VNV Global (VNV) Q1 2026 earnings summary

Executive summary

• NAV declined to $462.08 million in Q1 2026, down 15.15% in USD and 12.43% in SEK per share, mainly due to lower peer group multiples and market volatility, not underlying portfolio performance.

• Portfolio companies are generally profitable and continue to grow, with the top six holdings achieving over 25% year-over-year revenue growth and a three-year CAGR of nearly 30%.

• The portfolio is diversified across mobility, digital health, and marketplaces, with the majority in developed markets.

• The portfolio trades at a significant discount to NAV, prompting ongoing share buybacks as a preferred capital allocation.

• Focus remains on investing in non-listed, high-growth companies with strong risk/reward profiles and network effects.

Financial highlights

• NAV per share was USD 3.61 (SEK 34.25) at March 31, 2026, down from USD 4.25 (SEK 39.11) at year-end 2025.

• Total investment portfolio valued at $503 million, with borrowings of $45.7–46 million.

• Cash and cash equivalents stood at $16.79 million, with liquid asset investments at $29.67 million.

• Portfolio continues to trade at a 47–49% discount to NAV.

• Equity ratio was 90.78% at March 31, 2026.

Outlook and guidance

• Management expects continued liquidity from future exits to support both debt reduction and share buybacks, with no major new funding rounds expected for large portfolio companies.

• Macro tailwinds such as higher fuel prices are driving increased demand for portfolio companies like BlaBlaCar.

• The top six portfolio companies are expected to double revenues from 2023 to 2026, with an adjusted EBITDA margin of around 5%.

• Management remains confident in long-term value creation despite short-term volatility.