On this call today, we have Per Brilioth, CEO; Dennis Mohammad, Investment Manager; and myself, Björn von Sivers, the CFO of the company. Per will start with a brief intro to the quarter, and then I'll follow up with a quick run-through of the financial highlights and the main drivers of the NAV movements during the quarter. Following that, we'll do a portfolio rundown led by Per and with the help of Dennis. With that, I'll hand over to you, Per. Before that, I just want to remind everyone, if you want to ask a question, use the Zoom Q&A function, and we'll address those towards the end. Per, please go ahead.
Thank you. I'll flip some slides here. Yeah. Welcome, everyone. Thanks, Björn. Yeah, it's sort of an uneventful quarter. We're down 2.5% in dollar terms. Björn will go through the details of how sort of that development stacks up. We were speaking about this over the course of the day and earlier, but it's sort of, you know, obviously the sector we've been, we are in, sort of had that big sort of move, COVID years, and then on the back of the Ukraine war, capital costs going up, sort of big move down, big move up, big move down.
It is sort of reminiscent from earlier sort of booms and busts, if you will, that, you know, it takes a little, you know, it takes a little time to sort of gather, you know, new momentum to go up again. It feels like we're in that sort of phase where it's sort of bumbling along at the bottom. I don't know, famous last words and everything, but that's certainly, I think it's fair to say that that's certainly how, what it feels like right now. Sort of a flattish quarter. Of course, macro-wise, it's a ton of stuff that's going on.
To the extent that you sort of see us and the sector, you know, or in the part of the capital markets that we are involved in as high risk, I mean, and that's, that's, you know, somewhat debatable, I think. I mean, as we'll show later and as we've shown before, 80% of the portfolio is earnings positive, EBITDA positive. Of course, once upon a time, those companies were very young and did not make money, but they do make money now. It's, I guess, I mean, at least lower risk portfolio than it was, or, you know, or other portfolios which are not earnings positive, income positive. Nevertheless, you know, when there's volatility in the world, I guess it's fair to, you know, that higher risk assets sort of get sort of not prioritized.
Of course, there's a lot of movement in the world with the stuff that's going on in the U.S. and the big currencies and big asset classes moving around very sort of violently. From that perspective, I guess, you know, we're somewhat affected. Given that the portfolio is sort of earnings positive, then it's, it's, you know, it's not like, you know, one of our larger holdings sort of absolutely needs to access capital markets now. Capital, if the, you know, capital markets seem sort of open, but to the extent that they are not, or, and certainly IPOs here in Stockholm, for example, or Swedish-based companies, I should say, have been sort of postponing their IPOs.
At least there's some, there may be some activity around capital, around sort of our part of capital markets, but when IPOs get pushed off, it's a sign that they're somewhat close. It doesn't really affect us. Excuse me. The other thing we've been trying to highlight is that the fall in the dollar doesn't affect the portfolio as such. Most, if most of our portfolio, if you look at our NAV and you weigh the portfolio on the back of the NAV or the revenues, you know, most of this, you know, our revenue, so to say, is in euros. It's 40% in euros. Then we got some pounds and shekels, et cetera. It's only sub 10% that is in US dollars.
Not a big effect there. We, of course, have this big chunk of cash coming our way on the Gett transactions. I'll come back to that when we talked about Gett. Really, apart from the sort of, if the dollar is going to go down by half, that, you know, if that movement is very violent, then of course, you know, all capital markets sort of stop for a while. If that's a smooth sort of, you know, if the dollar depreciates over in a smoother way, then our portfolio at large is not that affected. Anyway, that's a long winding intro to some stuff that seems sort of very topical around capital markets in general, but us specifically.
We'll come back to more details, but on that detail note, Björn, let's go over to your, to our balance sheet and NAV movements here.
