“Kinnevik enters its next chapter with a strong balance sheet, a portfolio of growing companies and a clear direction. Over time, the portfolio will become more concentrated and weighted towards later-stage, profitable growth companies. The shift will be gradual and guided by disciplined capital allocation. The focus is now on delivery and transparency, which is what will strengthen trust and credibility.”
Helena Saxon
CEO, Kinnevik AB
Key Developments
■ NAV of SEK 29.8bn (SEK 108 per share), up SEK 0.2bn or 1 percent in the quarter. NAV down SEK 6.0bn or 17 percent during the first nine months of 2026
■ NAV growth in the third quarter was driven by company growth, financing rounds in Enveda and Tandem Health above our prior valuations, and currency tailwinds. This was partly offset by lower multiples, reflecting updated forward growth expectations in a few companies and weaker peer development in some subsectors, and by dilution
■ Net divestments of SEK 18m in the quarter, reflecting continued capital discipline. We completed the previously communicated divestments of Oda (SEK 103m) and YouScan (SEK 30m), and sold shares in Recursion (SEK 50m). Our participation in the financing rounds of Tandem Health and Enveda were our main investments
■ In the first nine months, our Health & Bio companies grew revenue by a weighted average of 33 percent, with EBITDA margins improving by 4 percentage points. Our Software companies grew by 30 percent, with EBITDA margins improving by 11 percentage points
■ In the quarter, Cityblock acquired Homeward Health, a rural value-based care provider, alongside a USD 116m financing round led by General Catalyst
■ Louis De Geer joined as General Counsel