10)% +1% +13% (11)% +2%
Other Small 3 269 12% (15)% +2% +6% +13% (6)%
By Category
Core 15 036 53% (10)% +3% +40% (14)% (13)%
Selected Ventures 3 670 13% (18)% (21)% - - -
Mature 4 275 15% (12)% +0% +13% (12)% (2)%
Partnership Funds 310 1% (14)% - - - -
Non-Categorized 4 211 15% (12)% +36% +13% +5% (13)%
Unlisted Portfolio 27 502 97% (12)% +2% +32% (9)% (10)%
Full Unlisted Portfolio Overview
Valuation Trends by Sector & Category: Yearly Developments
SEKm and Y/Y Changes, Value-Weighted
Illustrative Value Drivers
Y/Y Approximations, SEKbn
Change in NTM Revenue Multiples
Investees (Red) vs Public Peers (Grey)
Note: Change in Multiple and Peer Multiple are on the basis of NTM revenue or gross profit depending on valuation method.
Q4 2024 Q4 2025Cash BurnChange in
NTM Outlook
Dilution &
Other
Currencies &
Liquidation
Preferences
Net
Investments
Multiples
Note: Excludes Climate Tech due to the sector’s nascent nature.
Revenue Growth by Sector
Investees LTM Actuals (Dark) and NTM Expectations (Light)
vs Public Peers (Grey)
+20%
+50%
+40%
+30%
+10%
Health &
Bio
Software Other Large
Investments
Unlisted
Portfolio
(10)%
(15)%
(5)%
5%
Y/Y
===== SIDA 56 =====
Annual & Sustainability Report 2025
56
Our Investments Sustainability Statements Board Report Financial Statements OtherContents About Kinnevik
Aggregate Effect of Liquidation Preferences
SEKbn and % of Fair Value of Unlisted Portfolio
Transaction Valuations Compared to NAV
Arm’s-Length Transaction Valuations vs Preceding NAV Assessment, LTM
Share of Unlisted Portfolio
Priced in Transactions
During Last Twelve Months
Share of Unlisted Portfolio Profitable
or Funded to Break-Even with a Buffer
■ Value-Weighted Average ■ Average ■ Median
Funding Rounds Secondary Transactions All Transactions
Total Effect % of Fair Value
Currency Split
% of Fair Value of Unlisted Portfolio
■ USD ■ EUR ■ SEK ■ GBP
65%
29%
2%3%
(20)%
+60%
+20%
+40%
+50%
+30%
+10%
(10)%
+70%
55%
26%
(4)%(4)%
38%
9%
36%
+80%
73%
(9)%
Q4’24 Q1’25 Q2’25 Q3’25 Q4’25
1.6
1.4 1.4 1.4 1.4
5% 5%
6% 6% 5%
Development of Key Currencies
Against the SEK, LTM
■ USD ■ EUR ■ GBP ■ Weighted Currency Basket
LTM
(16.6)%
(5.4)%
(10.4)%
(13.0)%
45%
82%
===== SIDA 57 =====
Annual & Sustainability Report 2025
57
Our Investments Sustainability Statements Board Report Financial Statements OtherContents About Kinnevik
15.4 15.0
Investee
Fair
Value
Portfolio
Weight
Change in
Fair
Value
Change in
Equity
Value
2025
Growth
Change in
Multiple
Change in
Peer Multiple
2025
Revenue
Scale
Latest Priced
Transaction
Cityblock 1 460 5% (16)% (0)% >20% (1)% (8)% >11.5bn Q2 ’24
Mews 2 059 7% +34% +45% >35% +13% (9)% >3.1bn Q1 ’26
Oviva 922 3% - - - - - - Q4 ’25
Perk 3 853 14% (10)% +7% >45% (20)% (9)% >2.5bn Q1 ’25
Pleo 1 869 7% (24)% (20)% >20% (22)% (9)% >1.4bn Q1 ’24
Spring Health 4 873 17% (16)% +1% >25% (15)% (20)% >5.4bn Q3 ’24
Total 15 036 53% (10)% +3% +34% (14)% (13)%
Core Company
Average Metrics
Actuals
Last 12 Months
Expected
Next 12 Months
Revenue Growth 34% / 40% 30-40%
Gross Margin 54% / 55% >55%
EBITDA Margin (13)% / (12)% (5)-0%
EV/NTM R 7.6x / 7.5x 5.6x
EV/NTM GP 14.7x / 14.3x 10.6x
Core Companies
Illustrative Core Company Value Drivers
Y/Y Approximations, SEKbn
Note: Change in Multiple and Peer Multiple are on the basis of NTM revenue or gross profit depending on valuation method.
Core Company Share of Portfolio
Q4 2024 - Q4 2025, % of Portfolio Value
Q4’24 Q1’25 Q2’25 Q3’25 Q4’25
53%
54%
53%
51%
53%
Valuation Trends and Metrics
SEKm and Y/Y Changes, Value-Weighted
Q4 2024 Q4 2025Cash Burn Dilution &
Other
Currencies &
Liquidation
Preferences
Net
Investments
Multiples Change in
NTM Outlook
Note: Metrics in gray excluding Oviva.
===== SIDA 58 =====
Annual & Sustainability Report 2025
58
Our Investments Sustainability Statements Board Report Financial Statements OtherContents About Kinnevik
Investee
Fair
Value
Portfolio
Weight
Change in
Fair
Value
Change in
Equity
Value
2025
Growth
Change in
Multiple
Change in
Peer Multiple
Betterment 1 696 6% +0% +20% >10% +4% +23%
Cedar 695 2% (18)% (1)% >10% (18)% (23)%
HungryPanda 498 2% (10)% (3)% >15% (5)% (13)%
Instabee 725 3% (24)% (24)% >5% (31)% (10)%
Omio 661 2% (17)% (8)% >20% (22)% (15)%
Total 4 275 15% (12)% +0% +13% (12)% (2)%
Mature Company
Average
Metrics
Actuals
Last
12 Months
Expected
Next
12 Months
Revenue Growth 13% 10-20%
Gross Margin 68% 60-70%
EBITDA Margin 3% 0-5%
EV/NTM R 4.6x 3.9x
EV/NTM GP 6.5x 5.6x
Mature Companies
Illustrative Mature Companies Value Drivers
Y/Y Approximations, SEKbn
Valuation Trends and Metrics
SEKm and Y/Y Changes, Value-Weighted
Note: Change in Multiple and Peer Multiple are on the basis of NTM revenue for ease of comparison.
Yearly Updates
■ Betterment grew assets under management by 21 percent during 2025
and delivered its third consecutive profitable year with EBITDA margins
expanding by 2 percentage points. This drove a 20 percent increase
in value during 2025 in USD terms at a relatively flat valuation multiple
■ Cedar showed continued growth with an expanding positive EBITDA
margin in 2025, but 18 percent peer multiple contraction weighed on
our valuation during the year
■ Instabee grew by 7 percent during 2025, and reached positive full year
EBITDA for the first time. Despite this operational progress, multiple
contraction exceeding 30 percent caused a 24 percent write-down of
our investment
Q4 2024 Q4 2025Cash BurnChange in
NTM Outlook
Dilution &
Other
Currencies &
Liquidation
Preferences
Net
Investments
Multiples
4.8
4.3
===== SIDA 59 =====
Annual & Sustainability Report 2025
59
Our Investments Sustainability Statements Board Report Financial Statements OtherContents About Kinnevik
Health & Bio
EV/NTM Revenue and Revenue Growth
Key Public Peers as at Year-End
Metric Investee
Average
Peer
Average
Peer Top
Quartile
Revenue Growth (NTM) 25-35% 8% 13%
Revenue Growth (LTM) 37% 7% 15%
Gross Margin (NTM) 40-50% 61% 73%
EBITDA Margin (NTM) 0-5% 23% 36%
EV/NTM R 4.0x 2.7x 6.0x
EV/NTM R (Y/Y Change) (8)% (18)% (28)%
Equity Value (Y/Y Change) +12% (13)% +3%
Note: ”Our Investees” weighted by value. ”Peer Top Quartile” show average metrics of top
quartile peers in terms of revenue multiple.
Yearly Updates
■ Spring Health delivered another year of strong growth in 2025, as well
as its first full year of EBITDA profitability, but our fair value decreased
by 16 percent during the year due to peer multiples and currency
headwinds. After year-end, the company announced its acquisition of
Alma and its expectation to generate USD 1bn in revenue in the year
following completion of the merger
■ During the year, the US government-funded healthcare ecosystem
experienced elevated care costs and policy uncertainty. This impacted
our valuation of Cityblock negatively, where the company faced
industry-wide gross margin declines and a cut in its 2026 outlook due
mainly to one large contract falling out of the pipeline
■ Our valuation of Enveda increased by 55 percent during 2025,
underpinned by the company’s funding round after delivering several
clinical proof points
Key Metrics
Investee Averages (excluding Enveda) and Public Peers
Click here to view a
full list of public
peer companies
used to assess the
fair value of our
investments
• SaaS Universe • Healthcare Technology • Kinnevik Investees
10x
20x
30x
0% 5% 10% 15% 20% 25% 30% 35%
(9)%
35%
Fair Value Change
(Y/Y)
Portfolio Weight
===== SIDA 60 =====
Annual & Sustainability Report 2025
60
Our Investments Sustainability Statements Board Report Financial Statements OtherContents About Kinnevik
EV/NTM Gross Profit and Revenue Growth
Key Public Peers as at Year-End
Key Metrics
Investee Averages and Public Peers
Software
Yearly Updates
■ Mews grew SaaS gross profit by 55 percent in 2025 and passed
EUR 330m in runrate revenues in August 2025. Our investment is valued
in line with the company’s January 2026 funding round, 45 percent above
our underlying valuation at the start of 2025. Our fair value does not
include our EUR 20m investment made in January 2026
■ During 2025, Perk grew revenues by 48 percent at 76 percent gross
margins, and invested significantly in expanding its product and
geographical footprint. In October 2025, a seasonally strong month, the
company hit USD 360m in runrate revenues. Our underlying valuation is
at a level slightly above the valuation set in the funding round that closed
during the first quarter of 2025
Note: ”Our Investees” weighted by value. ”Peer Top Quartile” show average metrics of top
quartile peers in terms of revenue multiple.
Metric Investee
Average
Peer
Average
Peer Top
Quartile
Revenue Growth (NTM) 30-40% 14% 19%
Revenue Growth (LTM) 38% 17% 24%
Gross Margin (NTM) 60-70% 75% 76%
EBITDA Margin (NTM) (10)-0% 24% 26%
EV/NTM R 7.0x 6.1x 11.5x
EV/NTM R (Y/Y Change) (12)% (10)% (4)%
Equity Value (Y/Y Change) +4% (10)% +21%
• SaaS Universe • Healthcare Technology • Kinnevik Investees
10x
20x
30x
40x
0% 5% 10% 15% 20% 25% 30% 35% 40%
Click here to view a
full list of public
peer companies
used to assess the
fair value of our
investments
(7)%
30%
Fair Value Change
(Y/Y)
Portfolio Weight
===== SIDA 61 =====
Annual & Sustainability Report 2025
61
Our Investments Sustainability Statements Board Report Financial Statements OtherContents About Kinnevik
Our Climate Tech category consists of companies with a range of business
models but with a shared aim of disrupting carbon-intensive sectors. These
companies are typically not generating meaningful revenues and are typically
not fully funded to break-even. This requires valuation approaches different
from the rest of our portfolio companies. Our choice of valuation method for
each company is informed by how private market investors have assessed
these companies, including what publicly listed businesses they compare our
companies to and the operational and financial metrics that these private
market investors mainly focus on.
Agreena’s valuation is calibrated using NTM revenue and gross profit
multiples, benchmarked against broad sets of high-growth SaaS companies
and marketplaces. Combined, these two peer sets share similarities with
Agreena’s business lines and gross margin profile.
Aira’s unique business model makes directly comparable companies scarce.
We value the company based on NTM revenue multiples, calibrating our
valuation level against home energy OEMs such as Nibe (NIBE-B.ST) and
Lennox (LII), and energy installers such as Sunrun (RUN). We also reference
valuations in recent fundraises in privately held renewable energy companies
such as Enpal and 1komma5.
We calibrate our valuation of Solugen using primarily forward-looking revenue
multiples on the company’s probability-weighted pipeline of chemicals
approaching commercialization. These multiples are benchmarked against
listed biotech companies and chemical producers, as well as EBITDA multiples
on the company’s future potential financial profile.
Stegra is in an ongoing funding process, and the outcome of this funding
process and its impact on the fair value of our shareholding remains uncertain.
Company developments during late 2025 were positive, including the signing
of a significant multi-year contract with ThyssenKrupp Materials Services,
which reinforces the underlying business case. However, the ongoing funding
process is caused by a higher project cost than previously expected and is
likely to cause meaningful economic dilution of our shareholding. During 2025,
we wrote down the fair value of our shareholding in Stegra by 50 percent
to try and reflect this expected dilution. Our assessed valuation remains
sensitive to the conclusion and final outcome of the ongoing funding process .
