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Introduction & Market Context
VNV Global AB (STO:VNV) released its Q1 2025 investor presentation on April 23, 2025, revealing a mixed financial picture characterized by strong portfolio company performance despite an overall decline in net asset value. The company’s stock responded positively, rising 1.61% to 16.16 SEK, as investors focused on improving portfolio fundamentals and strategic exit plans rather than the NAV decline.
The investment company, which specializes in network-effect businesses with high growth potential, reported that 81% of its portfolio is now EBITDA positive, a significant improvement from 55% in Q1 2024. This profitability milestone comes at a time when VNV trades at a substantial 61% discount to its net asset value, highlighting the disconnect between market perception and underlying portfolio strength.
Portfolio Performance Highlights
VNV Global reported a net asset value of USD 567 million (USD 4.33 per share) for Q1 2025, representing a 2.5% decline quarter-over-quarter in USD terms. In Swedish krona, the NAV stood at SEK 5,680 million (SEK 43.4 per share), reflecting a more substantial 11.2% decrease since the previous quarter due to currency effects.
As shown in the following portfolio allocation breakdown, the company maintains significant exposure to the mobility sector, with BlaBlaCar (29%), Voi (17%), and Gett (15%) comprising its three largest holdings:
The company’s focus on improving portfolio profitability has yielded impressive results. The following chart demonstrates the dramatic increase in the share of portfolio companies achieving positive adjusted EBITDA:
This shift toward profitability represents a strategic pivot for VNV Global, which has historically focused on growth-stage investments. The improvement suggests that portfolio companies are maturing and establishing sustainable business models, potentially setting the stage for successful exits.
Strategic Initiatives
VNV Global outlined an aggressive exit strategy aimed at raising approximately USD 148 million in cash during 2024. This plan includes the already completed Verdane Portfolio Transaction (JO:NTUJ) (~USD 49 million in Q1), the announced Gett divestment to Pango (~USD 70 million expected in Q2), and various smaller transactions planned for the second half of the year.
The following chart details the company’s exit timeline and expected proceeds:
CEO Per Brilioth emphasized that these exits are part of a broader strategy to optimize the portfolio and potentially return capital to shareholders. The company highlighted its strong track record of successful exits, including Tinkoff Bank (42% IRR, 8x multiple), Avito (37% IRR, 34x multiple), and Hemnet (50% IRR, 8x multiple).
The Gett divestment represents a particularly significant strategic move, as detailed in the presentation:
Key Portfolio Companies
BlaBlaCar, VNV’s largest holding at 29% of the portfolio, continues to demonstrate strong growth as the world’s leading carpooling platform. With over 100 million members across 22 countries, the company reported 20-25% year-over-year growth in passengers in 2024, reaching 100 million. BlaBlaCar also secured EUR 100 million in financing during 2024 to fund growth and M&A activities, including the acquisition of Obilet in Q4 2024.
Voi, the European micromobility operator, has shown remarkable financial improvement over the past four years. Revenue increased from EUR 27 million in 2020 to EUR 132.8 million in 2024, while adjusted EBITDA margin improved from -55% to 13%. Most impressively, the company achieved positive adjusted EBIT margin in 2024, marking a significant milestone in its path to profitability.
Numan, VNV’s digital health platform focusing on obesity and personalized healthcare, has demonstrated exceptional growth with revenue increasing approximately 15x since investment. The company offers digitally-led diagnostics, personalized clinical care, and tailored behavioral change solutions, positioning it well in the rapidly growing digital health sector.
Forward-Looking Statements
VNV Global’s presentation highlighted several key factors that will shape its performance in the coming quarters:
1. The expected closing of the Gett transaction in Q2 2025, which will provide significant liquidity for potential stock buybacks or debt reduction
2. Continued focus on portfolio optimization and potential additional exits
3. Improving IPO landscape anticipated by mid-2026, potentially providing exit opportunities for mature portfolio companies
4. Ongoing growth initiatives at key portfolio companies, particularly BlaBlaCar’s expansion and Voi’s tender wins in major European cities
The detailed NAV breakdown provides insight into the company’s current valuation and portfolio composition:
Analyst Perspectives
Market analysts have noted that VNV Global’s stock continues to trade at a significant discount to its NAV, presenting a potential opportunity for value investors. According to the earnings call transcript, analysts focused their questions on the details of the Gett transaction and potential regulatory risks for Numan, indicating these are key areas of interest for the investment community.
The company’s strategic shift toward profitability and cash generation through exits appears to be resonating with investors, as evidenced by the positive stock movement following the presentation. With 81% of the portfolio now EBITDA positive and clear exit strategies in place, VNV Global has positioned itself for potential NAV growth despite the challenging macroeconomic environment.
As the company prepares for its upcoming Annual General Meeting on May 14th and Q2 earnings call on July 17th, investors will be closely monitoring progress on the announced exits and the performance of key portfolio companies, particularly as they navigate the evolving mobility and digital health landscapes.
Full presentation:
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