VNV Global AB (publ)

Hey, everybody. I think we're all set to go. I hope everyone sees my screen. Bjorn, do you see my screen?

I do not. Okay.

Okay. Someone sees my screen. Anyway, we'll fix that as we go along. Hey, welcome, everyone. This is our Q2. This is the day where we report our Q2. As usual, we prepared a few slides and we'll open up for questions. Björn will explain how that works, if you don't remember. Without further ado, let's kick off. First out, Björn will take us through some numbers.

Sure. Thank you, Per. And as a reminder, as Per mentioned, if you want to ask a question later on, please use the Q&A function here on the Zoom. And we'll address that towards the end of the call. So let's start with the numbers. As per June 30th, Vinny Global's net asset value stood at $461 million, or $360 per share, which is flat during the quarter in dollar terms and up 2% in SEK. In SEK terms NAV was 4.5 billion SEK or just shy of 35 crowns per share. For the six month period NAV is down 16% in dollar terms and down 11% in SEK terms. If we jump to the next slide. We can see that the overall investment portfolio is USD $484 million and consisting of sort of $468 million worth of investments and $16 million in cash and cash equivalents. And of that investment line, approximately additional $9 million sits in short-term liquidity management investments. down from around 30 million end of Q1 as we redeployed the majority of those liquidity management investments in funding the partial bond buyback that which we completed in the quarter and with the buyback of course borrowings is down over the quarter to 27 million dollars versus 46 at the end of Q1, and that follows the sort of 167 million SEK bond repurchase, which we completed during the quarter at 104 of nominal amount. As you also note, we continue to trade the material discount to NAV. Given the current share price, we traded roughly 63% discount to the Q2 NAV. We've also continued to repurchase shares during the quarter. Year-to-date, we've repurchased roughly 600,000 shares, most of which were canceled following the resolution at the AGM. But as per June 30th, we still hold roughly 100,000 common shares in treasury. And if we move to the next slide and just a few notes on the fair value movements during the quarter, as per usual, driven by the larger holdings. BlaBlaCar, this quarter, is valued at $121 million, multi-based, up 1% during the quarter. You will note this in the report, in the note package, that the pre-discount multiple this quarter is up, and that's a consequence of excluding the low-margin operated bus segment, which BlaBlaCar announced that they're winding down. Dennis will come back to this later. Voi is valued at $106 million, also based on the model, also flat or down 1% during the quarter. Housing Anywhere, flat, still based on the transaction that was completed in Q1. Newman, valued at $36 million as of end of June, and now a model-based valuation as the previous transaction just moved across 12 months old. and that's down roughly 2%. And finally, sort of the two next largest holding spread fast continues to be valued on a relatively fresh transaction at $30 million, so flat over the quarter, and Boca Direct up 5% during the quarter to $26 million, primarily driven by slightly higher peer multiples. All in all, these six companies represent close to 27 crowns per share in aggregate, or 78% of the NAV. And before handing back to sort of parents, and then this one walking through the portfolio, as one note on sort of cash, we ended Q2 with $16 million in cash, which I already mentioned, and an additional sort of $9 million in liquidity management investments, and the primary movement in that cash. During quarter, again, was the partial bond buyback that we completed in April. With that, I'll leave it back to Per who will continue to walk you through the latest developments and key holdings.

