Kinnevik AB

Good day and thank you for standing by. Welcome to the Cinevic Q3 Report 2025 conference call and webcast. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, please press star 1 and 1 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 1 and 1 again. Please note that today's conference is being recorded. I would now like to have the conference over to your speaker, Mr. Georgi Ganev, CEO. Please go ahead.

Thank you, and good morning, everyone, and welcome to the presentation of Kinevix results for the third quarter 2025. I'm Georgi Ganev, Kinevix CEO, and with me today is our CFO, Samuel Sjöström, and our Director of Corporate Communications, Torun Litsén. We will begin today's call by walking you through the key events of the quarter, including our core company's performance. Samuel will cover our capital allocation, financial position, and net asset value development. I will then give you an overview of how our portfolio has evolved and matured over the last three years and what that means for us going forward. Finally, I will reiterate our priorities for 2025. And as usual, we will end with a Q&A. So let's start on page four. Q3 marked another quarter of stable operational performance in our core companies of today, with selected investments in the core companies of tomorrow. Our portfolio continues to mature, and our companies are successfully balancing growth with margin control. Our net added value was up 2% and amounted to 37.5 billion SEC, or 136 per share at the end of the third quarter. The fair value of our private portfolio was up 3% in SEC and 4% in constant currencies. We ended the quarter with a net cash position of 8.6 billion SEC after investing 1 billion mainly in our existing companies. During the quarter, we invested additional capital into our core company, Muse, on the back of Proofpoints in its go-to-market strategy and product development. We also participated in funding rounds in Invera and Era. Drawing on our successful partnership with Muse, we also welcome Nori to the portfolio, an AI-native vertical SaaS company targeting the restaurant industry.

Let's move to page five for an update on the performance of our core companies.