Sure. As Per showed on the previous slide, NAV was SEK 5.7 billion or $570 million as per end of March. This corresponds to a NAV per share of some SEK 43.36, down 11.17% in SEK and down 2.5% in dollars. Big FX moving during the quarter. This decline, a small decline in dollar terms of the NAV, is mainly driven by BlaBlaCar, our largest holding, as well as the FX, and then somewhat cushioned by Voi, who's moved the opposite direction upwards on the upside. Cash and cash equivalents as of March 31 stood at some $13.6 million compared to $15.7 million at year end. Big mover here, borrowings, which is our outstanding SEK 850 million outstanding bond, that increased to $84.7 million as at Q1 compared to $77 million as at year end.
Highlighting here also that we're currently still trading at a large discount to NAV, 60% plus. If you move to the next slide, Per, just highlighting the top, top companies here. BlaBlaCar was down 8%, driven by lower peer multiples and continued headwinds in France related to the energy savings certificates, which Per mentioned in the MD intro. BlaBlaCar represents approximately SEK 14.7 per share or 34% of the NAV. Voi, on the other hand, moved upwards. The valuation moved higher because, I mean, driven by strongly operational metrics, also slightly higher peer multiples. Voi is approximately SEK 8.46 per share and some 20% of the NAV. Gett again remains flat, still valued on the basis of the ongoing transaction, which I think Per will touch upon later on. The deal again is still under review by the Israeli Competition Authority.
Gett represents some SEK 6.4 per share or 15% of the NAV at this transaction. In total, these three largest holdings, BlaBlaCar, Voi, and Gett, represent just under 70% of the total NAV. Below those, there is little absolute movement, some larger relative movements in the portfolio, but I thought I'll skip that and we go into specific holdings in the Q&A if relevant. With that, I'll hand over to Per and Dennis who will go through a summary of the larger holdings and the developments during the quarter. Thanks.
Yeah. As Björn said, we still trade at a 60% plus discount. I guess it's maybe more art than science. What's the background to that? I mean, certainly maybe, certainly sort of the mood around the tech sector outside AI and outside the big, big traded names is still somber and again sort of bumbling around at the bottom, I think, as this maybe NAV development and the discount to NAV shows. Another point I think to mention that we usually mention is that if you look at us from afar, you probably think that you're looking at a portfolio that's not profitable, but as we've shown, that has changed materially over these past couple of years and also over the last year.
Eighty-one percent of the portfolio is EBITDA positive, which includes an EBIT positive Voi. Again, the only sort of part of our portfolio where one should talk about EBIT because they own and depreciate these scooters. This should not be a reason that we have a portfolio that craves a lot of cash. You are left with sentiment around the sector overall, you know, small cap liquidity, all of that. Also, the big sort of cash outflows, of course, paying down, paying back our debt. That debt now matures in the autumn of 2027. Again, we will come back to that when we talk about Gett as the sort of source of funding to pay down the debt in the near term.
The portfolio at large is a very familiar sort of picture. I think, yeah, Björn went through the actual holdings here. Nothing really new. We thought we'd sort of concentrate on the larger names. First out, BlaBlaCar is not that much to sort of talk about in this quarter. We've taken out these energy savings certificates, the long distance ones, because there's some short distance too, but the long distance ones are gone from our model. They've been gone for so long now. We don't calculate with them as any value. They may come back. They should come back. The current sort of political atmosphere in France is so focused on the budget.
This sort of product or focus on climate at large, I think it's fair to say, becomes very secondary. Now there's, you know, who knows how long this government lasts. Someone said there was talk about new elections in the autumn, but anyway, we, you know, if they come back, that'll be upside to our model. We've taken them out. The company's sort of growth in Europe is sort of nothing to write home about. Growth in emerging markets is something very much to write home about. That's very, very strong. We're excited about that. That's the sort of the real driver of the long-term value here, of course, the marketplace for long-distance travel.
In fact, these sort of energy savings certificates, that income stream is sort of a by monetization. It's a nice extra, or it has been a nice extra, or it has been a nice extra in France. In Spain, it's just starting. It still is a nice extra, but the real value is, of course, monetizing the marketplace as such. That's growing very healthily, especially in emerging markets. One other thing that I think is especially relevant to BlaBlaCar is that if we're now heading into sort of a lower growth cycle or maybe even a recession in some parts of the world, this product, as many of ours in the portfolio are, are nearly of a countercyclical sort of nature where BlaBlaCar specifically is very much about cost sharing.
