Georgi Ganev, CEO of Kinnevik

Key Events

• In Q2, we completed the second step of the divestment of our full shareholding in Tele2 to iliad/NJJ, encompassing SEK 9.391m in sales proceeds in addition to the net SEK 2,840m received in Q1. The third and remaining step of the transaction representing SEK 637m in sales proceeds, adjusted for 23m of dividends received, is expected to be completed during Q3 2024
• The AGM, held on 3 June 2024, resolved on an extraordinary cash distribution of SEK 23 per share, or SEK 6.4bn in total. This follows the Board’s capital structure review undertaken after agreeing on the divestment of Tele2
• In line with our priority to accelerate our portfolio concentration through proactive capital allocation, we acquired SEK 177m in secondary shares in Cityblock, and participated in the USD 200m private placement in Recursion, adding to our investments in Mews and Pleo during Q1 2024
• The value of our unlisted portfolio was written down by 7 percent in the second quarter, driven primarily by multiple contractions in our public peer companies
• Our core companies - Cityblock, Mews, Pleo, Spring Health and TravelPerk - continued to deliver on operational expectations as a group, growing organically by more than 70 percent on average over the last 12 months and taking meaningful steps on their path to profitability

Investment Activities

• We invested SEK 598m in the second quarter, of which 177m into our core company Cityblock through an acquisition of secondary shares and 103m into our newer investment Recursion
• 2024 to date, we have invested a total of SEK 625m into our core companies Cityblock, Mews and Pleo
• SEK 198m was invested into Oda in the second quarter, financing that was committed in connection with the company’s merger with Mathem
• We released SEK 9.4bn from Tele2, having closed two of the three steps of our 13bn divestment during H1 2024

Financial Position

• Net Asset Value of SEK 39.3bn (SEK 140 per share), down 2.3bn or 4.7 percent in the quarter, and down 8.4bn or 16 percent compared to Q2 2023, when adjusting for the SEK 6.4bn extraordinary cash distribution
• Net Cash Position of SEK 12.8bn, or 13.5bn pro forma the third and last step of the Tele2 divestment

Key Events After the End of the Quarter

• Effective 9 July, Christian Scherrer and Akhil Chainwala have been appointed new members of Kinnevik’s management team. Further, Mattias Andersson, General Counsel, has decided to leave Kinnevik, and Andreas Bernström, Senior Investment Director, has transitioned into a role as Operating Partner

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

Link to the webcast (listen only): https://edge.media-server.com/mmc/p/jdxb58ra

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

Link to conference call (for participants): https://register.vevent.com/register/BI1b89053e3d6e4724a79c9524359f3dd7