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VNV Global
Interim / Quarterly Report • Jul 17, 2025
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Interim / Quarterly Report
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VNV Global AB (publ) Financial Report for the Second Quarter and the First Six Months 2025
Net asset value SEK 5.68 bn
NAV per share SEK 43.39
NAV change, period (in SEK) -11.12%
NAV change, quarter (in SEK) 0.06%
Net asset value (NAV) and financial results for the six-month period 2025
The VNV Global AB (publ) ("VNV Global" or the "Company") group's net asset value was USD 598.27 million (mln) on June 30, 2025 (December 31, 2024: 581.39), corresponding to USD 4.57 per share (December 31, 2024: 4.44). Given a SEK/USD exchange rate of 9.4996 the NAV was SEK 5,683.30 mln (December 31, 2024: 6,394.24) and SEK 43.39 per share (December 31, 2024: 48.82), respectively.
The group's NAV per share in USD increased by 2.90% and in SEK decreased by -11.12% during the period.
Net result for the period was USD 16.74 mln (January 1, 2024–June 30, 2024: -66.32), primarily due to a positive revaluation of Voi.
Earnings per share were USD 0.13 (-0.51).
Financial results for the second quarter 2025
Net result for the quarter was USD 31.43 mln (-66.76), primarily due to a positive revaluation of Voi. During the quarter, the NAV per share in USD increased by 5.56% and in SEK by 0.06%.
Earnings per share were USD 0.24 (-0.51).
Key events during the quarter April 1, 2025–June 31, 2025
On May 21, 2025, the Company announced that the previously disclosed transaction in the portfolio company Gett would not proceed to closing.
On June 11, 2025, the portfolio company Voi announced that it had been selected by the City of Paris to deploy 6,000 electric bikes as part of the new shared e-bike scheme in the French capital. With this contract – the largest in Voi's history – Paris joins a growing list of European capitals turning to Voi as a long-term mobility partner, alongside cities such as London, Berlin, Brussels, Oslo, Helsinki, Vienna and Stockholm. The new contract covers a minimum of four years and positions Paris to become Voi's largest market.
During the second quarter 2025, VNV Global's portfolio company Merro exited its holding in Opensooq and distributed USD 6.2 mln to the Company.
Key events after the end of the period
No significant events after the period.
The Company will hold a telephone conference with an interactive presentation at 16:00 CEST (10:00 a.m. EDT) Thursday, July 17, 2025. To register for the conference call and webcast, see separate press release issued Wednesday, July 9, 2025, atwww.vnv.global.
Management report
Hey everyone – hope summer is treating you well, Our NAV for the second quarter is up some 5.6% in USD terms. The USD keeps falling which means that we are essentially unchanged in SEK and that our USD debt has gone up to USD 90 mln. However net debt is basically unchanged as we have raised cash by an exit of our position in Opensooq.
There have been a few transactions in the portfolio as several companies have been raising money, net they were done at a 3.4% premium to our Q1 NAV which underlines our confidence that our NAV reflects a true value today.
Gett
As communicated during the quarter the previously announced transaction was discontinued. However this company has strong prospects. Great management, stable operations, upside value creating opportunities including making the balance sheet more effective. We expect a one off dividend to the order of USD 30 mln (roughly USD 14 mln for VNV) during the H2 2025 followed by further dividend streams as the company continues to generate free cash flow.
Even if mobility activity in Israel slows down during periods when the war enters the country's air space, it has over the past years proved a strong ability to recover. The recent escalation of the conflict has had a negligible impact on the business in Israel thanks to a very quick recovery, while in the UK growth is fuelled by a record number of new users joining the service. The company continued to build momentum in Q2 and is expected to close 2025 significantly ahead of last year's performance. Cash and cash equivalents exceeded USD 69 mln (as per Gett's unaudited management accounts) as of June 30th, 2025.
We remain highly supportive and energized by Gett's trajectory. The company's resilience, consistent execution, and increasing profitability have instilled strong confidence in its leadership and vision: there is a clear sense of optimism regarding the value creation ahead.
Numan
Numan has secured USD 60 mln in new financing comprising of an equity round led by Big Pi Ventures and a growth facility from HSBC Innovation Bank providing ample resources to accelerate the company's continued growth.
Operational momentum remains strong at Numan. Revenue more than doubled to roughly USD 90 mln in 2024, with the business being profitable; management guides for around 150% growth this year, having already served more than 650,000 patients since inception and sustaining an NPS of 68.
The new capital will underpin expansion into female health, deepen screening and other preventative-care programmes, and further develop Numan's AI-enabled platform reinforcing the company's leadership in digital healthcare in the UK and internationally.
YUV
Our portfolio company YUV which is through a combination of hardware and data collection (dare I say the A word without joining the hordes of hype that is worryingly similar to a certain boom and bust from 25 years ago), disrupting the huge hair colour industry with giants as L'Oréal, Wella, Schwarzkopf, etc., has raised a new round. The raise was done at a (gulp) 67% premium to our NAV. Small today but has the potential to grow into something very meaningful. We may be facing a whole roast of listings in our portfolio in the 12 months starting in the summer of 2026 (when incidentally VNV turns 30…). Way too early to say what we will do with these positions then but YUV is one of those that I do believe will emerge from the shadows of today's big ones at some point.
Merro
As noted above, Merro, the holding vehicle for our investment in Opensooq, exited its stake in the company to iMENA and distributed the proceeds to its shareholders. The transaction was completed at a small premium to the last NAV and we received USD 6.2 mln dividend.
Voi
Our dear Voi keeps on delivering and for me the major milestone was the instagram post of Arsenal favourite Bukayo Saka riding a Voi when visiting Oslo. Just after this the naturally big news during the quarter was the win of one of the three e-bike contracts in Paris which gets going with 6,000 e-bikes for Voi in October and stretches almost to 2030. We expect this contract to generate double digit EUR millions annually. Material!!
And though not the same megapolis status as Paris also a huge win for Voi in Grenoble where it was awarded the only contract in town (previously held by Dott) which went live now in the summer with 2,500 vehicles (50/50 on scooters and e-bikes).
Last, as we have already communicated during the quarter, Voi closed a strong first quarter this year and in the last twelve months ending Q1 '25 had EUR
138.6 mln in net revenues, EUR 21.2 mln of adjusted EBITDA and EUR 3.3 mln of adjusted EBIT. The company will issue their Q2 report on July 29th, stay tuned…
BlaBlaCar
And finally a quick note on our largest holding BlaBlaCar. They have started off the year strong and are ahead of budget on top-line and profitability year-to-date but other than that there is nothing new to report this quarter really.
What else?
We have recently locked in the details for this year's CMD which will be held in London on September 16th. All the larger portfolio companies will be participating! I hope you will join us in person or online. Details on how to register will be available here!
Per Brilioth Managing Director
Investment portfolio
Portfolio structure — Net Asset Value
The investment portfolio stated at fair market value as per 6M 2025, is shown below.
/Expressed in USD thousands/
| Category | Company | Fair value, 06/30/2025 |
Investments/ Disposals |
Fair value change |
Fair value change, % |
Fair value, 12/31/2024 |
Percentage weight |
Contributed NAVPS USD, 06/30/2025 |
Contributed NAVPS USD, 12/31/2024 |
Ownership | Valuation method |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Mobility | BlaBlaCar | 199,291 | – | -9,195 | -4% | 208,486 | 29.0% | 1.5 | 1.6 | 13.7% | Revenue multiple |
| Mobility | Voi | 127,836 | – | 26,620 | 26% | 101,216 | 18.6% | 1.0 | 0.8 | 20.9% | EBITDA multiple |
| Mobility | Gett | 93,923 | – | 10,865 | 13% | 83,058 | 13.6% | 0.7 | 0.6 | 44.9% | EBITDA multiple |
| Marketplace | HousingAnywhere | 40,351 | – | -2,412 | -6% | 42,763 | 5.9% | 0.3 | 0.3 | 29.0% | Revenue multiple |
| Digital Health | Numan | 38,285 | – | -7,198 | -16% | 45,483 | 5.6% | 0.3 | 0.3 | 13.5% | Latest transaction |
| Marketplace | Breadfast | 30,222 | – | 7,081 | 31% | 23,141 | 4.4% | 0.2 | 0.2 | 7.9% | Latest transaction |
| Marketplace | Bokadirekt | 23,552 | – | 2,555 | 12% | 20,997 | 3.4% | 0.2 | 0.2 | 15.8% | Revenue multiple |
| Other | NV Fund 1 & 2 1 | 18,615 | – | -1,236 | -6% | 19,851 | 2.7% | 0.1 | 0.2 | – | Net asset value |
| Marketplace | Hungry Panda | 11,247 | – | 3,609 | 47% | 7,638 | 1.6% | 0.1 | 0.1 | 3.7% | Revenue multiple |
| Equity investments under USD 10 mln 2 | 86,236 | -6,857 | 4,337 | 5% | 88,756 | 12.5% | 0.7 | 0.7 | |||
| Convertible debt under USD 10 mln 3 | 1,832 | -500 | 205 | 13% | 2,127 | 0.3% | 0.0 | 0.0 | |||
| Liquidity management | 282 | 30 | -106 | 357 | 0.0% | 0.0 | 0.0 | ||||
| Investment portfolio | 671,671 | -7,327 | 35,126 | 643,872 | 97.6% | ||||||
| Cash and cash equivalents | 16,419 | 15,683 | 2.4% | 0.1 | 0.1 | ||||||
| Total investment portfolio | 688,090 | 659,555 | 100.0% | ||||||||
| Borrowings | -89,552 | -77,042 | -0.7 | -0.6 | |||||||
| Other net receivables/liabilities | -269 | -1,120 | -0.0 | -0.0 | |||||||
| Total NAV | 598,270 | 581,393 | |||||||||
| Number of shares | 130,978,236 | 130,978,236 | |||||||||
| NAV/share, USD | 4.57 | 4.44 | 4.57 | 4.44 |
-
NV Fund 1 & 2 hold investments in a number of companies including, but not limited to, No Traffic, Celus, Beacon, Tajir and QuantrolX.
-
Equity investments under USD 10 mln comprises investments in 35 companies.
-
Convertible debt under USD 10 mln comprises debt in three companies.
* Late stage includes companies that have raised funding equivalent to a series C or subsequent round and/or are profitable. Early stage includes companies that have raised funding equivalent to a series B round or preceeding round.
** Portfolio companies with their main business in developed or emerging markets respectively.
For further details on the holdings, see Note 3.
Change in financial assets at fair value through profit or loss per Q2 2025, is shown below.
