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VNV Global
VNV Global (VNV) investor relations material
VNV Global Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary29 Jan, 2026
Executive summary
NAV at year-end 2025 was USD 547 million (SEK 5.03 billion), or USD 4.25 (SEK 39.1) per share, down 5.9% in USD and 8% in SEK for Q4; year-over-year, NAV declined 4.23% in USD and 19.88% in SEK.
Portfolio is diversified, with top holdings BlaBlaCar and Voi comprising nearly 50% of value; six largest holdings represent 80% of NAV.
Portfolio companies are largely EBITDA positive, with 80% of NAV from profitable businesses; growth in top holdings accelerated in 2025.
Company trades at a 49% discount to NAV as of January 28, with ongoing share buybacks totaling 2,378,585 shares (1.8% of outstanding shares) in 2025.
Net result for 2025 was USD -29.22 million, a significant improvement from USD -85.14 million in 2024, driven by revaluations and divestments.
Financial highlights
Investment portfolio totals USD 589 million: USD 537 million in investments and USD 51 million in cash/cash equivalents.
Borrowings at year-end were USD 46.6 million after partial bond redemption; net cash position achieved by year-end.
Cash inflows included USD 98.3 million from Gett and Tise exits; main outflow was bond redemption.
Six largest holdings generated USD 1 billion in revenues in 2025; VNV's share is USD 150 million.
Cash and cash equivalents increased to USD 51.25 million at year-end 2025 from USD 15.68 million at year-end 2024.
Outlook and guidance
Expectation of continued robust growth in 2026, with earnings projected to grow faster than revenues.
Price to EBITDA for VNV's share of top six holdings expected to drop from just above 20x in 2026 to 10x in 2027.
Management expects continued investment in portfolio companies to drive growth, with a focus on expanding profitability and potential dividends by 2027.
Ongoing share buybacks anticipated, with focus on opportunistic purchases.
Voi is expected to continue investing for growth in 2026, with positive adjusted EBITDA and EBIT anticipated.
Strategy to close NAV discount given AI concerns?
Voi's path to steady-state profitability and dividends?
2026 outlook for bond redemptions or buybacks?
Voi's 2026 EBITDA forecast reduction drivers
Which smaller holdings could become future top assets?
What scale of buybacks is feasible given exits?
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Next VNV Global earnings date
Q1 202623 Apr, 2026
VNV Global
Next VNV Global earnings date
Q1 202623 Apr, 2026
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Frequently asked questions
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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