Slide 1: VNV Global Investor update Q2 2026
VNV Global Investor update Q2 2026
Slide 2: Table of contents
Introduction to VNV Table of contents Portfolio Overview Select Investment Highlights Last Quarter Update Supporting Materials 1
Slide 3: Network Effects, Permanent Capital, High Risk / Reward
Network Effects Product or Service Improves with Every New User Permanent Capital Avito Investment Held for 12 Years, Yielding a 37% IRR Global Network Effect Investor High Risk / Reward Investing in Businesses with Significant Return Profiles 2
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. 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 Initial investment i
Slide 5: Strong and experienced team behind VNV Global
Strong and experienced team behind VNV Global Investment and Operations Team Per Brilioth Dennis Mohammad Alexander Trofimov Björn von Sivers Elise Kielos CEO, Board Member IM IM CFO General Counsel +25 Years Active Investor Board of Directors Lars - Åke Norling Olga San Jacinto Keith Richman Theres
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 NAV Share price 130 Acacia Partners 1 120 19.5% 110 E. Öhman J:or 2 100 18.0% 90 Lorito SPV Floreal S.à r.l.3 80 4.0% 3.7% 4 70 60 50 +20k non - 40 institutional owners 54.8% 30 Example
Slide 7: Table of contents
Introduction to VNV Table of contents Portfolio Overview Select Investment Highlights Last Quarter Update Supporting Materials 6
Slide 8: VNV Portfolio Overview
VNV Portfolio Overview Total Investment Portfolio as at Q2 2026 World’s leading community- based travel app, 150 mln PAX in 2025 Cash & Liquidity 5% BlaBlaCar Leading European micro mobility company, +100 mln rides Other 25% in 2025 17% Leading European medium - to long-term housing rental Flo & Pal
Slide 9: Portfolio overview by sector and geo
Portfolio overview by sector and geo Mobility largest sector exposure Vast majority of portfolio developed markets Emerging markets Marketplace 27% Mobility 51% 3 Core sectors Core in developed markets 11% Other 11% Developed markets Digital Health 8
Slide 10: Significant share of Investment Portfolio in Adj. EBITDA positive territory
Significant share of Investment Portfolio in Adj. EBITDA positive territory Unaudited numbers Share of Investment Portfolio Value in Adj. EBITDA Positive territory 100% 19% YoY decline driven in part by sale of Gett which 29% was a profitable company. 81% 71% Adj. EBITDA Positive 1 Q2 ’25 Q2 ’26 9 N
Slide 11: Significant Improvements in Top 6 Company Financials
Significant Improvements in Top 6 Company Financials Current Top 6 Companies VNV Pro Rata Share of Top 6 Companies Financials, USD mln 2, Excluding BlaBlaCar Operated Bus Financials (Pro Forma) Revenue Adj. EBITDA 1 130.4 +32% 86.7 74.9 2.5 3.6 - 5.9 2023 2024 2025 10 Note: (1) For Voi, adj. EBIT ha
Slide 12: Long-tail holdings have seen several transactions far above VNV NAV
Long -tail holdings have seen several transactions far above VNV NAV The world’s leading women’s health app. Revolutionizing and digitizing the hair coloring industry. Raised USD +200 mln from General Atlantic at a Closed a new funding round in Q2 2025 at a 67% USD +1 BN valuation in 2024 premium to
Slide 13: Table of contents
Introduction to VNV Table of contents Portfolio Overview Select Investment Highlights Last Quarter Update Supporting Materials 12
Slide 14: BlaBlaCar | Leading Multimodal Travel Marketplace
BlaBlaCar |Leading Multimodal Travel Marketplace BlaBlaCar at a glance 2025 Figures Founded : 2006 40 Million Yearly unique active users VNV First Investment : 2015 Geo: HQ in France, active in +20 countries globally 150 Million PAX (non- unique passengers) Recent Updates • VNV's valuation of BBC is
Slide 15: BlaBlaCar | The Leading Marketplace for Long Distance Travel
BlaBlaCar |The Leading Marketplace for Long Distance Travel Fragmented Supply Fragmented Demand Carpool Leading 7m active drivers in 2025 Marketplace Bus Operators 5k bus partners in 2025 35 million unique passengers in 2025 looking for travel options that are With unparallelled affordable and envir
Slide 16: 150m PAX
150m PAX That’s almost 5 empty seats per second filled by BBC in 2025 India Mexico Brazil Note: PAX = Non-unique passenger
Slide 17: BlaBlaCar | Carpooling offers a consumer proposition that is difficult to beat
BlaBlaCar |Carpooling offers a consumer proposition that is difficult to beat BlaBlaCar Carpool is often the cheapest and quickest way of getting between point A to B Carpooling Public transport Door- to- door 4 stopovers (taking 2 trains & 3 Rouen metros/buses) Quevilly St- Lazare train station 3.5
Slide 18: Voi | The Leading European Micro Mobility Company
Voi |The Leading European Micro Mobility Company Voi at a glance Voi surpassed 400M rides, last 100M achieved within a year Voi Accumulated Number of Rides, in millions Founded : 2018 450 400 VNV First Investment : 2018 <1 year from 300 to 400 m 350 Geo: HQ in Sweden, active in +130 cities in 13 cou
Slide 19: Voi | The company has delivered consistent growth and improved margins
Voi |The company has delivered consistent growth and improved margins Q2 ’26 Report Revenue and Fleet Size Vehicle Profit Adjusted EBITDA Adjusted EBIT Released on July 23 rd 107 188 58% 57% 29 30 3 0 1 178 57% 102 2% 17 0% 1% 49% 16% 16% 44% 13% 133 76 - 26% - 2% 118 - 31 111 126 33% -2 117 31% - 4