/Expressed in USD thousands/
| Category | Company | Fair value, 06/30/2025 |
Investments/ Disposals |
Fair value change |
Fair value change, % |
Fair value, 03/31/2025 |
Percentage weight |
Contributed NAVPS USD, 06/30/2025 |
Contributed NAVPS USD, 03/31/2025 |
Ownership | Valuation method |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Mobility | BlaBlaCar | 199,291 | – | 7,612 | 4% | 191,679 | 29.0% | 1.5 | 1.5 | 13.7% | Revenue multiple |
| Mobility | Voi | 127,836 | – | 18,017 | 16% | 109,819 | 18.6% | 1.0 | 0.8 | 20.9% | EBITDA multiple |
| Mobility | Gett | 93,923 | – | 10,865 | 13% | 83,058 | 13.6% | 0.7 | 0.6 | 44.9% | EBITDA multiple |
| Marketplace | HousingAnywhere | 40,351 | – | -3,567 | -8% | 43,918 | 5.9% | 0.3 | 0.3 | 29.0% | Revenue multiple |
| Digital Health | Numan | 38,285 | – | -6,576 | -15% | 44,861 | 5.6% | 0.3 | 0.3 | 13.5% | Latest transaction |
| Marketplace | Breadfast | 30,222 | – | 7,081 | 31% | 23,141 | 4.4% | 0.2 | 0.2 | 7.9% | Latest transaction |
| Marketplace | Bokadirekt | 23,552 | – | 2,450 | 12% | 21,101 | 3.4% | 0.2 | 0.2 | 15.8% | Revenue multiple |
| Other | NV Fund 1 & 2 1 | 18,615 | – | -364 | -2% | 18,979 | 2.7% | 0.1 | 0.1 | – | Net asset value |
| Marketplace | Hungry Panda | 11,247 | – | 333 | 3% | 10,913 | 1.6% | 0.1 | 0.1 | 3.7% | Revenue multiple |
| Equity investments under USD 10 mln 2 | 86,236 | -5,719 | 3,574 | 4% | 88,382 | 12.5% | 0.7 | 0.7 | |||
| Convertible debt under USD 10 mln 3 | 1,832 | -500 | 138 | 8% | 2,194 | 0.3% | 0.0 | 0.0 | |||
| Liquidity management | 282 | -82 | 3 | 360 | 0.0% | 0.0 | 0.0 | ||||
| Investment portfolio | 671,671 | -6,301 | 39,566 | 638,407 | 97.6% | ||||||
| Cash and cash equivalents | 16,419 | 13,620 | 2.4% | 0.1 | 0.1 | ||||||
| Total investment portfolio | 688,090 | 652,027 | 100.0% | ||||||||
| Borrowings | -89,552 | -84,720 | -0.7 | -0.6 | |||||||
| Other net receivables/liabilities | -269 | -536 | -0.0 | -0.0 | |||||||
| Total NAV | 598,270 | 566,771 | |||||||||
| Number of shares | 130,978,236 | 130,978,236 | |||||||||
| NAV/share, USD | 4.57 | 4.33 | 4.57 | 4.33 |
-
NV Fund 1 & 2 hold investments in a number of companies including, but not limited to, No Traffic, Celus, Beacon, Tajir and QuantrolX.
-
Equity investments under USD 10 mln comprises investments in 35 companies.
Net Asset Value – SEK
Below table presents the investment portfolio in SEK given a SEK/USD exchange rate of 9.4996.
/Expressed in SEK thousands/
| Company | Fair value, | Contributed | Fair value, | Contributed |
|---|---|---|---|---|
| 06/30/2025 | NAVPS SEK, 06/30/2025 |
12/31/2024 | NAVPS SEK, 12/31/2024 |
|
| BlaBlaCar | 1,893,179 | 14.5 | 2,292,966 | 17.5 |
| Voi | 1,214,385 | 9.3 | 1,113,183 | 8.5 |
| Gett | 892,231 | 6.8 | 913,487 | 7.0 |
| HousingAnywhere | 383,321 | 2.9 | 470,313 | 3.6 |
| Numan | 363,688 | 2.8 | 500,225 | 3.8 |
| Breadfast | 287,094 | 2.2 | 254,511 | 1.9 |
| Bokadirekt | 223,729 | 1.7 | 230,923 | 1.8 |
| NV Fund 1 & 2 1 | 176,833 | 1.4 | 218,323 | 1.7 |
| Hungry Panda | 106,838 | 0.8 | 84,003 | 0.6 |
| Equity investments under USD 10 mln 2 | 819,202 | 6.3 | 976,149 | 7.5 |
| Convertible debt under USD 10 mln 3 | 17,405 | 0.1 | 23,392 | 0.2 |
| Liquidity management | 2,675 | 0.0 | 3,928 | 0.0 |
| Investment portfolio | 6,380,579 | 7,081,403 | ||
| Cash and cash equivalents | 155,976 | 1.2 | 172,486 | 1.3 |
| Total investment portfolio | 6,536,556 | 7,253,889 | ||
| Borrowings | -850,701 | -6.5 | -847,328 | -6.5 |
| Other net receivables/liabilities | -2,551 | 0.0 | -12,323 | -0.1 |
| Total NAV | 5,683,303 | 6,394,239 | ||
| Number of shares | 130,978,236 | 130,978,236 | ||
| NAV/share, SEK | 43.39 | 43.39 | 48.82 | 48.82 |
-
NV Fund 1 & 2 hold investments in a number of companies including, but not limited to, No Traffic, Celus, Beacon, Tajir and QuantrolX.
-
Equity investments under USD 10 mln comprises investments in 35 companies.
Portfolio events
Investment activities during the six-month period 2025
During the period, investments in financial assets, excluding liquidity management investments, amounted to USD 0.1 mln (2024: 6.0) and proceeds from sales of financial assets, excluding liquidity management investments, amounted to USD 1.2 mln (2024: 53.2). During the second quarter 2025, the Company received a dividend of USD 6.2 mln from the portfolio company Merro.
BlaBlaCar
| Mobility | blablacar.com |
|---|---|
| Year of initial investment | 2015 |
| Total invested capital (USD mln) | 204.0 |
| Total fair value (USD mln) | 199.3 |
| Share of total portfolio | 29.0% |
| Ownership | 13.7% |
| Value development 2025 (in USD) | -4% |
| Mobility | voi.com | Mobility | gett.com |
|---|---|---|---|
| 2014 | |||
| 111.8 | |||
| 93.9 | |||
| 13.6% | |||
| 44.9% | |||
| Value development 2025 (in USD) | 26% | Value development 2025 (in USD) | 13% |
| Year of initial investment Total invested capital (USD mln) Total fair value (USD mln) Share of total portfolio Ownership |
2018 105.9 127.8 18.6% 20.9% |
Year of initial investment Total invested capital (USD mln) Total fair value (USD mln) Share of total portfolio Ownership |
Gett
BlaBlaCar is the world's leading community-based travel app combining a global carpooling network, with a growing bus and train offering. The platform connects people who want to travel long distances with drivers traveling on the same route, so they can travel together and share the cost. The company has more than 100 mln members in 22 countries and has in the past years been in a phase of profitable growth. BlaBlaCar ended 2024 with healthy growth in driver and passenger figures, resulting in almost 100 million PAX reflecting 20–25% growth YoY.
In April 2024, BlaBlaCar announced it had secured a EUR 100 mln revolving credit facility to enable the company to pursue an ambitious growth strategy. During 2024 the company acquired the leading bus marketplace in Turkey, Obilet. The deal received approval from relevant authorities in Turkey and closed in Q4 2024.
The decree upon which French energy saving certificates are based was made ineffective during 2024. In our model we are now assuming that the revenue from energy saving certificates are not returning. While the development in France is disappointing, Spain has launched the same scheme and BBC is now generating revenues from ESC in this market. We see signs of this "product" also starting up outside France and Spain which makes sense as it really is a politically cheap sustainability measure.
BlaBlaCar has started off the year strong. Year-todate the company is ahead of budget on top-line and profitability.
As per June 30, 2025, VNV Global values its 13.7% ownership in BlaBlaCar at USD 199.3 mln, based on a forward-looking EV/Revenue model.
Voi is a European micromobility company offering shared e-scooters and e-bikes for a connected, electrified and shared means of last mile transport. The company launched in Stockholm in August 2018 and has since become a leading e-scooter player in Europe, with presence in 100+ cities in 12 countries.
Voi
During Q1 2024, Voi announced it had closed a new funding round of USD 25 mln, where VNV participated with USD 5 mln while also converting its previously held convertible loan into equity.
In Q4 2024, Voi announced it had raised EUR 50 mln through a public bond. The bond has a 4 year duration with a 6.75% spread on EURIBOR and has a EUR 125 mln framework which sets the company up to fund future CAPEX investments via debt instead of equity.
Voi closed a strong Q1 2025 and in the last twelve months ending Q1 2025 had EUR 138.6 mln in net revenues, EUR 21.2 mln of adjusted EBITDA and EUR 3.3 mln of adjusted EBIT. The company will issue their Q2 report on July 29th.
On the tender front, Voi won several key tenders during the second quarter of 2025. Most notably, Voi was one of three operators to win the city of Paris e-bike tender. The four year contract starts in October of this year and allows Voi to launch a minimum of 6,000 e-bikes in the city. The contract is the largest in Voi's history and positions Paris to become Voi's largest market.
As per June 30, 2025, VNV Global values its 20.9% ownership in Voi at USD 127.8 mln, based on a forward-looking EV/EBITDA model.
Gett is a leading ride-hailing company in Israel and for official taxis (black cabs) in the UK. The company also offers a mobility software that operates globally, helping businesses to thrive by modernizing their transportation infrastructure.
For FY2024, Gett delivered gross bookings exceeding USD 500 mln (representing more than 5% year-on-year growth), an EBITDA of approximately USD 13 mln, and cash and cash equivalents exceeding USD 60 mln, with no debt on its balance sheet. The outlook for 2025 also remains positive, with expectations of continued top-line growth and further improvements in profitability.
In May 2025, VNV Global announced that the previously disclosed Gett transaction will not proceed to closing.
VNV Global is excited to remain a shareholder for the next chapter of Gett's journey. The company continues to see strong operational momentum and has delivered gross bookings of approx. USD 520 mln and EBITDA of approx. USD 17 mln during the last twelve months ending March 2025. Cash and cash equivalents exceeding USD 69 mln as at June 30, 2025.
Given Gett's strong performance and cash generation, VNV Global expects the company to make a one-off dividend distribution to shareholders later this year, whilst continuing to invest in sustainable long-term growth.
As per June 30, 2025, VNV Global values its 44.9% ownership in Gett at USD 93.9 mln, based on a forward-looking EV/EBITDA model.
HousingAnywhere
| Marketplace | housinganywhere.com | Digital Health | numan.com | |
|---|---|---|---|---|
| Year of initial investment | 2018 | Year of initial investment | 2018 | |
| Total invested capital (USD mln) | 23.3 | Total invested capital (USD mln) | 9.0 | |
| Total fair value (USD mln) | 40.4 | Total fair value (USD mln) | 38.3 | |
| Share of total portfolio | 5.9% | Share of total portfolio | 5.6% | |
| Ownership | 29.0% | Ownership | 13.5% | |
| Value development 2025 (in USD) | -6% | Value development 2025 (in USD) | -16% | |
HousingAnywhere is a global platform that helps international students, expats and semi professionals to securely rent rooms or apartments from landlords and property managers all over Europe. Founded in the Netherlands in 2009, the platform has become a place where more than 18 mln users search for rooms and apartments every year.
In 2024, HousingAnywhere delivered in line with its budget and the company was adjusted EBITDA profitable for the full year. The company has actively worked to improve its offering including its Rent Guarantee product which was used in 40% of the 25k French bookings that was completed during the year. The company is working to reaccelerate top line growth in 2025 while at the same time improving margins.
In Q1 2025, the company announced a new CEO, Antonio Intini. Antonio brings extensive expertise in real estate and tech innovation, having served as Chief Business Development Officer at Immobiliare.it, Italy's leading housing platform, as well as several years at Amazon before that.
As per June 30, 2025, VNV Global values its 29.0% investment in HousingAnywhere at USD 40.4 mln, based on a forward-looking EV/Revenue model.
Numan is an online health clinic focusing on men's health issues, including erectile dysfunction, hair loss and weight loss. Based in London, its mission is to rid men of the need to face uncomfortable visits, waiting rooms and harsh judgments – replacing them with a quick online consultation with expert clinicians and continuous care after that.
Operational momentum remains strong at Numan. Revenue more than doubled to roughly USD 90 mln in 2024, with the business being profitable; management guides for around 150% growth this year, having already served more than 650,000 patients since inception and sustaining an NPS of 68.
