Kinnevik AB (KINV_B) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning, everyone, and welcome to the presentation of Kinevix results for the fourth quarter and full year 2025. I'm Jorg Eganev, Kinevix CEO, and with me today is Samuel Sjöström, our CFO, and Christian Scherer, Senior Investment Director and Head of Health and Bio. We will begin today's call by walking you through the key events of the quarter, as well as the full year of 2025. I will then hand over to Christian, who will give you some more insights into our newest investments, Oviva, as well as other exciting developments in our healthcare portfolio. After that, Samuel will provide you with a financial update, including our capital allocation, our financial position, and net asset value development. Lastly, I will go through the priorities we set out at the start of 2025 and how we performed against them, and what our priorities are for 2026. And as usual, we will end with a Q&A. So let's start on page four. Q4 marked another quarter of solid operational development in our core companies. However, the trend of currency and public market headwinds, which we saw for most of 2025, continued. Adding to that, write-downs in several climate tech companies weighed on our net asset value. A write-up of MUSE was the largest positive contributor to NAV, but it did not fully compensate. All in all, we ended the quarter down 4% 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. Over the year, public market multiples and currencies weighed on our NAV with around 6.5 billion SEC in aggregate. As mentioned, progress in many of our climate tech investments has been unsatisfactory. This is due to a combination of market and regulatory headwinds, weaker investor sentiment, and some operational chal...