VNV Global (VNV) CMD 2024 summary

Portfolio strategy and recent developments

• Focus remains on companies with strong network effects and high barriers to entry, leveraging permanent capital for patient, disciplined risk-taking.

• Recent portfolio changes include the sale of Booksy for up to $58 million and the signed sale of Gett for $83 million, both at modest discounts to NAV but significant premiums to share price valuations.

• Monetization of assets is aimed at reducing debt to zero, with major maturities addressed by January 2025.

• Post-Gett sale, BlaBlaCar becomes the largest holding, representing about half of NAV, with future cash inflows expected from transaction earn-outs.

• Portfolio companies have delivered approximately 30% annual revenue growth, with over half now EBITDA positive and a clear ambition to achieve cash flow positivity and dividend streams.

Voi: Urban mobility and growth outlook

• Voi has shifted from hypergrowth to a focus on profitability, achieving a 49% gross margin in 2023 and a 7% group EBITDA margin over the last 12 months, with expectations for higher margins in 2024.

• Industry consolidation and regulatory maturation have reduced competition and improved the operating environment, with only two major competitors remaining.

• E-bike expansion is a key growth driver, favored by both users and city officials, with significant market potential as e-bike penetration lags behind e-scooters.

• Operational efficiency has improved through workforce reductions and new vehicle models, supporting plans to double company size and generate significant cash flow and EBIT by 2027–2028.

• Long-term targets include gross margins north of 60% and EBIT margins above 20%, with a pathway toward a public listing in the coming years.

Breadfast: Scaling in emerging markets

• Breadfast has grown 38x since January 2021, reaching a $150 million annualized revenue run rate, and operates 34 fulfillment centers across four Egyptian cities.

• The business leverages Egypt's favorable unit economics (high AOV, low labor costs) and a largely unorganized retail market, enabling rapid and efficient scaling.

• Breadfast positions itself as an infrastructure company, expanding from cloud supermarket operations into coffee, private label, and future verticals like banking and pharmacy.

• Private label products now account for 35% of monthly GTV, matching leading European retailers, and customer retention is near 100% by month 20.

• The company is launching a prepaid wallet to build on its successful closed-loop payment system, targeting Egypt's underbanked population.