On Tuesday, Kinnevik published its interim report for the second quarter of 2026. The report shows that the net asset value increased by 6 percent, or SEK 1.7 billion, to a total of SEK 29.6 billion. This corresponds to SEK 107 per share. The increase is primarily explained by higher valuation multiples for the listed reference companies used to value the unlisted portfolio.
Sale of Oda and Mathem
Kinnevik announces that the company has entered into an agreement to sell its holdings in Oda and the software company YouScan, both of which are part of the company's previous strategies. The expected cash proceeds from these divestments total approximately SEK 133 million and are expected to be realized in the third quarter. Of this amount, the sale of Oda and Mathem accounts for just over SEK 100 million, according to Breakit.
As Kinnevik's ownership amounted to approximately 25 percent, the sale price implies a total valuation of Oda and Mathem of around SEK 400 million. Historically, Kinnevik has invested SEK 3.5 billion in Oda and Mathem since 2019, but the value of these holdings was already written down to zero in 2024.
Revaluation of Instabee
In the remaining e-commerce-related portfolio, logistics company Instabee accounts for 2 percent of Kinnevik's net asset value. The valuation of the holding in Instabee was written up by 10 percent during the quarter. The largest single percentage increase in value among the ten largest holdings was for the American healthcare company Spring Health, which was adjusted up by 29 percent.
Reduced Costs
Kinnevik is in an initiated transition phase towards a smaller and more focused organization. The workforce has been reduced from 45 people at the beginning of the year to under 25 people today. Measures have also been taken to reduce annual cash flow-affecting administrative costs to around SEK 200 million from the beginning of 2027.