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VNV Global (VNV) investor relations material
VNV Global CMD 2025 summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Portfolio performance and financial outlook
77% of the portfolio is EBITDA positive, with profitability improving even after divesting a highly profitable asset.
Revenue growth in the top six holdings accelerated from 17% to 42%, with profitability margins turning positive and expected to rise further by 2025.
The portfolio trades at a P/E to EBITDA of about 10, suggesting continued earnings growth through 2027.
A 44% discount to NAV remains, despite recent share buybacks and bond redemptions.
Strategic focus and business development
Emphasis on network effects and high barriers to entry, with investments in mobility, marketplaces, and emerging markets.
Several smaller portfolio companies are positioned as future major contributors, with innovations in corporate gifting, healthcare, HR, and traffic management.
Thematic investment approach highlights disruption of traditional sectors and a shift toward early-stage and emerging market opportunities.
Company highlights and operational achievements
VOI, a leading micromobility platform, achieved profitability at both EBITDA and EBIT levels, expanded to over 100 cities, and is launching its largest e-bike contract in Paris.
Breadfast, Egypt’s largest online grocery platform, reported 98% YoY revenue growth, 10% store-level EBITDA, and 40% private label penetration, with strong resilience to macroeconomic challenges.
Bookadirect, Sweden’s top beauty and health marketplace, holds a 35% market share, supports 2.5 million monthly users, and is investing in AI-driven merchant tools and payment solutions.
Blablacar, a global leader in long-distance carpooling, is expanding into buses and trains, with 135 million passengers, €1.8 billion GMV, and a profitable, scalable model.
Neumann, a UK-based holistic health platform, achieved triple-digit revenue growth, profitability, and is scaling its obesity treatment and digital health services.
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