Peer Sets
Revenue
Growth
EBITDA
Margin
Peer Multiples
and Y/Y Change
Agreena (EV/R)
High-Growth SaaS 24% 20% 11.4x (1)%
Marketplaces 5% 23% 2.9x (4)%
Aira (EV/R)
Home Energy OEMs 5% 16% 2.2x +4%
Energy Installers 7% 13% 3.1x +0%
Solugen (EV/R)
BioTech 9% (24)% 3.5x (17)%
Chemical Producers 3% 24% 2.8x (22)%
Stegra (EV/EBITDA)
Decarbonization Leaders 9% 45% 11.1x +17%
Steel & Premium Metal 8% 12% 6.4x +31%
Climate Tech
Peer Metrics
Key Climate Tech Public Peer Sets, Average NTM Basis
Yearly Updates
■ Agreena was written down by 58 percent during 2025 in consideration
of weakened carbon credit market sentiment and lower than expected
sales under its Verra-verified framework
■ Aira was written down by 8 percent during 2025 to reflect cuts in the
company’s growth outlook as it prioritizes reaching break-even during
2026 before investing its newly raised capital into accelerating growth
■ Kinnevik’s interest in Stegra was written down by 50 percent during
2025 to reflect the anticipated dilution of the company’s ongoing
funding process
Click here to view a
full list of public
peer companies
used to assess the
fair value of our
investments
(32)%
8%
Fair Value Change
(Y/Y)
Portfolio Weight
===== SIDA 62 =====
Annual & Sustainability Report 2025
62
Our Investments Sustainability Statements Board Report Financial Statements OtherContents About Kinnevik
Valuation Methods
31 Dec 2025 31 Dec 2024
Agreena EV/R 2026 EV/R 2025
Aira EV/R 2026 EV/R 2025
Betterment EV/GP 2026 EV/R 2025
Cedar EV/GP 2026 EV/GP 2025
Cityblock EV/R 2026 EV/R 2025
Enveda Milestones Milestones
HungryPanda EV/GMV 2026 EV/GMV 2025
Instabee EV/R 2026 EV/R 2025
Mews EV/GP 2026 EV/GP 2025
Omio EV/GP 2026 EV/GP 2025
Pelago EV/GP 2026 EV/GP 2025
Perk EV/GP 2026 EV/GP 2025
Pleo EV/GP 2026 EV/GP 2025
Solugen EV/R 2026 EV/R 2025
Spring Health EV/GP 2026 EV/GP 2025
Stegra DCF & EV/EBITDA DCF & EV/EBITDA
Transcarent EV/R 2026 EV/R 2025
Maturity structure 2026 2027 2028 2029 Later Total
Non-interest-bearing receivables 180 - - - - 180
Non-interest-bearing liabilities -98 - - - - -98
Interest-bearing liabilities -1 555 -16 -516 -2 -11 -2 102
Total as of 31 December 2025 -1 475 -16 -516 -2 -11 -2 020
Maturity structure 2025 2026 2027 2028 Later Total
Non-interest-bearing receivables 132 - - - - 132
Non-interest-bearing liabilities -276 - - - - -276
Interest-bearing liabilities -1 574 -1 566 -19 -519 -11 -3 689
Total as of 31 December 2024 -1 718 -1 566 -19 -519 -11 -3 833
Note: The maturity structure per 31 December 2024 has been updated to exclude derivative instruments with positive fair values.
Duration
For the duration of interest-bearing loans refer to Note 10. Of other financial
liabilities the major part will fall due within one to six months.
Derivatives and hedging instruments
On 31 December 2025, Kinnevik had two derivatives outstanding; two
interest rate swaps with the purpose of creating a cash flow hedge for
the part of the bonds, issued in November 2021, where Kinnevik is paying
floating interest rates. The nominal amounts of the swaps on 31 December
2025 were SEK 2,000m (3,250m). Also refer to Note 10 for the Group. For
SEK 1,500m the rate is 1.432 percent, expiring in November 2026. For SEK
500m, the rate is 1.763 percent, expiring in November 2028. The derivatives
had a market value of SEK 38m (79m) at year-end. The derivatives are
marked to market based on discounted cash flows with observable market
data. The derivatives are covered by ISDA agreement.
Maturity structure
Maturity structure for undiscounted, contracted non-interest-bearing/
interest-bearing receivables and liabilities along with future interest
payments accruing therewith is shown in the table below.
In 2021, Kinnevik issued sustainability-linked bonds of SEK 2,000m, whereof
1,500m expire in November 2026 and 500m expire in November 2028.
The final redemption price of the sustainability-linked bonds depends on
Kinnevik’s ability to meet the annual sustainability performance targets
(“SPTs”) the company has set for its sustainability work, which can be found
in Kinnevik’s Sustainability-Linked Financing Framework (available at www.
kinnevik.com). If Kinnevik does not achieve an SPT in any given year the
redemption price will increase by 0.075 percent per SPT and year. Kinnevik
has met one out of three SPTs in 2025, one SPT has not been met and the
third will be measured during the first half of 2026 once necessary data
has been received (see pages 30-31 for details). In the table below, we have
assumed that all SPTs where the outcome is still unknown are met on an
annual basis. The effect of not meeting the third SPT for 2025 or any SPTs
from 2026 onwards would mean a maximum increase of interest-bearing
liabilities due in 2026 by SEK 1m and later than 2027 by SEK 3m.
===== SIDA 63 =====
Annual & Sustainability Report 2025
63
Our Investments Sustainability Statements Board Report Financial Statements OtherContents About Kinnevik
Note 3 Financial assets measured at fair value through profit or loss
Change in financial assets measured at fair value through profit or loss
Listed assets Unlisted assets Total
Opening balance, 1 January 2024 13 084 28 152 41 236
Investments 103 3 485 3 588
Change in fair value 766 -3 427 -2 661
Disposals -12 868 -70 -12 938
Closing balance, 31 December 2024 1 086 28 140 29 226
Investments 101 2 584 2 685
Change in fair value -460 -3 762 -4 222
Disposals - -382 -382
Closing balance, 31 December 2025 727 26 580 27 307
Investments in financial assets measured at fair value through profit or loss
2025 2024
Recursion 101 103
Total Listed Assets 101 103
Agreena 64 -
Aira 391 289
Cityblock - 177
Enveda 192 438
HungryPanda - 43
Instabee - 12
Mews 402 419
Omio - 11
Perk - 485
Pleo - 29
Spring Health - 836
Transcarent 201 40
Partnership Funds 5 -
Other Investments 1 330 707
Total Unlisted Assets 2 584 3 485
Total 2 685 3 588
===== SIDA 64 =====
Annual & Sustainability Report 2025
64
Our Investments Sustainability Statements Board Report Financial Statements OtherContents About Kinnevik
Disposals of financial assets measured at fair value through profit or loss
2025 2024
Tele2 - -12 868
Total Listed Assets - -12 868
Sure, Lunar and XYB -366 -
Other -16 -70
Total Unlisted Assets -382 -70
Total -382 -12 938
Sensitivity Analysis Against Multiples
Fair Value (SEKm)
Change in Multiple -20% -10% Actual +10% +20%
Spring Health 3 961 4 408 4 873 5 341 5 809
Perk 3 087 3 469 3 853 4 238 4 624
Mews 1 621 1 839 2 059 2 277 2 495
Total 8 669 9 716 10 785 11 856 12 928
Effect -2 116 -1 069 - 1 071 2 143
In addition to sensitivities of our three largest unlisted assets above, for all investments in companies valued using
multiples, an increase in the multiple by 10 percent and 20 percent would have increased the aggregate assessed
fair value by SEK 2,031m and SEK 4,083m, respectively. Similarly, a decrease in multiple by 10 percent and 20 percent
would have decreased the aggregate assessed fair value by SEK 2,015m and SEK 4,012m, respectively.
===== SIDA 65 =====
Annual & Sustainability Report 2025
65
Our Investments Sustainability Statements Board Report Financial Statements OtherContents About Kinnevik
Dividends received and change in fair value of financial assets measured at
fair value through profit or loss
Dividends
received
Change in fair
value 2025 Total
Dividends
received
Change in fair
value 2024 Total
Global Fashion Group - 24 24 - 33 33
Recursion - -484 -484 - -247 -247
Tele2 - - - 23 981 1 003
Total Listed Assets - -460 -460 23 766 789
Agreena - -235 -235 - 9 9
Aira - -92 -92 - 53 53
Betterment - 6 6 - 299 299
Cedar - -154 -154 - -529 -529
Cityblock - -285 -285 - -945 -945
Enveda - 265 265 - 103 103
HungryPanda - -58 -58 - 47 47
Instabee - -233 -233 - 123 123
Mews - 520 520 - 201 201
Omio - -131 -131 - 69 69
Pelago - 85 85 - -155 -155
Perk - -445 -445 - 1 715 1 715
Pleo - -576 -576 - -877 -877
Solugen - -91 -91 - 48 48
Dividends
received
Change in fair
value
2025
Total
Dividends
received
Change in fair
value
2024
Total
Spring Health - -906 -906 - 1 286 1 286
Stegra - -656 -656 - 73 73
Transcarent - -145 -145 - 127 127
VillageMD - - - - -3 087 -3 087
Partnership Funds - -50 -50 - 41 41
Other Investments - -582 -582 - -2 029 -2 029
Total Unlisted Assets - -3 762 -3 762 - -3 427 -3 427
Total - -4 222 -4 222 23 -2 661 -2 638
Whereof unrealized gains/
losses for assets in Level 3 - -3 323 -3 323 - -3 441 -3 441
===== SIDA 66 =====
Annual & Sustainability Report 2025
66
Our Investments Sustainability Statements Board Report Financial Statements OtherContents About Kinnevik
Book value of fixed financial assets held at fair value through profit or loss
Trade Name Company Name Registered Office Number of Shares
Capital/votes (%)
2025
Capital/votes (%)
2024
Book value
2025
Book value
2024
Global Fashion Group Global Fashion Group S.A. Luxembourg 79 093 454 34.6/34.6 35.1/35.1 222 198
Recursion Recursion Pharmaceuticals, Inc. USA 13 434 171 2.6/2.6 3.0/3.0 505 888
Total Listed Assets 727 1 086
Agreena Agreena ApS Denmark 16/16 16/16 170 341
Aira Aira Group AB Sweden 18/18 11/11 989 690
Betterment Betterment Holdings, Inc. USA 12/12 12/12 1 696 1 690
Cedar Cedar Cares, Inc. USA 7/7 7/7 695 849
Cityblock Cityblock Health Inc. USA 9/9 9/9 1 460 1 745
Enveda Enveda Therapeutics, Inc. USA 13/13 14/14 1 401 944
HungryPanda HungryPanda Ltd United Kingdom 11/11 11/11 498 556
Instabee Instabee Holding AB Sweden 16/16 15/15 725 958
Mews Mews Systems B.V. The Netherlands 8/8 8/8 2 059 1 137
Omio GoEuro Corp. USA 6/6 6/6 661 792
Pelago Digital Therapeutics Inc. USA 14/14 14/14 424 339
Perk Travelperk, Inc. USA 13/13 15/15 3 853 4 298
Pleo Pleo Holding ApS Denmark 13/13 14/14 1 869 2 445
Solugen Solugen Inc. USA 2/2 2/2 461 552
Spring Health Spring Care Inc. USA 14/14 15/15 4 873 5 779
Stegra Stegra AB Sweden 3/3 3/3 649 1 305
Transcarent Transcarent, Inc. USA 3/3 3/3 828 772
Partnership Funds - - 310 355
Other Investments - - 2 959 2 593
Total Unlisted Assets 26 580 28 140
Total 27 307 29 226
===== SIDA 67 =====
Annual & Sustainability Report 2025
67
Our Investments Sustainability Statements Board Report Financial Statements OtherContents About Kinnevik
Note 4 Financial income and expenses
2025 2024
Interest income, bank 22 236
Interest income financial assets accounted at fair value 29 28
Exchange differences 61 -
Result from short-term investments 299 392
Total interest income and other financial income 411 656
2025 2024
Interest expenses, loans from credit institutions -35 -49
Exchange differences -4 -61
Valuation of swap -42 -78
Other financial expenses -14 -15
Total interest cost and other financial expenses -95 -203
Note 5 Earnings per share
Earnings per share are calculated by dividing profit/loss for the year attributable
to holders of shares in the Parent Company by a weighted average number of
shares outstanding. Earnings per share after dilution is calculated by dividing
profit/loss for the year attributable to holders of shares in the Parent Company
by the average of the number of shares outstanding during the year, including
incentive shares that are in the money. In the event of a negative result the
dilution has no effect on earnings per share.
2025 2024
Net profit for the year -3 346 -2 623
Average number of shares outstanding 276 972 664 276 972 664
Earnings per share before dilution -12.08 -9.47
Number of shares outstanding after dilution 276 972 664 276 972 664
Earnings per share after dilution -12.08 -9.47
Note 6 Supplementary cash flow information
2025 2024
INTEREST-BEARING LOANS
Opening balance 1 January 3 492 3 487
Amortization -1 500 -
Accrued borrowing costs 3 4
Closing balance 31 December 1 995 3 492
INVESTMENTS
Investments in shares and other securities, see Note 3 -2 685 -3 588
Current year investment, not yet paid 29 135
Prior year investments, paid in current year -156 -616
Cash flow from investments in shares and other
securities -2 812 -4 069
DIVESTMENTS
Sale of shares and other securities
Tele2 - 12 868
Sure, Lunar and XYB 366 -
Other 16 70
Total sale of shares and other securities 382 12 938
Net unpaid divestments -219 -
Cash flow from sale of shares and other securities 163 12 938
Of the SEK 366m (EUR 32.75m) divestment of Sure, Lunar and XYB accounted
for in 2025, SEK 146m (EUR 13.1m) was received in 2025, SEK 106m (EUR 9.8m)
was received in Q1 2026, and EUR 9.8m is to be received in the first half of 2027.
