Kinnevik’s year-to-date NAV declines by 20 percent

For the period to September 30, 2022, Kinnevik reported NAV of 58 billion Swedish krona, down 3.2 billion Swedish krona or 5 percent in the quarter and 14.4 billion Swedish krona or 20 percent year-to-date.

The company’s net cash position at the end of the period under review was 12.5 billion Swedish krona, corresponding to 27 percent of portfolio value by quarter-end.

”Geopolitical and macroeconomic unrest continues to provide a challenging market backdrop for investors. For Kinnevik, the pressure on market multiples has had a negative impact on valuations and the fundraising environment is clearly more demanding than last year,” said Georgi Ganev, CEO of Kinnevik in the statement.

Kinnevik invested 50 million dollars into Solugen, the industrial green chemicals platform providing cheaper, safer chemicals without using fossil fuels. For the first nine months of 2022, the company has invested 3.2 billion Swedish krona in aggregate.

In October, Kinnevik invested 25 million Swedish krona into H2 Green Steel, the Swedish producer of green steel reducing carbon emissions by up to 95 percent compared to traditional steelmaking.

In September, Kinnevik announced that Samuel Sjöström will assume the position as chief financial officer effective from 1 November 2022, replacing Erika Söderberg Johnson who will move into a role as senior advisor.