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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Kinnevik
Kinnevik (KINV) investor relations material
Kinnevik Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary15 Oct, 2026
Executive summary
NAV ended Q3 at SEK 29.8bn, or SEK 107.75 per share, up 1% QoQ but down 17% in 9M; unlisted portfolio return was 1% and B share TSR was 19%, versus 2% for OMXSGI.
Operating growth, financing rounds and FX gains were partly offset by lower multiples, cash burn, dilution and climate-tech write-downs; Stegra was valued at zero.
Strategy is shifting gradually toward a more concentrated, more European portfolio of later-stage growth businesses with clear paths to profitability and cash generation.
Financial highlights
Q3 investments were SEK 165m and divestments SEK 183m; quarter-end net cash was SEK 7.4bn.
Q3 net profit was SEK 218m versus SEK 741m; 9M net loss was SEK 6,034m versus SEK 1,670m, mainly reflecting fair-value losses.
Q3 fair-value change was a SEK 247m gain versus SEK 731m; 9M fair-value change was a SEK 6,030m loss versus SEK 1,706m.
Share price ended Q3 at SEK 62.00 versus SEK 52.22 at Q2-end; NAV discount narrowed to 42% from 51%.
Outlook and guidance
Priorities include fewer, larger later-stage holdings, capital allocation to profitable and cash-generative businesses, and transparent delivery.
Management cost target remains SEK 200m annually by 2027; further steps toward the target were taken during Q3.
Capital deployment will depend on finding situations where Kinnevik can be the best owner; no timetable for new investments was provided.
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Latest events from Kinnevik
- NAV up 6% to SEK 29.6bn, with cost cuts, management changes, and strong portfolio growth.KINV
Q2 2026 - New CEO appointed, portfolio companies excel, and SaaS valuations shift across subsectors.KINVPre-silent presentation
- NAV dropped 22% to SEK 27.9bn, net loss SEK 7,969m, with cost cuts and portfolio refocus underway.KINVQ1 2026
- AI-driven derating and macro uncertainty caused sharp valuation drops across key portfolio sectors.KINVPre-silent presentation
- NAV fell 8% to SEK 35.9bn as market headwinds offset robust core company growth.KINVQ4 2025
- Strong portfolio growth offset by 15–20% valuation headwinds from market and currency shifts.KINVPre-silent presentation
- Focused on high-growth private assets in health, software, and climate tech, targeting 15–25%+ returns.KINVCMD 2024
- NAV fell 5% to SEK 37.4bn as VillageMD was written down, but core assets grew over 60%.KINVQ3 2024
- NAV fell 4.7–5% as core growth companies outperformed and capital deployment set to rise.KINVQ2 2024
Next Kinnevik earnings date
Q4 20262 Feb, 2027
Kinnevik
Next Kinnevik earnings date
Q4 20262 Feb, 2027
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Frequently asked questions
Kinnevik AB is a venture capital firm specializing in investments in growth capital. It prefers to invest in digital consumer business, education, communication, e-commerce and marketplaces, entertainment, healthcare and financial services but may also invest in other areas. The firm invests worldwide, especially in Europe with a focus on the Nordics, Latin America, Asia, Australia, Africa and North America. The firm looks for disruptive technology-enabled and value added consumer services in developed and emerging markets. It takes an active role on the boards of its subsidiaries and associated companies.