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Investing.com -- Kinnevik reported a net asset value (NAV) rise of 2% quarter-on-quarter to SEK 37.5 billion, or SEK 136 per share, supported by a stronger performance in its unlisted portfolio and new capital deployment into core holdings.
Net profit came in at SEK 741 million compared with a loss of SEK 1.9 billion a year earlier, helped by a SEK 757 million uplift in the valuation of private assets and lower administration costs.
The company’s shares jumped more than 5% in Stockholm after the report.
The private portfolio advanced 3% in the quarter, or 4% in constant currencies, offsetting weaker market multiples and currency headwinds .
The group deployed SEK 1 billion during the period, with two-thirds directed to focus companies including Mews, Aira and Enveda. Net cash stood at SEK 8.6 billion at the end of the quarter, reflecting what the company described as “an improving portfolio financial profile and limited follow-on investment needs.”
Capital reallocation remains skewed toward vertical software and health-tech names demonstrating commercial proof points.
Kinnevik CEO Georgi Ganev said the portfolio is “successfully balancing growth with control over margins,” noting that core holdings grew revenues by an average 35% year to date while improving EBITDA margins by two percentage points.
He highlighted that lead indicators point to continued positive progress into 2026 and stressed that Kinnevik is “relentlessly focused on executing our priorities: disciplined capital allocation, stability in performance, and delivering proof-points and increased transparency.”
On outlook, the company expects the trend of portfolio maturity to continue, with larger companies maintaining growth and margin discipline while funding needs across the portfolio decrease.
Ganev said a strong bench of emerging companies provides future optionality, and that increasing maturity should improve conditions for potential monetization and liquidity events.
He added that the investment pipeline will be focused on selective opportunities that reinforce portfolio quality and that optionality for exits created in recent years “will become more actionable in the future than the case has been in the past."