VNV Global (VNV) CMD 2026 summary

Portfolio overview and financial position

• Portfolio remains focused on companies with potential for monopoly positions and strong network effects, maintaining profitability and attractive pricing with a pro rata revenue of $150 million from the top six holdings in 2026.

• Earnings ratio is at 12 for the top six holdings, expected to improve significantly over the next few years.

• Recent asset sales have shifted the balance sheet from net debt to net cash, with further exits expected to add EUR 10 million in 2026.

• Share buybacks are prioritized due to a persistent NAV discount, leveraging healthy double-digit returns from NAV.

• A new business line, VNV Global Asset Management, is being established to capture off-balance sheet opportunities, including funds and SPVs targeting emerging markets and specific portfolio holdings.

BlaBlaCar: Strategic transformation and growth levers

• BlaBlaCar exited its operated bus and short-distance carpooling businesses in 2026, simplifying its model to a 100% marketplace, C2C/B2C platform.

• The company expects 2026 net revenue of EUR 210 million and EBITDA above EUR 40 million, with a 15% top-line growth and 20%+ EBITDA margin.

• Growth is driven by monetizing carpooling in emerging markets, adding new verticals (e.g., hotels), and maintaining strict OpEx discipline.

• Monetization in Brazil and Eastern Europe is underway, with significant untapped potential in India and Mexico, where usage is high but revenue generation is yet to start.

• The company aims for 40%-45% EBITDA margin by leveraging existing usage, expanding verticals, and keeping costs stable.

Voi: Accelerated growth and operational efficiency

• Voi has shifted from a turnaround to accelerated growth, achieving 47% YoY top-line growth in Q2 2026, EUR 39 million EBITDA LTM, and EUR 10 million EBIT LTM.

• The fleet now includes 200,000 vehicles across 130+ cities, with 80% of revenue from regulated, licensed markets.

• Operational improvements, hardware durability, and data-driven optimization have led to better unit economics and payback periods as short as eight months.

• E-bikes now comprise 25-30% of the fleet, driving increased usage and retention; revenue per vehicle per day has improved due to city mix and pricing.

• Major growth opportunities remain in existing cities, especially mega-cities like Paris and London, with potential for 5x top-line growth if penetration matches leading cities.