VNV Global (VNV) Q2 2025 earnings summary

Executive summary

• Net asset value (NAV) at June 30, 2025, was USD 598.3 million, up nearly 6% in USD terms, with NAV per share at USD 4.57 (SEK 43.39), and portfolio transactions at a slight premium to NAV overall.

• Portfolio is diversified across mobility, digital health, and marketplaces, with over 80% of holdings EBITDA positive and a majority in developed markets.

• Share price trades at a significant discount to NAV, recently narrowing from 61% to just above 50%, but at quarter end was 17% below NAV.

• Sustainability is emphasized, with portfolio companies achieving significant CO2 reduction and food waste prevention.

• Proven track record of successful exits, including Avito and Tinkoff, with realized IRRs up to 126%.

Financial highlights

• NAV per share in USD increased by 5.56% in Q2 2025 and by 2.90% for the six-month period; in SEK, NAV per share was nearly flat for the quarter but down 11.12% for the half-year due to currency effects.

• Portfolio value at USD 688 million, with borrowings of USD 89.6 million and cash and cash equivalents at USD 16.4 million.

• Net result for the first half was USD 16.7 million, reversing a prior year loss, mainly from a positive revaluation of Voi.

• Cash increased due to a USD 6.2 million dividend from the sale of Opensooq.

• Net operating expenses decreased to USD -3.8 million for the half-year.

Outlook and guidance

• Management expects multiple exit opportunities in the next two years, with several portfolio companies maturing toward potential IPOs or sales.

• Numan guides for approximately 150% revenue growth in 2025, following a year in which revenue more than doubled and the business turned profitable.

• Management expects Gett to distribute a one-off dividend of around USD 30 million (USD 14 million attributable) in H2 2025, with further dividends anticipated.

• Voi's new Paris contract is expected to generate double-digit EUR millions annually, positioning Paris as its largest market.

• Several portfolio companies may pursue listings in the 12 months starting summer 2026.