Kinnevik's net asset value drops in Q3

Kinnevik’s net asset value of 37.4 billion Swedish krona or 132 Swedish krona per share declined by 1.9 billion Swedish krona or 5 percent in the third quarter and down 7 billion Swedish krona or 14 percent, when adjusting for the 6.4 billion Swedish krona extraordinary cash distribution

"After seven years, the transformation to growth is completed. We enter the next phase of Kinnevik with a strong financial position, and with a growth-focused portfolio consisting of a high-performing core and several exciting earlier stage companies with the potential to create significant outcomes,” said Georgi Ganev, CEO of Kinnevik.

During the quarter the company completed the third and final step of full divestment of Tele2 to iliad/NJJ, releasing an additional 637 million Swedish krona. Kinnevik also participated in Spring Health’s funding round concurrent with further secondary acquisitions, and in Aira’s extension round.

Fair value of the company’s unlisted portfolio was down by 7 percent in the third quarter, driven by write-down of VillageMD and currency headwinds. Its core growth companies Cityblock, Mews, Pleo, Spring Health and TravelPerk continued to deliver strong results, growing revenues by more than 60 percent on average over the last 12 months and taking meaningful steps on their path to profitability.

The company invested 1,262 million Swedish krona in the quarter, of which 836 million was invested into core company Spring Health as part of their 100 million dollars funding round. In 2024 to date, Kinnevik has invested a total of 1.5 billion Swedish krona into Spring Health and other core companies Cityblock, Mews, Pleo and TravelPerk.