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?