Vnv Global Ab · OMXSTO:VNV
Vnv Global Ab — Q1 2025 Earnings Presentation
30 slides from Vnv Global Ab's earnings presentation, Apr 23, 2025
Slide 1: VNV Global Investor update Q1 2025
VNV Global Investor update Q1 2025
Slide 2: Table of contents
Table of contents Portfolio Overview Select Investment Highlights Last Quarter Update Supporting Materials
Slide 3: Global Network Effect Investor
Global Network Effect Investor Network Effects Product or Service Improves with Every New User Permanent Capital Avito Investment Held for 12 Years, Yielding a 37% IRR High Risk / Reward Investing in Businesses with Significant Return Profiles
Slide 4: VNV has long history of investing in non-listed, fast growing companies
VNV has long history of investing in non-listed, fast growing companies with great risk/reward characteristics Key corp. ‘Vostok Nafta Erg events Listed as New Name New Name Vostok Nafta Vostok New Ventures VNV Global Avito $2m $38m $20m Key Initial Investment VOI investment BlaBlaCar investment Ini
Slide 5: Strong and experienced team behind VNV Global
Strong and experienced team behind VNV Global Investment and Operations Team @ 3% & & Per Brilioth Dennis Mohammad Alexander Trofimov Bjorn von Sivers Elise Kielos CEO, Board Member IM IM CFO General Counsel ~25 Years Active Investor ils, BOG se SUBS fant VEF 4 vol. “enon Tuna nansen Huias Board of
Slide 6: VNV trading on NASDAQ Stockholm under ticker STO: VNV
VNV trading on NASDAQ Stockholm under ticker STO: VNV NAV and share price development (SEK) VNV ownership structure HE Nav — Share price 130 5 Acacia Partners! 120 5 110 + 100 + Example Owners 60 4 mn 40 4 58.3% +25k non- institutional owners Example Geo's ny 10 | RA a 20113 2014 2015 2016 2017 2018
Slide 7: Sustainability is at the core of our portfolio companies
Sustainability is at the core of our portfolio companies Select Examples » BlaBlaCar YY collectiv Food Source: Portfolio Company Information, VNV Global Sustainability Report 2023
Slide 8: Introduction to VNV
Introduction to VNV Table of contents Portfolio Overview Select Investment Highlights Last Quarter Update Supporting Materials
Slide 9: VNV Global Portfolio Overview, Q1 '25
VNV Global Portfolio Overview, Q1 ‘25 Other (Inc Cash and Lig. Mgmt) BlaBlaCar Flo/Palta? Wasoko Hungry Panda Housing Anywhere! Gett Note: (1) Includes both equity and debt exposure; (2) Through GHE II “bBlaBlaCar fuman #1 inter-city travel platform with +100 million members worldwide Leading ride h
Slide 10: Increasing share of Investment Portfolio in Adj. EBITDA positive territory
Increasing share of Investment Portfolio in Adj. EBITDA positive territory Unaudited number Share of Investment Portfolio Value in Adj. EBITDA Positive territory 100% > Voi was previously not EBIT profitable and therefore presented on a separate row — the company closed 2024 with positive adj. EBIT
Slide 11: The 'Avito's of tomorrow' are already in our existing portfolio
The ‘Avito’s of tomorrow’ are already in our existing portfolio USD ~90 min or SEK ~6.9 per share in holdings below top 10 single holdings Select portfolio companies by stage Series C+ +) medoma OURA borzo Alva <X Y coltectiv Food Series A 10 Note: (1) Excluding top 10 holdings
Slide 12: Portfolio overview by sector and geo
Portfolio overview by sector and geo Mobility largest sector exposure Vast majority of portfolio developed markets Emerging markets Mobility Marketplace Digital Health Other Developed markets 11
Slide 13: Introduction to VNV
Introduction to VNV Table of contents Portfolio Overview Last Quarter Update Supporting Materials 12
Slide 14: BlaBlaCar | The world's leading community-based travel app
© BlaBlaCar BlaBlaCar | The world’s leading community-based travel app BlaBlaCar at a glance Value Proposition ready planned to make BlaBlaCar is the world’s leading long-distance carpooling platform — with a global, trusted community of +100 million members in 22 countries ss trips to that destinat
Slide 15: BlaBlaCar recent developments and geographical presence
bBlaBlaCar BlaBlaCar | The world’s leading community-based travel app Recent Developments BlaBlaCar geographical presence Closed 2024 with healthy growth in driver and passenger figures, resulting in almost 100 million PAX reflecting 20-25% growth Y-0-Y °. a Countries where ny During 2024 announced
Slide 16: Voi | Leading European micromobility operator
