Q2 2025 Kinnevik AB Earnings Call Transcript
Key Points
- Kinnevik AB (KNEVF) reported a 2% increase in net asset value, reaching 36.8 billion SEK at the end of the second quarter.
- The private portfolio's fair value increased by 3% in SEK and 5% in constant currencies.
- The company maintains a strong net cash position of 9.6 billion SEK, providing flexibility for future investments.
- Core companies like Spring Health, Travel Perk, and Pleo demonstrated solid operational performance, with revenue growth over 35% on average.
- Tandem Health, a new portfolio addition, is expanding rapidly with its AI medical assistant, showing significant potential for growth across Europe.
- Currency fluctuations negatively impacted the net asset value by 0.7 billion SEK in the quarter.
- The US dollar depreciation and Euro appreciation led to a 2.5% decrease in the private portfolio's currency basket value.
- City Block's valuation faced a 1% decline due to multiple contractions despite solid performance.
- The market environment for transactions within the existing portfolio was limited in Q2, affecting capital deployment.
- Recursion Pharmaceuticals' stock performance has been weak, down nearly 30% this year, despite positive developments in partnerships.
Good morning everyone and welcome to the presentation of Kinnevik's results for the second quarter, 2025.
I'm Georgi Ganev, Kinnevik's CEO, and with me today is our CFO, Samuel Sjöström, and our director of corporate communications, Torun Litzén.
On today's call, we will begin by walking you through the key events during the quarter. Samuel will then cover our financial position, capital allocation, and net asset value.
Finally, I will reiterate our priorities for 2025, and as usual, we will end with a Q&A.
So let's start on page 4.
Our net asset value was up 2% and amounted to 36.8 billion or 133I per share at the end of the second quarter of 2 by 5.
The fair value of our private portfolio was up 3% in sec and 5% in constant currencies.
We ended the quarter with a net cash position of 9.6 billion sick after investing 0.9 billion, with the addition of tandem health being the largest investment.
Invera hit a significant milestone this quarter by successfully completing
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