VNV Global AB (publ)

Okay. Welcome, everyone. Our Q4 call, the V&V Global Q4 call. So welcome to this call. I'm Per. I'm joined by Björn and Dennis, my colleagues. We'll walk you through the results, what's going on in the portfolio, touch upon a few of the holdings. And there's... So we'll walk through the presentation and then it'll be Q&A afterwards. So if you want to ask a question, please use the Zoom Q&A sort of function. This is the same as we've done in previous calls, so I think it's self-explanatory. So let's kick things off. And first numbers, I pass the microphone to my colleague Björn.

Thank you, Per. If you can move to the next slide, we'll start with that. So as for year-end 2025, Uniglobal's NAV stood at $547 million, or roughly $425 per share, down 5.9% in USD during the quarter. In CEX terms, NAV is $5 billion, or roughly $39.1 per share, down 8% over the quarter. For the 12-month period, NAV in USD terms is down 4.2% and down close to 20% in SEK terms. If you jump to the next slide pair, we go into sort of the simplified balance sheet here. And so we have a total investment portfolio that amounts to $589 million, consisting of investments of $537 million and cash and cash equivalents of $51 million. Borrowings at year-end 25 total 46.6 million dollars following the partial redemption of the outstanding bond earlier in the quarter. We continue to trade at material discount NAV as per share close yesterday January 28th at 19.9. We're trading at sort of implied 49% discount NAV during this quarter. we've continued to repurchase shares that we started in in q3 and as per year end company holds close to 2.4 million common shares representing approximately 1.8 percent of the outstanding common shares and the fair value chain shooting worker is as per usual primarily driven by the movements across the largest holdings in the portfolio and if we move to the next slide I'll quickly just go through the main drivers here before we jump in to a more broader overview of latest developments and the key portfolio holdings. So starting from the top, we have BlaBlaCar, which has scored for its value at $164 million for our stake, based on the same sort of Model as per previous quarter, down 11% to roughly $20 million during quarter, primarily driven by lower peer multiples. Second, we have VOI valued at $127 million for VE stake. down roughly 7% or $10 million during the quarter. Newman, third largest holding, still valued based on the latest transaction at $37 million, so flat over the quarter. Housing, anywhere, also valued at $37 million based on EV sales model, relatively flat during the quarter. and then a sort of final six of the largest holding breads best also valued based on the latest transaction uh in the company uh we also have a book of direct uh at model space valuation which is relatively flat uh during quarter uh all in all the six companies represent close to 30 crowns per share in aggregate or 80 percent of the nav uh finally sort of just a brief comment on on the cash and cash equivalents we ended q4 with 55 million dollars in cash following an eventful quarter in terms of cash movements the primary inflows during the quarter were the final closing proceeds proceeds from the get transaction and also closing proceeds proceeds from the the thais exit which we previously announced And main outflow again was the partial bond redemption, where we sort of cut outstanding debt in half. With that, I'll leave it back to Per, who will start and continue walking through the latest developments and the key holdings.