===== SIDA 68 =====
Annual & Sustainability Report 2025
68
Our Investments Sustainability Statements Board Report Financial Statements OtherContents About Kinnevik
Note 7 Taxes
2025 2024
Current tax expense
Tax expense for the period 5 1
Reversal of tax provision from 2020 -897 -
Total -892 1
Reconciliation of effective tax rate
2025 % 2024 %
Profit/loss before tax -3 346 -2 623
Income tax at statutory rate of Parent
Company 689 -20.6% 540 -20.6%
Change in fair value of financial assets -870 26.0% -548 20.9%
Non-taxable dividends received - 0.0% 5 -0.2%
Change in not recognised tax loss carry
forwards 175 -5.2% 2 -0.1%
Effective tax/tax rate -5 0.2% -1 0.0%
At year-end, a EUR 83m tax provision made in 2020 was reversed.
No tax has been recognized in other comprehensive income or directly in
equity.
For investments in associates, subsidiaries and other shares, deferred tax
has not been recognized, as any dividends received from these entities
are tax-exempt and the investments can be disposed of without incurring
capital gains tax.
Tax loss carryforward
The Group’s tax loss carryforwards in Sweden amounted to SEK 3.0bn (2.7)
as at 31 December 2025. These losses may be carried forward indefinitely.
No deferred tax asset has been recognized.
Note 8 Short-term investments and cash
2025 2024
Short-term investments, Money Market Funds 10 021 11 473
Cash and cash equivalents 371 3 146
Total 10 392 14 619
In addition to the cash and cash equivalents presented above, the Group
had undrawn committed credit facilities of SEK 4,230 (4,230) million; see
Note 10.
Note 10 Interest-bearing loans
2025 2024
Capital markets financing
Interest-bearing long-term loans
Maturity November 2028 500 500
Accrued borrowing costs -5 -8
Interest-bearing short-term loans
Maturity February 2025 - 1 500
Maturity November 2026 1 500 1 500
1 995 3 492
Kinnevik has established a medium-term note program. This program
enables Kinnevik to issue notes with a minimum tenor of one year within
a SEK 6.0bn framework amount. The terms and conditions for the notes
issued under the program entail standard clauses about change of control
and negative pledge. SEB is arranging the program and also acts as issuing
agent together with Svenska Handelsbanken, Swedbank, Nordea Bank, DNB
Bank ASA, filial Sverige, and Danske Bank.
In November 2021, Kinnevik updated the prospectus for its MTN Programme
to enable issuance of sustainability-linked medium-term notes in
accordance with Kinnevik’s Sustainability-Linked Framework.
In November 2021, Kinnevik issued dual tranche SEK 2.0bn sustainability-
linked bonds under the MTN Program comprising a SEK 1.5bn tranche with
a final maturity of five years, bearing a floating rate coupon of three months
STIBOR + 0.70 percent. and a SEK 0.5bn tranche with a final maturity of
seven years, bearing a floating rate coupon of three months STIBOR + 0.90
percent. The final redemption price of the sustainability-linked bonds
depends on Kinnevik’s ability to meet the annual sustainability performance
targets (“SPTs”) the company has set for its sustainability work. If Kinnevik
does not achieve an SPT in any given year the redemption price will increase
by 0.075 percent per SPT and year. More information about the SPTs can be
found in Kinnevik’s Sustainability-Linked Financing Framework on Kinnevik’s
website.
Kinnevik has entered into a number of interest rate swap agreements
whereby it pays a fixed annual interest rate also on bonds with a floating
rate coupon. The derivatives had a positive market value of SEK 38m (79)
at the end of the year and are marked to market based on discounted cash
flows with observable market data. The derivatives are covered by ISDA
agreement.
As at 31 December 2025, the average interest rate for outstanding senior
unsecured bonds amounted to 1.5 percent and the weighted average
remaining tenor for all Kinnevik’s credit facilities amounted to 1.4 years. The
carrying amount of the liabilities is a reasonable approximation of fair value.
Note 9 Shareholders’ equity
Share capital
Share capital refers to the Parent Company’s share capital.
Other contributed capital
Other contributed capital consists of the Parent Company’s share premium
reserve, which arose through the conversion of convertible loans in 1997
and 1998, capital injected in conjunction with the merger between Invik
& Co. AB and Industriförvaltnings AB Kinnevik in 2004, capital injected in
conjunction with a new share issue when acquiring the assets in Emesco AB
2009, as well as by the Parent Company’s legal reserve.
Retained earnings including net profit/loss for the year
Retained earnings that are reported in the Group include the current and
preceding year’s profit/loss.
Capital
Kinnevik’s managed capital consists of shareholders’ equity. There are no
other external capital requirements, other than what is specified in the
Swedish Companies Act. For dividend policy and leverage targets, please
refer to the Board of Directors’ report.
===== SIDA 69 =====
Annual & Sustainability Report 2025
69
Our Investments Sustainability Statements Board Report Financial Statements OtherContents About Kinnevik
Credit facilities
Kinnevik has two sustainability-linked multi-currency revolving credit
facilities. One SEK 2,500m facility provided by a group of six banks – Danske
Bank, DNB, Nordea, SEB, Svenska Handelsbanken and Swedbank – maturing
in May 2026 and one SEK 1,600m facility provided by a group of five banks
- Danske Bank, DNB, Nordea, SEB, and Svenska Handelsbanken – maturing
in November 2028.
Kinnevik has overdraft facilities with Handelsbanken of SEK 100m and with
Nordea of SEK 30m. These facilities are extended on a yearly basis.
Note 11 Other liabilities
2025 2024
Other long-term liabilities 41 49
Total other long-term liabilities 41 49
Accrued interest expenses 5 17
Accrued personnel expenses 60 71
Debt unpaid investments 86 266
Other debt 35 41
Total other short-term liabilities 185 395
Note 12 Auditors’ fees
2025 2024
KPMG
Audit assignments 2.8 2.5
Other assignments 0.0 0.0
Audit assignments refer to statutory audits of the annual and consolidated
accounts and accounting, and the Board of Directors’ and the CEO’s
administration, as well as other audits performed in accordance with
an agreement or contract. This includes other tasks that it is up to the
company’s auditor to perform as well as advice or other assistance that is
prompted by observations during such review or the performance of such
other tasks.
Note 15 Related Party Transactions
The Board of Kinnevik has adopted a Related Party Transactions Policy ensuring
that Kinnevik’s decision-making procedures and disclosure of executed related
party transactions are in accordance with applicable laws and regulations.
Kinnevik’s related party transactions primarily consist of investments in the
subset of Kinnevik’s investee companies that are deemed related parties.
Investees are primarily defined as related parties due to them being associated
companies in which Kinnevik holds a larger ownership interest or in which a
Kinnevik Board Director has a controlling interest (as per 12 May 2025, there are
no such investees). Investments in investee companies are included in financial
assets accounted at fair value through profit and loss. Interest income from
loans to investee companies is recognized as external interest income through
profit and loss.
During 2025, no material related party transactions were carried out, either
in the parent company or the Group. For comparison, during 2024, six related
party transactions were executed: two loans of SEK 230m and 58m to Aira
(which was deemed a related party on the basis of former Board Director
Harald Mix’s ownership interest and role in the company), two loans of SEK
145m and 195m to Oda/Mathem and an investment in XYB amounting to SEK
68m (both entities are deemed related parties on the basis that they are
considered associated companies to Kinnevik).
Any transactions concluded with related parties take place on an arm’s-length
basis on fair market conditions. In all agreements relating to goods and services
prices are compared with up-to-date prices from independent suppliers in
the market to ensure that all agreements are entered into on market terms.
Note 13 Pledged assets
At 31 December 2025, Kinnevik did not have any listed shares or other
securities in associated companies pledged in relation to the Group’s
financing.
Note 14 Contingent liabilities
County administrative boards have submitted claims to Kinnevik regarding
environmental studies at a number of sites where Fagersta AB (through
name changes and a merger, Kinnevik AB) conducted operations until 1983.
Kinnevik’s position is that the Company’s responsibility to perform any
decontamination measures must be limited, primarily in consideration of
the long period of time that has passed since any potential contamination
damages occurred and the regulations that were in force at the time, and
the fact that a quarter century has passed since operations were shut
down or turned over to new owners. Kinnevik has therefore not made any
provisions for potential future claims for decontamination measures. SEK
5m was provided in 2007 for potential environmental studies that Kinnevik
might be required to pay for, of which SEK 1.3m was used in 2010-2025.
In addition to our Related Party Transactions Policy and the above, Kinnevik’s
Works & Delegation Procedures include robust internal measures for handling
conflicts of interests. All actual and potential conflicts of interest at Board level
are adequately documented and managed by the Board. For transparency,
relevant relationships and interests are disclosed as part of the Board Directors’
bios on our website.
2025 2024
Interest income
Associated companies 5 10
Other related parties - 1
Financial receivables
Associated companies 39 38
Investments in associated companies
Oda/Mathem - 347
XYB - 68
Investments in other related parties
Aira 1) - 289
1) As of 12 May 2025, Aira is no longer a related party following Harald Mix’s depature
from the Kinnevik Board.
For other transactions with the Board of Directors and executive
management, please refer to Note 16 to the Group financial statements.
===== SIDA 70 =====
Annual & Sustainability Report 2025
70
Our Investments Sustainability Statements Board Report Financial Statements OtherContents About Kinnevik
Note 16 Personnel
Average number of employees (FTEs)
2025 2024
Men Women Men Women
Sweden 12 21 13 19
UK 7 8 7 8
Total Number of Employees 19 29 20 27
Of which Real Estate Company 4 2 4 2
Average distribution of women and men amongst
the Board and Senior Executives
2025 2024
Men Women Men Women
Board Members 4 3 3 3
CEO 1 - 1 -
Other Senior Executives 4 3 3 3
Total 9 6 7 6
Salaries, other remuneration, and social security expenses
2025 2024
(SEK 000s)
Board, CEO & Senior
Executives Other Employees
Board, CEO & Senior
Executives Other Employees
Salaries & Other Remuneration 50 318 68 279 54 010 94 110
Social Security 13 000 19 638 15 846 25 272
Pension Contributions & Expenses 6 182 6 433 6 286 6 565
Termination reserve including benefits and social costs 17 355 4 700 3 180 9 443
Costs for Share-Based Remuneration, incl social costs 10 970 11 719 27 665 37 472
Total 97 825 110 769 106 987 172 861
Guidelines for Remuneration for Senior
Executives
The guidelines applicable for remuneration to Senior Executives in 2025
were approved by the Annual General Meeting 2024 and are presented
below. The Board’s proposals for the Annual General Meeting 2026 to
resolve on updated guidelines for remuneration to Senior Executives are
presented in the Board of Directors’ report.
The following principles and guidelines are provided for 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 and were approved by the AGM
in May 2024 and shall be in force until 2028 or until new guidelines are
adopted by the General Meeting.
The guidelines shall apply to remuneration agreed, and amendments to
remuneration already agreed, after adoption of the guidelines by the 2024
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 guidelines’ promotion of Kinnevik’s business strategy, long-term
interests and sustainability
■ investing in businesses that harness the power of technology to address
vital everyday needs;
■ making the most of our permanent capital – being a bold, stage-agnostic,
long-term partner and trusted advisor to talented entrepreneurs;
■ focusing on investment themes underpinned by digital disruption,
underserved end-consumers, as well as the biggest challenge of our
generation, climate change;
■ investing in Europe and the US, and
■ leveraging our experience, expertise and network to actively support our
companies in building long-term sustainable and successful businesses.
For more information regarding Kinnevik’s business strategy, please see
Kinnevik’s website at www.kinnevik.com under the heading ”Strategy”
(which can be found under the section ”About us”).
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 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 promote
Kinnevik’s business strategy and its long-term interests and sustainability.
The guidelines aim to ensure that variable compensation correlates entirely
with behavior, actions and outcomes that promote – or have proven
to generate – meaningful long-term shareholder value creation whilst
achieving sustainability targets that in turn 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.
===== SIDA 71 =====
Annual & Sustainability Report 2025
71
Our Investments Sustainability Statements Board Report Financial Statements OtherContents About Kinnevik
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 100 percent of
the Senior Executive’s fixed annual cash salary.
Long-term incentive plans are resolved upon by the General Meeting
irrespective of these guidelines and shall be structured to ensure that
the absolute majority of Senior Executives’ remuneration is tied to the
long-term development of Kinnevik’s shareholder’s wealth and to ensure
that Senior Executives have a significant amount of their capital tied to
the long-term creation of Kinnevik shareholder value. The outcome of
long-term incentive plans shall be linked to predetermined and objective
performance criteria, based on Kinnevik’s share price and value growth. For
more information regarding the long-term incentive plans 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 invested into Kinnevik shares, until the Senior Executive
has a shareholding in Kinnevik corresponding to 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 and be approved by the
Board.
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 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 to 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.
