Kinnevik AB (publ)

Kinnevik’s Interim Report 1 January – 30 June 2026

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Sammanfattning

Kinnevik rapporterar en ökning av substansvärdet (NAV) med 6 procent under kvartalet, drivet av multipelökningar hos noterade portföljbolag. Nettoinvesteringarna var disciplinerade och bolaget har ingått avtal om att avyttra andelar i Oda och YouScan. En ny VD tillträder den 1 augusti.

Analys

Kinneviks substansvärde ökade med 6% under kvartalet, men minskade med 17% under första halvåret. Nettoinvesteringarna var låga (57 MSEK) vilket indikerar en disciplinerad kapitalallokering. Försäljning av andelar i Oda och YouScan förväntas generera 133 MSEK i kassaflöde under Q3. Större portföljbolag visade stark försäljningstillväxt (28%) men hade en negativ EBITDA-marginal (-6%). Kostnadsbesparingar och en omorganisation pågår, och en ny VD tillträder snart.

Nyckeltal

NAV per aktie
107 SEK
NAV ökning Q2
6%
NAV minskning H1
-17%
Nettoinvesteringar Q2
57 MSEK
Förväntade kassaflöden från avyttringar
133 MSEK
Netto kassa
7.4 miljarder SEK

Insikter

  • • Fokus på kostnadsbesparingar och omorganisation indikerar en omställningsfas.
  • • Disciplinerad kapitalallokering med låga nettoinvesteringar.
  • • Tillträdet av ny VD kan medföra strategiska förändringar.
  • • Avyttringar av icke-kärninnehav pågår.

“The purpose of my work as interim CEO was to lay the foundations on which the new CEO can build a successful future for Kinnevik, based on the ambition and discipline that have characterized Kinnevik’s ninety year history of partnering with entrepreneurs to create and develop generational businesses. In this context, our priority in Q2 has been to focus on four key objectives that were agreed with the Board and that we can directly influence, and to make decisive progress in each of these areas: moving towards a smaller and more focused organization, reducing management costs to a more competitive level, being more disciplined in our capital allocation, and conducting a thorough internal review of the investment portfolio.”

“The purpose of my work as interim CEO was to lay the foundations on which the new CEO can build a successful future for Kinnevik, based on the ambition and discipline that have characterized Kinnevik’s ninety year history of partnering with entrepreneurs to create and develop generational businesses. In this context, our priority in Q2 has been to focus on four key objectives that were agreed with the Board and that we can directly influence, and to make decisive progress in each of these areas: moving towards a smaller and more focused organization, reducing management costs to a more competitive level, being more disciplined in our capital allocation, and conducting a thorough internal review of the investment portfolio.”

Rubin Ritter, Interim Chief Executive Officer of Kinnevik

Financial

  • NAV of SEK 29.6bn (SEK 107 per share) – up SEK 1.7bn or 6 percent in the quarter (up 5 percent in constant currencies) and primarily reflected multiple expansion for portfolio companies’ listed peers. NAV down SEK 6.2bn or 17 percent during the first half of 2026
  • Net investments of SEK 57m reflected more disciplined capital allocation, and comprised follow-on investments in two portfolio companies
  • Agreements signed to divest stakes in Oda and YouScan, part of our Prior Strategies, with expected cash proceeds of approximately SEK 133m in Q3 after completion of customary closing conditions
  • SEK 7.4bn in Net Cash at end of the quarter, compared to SEK 7.5bn at end of Q1 2026

Operational

  • Larger portfolio companies have grown sales by a weighted average of 28 percent in year to date, with EBITDA margin improving by 4 percentage points to negative 6 percent
  • Started transition towards smaller and more focused organization with achievement-oriented culture
  • Implemented measures to reduce annual management cash costs to around SEK 200m from beginning of 2027
  • Conducted comprehensive internal review of investment portfolio for consideration by Board and incoming CEO
  • CFO Samuel Sjöström to leave Kinnevik at end of August. Kinnevik Investment Manager Caspar Sjöstrand to serve as Interim CFO from beginning of September until permanent replacement appointed
  • Helena Saxon to join Kinnevik as new CEO on 1 August 2026 (Read more here), Hannah Björk to join as Director of Communications and Investor Relations on 1 September 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 a 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/rdzkfeto/
  • Link to the conference call for participants: https://register-conf.media-server.com/register/BIfa9c44d9dda54eb2996fa24024c4b88f

This information is information that Kinnevik AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation (596/2014) and the Securities Markets Act (Sw. lagen (2007:528) om värdepappersmarknaden). The information was submitted for publication, through the agency of the contact person set out below, at 2026-07-07 08:00 CEST.

For further information, visit www.kinnevik.com or contact:

Adam Makkonen, Interim Communications LeadPhone: +46 (0)70 762 00 50Email: press@kinnevik.com

Kinnevik is an active owner and partner, providing patient capital from our own balance sheet to technology-enabled growth businesses. Our founders are building tomorrow’s industry leaders, making everyday life easier and better for people around the world. We invest across all stages of a company's growth journey, focused on creating long-term shareholder 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.

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Q2 2026 E

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