Slide 20: Voi | Vertically integrated hardware, software & operations working as one system
Voi |Vertically integrated hardware, software & operations working as one system Hardware Software Operations Recycled materials ML fleet optimization Fleet sourcing Proprietary IOT module Fleet and inventory tracking Fleet management Safer & more modular design User application Fleet maintenance Hi
Slide 21: Voi | Where Voi is today
Voi |Where Voi is today 1 Highly diversified revenue base reduces risk and increases resilience Portfolio of over one hundred cash - generating cities with largest city only accounting for 8% of revenue 2 Recurring rider base, independent of price product Loyal riders drive strong retention, with mo
Slide 22: Voi is only scratching the surface of potential, even in its best cities
Voi |Voi is only scratching the surface of potential, even in its best cities % of city population that are monthly and/or yearly riders in 2025 Stockholm Berlin Hamburg Oslo Marseille Top 50 60% 65% 82% 92% 89% 89% 29% 26% 15% 6% 8% 12% 8% 9% 4% 2% 3% 3% Monthly Riders Additional Yearly Riders Popu
Slide 23: HousingAnywhere | Leading Platform for Medium Term Rentals
HousingAnywhere |Leading Platform for Medium Term Rentals HousingAnywhere at a glance HousingAnywhere Group, Historical Financials Founded : 2009 ~20% CAGR Positive VNV First Investment : 2018 Adj. EBITDA Positive Geo: HQ in Rotterdam, available in +100 cities Adj. EBITDA Recent Updates • Transactio
Slide 24: Numan | Digital health platform for specialized healthcare
Numan |Digital health platform for specialized healthcare Numan at a glance Numan is growing triple digit Year over Year Net Revenue Growth, YoY +5x Founded : 2018 Positive EBITDA VNV First Investment : 2018 Geo: HQ in London, active in the United Kingdom Recent Updates • Moved to a model- based val
Slide 25: Breadfast | Accelerating growth while improving unit economics
Breadfast |Accelerating growth while improving unit economics Breadfast at a glance Accelerating growth Annualized GTV mUSD* 270 Founded : 2017 VNV First Investment : 2021 Geo: Egypt, MENA 130 Recent Updates 104 • VNV’s valuation of Breadfast is based on the last transaction in the company. The last
Slide 26: Bokadirekt | Double digit topline growth with increased profitability
Bokadirekt |Double digit topline growth with increased profitability Bokadirekt at a glance Steady topline growth with increasing profitability Net revenue, SEKm +2.2x 196 Founded : 2009 177 139 106 90 VNV First Investment : 2021 Geo: Sweden 2021 2022 2023 2024 2025a Recent Updates • VNV’s model- ba
Slide 27: Table of contents
Introduction to VNV Table of contents Portfolio Overview Select Investment Highlights Last Quarter Update Supporting Materials 26
Slide 28: Q2 2026 figures
Q2 2026 figures USD 461m SEK 4,476m USD 3.60 per share SEK 34.97 per share Q2 2026 NAV Q2 2026 NAV (0.3)% 2.1% Change Since Last Change Since Last Quarter (USD) Quarter (SEK) 27
Slide 29: Net Asset Value per share at ~34.97 SEK as per Q2 2026
Net Asset Value per share at ~34.97 SEK as per Q2 2026 NAV breakdown, Jun 30 2026 Fair value, $m Per share, $ Per share, SEK* % weight of NAV Investments 467.6 3.7 35.5 102% Cash & cash equivalents 16.3 0.1 1.2 4% Total investment portfolio 484.0 3.8 36.7 105% Borrowings -27.1 -0.2 -2.1 -6% Other ne
Slide 30: Net Asset Value as per Q2 2026
Net Asset Value as per Q2 2026 USD Thousands Fair value $k, Jun 30, 2026 Investments / Disposals Fair value change, $k Valuation change % Fair value $k, Mar 31, 2026 Portfolio weight % BlaBlaCar 121,192 - 804 1% 120,389 25.0% Voi 105,859 - -993 -1% 106,852 21.9% HousingAnywhere 38,778 - -265 -1% 39,
Slide 31: VNV trading at a significant discount to NAV, bought back shares in LTM period
VNV trading at a significant discount to NAV, bought back shares in LTM period NAV and share price development (SEK) Share buy - backs, LTM 130 NAV VNV has bought back 2,971,633 ordinary shares in the 120 Share price Last Twelve Months. Following the share buy backs, there are 128,006,603 ordinary s
Slide 32: Table of contents
Introduction to VNV Table of contents Portfolio Overview Select Investment Highlights Last Quarter Update Supporting Materials 31
Slide 33: Track record with several highly sucessful exits
Track record with several highly sucessful exits Select historic exits 2007 -2015 42% 8x 2015-2016 81% 2.1x Realized IRR 1 MM1 Realized IRR MM 2007 -2019 37% 34x 2014-2015 126% 1.8x Realized IRR MM Realized IRR MM 50% 8x 8% 1.6x 2016-2022 Realized IRR MM 2016-2022 Realized IRR MM 32 Note: Based on h
Slide 34: 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 Late stage growth investments, from confidence on business model and (2) Series A to B/C Seri
Slide 35: 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 461m NAV 350 As per Q2 2026 300 250 200 150 100 ~9.2% NAV IRR Since 2012 50 0 ’12 ’12 ’13 ’13 ’14 ’14 ’15 ’15 ’16 ’16 ’17 ’17 ’18 ’18 ’19 ’19 ’20 ’20 ’21 ’21 ’22 ’22 ’23 ’23 ’24 ’24 ’25 ’25 ’26 Q2
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