Thanks, Björn. Yeah, the portfolio is sort of similar to what you've seen in prior quarters over the course of 25. Blah, blah, boy is sort of nearly 50% of the portfolio. I know we marked the NAV downwards this quarter to the order of 6% in dollar terms. And as Bjorn walked you through, this is technical. We do our valuation models. We look at peer groups in the listed world. much of this sort of downtick is due to that these peers are down, but the actual companies, these big companies in our portfolio and the small ones are really doing well. And so the quarter-to-quarter movements don't necessarily sort of correspond to sort of the progression of the companies, which is which is sort of performance-wise, revenues and EBITDA is doing really well, and also sort of how they're positioned in this sort of volatile world we live in with new sort of software, AI, et cetera. I think the portfolio is sort of really robust, whereas in other sectors, software, et cetera, it's kind of scary what's going on. But here – for example, what's going on in the much sort of focused on AI world, these companies will benefit from all those sort of new products and new AI sort of apps, etc. So I think that's an important starting point. We obviously trade at this discount. It was 49%. We're down today, so it's higher discount. And we think our nav the nav these green bars will deliver substantial returns uh annually over for the coming year so we can't really find anything better to do than to buy our own stock if we can buy that nav at the 50 discount 50 plus percent discount It's the best use of shareholder cash, and we have. Bjorn gave you some numbers over the course of the second half of last year. Since we sold, we got to get cash and went to net cash. We have been buying back stock, and we'll continue to do this. We have a bunch of gross cash. We still have some debt outstanding, and that leaves a little net cash, but we also have a progression of some further exits in the portfolio, so we intend to sort of work, operate, execute in accordance with what markets tell us, and that is to sort of sell at any V and buy the stock. The $175, I think it's $170 million that we have exited over the past two years have all been around NAV and the transactions that we sort of look at concluding going forward are also around that level so that's where deals happen uh and our stock trades at half that will we're very focused on it and so spend some time in writing up this uh this report and sort of trying to discuss if you will uh the reasons why this discount is there I sort of thought that net debt was part of the reason, and I guess it's not because we're in net cash and there's still that the discount is persistent. It's not that the portfolio craves a lot of cash. sort of just shy of 80% of it is EBITDA positive. In this number, we have VOI at EBIT positive. Well, obviously, because they own and appreciate these assets. If you use their EBITDA figure, this 76% goes up, of course. The decline here a little bit is predominantly driven by that GET is sold over this past year. So... So the portfolio is doing well. It's not craving cash. And in fact, it's not only profitable, there's still growth. This shows the growth of the six largest holdings. And we've seen that growth sort of accelerating over the course of the year that we're now closing. So 40%, we see... growth sort of continuing in 26 maybe to the order of like 30 percent and the earnings uh at this at the bottom level here gone from a negative in 23 to positive now and one that we see growing much much faster than revenues in the in the coming years i think then it's helped put together some numbers and if you look at the 26 earnings you are looking at and just using the you know our share of these six companies so these six companies in during the course of 2025 generated about a billion in revenues and so our share of that is like 150 If you take that into 26 and the way we see sort of earnings growing, I think you've got to compare our market cap to our percentage of these guys' earnings. You're looking at a price debit of, call it just above 20, and how earnings is growing over the next year. You're looking at in 27, our market cap, again, to the same sort of earnings, our percentage earnings of these six companies. getting down to levels of 10. And that's then using the market cap and comparing it to the performance of these six companies. If you And that's assuming everything else is at zero. And everything else is very far from zero. Here's a bunch of the companies that show up in that other part of the portfolio. Flow, I think all of you know, it's the world's largest peer tracker. Aura, I'm sure many people on this call use Aura Rings. Oboco is Europe's fastest growing marketplace for used car parts. Juve in the hair coloring space is doing fantastically well, going fast, no traffic. Company predominantly selling their product within traffic control in the U.S. Thais actually just sold at above RNAV. Steve Vinted of Norway was recently sold to eBay, just to give you a sense that Outside of these six companies, there's a lot of stuff going on in our portfolio. And as we've talked about before, I'd sort of say that in this other part of the portfolio, we have the next Blabla, the next Voi, that in a few years' time when maybe Blabla and Voi are exited, you have one of these companies will have taken their place and become one of the bigger parts of our portfolio. And, in fact, just to go back to that NAV and us trading at this NAV, sort of our NAV, we try to keep it conservative. Our orders tell us that it should be fair, it should be correct, it should be the true market value. If we are wrong, we'd like to be wrong, that we're a little bit conservative. And I think these are three examples of lates where – Thais was sold for $11 million to us. We had it at 6.6. Juve raised money at the equivalent of 4.7. We had it at 2.8. Or Juve was done around the mark, and URA was done way, way above our mark. So sort of high-level intro to what's going on at large at V&V. So just to take you through BlaBlaCar, where there's not that much new to talk about. I think most of you know BlaBlaCar well by now. It's been many years in our portfolio. It's a marketplace for long-distance traffic. where supply comes from predominantly from cars but also bus and train operators offering seats into a marketplace where which has a very large and very fragmented demand side on the other side and it's a european business every little green dot here is a blah blah car on route on the car so you see it's it's it's very very active marketplace in europe but The fastest growing countries for this company right now is in emerging markets where India has overtook France last year to become the largest market in terms of passengers. but not yet monetized. And in fact, over the course of this year, one of the things that we're really eager to see the company perform, and we're confident that they will sort of execute on, is to monetize emerging markets, which they have in other parts of the world, but we see first up Brazil, where they've been at it for a long time. Monetization is now starting to become well underway. And after they've spent some time on testing different sort of routes to monetize, not every market is France. France, of course, heavily monetized and very profitable. Brazil, they have sort of tested some new products and found the right one and now getting going in earnest with that. And then India and Mexico are to follow. But in Europe, which is a really profitable and not as fast-growing market as those emerging markets, there's still a potential to growth as the company sort of really... improves the product to pick up the sort of the big demand that's out there when they offer a point-to-point solution in this sort of long distance sort of travel. So it's not only going from a big central station in Paris to a big central station in Lyon or Madrid, for example, but But this company actually offers a route from a small city like Cuvée to a small city like Auvaux, where today you need to sort of take, or outside of BlaBlaCar rather, you need to take a train to Rennes. a bus to Rome, take a train to Paris, change station in Paris, train to Nantes, bus to Ovo, which takes six hours and costs a lot of money. So the alternative in a blabla trip is much more comfortable. It's door to door, it's faster, it's much, much cheaper. So as the product sort of starts to sort of cater even more to this sort of door-to-door kind of concept. We think there's also growth to be had out of places like France, which has been more sort of a profit center than a growth center of late. And just summing up, we're the second largest shareholder of this company now, 14%. I mean, that's not changed since we last spoke. And Yeah, we're very keen on this upside. I think for the course of this year, monetization in emerging markets will be a very, very interesting thing to follow. But also beyond that, just generally from the sort of volatile years of 23, very, very sort of profitable, and then 24 with the sort of the – the seizing of these green revenues that they had in France, they're now on a very sort of stable footing and are profitable in earnest. And we see that those profits really are growing well into the coming years. So really, really keen to see this company now having, you know, just normal times and being able to grow in all their markets, and especially in margin markets. Yeah. and also monetize those which will be a obviously driver for revenues and then a lot of that money not to say all that money falls down to to the bottom line so those are a few few words on blah blah i'll hand over to dennis to walk us through boy thank you