Kinnevik AB (KNVKF) Q4 2024 Earnings Call Transcript

2025-02-04 10:29:03 ET

Kinnevik AB (KNVKF)

Q4 2024 Earnings Call

February 4, 2025 04:00 ET

Company Participants

Georgi Ganev - Chief Executive Officer

Samuel Sjöström - Chief Financial Officer

Torun Litzén - Director, Corporate Communications

Conference Call Participants

Linus Sigurdson - DNB Markets

Derek Laliberte - ABG Sundal Collier

Andreas Joelsson - Carnegie

Oskar Lindstrom - Danske Bank

Stefan Wård - Pareto Securities

Presentation

Operator

Good day and thank you for standing by. Welcome to the Kinnevik Presentation of Q4 2024. [Operator Instructions] Please be advised that today’s conference is being recorded. I would now like to hand the conference over to your speaker today, Georgi Ganev, CEO. Please go ahead.

Georgi Ganev

Thank you very much, and good morning, everyone, and welcome to the presentation of Kinnevik’s results for the fourth quarter and full year of 2024. I’m Georgi Ganev, Kinnevik’s CEO. And with me today is our CFO, Samuel Sjöström; and our Director of Corporate Communications, Torun Litzén.

On today’s call, we will walk you through the key events during the quarter. I will also give an update on our two most recent investments in TravelPerk and Enveda. Samuel will then cover our financial position and the development of our net asset value. Finally, I will go through our priorities going into 2025, as outlined at our Capital Markets Day. And as usual, we will end with the Q&A.

So let’s start on Page 4. 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 2 years has been on focus our portfolio towards our most promising assets. And 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, we continued executing on our strategic priorities, backing our company’s long-term growth and investing our capital in a disciplined way. Our net asset value amounted to SEK39.2 billion or SEK139 per share at the end of the fourth quarter of 2024. The fair value of our private companies was up by 7% in the quarter, driven mainly by a large write-up in TravelPerk, significant multiple contraction in healthcare delivery and positive currency effects. With SEK1.2 billion net invested in the quarter, the private portfolio increased in value by SEK3 billion to SEK28.2 billion. Our balance sheet remains strong, and we ended the quarter with a net cash position of SEK10.9 billion....

Read the full article on Seeking Alpha

For further details see: