A write-down of the value of shares in financially stressed steelmaker Stegra contributed to the decline. In total, Kinnevik wrote down the value of the “private portfolio” by 8 percent during the quarter and 12 percent for the whole of 2025.
"Stegra continues to make progress with new customer contracts and construction in Boden, but the financing round required to complete the project has not yet been completed. As mentioned above, pending the outcome of the ongoing round, we have therefore chosen to write down our investment to try to reflect the potential dilution of our ownership in the company," wrote Kinnevik CEO Georgi Ganev in the financial statements.
