Kinnevik (KINV) Q1 2026 earnings summary

Executive summary

• Net asset value (NAV) declined 22% in Q1 2026 to SEK 27.9bn, driven by macroeconomic headwinds, public market de-rating, AI disruption risks, and challenges in Climate Tech.

• Interim CEO Rubin Ritter appointed in March 2026, focusing on stewardship, performance culture, and organizational simplification, with a search for a permanent CEO ongoing.

• Discontinued new investments in Climate Tech and removed 'core companies' reporting, shifting focus to Healthcare & Bio, Software, and select emerging companies.

• Organizational restructuring and cost review underway, targeting SEK 200 million annual management cash cost by 2027, down from SEK 313 million in 2025 (35% reduction).

• SEK 5 billion in discretionary investment capacity preserved for future opportunities, with no current share buybacks planned.

Financial highlights

• NAV per share fell to SEK 101 at Q1 2026 close, with a net loss of SEK 7,969m in the quarter.

• Private portfolio value decreased by 29%, with Health & Bio down 20%, Software down 38%, and Climate Tech down 56%.

• SEK 8.3 billion negative impact on private valuations due to multiple contraction.

• Net investments in Q1 were SEK 116 million, mainly from participation in Mews's funding round and a real estate sale.

• Net cash balance remained stable at SEK 7.5 billion at quarter-end.

Outlook and guidance

• Management expects to reach the new cost target by 2027, with most restructuring costs incurred in 2026.

• SEK 1.5 billion cap set for follow-on investments in the existing portfolio over the next five years.

• Focus remains on preserving cash for future strategic flexibility and potential new investments; no share buybacks planned.