Thank you. Yeah, so the structural portfolio is very similar over this quarter. You know, everything sort of flat, at least the big ones. So not much to dwell upon here. And as Bjorn has sort of said, we continue to trade at this discount. We bought back stock and this is very much sort of top of mind on how to deal with this. But this graph is familiar to you all. On an sort of aggregate level, at least for the top six companies, make up a bunch of the current NAV. Although I'd really like to stress that beyond these six companies, there's some really exciting stuff that is doing phenomenally well right now. But in spirit of simplicity, it's good to sort of focus on these six ones. As you can see, this portfolio continues to grow on the revenue line, and even if the numbers are smaller, the portfolio has turned profitable and that profitability is growing. Those of you who followed these slides over the last couple of quarters will note that the $130 million level for 2025 is lower than before, and that's because Because a blabber car is basically changing and where they're getting rid of these long-distance sort of bus trips in Europe, which is not really sort of a marketplace business, low margin, big volume. So revenues have gone down, but profitability has gone up as that sort of business line is being discontinued, which we are very happy about, us lot who are marketplace focused and we will dig in a little bit more into the larger holdings but what what what we what in this report we also of course talk about a V&V 2.0 kind of future. It's not really 2.0, is it? It's like a 14.0 by now or something. But we're very intensely at work in establishing a fund structure, a regulated fund structure with people who do regulated fund structures in order to... to start our first fund that will be part of managing and we're super excited about that and that's partly driven by the fact that we see a lot of stuff, interesting investment opportunities around our portfolio and in our network at large and of course the discounts only allows essentially for buybacks, but we think that in our sort of proximity, in our network, there are people who want to sort of get exposure to the kind of deal flow that we see, and we also think that us as shareholders in some way also would benefit if we have exposure to the kind of deal flow that's floating around us. and then establishing a regulated sort of platform to sort of pick up on that deal flow feels very natural and very good. So the plan is that the first sort of investment vehicle will be one that focuses on our historic sort of presence in emerging markets. marketplaces, embedded fintech, etc., where there's a bunch of stuff going on, where we really feel that we're maybe uniquely positioned to sort of to execute on that kind of deal flow. So very excited about that. And then this video also comes on the back of that we have over the years, you may have noticed that we have a bunch of sort of SPVs that we have in our in our structure. On the back of the success of those, it feels very natural to capitalize on deals by continuing those SPVs into a fund and do off-balance sheet investments, which over time could also generate value for So, very excited about that. So, more on that over the quarter. So, we're hard at work and we think we'll be back to you within the quarter we're in and talk more about that. We also have a capital markets day coming up in mid-September here in Stockholm. And if not before, then by then. That'll be a good opportunity to just step out The strategy I'm now giving a teaser of in more detail. So that is something background wise that I thought I'd touch upon. We continue here in the portfolio of BlaBlaCar. We alluded to it for a while now, but also in this call that BlaBlaCar is being has discontinued the stuff in the business lines that are not network effects kind of economics, which is essentially the old regulated bus business in Europe. And that has basically taken down revenues a bit and profitability up. We're very excited about that. And going forward, from now on, as that sort of aggregated strategy slideshow, we'll be showing the business on a performer basis without this low margin, high volume European operated bus system. But the marketplace stuff like carpooling and bus marketplaces, which is different than operated buses in Europe, obviously still remain and are much, much higher margin businesses. Beyond that also, BlaBlaCar is really doing well. I mean, yeah, humbly, partly because this is a, well, what we call a counter-cyclical business, nearly a counter-cyclical business. In past times, people are more prone to share costs by sharing a car ride. Even more so during times when the petrol price is obviously high, which it is now in the back of the war in the Middle East. It's the cost of driving a car, especially over long distances, is high, and so people go to BlaBlaCar to save on these costs. Dennis, is there anything else on BlaBlaCar that we should talk about at this juncture?

I thought I'd take the opportunity to detail a bit on the modeling, as we've done over the past years. We've explained that we value BlaBlaCar On the back of some of the parts model. And we've always had three segments. So it's the carpool segment, which is high margin and double cost and operating since the start. It's their OTA business, which is primarily a business through which they sell bus tickets via a marketplace model. And it's the low margin segment, we've called it historically, which is predominantly been this operated bus segment. And as Per has already mentioned, Lava Car is now shutting this business down. The wind-down has started now and is expected to be done by year-end. In this business model, Lava Car takes risks on utilization of buses. It's not a take-rate-on-a-bus-ticket-sale business model, but Lava Car rather decides that a bus will go from point A to point B, contacts a bus operator, and then promises them a certain fee and hopes to kind of fill up the buses. It's a high-risk business model. It's a utilization-risk business model. And for that reason, they decided to shut it down. It was never profitable, and it lacked network effect dynamics that Paris already mentioned. As Paris also mentioned, but just to be clear, bus tickets would, of course, continue to be offered on the platform, but via the OTA business model. So this has no real impact on user experience. The same supply is available on the platform. Revenues will be lower once this is fully done, so from 27 and onwards. And the EBITDA will be higher both in absolute terms, since this was an unprofitable business, but then of course also in terms of margin, as you're excluding revenues and have higher EBITDA, so margin will go up quite significantly. This is probably best explained or illustrated by looking at the gross margin of the business going from roughly 50% as the weighted average to around 90% after excluding the operated bus business segment. So a much kind of cleaner T&L, if you will. Specifically, in this quarter, the multiple has moved from roughly 2.7 times EV revenue on an NCM basis that we had last quarter to 4.2 times in this quarter. This is pre-discount, so we always apply a 10% to 30% discount as a reminder, but these are the multiples that you would find in the report note package. But this is really predominantly a consequence of excluding the low multiple, low margin revenues from OB. but then also coupled with some level of uplift on the remaining visitors that Lambacar uplifts. Just wanted to give that extra color.

