All right. Welcome, everyone, to VNV Global's Q3 conference call. I am Per, CEO, and I am joined by my colleagues Björn and Dennis. We thought we would go over the report and a few comments on the various activities that we are at, and then also some update on the portfolio companies. As most of you, I think know, we will talk for a while, and then we will take questions, and the questions are we handle by you put them into the Zoom sort of question function, and we will pick them up at the end and have a go at answering them. With that, I think we kick off and I hand it over to Björn to get us going.
Thank you, Per. Yes, I will start with a few numbers here. NAV in the quarter came in at $439 million, or $343 per share, which is SEK 34.2 per share, down 2% in SEK over the quarter or roughly 5% in dollar terms during the quarter. If we go to the next slide, we can see that our total investment portfolio now amounts to $469 million, of which $446 is investments and $13.3 cash and cash equivalent. In addition to that, $13 million of cash and cash equivalent, we also have short-term investments showing up on the investment line of approximately $8 million. All in all, liquidity as per end of the third quarter is approximately $22 million. Borrowings similar to last quarter amounts to roughly $6.4 million, which is the remaining outstanding bond we have.
We are still continuing to trade at a significant discount of approximately 60% given the September 30 NAV and the SEK 18.50 per share, which is the current trading as of today. If we go to the next slide, we can also quickly walk through the main fair value drivers over the quarter before getting back to the specific portfolio companies. Starting from the top, we have BlaBlaCar, which is valued at $116 million based on model, down roughly 5% during the quarter, primarily driven by lower peer multiples in this report. As Dennis will come back to, we exclude revenues from operated bus wind-down and BlaBlaCar Daily, which the company currently sold, and it is guided on the NTM forward-looking basis.
Moving to the next company, Voi, also valued on the model-based valuation at $101 million for the stake, down roughly 4% during the quarter. Here, I think also Dennis will touch upon a revised valuation approach where we have emphasized more weight on the Lime, which is now listed in the U.S. as the closest peer in the listed universe. HousingAnywhere, very flat during the quarter, valued at $39 million based on transaction which closed early this year. Similarly to Breadfast, also flat during the quarter, valued at $30 million, also based on a transaction which closed during the first half of 2026. Next up is Numan, where we have the largest relative valuation change. Also in absolute terms, down 26% over the quarter or $9 million.
This writedown is reflected still also based on a valuation model, and here we have both weaker peer multiples and also lower certainty in terms of the forward-looking outlook for the company given some volatility in the U.K. market in the weight loss space. Finally, among the larger companies, we have Bokadirekt, which is continued to be valued on a model base and down roughly 7% during the quarter, primarily driven by weaker peer multiples. All in all, these six companies represent roughly 26 SEK per share in aggregate or roughly just below 80% of the NAV. Finally, going back on the cash and cash equivalent position, as I mentioned, $13 million of cash and another nine on the investment portfolio in short-term investments.
As mentioned in the report, in the management report, we also have another $11 million in a way that we expect to hit our accounts during the fourth quarter, coming from exits of NoTraffic and Ovoko. With that, I'll hand it back to Per and Dennis, who will start with the portfolio companies. Thanks.
Yeah. Thanks, Björn. As a starting point, the portfolio initiatives version of what Björn talked about. The portfolio is kind of similar to what you've been used to. What should one say? At large, the portfolio is doing really well, I think as you can sense, certainly from Voi, we'll come back to that, but also BlaBlaCar, really in a very good spot. I think the only one is Numan, we'll come back to that too, where the overall sector, due to some pricing hikes, it's in a wobbly patch. But, we see that maturing, I think rather soon, and then I think Numan is in a really good position to pick up again. But at large, portfolio is doing better than for a very long time.
Valuations as Björn was on about, and I think maybe Dennis will touch upon, especially on Voi, it's more driven by peer multiples, with different dynamics at play. We trade at that roughly 50% discount, which has been the norm for a while now. We think about this a lot. What's the expression? We're trying to take advantage of the opportunity by buying back stock, and yeah, to try and make use of the opportunity that this gives rise to. The portfolio is still very profitable. The discount should not at least been driven by a fear that the portfolio companies are consuming cash and needs to fund themselves, from its current shareholder base. That's not the case. This portfolio has become profitable and remains profitable, as this picture shows.
