VNV Global (VNV) Q4 2025 earnings summary

Executive summary

• NAV at year-end 2025 was USD 547 million (USD 4.25/share), down 5.9% in USD and 8% in SEK for the quarter, and down 4.23% in USD and nearly 20% in SEK year-over-year.

• Portfolio focuses on non-listed, high-growth companies in mobility, digital health, and marketplaces, with strong network effects and a permanent capital structure.

• Company trades at a 49%+ discount to NAV, prompting ongoing share buybacks as a preferred capital allocation.

• Demonstrates a strong track record of successful exits and value creation, with a ~10.5% NAV IRR since 2012.

• Net result for 2025 was USD -29.22 million, a significant improvement from USD -85.14 million in 2024, driven by portfolio revaluations and divestments.

Financial highlights

• Investment portfolio totals USD 589 million, with USD 537 million in investments and USD 51 million in cash/cash equivalents; borrowings at year-end were USD 46.6 million.

• Cash inflows included USD 98.3 million from Gett and Tise exits; main outflow was bond redemption.

• Six largest holdings represent 80% of NAV, with aggregate value close to SEK 30/share.

• Cash and cash equivalents increased to USD 51.25 million at year-end 2025 from USD 15.68 million at year-end 2024.

• Equity ratio at year-end 2025 was 91.95%.

Outlook and guidance

• Expectation of continued strong growth in 2026, with earnings projected to grow faster than revenues and focus on expanding profitability.

• Anticipated price to EBITDA ratio for the portfolio's share of earnings to drop from above 20x in 2026 to around 10x in 2027.

• Ongoing share buybacks expected to continue opportunistically, supported by available cash and further portfolio exits.

• Several portfolio companies, including Numan and HousingAnywhere, expect continued growth and positive EBITDA in 2025.

• HousingAnywhere is expected to complete a new funding round in early 2026, with VNV committed to participate.