“Coming out of 2024, Kinnevik now has a predominantly private portfolio invested in growth companies coupled with a strong cash position. While we have just over 20 larger investments, our priority in the past two years has been focusing our portfolio towards our most promising companies. As a result, our five high-performing core companies Spring Health, TravelPerk, Pleo, Cityblock and Mews now make up more than half of our portfolio, showing attractive returns as a group. We expect several of these businesses to remain Kinnevik companies for many years to come. Across 2024, our companies continued to show solid and substantial growth and significant margin improvements.”

Georgi Ganev, Kinnevik’s CEO

Highlights from the Annual Report 2024

• Our core companies – Spring Health, TravelPerk, Pleo, Cityblock and Mews – grew revenues by more than 55% on average during 2024 with significant profitability improvements
• As part of our focus on investing more in our most promising businesses and increasing portfolio concentration, we made several strategic follow-on investments in our existing portfolio. Mews, Spring Health and TravelPerk all raised new funding rounds at valuations above NAV
• Portfolio concentration to core companies expanded from 29% to 53% during 2024 through active capital reallocation, operational performance, and growing valuations
• We divested our full shareholding in Tele2 to iliad/NJJ for SEK 13bn, resulting in an extraordinary cash distribution of SEK 23 per share, or SEK 6.4bn in total, paid in June
• Our Capital Markets Day in October outlined five-year expectations and highlighted our portfolio with presentations from the founders and CEOs of all our core companies

Highlights from the Sustainability Report 2024

• We continued to actively support our portfolio companies to implement holistic and business-integrated sustainability strategies through hands-on advisory, workshops and best practice sharing
• At the end of the year, 94% of the portfolio had a relevant diversity, equity and inclusion strategy in place, 91% had set targets and the average share of women in the portfolio companies’ management teams was 37%
• Greenhouse gas emissions from Kinnevik’s operations decreased by 22% between 2019 and 2024. Our target is to decrease emissions by 50% by 2030
• Purchased over 2,800 tCO2e carbon removals from or portfolio companies Agreena and Charm Industrial