VNV Global AB (publ)

As of June 30, net asset value was $461 million, or $360 per share, flat in dollar terms quarter over quarter and up 2% in SEK terms; NAV was SEK 4.5 billion, just shy of SEK 35 per share. For the 6-month period, NAV was down 60% in dollar terms and down 11% in SEK terms. The investment portfolio was $484 million, including about $468 million of investments, $16 million in cash and cash equivalents, and another $9 million in short-term liquidity management investments. Borrowings fell to $27 million from $46 million at the end of Q1 after a 167 million SEK bond repurchase completed during the quarter at SEK 104 of nominal value. The company said the shares traded at roughly a 53% discount to Q2 NAV, and year to date it repurchased roughly 600 thousand shares, with about 100 thousand common shares still held in treasury. On the valuation side, BlaBlaCar was $121 million, Voi $106 million, HousingAnywhere flat, Numan $36 million, Breadfast $30 million, and Bokadirekt $26 million; together these 6 holdings were close to $27 per share and 78% of NAV. No formal next-quarter or full-year financial guidance was given for VNV itself.

Per Brilioth framed the quarter as largely stable in the portfolio, with the main focus on the company’s persistent discount to NAV and how to create more value from it. He said the firm is actively working on a regulated fund structure to turn its deal flow and SPV experience into an off-balance-sheet investment platform, potentially with fee income over time. He also highlighted a capital markets day in mid-September as the next major venue to lay out the broader strategy beyond the current portfolio.

Bjorn Von Sivers focused on balance sheet and valuation mechanics: $461 million NAV, $484 million total investment portfolio, $16 million cash, $9 million in liquidity management investments, and $27 million in borrowings after the bond buyback. He noted the ongoing discount to NAV at about 53% and said VNV repurchased roughly 600 thousand shares year to date. On the portfolio marks, he cited BlaBlaCar at $121 million, Voi at $106 million, Numan at $36 million, Breadfast at $30 million, and Bokadirekt at $26 million, with top six holdings representing 78% of NAV.

Analysts asked about the Lime IPO, how it affects Voi, and whether VNV would remain a shareholder if Voi itself went public. Management said Lime’s IPO does not materially change Voi’s operating environment, but it does improve transparency and should help valuation work going forward; they also said they would not be sellers at current levels if Voi listed. On the discount to NAV, management said there are several exits in the pipeline, none in the top six names, and that those exits plus the new fund structure could generate liquidity and fee income that may help address the discount over time.