Slide 1: Financial Report for the Fourth Quarter and the Twelve-Month Period 2025
VNV Global AB (publ) Financial Report for the Fourth Quarter and the Twelve-Month Period 2025
Slide 2: Net asset value (NAV) and financial results
Financial Report for the Fourth Quarter and the Twelve-Month Period 2025 02 Net asset value (NAV) and financial results Financial results for the fourth quarter 2025 Net asset value for the twelve-month period 2025 Net result for the quarter was USD -37.47 mln (6.80), SEK 5.03 bn The VNV Global AB (
Slide 3: Management report
Financial Report for the Fourth Quarter and the Twelve-Month Period 2025 03 Management report Hello everybody, with the rise of AI, ours are extremely well positioned. While we expect positive adjusted EBITDA and adjusted − Become bigger… a more sizeable VNV would make I look at my share price over
Slide 4: Investment portfolio
Financial Report for the Fourth Quarter and the Twelve-Month Period 2025 04 Portfolio categories Funding stage* Main markets** (% of total investment portfolio) (% of total investment portfolio) (% of total investment portfolio) Early stage Emerging markets Other 12% Investment portfolio 18% 14% Dig
Slide 5: Change in financial assets at fair value through profit or loss
Financial Report for the Fourth Quarter and the Twelve-Month Period 2025 05 Change in financial assets at fair value through profit or loss per Q4 2025, is shown below. /Expressed in USD thousands/ Category Company Fair value, Investments/ Fair value Fair value Fair value, Percentage Contributed Con
Slide 6: Net Asset Value
Financial Report for the Fourth Quarter and the Twelve-Month Period 2025 06 Net Asset Value – SEK Below table presents the investment portfolio in SEK given a SEK/USD exchange rate of 9.2013. /Expressed in SEK thousands/ Company Fair value, Contributed Fair value, Contributed 12/31/2025 NAVPS SEK, 1
Slide 7: Portfolio events
Financial Report for the Fourth Quarter and the Twelve-Month Period 2025 07 Portfolio events Investment activities during the BlaBlaCar Voi twelve-month period 2025 During the period, investments in financial assets, Mobility blablacar.com Mobility voi.com excluding liquidity management investments,
Slide 8: Numan, HousingAnywhere, Breadfast
Financial Report for the Fourth Quarter and the Twelve-Month Period 2025 08 Numan HousingAnywhere Breadfast Digital Health numan.com Marketplace housinganywhere.com Marketplace breadfast.com Year of initial investment 2018 Year of initial investment 2018 Year of initial investment 2021 Total investe
Slide 9: Bokadirekt, Gett, Tise
Financial Report for the Fourth Quarter and the Twelve-Month Period 2025 09 Bokadirekt Gett During the third quarter of 2025, VNV Global completed Marketplace bokadirekt.se the sale of its entire stake in Gett to a consortium of Israeli buyers for a total net consideration of USD 89.1 Year of initia
Slide 10: Financial information
Financial Report for the Fourth Quarter and the Twelve-Month Period 2025 10 Financial information Group – results for the twelve-month Bond loan 2024/2027 Share capital and number of shares period 2025 and net asset value On September 19, 2024, VNV Global announced that The total number of shares am
Slide 11: Income statements
Financial Report for the Fourth Quarter and the Twelve-Month Period 2025 11 Income statements Group /Expressed in USD thousands/ Note 12M 2025 12M 2024 4Q 2025 4Q 2024 Result from financial assets at fair value through profit or loss 1 261 -81,478 -31,503 3,734 Other operating income 330 351 52 79 O
Slide 12: Balance sheet
Financial Report for the Fourth Quarter and the Twelve-Month Period 2025 12 Balance sheet Group /Expressed in USD thousands/ 12/31/2025 12/31/2024 /Expressed in USD thousands/ Note 12/31/2025 12/31/2024 Non-current assets Shareholders’ equity Tangible non-current assets (including net result for the
Slide 13: Statement of Changes in Equity
Financial Report for the Fourth Quarter and the Twelve-Month Period 2025 13 Statement of Changes in Equity Group /Expressed in USD thousands/ Note Share capital Additional Retained earnings Total paid in capital Balance at January 1, 2024 1,414 388,960 275,915 666,289 Net result for the period Janua
Slide 14: Cash flow statements
Financial Report for the Fourth Quarter and the Twelve-Month Period 2025 14 Cash flow statements Group /Expressed in USD thousands/ 12M 2025 12M 2024 4Q 2025 4Q 2024 Operating activities Result before tax -26,777 -85,061 -37,572 6,800 Adjustment for: Interest income -828 -2,357 -824 -1,487 Interest
Slide 15: Income statement (Parent)
Financial Report for the Fourth Quarter and the Twelve-Month Period 2025 15 Income statement Parent Expressed in SEK thousands/ 12M 2025 12M 2024 4Q 2025 4Q 2024 Result from financial assets at fair value through profit or loss -156 214 -198 54 Operating expenses -41,757 -54,377 -9,425 -8,524 Operat
Slide 16: Balance sheet (Parent)
