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

As we've highlighted in previous calls, Voi has had a very strong 2025 with net revenue growth in the 30% range and margin expansion across the board. On the back of this, VMB has written up its value in Voi by over 25% during the year, taking it from around 15% of the VMB portfolio to more than 22% of our portfolio this quarter. So given that performance and its increase in importance for VMD, we thought it made sense to do a bit of a deeper dive on Voi on this call. Starting with the basics, which I assume most of you are aware of, Voi is a leading European micro mobility company. They operate both shared e-scooters and shared e-bikes in more than 110 cities and 12 countries. Whilst the hardware is the most visible part of the business, as you can see on the leftmost side of the slide, Voi is fundamentally a vertically integrated hardware, software and operations platform working as one system. On the software side, Voya has invested heavily in everything from machine learning for fleet optimization to ensure that supply and demand are matched in each city at any given point in time, to inventory and fleet tracking, the rider app that users see, but also various types of data products for cities in the locations where Voya operates. On the operation side, Voi manages the full vehicle lifecycle from sourcing and designing of the hardware to predictive maintenance and fleet management and ultimately resale. To date, Voi has resold more than 60,000 vehicles when upgrading to newer models has made more economic sense than continuing to operate, which shows you how far this business model has come from where it started back in 2018. All of this makes this a highly complex industry and company, I believe, with meaningful barriers to entry. And it really strongly favors the operators that have invested in technology and operational excellence to drive down cost per ride, a metric we are fairly certain Voi is leading on in this industry. If you go to the next slide pair, and apologies in advance for a slightly wordy slide, but I'll walk you through the highlights. Today, Voi has a highly diversified revenue base with over 100 cash generating cities. The largest city accounts for only 8% of revenues. And we're often asked, I'm often asked, what happens if we were to lose a major tender, a city such as Oslo or London or Paris? And the answer is really that the downside is quite limited here. The portfolio is diversified, as I said, and the fleet would just be reallocated to cities where they can continue to generate rent revenue, perhaps at a slightly lower pace in the beginning. But that is a very key component to the fact that it's a very kind of diversified portfolio of cities. Voya also has a very loyal and growing writer base with active users up more than 33% in 2025, highlighting that penetration remains very early in many European cities. And I'll show you a slide on that just after this one. Voi also holds the highest regulated market share in Europe at around 30% and close to 80% of its revenues actually come from these regulated markets where competition is limited and unit economics are structurally more attractive. I think this is one part of why Voi has managed to achieve this margin expansion that we've seen over the course of the past 12 to 24 months. On hardware, Voi is now operating its ninth generation vehicle with roughly one year payback periods and an asset lifetime that exceeds 10 years. Also that a big improvement versus the first models that we saw in 2018. And during 2025, Voi scaled its e-bike offering quite meaningfully with the further expansion planned also now in 2026. The benefits with eBytes is that it not only diversifies the fleet, but it also broadens the user base and significantly expands the addressable market for VOI. You have more users willing to use the service. And over time, we expect additional vehicle types to be available on the platform as well. Finally, on this slide, Voi has industry-leading safety performance. On average, a rider would need to travel around six laps around the globe on a Voi before being involved in a serious L2 plus accident. And as a food for thought here, I think safety remains a core focus for Voi, but city infrastructure and car prevalence are also critical factors in that equation. If we go to the next slide, Per, as I alluded to before, what we're seeing here is the share of city population that are monthly and or yearly active riders with VOI in a number of cities, but also for the top 50 European cities that VOI is active in. And as you can see, even in voice strongest cities, penetration remains quite low. In places like Stockholm and Oslo, more than 60% of the population remains untapped. And in larger cities such as Berlin, that runway is close to 90%. Voi has around 1 million retained monthly active users today, while more than 150 million people are aware of the brand and over 600 million people live in Europe. And I think this highlights how early the journey still is and how much growth there is to come from just growing user base. As mentioned earlier, Vorg grew monthly active riders by 33% in 2025 with essentially no marketing spend, making this a highly efficient acquisition engine as well. And this is a metric we expect to continue to drive growth going forward. Going to the next slide and turning to this quarter, so the fourth quarter of 2025, we've written down our stake in VOID by 7%. And while peer multiples have been volatile with mixed movements across the group and actually a net positive impact from the median multiple, VMV has essentially taken a more conservative view on the near-term LCM EBITDA forecast for 2026. This essentially reflects increased investments in megacities such as London and Paris, which carry lower margins initially but are likely to become the largest contributors to both revenues but also profitability over time. Another thing worth highlighting here is that Voi is also investing in its first refurbishment hub in Poland, which expands vehicle lifetimes, improves unit economics and increases control over the supply chain. All positive long-term initiatives, but also part of explaining why we're taking down the EBITDA forecast in 2026. For the avoidance of doubt, however, we expect positive adjusted EBITDA and adjusted EBITDA in 2026 with expanding margin versus 2025. But this will not be a year of steady-state margins. Instead, it will be a year of continued investment within healthy, positive margins, but prioritizing growth at the right price over short-term margin maximization, all of which we believe will drive long-term value for VoIP. To go to the final slide, this is actually not new from when we last looked at it in Q3. This shows Q3 LTM figures. And as I said, we also did that in our last call as Boy actually reported ahead of us. This quarter, they're reporting after us. So Boy will release its Q4 results in February. So we encourage you to follow that on their IR site. But in essence, you're looking at growth in the 30% range with significant market expansion across the board. That was it on Voi. If we move to the next slide, we're seeing Housing Anywhere, which is the leading platform for medium-term accommodation rentals, typically three to nine months in Europe. Over the past years, Housing Anywhere has grown roughly 20% per year and has been adjusted a little bit up positive since 2024. During 2025, at the beginning of the year, we updated the management team and instated a new CEO, Antonio Intimi. Antonio brings extensive experience in the real estate and tech sector, having served both as chief business development officer at Immobillare, which is Italy's leading housing platform, and several years at Amazon before that. During the year, we've also spent time and resources on updating the company's long-term strategy, where V&V through me have supported operationally as well. And as part of this work, HousingInware is expected to complete a new funding round in the near term to finance its updated management plan, expected to close during this quarter, the first quarter of 2026. VMG is committed to invest around €1 million in this round. And in the fourth quarter of 2025, since that was already decided, we have adjusted the carrying value of Housing Anywhere to reflect that transaction, which is done at a small premium to our NAD. If we go to the last slide on my end, at least, Newman, which is a digital health platform for specialized health in the UK. As we've talked about in the past, this company has seen massive growth in its weight loss vertical from GLP-1 products in the past couple of years. And it's expected to close 2025 with triple-digit growth on revenues and positive EBITDA. despite increasing volatility in this market following Eli Lilly's price increases in the third quarter of 2025. This marks the second consecutive year with over 100% growth on top line and positive EBITDA for Newman. We also note that our sector colleague, Genevieve, made an investment into this broader space, different business model, different company called Oviva, but definitely shows the interest in weight loss in the weight loss market in the UK. In this fourth quarter, we value our stake in Neumann on the back of a transaction that took place during the summer of 2025, where Neumann raised both equity and debt to the order of around $60 million. So for that reason, the valuation is essentially flat in Q4 of 2025. And that's it on my end. Handing it over to my colleague Björn to speak about Breadfast.

