VNV Global AB (publ)

Hey, welcome everybody. This is our, as in we are BND Global. This is our Q1 investor call. And I'll kick things off. We have like this usual summary page, which is the next one. Yeah. NAV, $462 million, which is down a bunch since the end of last year. uh and as we try to sort of highlight in in the in the narrative and the report um it's it's because of market and the peer group uh the public sort of peer group from which we take multiples uh they're down a lot in some cases there are names that we use uh that are down like 30 percent and that's the main driver because the portfolio at large It's doing really well. And as I wrote, if that sort of peer group multiple that we download and multiply with what we see at our company, if that would have been flat this quarter, the NAD would have been up since the end of last year. So this is how... We value the portfolio and can sort of change that from quarter to quarter, even if we don't think it sort of reflects the reality of the value here. And so we're subject to that volatility. And sort of if we, you know, if the second quarter were closed today, it would have been up. We'll see where it closes. But we're basically subject that volatility has taken the NAB down, but it's not reflective of what's going on in our portfolio. And I don't know if one sort of just has a goal at trying to put the big sort of high-level reasons for why this peer group is down. I think it sort of falls into two main buckets. One is this Fear, uncertainty, combination of those and what AI will do to a bunch of software companies. And as we've been on and on about before, we really don't see that as relevant. Even sort of, it's nearly the other way around for our portfolio companies is that we feel that these companies in our portfolio, they benefit from the emergence of AI platforms, models, That's a whole new toolbox in so many ways. I mean, the combination of hardware, sort of proprietary data sets and sort of a customer base that sort of goes directly onto the platforms without any intermediaries and just the ability sort of of these sort of new ways of writing code and software, etc., is also beneficial, basically, for these companies. And then the other one, of course, is, I think you agree with me, is this sort of, are we heading to a recession, energy prices are up, inflation is up, interest rates are high because of inflation, that whole thing. And the point there is that We have sort of strong elements of counter-cyclicality in our portfolios. In tough times, you use these products more. It's most intuitive around blah, blah, blah. Carl, we'll come back to that. But it's there, basically. So, yeah. So, with that sort of long, winding intro... I thought we'd sort of kick off this, we'll take you through the numbers and touch a little bit upon the different names. So Bjorn, do you want to run us through the numbers?

Sure. So starting off sort of the overall portfolio. Here is a simplified sort of breakdown of the balance sheet. So as Per mentioned, NAV down to $462 million, down 15% over the quarter in dollars to $3.61 per share. In SEK, that's 34.25 crowns per share, or down 12% over the quarter. Total investment portfolio amounted to $503 million, consisting of sort of $486 million of investments. and 17 million dollars worth of cash. Important to note that we have an additional 30 million dollars of cash and cash equivalents but in liquidity management investments. So all in all we're looking at cash, cash equivalents and liquidity basings in the range of 47 million dollars. Borrowings down to 45.7 million dollars per quarter end. continue to trade as a significant discount to NAV as of today sort of 49% discount and moving down to the sort of big drivers over this quarter. is of course the larger constituents of the portfolio and just going through sort of the few largest ones here so so blah blah car obviously the largest driver down 27 percent or 44 million dollars 220 million dollars for the holding primarily driven by by depreciating multiples over the quarter both driven sort of from the overall rapid developments and uncertainty coming from the AI space but then also of course from the geopolitical tension whereas blah blah sort of part of that peer group is in the OTA travel related marketplaces have been hit a lot. Same goes for Void that's also down with worker based on multiples. It's an order of sort of 16 percent for 20 million dollars. Housing anywhere here actually a value on a new transaction we participated with one million euro and then another sort of one and a half million dollars sort of converted from earlier convertible investments we held. Newman bred fast based value on transactions relatively flat, a little bit of FX on Newman and then Bokadreft down roughly 10% also driven by contracting multiples All in all, the six NAVs represents 26 crowns per share, or on an aggregate basis, 77% of the NAV. And again, sort of end of the quarter with $17 million of cash in cash equivalents and $30 million in liquidity management investments. Also, sort of during the quarter, we bought back another close to 500k VV shares, and also a small amount of the outstanding bonds, which I'll come to now, which we also sort of announced today, that we announced a partial buyback offer of the outstanding bond, up to a transaction cap of 275 million C. This is to sort of effectively take down the gross debt and also lower the interest expense going forward. We lost this today and we'll hopefully have a sort of bounce sometime next week. With that I thought I'd hand back to Per and we'll touch a bit more deep in the larger portfolio holdings. Thanks.

