VNV Global (VNV) Q2 2024 earnings summary

Executive summary

• Net asset value (NAV) at $600.03 million (48.6 SEK per share), down 10% quarter-over-quarter and 9.94% year-over-year, mainly due to declines in peer multiples and the sale of Gett below NAV.

• Net result for the six-month period was -$66.32 million, mainly from negative revaluations of Voi, BlaBlaCar, and Gett; EPS was -$0.51.

• Portfolio is increasingly concentrated, with the top three holdings representing over 70% of NAV.

• Portfolio companies are showing improved profitability, with 62% EBITDA positive and further improvement expected as Voi approaches EBIT positivity.

• Operational performance remains strong in several holdings despite valuation headwinds.

Financial highlights

• NAV per share at quarter-end: 48.6 SEK ($4.58), down 10% from the previous quarter.

• Investment portfolio valued at $670 million (54 SEK per share).

• Cash and cash equivalents at $14.57 million, with total liquidity of $16.6 million.

• Borrowings at $81.2 million after bond redemption; equity ratio at 87.39%.

• Fair value change over the quarter was -$61.7 million, mainly from BlaBlaCar and HousingAnywhere.

Outlook and guidance

• Expectation to close the Gett sale in H2 2024, which will move the company into a net cash position and enable share buybacks.

• Cash balance projected to be at least $20 million by year-end, potentially up to $60–70 million if additional exits are completed.

• Management remains optimistic about portfolio company performance and sees potential for new opportunities in the autumn.

• BlaBlaCar is the most likely candidate for an IPO, possibly in late 2025.