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Edge12 Dec 2025
Running on Clouds: The Story of On
The story of how a Swiss runner's pursuit of a new running sensation became On, aiming to be the most premium global sportswear brand worldwide.
VNV Global
VNV Global (VNV) investor relations material
VNV Global SEB Nordic Seminar presentation summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.SEB Nordic Seminar presentation summary8 Jan, 2026
Financial highlights and portfolio overview
Q3 2025 NAV stands at $587m (SEK 5,524m), or $4.52 (SEK 42.5) per share, reflecting a 1.1% decrease in USD and 2.0% in SEK since last quarter.
Investment portfolio value is $652m, with borrowings of $91m and cash & equivalents of $71m; pro forma net cash position is -$16m after recent transactions.
Portfolio is concentrated, with BlaBlaCar (28%), Voi (21%), and Numan (6%) as top holdings; top six companies represent over 75% of portfolio value.
Share buybacks reduced outstanding shares to 128.6m, with 2.38m shares repurchased in 2025; shares trade at a 44% discount to NAV.
Portfolio company performance and transactions
BlaBlaCar achieved significant growth in emerging markets, especially India and Brazil, with 150m passengers in 2025 and minimal marketing spend.
Voi surpassed 400m rides, expanded into new cities, and turned positive adj. EBIT in 2024, with continued revenue and margin improvements.
Numan posted triple-digit revenue growth and expects positive EBITDA in 2025 after securing $60m in new funding.
Breadfast accelerated growth and improved unit economics, raising $10m in Series B2 and launching new payment products.
HousingAnywhere and Bokadirekt both saw steady growth, with HousingAnywhere appointing a new CEO and Bokadirekt benefiting from higher multiples and improved margins.
Investment returns and market activity
Several long-tail holdings, including Flo, Oura, Ovoko, Tise, and NoTraffic, completed transactions at significant premiums to VNV's NAV.
Tise exit to eBay closed at a 65% premium to NAV; Oura and Yuv also saw new rounds at higher valuations.
Increasing share of the investment portfolio is now in adj. EBITDA positive territory, rising from 62% in Q3 2024 to 77% in Q3 2025.
Pro rata adj. EBITDA margin for top six holdings improved from -6% in 2023 to 1% in 2024 and is estimated at 3% for 2025.
How will buybacks address 44% NAV discount?
BlaBlaCar's emerging market monetization strategy
Drivers for 77% EBITDA positive portfolio share
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Next VNV Global earnings date
Q4 202529 Jan, 2026
VNV Global
Next VNV Global earnings date
Q4 202529 Jan, 2026
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VNV Global AB is a Private Equity and Venture Capital firm based in Stockholm, Sweden, specializing in growth capital, buyout investments, incubation, seed/startup, early venture, mid venture, late venture, expansion stage, public market equivalent investments, and middle market investments. It also seeks to invest in acquisitions and pre-IPO situations.
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