Remuneration for the CEO and other Senior Executives
2025 2024
(SEK 000s) CEO
Other Senior
Executives 1) CEO
Other Senior
Executives 1)
Fixed Salaries 9 504 21 994 9 637 20 158
Variable Compensation 2 290 7 607 3 564 12 173
Benefits 206 701 221 766
Pension Contributions 2 888 3 294 2 883 3 403
Termination reserve including benefits 9 269 4 011 - 2 420
Costs for Share-Based Remuneration 2) 2 444 6 497 5 977 16 455
Total 26 603 44 104 22 281 55 375
1) Other Senior Executives consisted of 7 (6) persons during 2025.
2) Share-based payments for 2024 include subsidies received in connection with the subscription of LTI programs. See below under Incentive programs and share-based payments.
===== SIDA 72 =====
Annual & Sustainability Report 2025
72
Our Investments Sustainability Statements Board Report Financial Statements OtherContents About Kinnevik
Application of the guidelines in 2025
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.
When determining the termination pay the remuneration guidelines
approved by the AGM in May 2024 will be adhered to. Pursuant to those
guidelines and in line with his contract, Georgi Ganev has the right to
receive fixed salary and benefits during 12 months from 20 November 2025
and a severance pay corresponding to 6 months fixed salary. A total cost
of SEK 12m, including social costs of SEK 3m, for the expected time that he
will be released from his duties, is included in administration costs for 2025.
During 2025, the Board has resolved to derogate from the applicable
Remuneration Guidelines in one specific case. In connection with one Senior
Executive leaving their employment, the Board approved that the Senior
Executive would receive fixed cash salary during the notice period and
severance pay that together exceeded the prescribed maximum amount
in the Guidelines by 8 months’ worth of fixed cash salary. The derogation
was motivated by the necessity of facilitating an orderly handover and
retaining access to the Senior Executive’s knowledge and support over a
longer transition period.
Incentive programs and share-based
remuneration
Kinnevik has four ongoing long-term incentive plans (“LTIPs”) issued in 2021–
2024, each with a five-year term. For LTIPs launched up to and including
2023, each participant was required to invest a significant amount of capital
in Kinnevik’s listed shares in order to participate in the LTIP, and the Incentive
Shares received under the LTIP were therefore transferred to participants free
of charge. In addition, LTIPs 2021–2023 included an opportunity for the Chief
Executive Officer and certain members of the investment team to acquire
additional Incentive Shares at market value through a personal investment.
For the LTIP launched in 2024, participants made a personal investment
in Incentive Shares at market value, instead of investing in listed
shares, and also received additional Incentive Shares free of charge.
The valuation of the Incentive Shares is based on a Monte Carlo
simulation and is provided by an independent third party. The fair
market value of the Incentive Shares received free of charge is
recognized on a straight-line basis over a three-year vesting period in
accordance with IFRS 2. Taxes paid on the value of the Incentive Shares
at the launch of an LTIP were borne by Kinnevik through cash payments
made directly to the relevant tax authorities. The cost of these taxes,
including social security contributions, was expensed when paid.
The potential reclassification of any Incentive Shares into Kinnevik’s
Class B shares does not result in any cost to Kinnevik, and any capital
gains or dividend taxes payable are borne solely by the LTIP participants.
During 2025, the five-year portion of LTIP 2020 was fully redeemed
as a result of the performance criteria measuring the five-year
IRR of Kinnevik’s private portfolio not being met. Accordingly, no
dividend compensation was distributed to participants in LTIP 2020.
Details of each outstanding LTIP as at 31 December 2025 are provided on
the following pages.
===== SIDA 73 =====
Annual & Sustainability Report 2025
73
Our Investments Sustainability Statements Board Report Financial Statements OtherContents About Kinnevik
Summary all outstanding programs at 31 December 2025
At the vesting date only shares that meet the performance conditions will be converted into Kinnevik Class B shares. All other shares will be redeemed.
Incentive program L TIP 2021 L TIP 2022 L TIP 2023 L TIP 2024
Length of Measurement Period 5 years 5 years 5 years 5 years 5 years 5 years 5 years 5 years
Performance Measurement 8-25% TSR
Kinnevik B Share
8-25% IRR
NAV
8-25% TSR
Kinnevik B Share
8-25% IRR
NAV
10-25% TSR
Kinnevik B Share
10-25% IRR
NAV
12-25% TSR
Kinnevik B Share
12-25% IRR
NAV
% Vesting at Entry Level 0% 0% 0% 0% 10% 10% 12% 12%
Reference Share Price 1), NAV Subset or NAV, SEKm 271 75 844 212 67 859 130 55 460 83 41 562
Vesting Date 30 September 2026 30 September 2026 31 March 2027 31 March 2027 31 March 2028 31 March 2028 31 March 2029 31 March 2029
CEO Allocation, # of Shares 35 000 35 000 43 000 43 000 70 290 70 290 117 212 117 212
CEO Acquisition, # of Shares 12 250 12 250 21 500 21 500 35 145 35 145 29 303 29 303
Senior Executives Allocation, # of Shares 77 189 77 189 101 000 101 000 168 360 168 360 263 952 263 952
Senior Executives Acquisition, # of Shares 12 600 12 600 22 500 22 500 29 425 29 425 65 988 65 988
Other Employees Allocation, # of Shares 236 034 236 034 288 789 288 789 302 854 302 854 245 688 245 688
Other Employees Acquisition, # of Shares 23 450 23 450 32 355 32 355 19 377 19 377 61 422 61 422
Total Allocation and Acquisition, # of Shares 396 523 396 523 509 144 509 144 625 451 625 451 783 565 783 565
Total Cost including Social Security, SEKm 57 39 100 55
Maximum Dilution at Launch 0.31% 0.44% 0.60% 0.90%
Maximum Dilution Now, including Dividends 2) 0.35% 0.45% 0.64% 0.85%
Maximum Value per Share (SEK) 1 403 1 096 671 254
1) Adjusted for dividend paid.
2) Maximum remaining shares vesting including dividend compensation in relation to total outstanding Kinnevik Class A and Class B shares.
===== SIDA 74 =====
Annual & Sustainability Report 2025
74
Our Investments Sustainability Statements Board Report Financial Statements OtherContents About Kinnevik
Performance level at 31 December 2025
L TIP 2021 L TIP 2022 L TIP 2023 L TIP 2024
Performance Measurement 8-25% TSR
Kinnevik B Share
8-25% IRR
NAV
8-25% TSR
Kinnevik B Share
8-25% IRR
NAV
10-25% TSR
Kinnevik B Share
10-25% IRR
NAV
12-25% TSR
Kinnevik B Share
12-25% IRR
NAV
Performance to Date, Annualized -24% -13% -22% -12% -15% -9% 0% -8%
Value Change Needed to Reach Entry Level 376% 193% 272% 160% 150% 131% 75% 104%
Value Change Needed to Reach Stretch Level 889% 527% 673% 460% 373% 354% 204% 254%
Current Vesting Level, % 0% 0% 0% 0% 0% 0% 0% 0%
Dividend Adjustment, % 22% 22% 22% 22% 22% 22% 0% 0%
Current Vesting for CEO, # of Shares 0 0 0 0 0 0 0 0
Current Dividend for CEO, # of Shares 0 0 0 0 0 0 0 0
Current Vesting for CEO, SEKm 0 0 0 0 0 0 0 0
Current Vesting for Senior Executives, # of Shares 0 0 0 0 0 0 0 0
Current Dividend for Senior Executives, # of Shares 0 0 0 0 0 0 0 0
Current Vesting for Senior Executives, SEKm 0 0 0 0 0 0 0 0
Current Vesting for Rest of Team, # of Shares 0 0 0 0 0 0 0 0
Current Dividend for Rest of Team, # of Shares 0 0 0 0 0 0 0 0
Current Vesting for Rest of Team, SEKm 0 0 0 0 0 0 0 0
Total Current Vesting, # of Shares 0 0 0 0 0 0 0 0
Total Current Dividend, # of Shares 0 0 0 0 0 0 0 0
Total Current Vesting, SEKm 0 0 0 0 0 0 0 0
Total Current Dilution 0% 0% 0% 0%
===== SIDA 75 =====
Annual & Sustainability Report 2025
75
Our Investments Sustainability Statements Board Report Financial Statements OtherContents About Kinnevik
L TIP 2021 (ending in 2026)
Incentive Shares
Number of
Participants
Shares
Allocated
Shares
Acquired
CEO 1 70 000 24 500
Other Senior Executives 6 189 378 30 450
Other Employees 26 437 068 41 650
Total 33 696 446 96 600
LTIP 2021 runs until 30 September 2026. Maximum monetary outcomes are limited to SEK 1,403 per share, including
any dividend compensation (4.25 times the average price of Kinnevik Class B shares during September 2021). The
fair market value of the Incentive Shares, including social security costs, amounted to SEK 29m and was expensed
over 2021- 24. The cost for taxes borne by Kinnevik, including social security costs, amounted to SEK 29m and was
expensed upon payment in 2021. The total cost for LTIP 2021 amounted to SEK 57m.
In addition to shares allocated free of charge, the CEO and senior members of Kinnevik’s investment team had the
opportunity to acquire additional Incentive Shares at their own expense and at zero cost to Kinnevik at an average
fair market value of SEK 31.30 per Incentive Share. Kinnevik has the right to repurchase these Incentive Shares at the
acquisition price (i) if the participant terminates his or her employment within 18 months from the acquisition date,
or (ii) in the event Kinnevik has legal grounds to terminate the participant’s employment contract with immediate
effect prior to reclassification, or (iii) in case a repurchase is necessary to ensure that LTIP 2021 is compliant with
laws and regulations.
L TIP 2022 (ending in 2027)
Incentive Shares
Number of
Participants
Shares
Allocated
IFRS2 Costs 2025,
(SEK 000s)
Shares
Acquired
CEO 1 86 000 117 43 000
Other Senior Executives 6 202 000 307 45 000
Other Employees 28 577 578 878 64 710
Total 35 865 578 1 302 152 710
LTIP 2022 runs until 31 March 2027. Maximum monetary outcomes are limited to SEK 1,096 per share, including any
dividend compensation (4.25 times the average price of Kinnevik Class B shares during Q1 2022). The fair market
value of the Incentive Shares, including social security costs, amounted to SEK 19m and is expensed over 2022-25.
The cost for taxes borne by Kinnevik, including social security costs, amounted to SEK 20m and was expensed upon
payment in 2022. The total cost for LTIP 2022 amounted to SEK 39m.
In addition to shares allocated free of charge, the CEO and senior members of Kinnevik’s investment team had the
opportunity to acquire additional Incentive Shares at their own expense and at zero cost to Kinnevik at an average
fair market value of SEK 16.30 per Incentive Share. Kinnevik has the right to repurchase these Incentive Shares at the
acquisition price (i) if the participant terminates his or her employment within 18 months from the acquisition date,
or (ii) in the event Kinnevik has legal grounds to terminate the participant’s employment contract with immediate
effect prior to reclassification, or (iii) in case a repurchase is necessary to ensure that LTIP 2022 is compliant with
laws and regulations; and at market value if the participant terminates his or her employment during the period after
the 18 months referred to in (i) above until 31 March 2027.
L TIP 2023 (ending in 2028)
Incentive Shares
Number of
Participants
Shares
Allocated
IFRS2 Costs 2025,
(SEK 000s)
Shares
Acquired
CEO 1 140 580 1 213 70 290
Other Senior Executives 5 336 720 2 904 58 850
Other Employees 21 605 708 5 865 38 754
Total 27 1 083 008 9 982 167 894
LTIP 2023 runs until 31 March 2028. Maximum monetary outcomes are limited to SEK 592 per share, including any
dividend compensation (3.75 times the average price of Kinnevik Class B shares during Q1 2023). The fair market
value of the Incentive Shares, including social security costs, amounted to SEK 50m and is expensed over 2023-26.
The total cost for LTIP 2023 amounted to SEK 100m.
In addition to shares allocated free of charge, the CEO and senior members of Kinnevik’s investment team had the
opportunity to acquire additional Incentive Shares at their own expense and at zero cost to Kinnevik at an average
fair market value of SEK 25.90 per Incentive Share. Kinnevik has the right to repurchase these Incentive Shares at the
acquisition price (i) if the participant terminates his or her employment within 18 months from the acquisition date,
or (ii) in the event Kinnevik has legal grounds to terminate the participant’s employment contract with immediate
effect prior to reclassification, or (iii) in case a repurchase is necessary to ensure that LTIP 2023 is compliant with
laws and regulations; and at market value if the participant terminates his or her employment during the period after
the 18 months referred to in (i) above until 31 March 2028.
L TIP 2024 (ending in 2029)
Incentive Shares
Number of
Participants
Shares
Allocated
IFRS2 Costs 2025
(SEK 000s)
Shares
Acquired
CEO 1 234 424 1 115 58 606
Other Senior Executives 5 527 904 3286 131 976
Other Employees 24 491 376 1 899 122 844
Total 30 1 253 704 6 300 313 426
Georgi Ganev’s participation in LTIP 2024 will be cancelled in accordance with the terms of the plan.
LTIP 2024 runs until 31 March 2029. All participants were invited to acquire incentive shares at an average market
value of SEK 15.85 and for each acquired incentive share, the participants received four allotted shares. The
maximum value of the outcome is limited to SEK 254 per share, including any dividend compensation (3.0 times the
average price of Kinnevik’s Class B shares in Q1 2024).
