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Investing.com -- Kinnevik (ST:KINVa) shares rose more than 4% on Tuesday after the investment firm reported a second-quarter profit of SEK 626 million, reversing a SEK 2.3 billion loss in the same period a year earlier.
The Stockholm-listed firm said net profit per share was SEK 2.26 million, compared with a loss of SEK 8.19 million a year ago.
The turnaround was primarily attributed to a SEK 700 million gain in the fair value of unlisted holdings. Listed assets posted a SEK 44 million fair value loss for the quarter.
Kinnevik’s net asset value rose 2% from the previous quarter to SEK 36.8 billion as of June 30, from SEK 36.2 billion at the end of March.
On a per-share basis, net asset value increased to SEK 132.87 from SEK 130.59. In constant currencies, NAV grew 4% in the quarter and declined 1% year over year.
The Class B share closed at SEK 83.14 on June 30, up from SEK 70.66 at the end of March and 12% below the SEK 86.85 level recorded in the year-ago period.
Private portfolio value rose 3% during the quarter, or 5% in constant currencies. The company invested SEK 860 million in Q2 and SEK 1.66 billion in the first half.
Of that, SEK 333 million was allocated to Tandem Health, a Swedish AI healthcare company, and SEK 335 million to a techbio firm to be disclosed later in the year.
Kinnevik reported SEK 2 million in divestments for the quarter and SEK 367 million for the first half, including exits from Sure, Lunar and XYB. Net investments stood at SEK 858 million in Q2 and SEK 1.29 billion for the half-year period.
Cash and cash equivalents totaled SEK 9.6 billion at the end of the quarter, compared with SEK 10.5 billion in March and SEK 12.8 billion in the same period last year. Gross cash was SEK 11.8 billion and gross debt SEK 2.2 billion.
Core companies reported average revenue growth of more than 35% in the first half, with EBITDA margins improving by 4 percentage points year over year.
TravelPerk surpassed $275 million in annualized revenue following its acquisition of Yokoy and expansion in the U.S. Enveda completed Phase 1a clinical trials for its eczema treatment candidate.
Spring Health remained Kinnevik’s largest unlisted asset at SEK 5.2 billion, followed by TravelPerk at SEK 4.2 billion and Pleo at SEK 2.2 billion.
Other major holdings included Cityblock (SEK 1.7 billion), Mews (SEK 1.5 billion), Betterment (SEK 1.5 billion), and Stegra (SEK 1.3 billion).
Year to date, Kinnevik posted a net loss of SEK 2.41 billion, compared with a loss of SEK 2.5 billion for the first half of 2024.
The company attributed the year-to-date figure to earlier fair value declines not fully offset by second-quarter gains.