That profitability has not come on the back of growth tailing off. Its growth is there and at the top level, this is the top six companies in the portfolio. Those companies have provided growth over these past years of 27% at the top line, and then of course, much higher at the bottom line. Interestingly, I think these top six companies generate to us 8.5 million bucks of earnings, which is of course not earnings yet to the level which is then transferred to us through dividends. That is not far in the future. If these earnings would have been mature enough to also be transferred as dividends, then of course, for only these top six companies, these kind of figures would basically pay for our entire OpEx and then leave room to buy back a lot of stock.
If you look beyond the 2026 year here, which we're soon ending, we see growth continuing, and if you compare our market cap to what we see these top six companies generating as EBITDA to us, you're looking at us trading at a P/E of nine or price to EBITDA of around nine. Interesting, I think, and that's not counting the large portfolio outside of these six. As we spoke about, for those of you who attended our CMD, and of course that we've talked about for a few quarters now, we're really busy in setting up a separate business unit, you could say, which essentially moves new investments off the balance sheet of VNV Global.
But with the shareholders of VNV Global set to benefit because these off-balance sheet vehicles and funds or what have you, will be run by [Afteloft and hence fees and profit share goes back to the VNV Global. This effort, it's partly driven by a need or an ambition to reduce the net OpEx of the company that we run. But also over time to generate cash flow and profit share to us. This, we think is entirely possible because whilst we can't invest cash in any meaningful way, at least at the balance sheet, because the cash we generate, Björn spoke about them, we've written about that. We've sold stock for about SEK 100 million , $11 million, very recently.
That cash, there's nothing better for us to do risk-reward wise than to buy back our own stock. We think from the NAV level, we'll be able to generate serious returns, and if you can buy that kind of potential with the transparency and closeness that we have with these companies at half the price, it's very difficult to find anything that compares to that. At the same time, we've been at it, investing, and we have a deal flow that we think is very attractive. Hence, generating capacity to pick up on that deal flow but off the balance sheet with the economics benefits that we just talked about. We're hard at work on that.
We're exploring opportunities around vehicles, around our existing holdings, the larger holdings, all of them, to capitalize on opportunity sets around those cap tables, shares, et cetera. We think we are. We're certainly large, and we think we have a very good handle on all these companies, so we're good to partner up with in more single top stock or sector SPVs very much around our own portfolio. We also have a very clear and a well-advanced ambition, I think is the way to frame it, to also launch a proper fund.
The very natural first fund for us to launch would be, going back to our emerging markets historical starting point and historical performance, which is an area where if you just take out what we've done in emerging markets, of these past decades, we've invested about EUR 200 and sold for about EUR 1 billion, and that works out to be just shy of 40% annual return IRR and a 5x money on invested capital. So, it's only when you dilute that with the current portfolio, which is more, of course, predominantly Western Europe. As you can sense, we think that then you get to a different IRR. I think that also has a very high potential that we're on the cusp of seeing being revalued.
That will pick up too. The left part of this slide gives you the picture why we think there's a possibility for us to raise money in a fund that focuses on emerging markets because the track record we have there is clear. We also think that emerging markets, contrary to common opinions, is that you can't really do stuff in emerging markets because it's difficult to buy and it's even more difficult to sell. I think that's a common perception. In reality, there's a ton of capital markets activity going on in the classical emerging markets. We also have a very long experience of both getting involved, sometimes at earlier stage. The focus of this vehicle, this fund, is actually not to get involved super early, but to only get involved in companies that are already profitable.
We also have a long experience of selling emerging market companies in IPOs, selling them to strategics, but also selling them to other financial investors, like we did with the real estate vertical that we used to own in the U.A.E., which we sold to General Atlantic. Why emerging markets? I think just touch upon that. Simply because a very large part of the growth for the next decade or two will come from emerging markets, and this is emerging market outside of China and India, which we probably won't see as our primary hunting grounds. We're mostly active in countries outside of those two mega geographies. Growth will be high, and at the same time, competition is low. As compared to the share of GDP, in these countries, the VC funding that they attract, it's a fraction. So there's less competition.
