VNV Global (VNV) CMD 2025 summary

Portfolio performance and financial outlook

• 77% of the portfolio is EBITDA positive, with profitability improving even after divesting a highly profitable asset.

• Revenue growth in the top six holdings accelerated from 17% to 42%, with profitability margins turning positive and expected to rise further by 2025.

• The portfolio trades at a P/E to EBITDA of about 10, suggesting continued earnings growth through 2027.

• A 44% discount to NAV remains, despite recent share buybacks and bond redemptions.

Strategic focus and business development

• Emphasis on network effects and high barriers to entry, with investments in mobility, marketplaces, and emerging markets.

• Several smaller portfolio companies are positioned as future major contributors, with innovations in corporate gifting, healthcare, HR, and traffic management.

• Thematic investment approach highlights disruption of traditional sectors and a shift toward early-stage and emerging market opportunities.

Company highlights and operational achievements

• VOI, a leading micromobility platform, achieved profitability at both EBITDA and EBIT levels, expanded to over 100 cities, and is launching its largest e-bike contract in Paris.

• Breadfast, Egypt’s largest online grocery platform, reported 98% YoY revenue growth, 10% store-level EBITDA, and 40% private label penetration, with strong resilience to macroeconomic challenges.

• Bookadirect, Sweden’s top beauty and health marketplace, holds a 35% market share, supports 2.5 million monthly users, and is investing in AI-driven merchant tools and payment solutions.

• Blablacar, a global leader in long-distance carpooling, is expanding into buses and trains, with 135 million passengers, €1.8 billion GMV, and a profitable, scalable model.

• Neumann, a UK-based holistic health platform, achieved triple-digit revenue growth, profitability, and is scaling its obesity treatment and digital health services.