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VNV Global (VNV) investor relations material
VNV Global Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary29 Jan, 2026
Executive summary
NAV at year-end 2025 was USD 547 million (USD 4.25/share), down 5.9% in USD and 8% in SEK for the quarter, and down 4.23% in USD and nearly 20% in SEK year-over-year.
Portfolio focuses on non-listed, high-growth companies in mobility, digital health, and marketplaces, with strong network effects and a permanent capital structure.
Company trades at a 49%+ discount to NAV, prompting ongoing share buybacks as a preferred capital allocation.
Demonstrates a strong track record of successful exits and value creation, with a ~10.5% NAV IRR since 2012.
Net result for 2025 was USD -29.22 million, a significant improvement from USD -85.14 million in 2024, driven by portfolio revaluations and divestments.
Financial highlights
Investment portfolio totals USD 589 million, with USD 537 million in investments and USD 51 million in cash/cash equivalents; borrowings at year-end were USD 46.6 million.
Cash inflows included USD 98.3 million from Gett and Tise exits; main outflow was bond redemption.
Six largest holdings represent 80% of NAV, with aggregate value close to SEK 30/share.
Cash and cash equivalents increased to USD 51.25 million at year-end 2025 from USD 15.68 million at year-end 2024.
Equity ratio at year-end 2025 was 91.95%.
Outlook and guidance
Expectation of continued strong growth in 2026, with earnings projected to grow faster than revenues and focus on expanding profitability.
Anticipated price to EBITDA ratio for the portfolio's share of earnings to drop from above 20x in 2026 to around 10x in 2027.
Ongoing share buybacks expected to continue opportunistically, supported by available cash and further portfolio exits.
Several portfolio companies, including Numan and HousingAnywhere, expect continued growth and positive EBITDA in 2025.
HousingAnywhere is expected to complete a new funding round in early 2026, with VNV committed to participate.
Strategy to close NAV discount given AI concerns?
Voi's path to steady-state profitability and dividends?
2026 outlook for bond redemptions or buybacks?
Voi's 2026 EBITDA forecast reduction drivers
Which smaller holdings could become future top assets?
What scale of buybacks is feasible given exits?
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Latest summaries
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Double-digit profit and sales growth, with strong segment results and a stock split impact. - 2371
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Major impairments and divestitures led to a net loss and lower revenue across all segments. - 8002
Profit forecast raised to ¥540.0B and annual dividend to ¥107.50 per share after strong results. - COF
Profit rebounded, NTA and occupancy rose, with strong leasing and premium divestment. - NUF
Statutory loss reported, seeds business repositioned, new CEO appointed, all resolutions passed.
Next VNV Global earnings date
Q1 202623 Apr, 2026
VNV Global
Next VNV Global earnings date
Q1 202623 Apr, 2026
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VNV Global AB is a Private Equity and Venture Capital firm based in Stockholm, Sweden, specializing in growth capital, buyout investments, incubation, seed/startup, early venture, mid venture, late venture, expansion stage, public market equivalent investments, and middle market investments. It also seeks to invest in acquisitions and pre-IPO situations.
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