"In 2025, we sharpened our focus on developing a stable, more mature, and more profitable portfolio. While our companies' operational performance was solid on aggregate, net asset value creation was negatively affected by a decline in comparable public market multiples and adverse currency movements. Disappointing developments in Climate Tech also weighed on our performance. Meanwhile, we saw large funding rounds at Perk, Mews and Enveda - all at meaningful premiums to our NAV. We selectively added new investments in our focus sectors through the year and accelerated the maturing of our portfolio by investing USD 100m in new core company Oviva - a leading profitable European digital health platform for weight-related and chronic illnesses."
Georgi Ganev, CEO of Kinnevik
Events of the Quarter
- Invested USD 100m for a 13 percent ownership stake in Oviva, a leading profitable European provider of digital care for weight-related and chronic illnesses on a mission to transform care for over 200 million people across Europe
- Enveda's leading drug candidate progressed to the next phase of clinical trials following strong results in earlier trials, and the company also advanced two new drug candidates to the clinic
Events After the End of the Quarter
- Mews raised EUR 264m in new growth capital following a strong year of 55 percent SaaS gross profit growth and expanding to 15,000 customers across 85 countries
- Spring Health announced the acquisition of Alma, a platform service that handles the insurance and business side of running a mental health practice
- Tandem Health announced the acquisition of Juvoly, the leading AI medical scribe in the Netherlands
Events of the Full-Year 2025
- Our core companies grew revenues by 34 percent on average in 2025 with improved margins. Including Oviva, they grew by 40 percent and improved EBITDA margins by 4 percentage points
- Perk reached annualized revenue of USD 360m and revenue growth of 48 percent in 2025, after raising USD 200m in new growth capital and transitioning into an integrated travel, expense and event management platform
- Enveda raised USD 150m after strong clinical validation of its AI-powered drug discovery platform, with further validation delivered through this quarter's clinical progress
- Leveraging our deep network and expertise in our focus sectors, Kinnevik selectively added a new generation of AI-native category leaders to the portfolio, such as Strand Therapeutics, Tandem Health and Nory
- Released SEK 382m by exiting businesses in financial services
Capital Reallocation
- Slightly more than half of 2025 investments were directed towards new companies, predominantly into European digital healthcare businesses Oviva and Tandem Health
- Follow-on investments during 2025 were directed mainly into larger companies Mews, Aira and Enveda
- Strong focus on delivering liquidity events in 2026 after releasing SEK 382m in capital from financial services companies during 2025
- (The investment in Oviva was committed during the year and paid in January 2026)
Financial Position
- NAV of SEK 35.9bn (SEK 130 per share), down 1.7bn or 4 percent in the quarter (down 3 percent in constant currencies) and down 3.3bn or 8 percent during the year (up 2 percent in constant currencies)
- Private portfolio down 8 percent in the quarter (down 12 percent during the year), with market headwinds and write-downs in Climate Tech partly offset by a significant write-up of Mews and overall robust operational performance in our companies
- SEK 7.6bn in Adjusted Net Cash at end of the fourth quarter
- Reversal of EUR 83m tax provision made in 2020 positively impacting NAV
Organization
- As announced in November 2025, Kinnevik's CEO Georgi Ganev will leave his position. A search committee has been formed, and he will remain as CEO for twelve months or until a successor has been appointed
- Torun Litzén, Kinnevik's Director of Corporate Communications, has left her position effective 3 February 2026
A conference call will be held today at 10.00 CET to present the results. The conference call will be held in English. Those who wish to participate and ask questions during the conference call are welcome to register via the link below. Participants will receive dial-in numbers and confirmation code upon registration. Please make sure to register and dial in a few minutes before the call begins.
- Link to the listen-only webcast: https://edge.media-server.com/mmc/p/y6s225hv
- Link to the conference call for participants: https://register-conf.media-server.com/register/BI8425f985bc2e496aa1363d2eb9b16e6c
This information is information that Kinnevik AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation (596/2014). The information was submitted for publication, through the agency of the contact person set out below, at 2026-02-03 08:00 CET.
For further information, visit www.kinnevik.com or contact:
Mikaela Kramer, Corporate Communications & Sustainability Manager
Email: press@kinnevik.com
Kinnevik is a leading growth investor on a mission to redefine industries and create remarkable growth companies. We are an active owner and operational partner, providing patient capital to challenger technology-enabled businesses in Europe and the US. Our passionate founders are building tomorrow's leaders within healthcare, software and climate, making everyday life easier and better for people around the world. We invest at all stages of a company's growth journey, always determined to create long-term value. Kinnevik was founded in 1936 by the Stenbeck, Klingspor and von Horn families. Kinnevik's shares are listed on Nasdaq Stockholm's list for large cap companies under the ticker codes KINV A and KINV B.