A key driver of revenue growth has been its weight loss-offering focused on GLP-1 related treatments, which now mean that the company serves both men and women at scale.
The company has furthermore secured USD 60 mln in new financing consisting of an equity round led by Big Pi Ventures and a growth facility from HSBC Innovation Bank providing ample resources to accelerate the company's continued growth.
The new capital will underpin expansion into female health, deepen screening and other preventative-care programmes, and further develop Numan's AI-enabled platform reinforcing the company's leadership in digital healthcare in the UK and internationally.
As per June 30, 2025, VNV Global values its 13.5% investment in Numan at USD 38.3 mln, based on the latest transaction in the company.
Breadfast is Egypt's leading online grocery brand. The company operates a fully vertically integrated supply chain, delivering more than 6,000 SKUs on-demand in under 60 minutes across Egypt. Breadfast's selection includes a range of freshly baked bread, fruits, vegetables, eggs, dairy, meat and poultry, alongside a range of CPG staples designed to serve a household's daily and weekly grocery needs.
Breadfast
During 2024, the company has continued to significantly grow revenues with improved bottom line. The company also raised additional capital during 2024 through an extension of its series B round. The company has 39 fulfillment points in four cities in Egypt of which the vast majority are profitable. The company delivers close to 1 mln orders a month to more than 300k active users.
As per June 30, 2025, VNV Global values its 7.9% investment in Breadfast at USD 30.2 mln, based on the latest transaction in the company.
Bokadirekt
| Marketplace | breadfast.com | Marketplace | bokadirekt.se | |
|---|---|---|---|---|
| Year of initial investment | 2021 | Year of initial investment | 2021 | |
| Total invested capital (USD mln) | 16.9 | Total invested capital (USD mln) | 21.9 | |
| Total fair value (USD mln) | 30.2 | Total fair value (USD mln) | 23.6 | |
| Share of total portfolio | 4.4% | Share of total portfolio | 3.4% | |
| Ownership | 7.9% | Ownership | 15.8% | |
| Value development 2025 (in USD) | 31% | Value development 2025 (in USD) | 12% |
Bokadirekt is Sweden's leading health and beauty platform. Bokadirekt's marketplace allows consumers to discover more than 24,000 health & beauty experts, make real-time bookings, and pay for services.
For merchants, Bokadirekt's innovative platform facilitate seamless online bookings, scheduling, and payments acceptance, reducing administration and increasing time spent with the end consumer. Every month, more than 13,000 merchants use Bokadirekt's subscription-based business software to manage their operations, and more than 2 million end consumers discover, book, and pay for appointments through Bokadirekt's marketplace.
During 2024, Bokadirekt grew net revenue approx. 27% yoy. In August 2024, the company hired a new, experienced CEO, Nicklas Grawé, who most recently came from hitta.se.
As per June 30, 2025, VNV Global values its 15.8% investment in Bokadirekt at USD 23.6 mln, based on a forward-looking EV/Revenue model.
New investments during the quarter
No investments were made in new companies during the quarter.
Portfolio effects related to exposure to Russia and Ukraine
The holdings with their main business in Russia have been written down to zero. The Ukrainian exposure accounted for approximately 0.3% of VNV Global's total investment portfolio.
Financial information
Group – results for the six-month period 2025 and net asset value
During the period, the result from financial assets at fair value through profit or loss amounted to USD 35.13 mln (2024: -64.12), primarily due to a positive revaluation of Voi.
Net operating expenses (defined as operating expenses less other operating income) amounted to USD -3.80 mln (2024: -5.64).
Net financial items were USD -14.59 mln (2024: 3.52), mainly related to bond interest expense and SEK/ USD appreciation.
Net result for the period was USD 16.74 mln (2024: -66.32).
Total shareholders' equity amounted to USD 598.27 mln on June 30, 2025 (December 31, 2024: 581.39).
Liquid assets
Cash and cash equivalents of the group amounted to USD 16.42 mln (December 31, 2024: 15.68). The liquid asset investments amounted to USD 0.28 mln (December 31, 2024: 0.36), based on the latest NAV of each fund's market value. Liquidity management also includes non-operating/short-term investments derived from activities not related to the core business as well as investments in fund-oriented activities.
Group – results for the second quarter 2025
During the quarter, the result from financial assets at fair value through profit or loss amounted to USD 39.57 mln (2024: -61.74), primarily due to a positive revaluation of Voi.
Net operating expenses (defined as operating expenses less other operating income) amounted to USD -2.06 mln (2024: -4.00).
Net financial items were USD -6.07 mln (2024: -0.95), mainly related to bond interest expense and SEK/USD appreciation.
Net result for the quarter was USD 31.43 mln (2024: -66.76).
Bonds
On October 3, 2024, VNV Global issued bonds of series 2024/2027 in an initial amount of SEK 850 million within a framework of SEK 1,250 million (ISIN: SE0022761011). The bonds were issued at a price of 99% of the nominal amount, run with a tenor of three years and carry a floating rate coupon of 3m STIBOR + 550 bps.
The covenants that VNV Global must comply with as of the reporting date, i.e. covenants to be assessed at March 31, 2025, are that VNV Global shall at all times procure that equity ratio exceeds 75%, the ratio of net interest bearing debt to net asset value is less than 20% and the ratio of net interest bearing debt to market capitalisation is less than 75%. VNV Global was in compliance with the covenants as of June 30, 2025.
Share capital and number of shares
The total number of shares amounts to 135,810,235, of which 130,978,236 common shares, 111,999 incentive shares of Series C 2022, 1,710,000 incentive shares of Series C 2023, 1,710,000 incentive shares of Series D 2023 and 1,300,000 incentive shares of Series C 2024.
The Company has decided on a new incentive program – C 2025, that will be registered with the Swedish Companies Registration Office after the balance sheet date.
No treasury shares were held as per June 30, 2025.
Cash flow
Cash flow from operating activities amounted to USD 2.9 mln (6M 2024: 40.5), of which investments in financial assets were USD -0.2 mln, (6M 2024: -6.0), proceeds from sales were USD 1.3 mln (6M 2024: 54.2) and a received dividend of USD 6.2 mln (6M 2024: –).
Cash flow used in financing activities amounted to USD -3.6 mln (6M 2024: -66.4) and is mainly attributable to interest payment for borrowings.
Cash flow for the period amounted to USD -0.7 mln (6M 2024: -25.8).
Risks and risk management
For a more detailed description of risks and risk management, please see the section "Risk and risk management" in the 2024 annual report. During the period, no significant changes have occurred regarding the risks and uncertainties described in the 2024 annual report.
Income statements Group
| /Expressed in USD thousands/ | 6M 2025 | 6M 2024 | 2Q 2025 | 2Q 2024 | FY 2024 |
|---|---|---|---|---|---|
| Result from financial assets at fair value through profit or loss 1 | 35,126 | -64,123 | 39,566 | -61,742 | -81,478 |
| Other operating income | 198 | 194 | -7 | 116 | 351 |
| Operating expenses | -3,999 | -5,835 | -2,056 | -4,111 | -7,277 |
| Operating result | 31,325 | -69,764 | 37,503 | -65,737 | -88,404 |
| Financial income and expenses | |||||
| Interest income | 1 | 842 | – | 616 | 2,357 |
| Interest expense | -4,160 | -2,921 | -2,055 | -1,275 | -6,678 |
| Currency exchange gains/losses, net | -10,428 | 5,598 | -4,019 | -101 | 7,664 |
| Net financial items | -14,587 | 3,519 | -6,074 | -953 | 3,343 |
| Result before tax | 16,738 | -66,245 | 31,429 | -66,690 | -85,061 |
| Taxation | – | -78 | – | -71 | -78 |
| Net result for the financial period | 16,738 | -66,323 | 31,429 | -66,761 | -85,139 |
| Earnings per share (in USD) | 0.13 | -0.51 | 0.24 | -0.51 | -0.65 |
| Diluted earnings per share (in USD) | 0.13 | -0.51 | 0.24 | -0.51 | -0.65 |
- Financial assets at fair value through profit or loss are carried at fair value. Gains or losses arising from changes in the fair value of the 'financial assets at fair value through profit or loss' category are presented in the income statement within 'Result from financial assets at fair value through profit or loss' in the period in which they arise.
Statement of comprehensive income
| /Expressed in USD thousands/ | 6M 2025 | 6M 2024 | 2Q 2025 | 2Q 2024 | FY 2024 |
|---|---|---|---|---|---|
| Net result for the financial period | 16,738 | -66,323 | 31,429 | -66,761 | -85,139 |
| Other comprehensive income for the period | |||||
| Items that may be classified subsequently to profit or loss: | |||||
| Currency translation differences | – | – | – | – | – |
| Other comprehensive income for the period | – | – | – | – | – |
| Total comprehensive income for the period | 16,738 | -66,323 | 31,429 | -66,761 | -85,139 |
Total comprehensive income for the periods above is entirely attributable to the equity holders of the parent company.