Thank you. A few quick words on Breadfast here, which we value at $30 million for VE stake. uh and based on the capital raising they have done during 2025 and the company has been doing really well and accelerating growth during the year ending the year with sort of a run rate gmv of around 290 million dollars and again this reminder bread fest is an online grocery quick commerce business based in egypt Primary market is Cairo, where they're currently expanding their footprint across the city with a lot of new fulfillment points. And importantly, while also sort of sustaining healthy contribution margins. We're super excited about this company. I think they will have a hopefully stellar 2026. And if we move to the next slide, I'll also mention a few words on Boca Direct, the SaaS beauty marketplace out of Sweden, dominant player in the market, also a company that's doing well, stable growth 2025, looking close, sort of just shy of 200 million SEK in net revenue, and with the EBITDA of 50 million SEK. uh so in absolute terms sort of still on the smaller side but really solid business which we think sort of have both potential to continue sort of stable double-digit top-line growth while improving margins not maybe to the sort of full classified type level uh but definitely uh increasing it compared to early australia and with that i think we're sort of through the six large holding And I believe it's time to open up for Q&A, as Per mentioned. If you want to ask a question, please type it in sort of in the chat or Q&A function here in Zoom. And we'll try to address them. And sort of, I think, two BlaBlaCore-related questions to kick off with. We already received this. One, is there any new information on these energy savings certificates that we've discussed historically, that were there and have moved away? And then also, is Blabla sort of a more general question on the Blabla product? Is it more focused on national users in their different markets, or is it also sort of a visitor tourist element to the product?