vol. Voi | Leading European micromobility operator Voi at a glance Key drivers for Voi's competitive advantage * Voi is a European micromobility company offering shared e-scooters and e-bikes fora connected, electrified and shared means of last mile transport * Increasing regulations across markets
Slide 17: Voi | Leading European micromobility operator
Voi | Leading European micromobility operator Recent Development Voi’s geographic presence Closed 2024 with EUR 132.8 min (~13% YoY). Growth accelerated during 04 ‘24, achieving a 33% increase compared to 04 ‘23 = 2024 first profitable year for Voi, Adjusted EBITDA ended at EUR Ee} 47.2 minand Adjus
Slide 18: Voi | The company has delivered consistent growth and improving margins
Voi | The company has delivered consistent growth and improving margins Revenue and Fleet Size Vehicle Profit Margin Adjusted EBITDA Margin Adjusted EBIT Margin 133 13% +01% 57% 76 sox ogee” 58 A% -28% -65% -83% 110.0% 2020 2021 2022 2023 2024 2020 2021 2022 2023 2024 2020 2021 2022 2023 2024 2020 2
Slide 19: Gett | Divestment to Pango announced in Q2 '24
Gett | Divestment to Pango announced in Q2 ‘24, subject to regulatory approval Gett at a glance + Gett is the leading ride hailing company in Israel with additional presence in London and other cities in the UK, where the company offers black cab taxis + The company also offers a mobility software t
Slide 20: Numan | Digital health platform specializing in obesity & personalized healthcare
Numan | Digital health platform specializing in obesity & personalized healthcare Numan at a glance + Numan is a digital health platform originally focused on men's health issues, such as erectile dysfunction, hair loss, and weight loss, but has since evolved into a leading unisex healthcare provide
Slide 21: Introduction to VNV
Introduction to VNV Table of contents Portfolio Overview Select Investment Highlights Supporting Materials 20
Slide 22: Q1 2025 figures
Q1 2025 figures Q1 2025 NAV Q1 2025 NAV Change Since Last Change Since Last Quarter (USD) Quarter (SEK)
Slide 23: Net Asset Value per share at ~43.4 SEK as per Q1 2025
Net Asset Value per share at ~43.4 SEK as per Q1 2025 NAV breakdown, Mar 31 2025 Type Fair value, $m Per share, $ Per share, SEK % weight of NAV Investments 638.4 49 48.8 113% Cash & cash equivalents 13.6 04 1.0 2% Total investment portfolio 652.0 5.0 49.9 115% Borrowings ~84.7 -0.6 6.5 -15% Other n
Slide 24: Net Asset Value as per Q1 2025
Net Asset Value as per Q1 2025 Company Fair value $k, Mar 31,2025 Investments / Disposals Fair value change, $k Fair value change % Fair value $k, Dec 31,2024 Portfolio weight % BlaBlaCar 191,679 - 416807 -8% 208,486 29.4% Voi 109,819 - 8,604 2% 401,216 16.8% Gett 83,058 - - 0% 83,058 12.7% Numan 44
Slide 25: Introduction to VNV
Introduction to VNV Table of contents Portfolio Overview Select Investment Highlights Last Quarter Update 24
Slide 26: Focus on executing on several exits to raise cash in 2024
Focus on executing on several exits to raise cash in 2024 Comments In aggregate entered into exit agreements amounting to USD ~148 min to VNV USD min ~148 VNVhasfocusedonexecuting |. — =83. Oy on several exits in 2024 to raise ~13 cash to pay back outstanding debt Escrow Amount? VNV entered into agr
Slide 27: Track record with several highly successful exits
Track record with several highly sucessful exits Select historic exits Tinkoff 9007-2015 ‘2 2015-2016 Bank zameen.com @e ° 70 Avito 200720"8 @ @) Quandoo 2014-2015 @hemnet 2016-2022 © @) Peroperty 2016-2022 Note: Based on holding period between 07 until asset was spun off to VEF 26
Slide 28: VNV has a stage agnostic investment strategy
VNV has a stage agnostic investment strategy Through our mandate we are able to invest at any stage in a company, from seed to growth equity @ Seed New Ventures Growth Early investment on the back of (1) high . confidence on business model and (2) Series A to B/C Late stage growth investments, from
Slide 29: VNV an established player with a proven track record
VNV an established player with a proven track record NAV development (SEK) Key metrics 500 450 400 USD 567m NAV 350 As per Q1 2025 300 250 200 150 100 ~121% NAV IRR WII Hii - und AAUAVAUHHUUVAVHHTATUQHHTATHHHUTNTHHHUTAHHHTL 42 12 13:43:14: 14 15 15 16 16 17 17 18 48 19 19 20 '20 '21 '21 '22 29 93 '2
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