Yeah and the structure of the portfolio looks very similar to what you've seen before. and uh um so nothing really common here but if we click the next page this portfolio as we've been on about uh jade that's sort of roughly half uh of the of the report nv and as we you know i think it's clear we think it's we think that nv is attractive, cheap, and hence we've been buying back stock as we think that that's the absolute best thing one can do with shareholder money. Our sort of aim is absolutely to continue doing that. And the reason being, as the next slide shows, as you've seen before, is that this is a portfolio that at large is positive, is earnings positive, is profitable. The slight downtick from a year ago is because of the absence of Get, which is a profitable company. But at large, this company, this portfolio is profitable and not sort of craving a lot of money to stay alive. And so that's not a reason for saving money to sort of put it back into these portfolio names. We can use the money we have to buy back stock. And this possibility does not come at the expense of growth. We've made a new slide, which is the next one, just to which sort of is you recognize it from earlier that This portfolio continues to grow over the past three years. You've got a tagger of nearly 30% across these six top names in terms of revenue growth, and it's turned from being slightly negative profitability to positive. So big, big change there. And as we try to highlight here also just as a reminder of how markets move around, those six names back in 23, this quarter, first quarter of 23, we had them in our energy at $446 million in total energy. It was like $800 back then. And we now value them at $358. And so despite that sort of big shift in loss-making to profitable and very, very sort of steady growth this last quarter, that portfolio grew by some 25%, still but marked lower. The overall NAD is, of course, lower because we've sold some stuff to pay down debt. So, I think that's a useful reminder of where we've come from and where we are today, both in terms of sort of quality of the portfolio, but also how we market. Yeah. If we then go into the bulk of the portfolio, there's nothing really new around BlaBlaCar. This is a good summary, I think, around how they sort of close to 2025. 2 billion euros of GMV is a sizable number. I know GMV is not revenue, but as you remember, a bunch of their markets are unmonetized yet, and some of them are really coming strong into monetization, like Brazil now, but others remain unmonetized, waiting for liquidity to sort of further improve. But still, GNV, that's a tool that many people use to sort of value these kind of sort of platforms, et cetera. And if you use that number, and to where we're marking it today, 0.4 times GNV, which I think is fair to sort of categorize as attractive, certainly in my mind that is. And if you go to the next page, we also have a blah, blah car that's doing really well at this start of 2026. They have had a strong start. And... And also, of late, we've really seen this elements of counter-cyclicality in the business model where oil prices go up, energy prices go up at large, oil prices go up, the activity of blah blah car goes up because it's more expensive to drive a car and you're more prone to get other people in to fill those seats. You do that through the blah blah platform so blah blah gets more business and the graph on the on the right sort of highlights that. I think that's sort of all for BlaBlaCar. Let's go and talk about Voi. Dennis, do you want to run us through Voi?