You want to cost save more or save costs more, more proper English, save the cost, share the cost of petrol for a long-distance sort of car ride. We extracted some numbers from the company that highlighted them in the report that during the course of 2024 alone, there's like 540 million EUR saved by the passengers of BlaBlaCar. There's an element of countercyclicality around BlaBlaCar, which I think is important to note when we're facing sort of maybe slower economic growth at large. Otherwise, I mean, even though if this is not so much to report about at BlaBlaCar in this quarter, we remain very sort of excited.
I think one figure that just stood out when I, when I, when we put it into our report is that we're expecting 150 million passengers on this platform during the course of 2025. You know, you can sort of sense an enormous, enormous amount of activity at the company. Second out is Voi, and we, Dennis is ready to sort of update you all on Voi.
Thank you, Per. Yeah, as I believe most of you know, Voi is a leading market mobility operator in Europe. In Q1, we wrote up Voi roughly 9%, as Björn mentioned, driven by a combination of multiples, FX, and underlying company performance. As a reminder, the company closed 2024 with roughly EUR 133 million in net revenue, reflecting almost 13% growth on top line year over year, with accelerated growth in Q4, which came in at roughly 33% growth year over year. They also closed the year with EUR 17.2 million in adjusted EBITDA. For the first time in the company's history, slightly positive adjusted EBIT at around EUR 100,000, which we expect to grow coming into 2025.
During the fourth quarter, they also, as we've already talked about, raised a EUR 50 million bond, which enables, you know, non-dilutive growth financing for growth CapEx. It also means that we will only be able to report the company's financial performance with a three-month lag. Their Q1 report is due to come out the last week of May. We will be able to share those numbers in our Q2 report, but we will also, of course, when that report is out, issue a press release to make you aware of those numbers. In this quarterly report, we don't have the Q1 figures to share as of yet. However, Q1 was strong in terms of at least tender performance, we can say, both, both, two contracts to highlight are one and Oslo.
Oslo is one of the best markets for shared market mobility globally. The new contract, which they recently won, or they won during the first quarter of this year, saw fleet size doubling, the contract length doubling, and the operational area tripling versus the previous contract. Voi won the contract, came in number one of all applicants. We think this is great news, not only because Voi now gets to continue to operate in Oslo, which is an even better city than ever before, but we also think it serves as a good example of the general direction and regulations in Europe, where the few operators that remain get a more favorable operating environment, essentially. The other contract to mention is for all you Stockholmers who are shareholders of VNV, that Voi also won an e-bike contract in Stockholm.
It's been quite a few years since we had a functioning e-bike scheme in Stockholm, and we're very happy that Voi was one of the two operators selected to operate that one. If we flip to the next slide, Per, you've already seen this slide before, but as you know, in the last couple of years, Voi has been on quite a journey, both in terms of growth, which you see on the far left graph, which showcases revenues, but also in terms of margin. You see the vehicle profit margin going from 31% in 2020- 57% in 2024. This is essentially the gross margin of the business. I think this has, in combination with a more frugal mindset on HQ costs, led to an adjusted EBITDA margin of 13%.
I think we need to go two slides. Back to EBIT, EBIT margin as of last year, driven by improved vehicles, more optimized for shared market mobility with a longer lifetime and improved operations as well. Looking forward into 2025 and beyond, we expect a higher growth rate than the one from last year at around 13%, driven to a large degree by the growth CapEx that's enabled by the bond, as mentioned, but also by the underlying growth in the shared market mobility market in Europe. I think that's it on Voi.
Thanks. Then third out is Gett, where, of course, yeah, the transaction is this thing to talk about. We're really in the final stages. I think the last sort of communication, we're really in the final stages of this transaction, whereby I think the last thing you saw from us where we updated you that the ICA, the Israeli competitive authorities, the antitrust over there, had sort of issued a list of concerns over the merger, whereby this parking app, Pango, buys Gett ride-hailing. Very intuitively not an issue for competition, whereas parking and ride-hailing are two very different businesses. Nevertheless, there's some concerns around that merger. We're in the process now of addressing those concerns. I say we, but it's not really we.
