Sweden · Delayed Price · Currency is SEK VNV Global AB Earnings Call Transcripts
Fiscal Year 2026
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NAV remained flat in USD for Q2 but declined 16% over six months, with the portfolio trading at a 53% discount to NAV. Major holdings like BlaBlaCar and Voi saw operational improvements, while a new fund structure is being developed to capture emerging market opportunities.
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NAV dropped 15% QoQ to $462M, mainly due to lower peer multiples, not portfolio weakness. Top holdings remain profitable and growing, with ongoing share buybacks and debt reduction prioritized. Voi, BlaBlaCar, and Numan showed strong operational results despite valuation headwinds.
Fiscal Year 2025
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NAV declined 5.9% in Q4 2025, with a 49% discount to NAV and continued share buybacks. Top holdings remain EBITDA positive and are forecasted for strong growth in 2026, while recent exits and ongoing investments support liquidity and future returns.
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NAV declined slightly in Q3 but rose 2% YTD in USD, with a 44% share price discount to NAV. Portfolio is now in a net cash position, buybacks have resumed, and top holdings like VOI and Numan show strong growth and profitability.
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Portfolio companies are showing strong profitability and growth, with Voi and Breadfast leading in operational efficiency and market expansion. BlaBlaCar is scaling globally with a profitable carpooling core and new multimodal services, while Numan is rapidly growing in digital healthcare. Bokadirekt maintains marketplace dominance and high margins.
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NAV increased nearly 6% to just under $600 million, with strong EBITDA-positive performance across the portfolio. Voi and Gett saw significant gains, while Numan secured $60 million in new funding and targets 150% revenue growth in 2025.
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NAV declined 2.5% in USD, mainly due to FX and BlaBlaCar, while Voi and Numan showed strong growth and profitability. The Gett transaction is nearing completion, with proceeds earmarked for debt repayment; portfolio remains 81% EBITDA positive.
Fiscal Year 2024
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NAV rose 1% in USD for Q4 but fell 13% for the year, reflecting ongoing consolidation. VOI achieved profitability and strong growth, while BlaBlaCar faced regulatory delays but expanded in new markets. Portfolio expects 25% revenue growth in 2025.
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NAV declined 4% to $575M, mainly due to a BlaBlaCar markdown from French political delays, while asset sales and successful fundraising improved liquidity. Voi achieved strong profitability and secured a €50M bond, and Gett's sale is expected to close in H2 2024.
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NAV fell 10% to $600 million due to peer multiple declines and the Gett sale, but the portfolio is increasingly EBITDA positive and net debt has been reduced. The Gett sale is expected to close soon, enabling share buybacks and further portfolio concentration.
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Portfolio rebalancing and asset sales are driving debt reduction and future cash inflows, while Voi targets profitability and expansion in e-bikes amid industry consolidation. Breadfast leverages Egypt's market dynamics for rapid growth, expanding into fintech and private label products.