VNV Global AB (publ)

Hello everyone to VMV Global's Q3 conference call. I'm Per, CEO, and I'm joined by my colleagues Bjorn and Dennis. We thought we'd go over the report and a few comments on the various activities that we're at. and then also some, you know, update on the portfolio companies. As most of you, I think, know, we'll sort of talk for a while, and then we'll take questions, and the questions are handled by, you put them into the Zoom sort of question function, and we'll pick them up at the end and have a go at answering them. So with that, I think we kick off and I hand it over to Björn to get us going.

Thank you, Per. Yes, I'll start with a few numbers here. So NAV in the quarter came in at $439 million or $3.43 per share. which is 34.2 SEK per share, down 2% in SEK over the quarter, or roughly 5% in dollar terms during the quarter. If we go to the next slide, we can see that our total investment portfolio now amounts to sort of $459 million, of which 446 is investments. and 13.3 cash and cash equivalent. In addition to that $13 million of cash and cash equivalent, we also have short-term investments showing up on the investment line of approximately $8 million. So all in all, liquidity as per the end of the third quarter is approximately $22 million. borrowings similar to last quarter amounts to roughly 26.4 million dollars which is the remaining outstanding bond we have. We're still continuing to say that the significant discount of approximately 60 percent given the September 30th NAV and sort of 18 point If we go to the next slide we can also quickly walk through sort of the main fair value drivers over the quarter before getting back to the to the specific portfolio companies but sort of starting from the top we have BlaBlaCar which is valued at $116 million dollars based on multiple down roughly five percent during the quarter primarily driven by lower peer multiples in this report and as Dennis will come back to We exclude revenues from sort of operated bus line down and Labrador Daily, which the company currently sold. And it's valid on the MTM, a forward-looking basis. Moving to the next company, Voi, also valued on the model-based valuation at $101 million for Vini Estate, down roughly 4% to the corker. Here I think also Dennis will touch upon sort of a revised valuation approach where we have emphasized more weight on the lime which is now listed in the US as sort of the closest tier in the listed universe. Housing anywhere flat during the quarter valued at 39 million dollars based on transaction which closed early this year. Similarity to Breadfast, also flat during the quarter, valued at $30 million, also based on a transaction which closed during the first half of 2026. Next up is Lumen, where we have sort of the largest relative valuation change, and also in absolute terms, down 26% of the quarter, over $9 million. This right down is reflected still also based on the valuation model and here we have both sort of weaker peer multiples and also lower certainty in terms of the forward-looking outlook for the company even some volatility in the UK market in the weight loss space. Finally among the larger companies we have Bolte Direkt which is continued to be valued on a model base and down roughly 7% in the quarter primarily driven by weaker peer multiples. All in all these six companies represent roughly 26% per share in aggregate or roughly just below 80% of the NAV. Finally, sort of going back on the cash and cash equivalent position, as I mentioned, $30 million of cash and another nine on the sort of investment portfolio and short-term investments. And then, as mentioned in the report, in the management report, we also have another $11 million in a way that we expect to hit our accounts during the fourth quarter, coming from exits of low traffic and OVOCO. With that, I'll hand it back to Per and Dennis, who will start with the portfolio topics. Thanks.