Okay, thanks. I'll take those. So, yeah, the energy saving certificates in France for transportation is gone for now. So the French government opted to sort of tax the heavy energy users rather than sort of let the market sort out, try to get the heavy users sort of reducing energy, the ultimate sort of goal of this. So in France, it's not present at the moment. It may come back, but we don't know. I think it will need sort of more stable sort of politics and sort of budgetary processes. Having said that, it's been started in Spain a few years ago, and it's really growing fast in Spain. The Spanish government thinks it's the best thing since widespread, so it's really popular across the board there and starting to contribute meaningfully. It's not yet meaningfully to sort of blah, blah revenues, but most importantly to earnings because this is obviously very high margin revenue for the company. It's not yet to sort of the very high levels that we saw in France in 2023 when there was the base sort of – level of these energy savings certificates, but in 23 they also had a booster on it. So Spain is still below that, but still a very good contributor. Take a few years and be at the French level. But that's very positive. And then we'll see what happens in France going forward. But it's not present for now. And the BlaBlaCar, yes, it's mostly sort of locals, nationals, sort of going to visit parents or going to work, university, et cetera, inside the countries. But there's also a fair bit of... of cross-border stuff, also for inside Europe, for work purposes, but also for, well, call it tourists, that use it to go from Amsterdam to Paris, etc., as it's, again, using it for the same sort of reasons that sort of locals use it. It's cheap, and it's also point-to-point.

Thank you. And then I think we have a VOI related question. You refer to a potential listing of VOI. Also sort of on the back of a potential IPO of its competitor. Why not move ahead and become the first and leading one? Better to be first than second. What's holding you back or Voi back in this case, I guess?

Yeah, Voi is not in need of equity funding right now. And so from a company perspective, it doesn't have to do this. And if Lime were the IPO or when Lime IPOs, I guess maybe it's more fair to say because there's been a lot of talk and they seem to be heading in that direction. And that IPO sort of establishes... a certain sort of attractive cost of equity capital for the industry then i in my view i think that accelerates a voice path to also being listed um but but that sort of putting that aside um i think sort of the the timetable in my perspective for voy is more uh you know to to provide liquidity to to shareholders who need liquidity, that being a reason to do a listing, that's more something that maybe happens in 2027. But things could change on the back of a live IPO.

Thank you. And then we have two questions sort of around the discount and buybacks. So the question is, uh discount is persisting uh we've done sort of relatively modest buybacks to date have you considered being more aggressive on that side or can you and what's the sort of considerations there um we've all you know we

we've been buying back stock in V&V for, I don't know, as long as I've been around, so it's 20 years. I think if you look across the past 10 years, we've bought back stock and distributed sort of cash to shareholders to the order of like, is it $750 million? But throughout these years, we've done this in a very optimistic way, not sort of buying on a down buy, not chasing on an up day kind of thing. And so that's the way we sort of approached it over the autumn, and I think we'll continue to approach it. And then if sort of certain sort of block-sized opportunities come up, we'll look at those too. But otherwise, we'll just... We'll just be optimistic in the market. That's our way about it. We have quite a lot of gross cash, so there's firepower to do a lot. I know the net cash is smaller, but we're also working on a few exits. None of the sort of big major things, but in the other part of the portfolio, there's some exits happening outside of us, which could lead to more liquidity. So, yeah, it's... For us, who has this sort of insight into the performance of the portfolio and the development and the way we see that from the level of NAV, substantial returns will be able to generate substantial returns from the NAV level. There's just nothing wrong. better for us to do, so I think you should expect us to continue doing this, but in an optimistic way. I mean, speaking of Voi, I mean, I know we have Voi marked wherever it is. It's at 127 million dollars today. I, in fact, think that you could argue in some ways that Voi, our position in Voi today, is that the way we value it understates it massively, perhaps to the extent that our stake in Voi sort of makes up the entire market cap of BNB and everything else is for free. I know that sort of requires having sort of a little bit of faith into them performing over the coming years, but the way from where we sit, we think that's entirely possible. But yeah, just to give you a sense of buybacks.