The valuation of the LTIP Shares is based on the below Monte Carlo parameters:
Volatility (NAV and share price): 32.5%, Correlation (NAV and share price): 70%, Risk-free interest rate: 2.22% (based
on the yield curve of Swedish government debt) and Marketability discount: 35.0%.
The fair market value of the allotted Incentive Shares, including social security costs, amounted to SEK 30m and will
be expensed during 2024-27. The cost of Kinnevik’s tax, including social security contributions, amounted to SEK
25m and was expensed at payment in 2024. The total cost for LTIP 2024 amounts to SEK 55m.
===== SIDA 76 =====
Annual & Sustainability Report 2025
76
Our Investments Sustainability Statements Board Report Financial Statements OtherContents About Kinnevik
Kinnevik has the right to repurchase the acquired Incentive Shares at the acquisition price (i) if the participant
terminates his/her employment within 18 months from the acquisition date, or (ii) if Kinnevik has a legal basis
to terminate the participant’s employment contract with immediate effect prior to reclassification, or (iii) if a
repurchase is necessary to ensure that LTIP 2024 is compliant with laws and regulations; and at market value if the
participant terminates his/her employment during the period after the 18 months referred to in (i) above until 31
March 2029.
Plan costs and liability for social security contributions
The total cost for all outstanding LTIPs amounted to SEK 23m (65) in 2025. There are no outstanding social security
liabilities as these are paid at the start of the LTIPs and expensed over three years.
Change in total outstanding incentive shares
Incentive Shares
Start of
2025
Vested
2025 Redeemed 1)
End of
2025
CEO 789 800 - -62 400 727 400
Other Senior Executives 1 976 788 - -494 760 1 482 028
Other Employees 3 031 233 - -611 295 2 419 938
Total 5 797 821 - - 1 168 455 4 629 366
1) Redeemed shares refer to shares from LTIP2020 that lapsed due to unfulfilled performance conditions and shares from later pro-
grams where the employment condition has not been fulfilled.
Board fees and other fees to the directors of the Parent Company
2025 2024
(SEK 000s) Board Fees at Parent
Company
Fees for
Assignments
Board Fees at Parent
Company
Fees for
Assignments
Cristina Stenbeck 2 555 - - -
Jan Berntsson 1 105 - 493 -
Camilla Giesecke 735 - - -
Claes Glassell 1 075 - 875 -
Henrik Lundin 875 - - -
Maria Redin 935 - 935 -
Rubin Ritter 735 - - -
James Anderson (Chairman) - - 2 555 -
Susanna Campbell - - 935 -
Harald Mix - - 875 -
Cecilia Quist - - 935 -
Hans Ploos van Amstel - - 509 -
Charlotte Strömberg - - 139 -
8 015 - 8 251 -
===== SIDA 77 =====
Annual & Sustainability Report 2025
77
Our Investments Sustainability Statements Board Report Financial Statements OtherContents About Kinnevik
Note 17 Financial risk management
Kinnevik’s approach to financial risk management aims to identify, control
and mitigate or reduce financial risks threatening the growth in Net Asset
Value and/or the continued execution of Kinnevik’s strategy. These risks
mainly revolve around:
■ the accuracy of Kinnevik’s assessed valuations of its investments in
private companies (“Valuation Risk”);
■ the risk of Kinnevik not being able to finance its desired investment
pace, or by extension not being able to refinance maturing loans and
credit facilities and failing to meet payment obligations (“Liquidity and
Financing Risk”);
■ the risk of transaction and translation exposure to foreign currencies
(“Foreign Exchange Rate Risk”); and
■ the risk of increasing interest rates having an adverse impact on
financing costs (“Interest Rate Risk”).
The oversight and management of financial risks is centralized to the CFO
office and governed by a Finance Policy and a Risk Management Policy. On
an annual basis, these policies are reviewed and updated by the CFO office
and approved by the Audit & Sustainability Committee and the Board of
Directors.
Valuation Risk
On 31 December 2025, 97 percent of Kinnevik’s portfolio was invested
in private companies (96 percent at the end of 2024). The assessed
valuation of these investments can fluctuate meaningfully. Many
of Kinnevik’s private companies are fast-growing and loss-making
businesses where financial performance can be volatile, deviate
meaningfully from expectations, and oscillate around longer-term trends.
Furthermore, these investments are subject to developments in public
growth equity markets, which have proved to be highly sensitive to
macroeconomic conditions and fiscal policy. In the process of valuing its
investments in private companies, Kinnevik follows best-in-class standards
and takes numerous factors into consideration. How the valuations of
Kinnevik’s investments in private companies are assessed is outlined in
detail in Note 2 for the Group in this Annual Report.
For Kinnevik’s investments in private companies that are valued based
on the market approach applying multiples of revenue, gross profit, or
operating profit – an increase in revenue multiples by 10 percent would
have increased the aggregate assessed fair value as at 31 December 2025
by SEK 2.0bn (2.2). A decrease in revenue multiples by 10 percent would
have decreased the aggregate assessed fair value by SEK 1.9bn (2.1).
Liquidity and Financing Risk
Kinnevik’s liquidity and financing risk is highly limited considering its SEK
8.6bn net cash position at the end of 2025. Over the coming years, Kinnevik
relies on capital reallocation within its portfolio of mainly private companies
and external sources of financing, to fund its investments, its operations,
and to maintain its financial flexibility.
On 31 December 2025, Kinnevik had cash and cash equivalents and short-
term investments amounting to SEK 10,392m (14,619) and committed but
not utilized credit facilities amounting to SEK 4,230m (4,230). Debt financing
is sourced from several institutions with diversified maturities, and Kinnevik
strives to refinance all facilities at least six months prior to maturity. On 31
December 2025, the total amount of committed debt financing was SEK
6,230m (7,730) with an average remaining facility duration of 1.4 (1.9) years.
Net cash amounted to SEK 8,561m (10,940). For further details, refer to Note
10 for the Group.
Foreign Exchange Rate Risk
Foreign exchange rate risk comprises transaction and translation currency
exposure. Transaction exposure arises from cash flows denominated in
foreign currencies. Kinnevik’s investments in USD during the year amounted
to 42 percent of total investments (54 percent) and 58 percent (34 percent)
in EUR. Kinnevik’s debt funding and cash position are almost entirely
denominated in SEK. Excluding investments and divestments, Kinnevik does
not have any material cash flows in foreign currencies.
Translation exposure arises from the translation of balance sheet items
denominated in foreign currencies into SEK. Kinnevik’s balance sheet is
mainly exposed to foreign exchange risk through investments denominated
in either USD or EUR. On 31 December 2025, 64 percent (67 percent) of
Kinnevik’s portfolio value was denominated in USD, and 30 percent (27
percent) was denominated in EUR. Kinnevik is also exposed to indirect
translation exposure, as several of its investee companies operate
internationally, whereby foreign currencies have an indirect effect on the
value of these investments. The basket of foreign currencies in which
Kinnevik’s investments are denominated appreciating or depreciating by 10
percent against the SEK would have increased or decreased the portfolio
value by SEK 2.7bn (2.8). The corresponding impact from the appreciation
or depriciation of solely the USD or EUR would have been SEK 1.8bn (1.9) and
SEK 0.8bn (0.8) respectively.
Interest Rate Risk
Kinnevik’s interest rate risk (outside of interest rates’ effects on valuations
of Kinnevik’s private companies) pertains to the value of interest-bearing
receivables and liabilities changing due to adverse changes in market
interest rates.
On 31 December 2025, none of Kinnevik’s interest-bearing liabilities, SEK
2.0bn (3.5), were exposed to interest rate changes. SEK 2.0bn (3.25) of
Kinnevik’s SEK 2.0bn (3.5) in outstanding bonds were originally exposed to
interest rate risk with floating rates (three-month STIBOR). This interest rate
risk has been hedged by entering into interest rate swaps maturing on the
same dates as the relevant bonds. On 31 December 2025, these swaps had
a market value of SEK 38m (79). An increase of 1 percent in interest rates at
the reporting date would have increased the market value of the swaps by
SEK 24m. A decrease of 1 percent in interest rates would have decreased
the market value of the swaps by SEK 25m. In connection with refinancing
of current bonds and credit facilities, or if Kinnevik were to increase its
receivables or liabilities considerably, the interest rate risk may change
materially.
Note 18 Significant events after the reporting
period
Georgi Ganev stepped down from his role as Kinnevik’s CEO effective 15
March 2026. In connection with this, Kinnevik’s Board member 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.
===== SIDA 78 =====
Annual & Sustainability Report 2025
78
Our Investments Sustainability Statements Board Report Financial Statements OtherContents About Kinnevik
For the period 1 January–31 December (SEKm) Note 2025 2024
Administration Costs 4, 15 -327 -428
Other Operating Income 10 9
Operating Loss -317 -419
Loss from Financial Assets, Associated Companies and Other 3 -439 -1 474
Loss from Financial Assets, Subsidiaries 3 -3 938 -1 492
Interest Income and Other Financial Income 2 321 627
Interest Expenses and Other Financial Expenses 2 -92 -141
Profit/Loss after Financial Items -4 465 -2 899
Appropriations
Group Contributions, paid -14 -
Group Contributions, received 7 -
Profit/Loss before Tax -4 472 -2 899
Taxes 5 - -
Net Profit/Loss for the Year 1) -4 472 -2 899
1) Net profit/loss corresponds with total comprehensive income.
PARENT COMPANY FINANCIAL STATEMENTS
Parent Company Income Statement
===== SIDA 79 =====
Annual & Sustainability Report 2025
79
Our Investments Sustainability Statements Board Report Financial Statements OtherContents About Kinnevik
As at 31 December (SEKm) Note 2025 2024
ASSETS
Tangible Fixed Assets
Equipment 6 8 10
Shares and participations in Group companies 8 25 418 34 383
Shares and participations in Associated Companies and Other Companies 7 2 157 2 596
Receivables from Group companies 0 15
Total Fixed Assets 27 583 37 004
Current Assets
Receivables from Group Companies - 15
Other receivables 118 75
Accrued income and prepayments 10 20
Short-term investments 10 021 11 473
Cash and Bank 248 3 115
Total Current Assets 10 397 14 698
TOTAL ASSETS 37 980 51 702
Parent Company Balance Sheet
As at 31 December (SEKm) Note 2025 2024
SHAREHOLDERS´ EQUITY AND LIABILITIES
Shareholders´ Equity 9, 14
Restricted Equity
Share Capital (281,602,031 shares of SEK 0.10 ) 28 28
Premium Reserve 6 868 6 868
Unrestricted Equity
Share Premium 1 616 1 616
Retained Earnings 31 795 34 677
Net Result for the Year - 4 472 - 2 899
Total Shareholders’ Equity 35 835 40 289
Liabilities 12
Provisions
Provisions for Pensions 13 14
Other Provisions 4 3
Total Provisions 17 17
Long-Term Liabilities
External interest-bearing loans 10 495 1 992
Total Long-Term Liabilities 495 1 992
Short-Term Liabilities
External interest-bearing loans 10 1 500 1 500
Trade Creditors 3 6
Liabilities to Group Companies 76 7 826
Other liabilities 3 3
Accrued expenses 11 51 69
Total Short-Term Liabilities 1 633 9 404
TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES 37 980 51 702
===== SIDA 80 =====
Annual & Sustainability Report 2025
80
Our Investments Sustainability Statements Board Report Financial Statements OtherContents About Kinnevik
For the period 1 January-31 December (SEKm) 2025 2024
Cash Flow from Operating Costs -370 -466
Cash Flow from Operations before interest net and income taxes -370 -466
Interest Received 182 237
Interest Paid -57 -58
Income Taxes Paid 0 0
Cash Flow from operations -245 -287
Investment in Financial Assets 0 -177
Sale of Shares and Other Securities 1 0
Cash Flow from Investing Activities 1 -177
Amortization -1 500 -
Dividend - -6 370
Change in intra-group balances 1) -2 712 9 188
Cash Flow from Financing Activities -4 212 2 818
Cash Flow for the Year -4 456 2 354
Short-term investments and cash and bank, Opening Balance 14 588 11 847
Revaluation of Short-term investments 137 387
Short-term investments and cash and bank, Closing Balance 10 269 14 588
1) The Parent Company and its Swedish subsidiaries have their liquidity coordinated via a consolidated account which in the
Parent Company is reported in the balance sheet as receivables / liabilities of Group companies. The internal transactions that
take place with the Swedish subsidiaries are thus generally not affecting cash flow for the Parent Company unless they are
caused by an external transaction for the subsidiary.
Parent Company Statement of Cash Flow
(SEKm) Share Capital
Premium Re-
serve
Unrestricted
Equity Total
Opening Balance, 1 January 2024 28 6 868 42 626 49 522
Cash dividend 1) -6 370 -6 370
Effect of Long-Term Incentive Program 36 36
Profit/Loss for the Period -2 899 -2 899
Closing Balance, 31 December 2024 28 6 868 33 393 40 289
Effect of Long-Term Incentive Program 16 16
Profit/Loss for The Period -4 472 -4 472
Closing Balance, 31 December 2025 28 6 868 28 939 35 835
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.