Thanks. That's good. Going further on then in continuing the portfolio, we come with VOI, and VOI is really killing it in terms of operations. But there's also other good stuff going on, which is that there's our biggest competitor, Lime, has IPO'd. Now, after the end of this report, there's finally an equity that's listed within this micromobility space, which is a big and sort of stable business, obviously Bird listed. www.nvb.com is a very, very good peer for VOI, which we will absolutely use going forward as an important input to when we need to look at a listed sort of peer group for multiples on which to value VOI. I mean, as you know by now, the preferred Thank you very much. A peer group has been nothing perfect. Out there for Boy, now there is something that's very, very relevant and which will be important going forward. The Lime IPO was, of course, the timing of it was, you know, what should we say? It screamed of, there's a sense of, you get a sense of that this was not driven by, by market timing some sort of peak or anything. Probably on the contrary, you don't do an IPO after SpaceX and before Anthropic. The attention of capital markets are elsewhere and that's been very evident in the sort of The attention that this stock has gotten, we've seen a bunch of reports out there which is plainly just sloppily done around the name. If you just read the prospectus, took the time to read the prospectus, You get a clear picture. People haven't really made any time to sort of properly analyze this. So it will be good when the big banks that did the IPO all come out with reports, which is in a month or so. You will have a bunch of research coming out online, and from then on it will be very interesting to see the pricing of this. going forward. And come future quarters, this line will be an important factor for how we put together our valuation of VOI. I think it's sort of fair to say that, subjectively, VOI will trade at a premium. If they were both listed, VOI would trade at a premium, not least because Lime has a lot of Earnings, we estimate maybe half of their earnings comes from Paris and London, which are two cities where they've been essentially alone and that's changing and the big sort of The benefactor of that is, of course, Voi. So we see a lot of growth in Voi now and going forward also from those two cities. So there's a different growth profile, I think is the way to put it. But very interesting and a very positive event for the sector as a whole and also Voi. But there's a bunch of other details that we should mention at Voi. Dennis. Yes, thank you, Per. You're welcome.

Thank you. So, as Per has already alluded to, Voi has had a very strong start to 2026. On an LCM basis, the company closed Q1 2026 with €188 million of net revenue, which is up 36% year-over-year, an adjusted EBITDA of almost €30 million, up 40% year-over-year, and a positive adjusted EBIT of around €1.4 million. Looking at Q1 alone, the company grew 38% year over year. And since, as Per already mentioned, Lime is now public, and DOT's tier, as you know, they have a public bond, and therefore also public financials. We now have good visibility on the relative performance of these three players, and we note that Voi was the company growing fastest among the three in Q1, growing revenues, as I said, 38% year-over-year, with Lime at slightly below 32%, and tier DOT actually declining their revenues year-over-year.

in the first quarter of the year.