Thank you. Another question here. Looking at the prorata share of earnings which you communicated, it looks like the 2025 margin assumption is slightly lower quarter on quarter compared to third quarter. What has driven this development? Dennis, can you? Take this one.

Happy to. So I think the question is on the $3.2 million of pro rata adjusted EBITDA. So that's the V&V share of the pro rata EBITDA of the portfolio companies in the top six list. As a reminder, Voi is on adjusted EBITDA here and not on EBITDA. The biggest difference, so this is around 2.2% margin versus I think it was 2.5% to 3% range that we had before. And the biggest driver of that delta is a couple hundred thousand is Breadfast. that has invested quite heavily in growth, as Bjorn alluded to earlier. So they have seen a bigger kind of top-line growth than anticipated, but done so at a slightly lower margin. So that's the biggest driver for 2025. And then 2026, we will get back to you in a couple of quarters time.

Thank you. There's also a question here that says, arguably you've been hurt by the dollar decline without any underlying assets that actually have dollar exposure. Have you considered changing your reporting currency? And so, I mean, it's true that today it's very little dollar exposure across the portfolio and more importantly on our sort of cash side. It was more dollar exposure in the beginning of 2025. where we still have yet, which arguably could be sort of was priced in dollars and made up a sort of meaningful part of the portfolio. the historical sort of our reporting currency of usd has his historical background we've been reporting in dollar terms since the very first iteration of the company which many years ago where when we sort of still was a bermuda top call and had depository receipts listed here in stockholm And that sort of continued while we did the redemostrication back in 2020. But given the change in the sort of portfolio, we have reviewed this topic, but haven't sort of made a decision or come to a conclusion. And again, sort of given that the portfolio is not dollar denominated, the value sort of is what it is, irrespective in which currency you report it. uh but there's obviously sort of pros and cons in communication especially in these times of very volatile effects with that i'm checking here if there's any questions that we have missed uh i think sort of was a few questions here uh on a more uh broader topic uh around Our larger holdings and how we think about sort of when we do an investment. How do we think about and review that sort of original thesis we had when we did the initial investment? How sort of what frequency do we review that? And if we realize that our original thesis was not or is not sort of playing out.

uh how do we think about that and how do we sort of try to proactively uh work with those type of examples in the portfolio so maybe if we can give a broad answer there yeah um i think that's done sort of continuously it's not that we have a meeting on a special position sort of every quarter and we go through it i think it's done very continuously And I think the way this sort of works out is that typically if we invest in something very early stage, then, well, the tickets are very small. And if it doesn't work out, we stop funding it, basically. It's not really possible to sell the market for those sort of really early stage tickets. positions is very illiquid and it seldom sort of works to sort of sell, but we stopped sort of, we made a small check and then we don't do any more checks. There have been situations where we have sold, where it hasn't sort of really for various reasons, not sort of fitted in the portfolio. And then we have been proactive in sort of trying to find a buyer. We have found buyers typically and then sold them. And then there are situations where we, I mean, Neumann, which is the fourth largest of our positions, which is a really good company, a really strong company. But it's not quite what we invested in in the beginning when it was much more community-based sort of phenomenon around male health. And well, the larger the community, the better the product kind of thing. So you sort of get these natural network effects around it. It's evolved from there to being more of a teledoctor with an e-pharmacy attached to it. And it's a good company, but it's not really network effects. So Here, it's a big position for us. We're on the board. We're quite active around the company. The original thesis hasn't really worked out, but it's developed into something good anyway. The good performance has not made any sense for us to sell into because

because prices have improved so we've held on to it thank you i believe we're through the questions that i see here if we miss anything please ping us on email or whatever we'll try to address it offline But with that, I'm sort of, yeah, over to you, Per, for the final few words.

Yeah, well, thanks for joining, and you know where to find us. As Björn said, please, please, it's always great and fun to talk and address your questions in this format, but also on a one-on-one basis if you want to kick things around. We report next time, I think it's April 22. So if not before, then please join us for a similar exercise for our Q1 of 2026. Thank you. Thank you.