Balance sheet Group
| /Expressed in USD thousands/ | 06/30/2025 | 06/30/2024 | 12/31/2024 | |
|---|---|---|---|---|
| Non-current assets | ||||
| Tangible non-current assets | ||||
| Property, plant and equipment | 498 | 721 | 567 | |
| Total tangible non-current assets | 498 | 721 | 567 | |
| Financial non-current assets | ||||
| Financial assets at fair value through profit or loss | 671,671 | 670,242 | 643,872 | |
| Total financial non-current assets | 671,671 | 670,242 | 643,872 | |
| Current assets | ||||
| Tax receivables | 277 | 222 | 208 | |
| Other current receivables | 584 | 883 | 684 | |
| Cash and cash equivalents | 16,419 | 14,573 | 15,683 | |
| Total current assets | 17,280 | 15,678 | 16,575 | |
| Total assets | 689,449 | 686,641 | 661,014 |
| /Expressed in USD thousands/ | Note | 06/30/2025 | 06/30/2024 | 12/31/2024 |
|---|---|---|---|---|
| Shareholders' equity | ||||
| (including net result for the financial period) | 598,270 | 600,033 | 581,393 | |
| Non-current liabilities | ||||
| Interest bearing liabilities | ||||
| Long-term debts and leasing liabilities | 5 | 89,233 | 80,907 | 76,775 |
| Total non-current liabilities | 89,233 | 80,907 | 76,775 | |
| Current liabilities | ||||
| Other current liabilities and leasing liabilities | 1,499 | 3,207 | 2,426 | |
| Accrued expenses | 447 | 2,494 | 420 | |
| Total current liabilities | 1,946 | 5,701 | 2,846 | |
| Total shareholders' equity and liabilities | 689,449 | 686,641 | 661,014 |
Statement of Changes in Equity Group
| /Expressed in USD thousands/ | Note | Share capital | Additional paid in capital |
Retained earnings | Total |
|---|---|---|---|---|---|
| Balance at January 1, 2024 | 1,414 | 388,960 | 275,915 | 666,289 | |
| Net result for the period January 1, 2024 to June 30, 2024 | – | – | -66,323 | -66,323 | |
| Other comprehensive income for the period | |||||
| Currency translation differences | – | – | – | – | |
| Total comprehensive income for the period January 1, 2024 to June 30, 2024 | – | – | -66,323 | -66,323 | |
| Value of employee services: | |||||
| - Share-based long-term incentive program | 6 | 12 | – | 55 | 67 |
| Total transactions with owners | 12 | – | 55 | 67 | |
| Balance at June 30, 2024 | 1,426 | 388,960 | 209,647 | 600,033 | |
| Balance at January 1, 2024 | 1,414 | 388,960 | 275,915 | 666,289 | |
| Net result for the period January 1, 2024 to December 31, 2024 | – | – | -85,139 | -85,139 | |
| Other comprehensive income for the period | |||||
| Currency translation differences | – | – | – | – | |
| Total comprehensive income for the period January 1, 2024 to December 31, 2024 | – | – | -85,139 | -85,139 | |
| Value of employee services: | |||||
| - Share-based long-term incentive program | 6 | 13 | – | 230 | 243 |
| Total transactions with owners | 13 | – | 230 | 243 | |
| Balance at December 31, 2024 | 1,427 | 388,960 | 191,006 | 581,393 | |
| Balance at January 1, 2025 | 1,427 | 388,960 | 191,006 | 581,393 | |
| Net result for the period January 1, 2025 to June 30, 2025 | – | – | 16,738 | 16,738 | |
| Other comprehensive income for the period | |||||
| Currency translation differences | – | – | – | – | |
| Total comprehensive income for the period January 1, 2025 to June 30, 2025 | – | – | 16,738 | 16,738 | |
| Value of employee services: | |||||
| - Share-based long-term incentive program | 6 | – | – | 139 | 139 |
| Total transactions with owners | – | – | 139 | 139 | |
| Balance at June 30, 2025 | 1,427 | 388,960 | 207,883 | 598,270 | |
Cash flow statements Group
| /Expressed in USD thousands/ | 6M 2025 | 6M 2024 | 2Q 2025 | 2Q 2024 | FY 2024 |
|---|---|---|---|---|---|
| Operating activities | |||||
| Result before tax | 16,738 | -66,245 | 31,429 | -66,690 | -85,061 |
| Adjustment for: | |||||
| Interest income | -1 | -842 | – | -616 | -2,357 |
| Interest expense | 4,160 | 2,921 | 2,055 | 1,275 | 6,678 |
| Currency exchange gains/-losses | 10,428 | -5,598 | 4,019 | 101 | -7,664 |
| Depreciation | 150 | 135 | 79 | 68 | 260 |
| Result from financial assets at fair value through profit or loss | -35,126 | 64,123 | -39,566 | 61,742 | 81,478 |
| Other non-cash adjustments | 37 | -2,114 | -37 | 609 | -2,041 |
| Change in current receivables | 101 | -138 | -43 | -430 | 264 |
| Change in current liabilities | -851 | -783 | -130 | -97 | -3,635 |
| Net cash used in operating activities | -4,364 | -8,541 | -2,194 | -4,038 | -12,078 |
| Investments in financial assets | -203 | -6,047 | – | -1,047 | -9,356 |
| Sales of financial assets | 1,311 | 54,170 | 82 | 3,311 | 66,418 |
| Dividend and coupon income | 6,219 | – | 6,219 | – | – |
| Interest received net | 1 | 1,082 | – | 856 | 1,503 |
| Tax paid | -69 | -121 | -41 | -81 | -107 |
| Net cash flow from/used in operating activities | 2,895 | 40,543 | 4,066 | -999 | 46,380 |
| Investment activities | |||||
| Investments in office equipment | – | – | – | – | – |
| Net cash flow used in investment activities | – | – | – | – | – |
| Financing activities | |||||
| Proceeds from borrowings, net | – | – | – | – | 81,381 |
| Repayment of borrowings, net | – | -62,469 | – | -29,058 | -143,084 |
| Interest paid for borrowings | -3,401 | -3,732 | -1,715 | -1,778 | -5,794 |
| Repayment of lease liabilities | -164 | -168 | -83 | -73 | -335 |
| Proceeds to/from LTIP issued to employees | – | 12 | – | 12 | 13 |
| Net cash flow used in/from financing activities | -3,565 | -66,357 | -1,798 | -30,897 | -67,819 |
| Cash flow for the period | -670 | -25,814 | 2,268 | -31,896 | -21,439 |
| Cash and cash equivalents at beginning of the period | 15,683 | 42,492 | 13,620 | 45,856 | 42,492 |
| Exchange gains/losses on cash and cash equivalents | 1,406 | -2,105 | 531 | 613 | -5,370 |
| Cash and cash equivalents at end of the period | 16,419 | 14,573 | 16,419 | 14,573 | 15,683 |
Income statement Parent
| Result from financial assets at fair value through profit or loss 422 134 12 1,142 Operating expenses -24,955 -36,640 -12,356 -26,611 Operating result -24,533 -36,506 -12,344 -25,469 Financial income and expenses Results from participations in Group companies -655,113 – 31,124 – Dividend income from subsidiary – 115,000 – 115,000 Profit/loss from financial items Interest income 3,944 15,000 1,772 7,020 Interest expense -40,567 -30,659 -19,514 -13,251 Currency exchange gains/losses, net 4,282 482 1,928 -84 Net financial items -32,341 -15,177 -15,814 -6,315 Appropriations Group contribution – – – – Result before tax -711,987 63,317 2,966 83,216 Taxation – – – – Net result for the financial period -711,987 63,317 2,966 83,216 Statement of comprehensive income Expressed in SEK thousands/ 6M 2025 6M 2024 2Q 2025 2Q 2024 Net result for the financial period -711,987 63,317 2,966 83,216 Other comprehensive income for the period Items that may be classified subsequently to profit or loss: Currency translation differences – – – – Other comprehensive income for the period – – – – Total comprehensive income for the period -711,987 63,317 2,966 83,216 |
Expressed in SEK thousands/ | 6M 2025 | 6M 2024 | 2Q 2025 | 2Q 2024 | FY 2024 |
|---|---|---|---|---|---|---|
| 214 | ||||||
| -54,377 | ||||||
| -54,163 | ||||||
| -322,419 | ||||||
| 115,000 | ||||||
| 27,596 | ||||||
| -69,782 | ||||||
| -501 | ||||||
| -42,687 | ||||||
| 1,886 | ||||||
| -302,383 | ||||||
| – | ||||||
| -302,383 | ||||||
| FY 2024 | ||||||
| -302,383 | ||||||
| – | ||||||
| – | ||||||
| -302,383 |
Balance sheet Parent
| Total assets | 6,532,306 | 7,610,940 | 7,238,043 |
|---|---|---|---|
| Total current assets | 36,539 | 90,292 | 45,931 |
| Cash and cash equivalents | 31,575 | 83,787 | 40,996 |
| Other current receivables | 3,294 | 4,852 | 3,572 |
| Tax receivables | 1,670 | 1,653 | 1,363 |
| Current assets | |||
| Total financial non-current assets | 6,495,767 | 7,520,648 | 7,192,112 |
| Receivables from Group companies | 113,251 | 172,162 | 155,509 |
| Financial assets at fair value through profit or loss | 1,299 | 1,194 | 1,274 |
| Shares in subsidiaries | 6,381,217 | 7,347,292 | 7,035,329 |
| Financial non-current assets | |||
| Non-current assets | |||
| /Expressed in SEK thousands/ | 06/30/2025 | 06/30/2024 | 12/31/2024 |
| /Expressed in SEK thousands/ | Note | 06/30/2025 | 06/30/2024 | 12/31/2024 |
|---|---|---|---|---|
| Restricted equity | ||||
| Share capital | 13,798 | 13,798 | 13,798 | |
| Total restricted equity | 13,798 | 13,798 | 13,798 | |
| Non-restricted equity | ||||
| Additional paid in capital | 3,402,531 | 3,402,531 | 3,402,531 | |
| Retained earnings | 2,978,961 | 3,274,796 | 3,280,293 | |
| Profit/loss for the period | -711,987 | 63,317 | -302,383 | |
| Total unrestricted equity | 5,669,505 | 6,740,644 | 6,380,441 | |
| Total equity | 5,683,303 | 6,754,442 | 6,394,239 | |
| Non-current liabilities | ||||
| Interest bearing liabilities | ||||
| Non-current liabilities | 5 | 846,093 | 853,920 | 841,268 |
| Total non-current liabilities | 846,093 | 853,920 | 841,268 | |
| Current liabilities | ||||
| Other current liabilities | 1,649 | 914 | 2,015 | |
| Accrued expenses | 1,261 | 1,664 | 521 | |
| Total current liabilities | 2,910 | 2,578 | 2,536 | |
| Total shareholders' equity and liabilities | 6,532,306 | 7,610,940 | 7,238,043 |
Statement of Changes in Equity Parent
| /Expressed in SEK thousands/ | Note | Share capital | Additional paid in capital |
Retained earnings | Total |
|---|---|---|---|---|---|
| Balance at January 1, 2024 | 13,666 | 3,402,531 | 3,274,402 | 6,690,599 | |
| Net result for the period January 1, 2024 to June 30, 2024 | – | – | 63,317 | 63,317 | |
| Total comprehensive income for the period January 1, 2024 to June 30, 2024 | – | – | 63,317 | 63,317 | |
| Value of employee services: | |||||
| - Share-based long-term incentive program | 6 | 132 | – | 394 | 526 |
| Total transactions with owners | 132 | – | 394 | 526 | |
| Balance at June 30, 2024 | 13,798 | 3,402,531 | 3,338,113 | 6,754,442 | |
| Balance at January 1, 2024 | 13,666 | 3,402,531 | 3,274,402 | 6,690,599 | |
| Net result for the period January 1, 2024 to December 31, 2024 | – | – | -302,383 | -302,383 | |
| Total comprehensive income for the period January 1, 2024 to December 31, 2024 | – | – | -302,383 | -302,383 | |
| Value of employee services: | |||||
| - Share-based long-term incentive program | 6 | 132 | – | 5,891 | 6,023 |
| Total transactions with owners | 132 | – | 5,891 | 6,023 | |
| Balance at December 31, 2024 | 13,798 | 3,402,531 | 2,977,910 | 6,394,239 | |
| Balance at January 1, 2025 | 13,798 | 3,402,531 | 2,977,910 | 6,394,239 | |
| Net result for the period January 1, 2025 to June 30, 2025 | – | – | -711,987 | -711,987 | |
| Total comprehensive income for the period January 1, 2025 to June 30, 2025 | – | – | -711,987 | -711,987 | |
| Value of employee services: | |||||
| - Share-based long-term incentive program | 6 | – | 1,051 | 1,051 | |
| Total transactions with owners | – | – | 1,051 | 1,051 | |
| Balance at June 30, 2025 | 4 | 13,798 | 3,402,531 | 2,266,974 | 5,683,303 |
Notes to the financial statements
⁄ Expressed in USD thousand unless indicated otherwise ⁄ Note 1
General information
VNV Global AB (publ) was incorporated in Stockholm on March 11, 2005. The common shares of VNV Global are listed on Nasdaq Stockholm, Mid Cap segment, with the ticker VNV.
As of June 30, 2025, the VNV Global Group consists of the Swedish parent company VNV Global AB (publ), three direct wholly owned subsidiaries and four indirect wholly owned companies through its subsidiaries. The financial year is January 1–December 31.
Parent company
The parent company VNV Global AB (publ) is a Swedish limited liability company, incorporated in Sweden and operating under Swedish law. VNV Global AB (publ) owns directly or indirectly all the companies in the Group. The net result for the period was SEK -711.99 mln (2024: 63.32), mainly related to participation in Group companies, that has been written down by SEK -655.11 mln following negative value changes in these companies' portfolios. The recoverable value has been determined as the adjusted equity on a group level. The parent company had three employees per June 30, 2025.
Accounting principles
This interim report has, for the Group, been prepared in accordance with IAS 34 Interim Financial Reporting and the Swedish Annual Accounts Act. The financial reporting for the Parent Company has been prepared in accordance with the Swedish Annual Accounts Act and RFR 2 Accounting for legal entities, issued by the Swedish Financial Reporting Board.
