Q3 2025 Kinnevik AB Earnings Call Transcript
Key Points
- Kinnevik AB (KNEVF) reported a 2% increase in net asset value, reaching SEK37.5 billion at the end of Q3 2025.
- The company maintains a strong net cash position of SEK8.6 billion, allowing for strategic investments.
- Core companies like Spring Health, TravelPerk, and Mews demonstrated strong growth and improved profitability, with an average revenue growth of 35% and a 2-percentage-point improvement in EBITDA margins.
- AI integration across the portfolio has driven automation and efficiency, enhancing customer value and operational performance.
- Kinnevik AB (KNEVF) successfully participated in funding rounds for Enveda and Aira, with Enveda's valuation increasing by 55% above the previous book value.
- Currency fluctuations negatively impacted the net asset value by SEK0.4 billion in Q3, with a year-to-date negative impact of SEK3.4 billion.
- Multiple contraction in the private portfolio was negative 3%, aligning with public market trends.
- Cityblock faced gross margin pressure due to industry-wide cost increases, impacting profitability.
- Spring Health's growth expectations were revised down slightly due to slower-than-expected growth, despite securing large contracts.
- TravelPerk's margins were intentionally pressured due to investments in AI-driven innovation, affecting short-term profitability.
Good day, and thank you for standing by. Welcome to the Kinnevik Q3 report 2025 conference call and webcast. (Operator Instructions) Please note that today's conference is being recorded. I would now like to turn the conference over to your speaker, Mr. Georgi Ganev, CEO. Please go ahead.
Thank you, and good morning, everyone, and welcome to the presentation of Kinnevik's results for the third quarter 2025. I am Georgi Ganev, Kinnevik's CEO; and with me today is our CFO, Samuel Sjostrom; and our Director of Corporate Communications, Torun Litzen.
We will begin today's call by walking you through the key events of the quarter, including our core company's performance. Samuel will cover our capital allocation, financial position and net asset value development. I will then give you an overview of how our portfolio has evolved and matured over the last three years and what that means for us going forward. Finally, I will reiterate our priorities for 2025. And as usual, we will end with a Q&A.
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