This means that there is less competition for the companies that are active there. There is also less competition in terms of providing of risk capital to them, and that consequence of that is that the valuations are much more attractive. This is just a few of the thoughts that we have, which is the background to what we are working on to launch a vehicle like this, which we hope to do in the very near future, to be done with all the regulatory work that needs to be prepared in order to launch this and market this, and why we think that we are well-positioned to do this, and hence also to generate cost-sharing and then cash flow, generating to us that also significant upside in terms of profit share. With that, I thought we would go through the large portfolio holdings.
Dennis, do you want to run through the first Top level of holdings?
Yes. Thank you, Per. Starting off with BlaBlaCar, we write down VNV's stake in BlaBlaCar by 5% this quarter to $115 million for VNV's 13.8% stake, with the write-down driven by lower peer multiples. The company has performed above budget year to date on revenues, and even more so on profitability. This over-performance in part shows the countercyclical elements of the business as higher oil prices generates more supply and demand to their platform, and in part shows and is a consequence of product improvements that the company has done over the past year. During the quarter, BlaBlaCar announced that they are selling their short distance carpool business in France, also called BlaBlaCar Daily, and the deal closed just after the period on October 1st.
The rationale behind selling Daily is essentially that Daily sat outside of BlaBlaCar's core marketplace DNA as it was built on a SaaS type business model, selling B2B and B2G to companies and public authorities, while also having a dependence on subsidies. Furthermore, as we announced in the second quarter, BlaBlaCar is also winding down its operated bus segment. As a reminder, operated bus is a segment where BlaBlaCar has taken risk on supply utilization on the platform, and it has been a low gross margin business that has been unprofitable for them. The wind down of this segment is also progressing as planned and will be completed by year-end.
With these two exits and shutdowns, 2027 will essentially be a year where BlaBlaCar is a pure marketplace business, resulting in a gross margin of around 90%, up from around 50% last year, and a very high EBITDA margin potential over time. At our CMD in September, BlaBlaCar CEO, Nicolas Brusson, put a few numbers on this. As you can see on the right-hand side of this slide, on a pro forma basis, excluding operated bus and BlaBlaCar Daily, the company expects revenues of around EUR 205 million- EUR 215 million in 2026. This is up around 15% versus 2025. EBITDA is expected at around EUR 40 million- EUR 45 million in 2026, which is nearly double that of last year at EUR 23 million, reflecting approximately 20% margin in 2026. Nicolas Brusson, the CEO, also shared a long-term EBITDA margin target for BlaBlaCar at 40% to 45%.
The path there is essentially built on three levers. It is monetizing high growth emerging market carpool, in countries such as Brazil, India, and Mexico, where Brazil is the first country to be monetized as we speak. It is growing high margin verticals in existing markets such as accommodation in Turkey, and it is doing this while keeping strict OpEx discipline to reach these targets. We very much look forward to keeping you updated on their progress on all of these topics going forward. Moving over to the next slide and to Voi, we write down the value of VNV's stake in Voi by 4% this quarter to $101 million for VNV's 20.8% stake, driven by lower peer multiples.
Since Voi's main competitor, Lime, went public at the beginning of the third quarter, we have in this quarter updated the valuation methodology of Voi and introduced Lime as the main constituent in the peer group we use to value Voi. The Lime multiple is adjusted for growth as Voi is growing significantly faster than Lime, which was evident in the second quarter report, which is the last report both companies have issued, where Lime grew 24% and Voi 47%, roughly twice as fast. We then calibrate the model to put more emphasis on Lime specifically versus the broader mobility peers in the group in order to drive our pre-discount peer multiple. As a reminder, we always apply a discount from this pre-discount level that you can find in the notes package to the report.
This discount is there to reflect, for instance, an illiquidity discount as our holdings are not public, differences in size, profitability, and other factors. The pre-discount multiple applied on Voi's next 12 months adjusted EBITDA has moved from 11.1x in the second quarter report to 7.9x in this third quarter report. Despite an almost 30% lower pre-discount multiple, our Voi stake is only down 4% this quarter, which shows the strong underlying performance of the business, but also the leverage from these levels if and when Lime trades up.
