Kinnevik’s Interim Report 1 January – 30 September 2025
“Our portfolio continues to mature, and our companies are successfully balancing growth with control over margins. In the quarter, this contributed to NAV growing by 2 percent despite facing continued currency headwinds and weaker peer multiples. We remain relentlessly focused on executing our priorities: disciplined capital allocation, stability in performance, and delivering proof-points and increased transparency.”
Georgi Ganev, CEO of Kinnevik
Key Events
- Solid year-to-date performance from our core companies, on average growing revenues by 35 percent and improving EBITDA margins by 2 percentage points year-on-year, with lead indicators pointing to a strong 2026
- Invested EUR 15m in secondaries in Mews on the back of proof-points in its go-to-market and product development, with the company surpassing EUR 330m in run-rate revenues
- Participated in Enveda’s USD 150m funding round after clinical validation of its AI-powered drug discovery platform, and in Aira’s EUR 150m funding round while the company reached annual run-rate sales of EUR 200m
- Led a USD 37m funding round in Nory, an AI-native operating system for restaurants, drawing on our successful partnership with Mews to date
- Announced we led a funding round in clinical-stage biotechnology company Strand Therapeutics with a SEK 335m investment during the second quarter
Events After the End of the Quarter
- In October, Stegra announced it had launched a new financing round with strong initial commitments from its founders and lead investors
Capital Reallocation
- Investments totaling SEK 1,015m in the quarter, bringing total investments during the first nine months of 2025 to SEK 2,675m (SEK 2,308 net of divestments)
- SEK 685m, or two-thirds of investments in the quarter, deployed into focus companies, with SEK 169m in Mews secondaries, SEK 325m in Aira’s funding round, and SEK 192m in Enveda’s funding round
- Led Nory’s funding round with an investment of SEK 232m
Financial Position
- Net Asset Value of SEK 37.5bn (SEK 136 per share), up 0.7bn or 2 percent in the quarter (up 3 percent in constant currencies)
- Private portfolio up 3 percent (up 4 percent in constant currencies), driven by overall solid operational performance across the portfolio and a transaction-led revaluation of Enveda, offsetting market headwinds
- Net Cash of SEK 8.6bn at end of the third quarter, with an improving portfolio financial profile and limited follow-on investment needs
A conference call will be held today at 10.00 CET to present the results. The conference call will be held in English. Those who wish to participate and ask questions during the conference call are welcome to register via the link below. Participants will receive dial-in numbers and confirmation code upon registration. Please make sure to register and dial in a few minutes before the call begins.
- Link to the listen-only webcast: https://edge.media-server.com/mmc/p/3mvb7fbx
- Link to the conference call for participants: https://register-conf.media-server.com/register/BIe956996efe264d6c99b21618af100468
This information is information that Kinnevik AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation (596/2014). The information was submitted for publication, through the agency of the contact person set out below, at 2025-10-16 08:00 CEST.
For further information, visit www.kinnevik.com or contact:
Torun Litzén, Director Investor Relations
Phone +46 (0)70 762 00 50
Email press@kinnevik.com
Kinnevik is a leading growth investor on a mission to redefine industries and create remarkable growth companies. We are an active owner and operational partner, providing patient capital to challenger technology-enabled businesses in Europe and the US. Our passionate founders are building tomorrow’s leaders within healthcare, software and climate, making everyday life easier and better for people around the world. We invest at all stages of a company’s growth journey, always determined to create long-term value. Kinnevik was founded in 1936 by the Stenbeck, Klingspor and von Horn families. Kinnevik’s shares are listed on Nasdaq Stockholm’s list for large cap companies under the ticker codes KINV A and KINV B.
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