Kinnevik (KINV) Pre-silent presentation summary
Event summary combining transcript, slides, and related documents.
Pre-silent presentation summary
7 Apr, 2026Market environment and valuation trends
AI-driven derating observed across portfolio sectors amid broader macroeconomic uncertainty.
Significant quarter-on-quarter declines in EV/Revenue or EV/Gross Profit multiples for several sectors, with some segments experiencing up to 40% drops.
Sectors impacted include tech-enabled value-based care, healthcare technology, SaaS (mid-margin, high-growth, transactional), e-commerce logistics, food delivery, digital wealth management, and online travel agencies.
Portfolio composition and currency impact
US Dollar exposure constitutes 66% of the private portfolio and 52% of NAV, with a 3.3% positive currency change versus SEK.
Euro exposure accounts for 29% of the private portfolio and 23% of NAV, with a 1.4% positive currency change.
Swedish Krona and British Pound exposures are minor, each representing 2-3% of the private portfolio and NAV.
Latest events from Kinnevik
- NAV fell 4% in Q4 and 8% for 2025 as market headwinds offset strong core company growth.KINV
Q4 20253 Feb 2026 - NAV fell 4.7–5% as core growth companies outperformed and capital deployment set to rise.KINVQ2 20243 Feb 2026
- Strong portfolio growth offset by 15–20% valuation headwinds from market and currency shifts.KINVPre-silent presentation26 Jan 2026
- NAV fell 5% to SEK 37.4bn as VillageMD was written down, but core assets grew over 60%.KINVQ3 202419 Jan 2026
- Focused on high-growth private assets in health, software, and climate tech, targeting 15–25%+ returns.KINVCMD 202419 Jan 2026
- NAV up 5% to SEK 39.2bn, core companies grew 55%, strong SEK 10.9bn net cash for growth.KINVQ4 20249 Jan 2026
- NAV up 2% to SEK 36.8bn, core revenue growth >35%, SEK 860m invested, SEK 9.6bn net cash.KINVQ2 20258 Jan 2026
- NAV down 8% as core companies delivered >40% revenue growth and strong cash position.KINVQ1 202524 Dec 2025
- NAV up 2% to SEK 37.5bn, with strong core growth and SEK 8.6bn net cash.KINVQ3 202521 Oct 2025