Under Swedish company regulations it is not allowed to report the Parent Company results in any other currency than Swedish Krona or Euro and consequently the Parent Company's financial information is reported in Swedish Krona and not the Group's reporting currency of US Dollar.
The accounting policies that have been applied for the Group and Parent Company, are in agreement with the accounting policies used in preparation of the Company's annual report 2024.
Note 2 Related party transactions
During the period, VNV Global has recognized the following related party transactions:
| 6M 2025 | Operating expenses 6M 2024 |
Current liabilities 06/30/2025 06/30/2024 |
|||
|---|---|---|---|---|---|
| Key management and Board of Directors 1 |
-1,528 | -2,300 | -80 | -67 |
- Compensation paid or payable includes salary and accrued bonus to the management and remuneration to the Board members.
The costs for the long-term incentive programs (LTIP 2023, LTIP 2024 and LTIP 2025) for the management and key personnel amounted to USD 397 thousand. The costs for LTIP include 2025 year's share-based remuneration, that is expensed directly and excludes social taxes as of June 30, 2025. For further details on the LTIP programs, please see Note 6.
Note 3 Fair value estimation
The majority of VNV Global's financial assets are valued at fair value. Depending on market observable inputs, the valuation is based on either published price quotations, valuation techniques based on market observable inputs or determined by using other techniques.
The instruments measured at fair value have been classified into three hierarchy levels as follows:
- Level 1, the measurement of the instrument is based on published quoted prices in active markets for identical assets.
- Level 2, inputs for the measurement of the instrument include also other than quoted prices observable for the asset, either directly, i.e. prices, or indirectly, i.e. derived from prices.
- Level 3, the measurement is based on other inputs rather than observable market data for the asset.
The fair value of financial instruments traded in active markets is based on quoted market prices at the balance sheet date. A market is regarded as active if quoted prices are readily and regularly available from an exchange, dealer, broker, industry group, pricing service, or regulatory agency, and those prices represent actual and regularly occurring market transactions on an arm's length basis. The quoted market price used for financial assets held by the Group is the current bid price. These instruments are included in level 1.
The fair value of financial instruments that are not traded in an active market is determined by using valuation techniques. These valuation techniques maximize the use of observable market data where it is available and rely as little as possible on entity specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in level 2. If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3.
Reclassifications of an investment between levels 1, 2, 3 are for example done if and when any of the following occurs: IPO or listing/de-listing of securities, a new transaction on market terms, a previous transaction on market terms is deemed less relevant or no longer relevant as the basis for a fair value assessment.
Investments in assets that are not traded on any market will be held at fair value determined by recent transactions made at prevailing market conditions or different valuation models depending on the characteristics of the company as well as the nature and risks of the investment. The valuations of level 3 investments are either based on valuation models, typically based on EBITDA or revenue multiples of comparable listed peers or transactions on market terms that include more uncertainty given the time elapsed since completion or structure of the transactions. Other valuation techniques that may be used include discounted cash flow valuation (DCF), exit-multiple valuation, also referred to as Leveraged Buyout (LBO) valuation, assetbased valuation as well as forward-looking multiples valuation based on comparable traded companies.
Multiples-based valuation models for level 3 investments are built around a few key input parameters, namely, forward looking revenue or EBITDA estimates, net debt position, the median multiple of a selected peer group and if applicable, an adjustment factor that is qualitatively assessed and based on the following parameters relative to the selected peer group: company size, business maturity, focus geographies, growth potential, market ability and liquidity. The adjustment factor, if applied, in the multiples-based valuation models typically range between 10–40%.
Typically, transaction-based valuations are kept unchanged for a period of up to 12 months unless there is cause for a revaluation due to materially changes in external market factors or company-specific factors. After 12 months, the Group typically derives fair value for non-traded assets through any of the models described above.
The validity of valuations based on a transaction is inevitably eroded over time, since the price at which the investment was made reflects the conditions that existed on the transaction date. At each reporting date, possible changes or events subsequent to the relevant transaction are assessed and if this assessment implies a change in the investment's fair value, the valuation is adjusted accordingly.
The outstanding convertible notes are valued at fair value including accrued interest.
VNV Global follows a structured process in assessing the valuation of its unlisted investments. VNV Global evaluates company specific and external data relating to each specific investment on a monthly basis. The data is then assessed at monthly and quarterly valuation meetings by senior management. If internal or external factors are deemed to be significant further assessment is undertaken and the specific investment is revalued to the best fair value estimate. Revaluations are approved by the Board of Directors in connection with the Company's financial reports.
Current liabilities
The book value for interest-bearing loans, accounts payable and other financial liabilities are deemed to correspond to the fair values.
See annual report 2024, Note 3 "Critical accounting estimates and assumptions" for more information.
Latest transaction and valuation method
When a latest transaction is more than one year old or that the latest price transaction no longer reflects the fair value of the investment, the investment is moved from level 2 to level 3.
Convertible loan note and equity are valued at the same level in a specific investment.
Changes regarding major holdings during the second quarter 2025 Reclassifications
During the quarter, two major holdings were reclassified. Following the termination of the transaction with Pango, Gett was reclassified from level 2 to level 3. Numan was reclassified from level 3 to level 2 based on the closing of a recent financing round.
New investments
No investments were made in new companies during the quarter.
Fair value changes
Fair value changes in the investment portfolio reflect the effects of multiples. The multiples may change due to movement in expectations, cashflow and earnings.
Changes regarding major holdings in 2025
Reclassifications
During the second quarter, two major holdings were reclassified. Following the termination of the transaction with Pango, Gett was reclassified from level 2 to level 3. Numan was reclassified from level 3 to level 2 based on the closing of a recent financing round.
New investments
No investments were made in new companies during the period.
Fair value changes
Fair value changes in the investment portfolio reflect the effects of multiples. The multiples may change due to movement in expectations, cashflow and earnings.
The following table presents information about the assets that are measured at fair value (Q2 2025).
| Company | Valuation method | Peer group multiple |
Level 1 | Level 2 | Level 3 | Reclassification of level |
Movement to/ (from) level 3 |
Latest transaction on market terms |
Fair value change level 3 (QTD) |
|---|---|---|---|---|---|---|---|---|---|
| Opening balance level 3, 04/01/2025 | 516,311 | ||||||||
| Fair value change level 3, QTD | 37,553 | ||||||||
| BlaBlaCar | Revenue multiple | 4.8 | – | – | 199,291 | No change | – | Apr, 2023 | 7,612 |
| Voi | EBITDA multiple | 16.6 | – | – | 127,836 | No change | – | Mar, 2024 | 18,017 |
| Gett | EBITDA multiple | 10.5 | – | – | 93,923 | From level 2 to level 3 | 83,058 | May, 2024 | 10,865 |
| HousingAnywhere | Revenue multiple | 5.1 | – | – | 40,351 | No change | – | Aug, 2024 | -3,567 |
| Numan | Latest transaction | – | – | 38,285 | – | From level 3 to level 2 | -44,861 | Jul, 2025 | – |
| Breadfast | Latest transaction | – | – | 30,222 | – | No change | – | May, 2025 | – |
| Bokadirekt | Revenue multiple | 6.6 | – | – | 23,552 | No change | – | Dec, 2021 | 2,450 |
| NV Fund 1 & 2 1 | Net asset value | – | – | – | 18,615 | No change | – | Dec, 2023 | -364 |
| Hungry Panda | Revenue multiple | 1.2 | – | – | 11,247 | No change | – | Dec, 2021 | 333 |
| Flo/Palta, through GHE II | Mixed | – | – | – | 9,790 | No change | – | Aug, 2024 | – |
| VNV Pioneer 2 | Revenue multiple | – | – | – | 7,635 | No change | – | – | 1,382 |
| Wasoko | Revenue multiple | 1.5 | – | – | 7,518 | No change | – | Feb, 2022 | -2,490 |
| Collectiv Food | Latest transaction | – | – | 6,772 | – | No change | – | Dec, 2024 | – |
| Tise | Revenue multiple | 2.1 | – | – | 6,559 | No change | – | Jul, 2022 | 1,617 |
| Alva | Revenue multiple | 6.3 | – | – | 4,432 | No change | – | May, 2023 | 163 |
| Olio | Revenue multiple | 6.1 | – | – | 3,665 | No change | – | Aug, 2021 | -1,557 |
| Baly | Revenue multiple | 3.4 | – | – | 3,484 | No change | – | Sep, 2021 | -124 |
| Glovo | Net asset value | – | – | – | 3,393 | No change | – | Apr, 2021 | 141 |
| Borzo | Revenue multiple | 2.6 | – | – | 2,853 | No change | – | Jul, 2021 | 345 |
| Swvl | Listed company | – | 2,441 | – | – | No change | – | – | – |
| Vezeeta | Revenue multiple | 6.0 | – | – | 2,414 | No change | – | Sep, 2022 | 776 |
| YUV | Latest transaction | – | – | 2,406 | – | No change | – | Jun, 2025 | – |
| El Basharsoft (Wuzzuf, Forasna) | Revenue multiple | 3.6 | – | – | 2,349 | No change | – | Jul, 2022 | 549 |
| Myelin II | Net asset value | – | – | – | 2,232 | No change | – | Oct, 2024 | -137 |
| YouScan | Revenue multiple | 4.4 | – | – | 2,181 | No change | – | Feb, 2015 | 348 |
| UAB Ovoko | Latest transaction | – | – | 2,009 | – | No change | – | Jun, 2024 | – |
| Stardots | Revenue multiple | – | – | – | 1,883 | No change | – | Jul, 2025 | 98 |
| Pale Blue Dot | Net asset value | – | – | – | 1,812 | No change | – | Dec, 2024 | 140 |
| Shohoz | Revenue multiple | 4.0 | – | – | 1,674 | No change | – | May, 2023 | 110 |
| No Traffic | Latest transaction | – | – | 1,638 | – | No change | – | Dec, 2024 | – |
| Naseeb Networks (Rozee, Mihnati) | Revenue multiple | 3.6 | – | – | 1,542 | No change | – | Dec, 2021 | 145 |
| Equity investments under USD 1 mln 3 | – | 1,775 | 3,779 | -6,219 | 563 | ||||
| HousingAnywhere, debt | Convertible | – | – | – | 1,420 | No change | – | Aug, 2024 | 115 |
| Convertible debt under USD 1 mln 4 | – | – | 412 | – | 23 | ||||
| Liquidity management | – | – | 282 | – | No change | – | – | – | |
| Total | 2,441 | 83,388 | 585,842 | 31,978 | 37,553 | ||||
| Closing balance level 3, 06/30/2025 | 585,842 |
-
NV Fund 1 & 2 hold investments in a number of companies including, but not limited to, No Traffic, Celus, Beacon, Tajir and QuantrolX.
-
VNV Pioneer holds investments in a number of companies including, but not limited to, Alva Labs, YUV and HS Teater.
-
Equity investments under USD 1 mln comprises investments in 14 companies.
