The investment firm also opted out of Stegra’s current capital raise amid a broader portfolio pruning.
Despite the quarterly lift, the firm’s asset value remains down 17 percent since the turn of the year.
Markets reacted coldly to the figures. Kinnevik’s B-share fell by nearly 7 percent shortly after trading opened on October 15, and dropped by 9.19 percent by the time the reporting session concluded, as the reported numbers fell short of analyst expectations.
Stegra Written Down to Zero and Capital Raise Skipped
The steepest blow to the portfolio came from the green steel venture Stegra, which Kinnevik has written down to zero in its books.
Alongside the write-down, management confirmed that the firm will not participate in Stegra’s ongoing capital round. Stegra confirmed in late September that it requires fresh capital to complete its steelworks project, even as the company appointed Håkan Buskhe as its new chief executive officer effective November 1. Among other major stakeholders, the Wallenberg sphere serves as the largest owner in Stegra, followed by private equity firm Altor in second place. Vargas Holding, founded by financial profile Harald Mix, previously acted as the majority owner but now maintains a more subdued role, while at the end of 2025 Al Gore’s climate fund Just Climate held the position of primary owner.
Enveda and Tandem Health Drive the Quarter’s Recovery
Without gains in a couple of select holdings, the quarter’s portfolio development would have slipped into negative territory. The modest increase in net asset value was powered primarily by pharmaceutical developer Enveda and healthtech company Tandem Health, which posted positive valuation changes. Enveda secured a substantial funding round, pushing its overall valuation and lifting Kinnevik’s book value accordingly.
At the same time, multiple larger assets faced downward pressure.
Portfolio Concentration and Strategy Under Helena Saxon
The third-quarter report was Helena Saxon’s first reporting session since stepping into the chief executive role on August 1. Addressing analysts and reporters, Saxon pointed to currency tailwinds and successful funding rounds in Enveda and Tandem Health, which were counteracted by multiple contractions, dilution, and climate tech write-downs.
We have a broad portfolio, maybe a little too broad. That is why we are talking about focus and concentration. We have resources allocated to finding new owners for companies that may no longer fit perfectly in our portfolio.