Core holdings keep the recovery case alive

Research evidence excerpt

Core holdings keep the recovery case alive

Equity Research - 7 July 2026 14:52 CEST

Reason: Post-results commentKinnevik

• Q2 beat driven by private portfolio gains

• Strong core momentum, marks remain conservative

• BUY: deep discount, improving setup Investment Companies

Q2 brought several positives KINV.B-SE/KINVB SS

Kinnevik’s Q2 NAV came in 4% above our estimate, with the private Share price (SEK) 6/7/2026 53.16

portfolio up 8% vs. ABGSCe +3%. As flagged ahead of the report, the Target price (82.00) 84.00

peer re-rating was relatively narrow, especially in software, but public-

market moves still clearly supported valuation marks. More importantly, Q2

data suggest that the largest holdings continue to perform well. The strong MCap (SEKm) 15,118

performance in Navan and Hinge Health remains especially relevant, as MCap (EURm) 1,371

it supports the case for Perk and Spring Health, which together make up No. of shares (m) 277.0

35% of ABGSCe GAV. We were also encouraged by continued efficiency Free float (%) 90.0

measures, including a reduction in headcount from 45 to below 25 since Av. daily volume (k) 2,358

the start of the year. The announced exits of Oda and YouScan – both

above NAV – are modest but still-positive signals. Investment activity Next event Q3 report 15 October 2026

remained limited, and pro forma net cash stands at SEK 7.5bn (ABGSCe).

Performance

Groundwork remains in place for recovery

We raise our private portfolio valuation by 2%, mainly driven by Spring 120.00

Health and smaller adjustments elsewhere. We also note that relevant 110.00 100.00

peers are up a further 5% Q3TD, but we continue to take a cautious 90.00

approach. Overall, our valuation now sits broadly in line with Kinnevik’s 80.00

reported marks, at just 1% below. 70.00

60.00