KINV-ANasdaq StockholmFinancialsIFRS · SEK

Kinnevik

Kinnevik is a Swedish investment company that owns and actively supports a portfolio of growth businesses, mainly through equity investments in private and listed companies. Its portfolio has historically been concentrated in digital consumer, software, healthcare, and financial services businesses across Europe, the United States, and selected other markets.

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Revenue24.0m SEK
Operating profit (EBIT)-4,554m SEK
−48.1 %y/y
EBIT margin-18,975.0%
Net income-3,346m SEK
−27.6 %y/y

Fiscal year 2025 · change from previous year

Development 2021–2025

-20,000-10,000010,00020,000m SEK2021: EBIT 14,646 m SEK20212022: EBIT -19,679 m SEK20222023: EBIT -5,123 m SEK20232024: EBIT -3,075 m SEK20242025: 24 m SEK2025: EBIT -4,554 m SEK202524-4,554
RevenueOperating profit (EBIT)
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Business

Share of revenue
Portfolio Investments100 %

Equity stakes in private and public companies held for long-term value creation.

Active Ownership Support0 %

Strategic, governance, and operational support provided to portfolio companies.

Customers

Kinnevik does not sell products to end consumers; its direct counterparties are portfolio companies, founders, and co-investors. It allocates capital to businesses it believes can scale in large consumer and digital markets, while also engaging with management teams on strategy, governance, and performance. Its economic exposure is therefore tied to the operating results and valuation outcomes of the companies it owns.

Portfolio companies

Businesses receiving capital, governance support, and strategic input from Kinnevik.

Founders and management teams

Entrepreneurs partnering with Kinnevik for scale-up capital and active ownership.

Co-investors and transaction counterparties

Partners in funding rounds, divestments, and other portfolio transactions.

Public shareholders

Investors buying Kinnevik shares for diversified exposure to its portfolio.

Strategy

Kinnevik’s strategy is to back challenger businesses with disruptive technology and support them as an active owner over long time horizons. It emphasizes disciplined capital allocation, portfolio construction, and governance across its holdings rather than operating a traditional product business.

Active ownership of portfolio companiesMedium term

Kinnevik seeks to create value through governance, strategic support, and capital allocation.

Portfolio diversification across growth sectorsMedium term

Diversification reduces dependence on any single company or industry outcome.

Long-term value creation through challenger businessesLong term

The model depends on identifying companies that can scale and compound value over time.

Geography

Kinnevik is headquartered in Sweden and is listed on Nasdaq Stockholm. Its investment activity is concentrated in Europe, especially the Nordics, with additional exposure to the United States and selected other markets through its portfolio companies.

Risks

Kinnevik’s main risks come from portfolio valuation changes, liquidity and financing needs, foreign exchange exposure, and interest rate sensitivity. Because its value is concentrated in equity investments, performance depends heavily on the operating progress and funding environment of portfolio companies, as well as market sentiment toward growth assets.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Portfolio valuation risk1Liquidity and financing risk2Interest rate risk3
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Portfolio valuation riskImpact: HighLikelihood: Medium

    Most of Kinnevik's value is tied to fair-valued investments whose prices can move sharply.

    Exposure: Unlisted and listed equity holdings

  2. Liquidity and financing riskImpact: HighLikelihood: Low

    The company may need cash for follow-on investments, commitments, or debt refinancing.

    Exposure: Investment activity and balance sheet liquidity

  3. Interest rate riskImpact: MediumLikelihood: Low

    Higher rates can raise financing costs and pressure growth-company valuations.

    Exposure: Debt and valuation multiples

  4. Foreign exchange riskImpact: Medium

    Portfolio companies operate in multiple currencies while reporting is in SEK.

    Exposure: Cross-border investments and translations

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Accounting

Judgemental items
Fair value measurement of unlisted investments

Most portfolio holdings are valued using models and assumptions rather than quoted prices.

Impact: Can materially change profit, equity, and NAV

Level 3 valuation inputs

Unobservable assumptions such as multiples, growth, and discount rates affect estimates.

Impact: High sensitivity to market conditions and company-specific performance

Dividend in kind accounting

Non-cash distributions can affect comparability between periods.

Impact: May create volatility in reported investment income and equity

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Last updated: 24/09/2026

Kinnevik (XSTO) – Financials | Financial Analysis – Clarifo