Happy to. Thank you, Per. So Voi holds a record 2025 with 178 million euros of net revenue. This is up 34% year-over-year and adjusted EBITDA of 29.3 million, which is up 70% year-over-year. and adjusted EBIT of around 3.2 million up from a century break even in 2024. So a very significant improvement across the board in the P&L. As we alluded to earlier, the company during the year also did a tap of 40 million euros on the existing bond framework to fund the growth cap for 2026. And they also secured an RCF with Danske Bank and Swedbank here in the Nordics for 25 million euros, which is still on tap. but provides additional financing flexibility should they need it. In Q1 of 2026, we've written down the value of our stake in Voi by 16%. This is primarily driven by peer multiples trading down, as Per has already talked about earlier, but in part also driven by FX as the dollar is appreciated against the Euro during the quarter. Operationally, Voi has had a strong start to the year, continues to win tenders in Q1 alone. They've won tenders in Netherlands, in France, in Germany and in Norway. And they've also started to roll out their new fleet of e-scooters, the V9 e-scooter and the e-bikes, the E5 and the EL2 across the streets of Europe. So putting to use the bond money that they raised at the end of last year. The company will issue their Q1 report on Monday next week. That's on April 27th. So more information will be available then. I should already jump to the next slide, which is good. As Per wrote about in the MD intro to the report, when Void issued its bond in 2024, it pioneered a financing model that industry peers have since either replicated or attempted to replicate. We have now received the first public financials from one of those peers, And the comparison truly reinforces our conviction in Void's strategy and in their execution. As you can see in the numbers here on the graph, while Void grew revenues by 34% year-over-year and generated reported EBITDA, different from adjusted EBITDA, reported EBITDA of $19 million and $24 million of cash flow from operations, The European peer here saw a revenue decline of 16% year-over-year, and on essentially the same revenue base, generated negative 13 million of EBITDA and negative 20 million of cash flow from operations. We've excluded EBIT here as the peer change methodology on this metric during the year, so making a like-to-like comparison difficult, but that number was heavily negative as well for the peer. As I said, we are convinced that Void's strategy and execution is the best in the industry. And I think one additional data point that supports that is when looking at the revenue generation per vehicle and day on the right-hand side of this slide. So Void generating 3.94 euros per vehicle and day in 2025 and the peer down at 2.88 euros in revenue per vehicle per day. We can see here that that's a 37% more revenue generation per vehicle at Voi. And I think this really shows how Voi's investments across the full platform, everything from hardware where they have their own proprietary IT module, high-capacity swappable batteries, to software where they use machine learning for fleet optimization. They have a very strong fleet and inventory tracking system. And lastly, operations where they have best-in-class fleet sourcing, fleet management, maintenance, and eventually resale. It's truly paying off. With that, we'll go to the final slide where there's really nothing new to report. They've seen continued growth on top-line and improvements on profitability across the board, as I alluded to earlier. As also mentioned, their Q1 report is out on Monday, so we encourage you to keep an eye out on their Iowa site then. If we then jump to the next company, being Housing Anywhere. Housing Anywhere has had a good first year under Antonio Inconi, who joined as a CEO roughly a year ago after having senior roles at both Immobilare and before that Amazon. Looking at their 2025 financials, the company closed the year with continued growth on top line and positive adjusted EBITDA, which is a big improvement on the year before. In Q1, as Bjorn mentioned, housing anywhere closed the financing round, where V&V participated with €1 million, and where previously held convertible loan notes were converted to equity. With this new funding, we think that the conditions are in place to push growth harder from here, and we look forward to... to following that selection, which was done around the V&D mark at year-end last year. If we then finally go to Neumann, Neumann closed a very strong 2025 with north of 125% growth on revenues and positive adjusted EBITDA. As we've spoken about in the past, their weight loss vertical has been a key driver of this growth over the past couple of years, and 2025 was no exception. In Q1, 2026, the company has continued to grow. We have seen growth come down from the levels it's seen in past years, primarily driven by some price changes in the market for GSP1 in the UK, which initially led to some stock piling behavior ahead of increases and then some slightly lower activity following. But as said, this is growing year over year in Q1 and we value Neumann on the back of a transaction that they closed last summer. However, should we have valued it on the back of a peer group model this quarter, it would have been roughly in line with the mark we currently carry that. Finally, this company continues to invest in its unified Newman 2.0 platform, which we believe is a key driver to long-term LTV growth and patient retention. And we look forward to seeing the results from those investments in the quarters to come. That's it on human. Thank you.

I'll finish up with sort of a short comment on Brandfest here, who continues to see strong growth in its core e-commerce business and also sort of initial promising dynamics in its fintech offering. During Q1, the company announced sort of the final tranche of their $60 million funding round, which they completed sort of majority of last year. But the final tranche sort of closed in Q1. So the company is funded and continues to grow well and sort of flat valuation still based on this transaction. And then finally on the top six here we have Boca Direct, who's also sort of down during the quarter, primarily driven by multiples, but on sort of that side continued strong performance, strong profitability. Bokadreck also announced a small acquisition during first quarter. It was a company called Suezi, which is sort of a niche SaaS player for gyms and personal trainers, which will add both sort of top line and profitability to the company. And with that, I think we're through the top six names and we'll head to a Q&A. And as a reminder here on the Zoom, please use the chat function or the Q&A function in Zoom and we'll try to address them. And I believe we have a few questions. We could start with this one for you, Per, perhaps. Once you do the partial bond redemption, what do you think is the remaining headroom to repurchase shares? How do you weigh the bond redemption versus share buybacks going forward?

