VNV Global AB (publ)

All right. Welcome to BNB Global's first quarter 2025 report conference call. On the call today, we have Per Billot, CEO, Dennis Mohamed, Investment Manager, and myself, Björn von Syrsch, the CFO of the company. I 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. And 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. So welcome, everyone. Thanks, Bjorn. And it's sort of an uneventful quarter. We're down two and a half percent in dollar terms. Bjorn will go through the details of how sort of that development stacks up. It's sort of, we'll be speaking later, 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 caps costs going up, sort of big move down, big move up, big move down. And it's sort of from, it's 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, to sort of gather, you know, a new momentum to go up again. But it feels like we're, we're in that sort of phase where it's sort of bumbling along at the bottom. I don't, I don't know, famous last words and everything, but that's certainly, I think it's fair to say that that's, that's, that's certainly how, what it feels like right now. So sort of a flattish quarter, of course, macro wise, a ton of stuff that's going on. And, and, And to the extent that you sort of see us and the sector or part of the capital markets that we are involved in as high risk, I mean, and that's somewhat debatable, I think. I mean, as we'll show later, as we've shown before, 80% of the portfolio's earnings are positive, EBITDA positive. So, of course, once upon a time, those companies were very young and did not make money, but they do make money now. So it's, I guess, at least lower risk portfolio than it was or other portfolios which are not earnings positive, income positive. But nevertheless, you know, when there's volatility in the world, I guess it's fair to, you know, that high-risk assets sort of get sort of not prioritized. And of course, there's a lot of movement in the world with the stuff that's going on in the US and the big currencies and big asset classes moving around very sort of violently. So from that perspective, I guess, you know, we're somewhat affected, but given that the portfolio is sort of earnings positive, then it's, you know, it's not like, you know, one of our larger holdings sort of absolutely needs to access capital markets now and capital, you know, capital markets seem sort of open, but to the extent that they are not, and certainly IPOs here in Stockholm, for example, or Swedish-based companies, I should say, have been sort of postponing their IPOs. So, At least there may be some activity around our part of capital markets, but when IPOs get pushed off, it's a sign that they're somewhat closed. So it doesn't really affect us. Excuse me. So the other thing we've been trying to highlight is that... that the fall in the dollar doesn't affect the portfolio as such. Most of our portfolio, if you look at our NAV and you weight the portfolio on the back of the NAV or the revenues, most of our revenue, so to say, is in euros. It's 40% in euros. And then we got some pounds and and shekels, etc. And it's only sub 10% that is in US dollars. So not a big effect there. We, of course, have this big chunk of cash coming our way on the get transactions. I'll come back to that when we talked about get. But really, apart from the sort of, if the dollar is going to go down by half, if that movement is very violent, then of course, all capital markets will stop for a while. But But 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 not specifically. So we'll come back to more details. And on that detail note, Bjorn, let's go over to... to our balance sheets and NAV movements here.

Sure. And as Perry showed on the previous slide, so NAV was 5.7 billion SEK or 570 million dollars as per end of March. And this corresponds to now per share of some 43.36 crowns down 11.17 percent in SEK and down 2.5 in dollars. So the FX moving during the quarter. And this decline, a small decline in dollar terms of the NAV is mainly driven by BlaBlaCore, our largest holding, as well as FX, and then somewhat cushioned by Voi, who's moved the opposite direction upwards on the upside. Cash equivalence, cash and cash equivalence as of March 31 stood at some $13.6 million compared to $15.7 at the year end. And a big mover here, borrowings, which is our outstanding 850 million SEIC outstanding bond. That increased to $84.7 million asset Q1 compared to $77 million asset year end. And highlighting here also that we're currently still trading at large discount to NAV 60% plus. And if you move to the next slide, Just highlighting the top companies here. So 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 14.7 crowns 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. And VOI is approximately 8.46 per crowns and some 20% of the NAV. Get, again, remains flat, still valid on the basis of the ongoing transaction, which I think Per will touch upon later on. And the deal, again, is still under review by the Israeli Competition Authority, and Get represents on 6.4 crowns per share, or 15% of the NIV, at this transaction. And in total, these three largest holdings, Blablacar, Voi and Get represent just under 70% of the total NAV. Below those, there's little absolute movements, some larger relative movements in the portfolio. But I thought I'll skip that and go into specific holds in the Q&A if relevant. But with that, I'll hand over to Per and Dennis who will go through a summary of the larger holdings and developments during the quarter.