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Kinnevik’s Interim Report 1 January – 30 June 2025

8 July 2025, 8:00 AMRegulatory information
“Kinnevik concludes a solid second quarter with strong growth and continued margin improvements in our core companies. We also continue to selectively add exciting companies to our portfolio and in the quarter we led a funding round in Tandem Health. We are proud to partner with a Swedish company at the intersection of healthcare, SaaS and AI, as it pioneers the next generation of healthcare infrastructure in Europe.”

Georgi Ganev, CEO of Kinnevik

Key Events

  • During the first half of 2025, our core companies grew revenues by more than 35 percent on average and improved EBITDA margins by 4 percentage points year-on-year
  • TravelPerk passed USD 275m in annualized revenues, up from USD 200m at the beginning of the year through continued strong organic growth and the acquisition of Yokoy
  • Enveda’s leading drug candidate successfully completed Phase 1a clinical trials, a validation of the company’s AI-driven drug discovery platform
  • We led a EUR 40m funding round with an investment of EUR 30m in Tandem Health, a Swedish healthcare infrastructure company pioneering a medical AI scribe designed to reduce administrative workloads for healthcare providers. The company’s vision is to build the European operating system for clinical workflows

Investment Activities

  • SEK 860m invested in the quarter, bringing investments during the first half of 2025 to SEK 1,660m (SEK 1,293m net of divestments) - indicative of current target investment pace
  • Invested SEK 333m in Tandem Health as lead investor in a EUR 40m funding round, adding a larger investment to our selective early-stage portfolio additions during the first half of 2025
  • Invested SEK 335m in a new techbio company, to be announced during the second half of 2025

Financial Position

  • Net Asset Value of SEK 36.8bn (SEK 133 per share), up 0.6bn or 2 percent in the quarter (up 4 percent in constant currencies)
  • Private portfolio up 3 percent (up 5 percent in constant currencies), driven by solid operational performance, muted multiple expansion, and currency headwinds
  • Net cash of SEK 9.6bn at end of the second quarter, with limited follow-on investment needed in the portfolio

A conference call will be held today at 10.00 CET to present the results. The conference call will be held in English. Those who wish to participate and ask questions during the conference call are welcome to register via the link below. Participants will receive dial-in numbers and confirmation code upon registration. Please make sure to register and dial in a few minutes before the call begins.

This information is information that Kinnevik AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation (596/2014) and the Securities Markets Act (Sw. lagen (2007:528) om värdepappersmarknaden). The information was submitted for publication, through the agency of the contact person set out below, at 2025-07-08 08:00 CEST.

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

Torun Litzén, Director Investor Relations
Phone +46 (0)70 762 00 50
Email [email protected]

Kinnevik is a leading growth investor on a mission to redefine industries and create remarkable growth companies. We are an active owner and operational partner, providing patient capital to challenger technology-enabled businesses in Europe and the US. Our passionate founders are building tomorrow’s leaders within healthcare, software and climate, making everyday life easier and better for people around the world. We invest at all stages of a company’s growth journey, always determined to create long-term value. Kinnevik was founded in 1936 by the Stenbeck, Klingspor and von Horn families. Kinnevik’s shares are listed on Nasdaq Stockholm’s list for large cap companies under the ticker codes KINV A and KINV B.

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