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Kinnevik (KINV) investor relations material
Kinnevik Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary3 Feb, 2026
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% NAV decline from Q3 and 8% for the year; in constant currencies, NAV was down 3% in Q4 and up 2% for the year.
Core companies grew revenues by 34% on average, with EBITDA margins improving by four percentage points; including Oviva, revenue growth reached 40% in 2025.
Major investments included Oviva (SEK 922m/USD 100m), Mews, TravelPerk (Perk), and Enveda, with Oviva becoming a flagship healthcare holding and Kinnevik the largest shareholder.
Portfolio maturing continued, with disciplined capital allocation, selective new investments in AI-native leaders, and divestments in financial services.
CEO and Director of Corporate Communications announced departures, with CEO transition planned for 2026.
Financial highlights
NAV at year-end was SEK 35.9 billion (SEK 130 per share), down 4% in Q4 and 8% for the year; a SEK 897 million tax provision reversal added to NAV.
Year-end net cash position was SEK 7.6 billion; net loss for FY 2025 was SEK -3,346m.
Full-year investments totaled SEK 3.6 billion, with net investments at SEK 3.2 billion after asset sales.
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.
Change in fair value of financial assets: SEK -4,222m for the year, driven by SEK -3,762m from unlisted holdings.
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 funded by capital recycling from exits.
Core companies expected to continue margin improvement and revenue growth above 30% in 2026.
Climate Tech underperformance: future plan?
2026 capital recycling strategy details?
Internal vs. transaction valuation gap drivers?
Stegra funding: What's the path forward?
Healthcare portfolio: Obesity strategy details?
2026 capital recycling: Expected impact?
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Statutory loss reported, seeds business repositioned, new CEO appointed, all resolutions passed.
Next Kinnevik earnings date
Q1 202616 Apr, 2026
Kinnevik
Next Kinnevik earnings date
Q1 202616 Apr, 2026
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Frequently asked questions
Kinnevik AB is a venture capital firm specializing in investments in growth capital. It prefers to invest in digital consumer business, education, communication, e-commerce and marketplaces, entertainment, healthcare and financial services but may also invest in other areas. The firm invests worldwide, especially in Europe with a focus on the Nordics, Latin America, Asia, Australia, Africa and North America. The firm looks for disruptive technology-enabled and value added consumer services in developed and emerging markets. It takes an active role on the boards of its subsidiaries and associated companies.
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