Yeah, and thanks, Björn. And as a starting point, the portfolio illustrative sort of version of what Björn talked about, the portfolio is kind of similar to what you've been used to. And what do you want to say? At large, the Portfolio is doing really well, I think, as you can tell, certainly from Boyle, come back to that, but also BlaBlaCar, so really, really in a very good spot. And I think the only one is sort of Numa, come back to that too, which were the overall sector due to some pricing hikes, have had some – it's in a sort of – it's in a wobbly patch, but we see that sort of maturing – I think rather soon, and then I think Numen is in a really good position to sort of pick up again. So at large, the portfolio is doing better than for a very, very long time. And valuations, as Björn was on about, and I think maybe Dennis will touch upon, especially on Voi, is more driven by peer multiples. with different sort of dynamics at play. Yeah, we trade at that sort of roughly 50% discount, which has been the norm for a while now. And we think about this a lot. We're putting it... What's the expression? We're trying to sort of take advantage of the opportunity by buying back stock. And... and try to make use of the opportunity that this gives rise to. The portfolio is still very So the discount should not at least be driven by a fear that the portfolio of companies are consuming cash and needs to fund themselves from its current shareholder base. That's not the case. This portfolio has become profitable and remains profitable, as this picture shows. That profitability has not come on the back of growth tailing off. Growth is there, and at sort of the top level, this is the top six companies in the portfolio. Those companies have provided growth over these past years of like 27% at the top line and then of course much higher at the bottom line and these interesting I think these top six companies generate to us eight and a half million bucks of earnings which is of course not earnings yet to the level where which is then transferred to us to dividends but that is not far in the future if these The earnings would have been mature enough to also sort of be transferred as dividends. Then, of course, for only these top six companies, these kind of figures would basically pay for our entire OPEX and then leave room to buy back a lot of stock. So if you look beyond the 2026 year here, which we're soon ending, we... We see growth continuing and if you compare our market cap to what we see these top six companies generating as EBITDA to us, you're looking at us trading at like a P of nine or price to EBITDA of around nine. interesting, I think, and that's not counting the sort of large portfolio outside of these six. As we spoke about with those of you who attended our CMD, and of course that we've talked about for a few quarters now, we're really busy in sort of setting up a separate business unit, you could say, which essentially moves new investments off the balance sheet of VNV Global. But with the shareholders of VNV Global set to benefit because these sort of of balance sheets or vehicles and funds and what have you will be run by us lot and hence sort of fees and profit share goes back to the V&E Global. So this effort is partly driven by a need or an ambition to sort of reduce the net OPEX of the company that we run But also, over time, to sort of generate cash flow and profit share to us. And this, we think, is entirely possible because once we can't invest cash in any meaningful way, at least, at the balance sheet, because the cash we generate, Björn spoke about them, we've written about that, we've sold stuff for about 100 million Swedish crowns, 11 million and dollars very recently. That cash, there's nothing better for us to do, risk reward-wise, than to buy back our own stock. We think from the NAD level, we'll be able to generate serious returns. And if you can buy that kind of potential with the sort of transparency and closeness that we have with these companies at half the price, then Thank you very much. We're exploring opportunities around vehicles, around our existing holdings, the larger holdings, all of them, to capitalize on opportunity sets around those cap tables, shares, etc. We think we are... Well, we're certainly large and we think we have a very good handle on all these companies, so we're good to partner up with in sort of more single-top stock or sector sort of SPVs very much around our own portfolio. But we also have a very clear and a well-advanced ambition I think is the way to frame it, to also launch a proper fund. And the very natural sort of first fund for us to sort of launch would be going back to our emerging markets sort of historical sort of starting point and historical sort of performance, which is an area where if you sort of just take out what we've done in emerging markets over these past decades, and we've generated, we've invested about 200 and sold for about a billion and that sort of works out to be just shy of 40% annual return IRR and a 5X money on invested capital. So it's only when you sort of dilute that with the current portfolio, which is more, of course, Western Europe, predominantly Western Europe. But as you can sense, we think that then you get to sort of a different IRR. But I think that also has a very high potential that we're on the cusp of sort of seeing sort of being revalued. So that will pick up too, but the left part of this slide gives you the picture why we think there's a possibility for us to sort of raise money in a fund that focuses on emerging markets because the track record we have there is clear. We also think that emerging markets, contrary to common opinions, is that you can't really do stuff in emerging markets because it's not possible to – it's difficult to buy and it's even more difficult to sell. I think that's a common – in the world. The focus of this vehicle, this fund, is actually not to get involved super early, but to only get involved in companies that are already profitable. But we also have a long experience of selling emerging market companies in IPOs, selling them to strategics, but also selling them to other financial investors, like we did with the real estate vertical that we used to own in the UAE, which we sold to General Atlantic. And why emerging markets? I think just touch upon that simply because a very large part of the growth for the next decade or two will come from emerging markets. And this is emerging market outside of China and India, which you probably won't see as our primary sort of hunting grounds. We're mostly active in countries outside of those two sort of mega, mega geographies. But growth will be high, and at the same time, competition is low. As compared to the share of GDP in these countries, the VC funding that they attract, it's a fraction. So there's less competition. This means that there's less competition for the companies that are active there. There's also less competition in terms of providing of risk capital to them. And the consequence of that is that the valuations are much more attractive. Anyway, so this is just a few of the thoughts that we have, which is the background to why we're working on to launch a vehicle like this which we hope to do in the very near future to be sort of done with all the regulatory work that needs to be prepared in order to launch this and market this and why we think that we're well positioned to do this and hence also to generate cost sharing and then cash flow and generating to us that also significant upside in terms of profit share. So with that, I thought we'd go through the large portfolio holdings. Dennis, do you want to run through the first couple of holdings?