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Kinnevik’s Interim Report 1 January – 30 June 2023

11 July 2023, 8:00 AMRegulatory information
”Disciplined capital allocation and using our strong financial position wisely to maximize the impact of our highest-conviction companies are crucial to long-term value creation. During the quarter, our dedication to these priorities and our unique ability to seize opportunities in the current market is manifested by our USD 100m investment in Spring Health. Through this investment, Spring Health represents our largest aggregate investment since we commenced our transformation in 2018. We believe Spring Health also has the potential to become one of the most successful investments in Kinnevik’s history.”

Georgi Ganev, CEO of Kinnevik

Key Events

  • Acquired secondary shares in Spring Health, one of our highest-conviction and strongest performing businesses, increasing our ownership to 12 percent
  • Made use of market conditions to accrete ownership and capital commitments in TravelPerk, Instabee, Recursion and HungryPanda, totalling SEK 0.6bn
  • New investment activity was limited, with smaller investments into Charm Industrial, a clear emerging leader in the carbon removal space, and biotechnology company Enveda
  • Babylon Health announced it had agreed to be taken private in a transaction supported by the company’s main creditor, leading to us writing off our investment in full
  • Kinnevik beat its portfolio climate target in 2022, decreasing emissions intensity by 14 percent year-over-year, as announced in our Climate Progress Report published in June

Investment Management Activities

  • We invested SEK 2.2bn in the quarter, including:
    • SEK 1,069m into Spring Health
    • SEK 258m into Enveda
    • SEK 254m into Instabee
    • SEK 203m into TravelPerk
    • SEK 187m into Mathem
    • SEK 145m into Recursion
    • SEK 108m into Charm Industrial
    • SEK 15m into HungyPanda

Financial Position

  • NAV of SEK 54.0bn (SEK 192 per share), down SEK 1.4bn or 3 percent in the quarter
  • Net cash position of SEK 8.8bn, including SEK 0.5bn in dividends received from Tele2, corresponding to 19 percent of portfolio value

A conference call will be held today at 10.00 CEST to present the results.

Link to the webcast (listen only):

Those who wish to ask questions during the conference call are welcome to register via the below link. Participants will receive dial-in numbers and confirmation code upon registration. Please make sure to register and dial in a few minutes before the call begins.

Link to conference call (for participants):