The following table presents information about the assets that are measured at fair value (6m 2025).
| Company | Valuation method | Peer group multiple |
Level 1 | Level 2 | Level 3 | Reclassification of level |
Movement to/ (from) level 3 |
Latest transaction on market terms |
Fair value change level 3 (YTD) |
|---|---|---|---|---|---|---|---|---|---|
| Opening balance level 3, 01/01/2025 | 520,863 | ||||||||
| Fair value change level 3, YTD | 34,761 | ||||||||
| BlaBlaCar | Revenue multiple | 4.8 | – | – | 199,291 | No change | – | Apr, 2023 | -9,195 |
| Voi | EBITDA multiple | 16.6 | – | – | 127,836 | No change | – | Mar, 2024 | 26,620 |
| Gett | EBITDA multiple | 10.5 | – | – | 93,923 | From level 2 to level 3 | 83,058 | May, 2024 | 10,865 |
| HousingAnywhere | Revenue multiple | 5.1 | – | – | 40,351 | No change | – | Aug, 2024 | -2,412 |
| Numan | Latest transaction | – | – | 38,285 | – | From level 3 to level 2 | -45,483 | Jul, 2025 | – |
| Breadfast | Latest transaction | – | – | 30,222 | – | No change | – | May, 2025 | – |
| Bokadirekt | Revenue multiple | 6.6 | – | – | 23,552 | No change | – | Dec, 2021 | 2,555 |
| NV Fund 1 & 2 1 | Net asset value | – | – | – | 18,615 | No change | – | Dec, 2023 | -1,236 |
| Hungry Panda | Revenue multiple | 1.2 | – | – | 11,247 | No change | – | Dec, 2021 | 3,609 |
| Flo/Palta, through GHE II | Mixed | – | – | – | 9,790 | No change | 55 | Aug, 2024 | -55 |
| VNV Pioneer 2 | Revenue multiple | – | – | – | 7,635 | No change | – | – | 1,803 |
| Wasoko | Revenue multiple | 1.5 | – | – | 7,518 | No change | – | Feb, 2022 | -2,894 |
| Collectiv Food | Latest transaction | – | – | 6,772 | – | No change | – | Dec, 2024 | – |
| Tise | Revenue multiple | 2.1 | – | – | 6,559 | No change | – | Jul, 2022 | 1,604 |
| Alva | Revenue multiple | 6.3 | – | – | 4,432 | No change | – | May, 2023 | 750 |
| Olio | Revenue multiple | 6.1 | – | – | 3,665 | No change | – | Aug, 2021 | -1,648 |
| Baly | Revenue multiple | 3.4 | – | – | 3,484 | No change | – | Sep, 2021 | -42 |
| Glovo | Net asset value | – | – | – | 3,393 | No change | – | Apr, 2021 | -200 |
| Borzo | Revenue multiple | 2.6 | – | – | 2,853 | No change | – | Jul, 2021 | 118 |
| Swvl | Listed company | – | 2,441 | – | – | No change | – | – | – |
| Vezeeta | Revenue multiple | 6.0 | – | – | 2,414 | No change | – | Sep, 2022 | 822 |
| YUV | Latest transaction | – | – | 2,406 | – | No change | – | Jun, 2025 | – |
| El Basharsoft (Wuzzuf, Forasna) | Revenue multiple | 3.6 | – | – | 2,349 | No change | – | Jul, 2022 | 227 |
| Myelin II | Net asset value | – | – | – | 2,232 | No change | – | Oct, 2024 | -88 |
| YouScan | Revenue multiple | 4.4 | – | – | 2,181 | No change | – | Feb, 2015 | 399 |
| UAB Ovoko | Latest transaction | – | – | 2,009 | – | No change | – | Jun, 2024 | – |
| Stardots | Revenue multiple | – | – | – | 1,883 | No change | – | Jul, 2025 | 910 |
| Pale Blue Dot | Net asset value | – | – | – | 1,812 | No change | – | Dec, 2024 | 195 |
| Shohoz | Revenue multiple | 4.0 | – | – | 1,674 | No change | – | May, 2023 | 35 |
| No Traffic | Latest transaction | – | – | 1,638 | – | No change | – | Dec, 2024 | – |
| Naseeb Networks (Rozee, Mihnati) | Revenue multiple | 3.6 | – | – | 1,542 | No change | – | Dec, 2021 | -129 |
| Equity investments under USD 1 mln 3 | – | 1,775 | 3,779 | -7,412 | 1,943 | ||||
| HousingAnywhere, debt | Convertible | – | – | – | 1,420 | No change | – | Aug, 2024 | 171 |
| Convertible debt under USD 1 mln 4 | – | – | 412 | – | 34 | ||||
| Liquidity management | – | – | 282 | – | No change | – | – | – | |
| Total | 2,441 | 83,388 | 585,842 | 30,218 | 34,761 | ||||
| Closing balance level 3, 06/30/2025 | 585,842 |
-
NV Fund 1 & 2 hold investments in a number of companies including, but not limited to, No Traffic, Celus, Beacon, Tajir and QuantrolX.
-
VNV Pioneer holds investments in a number of companies including, but not limited to, Alva Labs, YUV and HS Teater.
-
Equity investments under USD 1 mln comprises investments in 14 companies.
| The following table presents the group's sensitivity in level 3 valuations and change in value at changing either multiples or respective benchmark. | |||
|---|---|---|---|
| Company | Invested amount | Ownership, % | Sensitivity valuation | Benchmark | ||||
|---|---|---|---|---|---|---|---|---|
| -15% | -10% | 6M 2025 | +10% | +15% | ||||
| BlaBlaCar | 204,018 | 13.7 | 171,299 | 180,630 | 199,291 | 217,953 | 227,284 | Revenue multiple |
| Voi | 105,935 | 20.9 | 106,732 | 113,767 | 127,836 | 141,905 | 148,940 | EBITDA multiple |
| Gett | 111,836 | 44.9 | 84,142 | 87,402 | 93,923 | 100,444 | 103,705 | EBITDA multiple |
| HousingAnywhere | 23,301 | 29.0 | 33,173 | 35,566 | 40,351 | 45,137 | 47,529 | Revenue multiple |
| Bokadirekt | 21,887 | 15.8 | 20,306 | 21,388 | 23,552 | 25,715 | 26,797 | Revenue multiple |
| NV Fund 1 & 2 1 | 21,384 | – | 15,823 | 16,753 | 18,615 | 20,476 | 21,407 | Net asset value |
| Hungry Panda | 16,893 | 3.7 | 9,451 | 10,049 | 11,247 | 12,444 | 13,043 | Revenue multiple |
| Flo/Palta, through GHE II | 8,912 | 22.0 | 8,322 | 8,811 | 9,790 | 10,769 | 11,259 | Mixed |
| VNV Pioneer 2 | 6,253 | – | 6,490 | 6,872 | 7,635 | 8,399 | 8,780 | Revenue multiple |
| Wasoko | 22,500 | 2.1 | 6,402 | 6,774 | 7,518 | 8,262 | 8,634 | Revenue multiple |
| Tise | 6,855 | 8.3 | 5,704 | 5,989 | 6,559 | 7,128 | 7,413 | Revenue multiple |
| Alva | 5,206 | 9.9 | 3,794 | 4,006 | 4,432 | 4,857 | 5,069 | Revenue multiple |
| Olio | 14,746 | 11.0 | 3,225 | 3,371 | 3,665 | 3,959 | 4,105 | Revenue multiple |
| Baly | 1,000 | 3.4 | 2,968 | 3,140 | 3,484 | 3,828 | 4,000 | Revenue multiple |
| Glovo | 6,200 | 100.0 | 2,884 | 3,053 | 3,393 | 3,732 | 3,902 | Net asset value |
| Borzo | 21,390 | 17.3 | 2,570 | 2,664 | 2,853 | 3,041 | 3,135 | Revenue multiple |
| Vezeeta | 9,441 | 9.0 | 2,079 | 2,191 | 2,414 | 2,638 | 2,749 | Revenue multiple |
| El Basharsoft (Wuzzuf, Forasna) | 5,812 | 25.7 | 2,022 | 2,131 | 2,349 | 2,567 | 2,676 | Revenue multiple |
| Myelin II | 2,400 | 100.0 | 1,897 | 2,009 | 2,232 | 2,455 | 2,567 | Net asset value |
| YouScan | 9,094 | 18.8 | 1,853 | 1,962 | 2,181 | 2,400 | 2,510 | Revenue multiple |
| Stardots | 2,743 | 23.8 | 1,620 | 1,708 | 1,883 | 2,058 | 2,145 | Revenue multiple |
| Pale Blue Dot | 1,721 | 100.0 | 1,540 | 1,631 | 1,812 | 1,993 | 2,084 | Net asset value |
| Shohoz | 9,404 | 31.6 | 1,486 | 1,549 | 1,674 | 1,799 | 1,861 | Revenue multiple |
| Naseeb Networks (Rozee, Mihnati) | 4,751 | 27.3 | 1,312 | 1,389 | 1,542 | 1,696 | 1,772 | Revenue multiple |
| Equity investments under USD 1 mln 3 | 31,896 | 3,431 | 3,547 | 3,779 | 4,012 | 4,128 | ||
| HousingAnywhere, debt | 1,278 | – | 1,207 | 1,278 | 1,420 | 1,563 | 1,634 | Convertible |
| Convertible debt under USD 1 mln 4 | 377 | 350 | 371 | 412 | 453 | 473 | ||
| Total level 3 | 677,232 | 502,082 | 530,002 | 585,842 | 641,681 | 669,601 |
-
NV Fund 1 & 2 hold investments in a number of companies including, but not limited to, No Traffic, Celus, Beacon, Tajir and QuantrolX.
-
VNV Pioneer holds investments in a number of companies including, but not limited to, Alva Labs, YUV and HS Teater.
-
Equity investments under USD 1 mln comprises investments in 14 companies.
Change in financial assets at fair value through profit or loss per 6M 2025
| Mobility BlaBlaCar 208,486 – -9,195 199,291 Revenue multiple Mobility Voi 101,216 – 26,620 127,836 EBITDA multiple Mobility Gett 83,058 – 10,865 93,923 EBITDA multiple Marketplace HousingAnywhere 42,763 – -2,412 40,351 Revenue multiple Digital Health Numan 45,483 – -7,198 38,285 Latest transaction Marketplace Breadfast 23,141 – 7,081 30,222 Latest transaction Marketplace Bokadirekt 20,997 – 2,555 23,552 Revenue multiple Other NV Fund 1 & 2 1 19,851 – -1,236 18,615 Net asset value Marketplace Hungry Panda 7,638 – 3,609 11,247 Revenue multiple Digital Health Flo/Palta, through GHE II 9,790 55 -55 9,790 Mixed Other VNV Pioneer 2 5,832 – 1,803 7,635 Revenue multiple Marketplace Wasoko 10,412 – -2,894 7,518 Revenue multiple Other Collectiv Food 6,214 – 559 6,772 Latest transaction Marketplace Tise 4,955 – 1,604 6,559 Revenue multiple Marketplace Alva 3,682 – 750 4,432 Revenue multiple Other Olio 5,313 – -1,648 3,665 Revenue multiple Other Baly 3,526 – -42 3,484 Revenue multiple Other Glovo 3,593 – -200 3,393 Net asset value Mobility Borzo 2,734 – 118 2,853 Revenue multiple Mobility Swvl 3,691 – -1,250 2,441 Listed company Digital Health Vezeeta 1,593 – 822 2,414 Revenue multiple Other YUV 1,000 500 906 2,406 Latest transaction Marketplace El Basharsoft (Wuzzuf, Forasna) 2,122 – 227 2,349 Revenue multiple Marketplace Myelin II 2,320 – -88 2,232 Net asset value Other YouScan 1,782 – 399 2,181 Revenue multiple Marketplace UAB Ovoko 1,793 – 216 2,009 Latest transaction Digital Health Stardots 973 – 910 1,883 Revenue multiple Other Pale Blue Dot 1,617 – 195 1,812 Net asset value Mobility Shohoz 1,639 – 35 1,674 Revenue multiple Mobility No Traffic 1,638 – – 1,638 Latest transaction Marketplace Naseeb Networks (Rozee, Mihnati) 1,671 – -129 1,542 Revenue multiple Equity investments under USD 1 mln 3 10,867 -7,412 2,100 5,555 Marketplace HousingAnywhere, debt 1,249 – 171 1,420 Convertible Convertible debt under USD 1 mln 4 878 -500 34 412 Liquidity management 357 30 -106 282 Investment portfolio 643,872 -7,327 35,126 671,671 Cash and cash equivalents 15,683 16,419 Total investment portfolio 659,555 688,090 Borrowings -77,042 -89,552 Other net receivables/liabilities -1,120 -269 Total NAV 581,393 598,270 |
Category | Company | Opening balance, 01/01/2025 |
Investments/ (disposals), net |
FV change | Closing balance, 06/30/2025 |
Valuation method |
|---|---|---|---|---|---|---|---|
-
NV Fund 1 & 2 hold investments in a number of companies including, but not limited to, No Traffic, Celus, Beacon, Tajir and QuantrolX.
