"Coming out of 2024, Kinnevik now has a predominantly private portfolio invested in growth companies coupled with a strong cash position. While we have around 20 larger investments, our priority in the past two years has been focusing our portfolio towards our most promising assets. As a result, our five high-performing core companies now make up more than half of our portfolio, showing attractive returns as a group. With our permanent capital-backed approach, we expect several of these businesses to remain Kinnevik companies for many years to come. In the fourth quarter, our companies continued to show solid and substantial growth and significant margin improvements. With activity in the private growth markets picking up, our companies are also attracting new investors, validating their potential."
Georgi Ganev, CEO of Kinnevik
Key events of the Quarter
- TravelPerk raised USD 200m from new and existing investors and agreed to acquire expense management platform Yokoy, delivering on the ambition to create the leading integrated travel and expense management platform in Europe and the US
- Newer bio ventures hit important milestones - Recursion's acquisition of Exscientia was completed, and Enveda entered the clinic with its first drug and raised USD 130m in new funding
- Capital Markets Day in October outlined five-year expectations and highlighted our portfolio with presentations from the founders and CEOs of all our core companies
- EGM in December elected new board members Jan Berntsson and Hans Ploos van Amstel, and authorised share repurchases and new share issues
Key events of the Year
- Core companies - Cityblock, Mews, Pleo, Spring Health and TravelPerk - ended 2024 with encouraging performance, growing revenues by more than 55 percent on average with significant profitability improvements enabling them to refocus on investing into sustained high growth in 2025-26
- Portfolio concentration to core companies expanded from 29 to 53 percent during 2024 through active capital reallocation, operational performance, and growing valuations
- Mews, Spring Health and TravelPerk all raised new funding rounds at above-NAV valuation
- Divested our full shareholding in Tele2 to iliad/NJJ for a total consideration of SEK 13bn
- Extraordinary cash distribution of SEK 23 per share, or SEK 6.4bn in total, paid in June
Investment Activities
- SEK 1,219m invested in the fourth quarter, mainly into our core company TravelPerk and our newer bio venture Enveda
- Of the SEK 485m in-quarter investment in TravelPerk, SEK 78m was agreed prior to the funding round
- SEK 3,588m invested during 2024, of which SEK 2,775m or 77 percent into focus companies with SEK 938m in secondary investments leveraging our structural advantages
- Smaller divestments of SEK 17m during the quarter and 70m during the year, adding to our Tele2 exit and bringing 2024 divestments to SEK 12.9bn
Financial Position
- Net Asset Value of SEK 39.2bn (SEK 139 per share), up 5 percent in the quarter and down 5 percent during 2024 when adjusting for SEK 6.4bn extraordinary cash distribution
- Private portfolio up 7 percent in the quarter through solid valuation development and positive currencies, down 11 percent during 2024 mainly due to write-off of VillageMD investment
- Net Cash position of SEK 10.9bn at end of 2024, with limited follow-on investment needs in the portfolio providing high level of discretion on pace and target of investment
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/6atiwtix/
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-conf.media-server.com/register/BI8d5fb514604e442bbaf316a228aecf2d
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 2025-02-04 08:00 CET.
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.
