VNV Global (VNV) Q4 2025 earnings summary

Executive summary

• NAV at year-end 2025 was $547 million ($4.25/share), down 5.9% in USD and 8% in SEK for Q4; NAV declined 4.2% in USD and nearly 20% in SEK year-over-year, reflecting a net loss of $29.22 million for 2025.

• Portfolio is diversified across mobility, digital health, and marketplaces, with 80% EBITDA positive holdings and top six assets representing 80% of NAV.

• Share buybacks continued, with 2,378,585 shares repurchased (1.8% of outstanding shares), and management emphasizing buybacks to address a persistent 49% discount to NAV.

• Strong track record of value creation, with a ~10.5% NAV IRR since 2012 and successful exits such as Gett and Tise.

• Transitioned from net debt of $110 million at the start of 2024 to net cash of $5 million at the end of 2025.

Financial highlights

• Investment portfolio totals $589 million: $537 million in investments and $51 million in cash/cash equivalents; borrowings at year-end were $46.6 million.

• Q4 cash inflows from Gett and Tise exits; main outflow was bond redemption.

• Six largest holdings generated $1 billion in revenues in 2025; VNV’s share is $150 million.

• Price to EBITDA for top six holdings projected to fall from just above 20x in 2026 to 10x in 2027.

• Cash and cash equivalents increased to $51.25 million at year-end 2025 from $15.68 million at year-end 2024.

Outlook and guidance

• Expect continued growth in top holdings, with 2026 revenue growth forecasted at 30% and earnings growth outpacing revenue.

• Positive adjusted EBITDA and EBIT expected for Voi in 2026, with margin expansion over 2025.

• HousingAnywhere to complete a new funding round in Q1 2026; VNV committed to invest €1 million.

• Management anticipates further exits at or near NAV, supporting ongoing buybacks.

• Focus on expanding profitability and enabling mature companies to pay dividends by 2027.