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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
VNV Global
VNV Global (VNV) investor relations material
VNV Global Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary27 Oct, 2026
Executive summary
NAV was $439.1m, or SEK 34.20 per share, at September 30; it fell 4.7% in USD and 2.1% in SEK QoQ.
Shares closed at SEK 18.4, a 46% discount to NAV.
Top holdings BlaBlaCar and Voi showed strong operating momentum, while peer-multiple movements and FX pressured valuations; Numan’s stake value fell 26%.
9M net loss was USD 106.67m, mainly due to negative fair-value revaluations.
Adjusted EBITDA-positive portfolio value rose from 28% in Q3 2025 to 77% in Q3 2026.
Financial highlights
Investment portfolio fair value was $445.7m at September 30, down from $467.6m at June 30; NAV declined to $439.1m from $460.5m.
Cash and cash equivalents were $13.35m, liquidity-management investments were $8.66m, borrowings were $26.4m and other net receivables were $6.5m.
9M result from financial assets at fair value was USD -99.45m, versus USD +31.76m in 9M 2025; net operating expenses were USD 5.39m.
Q3 fair-value result was USD -20.47m, versus USD -3.36m in Q3 2025; Q3 net loss was USD 21.57m.
Top-six pro rata revenue was $129.3m in 2025 and estimated at $148m for 2026; adjusted EBITDA was $4.7m and estimated at $8.5m, respectively.
Outlook and guidance
BlaBlaCar’s 2026 pro forma outlook, excluding Operated Bus and Daily, was EUR 205–215m revenue and EUR 40–45m EBITDA; its long-term EBITDA margin target is 40%–45%.
Post-exit gross margin is expected to reach ~90%, versus ~50% before the exits; 2027 growth and EBITDA growth are expected to accelerate.
Voi’s existing-city footprint could potentially reach 5x revenue at Oslo’s per-capita economics; London, Paris and German tenders are growth opportunities.
A first regulated fund focused on platform, ecosystem and superapp businesses in emerging markets is in preparation, alongside SPVs and themed funds.
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Latest events from VNV Global
- Positive FY earnings and portfolio progress, but debt reduction remains the 2024 priority.VNV
Q4 2023 - Portfolio companies drive growth and profitability through focused strategy, tech, and market expansion.VNVCMD 2026
- NAV at USD 461m, down 16% YTD, with a 53% discount and new fund initiatives in progress.VNVQ2 2026
- Portfolio companies accelerate growth and profitability, expanding into new markets and services.VNVCMD 2025
- NAV dropped 15.15% to $462.08m, but core holdings showed strong growth and profitability.VNVQ1 2026
- NAV per share fell 5.9% in Q4, with a 49% discount and strong growth in top holdings.VNVQ4 2025
- NAV down 4% in Q3 and 13% YTD; exits, bond issue, and Gett sale to boost liquidity.VNVQ3 2024
- NAV down 10% to $600 million, Gett sale and bond redemptions boost liquidity and profitability.VNVQ2 2024
- Asset sales, mobility profitability, and rapid grocery growth drive future value creation.VNVCMD 2024
Next VNV Global earnings date
Q4 202628 Jan, 2027
VNV Global
Next VNV Global earnings date
Q4 202628 Jan, 2027
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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.