Kinnevik (KINV) Q4 2024 earnings summary

Executive summary

• Portfolio is predominantly private, focused on high-performing growth companies, with five core companies comprising over half the portfolio and delivering strong returns and 55% revenue growth in 2024.

• NAV increased 5% in Q4 2024 to SEK 39.2bn (SEK 139/share), driven by TravelPerk write-up, positive currency effects, and strong core company performance.

• Major milestones included TravelPerk's USD 200m raise and Yokoy acquisition, Enveda's clinical entry and USD 130m raise, and a SEK 6.4bn extraordinary cash distribution.

• Strategic focus on disciplined capital allocation, supporting long-term growth and profitability in core assets.

• Strong net cash position of SEK 10.9bn at year-end, providing high flexibility for future investments.

Financial highlights

• NAV at SEK 39.2bn (SEK 139/share) at year-end, up 5% in Q4 2024; net cash position of SEK 10.9bn.

• Private portfolio value increased to SEK 28.1bn, with SEK 3.6bn invested and SEK 12.9bn divested in 2024.

• Core companies grew revenues by 55% and improved margins by over 20 percentage points in 2024; 43% of private portfolio EBITDA profitable.

• Spring Health and TravelPerk were profitable in Q4; mature non-core companies grew 18% on average.

• Q4 2024 net profit of SEK 1,794m, reversing a loss in Q4 2023; FY 2024 net loss of SEK -2,623m.

Outlook and guidance

• Core companies expected to grow revenues by 40%-45% in 2025, with mid-single-digit negative EBITDA margins as growth investments accelerate.

• Portfolio well-funded, with more room for new investments as existing companies reach profitability.

• Five-year plan to invest SEK 15-20bn and divest SEK 5-10bn, targeting a portfolio of ~10 core companies by 2030.

• Targeting annual returns of >15% for the current portfolio and >25% IRR for new investments.

• Continued focus on disciplined capital allocation and transparency in reporting.