VNV Global (VNV) Q2 2026 earnings summary

Executive summary

• Net asset value (NAV) as of June 30, 2026, was USD 461 million, flat for Q2 but down 16% in USD and 11% in SEK for the six-month period; portfolio totals USD 484 million, with USD 16 million in cash/cash equivalents.

• Focuses on investing in non-listed, high-growth companies with strong network effects, diversified across mobility, digital health, and marketplaces, mainly in developed markets.

• Maintains a stage-agnostic investment strategy, participating from seed to late-stage growth rounds, and has a strong track record with successful exits.

• Continued share buybacks, with 600,000 shares repurchased year-to-date and most canceled after AGM; LTM buybacks totaled 2,971,633 shares, reducing shares outstanding to 128,006,603.

• Portfolio structure remains stable, with top six holdings representing 78% of NAV and mobility as the largest sector exposure at 48-51%.

Financial highlights

• NAV per share is USD 3.60 (SEK 34.97), down from USD 4.25 (SEK 39.11) at year-end 2025; portfolio trades at a 53% discount to Q2 NAV.

• Borrowings reduced to USD 27 million after SEK 167 million bond repurchase at 104% of nominal value; cash and equivalents at USD 16.3 million.

• Net result for the six months was USD -85.10 million, mainly due to negative revaluations of BlaBlaCar and Voi.

• Operating expenses for the period were USD -4.50 million; cash flow from operating activities was USD -12.5 million.

• LTM share buybacks and bond repurchases reduced outstanding debt and shares.

Outlook and guidance

• Revenue growth continues across the portfolio, with profitability improving as low-margin segments are discontinued; management is optimistic about new fund structure and sector-focused initiatives.

• BlaBlaCar’s revenue guidance for 2025 lowered due to exit from low-margin bus segment, but profitability expected to rise.

• New fund structure (VNV 2.0) in development to capitalize on emerging market opportunities and generate fee income; updates expected next quarter and at Capital Markets Day.

• Focus on scaling core holdings and leveraging network effects in mobility and digital health.