If we move to the next slide, on the note of Voi's very strong performance, the company last week on October 22nd, issued their third quarter 2026 report, which showed continued strong top line growth, growing revenues 53% year-over-year in Q3, with strong operating leverage evidenced in the 90% growth in adjusted EBITDA and the 132% growth in adjusted EBIT year-over-year. This was all achieved while generating record cash flows from operating activities, which increased to $33.4 million in the third quarter alone. If we take a step back and look at Voi's performance across the past two years, the company has now reported eight consecutive quarters of accelerated growth with a clear margin improvement in parallel.
The coral red bars that you see on the left-hand side of this slide shows the last 12 months of net revenue growth at the end of each of the past eight quarters, which has grown from 13% in the fourth quarter of 2024 on an LTM basis to 47% in the past Q3 2026 report on an LTM basis. The EBITDA margin or adjusted EBITDA margin has improved from 13%- 22% and adjusted EBIT margin from around breakeven to 9% during this period. This truly shows that the investments that the company has been doing in a larger and improved fleet, in constantly improving their software stack for better operations and a better rider experience, as well as their performance in megacities, namely Paris and London, have truly been paying off.
Going to the next slide and the final slide on Voi, which will be familiar to you all. The company has, as you can see, truly started reaching more significant scale with revenues now north of $240 million, adjusted EBITDA of $54 million, and adjusted EBIT of $22 million in the last 12 months ending Q3 2026. As can be inferred from the leftmost graph on this slide, revenue growth is outpacing fleet growth, and this was also the case in the third quarter, where net revenue per vehicle and day was up 10%, despite a 40% increase in active vehicles this quarter. This truly shows that demand is outpacing supply for Voi's services, which is great to see.
Lastly on Voi, the company, as we have previously announced, also in late September, signed a new EUR 150 million revolving credit facility with Danske Bank, Swedbank, and DNB. On October 19th used parts of it to redeem all of its EUR 90 million outstanding senior secured bonds. Moving from the Nordic Bond markets to bank financing gives Voi a more flexible and significantly more cost-efficient funding for continued fleet growth. It truly shows how financially mature the business has become. This journey has been very impressive, and we believe Voi will soon be in a position to fund its annual growth CapEx entirely from its own cash flows as well. A true milestone for Voi. We are very excited to keep you updated on this as we go forward.
If we go to the next slide, moving over to HousingAnywhere, as we are carrying the company on the last transaction from early 2026, the valuation of HousingAnywhere is essentially flat during the quarter at $38.6 million for VNV's 26.2% stake. The company's new CEO, Antonio Intini, who took over the helm last year, presented at VNV's Capital Markets Day in September, and revealed that the HousingAnywhere group has done around EUR 39 million of net revenue in the last 12 months ending July 2026 and EUR 5.6 million of adjusted EBITDA in the same period. The company is investing in a broad range of product improvements, building towards essentially being an AI-native rental platform to cater to the needs of both tenants and landlords.
Antonio also revealed their new so-called worry-free booking proposition that offers tenants zero deposit, and included guarantor and damage protection as well, while landlords get guaranteed rent and damage cover, basically extending HousingAnywhere's role from booking to the full tenancy. We very much look forward to following this development of this new exciting product of HousingAnywhere, and will keep you updated as we go. If we go to the next slide, the final one from me. Moving on to Numan. We write down the value of VNV's stake in Numan by 26% this quarter to $26.8 million for VNV's 13.5% stake, driven by a combination of lower peer multiples being the main driver, but also revised growth projections on a forward-looking basis. 2026 has been a reset year, I think it's fair to say, for Numan.
