Kinnevik B stock stays supported by portfolio and value focus

Kinnevik B stock stays tied to a portfolio built around listed and unlisted growth holdings, with net asset value per share at SEK 141 at year-end 2025 and total portfolio value at SEK 35.4 billion. Kinnevik AB (publ) (ISIN SE0015810247) reported a net loss of SEK 1.31 billion for 2025, while net cash position remained a central balance-sheet metric.

SEK 141 per share

At 31 December 2025, Kinnevik reported net asset value per share of SEK 141, compared with SEK 148 at the end of 2024. The implied decline of about 4.7% year on year shows how the market has continued to focus on portfolio valuation rather than on operating income alone.

The same annual report put total portfolio value at SEK 35.4 billion, alongside a net loss of SEK 1.31 billion for 2025. That combination matters because Kinnevik is valued primarily through its holdings, so changes in the underlying portfolio can move the investment case faster than headline profit trends.

Portfolio value versus loss

Kinnevik's 2025 results also showed net cash of SEK 11.3 billion, a buffer that helps the company keep flexibility across private and public investments. For investors, that cash position is a second anchor after NAV because it limits forced selling pressure when portfolio markets weaken.

The year-end report also highlighted that the portfolio remained concentrated in growth-oriented companies. That concentration is important because a small number of holdings can drive both upside and downside in net asset value over a single reporting period.

Listed holdings matter most

Kinnevik's portfolio includes exposure to publicly listed assets, and those holdings can reprice quickly when market sentiment changes. In that setup, NAV per share and the total portfolio value are the most practical numbers to track across reporting dates.

The 2025 annual figures give a clear baseline: SEK 141 NAV per share, SEK 35.4 billion portfolio value, SEK 11.3 billion net cash, and a SEK 1.31 billion net loss. The year-on-year drop in NAV per share from SEK 148 adds the comparison point that investors typically use to judge whether portfolio quality is holding up.

Kinnevik stock and portfolio mix

Kinnevik AB (publ) remains a Stockholm-listed investment company whose results depend heavily on how its portfolio companies are valued. The annual report framing also means that the stock can trade differently from an industrial or software company, because balance-sheet value and portfolio marks are part of the core story.

That is why the market usually reads Kinnevik through capital allocation, NAV, and liquidity, not only through profit and loss. In 2025, the reported figures showed a business still shaped by a large cash position and a portfolio value well above the annual net loss.

Stock at year-end 2025

For reference, the key published year-end valuation metrics came from Kinnevik's 2025 annual report. The company had SEK 141 in NAV per share and SEK 35.4 billion in portfolio value at 31 December 2025, with net cash at SEK 11.3 billion and net loss at SEK 1.31 billion.