For Void, momentum has continued in Q2, and the company has won a good number of tenders and licenses in everything from Marseille to Askenbergum to Frankfurt and Nantes, so across Europe really. They also won contracts in Copenhagen, where Void is backed with over 4,000 e-bikes. and in Stockholm where the market from July 1st and onwards moved from three operators that it has been for the last couple of years to two. And Lime was actually the company that was not allowed to continue while Voi was essentially leaving a bigger and a better market for Voi. In terms of valuation, VIN devalues Voi on a forward-looking EV EBITDA model as in previous quarters. In Q2, VOI is valued on a pre-discount multiple of around 11.1 times EDI, which after being these discounts, typically between 10% to 30%, means an effective multiple below 10 times EDI has been applied. As Per has elaborated and explained the rationale behind, LINE is not used as a peer in this quarter, but will be used as a peer going forward. Last on this slide, the company, as you can see on the right-hand side of the slide, keeps accumulating rides at a very high pace. And I think it is fair to assume, as you can see on the graph, that they will reach half a billion lifetime rides since inception shortly, which is a very big milestone just around the corner. These financials we've already covered, but I encourage you to keep an eye out for their second quarter report, which is due to be published on July 23rd. You can find this on the Voice IR website, and we at D&D will also issue a release on the back of the report on July 23rd. If we move to the next slide, to Housing Anywhere, the third largest housing is valued on the basis of a transaction that happened in Q1, where the company raised new primary capital and D&D participated with €1 million in new funding and converted some convertible loan notes to equity. In terms of performance year-to-date, the company continues to grow revenues but has also invested quite a bit into various parts of the business. For instance, they have scaled their AI booking assistant across the platform and this now serves over 50% of the platform traffic. They're also working on a number of initiatives to improve conversion in their funnel, which we're also starting to see results from. So we think that this will drive volume growth for Housing Anywhere in the quarters to come. And with these kind of investments being done this year, and with the fresh capital that they raised earlier this year, we believe that conditions are in place to push growth harder from here, and this will be a topic we will push as a company in the quarters to come. Going to the next slide, so Neumann. Neumann, as we already alluded to, moved from a transaction to a model-based valuation in the second quarter. The model-based valuation is down 2% versus the transaction mark. As you know, Neumann's biggest product is now weight loss via their AgilityOne offerings. And this market, particularly in the UK, has been very volatile, both on the back of pricing, but also many other factors that have played a play to this. And this has pushed human to adjust their approach in how they run the business in 2026. Heading into this H2, we see that retention is now at the highest levels since the start of the year or since February, essentially. We're seeing that half of new customers are now locking into commitment packages, making them more sticky retention-wise. We're also seeing that Neuman is about to launch an oral Vigovi drug, which currently has an 18,000-person waiting list, and hope to see progress from these initiatives. On product, Neumann launched a 2.0 offering on June 30th, so very recently. This is essentially a single experience that lets Neumann bring men's health, women's health and diagnostics onto one platform. We're very excited about this launch and we'll follow this closely during the rest of the year. That is from Nino. I'll hand it over to Björn to cover Breadfast.

Thank you, Dennis. Yes, so Breadfast again is our investment in Egyptian quick commerce and online grocery business called Breadfast. The company continues to do well, growing fast, sort of GTV or GNV if you call it. It's close to $300 million on an annualized basis. The company is valued based on the latest transaction, which they announced back in February of 2026. So the last tranche of a $50 million fundraise was announced back then. The company now has more than or close to 60 fulfillment points across Greater Cairo and Alexandria and serves approximately 500,000 monthly users. In addition to sort of the core grocery business, there was a number of initiatives such as Breadfast Pay and Breadfast Food that continues to see sort of strong early traction, when we own 6.8% of Breadfast Post's latest fundraise. If we go to the next slide pair, which is the last of the large six holdings, Boka Direkt, company continues to do well. Model-based valuation is up roughly 5% over the quarter based on higher peer multiples. The company continues to see sort of stronger margins and has a few years for this sort of We're focused on re-accelerating top-line growth, and now we're also doing that and improving the margins, which we think are sort of still a lot of room to grow from this level. The company has also been focused over the last sort of two years in increasing the payment revenue, so both online and offline payments to flow through the BotanVec platform, and that is currently the highest sort of driver of growth for the company. and then also sort of in H1 2026 the company did acquire a business called Suezi which is a leading Swedish business management system for gyms and fitness centers and personal trainers and that is both sort of adding roughly sort of 10% top line and additional sort of margin So overall, companies doing well. We continue to own just shy of 16% of this company. And with that, I think we're done with the sort of top six companies, and we will move in to Q&A. Again, if you want to ask questions, use the Zoom function, and we'll walk through them over time. So I think There's a number of questions regarding VOI and then sort of the LIME IPO. I think we already did say that the LIME multiple will be reflected from next quarter in the valuation exercise and not this quarter. So that's first one. And then sort of another question here from Ina at SAB. How do you view Lime's IPO assets impacting Voi's operations? And then following, how would you describe the current exit landscape? In the event that Voi was to pursue an IPO, would you aim to remain a shareholder?

