VNV Global AB

VNV

Equity

ISIN SE0014428835 / Valor 55646195

NASDAQ Nordic Exchange Stockholm, Equities (2026-03-24)

SEK 17.58-0.85%

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

NAV at 30/09/2025: USD 587.09m (NAV/share USD 4.52). In SEK terms NAV was SEK 5,523.86m (NAV/share SEK 42.53). For the nine‑month period NAV per share in USD rose ~1.8% vs. year‑end 2024, while measured in SEK it fell ~12.9%. During Q3 2025 NAV per share moved down ~1.05% in USD and ~2.0% in SEK.

Profitability and earnings

Net result — 9M 2025: USD 8.26m (9M 2024: -91.94m). Q3 2025: USD -8.48m (Q3 2024: -25.62m). Earnings per share — 9M: USD 0.06; Q3: USD -0.06. The nine‑month result was driven by positive revaluations (notably Voi) offset by negative revaluations (BlaBlaCar) and realized proceeds (Gett).

Cash, proceeds and liquidity

Cash and cash equivalents at 30/09/2025: USD 71.29m. During 9M 2025 operating cash flow was USD 60.6m. In connection with the Gett sale VNV had received ~USD 61m by quarter‑end (outstanding USD ~26m held by a paying agent pending an Israeli tax certificate; USD 2.5m retained in escrow under SPA). After quarter close VNV received ~USD 9.3m from Tise (closed in early Q4).

Debt and bond activity

Reported borrowings at 30/09/2025: ~USD 90.6m (gross). VNV issued notice to redeem 50% of the 2024/2027 bonds (redemption at 103% plus accrued interest); bondholders approved amendments on 23 Sep and the partial redemption was completed on 3 Oct 2025 — after which outstanding nominal 2024/2027 bonds was SEK 425m and management reported post‑repayment debt of roughly USD 45m, leaving an anticipated net‑cash position of ~USD 16m once final Gett cash is received.

Major portfolio events

Gett: announced 15 Aug 2025 sale for total net consideration ~USD 89.1m — VNV received USD 61m by 30 Sep; remaining proceeds subject to tax clearance and escrow. Tise: announced 22 Sep 2025 sale to eBay (consideration ~NOK 109m / ~USD 11m) and transaction closed early Q4. Voi: positive revaluation in the period; BlaBlaCar: negative revaluation.

Top holdings and valuation drivers

Largest portfolio positions at 30/09/2025 (fair value): BlaBlaCar USD 184.1m (≈28% of portfolio), Voi USD 137.1m (≈21%), followed by Numan, HousingAnywhere, Breadfast and Bokadirekt. Investment‑result volatility in the quarter was driven by revaluations across those holdings and realized proceeds from disposals.

Share repurchases and capital actions

During Q3 2025 the company repurchased 1,082,706 common shares. The Board earlier authorized buybacks to provide capital‑return flexibility and manage NAV/share discount. Partial bond redemption (approved end‑Sep, executed 3 Oct) is also a material capital‑structure action.

Cash flow & operating notes

Result from financial assets (9M): +USD 31.76m (vs -85.21m prior year). Operating cash flow (9M) was positive at USD 60.6m, driven by sale proceeds (primarily Gett) and dividends (Merro dividend USD 6.2m). Net financial expense included significant bond interest and FX impacts (9M net financial items: USD -15.83m).

Management commentary & outlook

Management highlights entering “net‑cash territory,” expects continued portfolio progress and flagged strong operational momentum in several portfolio companies (e.g., BlaBlaCar, Voi, Breadfast, Numan). The company scheduled a telephone conference/webcast on 28 Oct 2025 for more detail.

Summarized from source with an LLMView Source

Key figures

-2.77%1Y

-8.34%3Y

-83.4%5Y

Performance

43.1%1Y

45.0%3Y

46.4%5Y

Volatility