It's more, of course, the buyer who, who, Pango, that is, that is addressing the, the concerns of the antitrust authorities. I think it's fair to describe that people around the table are, are very positive that this transaction will close, that there will be, that there, that one will be able to address concerns, these concerns put on the table by the ICA. That is a very intuitively sort of very easy to understand. I guess, I guess you'll all wonder why it's taken this long. I think you're not alone in that. I guess the point is that now we're, we, we, as we have said, that we expect this to close in the second quarter. We're in the second quarter.
The timetable around this is really a few weeks left on the transaction where we, when we read the sentiment around the table, we think it will close. Given that it hasn't closed yet, you'll want, you'll, you know, you'll all wonder what, so what happens if it doesn't close? If it doesn't close, it's really not a bad scenario. In some cases, even a good scenario, because obviously the sort of $83 million that's heading our way, $70 million now, and then $13 million over a few years is in dollars. That's a currency that, I mean, I'm not good at sort of forecasting currencies, but if I read what everyone's saying, the dollar seems to be heading down.
The company generates its revenues in British pounds and mostly in shekels in Israel, not dollars. There is a disconnect there. Also, the company is in good shape. It is generating cash. The cash pile at the company's balance sheet is increasing. If this transaction does not close, we still expect it to close and us communicating around this in the next couple of weeks.
If it doesn't close, we expect the company to be in a position to sort of upstream dividends to its shareholders where we own just under half to quite a large degree, where a meaningful sort of degree for us in relation to our paying down our debt and still then retaining the same sort of ownership in a company that really is doing well and that maybe also has upside from the price which we have signed to sell it at. Don't get me wrong, we expect this to close. That's the sentiment that we read around the table on the transaction. We are in the very, very final innings stages of this transaction. We expect to sort of know in the next couple of weeks.
If it's in the unlikely scenario, I should say that it doesn't close, there's very likely, likely both liquidity coming our way and potentially also upside. There's, of course, you know, there's risk with everything. You know, Israel is, of course, in a very volatile part of the world. It's still at war, et cetera, et cetera. That has, that's the counterbalance against this upside. It's, yeah, it's a good plan B. I think that sort of covers Gett. Last, we've sort of in this report highlighted a little bit around Numan because it's grown to become quite a large part of our position. Dennis spent a lot of time around Numan. I think you're best, could you, could you walk us through the latest stuff on Numan?
Sure. As I believe most of you know, Numan is a health platform specializing today on around obesity and personalized healthcare. Their history has been, had a lot of focus on male health issues such as, you know, erectile dysfunctions, hair loss, et cetera. They have now evolved into a unisex brand, really much driven by their weight loss offering centered around GLP-1 treatments, which has driven significant growth in the past two years. To date, Numan has treated over 100,000 patients for obesity, with over 60% of those being female patients. The company has had a very strong start to 2025, with revenues growing close to 200% year over year in the first couple of months of 2025. This is on the back of a 2024 that grew roughly 130% for the full year.
Just to give you a picture of the growth here. They are EBITDA positive since last year as well. In this quarter, we are carrying it roughly flat versus the previous quarter. I believe it is down 1% in our NAV.
Good. Thank you, Dennis and Björn. I think that gets us to Q&A. Björn, do you want to walk us through how we?
Sure. Again, if you want to ask a question, please use the Q&A function or raise your hand. I will try some live questions as well. I think we have one or two from Ramil at Danske Bank. I'll open your mic now. If you're there, Ramil, please go ahead.
Hey guys, can you hear me?
Yeah.
Yeah.
Amazing. Just trying to wrap my head around this Gett transaction. First off, just a clarification. Have you had any opportunity of sort of leaving the table at any point, sort of included in the, in the initial contract you wrote with the buyers?
