VNV Global (VNV) Q3 2025 earnings summary

Executive summary

• NAV at September 30, 2025, was USD 587.09 million (SEK 5.52 billion), or USD 4.52 (SEK 42.53) per share, down 1.1% in USD and 2% in SEK from the previous quarter.

• NAV per share in USD increased 1.82% year-to-date, but decreased 12.89% in SEK due to FX movements.

• Portfolio value at quarter-end was USD 652 million, with USD 581 million in investments and USD 71 million in cash.

• Share price trades at a 44% discount to NAV; 1,082,706 shares repurchased in Q3, reducing shares outstanding to 129.9 million.

• Net cash position of approximately USD 16 million achieved post-quarter after exits and debt repayments.

Financial highlights

• Net result for the nine months was USD 8.26 million, driven by positive revaluation of Voi, negative revaluation of BlaBlaCar, and the divestment of Gett.

• Largest holding, BlaBlaCar, valued at USD 184 million, down 8% in Q3; Voi valued at USD 137 million, up 7% in Q3.

• Numan and Breadfast valuations stable; HousingAnywhere down 11% due to peer multiple compression.

• Top six holdings represent 77% of NAV; mobility sector is 57% of portfolio value.

• Portfolio is roughly 80% EBITDA positive, with pro rata adjusted EBITDA margin improving from -6% in 2023 to 3% estimated in 2025.

Outlook and guidance

• Management expects top six portfolio companies to deliver USD 150 million in net revenue in 2025 (VNV’s share), with 40% YoY growth and an adjusted EBITDA margin of 3%.

• Earnings multiple for top six holdings estimated at 10x adjusted EBITDA, with remaining portfolio seen as additional upside.

• No major funding rounds planned for large holdings; focus on buybacks and supporting portfolio growth.

• Increasing share of portfolio companies are adjusted EBITDA positive, rising from 62% in Q3 2024 to 77% in Q3 2025.