Kinnevik's net asset value drops 6 percent in Q3

Kinnevik's third quarter net asset value (NAV) of 50.8 billion Swedish krona or 180 Swedish krona per share, declined 3.3 billion Swedish krona or 6 percent.

The company’s net cash position is 7.6 billion Swedish krona, corresponding to 17 percent of portfolio value.

”The market environment in which we operate continues to be highly challenging, and we are not satisfied with the development of our net asset value and share price. To support our companies in navigating the tough business climate, we are working closely with our founders and co-investors to increase efficiency in each business and to strike the right balance between growth and profitability,” said Georgi Ganev, CEO of Kinnevik in a statement.

During the quarter under review, Kinnevik made follow-on investments in H2 Green Steel and Enveda, Aira, a clean energy-tech company. The company exited its full stake in German fintech company Raisin for 275 million Swedish krona.

The company added that Instabee is pressured by an e-commerce market with significantly contracting volumes and price-sensitive consumers opting for cheaper delivery options, resulting in a sizable write-down in the quarter.

Kinnevik invested 1.5 billion Swedish krona in the quarter, including 871 million Swedish krona into H2 Green Steel, 371 million Swedish krona into Aira and 166 million Swedish krona into Enveda.

2023 to date, the company has invested 4.5 billion Swedish krona and made divestments of 1.3 billion Swedish krona in aggregate.