Kinnevik (KINV) Q4 2025 earnings summary

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.