Movement in Shareholders’ equity of the Parent Company
===== SIDA 81 =====
Annual & Sustainability Report 2025
81
Our Investments Sustainability Statements Board Report Financial Statements OtherContents About Kinnevik
Note 1 Parent Company’s accounting principles
The Parent Company’s annual accounts have been prepared in
accordance with Swedish law and the Swedish Financial Reporting Board’s
recommendation RFR 2 (Reporting for Legal Entities).
The Parent Company’s accounting policies differ from the Group’s principles
with regard to the accounting of dividends in kind. In the Parent Company,
these are reported at book value, as opposed to fair value in the Group.
For information concerning related party transactions, refer to Note 15 for
the Group.
Note 4 Auditors’ fees
2025 2024
To KPMG
Audit Assignments 2.8 2.5
Other Services 0.0 0.0
Total 2.8 2.5
Audit assignments refer to statutory audits of the annual and consolidated
accounts and accounting, as well as the Board of Directors’ and the
President’s administration, as well as audits and other audits performed
in accordance with an agreement or contract. This includes other tasks
that it is up to the company’s auditor to perform as well as advice or other
assistance that is prompted by observations during such review or the
performance of such other tasks.
Note 5 Taxes
2025 % 2024 %
Profit/loss before tax -4 472 -2 899
Income tax at statutory rate of
Parent Company 921 -20.6% 597 -20.6%
Earnings from participations in
associated companies -90 2.0% -304 10.5%
Non-taxable dividends received 1 590 -35.5% 59 -2.1%
Result from shares in subsidiaries -2 401 53.7% -367 12.7%
Other non-taxable expenses -10 0.2% -22 0.8%
Other non-taxable income 46 -1.1% 74 -2.6%
Charge non-capitalized loss
carry-forward -56 1.3% -38 1.3%
Effective Tax/Tax rate 0 0.0% 0 0.0%
Note 2 Financial income and expenses
2025 2024
Result from Short-term Investments 299 392
Interest Income from Banks 22 235
Interest Income and Other Financial Income 321 627
Interest Expenses to Credit Institutions -35 -49
Other Financial Expenses -15 -14
Market Valuation Swap -42 -78
Interest Expenses and Other Financial Expenses -92 -141
Net financial Income/Expenses 229 486
Note 3 Earnings from financial assets
2025 2024
Sale of Shares in Associated companies 2 -
Write-down of Shares in Associated Companies -441 -1 474
Total Profit/Loss from Associated Companies and
Other Companies
-439 - 1 474
Dividends received from subsidiaries 7 717 289
Write-down of shares in subsidiaries -11 655 -3 274
Reverse write down in subsidiaries - 1 493
Total Profit/Loss from Subsidiaries -3 938 -1 492
The write-downs of subsidiaries are mainly attributable to depreciation of
the value in the subsidiaries’ portfolio companies.
NOTES FOR THE PARENT COMPANY
===== SIDA 82 =====
Annual & Sustainability Report 2025
82
Our Investments Sustainability Statements Board Report Financial Statements OtherContents About Kinnevik
Note 6 Tangible fixed assets
2025 2024
Opening acquisition Values 18 17
Disposals/scrapping for the Year -3 -1
Investments for the Year 3 2
Closing Acquisition Values 18 18
Opening Accumulated Depreciation -8 -6
Disposals/scrapping for the Year 1 0
Depreciation for the Year -3 -2
Closing Accumulated Depreciation -10 -8
Closing Book Value 8 10
Note 7 Shares and participations
2025 2024
Associated Companies and Other Companies Reg no
Registered
office
Number of
shares
Capital/
votes (%)
Book
value
Capital/
voting (%)
Book
value
Altlorenscheurerhof S.A. B51332 Luxembourg 625 - - 33 0
Cedar Cares, Inc. 812461266 USA 1 159 607 7 695 7 849
Cityblock Health Inc. 5208873 USA 6 281 141 9 1 460 9 1 747
Modern Cartoons Ltd C1961852 USA 2 544 000 23 0 23 0
Shared Services S.A. B97776 Luxembourg 200 30 0 30 0
Total Book Value 2 157 2 596
Change in Book Value, Shares and Participations in Associated Companies
2025 2024
Opening Book Value 1 January 2 596 3 892
Investment 2 178
Write-down -441 -1 474
Closing Book Value 31 December 2 157 2 596
===== SIDA 83 =====
Annual & Sustainability Report 2025
83
Our Investments Sustainability Statements Board Report Financial Statements OtherContents About Kinnevik
Note 8 Shares and Participations in Group Companies
Shares and Participations in Directly owned Subsidiaries
Reg no Registered office Number of Shares Capital/ Votes (%) 2025 2024
Invik & Co. AB 556051-6238 Stockholm 295 384 100/100 0 0
Invik S.A. B138554 Luxembourg 551 252 100/100 728 1 090
Kinnevik Capital Ltd 05651109 Great Britain 1 000 100/100 2 2
Förvaltnings AB Eris & Co. 556035-7179 Stockholm 1 020 000 100/100 166 166
Kinnevik Consumer Finance Holding AB 556833-3917 Stockholm 50 000 100/100 0 0
Kinnevik East AB 556930-5666 Stockholm 50 000 100/100 12 11
Kinnevik US Holdings AB 559109-4239 Stockholm 500 100/100 244 185
Kinnevik US Holding, LLC 84-2742351 USA 1 265 603 59/59 0 0
Kinnevik Media Holding AB 556880-1590 Stockholm 50 000 100/100 - 1
Kinnevik New Ventures AB 556736-2412 Stockholm 100 100/100 0 0
Kinnevik Online AB 556815-4958 Stockholm 50 000 100/100 24 267 25 211
Kinnevik Sweden Holding AB 559109-4221 Stockholm 500 100/100 - 7 717
Book Value 25 418 34 383
Reconciliation of the Book Value of direct-owned
shares in Subsidiaries
2025 2024
Opening Acquisition Value, 1 January 99 634 95 744
Shareholders’ Contribution 2 691 3 890
Sale -22 218 -
Disposals -7 401 -
Closing Acquisition Value, 31 December 72 706 99 634
Opening Write-down, 1 January -65 253 -63 472
Write-down -3 938 -3 274
Reversed write-down - 1 493
Sale 14 501 -
Disposals 7 402 -
Closing Write-down, 31 December -47 288 -65 253
Closing Book Value, 31 December 25 418 34 383
===== SIDA 84 =====
Annual & Sustainability Report 2025
84
Our Investments Sustainability Statements Board Report Financial Statements OtherContents About Kinnevik
Note 9 Shareholders’ Equity
Changes in shareholders’ equity from the preceding year’s balance sheet
are presented in Movements in Shareholders’ equity of the Parent Company.
Share Capital
Kinnevik AB’s share capital as of 31 December 2025 was SEK 28,160,203.10
distributed among 281,602,031 shares with a par value of SEK 0.10 per share.
The share capital is divided into A shares with 10 votes each, B shares with
1 vote each and a number of different subordinated, convertible incentive
shares with 1 vote each linked to Kinnevik’s long-term incentive programs.
Number of
shares
Number of
votes
Par value (SEK
000s)
Class A shares 33 752 915 337 529 150 3 375
Class B shares 243 219 749 243 219 749 24 322
Class C-D Shares LTIP 2021 793 046 793 046 79
Class C-D Shares LTIP 2022 1 018 288 1 018 288 102
Class C-D Shares LTIP 2023 1 250 902 1 250 902 125
Class C-D Shares LTIP 2024 1 567 130 1 567 130 157
Total outstanding shares 281 602 030 580 748 899 28 160
Class B shares in own
custody 1 1 0
Registered number of
shares 281 602 031 585 378 266 28 160
During the year, 618,815 outstanding Incentive Shares from 2020, 195,320
outstanding Incentive Shares from 2023 and 877,430 outstanding Incentive
Shares from 2024 were redeemed as a result of the conditions not being
met.
There are no outstanding convertible instruments or warrants.
For share-based long-term incentive programs, see Note 16 for the Group.
Note 13 Intra-group Transactions
Intra-group revenue in the Parent Company amounted to SEK 9 (4) million.
The Parent Company and its Swedish subsidiary have their liquidity
coordinated through a number of central accounts in different currencies.
In addition, there are a number of loans from subsidiaries. All transactions
are charged with market interest.
Note 14 Proposed Appropriation of Profits
The following amounts in SEK are at the disposal of the Parent Company’s
Annual General Meeting:
2025
Retained Earnings 27 323 060 119
Share Premium 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.
Note 10 Interest-bearing Loans
2025 2024
Interest-bearing long-term loans
Capital Markets Financing 500 2 000
Accrued borrowing costs -5 -8
Interest-bearing short-term loans
Capital Markets Financing 1 500 1 500
1 995 3 492
For further information about the maturity structure of the Parent
Company’s interest bearing loans refer to Note 10 for the Group.
Note 11 Accrued Expenses
2025 2024
Accrued personnel expenses 39 43
Accrued interest expenses 5 17
Other 7 9
Total 51 69
Note 12 Contingent Liabilities
County administrative boards have submitted claims to Kinnevik regarding
environmental studies at a number of sites where Fagersta AB (through
name changes and a merger, Kinnevik AB) conducted operations until
1983. Kinnevik’s position is that the Company’s responsibility to perform
any decontamination measures must be very limited, if any, primarily in
consideration of the long period of time that has passed since any potential
contamination damages occurred and the regulations that were in force at
the time, and the fact that a quarter century has passed since operations
were shut down or turned over to new owners. Kinnevik has therefore
not made any provisions for potential future claims for decontamination
measures. SEK 5m was provided in 2007 for potential environmental
studies that Kinnevik might be required to pay for of which SEK 1.3m was
used in 2010-2025.
===== SIDA 85 =====
Annual & Sustainability Report 2025
85
Our Investments Sustainability Statements Board Report Financial Statements OtherContents About Kinnevik
Note 15 Personnel
2025 2024
Average number of employees men women men women
Stockholm 8 18 10 17
Average distribution of women and men amongst the Board and Senior Executives
2025 2024
men women men women
Board Members 4 3 3 3
CEO 1 - 1 -
Other Senior Executives 1 2 2 2
Total 6 5 6 5
2025 2024
Salaries, other remuneration and social security expenses (SEK 000’s)
Board, CEO
and Senior
Executives
Other
employees
Board, CEO
and Senior
Executives
Other
employees
Salaries and other remuneration 29 385 32 923 34 536 36 505
Social security expenses 5 830 17 211 13 062 17 207
Pension expenses 4 660 3 844 4 992 5 194
Termination reserve including benefits and social costs 17 355 1 265 3 180 9 443
Provision for share-based remuneration including social securities expense 1) 5 735 8 486 15 487 24 031
62 965 63 728 71 257 92 380
1) Share-based remuneration for 2024 includes subsidies received at launch of LTI programs. See Note 16 for the Group.
Salaries and other remuneration to the Board, CEO and other Senior Executives are further presented in Note 16 for the Group.
===== SIDA 86 =====
Annual & Sustainability Report 2025
86
Our Investments Sustainability Statements Board Report Financial Statements OtherContents About Kinnevik
The undersigned certify that the consolidated accounts and the annual report have been prepared in accordance
with International Financial Reporting Standards (“IFRS”), as adopted for use in the European Union, and generally
accepted accounting principles respectively, and give a true and fair view of the financial positions and results of
the Group and the Parent Company, and that the Board of Directors’ Report gives a fair review of the development
of the operations, financial positions and results of the Group and the Parent Company and describes substantial
risks and uncertainties that the Group companies face.
The Annual Report has been finalized and approved on 31 March 2026
Stockholm, 31 March 2026
Cristina Stenbeck
Chairman
Claes Glassell
Board Director
Camilla Giesecke
Board Director
Jan Berntsson
Board Director
Maria Redin
Board Director
Rubin Ritter
Board Director &
Interim Chief Executive Officer
Henrik Lundin
Board Director
Our Audit Report was issued on 31 March 2025
KPMG AB
Johanna Hagström Jerkeryd
Authorised Public Accountant
Mårten Asplund
Authorised Public Accountant,
Principal
SIGNATURES OF THE BOARD OF DIRECTORS AND THE CEO
===== SIDA 87 =====
Annual & Sustainability Report 2025
87
Our Investments Sustainability Statements Board Report Financial Statements OtherContents About Kinnevik
To the general meeting of the shareholders of Kinnevik
AB (publ), corp. id 556047-9742
Report on the annual accounts and consolidated
accounts
Opinions
We have audited the annual accounts and consolidated accounts of
Kinnevik AB (publ) for the year 2025, except for the corporate governance
statement on pages 36-45 and the sustainability report on pages 20-
30. The annual accounts and consolidated accounts of the company
are included on pages 33-86 in this document.
In our opinion, the annual accounts have been prepared in accordance
with the Annual Accounts Act, and present fairly, in all material respects,
the financial position of the parent company as of 31 December 2025
and its financial performance and cash flow for the year then ended in
accordance with the Annual Accounts Act. The consolidated accounts
have been prepared in accordance with the Annual Accounts Act and
present fairly, in all material respects, the financial position of the group
as of 31 December 2025 and their financial performance and cash flow
for the year then ended in accordance with IFRS Accounting Standards,
as adopted by the EU, and the Annual Accounts Act. Our opinions
do not cover the corporate governance statement on pages 36-45
and stainability report on pages 20-30. The statutory administration
report is consistent with the other parts of the annual accounts and
consolidated accounts.
