VNV Global AB

VNV

Equity

ISIN SE0014428835 / Valor 55646195

NASDAQ Nordic Exchange Stockholm, Equities (2026-06-26)

SEK 16.36-0.24%

VNV Global AB
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About company

VNV Global AB is an investment company with a broad focus on innovative technology-driven businesses worldwide. With operational teams based in Stockholm and Cyprus, VNV Global is publicly traded on the NASDAQ Stockholm, under the ticker VNV, within the Mid Cap segment. The company has a history of over two decades in investing in what it identifies as the world's most innovative companies, particularly emphasizing those that demonstrate strong network effects. VNV Global's investment strategy is characterized by its stage-agnostic approach, allowing it to support mission-driven entrepreneurs across various development phases. The firm's investment portfolio historically gravitates towards sectors such as Marketplaces, Mobility, and Health & Wellness, although it remains open to exploring new areas that promise to solve significant real-world problems through technology. VNV Global positions itself as providing patient capital to scalable tech companies, offering not just financial resources but also the commitment and expertise necessary to nurture these businesses into profitable and sustainable entities.

Summarized from source with an LLMView SourceSector: Finance

NAV and NAV per share (Q4 / FY 2025)

NAV at 31‑Dec‑2025: USD 546.66 mln (SEK 5,029.97 mln). NAV/share: USD 4.25 (SEK 39.11). NAV per share decreased vs. 31‑Dec‑2024 (USD 4.44 / SEK 48.82): USD decline ~4.23% for the 12‑month period and intra‑quarter USD decline of ~5.95% (SEK moves amplified declines in SEK terms).

Results and EPS (Q4 / FY 2025)

Net result Q4 2025: USD -37.47 mln (Q4‑2024: USD 6.80 mln). Net result FY 2025: USD -29.22 mln (FY‑2024: USD -85.14 mln). Earnings per share Q4: USD -0.29; FY: USD -0.22.

Drivers — portfolio revaluations and disposals

Main drivers of the Q4 and FY results were fair‑value movements in portfolio holdings: negative revaluations of BlaBlaCar and Voi weighed on NAV, while completed divestments (Gett and Tise) and a positive revaluation of Voi (over the full year) partially offset declines. Proceeds from sales in 2025 were USD 98.2 mln; investments were modest at USD 2.4 mln.

Top holdings (fair values at 31‑Dec‑2025)

Largest portfolio positions: BlaBlaCar USD 164.3 mln (27.9% of portfolio), Voi USD 127.5 mln (21.7%), Numan USD 37.7 mln, HousingAnywhere USD 37.2 mln, Breadfast USD 30.2 mln and Bokadirekt USD 27.0 mln. Voi showed positive value development in 2025 (+26% YTD) while BlaBlaCar declined (-21% YTD).

Realised disposals and cash

Notable realisations: sale of Gett (completed in Q3/Q4 2025) generated ~USD 89.1 mln net consideration (final escrow of USD 2.5 mln retained). Tise was sold (consideration ~NOK 109 mln / USD ~11.0 mln) and closed in early Q4. Cash and cash equivalents at year‑end: USD 51.25 mln.

Capital structure, bonds and buybacks

On 3 Oct 2025 VNV executed a partial redemption of the 2024/2027 bonds; outstanding nominal amount thereafter was SEK 425 mln. The company repurchased shares: in Q4 it bought 1,295,879 common shares and during H2‑2025 deployed ~USD 5.8 mln to repurchase ~2.4m shares; total repurchased common shares held as of 31‑Dec‑2025: 2,378,585. Group remains in compliance with bond covenants at 31‑Dec‑2025.

Operating / financial cash flow and liquidity

Net cash flow for the period was positive USD 31.8 mln (FY), with operating cash flow (including proceeds from disposals) of USD 92.0 mln for the year. Net cash used in financing activities was USD -60.2 mln (repayments, interest and buybacks). Borrowings (Group) were USD 46.6 mln on the balance sheet (long‑term debt position reduced vs prior year).

Other items and near‑term items

Result from financial assets (FY) was roughly neutral (USD 0.26 mln) but negative in Q4 (USD -31.50 mln) due to revaluations. Net operating expenses were modest (USD -7.01 mln FY). Management scheduled a conference call (29 Jan 2026). No material events were reported after period end.

Summarized from source with an LLMView Source

Key figures

-4.77%1Y

-18.3%3Y

-82.7%5Y

Performance

38.8%1Y

43.9%3Y

46.3%5Y

Volatility