I don't think it really sort of affects the operating landscape or how Voi goes about its business. The fact that Lime has IPO'd. I mean, it's a big positive that there's more transparency around Lime now. That's a benefit in our direction. And those sort of benefits are floating the other direction since SPOI was the first company to go public in the form of a bond, a public bond, and then several sort of industry companies. Transparency is good, but other than that I don't think it changes much. The line might be always, I think as we talked about earlier, it's primarily been driven by The debt for equity restructuring, so debt holders will own like 60% of the company post money. And so that was the primary reason for doing this IPO now, which is maybe obvious. since it's not perfect timing to do it when there's so much attention and capital going to these sort of mega gorillas in the form of SpaceX and Anthropic. But anyway, we think it will find its feet well and we look forward to research coming out in the name from the larger banks around capital markets which will get a different kind of spotlight on this sector. What was the other question?

If Voi was to pursue an IPO, would we aim to remain a shareholder?

We think there is a lot of upside. from these levels at BOI. And we think, I would say that Fredrik Hjelm has a, you know, I'm certain that he'll make money at the base end of his strike prices, which is something like three times where we hold it now. And I'm confident that he'll also make money at the upper end of that, which is, what is it, seven times where we hold it now. So, you know, IPOing around these levels, we're not a seller. We would, of course, since we trade at this discount, we're constructive and positive about Voi being listed, the equity being listed, and therefore are very sort of enthusiastic about our biggest peer and competitor going public. because it will, of course, make it much easier to value a boy when we have a listed stock. And I think we would all agree that that would be, you know, is it the only reason that we have this discount? I don't know, but I think, you know, we will all come around and agree that the difficulty in valuing these things is maybe probably a big reason for trading at these kind of discounts. and especially in the combination with this lack of transactions. So having it listed would be good, but we're not setters at these levels.

Thank you. And then we have a question regarding sort of the discounts. So give them a discount. What do you do to sort of address the situation? and sort of order any exits in pipeline and potentially raising liquidity to continue with buybacks. We have a whole string of exits.

None in these top six names. Well, there will be some exits in the top six names, but maybe not 2026. But beyond that, there's actually a string of exits that if you add them all up, they amount to sort of serious liquidity. And so we're hard at work. getting liquidity into the portfolio, into the company, and with that then opening up to do the best thing we can do with liquidity, which is to buy back stock. And so, yeah, nothing's done after it's done, but the exits we're working on are all around our NAV and some even higher than the NAV. So all good. And then, of course, we may be large shareholders. if not the largest shareholders in a lot of these names, but we're not alone in deciding when transactions or listings happen. But of course, that's something we're, because of our discount, we're very constructive and positive about should things list. And we talked about line and void, I think now, so that's a positive. But then also we're establishing something that will generate cash. I mean, first sharing of costs, but then eventually also cash flow is something that we think is very beneficial in terms of addressing the discount, so that one should see sort of the strategy we're now embarking upon to do off-balance sheet investments and generating some fee income around those eventually is something that I think will also be beneficial. So we haven't fallen asleep and are not sort of looking at this discount. It's very much top of the to-do list here at VNV.

And one follow-up on that sort of intended off-balance sheet investing. How is the sort of thinking around VNV investing its own capital into that? Or is it...

Primarily, this is not that. This is first and foremost establishing a regulated fund structure with the people who do that. But with that in place, then you can go and raise money to... from other investors who allocate money into those sort of pools of capital, those sort of pools of capital to invest their money. So the primary thinking there is not V&V money. Obviously, V&V money will at large be used to sort of buy back stock when the opportunity is so evident there. But in time, there may also be, you know, V&V money invested. But that's, you know, if that happens in any larger or material quantities, it's in times when the stock also doesn't provide this sort of blatant opportunity. I think that on the margin, there may be bits and pieces, but... But otherwise, our liquidity is destined for the clearest opportunity, at least the bulk of it.

All right, thank you. I think we've done through the questions at this time. I leave it over to you, Per, to finish off.

Okay, well, thank you for joining. And yeah, so mid-September, 16th of September, Here in Stockholm, Capital Markets Day, we have pretty much all the big companies joining. We also have some smaller ones. A favorite in this Beyond the Big Six is an Iraqi company called Bali, which I will encourage you to listen into. If you can join us in the room, welcome. If you can't, we'll broadcast it as usual. And then we'll talk more about also how BNB, how we sort of envisage BNB developing beyond these investments and generating sort of Thank you.