Our target is to sort of Our goal for a long, long time, as you know, and which we sort of achieved now with the sale of Getty, is to sort of become debt-free and not to sort of be burdened by paying a coupon because of the debt we have. So this is just a continuation of that. But at the same time, we absolutely aim to have liquidity to... make use of this sort of gift that the market is giving us of valuing us where we are and put shareholder money to work at that. So we've been active around that, and we do it in the way we do it, as I think you've all sort of seen. We do sort of highlight and press release what we bought the previous week. So I think it's fair to expect us to continue to doing that and also to fund that. uh now this partial one redemption sort of leaves a little bit of cash we're still not cash but or yeah it's fairly but we are uh and but it leaves liquidity to continue to do that so that's good and and uh when we get to the sort of the end of the duration of this bond uh uh then uh we um During that sort of period, we see that we will have completed several more exits. There's an ongoing sort of process, some driven by us, some driven by sort of things at large, that will provide us the liquidity. So it's too early to talk about that because nothing's done until it's done. But I feel sort of assured that we will have sort of ample liquidity both to sort of retire this bond at full and to buy back stock. But nothing's done that this redemption leaves us with, I think, a good balance of liquidity to make use of what we want to do here in the market. Thanks.

Another question here on Blablacar. You mentioned profitability at Blabla briefly. Could you give us some color on how this would scale if the higher activity levels from March were to persist during the year? Does the increased activity sort of translate into higher profitability as well?

For sure, it does. And we unfortunately are not at liberty to share sort of any any further details as much as we would like. We're not that limited to do that. But we're sure this drives sort of revenue, business revenue and higher sort of earnings. So it is a positive, for sure.

Maybe I can add there, Per, without saying too much to your point, we don't have the liberty to do so, but the poor carpooling business that they run, operates at north of 90 percent gross margin so any kind of revenue coming outside of what you anticipated covers the you know the fixed cost is already covered so you get a pretty high contribution on the bottom line uh from from that so so to paris point uh the answer is yes yeah no well well described dennis um so yeah i hope that answers that question

And then sort of a follow-up question sort of on buybacks of shares and bonds, sort of given the volatility in the markets and contracting multiples, aren't you sort of more eager to increase buyback levels of the share? And or if not, are there other plans for sort of additional investments in the existing portfolio companies or new fund grants?

So just having a go at that question, the different parts of it. So there's nothing major. None of the large ones sort of. have any large rounds going on. There's small bits and pieces that we have been, where we've been active in the portfolio, but they're really sort of on the marginal side of things. So not a big sort of draw on liquidity. And yeah, no, I mean, if we... If we had liquidity to do more now, I absolutely would be a strong advocate for doing more in terms of buybacks. I think it's very attractive. I really, really believe that our NAV will be able to deliver serious returns over these coming years. uh and um and so if we have some liquidity to do more we do that but obviously need to balance that liquidity uh but but very eager to sort of uh participate in in the way we're doing now so it's that balance that that you may feel is is keeps up keeps us doing this at a frustratingly you know timid kind of level but it's um but it's um yeah it's it's necessary to do it that way if we if we if we can accelerate some some exits that you know are at nev or around nev you know then then of course it makes a lot of sense to do those and then and then sell but then nothing's done that was done. I feel very strongly that we will be able to complete some further exits and hence we'll have the creative do more but got to keep an eye on that balance.

Another question here, specifically sort of on the boy valuation, maybe for you, Dennis, other than sort of contracting multiples, what levers have been moving around on that in the model?

So the multiples are the primary driver. As you know, we're out in the next 12 months, so we've moved one quarter forward, so the The NTM market is obviously higher than it was in the previous quarter since the company is growing. But we also have FX, as I alluded to earlier, the dollars depreciated against the euro. So that's one negative contributor. And also net debt. In the case of VOI, we don't simply take cash minus debt. We look at what obligations the company has with the existing cash. In this case, it's CapEx investments for 2026, where they've improved payment terms significantly over the past couple of years. So cash outflows happen during the year to a larger degree than everything going out when you place orders. So it's a combination of FX, net debt, but primarily, as I said, multiples.

Thank you. With that, I don't think we have any further questions at this point in time. But as always, feel free to reach out over email. I will try to be helpful. And other than that, I'll leave it to you, Per, for any final words.

Nothing more to add. Frustrating quarter because of all the stuff that we've talked about. But we feel really positive about the portfolio and the opportunities that we have here. so um yeah when when's our next report bjorn it's uh we're looking at july july 14th july 14th the national day in france um so that's when we'll speak next thank you everyone thank you thank you