Kinnevik AB

Kinnevik said NAV increased 6% quarter over quarter to SEK 29.6 billion, or SEK 107 per share; in constant currencies NAV was up 5%, and the portfolio increased in value by 8%. Management also said larger holdings grew about 28% on average year-to-date and EBITDA margins improved by about 4 percentage points to negative 6%. Cash was kept almost constant at SEK 7.4 billion, or SEK 7.6 billion adjusted for agreed divestments, up SEK 75 million from Q1. Net investments totaled SEK 57 million, with the largest item being SEK 29 million into Wordsmith; expected proceeds from two smaller divestments were SEK 133 million. Forward-looking, Spring Health and Alma combined are targeting $1 billion of revenue over the next 12 months, with gross margins in the high 50s and continued EBITDA profitability. Kinnevik reiterated its goal to invest no more than SEK 1.5 billion in follow-on rounds to bring the existing portfolio to profitability, and management said it is on track for a SEK 200 million annual management cash cost starting at the beginning of next year, versus SEK 313 million in 2025.

Rubin Ritter emphasized that the quarter was about resetting Kinnevik’s operating model and portfolio direction. He said the company has moved to a smaller, more accountable organization, accelerated decision-making, and returned to an office-first approach in Stockholm. Strategically, he argued Kinnevik should move away from earlier-stage, higher-risk investments toward a more mature, balanced, and cash-generating portfolio, while preserving capital for a new strategy under Helena Saxon.

Samuel Sjöström focused on valuation, capital allocation, and balance sheet strength. He said NAV was up 6% to SEK 29.6 billion, with portfolio value up 8%, and highlighted that cash ended at SEK 7.4 billion, or SEK 7.6 billion adjusted for agreed divestments. He noted only SEK 57 million of net investment in the quarter, two agreed exits expected to bring in SEK 133 million, and that cumulative transactions over the last 12 months cleared at a 10% weighted average premium to prior NAV marks. He also pointed to the company’s cost-reduction plan toward around SEK 200 million of annual management cash cost starting in 2027, down from SEK 313 million in 2025.

Analysts focused on whether Kinnevik is truly on track to hit the SEK 200 million cost target, how Spring Health’s Alma acquisition changes valuation, and whether more exits are likely in H2. Management confirmed the cost trajectory but said 2026 will still reflect restructuring and one-off costs, explained that Spring’s lower valuation reflects a changed go-to-market mix and a more conservative view on synergies, and said the company is looking at liquidity opportunities but will not publicly guide to specific names or timing. Questions also probed the new strategy shift, the conservatism of valuation marks, AI exposure in software holdings, and whether stronger public comps for Hinge Health and Navan could pull forward IPOs for Perk or Spring; management said the IPO window looks less prohibitive but there is no rush.