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 cash costs to SEK 200m by 2027.

• Management transitions underway: new CEO Helena Saxon and interim CFO appointed, with a new Director of Communications & Investor Relations joining.

• Comprehensive internal portfolio review completed, shifting toward a more concentrated, cash-generative, and balanced risk profile.

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

Financial highlights

• NAV per share at SEK 107; net cash position of SEK 7.4bn at quarter-end, expected to rise to SEK 7.6bn after divestments.

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

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

• Larger portfolio companies achieved 28% weighted average sales growth year-to-date, with EBITDA margin improving by 4 percentage points to -6%.

• Health & Bio segment up 16%, led by Spring Health's 29% write-up and Alma acquisition; Software up 7%, Perk as largest contributor; Emerging companies up 12% due to Wordsmith's 14x revenue growth.

Outlook and guidance

• Continued focus on cost discipline, capital preservation, and selective follow-on investments, with a SEK 1.5bn cap for follow-ons.

• New CEO to shape updated investment strategy, pivoting toward later-stage, cash-generative enterprises and a more balanced risk profile.

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

• No immediate plans for IPOs of major holdings, but favorable public market conditions noted.

• 80% of the private portfolio is profitable or financed to break-even under current plans.