Kinnevik (KINV) Q2 2025 earnings summary

Executive summary

• Net asset value (NAV) increased 2% to SEK 36.8bn (133 SEK/share) in Q2 2025, up 4% in constant currencies.

• Core companies delivered over 35% revenue growth and improved EBITDA margins by 4 percentage points year-over-year in H1 2025.

• SEK 860m invested in Q2, led by a EUR 30m investment in Tandem Health, with net cash position at SEK 9.6bn.

• Notable milestones include TravelPerk surpassing USD 275m in annualized revenues and Enveda completing Phase 1a clinical trials.

• Private portfolio value increased 3% in SEK (5% in constant currencies), driven by operational performance despite currency headwinds.

Financial highlights

• Q2 2025 net profit was SEK 626m, reversing a SEK 2,268m loss in Q2 2024; H1 2025 net loss was SEK 2,411m.

• NAV up 2% in SEK (4% in constant currency), with a SEK 0.7bn negative currency impact in Q2.

• Private investments increased 3% to SEK 27.2bn; public investments declined 5% to SEK 914m.

• Core companies' valuations up 3% in Q2 (7% in constant currencies), now 53% of the portfolio.

• 77% of private portfolio is profitable or financed to break-even under current plans.

Outlook and guidance

• Portfolio expected to maintain stability in operational performance, supporting a positive NAV trajectory in stable equity markets.

• Revenue growth for core companies projected at 30–40% CAGR over 2025 and 2026, with EBITDA margin between break-even and -5% over the next 12 months.

• Management expects continued organic and inorganic growth investments, with a shift from growth to profitability in core companies.

• Shift in capital deployment anticipated, with more investments directed to existing portfolio in H2 2025.

• Focus remains on disciplined capital allocation, opportunistic investments, and enhanced transparency.