Kinnevik (KINV) Q3 2025 earnings summary

Executive summary

• NAV increased 2% to SEK 37.5bn (3% in constant FX), driven by strong operational performance in core companies and selective investments in Mews, Enveda, Aira, and Nory, with SEK 1,015m invested in Q3 and SEK 2,675m in the first nine months.

• Core companies averaged 35% revenue growth and 2 percentage point EBITDA margin improvement year-to-date, with lead indicators pointing to a strong 2026.

• Net cash position at SEK 8.6bn, reflecting a robust financial profile and limited follow-on investment needs.

• Significant investments included EUR 15m in Mews, USD 150m raised by Enveda, and EUR 150m by Aira, with new portfolio addition Nory.

Financial highlights

• Q3 2025 net profit of SEK 741m, reversing a loss of SEK 1,913m in Q3 2024; NAV per share at SEK 135.56, up from SEK 132.87 in Q2 2025.

• Private investments up 3% to SEK 28.9bn; public investments down 3% to SEK 888m.

• 73% of the private portfolio is profitable or financed to break-even under current plans.

• Core companies represent 51% of the portfolio, with underlying valuations up 2% on average.

• Change in fair value of financial assets in Q3 was SEK 731m, mainly from unlisted holdings.

Outlook and guidance

• Portfolio maturity trend expected to persist, supporting stability and focused capital allocation, with larger companies growing with disciplined margin control and funding needs declining.

• Lead indicators and operational performance suggest continued positive momentum into 2026.

• Investment pipeline focused on opportunities that reinforce portfolio maturity and optionality for monetization and liquidity.

• Limited capital needs in the portfolio, with a disciplined and opportunistic investment approach.