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Kinnevik’s Interim Report 1 January – 30 September 2023

18 Oct 2023, 08:00 am · Regulatory information
”The market environment in which we operate continues to be highly challenging, and we are not satisfied with the development of our net asset value and share price. To support our companies in navigating the tough business climate, we are working closely with our founders and co-investors to increase efficiency in each business and to strike the right balance between growth and profitability. Many difficult decisions need to be made, but they are made with the intent to shape a more resilient portfolio and position it for long-term value creation. We remain committed to our strategy of doubling down in our high-conviction companies, deploying more capital into our focus sectors and making use of the opportunities that a more risk-averse market provides.”

Georgi Ganev, CEO of Kinnevik

Key Events

  • In line with our priority to double down in our highest conviction companies, we made follow-on investments in H2 Green Steel and Enveda. H2 Green Steel now has a funded business plan, taking another big leap towards start of operations end of 2025
  • We invested in Aira, a clean energy-tech company
  • We exited our full stake in German fintech company Raisin
  • Instabee is pressured by an e-commerce market with significantly contracting volumes and price-sensitive consumers opting for cheaper delivery options, resulting in a sizeable write-down in the quarter

Investment Management Activities

  • We invested SEK 1.5bn in the quarter, including:
    • SEK 871m into H2 Green Steel
    • SEK 371m into Aira
    • SEK 166m into Enveda
  • 2023 to date, we have invested SEK 4.5bn in aggregate, focused on follow-on investments and share acquisitions in our highest conviction companies
  • We divested our stake in Raisin for SEK 275m in the quarter. 2023 to date, we have made divestments of SEK 1.3bn in aggregate

Financial Position

  • NAV of SEK 50.8bn (SEK 180 per share), down SEK 3.3bn or 6 percent in the quarter
  • Net cash position of SEK 7.6bn, corresponding to 17 percent of portfolio value (SEK 8.1bn pro forma Tele2 dividends received in October)

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

Link to the webcast (listen only):

https://edge.media-server.com/mmc/p/prxi6wnc

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):

https://register.vevent.com/register/BI9d6f1c09ce2043ffb5effecc637491ce

This information is information that Kinnevik AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation (596/2014). The information was submitted for publication, through the agency of the contact person set out below, at 2023-10-18 08:00 CEST.

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

Torun Litzén, Director Investor Relations
Phone +46 (0)70 762 00 50
Email press@kinnevik.com

Kinnevik’s ambition is to be Europe’s leading listed growth investor. We back the best digital companies for a reimagined everyday and to deliver significant returns. We understand complex and fast-changing consumer behaviours, and have a strong and expanding portfolio in healthcare, software, marketplaces and climate tech. As a long-term investor, we strongly believe that investing in sustainable business models and diverse teams will bring the greatest returns for shareholders. We back our companies at every stage of their journey and invest in Europe and the US. 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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