Yeah. No, I mean, no, we're still, we're still under, we're, we're, we're in the sort of, we're still, we're still governed by an SPA, which is signed and done basically, but it doesn't live forever. That's the end of that SPA, which sort of coincides now by planning with the end of the sort of interactions with the antitrust over there. We're bound by that SPA for another few weeks.
Okay. Okay. I'll apologize probably because I don't know what an SPA is in this context, but.
SPA, so sale and purchase agreement. We've signed an agreement to sell the whole company to the buyer, Pango. That agreement is nothing that buyer or seller can exit from, but it does not last forever if it does not close, if you see what I mean.
Okay. If competition authorities have not, or put it this way, the buyers and the competition authorities have not agreed on concessions, you are allowed to leave the table, so to say, at some point.
Exactly. Exactly.
When is that?
We haven't communicated the exact date, but you know, it's well within this second quarter.
Okay. Okay. Because just looking at these numbers you've provided on Gett, I mean, you're selling it at 10 times EBITDA, including earnings that will be paid out over a three-year period. It is the de facto sort of market leader in quite developed markets. You know, do you see my point? I mean.
Yeah. Yeah. Yeah.
Are you, are you really pushing for this to go through? I know it's a very candid question, but trying to understand it here.
No, Ramil, I mean, it's a very valid sort of topic and we, believe me, it's something that's been sort of discussed here. You know, we did sell this, I mean, it's a year ago even where we sort of signed this. We were, of course, and rightly so, I think, very focused on selling assets from the portfolio in order to sort of pay down the debt. We don't think that that debt is, I mean, our financial strategy is to fund our work with equity, not debt. We've used debt as a bridge to an exit. Of course, we had a couple of exits that didn't work out during sort of the volatility that we saw a few years ago.
I think that I absolutely stand behind that and feel that that was the right thing to do. Of course, we signed this agreement at the price we sold it at, I mean, the agreement during a period when Israel and the war was in a more sort of violent phase than now. That has of course developed to the positive. We hope it stays positive. Yeah, we have, I think it was the right thing to do to sell it at the price we sold it at.
I mean, I think it's, but we're not, should the transaction, should the ICA not say, should they not want to approve this within the sort of the timeframe of the SPA, then it's an asset that we're at this stage very happy to keep on owning. I also feel that if it now gets concluded, which we think it will, then it allows us to move beyond debt, which I think has positive implications for, you know, our balance sheet, of course, but also how we're viewed, the threat of sort of paying down the debt and how do you fund that. I sort of, again, more art than science, but I sort of feel that that has, that's sort of a drag on where we trade in relation to NAV.
It would be good to have that behind us. Although the price was negotiated a year ago and the company's doing well, I think that will be positive for how we value the portfolio at large and can sort of move beyond that. It is absolutely not the end of the world if it does not happen because we will be able to upstream dividends, and without going into the exact sizes because that has not been decided yet, of course, because we are living under this SPA.
I really feel that we can do sort of, we can with dividends alone sort of materially reduce our debt and then sell the company a few years down the road before this sort of bond matures well within the timeframe of the, you know, the remaining duration of this bond. Yeah. No, it's, yeah, we're still under this SPA. That's good. We think it will be concluded. If it doesn't, there's probably upside to be gained here. Sorry, I started babbling on so much.
No, no, it's good.
No, no, it's good because it sounds like the end of the world is perhaps if, well, we're closer to the end of the world if the deal closes at current terms than if it didn't to you in terms of shareholder value creation. Just to get this very clear, and you did allude to it on the presentation, but you're not willing to give any concessions to the competition authorities to get the deal through, i.e. sort of give away more of your upside here. It's up to the buyer to make sure that the deal goes through here.
Yeah. Yeah. It's not, it's not for us to make concessions to the, to the antitrust authorities. It's for the buyer to make concessions. I mean, we just own Gett. And then I think the, the antitrust, the competition authorities have, you know, as, as we expressed in that press release, they have raised concerns if you combine Gett with this parking app called Pango, i.e. the buyer, that's the issue. It's, it's the owner of Pango, which will then ultimately be the owner of Gett that has to sort of, has to address these concerns with concessions or you speak about remedies, et cetera. That's the, the, it's, it's really on them. It's not really on us to, to do anything if, if, if that's, if that makes any sense to you.
