Kinnevik (KINV) Q3 2026 earnings summary

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.