-
VNV Pioneer holds investments in a number of companies including, but not limited to, Alva Labs, YUV and HS Teater.
-
Equity investments under USD 1 mln comprises investments in 14 companies.
Note 4 Share capital
The Company's share capital amounts to SEK 13,798,319.88 and the number of issued shares to 135,810,235, distributed among 130,978,236 common shares, 111,999 incentive shares of Series C 2022, 1,710,000 incentive shares of Series C 2023, 1,710,000 incentive shares of Series D 2023 and 1,300,000 incentive shares of Series C 2024.
The Company has decided on a new incentive program – C 2025, that will be registered with the Swedish Companies Registration Office after the balance sheet date.
| Share class | Number of shares outstanding |
Number of votes | Share capital, SEK | Share capital, USD |
|---|---|---|---|---|
| Common shares | 130,978,236 | 130,978,236 | 13,307,411 | 1,382,842 |
| Shares of Series C 2022 | 111,999 | 111,999 | 11,357 | 1,078 |
| Shares of Series C 2023 | 1,710,000 | 1,710,000 | 173,736 | 15,509 |
| Shares of Series D 2023 | 1,710,000 | 1,710,000 | 173,736 | 15,509 |
| Shares of Series C 2024 | 1,300,000 | 1,300,000 | 132,080 | 12,289 |
| Total | 135,810,235 | 135,810,235 | 13,798,320 | 1,427,228 |
Note 5 Long- and short-term debts
Bonds
On October 3, 2024, VNV Global issued bonds of series 2024/2027 in an initial amount of SEK 850 mln within a framework of SEK 1,250 mln (ISIN: SE0022761011). The bonds were issued at a price of 99% of the nominal amount, run with a tenor of three years and carry a floating rate coupon of 3m STIBOR + 550 bps.
Leasing liabilities
As per June 30, 2025, leasing liabilities are recognized with a provision of future long-term lease payments amounting to USD 0.2 mln.
Note 6 Long-term incentive programs (LTIP)
| LTIP 2022 | LTIP 2023 C | LTIP 2023 D | LTIP 2024 C | LTIP 2025 C | |
|---|---|---|---|---|---|
| Program measurement period | Jan 2022– Dec 2026 |
Apr 2023– Mar 2028 |
Apr 2023– Mar 2028 |
Apr 2024– Mar 2029 |
Apr 2025– Mar 2030 |
| Vesting period | Jul 2022– Jun 2025 |
Oct 2023– Mar 2028 |
Oct 2023– Mar 2028 |
Jun 2024– Mar 2029 |
Jun 2025– Mar 2030 |
| Maximum number of shares | 111,999 | 1,710,000 | 1,710,000 | 1,300,000 | 1,300,000 |
| Common share price per grant day in SEK | 22.10 | 13.95 | 13.95 | 26.68 | 15.74 |
| Common share price per grant day in USD | 2.09 | 1.25 | 1.25 | 2.48 | 1.66 |
| Fair market value plan share per grant day in SEK | 0.49 | 1.63 | 0.89 | 8.39 | 2.37 |
| Fair market value plan share per grant day in USD | 0.05 | 0.15 | 0.08 | 0.78 | 0.25 |
| LTIP share-based remuneration expense, excluding social fees /USD mln/ |
LTIP 2022 | LTIP 2023 C | LTIP 2023 D | LTIP 2024 C | LTIP 2025 C |
|---|---|---|---|---|---|
| 2025 | – | 0.02 | 0.01 | 0.10 | – |
| 2024 | – | 0.07 | 0.04 | 0.12 | – |
| 2023 | 0.04 | 0.03 | 0.01 | – | – |
| 2022 | 0.01 | – | – | – | – |
| Total | 0.05 | 0.12 | 0.06 | 0.22 | – |
Outstanding programs C 2023, D 2023, C 2024 and C 2025
VNV Global operates long-term incentive programs for management and key personnel. The purpose of the programs is to encourage personnel to work in the long term and to further commit them to the Company. In 2023, two separate new incentive programs for management and key personnel, Series C 2023 and Series D 2023, were launched to replace the incentive programs 2019 to 2022. The 2019 to 2022 programs were cancelled, with the exception of some vested shares in the 2022 program. The C 2023 and D 2023 programs contain a five-year performance period (10/2023 to 3/2028). In 2024, VNV Global launched a new incentive program containing a five-year performance period (6/2024 to 3/2029), C 2024. In 2025, VNV Global launched a new incentive program containing a five-year performance period (6/2025 to 3/2030), C 2025.
The incentive programs C 2023, C 2024 and C 2025 tie rewards to performance of the VNV Global share price. The incentive program D 2023 ties rewards to performance of the Company's net asset value.
Some or all of the incentive shares will be redeemed or reclassified as ordinary common shares. If the performance conditions are not fulfilled, then the incentive shares will be redeemed at nominal value and cancelled.
The participants will be compensated for dividends and other value transfers to the shareholders during the term of the program. The participants are also entitled to vote for their shares of Series C 2023, D 2023, C 2024 and C 2025 during the measurement period. If a participant ceases to be employed by the Group within this period, the plan shares will be redeemed, unless otherwise resolved by the Board on a case-by-case basis. The fair value of the shares of Series C 2023, D 2023, C 2024 and
C 2025 on the grant date was calculated on the basis of the market price of
the Company's shares on the grant date and prevailing market conditions by using a Monte Carlo Valuation Method.
The Company has compensated participants for the tax impact arising from the fact that the subscription price was below fair market value. The cost of this subsidy, social fees excluded, is distributed over five years and amounted to USD 0.3 mln for LTIP C 2023, USD 0.1 mln for LTIP D 2023, USD 1.0 mln for LTIP C 2024 and USD 0.3 mln for LTIP C 2025.
The 2025 incentive program has not been expensed during the second quarter 2025 since the incentive shares were not registered with the Swedish Companies Registration Office as of the balance sheet date.
Note 7 Events after the reporting period No significant events after the period.
Key and Alternative Performance Measures Group
Alternative Performance Measures (APM) apply the European Securities and Markets Authority (ESMA) guidelines.
APMs are financial measures other than financial measures defined or specified by International Financial Reporting Standards (IFRS).
VNV Global regularly uses alternative performance measures to enhance comparability from period to period and to give deeper information and provide meaningful supplemental information to analysts, investors and other parties.
It is important to know that not all companies calculate alternative performance measures identically, therefore these measurements have limitations and should not be used as a substitute for measures of performance in accordance with IFRS.
Definitions of all APMs used are found below.
IFRS-defined performance measurements (not alternative performance measurements)
| Performance measurements | Definitions |
|---|---|
| Weighted average number of common shares | Weighted average number of common shares for the period. |
| Earnings per share, USD | When calculating earnings per share, the average number of shares is based on average outstanding common shares. Plan Shares, issued to participants in the Company's long-term share-based Incentive programs, are not treated as outstanding common shares and thus are not included in the weighted calculation. The issue of Plan Shares is however recognized as an increase in shareholders' equity. |
| Diluted earnings per share, USD | When calculating diluted earnings per share, the average number of common shares is adjusted to consider the effects of potential dilutive common shares that have been offered to employees, originating during the reported periods from share based incentive programs. Dilutions from share-based incentive programs affect the number of shares and only occur when the incentive program performance conditions of the respective programs are fulfilled. |
Alternative performance measurements
| Performance measurements | Definitions | Motives |
|---|---|---|
| Equity ratio, % | Equity ratio is defined as Shareholders' equity in percent in relation to total assets. |
The performance measure demonstrates how much of the total assets that have been financed with equity for the assessment of the company's capital structure and financial risk. |
| Net asset value, USD and SEK | Net asset value is defined as the amount of shareholders' equity according to the balance sheet. |
The performance measure determines the value of the company's net assets and thus shows the carrying amount of the company enabling a comparison with the company's enterprise value. |
| Net asset value per share, USD and SEK | Shareholders' equity divided by total number of common shares at the end of the period. |
An established performance measure for investment companies that demonstrates the owners' share of the company's total net assets per share and enables comparison with the company's share price. |
| Net asset value per share development in USD and SEK, % |
Change in net asset value per share in USD and SEK compared with previous accounting year, in percent. |
A measure of profitability that shows the company's return and how the net asset value per share develops between different periods. |
| Net asset value per share adjusted for rights issue and buy-back of own shares, USD and SEK |
Net asset value per share adjusted for rights issue and buy back of own shares is defined as the amount of shareholders' equity according to the balance sheet adjusted for rights issue and buy-back of own shares during the year. The adjusted shareholders' equity is divided by the adjusted number of common shares, which excludes issued and repurchased shares during the year. |
To reflect the net asset value development by excluding transactions with owners shown in the shareholder's equity specification by adjusting the numerator (net asset value) and the denominator (number of common shares). |
| Net asset value per share development in USD and SEK, adjusted for rights issue and buy-back of own shares, % |
Net asset value per share development in USD and SEK, adjusted for rights issue and buy-back of own shares is defined as the adjusted shareholders' equity divided by the adjusted number of common shares. |
Provided that rights issue proceeds have been invested in level 2 investments, a more fair net asset value development is shown without the effects of rights issues and buy-backs of own shares. |
Key ratios
Alternative performance measures
| 6M/2Q 2025 | 12M/4Q 2024 | 6M/2Q 2024 | |
|---|---|---|---|
| A | 130,978,236 | 130,978,236 | 130,978,236 |
| B | 130,978,236 | 130,978,236 | 130,978,236 |
| C | 130,978,236 | 130,978,236 | 130,978,236 |
| D | 0.24 | 0.05 | -0.51 |
| E | 0.24 | 0.05 | -0.51 |
| F | 130,978,236 | 130,978,236 | 130,978,236 |
| G | 130,978,236 | 130,978,236 | 130,978,236 |
| H | 0.13 | -0.65 | -0.51 |
| I | 0.13 | -0.65 | -0.51 |
| 6M/2Q 2025 | 12M/4Q 2024 | 6M/2Q 2024 | ||
|---|---|---|---|---|
