Vnv Global Ab · OMXSTO:VNV
Vnv Global Ab — Q1 2024 Earnings Presentation
35 slides from Vnv Global Ab's earnings presentation, Apr 23, 2024
Slide 1: VNV Global Investor update Q1 2024
VNV Global Investor update Q1 2024
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. events Key investments Dividends Buybacks Vostok Mafta Listed as Vostok Nafta Avito Initial investment 8 Avito * Hes ° 1996 2007 2012 * $242m $60m Exitof Legacy BEF/RusF Russian E
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 salts {aby UBS CHICAGO 4 & BOOTHE ¥ Board of Directors ES ~ i j ~ T
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, top owners I NAV — Share price 130 9 —— = Acacia Partners 120 + 110 5 100 + 90 5 80 4 70 + 605 Neel Beeld 50 5 Example Owners 40 4 R ° 54.0% Be 30 5 +30k non institutionalowners 20 7 E
Slide 7: Sustainability is at the core of our portfolio companies
Sustainability is at the core of our portfolio companies Select Examples VNV is not an ESG investor — But all our holdings have ESG at their core e a ) lio map Nation Sustainable nt Goal in 3 y Collectiv Food 100% of the VNV Global investment p Deve Source: Portfolio Company Information, VNV Global
Slide 8: Introduction to VNV
Introduction to VNV Table of contents Ponto Overiew Select Investment Highlights Last Quarter Update Supporting Materials
Slide 9: Strong portfolio with great momentum
Strong porfolio with great momentum +70% of portfolio in top 5 assets Cash and Liquidity Hungry Panda Wasoko Bokadirekt BlaBlaCar Core investments Voi Gett Note: (1) Includes both equity and debt exposure >BiaBlaCar Gett. #1 intercity travel platform with +100 million members worldwide Leading ride
Slide 10: Increasing share of Investment Portfolio in EBITDA positive territory
Increasing share of Investment Portfolio in EBITDA positive territory Unaudited numbers Share of Investment Portfolio Value in EBITDA Positive territory 100% > Voi EBITDA Positive Q1'23 Q1'24 9
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 136 min or SEK ~8 per share in holdings below top 10 single holdings Select portfolio companies by stage Series C+ V_borzo +) medoma Long tail holdings To Alva <i AJNotRAFric Sais Y coltectiv Food Series A 10 Note: (1) Excluding top
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 Other Digital Health Developed markets 1
Slide 13: Introduction to VNV
Introduction to VNV Table of contents Portfolio Overview Last Quarter Update Supporting Materials 12
Slide 14: BlaBlaCar | World's leading community-based travel app
BlaBlaCar | World’s leading community-based travel app > BlaBlaCar BlaBlaCar at a glance Development of user base Million World’s leading community-based travel app H users combining a global carpooling network, with a growing bus and impending train offering Closed ‘23 with EUR 253 min in revenues
Slide 15: Gett | Ride hailing company in Israel
Gett. Gett | Ride hailing company in Israel with add’l black cab operations in UK and a global B2B mobility software Gett at a glance Gett core business lines Ride hailing company in Israel with add’l black cab operations in UK and a global B2B mobility software Gett Israel | Ride hailing in Israel
Slide 16: Voi | Leading European micro-mobility operator
vol. Voi | Leading European micro-mobility operator, present in 100+ EU cities Voi at a glance Voi overview European micro mobility operator, seeded by VNV Countr Over the past two years, revenue has grown by Ey nearly 50%, gross profit has more than doubled, and overhead costs have been reduced by
Slide 17: HousingAnywhere | Rental platform for international professionals and students
Housir Anywhere HousingAnywhere | Rental platform for international professionals and students HousingAnywhere at a glance Market Opportunity Global housing platform for students and expats ae f Europe+US |, More than 10 million users search for rooms and ' A | TAM Apartments on HousingAnywhere H Ma
Slide 18: NoTraffic | Autonomous traffic management platform
NoTraffic | Autonomous traffic management platform @|NOTRAFFIC Description NotTraffic digitizes road infrastructure management, allowing cities to manage their entire grid in more efficient ways. Offering includes urban services, automotive (built-in V2X communication), route planning and insurance
Slide 19: Celus | Automating electronics design processes
Celus | Automating electronics design processes ¢CELUS Celus has created the first fully automated end to end electronics engineering solution where electronics engineers can efficiently develop circuits and source components that they need Vision to bring mechanical engineering to the standard of s
