This article first appeared on GuruFocus .
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Net Asset Value (NAV):Down 4% in Q4 compared to Q3 and down 8% during the year. In constant currencies, NAV was down 3% in the quarter and up 2% during the full year.
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Core Companies Revenue Growth:Grew revenues by 34% on average with improving margins. Including Oviva, they grew revenues by 40% in 2025.
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EBITDA Margin Improvement:Improved by 4 percentage points in 2025.
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Investment in Mews:Raised over EUR260 million, valuing the company at close to 20% above Q3 mark.
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Perk Revenue:Reached annualized revenues of EUR360 million with a gross margin of 76% and grew revenues by 48% in 2025.
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Pleo Revenue Growth:Grew by 65% CAGR over the last five years with a gross margin of 80%.
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Spring Health Revenue:Expected to achieve almost $1 billion in revenue following the merger with Alma.
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Cityblock ARR:Reached over $1.5 billion in Annual Recurring Revenue (ARR).
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Oviva Investment:$100 million investment, making Kinnevik the largest institutional shareholder.
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Full Year Investments:Totaled SEK3.6 billion, with SEK3.2 billion net investments after exits.
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Year-End Net Cash Position:SEK7.6 billion.
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Currency and Public Market Impact:SEK6.5 billion negative impact on NAV due to public market multiples and currency movements.
Release Date: February 03, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
Positive Points
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Kinnevik AB ( KNEVF ) reported solid operational development in its core companies, with an average revenue growth of 34% and improved margins.
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The company made significant investments in next-generation AI native companies, ensuring a strong pipeline of future core companies.
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Kinnevik AB ( KNEVF ) achieved an IRR of close to 30% on its investments in Mews, with the company valued at 20% above the previous quarter's mark.
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The healthcare portfolio showed promising developments, with Spring Health's acquisition of Alma and Enveda's positive clinical trial results.
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Kinnevik AB ( KNEVF ) maintained a strong net cash position of SEK7.6 billion, providing financial flexibility for future investments.
Negative Points
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The company's net asset value (NAV) was down 4% in Q4 and 8% for the year, impacted by currency and public market headwinds.
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Several climate tech investments faced write-downs due to market and regulatory challenges, weakening investor sentiment, and operational issues.
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The company experienced a 49% write-down in Stegra due to ongoing funding round uncertainties and potential dilution.
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Public market multiples and currency movements negatively impacted the company's NAV by SEK6.5 billion in aggregate.
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Cityblock's revenue outlook was reduced due to a large contract falling out of the new sales pipeline, impacting near-term performance.
Q & A Highlights
Q: How do weak peer developments and issues with Navan impact potential IPO plans for companies like Perk and Spring Health? A: Georgi Ganev, CEO, explained that while there is pressure on software multiples, high-growth SaaS companies are trading at a premium. He noted differences between vertical and horizontal software, with vertical SaaS like Mews showing a premium. Despite similarities with Navan, Perk has shown profitability and faster growth. IPO plans will not be rushed; they will wait for the right timing to maximize shareholder value.
Q: Can you provide an update on Cedar's operational performance and financial profile? A: Samuel Sjostrom, CFO, stated that Cedar has reached consistent cash flow profitability and shows strong growth relative to peers. Christian Scherrer, Senior Investment Director, added that Cedar's product suite generates significant ROI for clients, improving collections for health systems. Cedar is expanding its product suite with AI applications, enhancing its profitability and unit economics.
Q: What happened with Cityblock's contract fallout, and how does it affect the outlook? A: Christian Scherrer explained that Cityblock's contract sizes are large, leading to lumpiness in sales. The fallout was due to the client's need for more time to assess their population, not a competitor win. Cityblock has other significant ARR contracts in the pipeline, and they are cautious in factoring them into the outlook until closer to completion.
Q: Is the current valuation of Spring Health in line with the transaction involving Alma's acquisition? A: Samuel Sjostrom confirmed that the valuation is roughly in line with where transactions will occur at the merger's closing. There are moving parts like earn-outs, but secondary trades are happening at a slight discount to Kinnevik's holding, providing support for their internal valuation.
Q: What are the key issues for Aira, and why continue investing in it? A: Georgi Ganev noted that projections for heat pump development in Europe have been reset, impacting sales. Policy changes and subsidy schemes also affect consumer decisions. Despite challenges, Aira has grown rapidly, and the focus is now on improving installation efficiency before resuming growth.
Q: How does pressure on healthcare budgets affect the growth outlook for Kinnevik's healthcare services? A: Christian Scherrer explained that commercial healthcare budgets are growing, benefiting employer-focused investments like Spring Health. However, value-based care faces increased care utilization, squeezing margins until reimbursement rates adjust. This benefits employer-focused models but pressures health plans and value-based care.
Q: Can you quantify the reduction in investments for 2026 and the share going to existing versus new investments? A: Samuel Sjostrom indicated that exits are expected to exceed 2025's SEK0.4 billion, and follow-on investments will likely be slightly below the SEK1.6 billion of 2025. The focus will be on high-conviction businesses, with flexibility for new investments if divestments succeed.
Q: Are you closer to public offerings for core assets compared to a year ago? A: Georgi Ganev emphasized the readiness of companies to go public, but market conditions remain volatile. While core companies are maturing and attractive for public markets, IPOs will be company-led and market-dependent, ensuring both short-term and long-term benefits.
Q: Why does Mews have a higher valuation than the funding round? A: Samuel Sjostrom clarified that Kinnevik values its stake at the same valuation as the funding round. The quarter-on-quarter move reflects follow-on investments made in 2025, which were valued as debt and adjusted to equity after the funding round's outcome.
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
