VNV Global (VNV) Q1 2025 earnings summary

Executive summary

• Net asset value (NAV) at March 31, 2025 was SEK 5.68bn (USD 566.8m), down 11.17% in SEK and 2.51% in USD from year end, mainly due to FX movements and a decline in BlaBlaCar valuation.

• Portfolio remains 81% EBITDA positive, with major holdings showing profitability and improved operational performance.

• The company trades at a 60%+ discount to NAV, reflecting sector sentiment and small-cap liquidity issues.

• VNV Global focuses on non-listed, high-growth companies in mobility, digital health, and marketplaces, leveraging permanent capital for long-term value creation.

• Net result for Q1 2025 was USD -14.7m, mainly due to negative revaluation of BlaBlaCar and positive revaluation of Voi.

Financial highlights

• NAV per share at March 31, 2025 was SEK 43.36 (USD 4.33); total NAV USD 566.8m.

• Cash and cash equivalents stood at USD 13.6m as of March 31, 2025, down from USD 15.7m at year end.

• Investment portfolio valued at USD 652m, with borrowings of USD 85m.

• Top three holdings (BlaBlaCar, Voi, Gett) represent just under 70% of NAV; largest holdings: BlaBlaCar (29.4%), Voi (16.8%), Gett (12.7%), Numan (6.9%).

• Share price at Q1 2025 end was at a 61% discount to NAV.

Outlook and guidance

• Top five holdings are expected to grow by 25% on average in 2025, with no change in outlook due to macro volatility.

• IPO activity in portfolio companies is unlikely in 2025; potential for IPOs in 2026.

• Some smaller portfolio exits are expected in 2025, providing additional liquidity.

• Management remains optimistic about portfolio resilience, noting counter-cyclical elements and ongoing innovation despite macro headwinds.

• Focus remains on executing exits to raise cash and pay down debt.