Kinnevik (KINV) Q2 2026 earnings summary

Executive summary

• Net asset value (NAV) increased 6% quarter-over-quarter to SEK 29.6bn, driven by portfolio company growth, multiple expansion among listed peers, and positive currency effects.

• Strategic focus on transitioning to a smaller, more disciplined, achievement-oriented organization, reducing team size and management costs, with operations centralized in Stockholm.

• Accelerated cost reduction initiatives targeting SEK 200m in management cash costs by 2027, down from SEK 313m in 2025.

• Leadership transition underway: new CEO Helena Saxon joining, interim CFO appointed, and new Director of Communications & Investor Relations.

• Agreements signed to divest stakes in Oda and YouScan, with expected Q3 cash proceeds of SEK 133m.

Financial highlights

• NAV per share at SEK 107; share price at SEK 52.22 at quarter-end.

• Q2 2026 net profit of SEK 1,717m, up from SEK 626m in Q2 2025; H1 2026 net loss of SEK 6,252m.

• Net cash position of SEK 7.4bn at quarter-end, expected to increase to SEK 7.6bn after agreed divestments.

• Net investments of SEK 57m in Q2, the lowest since Q4 2019.

• Larger holdings saw average portfolio growth of 28% year-to-date and EBITDA margin improvements by 4 percentage points to -6%.

Outlook and guidance

• Management cost reductions on track for SEK 200m target by 2027, with restructuring and one-off costs expected to keep 2025 costs flat.

• No change to the SEK 1.5bn cap for follow-on investments to bring existing holdings to profitability.

• Strategic pivot towards later-stage, cash-generative enterprises to achieve a more balanced risk profile and easier-to-value portfolio.

• Larger portfolio companies projected to grow sales 25-35% year-over-year in the next 12 months, with EBITDA margins improving toward break-even.

• Management expects to maintain financial strength and flexibility, with 80% of the private portfolio profitable or financed to break-even under current plans.