Financial Report for the Fourth Quarter and the Twelve-Month Period 2025 16 Balance sheet Parent /Expressed in SEK thousands/ 12/31/2025 12/31/2024 /Expressed in SEK thousands/ Note 12/31/2025 12/31/2024 Non-current assets Restricted equity Financial non-current assets Share capital 13,930 13,798 Sh
Slide 17: Statement of Changes in Equity (Parent)
Financial Report for the Fourth Quarter and the Twelve-Month Period 2025 17 Statement of Changes in Equity Parent /Expressed in SEK thousands/ Note Share capital Additional Retained earnings Total paid in capital Balance at January 1, 2024 13,666 3,402,531 3,274,402 6,690,599 Net result for the peri
Slide 18: Notes to the financial statements
Financial Report for the Fourth Quarter and the Twelve-Month Period 2025 18 Notes to the financial statements ⁄ Expressed in USD thousand unless indicated otherwise ⁄ Note 1 Note 2 General information Related party transactions VNV Global AB (publ) was incorporated in Stockholm on March 11, 2005. Du
Slide 19: Note 3 Fair value estimation
Financial Report for the Fourth Quarter and the Twelve-Month Period 2025 19 Note 3 Multiples-based valuation models for level 3 investments are built Fair value change level 3 Fair value estimation around a few key input parameters, namely, forward looking revenue or Movement to level 3 includes the
Slide 20: Assets measured at fair value per December 31, 2025 (Q4 2025)
Financial Report for the Fourth Quarter and the Twelve-Month Period 2025 20 Assets measured at fair value per December 31, 2025 (Q4 2025) Company Valuation method Peer group Level 1 Level 2 Level 3 Reclassification Movement to/ Latest transaction Fair value change multiple of level (from) level 3 on
Slide 21: Assets measured at fair value per December 31, 2025 (12M 2025)
Financial Report for the Fourth Quarter and the Twelve-Month Period 2025 21 Assets measured at fair value per December 31, 2025 (12M 2025) Company Valuation method Peer group Level 1 Level 2 Level 3 Reclassification Movement to/ Latest transaction Fair value change multiple of level (from) level 3 o
Slide 22: Sensitivity
Financial Report for the Fourth Quarter and the Twelve-Month Period 2025 22 Sensitivity 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 Benc
Slide 23: Change in financial assets at fair value through profit or loss per December 31, 2025
Financial Report for the Fourth Quarter and the Twelve-Month Period 2025 23 Change in financial assets at fair value through profit or loss per December 31, 2025 (12M 2025) Category Company Opening balance, Investments/ FV change Closing balance, Valuation method 01/01/2025 (disposals), net 12/31/20
Slide 24: Note 4 Share capital
Financial Report for the Fourth Quarter and the Twelve-Month Period 2025 24 Note 4 Note 5 Share capital Long- and short-term debts The Company’s share capital amounts to SEK 13,930,399.88 and the number of issued shares to 134,731,650, distributed among 128,599,651 Bonds common shares, 111,999 incen
Slide 25: Note 6 Long-term incentive programs
Financial Report for the Fourth Quarter and the Twelve-Month Period 2025 25 Note 6 Outstanding programs C 2023, D 2023, C 2024 and C 2025 Long-term incentive programs (LTIP) VNV Global operates long-term incentive programs for management and key personnel. The purpose of the programs is to encourage
Slide 26: Note 7 Result per share
Financial Report for the Fourth Quarter and the Twelve-Month Period 2025 26 Note 7 Note 8 Result per share Events after the reporting period No significant events after the period. 12M 2025 12M 2024 4Q 2025 4Q 2024 Net result attributable to the equity holders of the Parent Company /USD thousand/ -2
Slide 27: Key and Alternative Performance Measures
Financial Report for the Fourth Quarter and the Twelve-Month Period 2025 27 Key and Alternative Performance Measures Group Alternative Performance Measures (APM) apply IFRS-defined performance measurements (not alternative performance measurements) the European Securities and Markets Authority (ESMA
Slide 28: Key ratios Alternative performance measures
Financial Report for the Fourth Quarter and the Twelve-Month Period 2025 28 Key ratios Alternative performance measures 12M/4Q 2025 12M/4Q 2024 12M/4Q 2025 12M/4Q 2024 Number of common shares outstanding A 128,599,651 130,978,236 Equity ratio /%/ J 91.95% 87.95% QTD Weighted average number of common
Slide 29: Reconciliations of alternative performance measures
Financial Report for the Fourth Quarter and the Twelve-Month Period 2025 29 Reconciliations of alternative performance measures (continued) Reconciliations of alternative performance measures (continued) 12M/4Q 2025 12M/4Q 2024 12M/4Q 2025 12M/4Q 2024 O Net asset value per share adjusted for rights
Slide 30: Upcoming Reporting Dates
Financial Report for the Fourth Quarter and the Twelve-Month Period 2025 30 Upcoming Reporting Dates Stockholm, Sweden, January 29, 2026 VNV Global’s report for the first quarter and three- For further information contact month period January 1, 2026–March 31, 2026, will be Tom Dinkelspiel Per Brili