| Equity ratio /%/ | J | 86.78% | 87.95% | 87.39% |
| Net asset value /USD/ | K | 598,270,149 | 581,392,614 | 600,032,523 |
| Net asset value per share /USD/ | L | 4.57 | 4.44 | 4.58 |
| YTD Net asset value per share development in USD /%/ | M | 2.90% | -12.74% | -9.94% |
| QTD Net asset value per share development in USD /%/ | N | 5.56% | 1.20% | -10.01% |
| Net asset value per share adjusted for rights issue and buy-back of own shares /USD/ |
O | 4.57 | 5.09 | 5.09 |
| YTD Net asset value per share development in USD, adjusted for rights issue and buy-back of own shares /%/ |
P | 2.90% | -12.74% | -9.94% |
| Net asset value /SEK/ | Q | 5,683,303,177 | 6,394,243,178 | 6,367,186,915 |
| Net asset value per share /SEK/ | R | 43.39 | 48.82 | 48.61 |
| YTD Net asset value per share development in SEK /%/ | S | -11.12% | -4.43% | -4.83% |
| QTD Net asset value per share development in SEK /%/ | T | 0.06% | 10.16% | -10.42% |
| Net asset value per share adjusted for rights issue and buy-back of own shares /SEK/ |
U | 43.39 | 48.82 | 48.61 |
| YTD Net asset value per share development in SEK, adjusted for rights issue and buy-back of own shares /%/ |
V | -11.12% | -4.43% | -4.83% |
Reconciliations of alternative performance measures
| 6M/2Q 2025 | 12M/4Q 2024 | 6M/2Q 2024 | |
|---|---|---|---|
| J Equity ratio /%/ | |||
| Shareholders equity /USD/ | 598,270,149 | 581,392,614 | 600,032,523 |
| Total assets /USD/ | 689,449,241 | 661,015,466 | 686,640,100 |
| Equity ratio /%/ | 86.78% | 87.95% | 87.39% |
| K Net asset value /USD/ | 598,270,149 | 581,392,614 | 600,032,523 |
| L Net asset value per share /USD/ | |||
| Net asset value /USD/ | 598,270,149 | 581,392,614 | 600,032,523 |
| Number of common shares outstanding | 130,978,236 | 130,978,236 | 130,978,236 |
| Net asset value per share /USD/ | 4.57 | 4.44 | 4.58 |
| M YTD Net asset value per share development in USD /%/ | |||
| Net asset value per share – opening value /USD/ | 4.44 | 5.09 | 5.09 |
| Net asset value per share – closing value /USD/ | 4.57 | 4.44 | 4.58 |
| YTD Net asset value per share development in USD /%/ | 2.90% | -12.74% | -9.94% |
| N QTD Net asset value per share development in USD /%/ | |||
| Net asset value per share – opening value /USD/ | 4.33 | 4.39 | 5.09 |
| Net asset value per share – closing value /USD/ | 4.57 | 4.44 | 4.58 |
| QTD Net asset value per share development in USD /%/ | 5.56% | 1.20% | -10.01% |
Reconciliations of key ratios
| 6M/2Q 2025 | 12M/4Q 2024 | 6M/2Q 2024 | ||
|---|---|---|---|---|
| A Number of common shares outstanding | 130,978,236 | 130,978,236 | 130,978,236 | |
| Number of plan shares outstanding | 4,831,999 | 4,831,999 | 4,831,999 | |
| Total number of shares outstanding | 135,810,235 | 135,810,235 | 135,810,235 | |
| B QTD Weighted average number of common shares | 130,978,236 | 130,978,236 | 130,978,236 | |
| QTD Weighted average number of plan shares | 4,831,999 | 4,831,999 | 4,831,999 | |
| QTD Weighted average number of total shares | 135,810,235 | 135,810,235 | 135,810,235 | |
| C QTD Weighted average number of common shares – diluted | 130,978,236 | 130,978,236 | 130,978,236 | |
| D QTD Earnings per share /USD/ | ||||
| QTD Net result for the financial period | 31,429,012 | 6,801,100 | -66,760,608 | |
| QTD Weighted average number of common shares | 130,978,236 | 130,978,236 | 130,978,236 | |
| QTD Earnings per share /USD/ | 0.24 | 0.05 | -0.51 | |
| E QTD Diluted earnings per share /USD/ | ||||
| QTD Net result for the financial period | 31,429,012 | 6,801,100 | -66,760,608 | |
| QTD Weighted average number of common shares – diluted | 130,978,236 | 130,978,236 | 130,978,236 | |
| QTD Diluted earnings per share /USD/ | 0.24 | 0.05 | -0.51 | |
| F YTD Weighted average number of common shares | 130,978,236 | 130,978,236 | 130,978,236 | |
| YTD Weighted average number of plan shares | 4,831,999 | 4,831,999 | 4,831,999 | |
| YTD Weighted average number of total shares | 135,810,235 | 135,810,235 | 135,810,235 | |
| G YTD Weighted average number of common shares – diluted | 130,978,236 | 130,978,236 | 130,978,236 | |
| H YTD Earnings per share /USD/ | ||||
| YTD Net result for the financial period | 16,737,299 | -85,139,299 | -66,322,955 | |
| YTD Weighted average number of common shares | 130,978,236 | 130,978,236 | 130,978,236 | |
| YTD Earnings per share /USD/ | 0.13 | -0.65 | -0.51 | |
| I | YTD Diluted earnings per share /USD/ | |||
| YTD Net result for the financial period | 16,737,299 | -85,139,299 | -66,322,955 | |
| YTD Weighted average number of common shares – diluted | 130,978,236 | 130,978,236 | 130,978,236 | |
| YTD Diluted earnings per share /USD/ | 0.13 | -0.65 | -0.51 |
Reconciliations of alternative performance measures (continued)
Reconciliations of alternative performance measures (continued)
| O Net asset value per share adjusted for rights issue and buy-back of S YTD Net asset value per share development in SEK /%/ own shares /USD/ Net asset value per share – opening value /SEK/ 48.82 51.08 Net asset value /USD/ 598,270,149 581,392,614 600,032,523 Net asset value per share – closing value /SEK/ 43.39 48.82 Net asset value adjusted for rights issue and buy-back of own YTD Net asset value per share development in SEK /%/ -11.12% -4.43% shares /USD/ 598,270,149 581,392,614 600,032,523 T QTD Net asset value per share development in SEK /%/ Number of common shares outstanding 130,978,236 130,978,236 130,978,236 Net asset value per share – opening value /SEK/ 43.36 44.32 Number of common shares after rights issue and buy-back of own shares 130,978,236 130,978,236 130,978,236 Net asset value per share – closing value /SEK/ 43.39 48.82 Net asset value adjusted for rights issue and buy-back of own shares QTD Net asset value per share development in SEK /%/ 0.06% 10.16% /USD/ 598,270,149 581,392,614 600,032,523 U Net asset value per share adjusted for rights issue and buy-back of Number of common shares after rights issue and buy-back of own shares 130,978,236 130,978,236 130,978,236 own shares /SEK/ |
6M/2Q 2025 | 12M/4Q 2024 | 6M/2Q 2024 | 6M/2Q 2025 | 12M/4Q 2024 | 6M/2Q 2024 | ||
|---|---|---|---|---|---|---|---|---|
| 51.08 | ||||||||
| 48.61 | ||||||||
| -4.83% | ||||||||
| 54.27 | ||||||||
| 48.61 | ||||||||
| -10.42% | ||||||||
| Net asset value per share adjusted for rights issue and buy-back of own | Net asset value /SEK/ | 5,683,303,177 | 6,394,243,178 | 6,367,186,915 | ||||
| shares /USD/ 4.57 4.44 4.58 Net asset value adjusted for rights issue and buy-back of own |
||||||||
| Net asset value /USD/ 598,270,149 581,392,614 600,032,523 shares /SEK/ 5,683,303,177 6,394,243,178 |
6,367,186,915 | |||||||
| Number of common shares outstanding 130,978,236 130,978,236 130,978,236 Number of common shares outstanding 130,978,236 130,978,236 |
130,978,236 | |||||||
| Net asset value per share including rights issue and buy-back of own Number of common shares after rights issue and buy-back of own shares 130,978,236 130,978,236 shares /USD/ 4.57 4.44 4.58 |
130,978,236 | |||||||
| Net asset value adjusted for rights issue and buy-back of own shares Net asset value per share adjusted for rights issue and buy-back of own |
||||||||
| /SEK/ 5,683,303,177 6,394,243,178 shares /USD/ 4.57 4.44 4.58 |
6,367,186,915 | |||||||
| Number of common shares after rights issue and buy-back of own shares 130,978,236 130,978,236 Net asset value per share including rights issue and buy-back of own |
130,978,236 | |||||||
| Net asset value per share adjusted for rights issue and buy-back of own shares /USD/ 4.57 4.44 4.58 |
||||||||
| shares /SEK/ 43.39 48.82 Net asset value per share /USD/ 4.57 4.44 4.58 |
48.61 | |||||||
| Net asset value /SEK/ 5,683,303,177 6,394,243,178 Net asset value per share adjusted for rights issue (presentation below) Number of common shares outstanding 130,978,236 130,978,236 |
6,367,186,915 130,978,236 |
|||||||
| /USD/ 4.57 4.44 4.58 Net asset value per share including rights issue and buy-back of own |
||||||||
| P YTD Net asset value per share development in USD, adjusted for rights shares /SEK/ 43.39 48.82 |
48.61 | |||||||
| issue and buy-back of own shares /%/ Net asset value per share adjusted for rights issue and buy-back of own |
||||||||
| Net asset value per share – opening value /USD/ 4.44 5.09 5.09 shares /SEK/ 43.39 48.82 |
48.61 | |||||||
| Net asset value per share adjusted for rights issue and buy-back of own Net asset value per share including rights issue and buy-back of own shares – closing value /USD/ 4.57 4.44 4.58 |
||||||||
| shares /SEK/ 43.39 48.82 YTD Net asset value per share development in USD, adjusted for rights |
48.61 | |||||||
| Net asset value per share /SEK/ 43.39 48.82 issue and buy-back of own shares /%/ 2.90% -12.74% -9.94% |
48.61 | |||||||
| Net asset value per share adjusted for rights issue (presentation below) Q Net asset value /SEK/ |
||||||||
| /SEK/ 43.39 48.82 Net asset value /USD/ 598,270,149 581,392,614 600,032,523 |
48.61 | |||||||
| V YTD Net asset value per share development in SEK, adjusted for rights SEK/USD 9.4996 10.9982 10.6114 |
||||||||
| issue and buy-back of own shares /%/ Net asset value /SEK/ 5,683,303,177 6,394,243,178 6,367,186,915 |
||||||||
| Net asset value per share – opening value /SEK/ 48.82 51.08 R Net asset value per share /SEK/ |
51.08 | |||||||
| Net asset value per share adjusted for rights issue and buy-back of own Net asset value /USD/ 598,270,149 581,392,614 600,032,523 shares – closing value /SEK/ 43.39 48.82 |
48.61 | |||||||
| SEK/USD 9.4996 10.9982 10.6114 YTD Net asset value per share development in SEK, adjusted for rights |
||||||||
| Net asset value /SEK/ 5,683,303,177 6,394,243,178 6,367,186,915 issue and buy-back of own shares /%/ -11.12% -4.43% |
-4.83% | |||||||
| Number of common shares outstanding 130,978,236 130,978,236 130,978,236 |
||||||||
| Net asset value per share /SEK/ 43.39 48.82 48.61 |
Upcoming Reporting Dates
VNV Global's report for the third quarter and ninemonth period January 1, 2025–September 30, 2025, will be published on October 28, 2025.
Stockholm, Sweden, July 17, 2025
Tom Dinkelspiel Chairman of the Board
Therese Angel Board member
Josh Blachman Board member
Keith Richman Board member
Olga San Jacinto Board member
Per Brilioth Managing Director and Board member For further information contact Per Brilioth or Björn von Sivers: Telephone: +46 8 545 015 50, www.vnv.global
This report has not been subject to review by the Company's auditors.
VNV Global AB (publ) Mäster Samuelsgatan 1, 1st floor SE-111 44 Stockholm Sweden
Phone +46 8 545 015 50 Fax +46 8 545 015 54