We therefore recommend that the general meeting of shareholders
adopts the income statement and balance sheet for the parent com-
pany and the group.
Our opinions in this report on the annual accounts and consolidated
accounts are consistent with the content of the additional report that
has been submitted to the parent company’s audit committee in ac-
cordance with the Audit Regulation (537/2014) Article 11.
Basis for Opinions
We conducted our audit in accordance with International Standards on
Auditing (ISA) and generally accepted auditing standards in Sweden.
Our responsibilities under those standards are further described in the
Auditor’s Responsibilities section. We are independent of the parent
company and the group in accordance with professional ethics for
accountants in Sweden and have otherwise fulfilled our ethical responsi-
bilities in accordance with these requirements. This includes that, based
on the best of our knowledge and belief, no prohibited services referred
to in the Audit Regulation (537/2014) Article 5.1 have been provided to
the audited company or, where applicable, its parent company or its
controlled companies within the EU.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our opinions.
Key Audit Matters
Key audit matters of the audit are those matters that, in our professional
judgment, were of most significance in our audit of the annual accounts
and consolidated accounts of the current period. These matters were
addressed in the context of our audit of, and in forming our opinion
thereon, the annual accounts and consolidated accounts as a whole,
but we do not provide a separate opinion on these matters.
Valuation of unlisted assets
See disclosure Note 2 and 3 and accounting principles on pages 50-51 in
the annual account and consolidated accounts for detailed information
and description of the matter.
Description of key audit matter
The total carrying value of unlisted investments amounted to SEK 26
580 million as of December 31, 2025. The company’s valuation policy is
based on IFRS 13 and the International Private Equity and Venture Capital
Valuation Guidelines. The process for valuation of unlisted investments
is based on a high degree of judgement and input from data that is not
observable in the market, such as future expected revenue and profit
and identification of relevant multiples. An inappropriate use of multiples
and input from data can have a significant impact in the assessment of
fair value which directly effects the profit. This is the reason to why we
believe that this is a key audit matter.
Response in the audit
In our audit procedures of valuation of unlisted assets, we have primarily
focused on the following audit procedures: We have evaluated the process
and internal controls related to the valuation of unlisted investments.
We have assessed that the valuation models that the company applies
are consistent with IFRS 13. With the support of valuation specialists, we
have evaluated that assessments made by the company, for example
with respect to the selection of comparable companies and adjustments
to the valuation multiples, are reasonable. We have also assessed that
the information disclosed in the annual report is in compliance with IFRS
13 and gives a fair view of the processes and routines of the company.
Other Information than the annual accounts and consolidated
accounts
This document also contains other information than the annual accounts
and consolidated accounts and is found on pages 4-30 and 91-93. The
other information comprises also of the remuneration report which we
obtained prior to the date of this auditor’s report. The Board of Directors
and the Managing Director are responsible for this other information.
Our opinion on the annual accounts and consolidated accounts does
not cover this other information and we do not express any form of
assurance conclusion regarding this other information.
In connection with our audit of the annual accounts and consolidated
accounts, our responsibility is to read the information identified above
and consider whether the information is materially inconsistent with
the annual accounts and consolidated accounts. In this procedure we
also take into account our knowledge otherwise obtained in the audit
and assess whether the information otherwise appears to be materially
misstated.
If we, based on the work performed concerning this information, conclude
that there is a material misstatement of this other information, we are
required to report that fact. We have nothing to report in this regard.
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 annual accounts and consolidated accounts and that
they give a fair presentation in accordance with the Annual Accounts
Act and, concerning the consolidated accounts, in accordance with IFRS
Accounting Standards as adopted by the EU. The Board of Directors and
the Managing Director are also responsible for such internal control as
they determine is necessary to enable the preparation of annual accounts
and consolidated accounts that are free from material misstatement,
whether due to fraud or error.
In preparing the annual accounts and consolidated accounts The Board
of Directors and the Managing Director are responsible for the assess-
ment of the company’s and the group’s ability to continue as a going
concern. They disclose, as applicable, matters related to going concern
and using the going concern basis of accounting. The going concern
basis of accounting is however not applied if the Board of Directors
and the Managing Director intend to liquidate the company, to cease
operations, or has no realistic alternative but to do so.
The Audit Committee shall, without prejudice to the Board of Director’s
responsibilities and tasks in general, among other things oversee the
company’s financial reporting process.
AUDITOR’S REPORT
===== SIDA 88 =====
Annual & Sustainability Report 2025
88
Our Investments Sustainability Statements Board Report Financial Statements OtherContents About Kinnevik
Auditor’s responsibility
Our objectives are to obtain reasonable assurance about whether the
annual accounts and consolidated accounts as a whole are free from
material misstatement, whether due to fraud or error, and to issue an
auditor’s report that includes our opinions. Reasonable assurance is a
high level of assurance, but is not a guarantee that an audit conducted
in accordance with ISAs and generally accepted auditing standards in
Sweden will always detect a material misstatement when it exists. Miss-
tatements can arise from fraud or error and are considered material if,
individually or in the aggregate, they could reasonably be expected to
influence the economic decisions of users taken on the basis of these
annual accounts and consolidated accounts.
As part of an audit in accordance with ISAs, we exercise professional
judgment and maintain professional skepticism throughout the audit.
We also:
▪ Identify and assess the risks of material misstatement of the annual
accounts and consolidated accounts, whether due to fraud or error,
design and perform audit procedures responsive to those risks,
and obtain audit evidence that is sufficient and appropriate to
provide a basis for our opinions. The risk of not detecting a material
misstatement resulting from fraud is higher than for one resulting
from error, as fraud may involve collusion, forgery, intentional
omissions, misrepresentations, or the override of internal control.
▪ Obtain an understanding of the company’s internal control relevant
to our audit in order to design audit procedures that are appropriate
in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the company’s internal control.
▪ Evaluate the appropriateness of accounting policies used and the
reasonableness of accounting estimates and related disclosures
made by the Board of Directors and the Managing Director.
▪ Conclude on the appropriateness of the Board of Directors’ and the
Managing Director’s, use of the going concern basis of accounting
in preparing the annual accounts and consolidated accounts. We
also draw a conclusion, based on the audit evidence obtained, as
to whether any material uncertainty exists related to events or
conditions that may cast significant doubt on the company’s and
the group’s ability to continue as a going concern. If we conclude
that a material uncertainty exists, we are required to draw attention
in our auditor’s report to the related disclosures in the annual
accounts and consolidated accounts or, if such disclosures are
inadequate, to modify our opinion about the annual accounts and
consolidated accounts. Our conclusions are based on the audit
evidence obtained up to the date of our auditor’s report. However,
future events or conditions may cause a company and a group to
cease to continue as a going concern.
▪ Evaluate the overall presentation, structure and content of
the annual accounts and consolidated accounts, including the
disclosures, and whether the annual accounts and consolidated
accounts represent the underlying transactions and events in a
manner that achieves fair presentation.
▪ Plan and perform the group audit to obtain sufficient and
appropriate audit evidence regarding the financial information of
the entities or business units within the group as a basis for forming
an opinion on the consolidated accounts. We are responsible for
the direction, supervision and review of the audit work performed
for purposes of the group audit. We remain solely responsible for
our opinions.
We must inform the Board of Directors of, among other matters, the
planned scope and timing of the audit. We must also inform of significant
audit findings during our audit, including any significant deficiencies in
internal control that we identified.
We must also provide the Board of Directors with a statement that
we have complied with relevant ethical requirements regarding inde-
pendence, and to communicate with them all relationships and other
matters that may reasonably be thought to bear on our independence,
and where applicable, measures that have been taken to eliminate the
threats or related safeguards.
From the matters communicated with the Board of Directors, we de-
termine those matters that were of most significance in the audit of
the annual accounts and consolidated accounts, including the most
important assessed risks for material misstatement, and are therefore
the key audit matters. We describe these matters in the auditor’s report
unless law or regulation precludes disclosure about the matter.
Report on other legal and regulatory requirements
Auditor’s audit of the administration and the proposed
appropriations of profit or loss
Opinions
In addition to our audit of the annual accounts and consolidated ac-
counts, we have also audited the administration of the Board of Directors
and the Managing Director of Kinnevik AB (publ) for the year 2025 and
the proposed appropriations of the company’s profit or loss.
We recommend to the general meeting of shareholders that the profit
be appropriated in accordance with the proposal in the statutory ad-
ministration report and that the members of the Board of Directors and
the Managing Director be discharged from liability for the financial year.
Basis for Opinions
We conducted the audit in accordance with generally accepted audi-
ting standards in Sweden. Our responsibilities under those standards
are further described in the Auditor’s Responsibilities section. We are
independent of the parent company and the group in accordance with
professional ethics for accountants in Sweden and have otherwise fulfil-
led our ethical responsibilities in accordance with these requirements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our opinions.
Responsibilities of the Board of Directors and the Managing
Director
The Board of Directors is responsible for the proposal for appropriations
of the company’s profit or loss. At the proposal of a dividend, this includes
an assessment of whether the dividend is justifiable considering the
requirements which the company’s and the group’s type of operations,
size and risks place on the size of the parent company’s and the group’s
equity, consolidation requirements, liquidity and position in general.
The Board of Directors is responsible for the company’s organization and
the administration of the company’s affairs. This includes among other
things continuous assessment of the company’s and the group’s financial
situation and ensuring that the company’s organization is designed so
that the accounting, management of assets and the company’s financial
affairs otherwise are controlled in a reassuring manner.
The Managing Director shall manage the ongoing administration accor-
ding to the Board of Directors’ guidelines and instructions and among
other matters take measures that are necessary to fulfill the company’s
accounting in accordance with law and handle the management of
assets in a reassuring manner.
Auditor’s responsibility
Our objective concerning the audit of the administration, and thereby
our opinion about discharge from liability, is to obtain audit evidence to
assess with a reasonable degree of assurance whether any member of
the Board of Directors or the Managing Director in any material respect:
▪ has undertaken any action or been guilty of any omission which can
give rise to liability to the company, or
▪ in any other way has acted in contravention of the Companies Act,
the Annual Accounts Act or the Articles of Association.
Our objective concerning the audit of the proposed appropriations of
the company’s profit or loss, and thereby our opinion about this, is to
assess with reasonable degree of assurance whether the proposal is in
accordance with the Companies Act.
Reasonable assurance is a high level of assurance, but is not a guarantee
that an audit conducted in accordance with generally accepted auditing
standards in Sweden will always detect actions or omissions that can give
rise to liability to the company, or that the proposed appropriations of the
company’s profit or loss are not in accordance with the Companies Act.
===== SIDA 89 =====
Annual & Sustainability Report 2025
89
Our Investments Sustainability Statements Board Report Financial Statements OtherContents About Kinnevik
As part of an audit in accordance with generally accepted auditing
standards in Sweden, we exercise professional judgment and maintain
professional skepticism throughout the audit. The examination of the
administration and the proposed appropriations of the company’s
profit or loss is based primarily on the audit of the accounts. Additional
audit procedures performed are based on our professional judgment
with starting point in risk and materiality. This means that we focus the
examination on such actions, areas and relationships that are material
for the operations and where deviations and violations would have
particular importance for the company’s situation. We examine and test
decisions undertaken, support for decisions, actions taken and other
circumstances that are relevant to our opinion concerning discharge from
liability. As a basis for our opinion on the Board of Directors’ proposed
appropriations of the company’s profit or loss we examined whether
the proposal is in accordance with the Companies Act.
1.1 The auditor’s examination of the Esef report
Opinion
In addition to our audit of the annual accounts and consolidated ac-
counts, we have also examined that the Board of Directors and the
Managing Director have prepared the annual accounts and consolidated
accounts in a format that enables uniform electronic reporting (the Esef
report) pursuant to Chapter 16, Section 4(a) of the Swedish Securities
Market Act (2007:528) for Kinnevik AB (publ) for year 2025.
Our examination and our opinion relate only to the statutory requirements.
In our opinion, the Esef report has been prepared in a format that, in all
material respects, enables uniform electronic reporting.
Basis for opinion
We have performed the examination in accordance with FAR’s recom-
mendation RevR 18 Examination of the Esef report. Our responsibility
under this recommendation is described in more detail in the Auditors’
responsibility section. We are independent of Kinnevik AB (publ) in
accordance with professional ethics for accountants in Sweden and
have otherwise fulfilled our ethical responsibilities in accordance with
these requirements.
We believe that the evidence we have obtained is sufficient and app-
ropriate to provide a basis for our opinion.
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 Esef report in accordance with the Chapter 16,
Section 4(a) of the Swedish Securities Market Act (2007:528), and for
such internal control that the Board of Directors and the Managing
Director determine is necessary to prepare the Esef report without
material misstatements, whether due to fraud or error.
Auditor’s responsibility
Our responsibility is to obtain reasonable assurance whether the Esef
report is in all material respects prepared in a format that meets the
requirements of Chapter 16, Section 4(a) of the Swedish Securities Market
Act (2007:528), based on the procedures performed.
RevR 18 requires us to plan and execute procedures to achieve reaso-
nable assurance that the Esef report is prepared in a format that meets
these requirements.