Slide 20: Introduction to VNV
Introduction to VNV Table of contents Portfolio Overview Select Investment Highlights Supporting Materials 19
Slide 21: Q1 2024 figures
Q1 2024 figures Q1 2024 NAV Q1 2024 NAV Change Since Last Change Since Last Quarter (USD) Quarter (SEK)
Slide 22: Net Asset Value per share at ~54 SEK as per Q1 2024
Net Asset Value per share at ~54 SEK as per Q1 2024 NAV breakdown, March 31 2024 Type Fair value, $m Per share, $ Per share, SEK* % weight of NAV Investments 734.8 5.6 59.8 nN0% Cash & cash equivalents 45.9 0.4 a T™% Total investment portfolio 780.7 6.0 63.5 117% Borrowings -109.9 -0.8 -8.9 -16% Oth
Slide 23: Net Asset Value as per Q1 2024
Net Asset Value as per Q1 2024 Company Fair value $k, Mar31,2024 —Investments/ Disposals Fair valuechange,$k Fair valuechange% Fair value $k, Dec 31,2023 Portfolio weight % BlaBlaCar 302,962 - 95,372 o% 977,591 38.8% Gett 93,252 - -3,061 -3% 96,313 11.9% Voi 80,036 24,185 -21,498 -2% 77,348 10.3% Ho
Slide 24: Net debt position at USD ~64 mln in Q1'24
Net debt position at USD ~64 min in Q1’24, down from USD 110 mln in Q4’23 Investment portfolio and cash overview, USDm Borrowings & other net liabilities, USDm 823 781 (>BlaBlaCar Gett. voi. A Oi. fuman Other equity Other net rec. / liab. Convertible notes\, Cash and Liq om Q4 2023 Q1 2024 Q4 2023 Q
Slide 25: Introduction to VNV
Introduction to VNV Table of contents Portfolio Overview Select Investment Highlights Last Quarter Update 24
Slide 26: In Q1 announced portfolio exit to growth equity group Verdane
In Q1 announced portfolio exit to growth equity group Verdane Exit of four portfolio companies... In Q1 announced exit of investments in Booksy, James Edition, Carla and Tise to growth equity group Verdane The total consideration for the sale is an amount up to USD 58 min of which USD 52 min is paid
Slide 27: Key News Q1 '24 | Improved Net Debt position in Q1
Key News Q1 ‘24 | Improved Net Debt position in Q1 ° Repurchased the ’25 bond in an aggregate nominal amount of SEK 350 min — For the '25 bond, VNV did an organized buy back during Q1 2024 where we repurchased SEK 334 min at 99.0% (a 6.35% YTM) — Current net debt position of some USD 64 mln, down fr
Slide 28: Sustainability is deeply integrated into the business models of portfolio co's
Sustainability is deeply integrated into the business models of portfolio co’s VNV Global Investment Portfolio by UN Sustainable Development Goal (SDG) 100% 1% VNV Global Investment Portfolio Note: Refers to portfolio company's primary UN sustainable development goals Gender lle Equality | file Indu
Slide 29: Climate deep dive | Large share of portfolio with clear positive climate impact
Climate deep dive | Large share of portfolio with clear positive climate impact VNV Global Investment Portfolio by Climate Impact 100% she Other > Pale blue dot Bo aust Reduced Food Waste erlo Sustainable cons, Collectiv & production Food GQ) Sustainable Housing a & &/ Asset Sharing Anywhere @ camps
Slide 30: Circular economies in VNV Global portfolio
Circular economies in VNV Global portfolio Marketplaces enable circular economies Reduce / Re-use / Recycle CO, Textile Plastics Food Goods Tourism (bBlaBlacar ~=9VO lise Co cirplus aaiaalljoull @ campspace VNV Global portfolio case studies b> BlaBlaCar @ campspace Cp cirplus lise BlaBlaCaris the wo
Slide 31: Track record with several highly successful exits
Track record with several highly sucessful exits Select historic exits Tinkoff 9007-2015 Ch 2015-2016 Bank ZEIT @e ° so Avito = 20072019 © @® Quandoo 2014-2015 @hemnet 2016-2022 © @) DP Property 2016-2029 Note: Based on holding period between '07 until asset was spun off to VEF 6@ 6e 30
Slide 32: VNV seeks companies with high barriers to entry
VNV seeks companies with high barriers to entry and that can generate high and sustainable profits Strong focus on investing in companies with network effects or other strong barriers to entry Housi 7 5 ema 8 i VNV core x | O| 3 WUZZUF naseeb networks voi . borzo Additional focus YOUSCAN, (} poiltor
Slide 33: 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 investmenton the back of (1) high ; confidence on business model and (2) Series A to B/C Late stage growth investments, from e
Slide 34: VNV an established player with a proven track record
VNV an established player with a proven track record NAV development (SEK) Key investments eyes Key metrics 500 USD 667m NAV 350 As per Q1 2024 250 @hemnet 200 > BiaBlaCar 15.3% NAV IRR NATTA ~ 42 12 143-143 14 44 45 15 16 16 17 17 18 18 19 19 '20 20 '21 '21 '22 '22 '23 '23 Q2 Q4 Q2 04 Q2 4 A2 A4 Q2
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