VNV Global (VNV) SEB Nordic Seminar presentation summary

Financial highlights and portfolio overview

• Q3 2025 NAV stands at $587m (SEK 5,524m), or $4.52 (SEK 42.5) per share, reflecting a 1.1% decrease in USD and 2.0% in SEK since last quarter.

• Investment portfolio value is $652m, with borrowings of $91m and cash & equivalents of $71m; pro forma net cash position is -$16m after recent transactions.

• Portfolio is concentrated, with BlaBlaCar (28%), Voi (21%), and Numan (6%) as top holdings; top six companies represent over 75% of portfolio value.

• Share buybacks reduced outstanding shares to 128.6m, with 2.38m shares repurchased in 2025; shares trade at a 44% discount to NAV.

Portfolio company performance and transactions

• BlaBlaCar achieved significant growth in emerging markets, especially India and Brazil, with 150m passengers in 2025 and minimal marketing spend.

• Voi surpassed 400m rides, expanded into new cities, and turned positive adj. EBIT in 2024, with continued revenue and margin improvements.

• Numan posted triple-digit revenue growth and expects positive EBITDA in 2025 after securing $60m in new funding.

• Breadfast accelerated growth and improved unit economics, raising $10m in Series B2 and launching new payment products.

• HousingAnywhere and Bokadirekt both saw steady growth, with HousingAnywhere appointing a new CEO and Bokadirekt benefiting from higher multiples and improved margins.

Investment returns and market activity

• Several long-tail holdings, including Flo, Oura, Ovoko, Tise, and NoTraffic, completed transactions at significant premiums to VNV's NAV.

• Tise exit to eBay closed at a 65% premium to NAV; Oura and Yuv also saw new rounds at higher valuations.

• Increasing share of the investment portfolio is now in adj. EBITDA positive territory, rising from 62% in Q3 2024 to 77% in Q3 2025.

• Pro rata adj. EBITDA margin for top six holdings improved from -6% in 2023 to 1% in 2024 and is estimated at 3% for 2025.