Reasonable assurance is a high level of assurance, but it is not a guaran-
tee that an engagement carried out according to RevR 18 and generally
accepted auditing standards in Sweden will always detect a material
misstatement when it exists. Misstatements can arise from fraud or
error and are considered material if, individually or in aggregate, they
could reasonably be expected to influence the economic decisions of
users taken on the basis of the Esef report.
The audit firm applies International Standard on Quality Management 1,
which requires the firm to design, implement and operate a system of
quality management including policies or procedures regarding compli-
ance with ethical requirements, professional standards and applicable
legal and regulatory requirements.
The examination involves obtaining evidence, through various procedures,
that the Esef report has been prepared in a format that enables uniform
electronic reporting of the annual accounts and consolidated accounts.
The procedures selected depend on the auditor’s judgment, including the
assessment of the risks of material misstatement in the report, whether
due to fraud or error. In carrying out this risk assessment, and in order
to design procedures that are appropriate in the circumstances, the
auditor considers those elements of internal control that are relevant
to the preparation of the Esef report by the Board of Directors and the
Managing Director, but not for the purpose of expressing an opinion
on the effectiveness of those internal controls. The examination also
includes an evaluation of the appropriateness and reasonableness of the
assumptions made by the Board of Directors and the Managing Director.
The procedures mainly include a validation that the Esef report has
been prepared in a valid XHTML format and a reconciliation of the Esef
report with the audited annual accounts and consolidated accounts.
Furthermore, the procedures also include an assessment of whether
the consolidated statement of financial performance, financial posi -
tion, changes in equity, cash flow and disclosures in the Esef report
have been marked with iXBRL in accordance with what follows from
the Esef regulation.
The auditor’s examination of the corporate governance statement
The Board of Directors is responsible for that the corporate governance
statement on pages 36-45 has been prepared in accordance with the
Annual Accounts Act.
Our examination of the corporate governance statement is conducted
in accordance with FAR´s standard RevR 16 The auditor´s examination of
the corporate governance statement. This means that our examination
of the corporate governance statement is different and substantially
less in scope than an audit conducted in accordance with International
Standards on Auditing and generally accepted auditing standards in
Sweden. We believe that the examination has provided us with sufficient
basis for our opinions.
A corporate governance statement has been prepared. Disclosures
in accordance with chapter 6 section 6 the second paragraph points
2-6 of the Annual Accounts Act and chapter 7 section 31 the second
paragraph the same law are consistent with the other parts of the annual
accounts and consolidated accounts and are in accordance with the
Annual Accounts Act.
KPMG AB, Box 382, 101 27, Stockholm, was appointed auditor of Kinnevik
AB (publ) by the general meeting of the shareholders on the 12 May 2025.
KPMG AB or auditors operating at KPMG AB have been the company’s
auditor since 2021.
Stockholm, on the date indicated by our electronic signature
KPMG AB KPMG AB
Mårten Asplund Johanna Hagström Jerkeryd
Authorized Public Accountant Authorized Public Accountant
===== SIDA 90 =====
OTHER
Section six
Annual & Sustainability Report 2025
90
Our Investments Sustainability Statements Board Report Financial Statements OtherContents About Kinnevik
===== SIDA 91 =====
FIVE-YEAR SUMMARY
Kinnevik (SEKm) 2025 2024 2023 2022 2021
Dividends
Cash Dividend per Share, SEK - 23.00 - - 0.00
Dividend In Kind per Share, SEK, accounting - - - - 196.22
Dividend In Kind per Share, SEK, for TSR purpose - - - - 172.75
Dividend Received - 23 936 3 538 1 689
Cash Dividend Paid - -6 370 -11 - -
Transactions and Cash Flow
Cash Flow from Operating activities -215 -243 -336 -359 -376
Investments -2 812 -4 069 -4 344 -5 954 -6 014
Divestments 163 12 940 1 504 7 335 5 799
Cash Flow for the Year -4 364 2 281 -2 240 3 350 2 955
Share Data and Shareholder Returns
Outstanding Shares at Year-End 276 972 664 276 972 664 276 972 664 280 076 174 276 604 474
Market Cap. Kinnevik 23 183 20 399 29 885 40 191 90 246
Closing Price, Class B Share, SEK 84 74 108 144 324
NAV Premium (Discount) -35% -48% -38% -24% 25%
Total return 13% -17% -25% -56% 29%
For definitions of financial key ratios, refer to page 92.
Kinnevik (SEKm) 2025 2024 2023 2022 2021
Portfolio Value and Net Asset Value
Total Portfolio Value 28 229 29 226 41 236 43 385 67 541
Fair Value, Health & Bio 10 413 10 467 11 791 11 297 16 920
Share of Portfolio Value 37% 36% 29% 26% 25%
Fair Value, Software 8 476 8 729 7 286 7 423 10 077
Share of Portfolio Value 30% 30% 18% 17% 15%
Fair Value, Climate Tech 2 269 2 888 2 416 955 0
Share of Portfolio Value 8% 10% 6% 2% 0%
Fair Value, Tele2 - - 11 887 11 752 24 240
Share of Portfolio Value 0% 0% 29% 27% 36%
Fair Value, Other Investments 7 071 7 142 7 857 11 958 16 305
Share of Portfolio Value 25% 24% 19% 28% 24%
Equity 35 872 39 202 48 161 52 906 72 391
Change in Fair Value of Financial Assets
(incl. dividend received) -4 222 -2 638 -4 715 -19 318 14 958
Earnings and Key Ratios per Share
Average Number of Shares 276 972 664 276 972 664 276 705 911 279 503 330 276 160 962
Profit/Loss for the Year -3 346 -2 623 -4 766 -19 519 14 777
Earnings per Share, after dilution -12.08 -9.47 -17.22 -69.83 53.12
Net Asset Value per Share, SEK 130 142 174 189 260
Net Asset Value Change -8% -5% -9% -27% 16%
Financial Position
Equity 35 872 39 202 48 161 52 906 72 391
Equity/Asset Ratio, % 94% 89% 90% 92% 92%
Net Cash/(Net Debt) 8 561 10 940 7 880 10 387 5 384
Debt/Equity Ratio, Multiple 0.06 0.09 0.07 0.07 0.07
Annual & Sustainability Report 2025
91
Our Investments Sustainability Statements Board Report Financial Statements OtherContents About Kinnevik
===== SIDA 92 =====
Kinnevik applies the Esma Guidelines on Alternative Performance
Measures (”APM”). An APM is a financial measure of historical or
future financial perfor mance, financial position, or cash flows, other
than a financial measure defined or specified in the applicable
financial reporting framework. For Kinnevik’s consolidated
accounts, this typically means IFRS Accounting Standards.
APMs are disclosed when they complement performance
measures defined by IFRS Accounting Standards. The basis
for disclosed APMs is that they are used by management to
evaluate the financial performance and therefore believed
to give analysts and other stakeholders valuable information.
Definitions of all APMs used are found on this page and
reconciliations can be found on Kinnevik’s corporate website
www.kinnevik.com.
■ Average Remaining Duration
The value-weighted average number of years until all credit facilities
including outstanding bonds reaches maturity
■ Adjusted Net Cash / (Debt)
Net Cash / (Debt), including Divestments and Investments that were
committed prior to quarter-end, but that closed after quarter-end
■ Debt/Equity Ratio
Interest-bearing liabilities including interest-bearing provisions,
divided by share holders’ equity
■ Divestment / (Investment) Commitments
Divestments and Investments that were committed prior to quar-
ter-end, but that closed after quarter-end
■ Divestments
All divestments in fixed listed and unlisted financial assets
■ Equity Ratio
Shareholders’ equity as a percentage of total assets
■ Gross Cash
Sum of short-term investments, cash and cash equivalents and
other interest-bearing receivables, including unpaid Divestments
■ Gross Debt
Sum of interest-bearing liabilities including unpaid Investments
■ Internal Rate of Return (”IRR”)
The annual rate of return calculated in quarterly intervals on a SEK
basis that renders a zero net present value of fair values at the
beginning and end of the respective measurement period, Invest-
ments and Divestments during the period, and cash dividends and
dividends in kind during the period
■ Investments
All investments in fixed listed and unlisted financial assets, including
loans to portfolio companies
■ Kinnevik Market Capitalization
Market value of all outstanding shares in Kinnevik at the end of
the period
■ Net Asset Value (”NAV”)
Net value of all assets on the balance sheet (equaling shareholders’
equity)
■ Net Asset Value Change
Change in Net Asset Value without adjustment for dividends paid
or other transactions with shareholders
■ Net Asset Value per Share
Net Asset Value attributable to each share based on the number
of shares outstanding at the end of the period
■ Net Cash / (Debt)
Gross Cash less Gross Debt
■ Net Cash / (Debt) including Net Loans to Investee Companies
Gross Cash and net outstanding receivables relating to portfolio
companies, less Gross Debt
■ Net Cash to Portfolio Value / (Leverage)
Net Cash / (Net Debt), excluding net outstanding receivables relating
to portfolio companies, as a percentage of Portfolio Value
■ Net Investments / (Divestments)
The net of all Investments and Divestments in the period
■ Net Profit / (Loss) per Share Before and After Dilution
Net profit / (loss) for the period attributable to each share based
on the average number of shares outstanding during the period,
before and after dilution
■ Portfolio Value
Total book value of fixed financial assets held at fair value through
profit or loss, including divestments and investments that were
committed prior to quarter-end, but that closed after quarter-end.
■ Total Shareholder Return (”TSR”)
Annualized total return of the Kinnevik B share on the basis of
shareholders reinvesting all cash dividends, dividends in kind, and
mandatory share redemption proceeds into the Kinnevik B share,
before tax, on each respective ex-dividend date. The value of Kin-
nevik B shares held at the end of the measurement period is divided
by the price of the Kinnevik B share at the beginning of the period,
and the resulting total return is then recalculated as an annual rate
Note: Net profit/loss per share before and after dilution is also a measurement defined by IFRS Accounting Standards.
DEFINITIONS AND ALTERNATIVE PERFORMANCE MEASURES
Annual & Sustainability Report 2025
92
Our Investments Sustainability Statements Board Report Financial Statements OtherContents About Kinnevik
===== SIDA 93 =====
SHAREHOLDER INFORMATION
Annual General Meeting
The Annual General Meeting will be held on Tuesday 5 May, 2026,
at 15:30 a.m. at Hotel At Six, Brunkebergstorg 6 in Stockholm.
Registration will commence at 14:45 a.m. The shareholders may
also exercise their voting rights at the Annual General Meeting by
postal voting in advance.
Who is entitled to participate?
Shareholders who wish to participate in the Annual General
Meeting shall:
▪ be recorded as a shareholder in the presentation of the share
register prepared by Euroclear Sweden AB concerning the
circumstances as of Friday 24 April 2026; and
▪ give notice of participation no later than Tuesday 28 April 2026.
Shareholders who wish to attend the meeting venue in person or
by proxy must give notice of participation no later than Tuesday
28 April 2026 via Euroclear Sweden AB’s website at www.euroclear.
com/sweden/generalmeetings/, by telephone to +46 (0) 8 402 91
36, or by post to Kinnevik AB, “AGM”, c/o Euroclear Sweden AB, P.O.
Box 191, SE-101 23 Stockholm, Sweden.
Shareholders who wish to participate in the Annual General Meeting
by postal voting must give notice of participation by casting its
postal vote so that it is received by Euroclear Sweden AB no later
than Tuesday 28 April 2026. A special form shall be used for postal
voting. The postal voting form is available on Kinnevik’s website at
www.kinnevik.com under the heading “Governance” (which can be
found under the section “Investor Relations”).
The postal voting form can be submitted either by email
to GeneralMeetingService@euroclear.com, or by post to
Kinnevik AB, “AGM”, c/o Euroclear Sweden AB, P.O. Box 191, SE-
101 23 Stockholm, Sweden. Shareholders may also cast their
postal votes electronically through verification with BankID via
Euroclear Sweden AB’s website at www.euroclear.com/sweden/
generalmeetings/.
Please note that a notice of participation only through postal
voting is not sufficient for shareholders who wish to attend the
meeting venue.
To be entitled to participate in the Annual General Meeting,
shareholders whose shares are registered in the names of nominees
must, in addition to giving notice of participation, register such
shares in their own name so that the shareholder is recorded in
the presentation of the share register as of Friday 24 April 2026.
Such registration may be temporary (voting rights registration)
and can be requested from the nominee in accordance with the
nominee’s procedures in such time in advance as the nominee
determines.
Nomination Committee
In accordance with the resolution by the 2025 Annual General
Meeting, the Nomination Committee ahead of the 2026 Annual
General Meeting comprises Cristina Stenbeck (appointed by
Verdere 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 has been appointed Chairperson of
the Committee. Information about the work of the Nomination
Committee can be found on our website www.kinnevik.com.
Financial Information
16 April Interim Report for January-March
7 July Interim Report for January-June
15 October Interim Report for January-September
Other Information
Kinnevik’s shares are listed on Nasdaq Stockholm’s Large Cap
list under the tickers KINV A and KINV B. Kinnevik AB’s registered
office is Skeppsbron 18, Box 2094, SE-103 13 Stockholm, Sweden.
The company’s corporate registration number is 556047-9742.
Annual & Sustainability Report 2025
93
Our Investments Sustainability Statements Board Report Financial Statements OtherContents About Kinnevik
===== SIDA 94 =====
For an in-depth description of Kinnevik including
our strategy, team and investee companies, please
refer to www.kinnevik.com