The U.K. weight loss market has been driven by price and heavy promotions, which has pushed up the cost of acquiring customers. Numan's response this year has been to put unit economics ahead of volume during 2026. As I said, this quarter, we write down the value of Numan or our stake by 26%, and this is mainly driven by their, we believe, most relevant peer, Hims & Hers' multiple trading down around 20% in the quarter, but as said, also due to revised growth projections. Even so, we are still optimistic on the opportunity. The U.K. has the highest obesity rate in Western Europe. Numan is one of the few scale fully integrated independent players there. Just looking at a few of the data points on the right-hand side of the slide. The total cost of excess weight, so obesity in the U.K. is around $170 billion per year.
All that is not cash, but that's the total cost with losses and efficiency, et cetera, being counted in. The out-of-pocket U.K. consumer spend on health, remember, Numan is entirely out-of-pocket spend platform, is around $65 billion. This is a large market and Numan should be well-placed to take share going forward as well. That's it from me on Numan, handing it over to Björn to continue with Breadfast and Bokadirekt.
Thank you. So quickly on Breadfast, our quick commerce or online grocery business in Egypt continues to do very well with the core business now, 62 fulfillment centers across Cairo serving approximately 500,000 users per month. The company has also recently launched new initiatives in the fintech vertical in terms of Breadfast Pay, and also started with a niche food delivery vertical, which has also shown really nice early traction. Again, the company is flat during the quarter valued based on the transaction closed before summer. If we move to the next slide and a quick update on Bokadirekt, our SaaS beauty marketplace here in Sweden also continues to do well. On the graphs here, you can see these figures. They presented at our Capital Markets Day in September.
LTM July figures is roughly net revenue of SEK 220 million , and adjusted cash EBITDA of close to SEK 60 million . We expect the company to continue to grow top line in similar growth rates, but also continue to increase profitability at a more accelerated rate. The company over the quarter is down slightly, primarily driven by peer multiples. With that, I think we are through these the top six companies, and I will hand back to Per and also for the Q&A.
Yes.
Where we have received a few questions already, and as a reminder, use the function here in Zoom to place your question. Maybe to start, first question, we disclosed two smaller exits in the management report, $11 million coming in Q4. How does the exit pipeline, if any, look beyond that? You can provide some color on that.
Sorry, I missed you there. Repeat the question.
The question is, in addition to the announced $11 million in exits coming in Q4, how does the additional exit pipeline look like if any? If you can provide some color on that.
Yeah. There's bits and pieces in a similar fashion to the two that we sold now. There's bits and pieces out of that kind of large other chunk of the pie chart that are in the process. There's one that's looking to IPO and there's one where there's a trade sale. It's a little early to give numbers from those, but if you add them all up, it could be another $10 million, I think, realistically over the next quarter or so. But it's a touch premature. Then there's stuff going on in some of these larger names and which is also early, but I think there will be some transactions in some of these larger names over the course of 2027. But nothing in this year of the larger ones.
Of the other ones, maybe something that gets sorted out to the tail end of this year, but probably also more realistic that it's something that happens in the beginning of next year. It's difficult to give any details until we get closer to them. We're very happy with the two that we sold. One of them actually proved to be a 10 bagger and the other one up a lot, but good investments and good exits and obviously another indication that the NAV holds. I hope that answers that question. Björn, do you want to run through?
Yeah, sure. Then just an additional comment on that in aggregate, these two exits was done at a slight premium to the last quarter NAV. Then as a follow-up with these $11 million of inflows and potentially more later on, how do you rank as of today, share buybacks versus additional debt reduction and follow-on investments?
Share buybacks is where the bulk of our available cash will be used for that. That is the main focus for the reasons.
I talked about before. We are obviously, as we have been for a while now, we have been on a path to make us debt-free, which we essentially are now. But it is not practical to retire the remaining part of the bond until maturity. If the opportunity arises, maybe we can buy some back in the market and stuff like that. Otherwise, the debt will mature and the cash we have will be used for that. Then comes buybacks and the odd small thing here and there in supporting the stuff that we talked about. But it is hard to compete with buybacks, given where we trade.
Thank you. Another question, I guess, for Dennis. Could you provide some color on the valuation of Numan and the fair value change during the quarter? How much was driven by peers and how much was driven by outlook change?