Yeah. Yeah. It does. Okay. Thank you, Per. Maybe two more questions if I may on, you know, the general portfolio. What kind of path to value crystallization do you see during 2025 outside of Gett? Are there any assets you believe you could sort of exit or partially exit to show the, the, prove the values here?
There are, we are in the process of doing some exits in some smaller positions. You could call it more as a sort of cleaning up of the portfolio. There is a bunch of smaller stuff that is doing well and that we are going to be able to exit. In a similar sort of fashion to the tail end of last year, when we sold also some smaller positions, and that gave us cash and, you know, maybe not enormous cash if you compare it to the overall NAV, but still material cash for our liquidity right now and addressing that.
I expect it to be that there'll be sort of a movement of liquidity in the positive way to us, which we will then, you know, provided that we're out of debt, be able to sort of use to buy back stock, for example. I don't really expect any sort of IPOs to happen in any of our companies during the course of 2025. I think in a year's time, in the mid of 2026, there could be a whole sort of raft of IPOs. Maybe it's still a touch early. It all depends on how the world's looking, of course. There's some IPOs that have been postponed of sort of big Swedish names, Klarna of course.
It is sort of more sort of IPOs and that kind of sort of proving up of the NAV is more, is more like a year away. Having said that, of course, we do see that parts of the portfolio, I mean, a big, big chunk of the portfolio is doing quite well and may be raising money for aggressive purposes and hence at valuations which are fair. We think we have our portfolio pretty much at where it should be, the NAV. The auditors listening into this call will say that we are exactly at the right value, but there is always, there is a plus and there is a minus, but I think we are roughly fair.
What I'm trying to say is that there could be sort of, I wouldn't rule out that there's some sections in some of the portfolio names where these companies raise money to grow faster or what have you at valuations where we are sort of happy to be diluted because they're around the NAV levels. That'll also be helpful for these companies or helpful for us because they'll prove up the NAV. Nothing is sort of, I mean, we obviously can't talk about anything until it's done. We will talk about it when it's done, but those kind of transactions I wouldn't rule out, but they wouldn't necessarily be listings. That's probably more like a year away.
That's very clear, Per. Maybe a final one for Dennis on Numan. Do you see any sort of regulatory risk pertaining to the fact that, you know, GLP-1 prescription methodologies are being questioned somewhat in media and whatnot?
I think that differs from geography to geography. In the U.K., as far as I'm aware, there hasn't been any questioning in terms of, you know, the prevalence of the drug and the usage of the drug. Obviously, it's still pretty novel, right? And there are studies being made as we speak. Most of them are coming out very positive. Obviously, there will be questions around side effects, which, you know, might impact that further down the line. The risk is not zero that regulations might impact Numan, but the current outlook is pretty good. There's some stuff specifically in the U.K. around how these drugs can be prescribed and what kind of interaction is required between the prescriber and the patient.
This is something that can, you know, we view it as a positive if it actually is being enforced in the U.K., so making it a bit more stringent compared to what it was last year. Yeah, it's, you know, massively growing. It's very, very early days. It's not a zero risk event that regulations would impact this, but so far in the U.K., it's looking quite well.
It's very clear. Thank you, Dennis, Björn, and Per, for taking the questions.
Thank you. We'll move forward with some of the other questions. You see there first, I can take one short one on the debt position. The debt, as I mentioned, increased from $77 million- $85 million over the quarter. That has everything to do with the debt of bond is denominated in SEK. SEK appreciated quite a lot during the quarter versus the dollar. As we report in dollars, it's increased. It's just FX. Moving on from that, we have a question from Ina Upson at SEB. In the annual report, you mentioned that the top five holdings were growing by 25% on average in 2025.
Has the current macro volatility changed that outlook or do you still see that type of growth? You know, which of the top five holdings main contributors are growing the fastest currently?
