VNV Global (VNV) Q3 2026 earnings summary

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.