Yeah. Thank you. The majority here is driven by the peer multiple being down. We specifically mentioned Hims being down around 20%. Hims is not the only peer in the peer group, obviously, but the most relevant for sure, in terms of having a similar business model. I think around, call it 60%-70% of the write-down is driven by the peer and the bulk of the balance is driven by lower growth projections in the quarter.
Thank you. Then maybe for Dennis as well, two questions if we can provide some color on the outlook, more color on the outlook for both BlaBlaCar and Voi. For Voi specifically next year in terms of London and more German tenders. There also if there has been any material impact from the unrest in France during Q4 or not, if you can touch upon that.
Yeah. Thank you. On BlaBlaCar, we did revise BlaBlaCar's outlook upwards slightly in the third quarter and on the back of the strong performance that has been year to date. We also think that 2027 will be a year, as I alluded to before, where the low margin segments of Operated Bus and BlaBlaCar Daily will be out of the picture and they can focus on the core again. So we expect higher growth and especially EBITDA growth in 2027, driven by the things that I mentioned, monetizing emerging markets, monetizing high margin verticals, for instance, accommodation, which they have done very successfully in Turkey, and then also keeping this OpEx discipline very strict. So the combination of those three leads us to believe that we should see an acceleration into 2027.
Talking about or looking at Voi, I think the best indication one can give here is the very successful debt refinancing. So from the Nordic Bond markets to the RCF. They now have access to a EUR 150 million facility for next year, which means they have that combined with the large cash pile that they sit on currently, just at the end of high season, means they have ample room to invest and to fund growth into 2027. The exact positions around that are being made currently. The CapEx window is essentially around this time of year. But we see a lot of opportunities, not only in Paris and London, which are high growth markets for us, but as alluded to in the question, a lot of German cities are moving towards a tendered model now where we believe Voi is in a great position to win those tenders.
Frankfurt being one of the first ones and the largest ones so far where Voi was successful. So we think that there is good reason to believe that Voi will continue growing at a fast rate in 2027 as well. Specifically on the unrest in France, Voi has had some of its vehicles in Paris particularly being impacted, but it is not to the level or degree that it significantly impacts financials. It is very small in the grand scheme of things, so far at least. But it is obviously a situation that we keep a close eye on, I would say.
Thank you. I think we've gone through most of it. Maybe a final question here on these potential, the fund and the SPVs, on how one should think about the split of economics in these vehicles. Is everything going to VNV or is it a split with the team, et cetera? So maybe, Per, if you could just provide a little bit color on the thinking about.
Yeah. I think we follow established fee levels established from the fund industry, which is two and 20 for funds and for continuation vehicles, which I think is the best way to describe these single stock SPVs that we have on the table. It's more like one in 10 or cost plus 10. Nothing has been set in stone, but that's a description of the market, I think, at large out there. The sort of vehicles and funds that we're setting up and we're running, the economics of that, those will all go to VNV. Us lot here and our colleagues will sort of manage that as part of the work we do at VNV. So VNV is the beneficiary of that. We share some of the economics when we have sort of external advisory boards, but that's really for our vehicles.
That's not very large. So VNV retains the absolute bulk of that and the team at VNV sort of works at VNV and does not get involved in those. Then we have a few things on the table where we provide some institutional cover for sort of investment teams, et cetera, which will run vehicles, et cetera. There the split is different. But for the ones that we talked about today, which are sort of us kicking off different sort of vehicles and funds, the economics goes straight to VNV. Yeah.
Thank you. I think with that, I think we've sort of gone through all of the questions here I see in the list. So maybe some final remarks from Per.
Yeah. Thanks for joining. Thanks, Björn and Dennis. What I forgot to say, Dennis reminded me, is that for those of you who did not attend or could not attend the CMD, all those presentations are on. You can find them on our website, I think with links to YouTube videos on those. Please look at those. There are some great presentations by the CEOs of our most important companies. So head to our website to look at those for those of you who have not yet. But other than that, happy the rest of 2026. You know where to find us if there is anything you want to talk about. And we look forward to talking to you in this format with our Q4 and full 2026 results, which are out when, Björn?
January 28th.
January 28th. Thanks, Dennis. Until then, thank you very much. Bye-bye.