Q2 2025 VNV Global AB (publ) Earnings Call Transcript
Key Points
- VNV Global AB (VSTKF) reported a nearly 6% increase in NAV, reflecting positive portfolio transactions.
- The company has a strong portfolio with over 80% of its investments being EBITDA positive, including Voi, which has become EBIT positive.
- Voi has shown significant growth with a 16% increase in fair value, driven by tender wins and strong performance, particularly in Paris.
- Numan, a fast-growing company in the portfolio, secured $60 million in new financing to support its expansion and technological development.
- The company successfully exited its investment in Opensooq, resulting in a $6.2 million dividend, enhancing cash flow.
- VNV Global AB (VSTKF) shares are trading at a significant discount to NAV, over 50%, indicating potential market skepticism.
- Numan's valuation was adjusted down by 15% due to a recent transaction, reflecting a decrease in perceived value.
- The planned sale of Gett to Pango was discontinued due to regulatory hurdles, impacting potential cash inflow.
- The company faces a substantial debt of SEK6.5 per share, with concerns about repayment by 2027.
- Housing Anywhere's valuation was affected by peer multiples, leading to a 6% decline year-to-date.
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Hi, everyone. Welcome to VNV Global's report presentation for the second-quarter 2025. On the call today, we have Per Brilioth, CEO; Dennis Mohammad, Investment Manager; and myself, Bjoern Von Sivers, CFO of the company.
As per usual, Per will start with a short intro on the developments, followed by an overview of the more meaningful portfolio constituents. I will go through some of the movements of the portfolio during the quarter. And after that, we'll open up for Q&A. (Operator Instructions)
With that, I hand over to Per for the intro.
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Thanks, Bjoern. And hi, everyone. Thanks for joining.
Well, up not quite 6%, but nearly 6% in dollar terms. That gives us just shy of $600 million of NAV. Different things going on in the portfolio. We'll come back to some details. But on the whole, some
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