Sweden · Delayed Price · Currency is SEK Kinnevik AB Earnings Call Transcripts
Fiscal Year 2026
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Q1 2026 saw a 22% NAV decline due to public market de-rating and climate tech write-downs, with SEK 8.3 billion in negative private valuation impact. Management is targeting SEK 200 million annual cash costs by 2027 and preserving SEK 5 billion for future investments.
Fiscal Year 2025
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Q4 2025 saw a 4% NAV decline due to currency and market headwinds, despite strong 34% average revenue growth in core companies and major investments in Oviva and Mews. 2026 will focus on portfolio maturity, lower net investment pace, and capital recycling from exits.
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NAV rose 2% to SEK 37.5 billion, with strong growth and margin improvements in core companies. Investments in Mews, Enveda, and Nori drove portfolio value, while disciplined capital allocation and reduced funding needs support a positive outlook for 2026.
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NAV rose 2% to SEK 36.8 billion in Q2 2025, with strong operational performance from core companies and a robust net cash position of SEK 9.6 billion. Investments focused on healthcare and AI, while currency headwinds and U.S. policy changes present ongoing challenges.
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NAV declined 8% in SEK (2% in constant currency) to SEK 36.2 billion, mainly due to currency headwinds, despite strong 40%+ revenue growth and margin improvements in core companies. Portfolio remains well-funded, with significant capital allocated to high-conviction sectors.
Fiscal Year 2024
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NAV rose 5% to SEK 39.2 billion in Q4 2024, driven by strong performance in core companies, especially TravelPerk and Spring Health, both profitable in Q4. The portfolio remains well-funded, with a record SEK 10.9 billion net cash, and is positioned for continued growth and disciplined capital allocation in 2025.
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A concentrated portfolio in health, software, and climate tech is driving strong growth, with core companies expected to deliver 40%+ growth and reach profitability in 2025. Over the next five years, SEK 15–20 billion will be invested, targeting 15–25%+ returns, while maintaining a net cash position and introducing share buybacks.
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NAV declined 5% to SEK 37.4 billion, mainly due to a full write-down of VillageMD, while core companies grew in value and are expected to reach profitability in 2025. Major investments were made in Spring Health and Aira, and the portfolio is now more concentrated in high-performing assets.
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NAV declined 4.7% in Q2 to SEK 39.3 billion, driven by public market multiple contraction, while core growth companies delivered strong operational results and now comprise nearly half the portfolio. Capital deployment is set to intensify in H2 2024, with IPOs of core holdings expected in the next 2–3 years.