Yeah, I wouldn't say that that outlook has changed due to the macro. Maybe even on the point around BlaBlaCar or countercyclicality that it's maybe even changed for the better. It's maybe a little bit too early to say if it's really sort of growing faster because of countercyclical sort of elements to it. We do see, I mean, the two standouts here are the ones that was covered is Voi. Voi is growing faster than where we expected it to grow even now in the first quarter.
You know, as Dennis mentioned, they did raise capital and there's a lag between when you raise the capital, you do the orders and you get the sort of the equipment down to the streets and they can earn money. We still have that somewhat ahead of us, so that's exciting. Of course, Numan and GLP-1 being sort of maybe a novel product in many ways and maybe sort of the institutional part of capital markets doesn't feel it's been around long enough to really give it full value. Certainly not in sort of the platform place around it like Numan or Hims because these companies, I mean, I'm not the expert on Hims, but Numan is growing a lot.
The regulatory sort of wins or the, you know, the overall sort of sentiment at least sort of on a, I don't know what you say, on a clinical sort of level, you see it's like these, these products are having a, having more health benefits than, you know, you know, so it's going sort of in a positive direction rather than, I think what people are afraid about, that there's some side effects, et cetera, that will sort of start to sort of limit the usage of it. It's more the wind seems to be more positive, but it's a young product. So it doesn't get sort of that full value that you would if you, whilst you were growing as they are.
Sorry, long winding answer, but the short answer is we, I think that still stands and maybe there's even a push to the upside.
There, Per, I think it's also worth highlighting, you know, between Numan, sorry, between BlaBlaCar, HousingAnywhere, and Voi. These are quite, quite seasonal businesses with high season coming in Q2, Q3. I think we'll, you know, the jury isn't really out yet. We'll know, we'll know the outcome rather towards end of year. To Per's point, I don't think the outlook has changed with Q1 data alone, which is worth highlighting that they have the majority of the revenues coming in the coming two quarters.
Good. There is a follow-up question on Gett here. In the unlikely event that Gett, the Gett transaction does not close, can you provide some color at all around the quantum of the expected distribution you think you can receive from the company?
It's, yeah, it's a little early to get into those kind of details, because there's a, the, well, for number one, the company has a large sort of cash position on its balance sheet. And I think a large chunk of that can be distributed pretty quickly. That would get you, that would get you like, you know, 20-25% of the sort of, of this, of the exit price, if you will. Then if, as you make this sort of balance sheet,
20%-25%, is it?
Yeah, something like that. Call it 15%-20%. I mean, something like that. Then you have a balance sheet that's very inefficient in that there's no debt.
It's obviously cashflow positive business and that kind of situation, that kind of balance sheet, that kind of company should be able to sort of to hold and service quite a lot of debt to, you know, for equity holders to sort of to maximize their value. There should be more sort of dividend streams stemming from sort of a more efficient balance sheet. It's a little too early to go into the exact details, but a material amount. Yeah, I mean, you get the picture if this thing doesn't close. Again, I think it will close, but if it doesn't, I, I, it feels pretty good.
Good. There are some other Gett questions that we already covered. I think we've walked through the questions we've received. With that, I'll leave it to you, Per, to say some final remarks.
Some final remarks, Björn. Yes, that's good. I think we have our AGM on the 14th of May. Please come to that if you're around or I think one can log in. Can one log in? Anyway, the AGM, you're all welcome. That's here in Stockholm. The next quarterly, Dennis has kindly informed me, that's on the 17th of July, 17th of July. Yeah. We will do this kind of exercise again for the second quarter. By then we won't talk about Gett anymore. It'll be done or it'll be, it'll be still with us. Then we'll talk about Gett. Anyway, you get the picture. I don't think we've sort of set the dates in stone, but we are, we liked, we think, we hope it's useful now to have capital markets days.
We are planning one again this year, sort of sketchily planned for mid-September in London. That may move around a little bit also geography-wise, but 16th, 17th of September is what we have in pencil in our calendar. Hopefully we can sort of firm that up and get you, get that into your calendars in ink and then see you there. Anyway, thanks. You know where to reach us if there's anything we can help you with in the meantime. Thank you.
Thank you.
Thank you.