Q3 2025 VNV Global AB (publ) Earnings Call Transcript
Key Points
- VNV Global AB (FRA:82K) reported a positive net cash position of approximately $16 million, marking a significant improvement from previous debt levels.
- The company has initiated a share buyback program, repurchasing approximately 1 million shares, which reflects confidence in its undervalued stock.
- VOI, one of VNV Global AB's key investments, showed strong performance with a 7% increase in valuation and significant revenue growth.
- Numan, another portfolio company, achieved 130% growth last year with positive EBITDA and is on track for similar growth in 2025.
- Breadfast, a leading online grocery brand in Egypt, is experiencing accelerating growth and improving unit economics, with a recent $10 million funding round from EBRD.
- The company's NAV decreased by 1.1% in dollar terms and 2% in SEK terms over the quarter, indicating a decline in asset value.
- VNV Global AB's shares are trading at a 44% discount to NAV, suggesting market skepticism or undervaluation concerns.
- BlaBlaCar, the largest portfolio company, experienced an 8% decrease in valuation, partly due to peer group multiples and market conditions.
- HousingAnywhere, another portfolio company, saw an 11% decline in valuation, influenced by market trends similar to Airbnb.
- The company faces challenges in monetizing emerging markets like Brazil and India, with full monetization expected to take several years.
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(audio in progress) with the portfolio overview that Per will run. As a reminder, in the end, weâll open up for Q&A, and easiest to do that in the Q&A function here in Zoom. Weâll address those questions towards the end. Letâs start with the numbers for the quarter. As per September 30, our NAV stood at $587 million or $4.52 per share, which is down roughly 1.1% in dollars over the quarter. In SEK terms, NAV is about SEK5.5 billion or SEK42.5 per share, down 2% from the previous quarter.
For the nine-month period, NAV is up in dollar terms 2% but down close to 13% in SEK given the large FX movements during the year. If you move to the next slide, Per, we have an investment portfolio that amounted to $652 million, consisting of roughly $581 million in investments and $71 million in cash and cash equivalents as per quarter end. Borrowings totaled roughly $91 million as per September 30, but weâll come back to that a little bit later.
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