Kinnevik (KINV) Q4 2025 earnings summary

Executive summary

• Q4 2025 saw solid operational development in core companies, but currency and public market headwinds, along with write-downs in climate tech, led to a 4% sequential and 8% annual NAV decline; in constant currency, NAV was down 3% for the quarter and up 2% for the year.

• Core companies grew revenues by 34% on average (40% including Oviva) and improved EBITDA margins by four percentage points, significantly outpacing public comparables.

• Major investments included Oviva (SEK 922m/ USD 100m), now a flagship healthcare holding, and follow-ons in high-conviction companies like Mews, TravelPerk (Perk), and Enveda, all at premiums to NAV.

• Spring Health acquired Alma, targeting USD 1bn in combined revenues post-merger; Enveda advanced clinical milestones.

• Portfolio maturity advanced, with disciplined capital allocation and a focus on profitable growth.

Financial highlights

• NAV at year-end was SEK 35.9 billion (130 SEK/share), down 4% in Q4 and 8% year-over-year; a SEK 897 million tax provision reversal partially offset declines.

• Aggregate SEK 6.5 billion NAV impact from negative public market multiples (SEK 2.4 billion) and currency movements (SEK 4.1 billion) in 2025.

• Full-year investments totaled SEK 3.6 billion, with SEK 3.2 billion net after exits; year-end net cash position was SEK 7.6 billion.

• Private portfolio down 8% in Q4 (6% in constant FX), with public investments at SEK 0.7bn and private at SEK 27.5bn.

• Net loss for FY 2025: SEK -3,346m (SEK -12.08/share), compared to SEK -2,623m in FY 2024.

Outlook and guidance

• 2026 will focus on supporting portfolio maturity, seeking liquidity/divestment opportunities, and reinvesting mainly in existing companies.

• Net investment pace expected to be materially lower in 2026, with new investments contingent on capital recycling from exits.

• Core companies expected to continue margin improvement and revenue growth above 30% in 2026.