VNV Global (VNV) CMD 2025 summary

Portfolio performance and financial outlook

• 77% of the portfolio is EBITDA positive post-Gett sale, with accelerating revenue growth among top holdings, rising from 17% to 42% year-over-year.

• Profitability margins have shifted from net loss in 2023 to positive in 2024, averaging 3% (or 7% if Voi is measured at EBITDA), with earnings expected to outpace revenue growth.

• The six largest portfolio companies represent a pro rata P/E or P/EBITDA of about 10, with significant upside potential from the remaining 54 companies.

• The portfolio is organized around network effects, with investments in mobility, marketplaces, and emerging markets, and currently trades at a 44% discount to NAV.

Voi Technology: Strategic progress and growth

• Voi has transitioned from hyper-growth to profitable, efficient operations, with a focus on recurring revenues and a sticky user base—90% of revenue comes from frequent users.

• Expansion into e-bikes and new cities, including a major Paris contract (6,600 e-bikes, live until 2030), and plans for London to be a key market by 2026.

• Vehicle profit margins have nearly doubled since 2021, overhead costs reduced by over 40%, and last 12 months EBITDA reached €25 million.

• AI is being embedded across operations, improving customer feedback analysis and operational efficiency, with further AI-driven initiatives planned.

• Regulatory environment has matured, with longer, more predictable contracts and reduced competition in key markets.

Breadfast: Market leadership and operational excellence

• Breadfast is Egypt’s largest online grocery platform, growing revenue at 98% year-over-year to a $190 million run rate, with 1.3 million monthly orders and 400,000 active households.

• Private label penetration is near 40%, driving strong unit economics and customer loyalty, with store-level EBITDA at 10%.

• Technology and AI-driven supply chain management have reduced blended waste to under 2% and improved demand forecasting by 45%.

• Breadfast is expanding into new verticals (coffee, care, kitchen, pay) and has received regulatory approval for Breadfast Pay, aiming to open bank accounts for unbanked customers.

• The company operates in Egypt’s most populous cities, covering 70% of retail spend, and maintains a six-month payback on new fulfillment centers.