Kinnevik AB

Good morning, everyone, and welcome to the presentation of Kinevix results for the fourth quarter and full year of 2024. I'm Georgi Ganev, Kinevix CEO, and with me today is our CFO, Samuel Sjöström, and our Director of Corporate Communications, Torun Litzen. On today's call, we will walk you through the key events during the quarter. I will also give an update on our two most recent investments in Travelperk and Inveda. Samuel will then cover our financial position and the development of our net asset value. Finally, I will go through our priorities going into 2025, as outlined at our Capital Markets Day, and as usual, we will end with a Q&A. So, let's start on page four. Coming out of 2024, Sinevik now has a predominantly private portfolio invested in growth companies, coupled with a strong cash position. While we have around 20 larger investments, our priority in the past two years has been on focus our portfolio towards our most promising assets. And as a result, our five high performing core companies now make up more than half of our portfolio, showing attractive returns as a group. With our permanent capital backed approach, we expect several of these businesses to remain Chenevy companies for many years to come. In the fourth quarter, we continued executing on our strategic priorities, backing our company's long-term growth and investing our capital in a disciplined way. Our net added value amounted to 39.2 billion SEK, or 139 SEC per share at the end of the fourth quarter of 2024. The fair value of our private companies was up by 7% in the quarter, driven mainly by a large write-up in travel perks, significant multiple contraction in health care delivery, and positive currency effects. With 1.2 billion SEC net invested in the quarter, the private portfolio increased in value by 3 billion to 28.2 billion SEK. Our balance sheet remains strong, and we ended the quarter with a net cash position of 10.9 billion SEK. We see continued strong execution in our core companies, Citiblock, Muse, Plio, Spring Health, and Travelperk. And during 2024, this group of core companies has grown revenues by 55%, and improve their margins significantly. Our two largest investments, Spring Health and Travel Perk, were both profitable in the fourth quarter. These profitability improvements enable our core companies to increase investments into growth, a strategic decision we have influenced and gladly supported in several of them. In January, TravelPerk announced it had acquired expense management platform Yokoi and raised $200 million in a new funding round. The round values the company over 50% above our underlying Q3 mark, and we will take a closer look at our journey with TravelPerk later in the presentation. We also see promising developments in our group of selected ventures, with Invera and Agrina reaching key milestones this quarter. These are companies which are still early on their growth journeys, but where we expect to continue to invest meaningful capital in the coming years if they continue to track our expectations. We are convinced that some of them have the potential to generate outsized returns and emerge as our core companies of the future. We also know that not all of them will be as successful, but as a group, we have high conviction in their ability to create a number of exciting businesses. In the quarter, we invested an additional 438 million SEK in Enveda, and the company entered the clinic, which I will touch on shortly. Meanwhile, Agrina, the tech platform that supports farmers' transition to regenerative agriculture, received registration under VERA's world-leading voluntary carbon standard. This is an important milestone, not just for Agrina, but for the entire regenerative agriculture movement. It means that Agrina can now verify and sell their credits, unlocking the nascent soil carbon market. Finally, in December, Sinevik held an extraordinary general meeting authorizing new issues and share repurchases, and electing two new Genevieve Board and Audit and Sustainability Committee directors, Hans Plus van Amstel and Jan Berntson.

Moving to page five.

At the end of January, Travel Perked announced it had raised $200 million in new funding rounds and agreed to acquire the expense management platform Jokkois. We also welcome new partners, Atomico, EQT, and Sequoia to the cap table. And we look forward to working closely with them as TravelPerk continues its growth journey. TravelPerk is now achieving a combination of growth and profitability at scale with annualized booking volumes of over $2.5 billion, annualized revenue of well above $200 million, growth of over 50% per annum in the last two years and reaching EBITDA break even at the end of 2024. The new funding will be used to accelerate travel perks continued expansion into the US alongside further developments in product and AI. The acquisition of Yokoi, a leading spend management platform, allows Travel Perk to offer a deeper and more unified travel and expense offering to its clients, while expanding its addressable opportunities. Kinevik invested 485 million SEK in the round, including 78 million SEK in a secondary investment prior to the funding round, bringing our total investment in the company to 1.4 billion SEK. After the funding round and the acquisition of Yokoi, we remained the company's largest and most long-term shareholder with an ownership of 15%.