Kinnevik's NAV declines by 4.7 percent in Q2

Kinnevik’s net asset value of 39.3 billion Swedish krona or 140 Swedish krona per share, was down 2.3 billion Swedish krona or 4.7 percent in the second quarter.

The company said that NAV decreased 8.4 billion Swedish krona or 16 percent compared to the second quarter of 2023, when adjusting for the 6.4 billion Swedish krona extraordinary cash distribution.

Effective July 9, 2024, the company appointed Christian Scherrer and Akhil Chainwala as new members of Kinnevik’s management team. Mattias Andersson, general counsel decided to leave Kinnevik, while Andreas Bernström, senior investment director transitioned into the role as operating partner.

“We continue to pursue further, and in part opportunistic, investments in the companies where we hold a long-term strong conviction and can take advantage of our strong cash position and ability to invest for the long run, and see our capital reallocation intensifying during H2 2024,” said Georgi Ganev, CEO of Kinnevik in a statement.

In the second quarter, the company completed the second step of the divestment of its full shareholding in Tele2 to Iliad/NJJ, encompassing 9.391 million Swedish krona in sales proceeds. The company added that the third and remaining step of the transaction representing 637 million Swedish krona in sales proceeds, adjusted for 23 million of dividends received, is expected to be completed during the third quarter of 2024.

The AGM, held on June 3, 2024, resolved on an extraordinary cash distribution of 23 Swedish krona per share or 6.4 billion Swedish krona in total.

Kinnevik acquired 177 million Swedish krona in secondary shares in Cityblock, and participated in the 200 million dollars private placement in Recursion, adding to the company’s investments in Mews and Pleo during the first quarter.

The company invested 598 million Swedish krona in the second quarter, of which 177 million into Cityblock. 198 million Swedish krona was invested into Oda in the second quarter, financing that was committed in connection with the company’s merger with Mathem.