Vnv Global Ab · OMXSTO:VNV
Vnv Global Ab — Q4 2024 Earnings Presentation
35 slides from Vnv Global Ab's earnings presentation, Jan 30, 2025
Slide 1: VNV Global Investor update Q4 2024
VNV Global Investor update Q4 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. ‘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 HB NAV — Share price 130 5 se Acacia Partners! 120 9 110 5 400 + 90 + 80 4 70 + Example Owners 60 4 i 50 4 4 +30k non- 40 58.3% institutional owners 30 + 0 Example Geo's nly 0 | eS lm
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, Q4 '24
VNV Global Portfolio Overview, Q4 ‘24 Other (Inc Cash and Liq. Mgmt) Hungry Panda BlaBlaCar Flo/Palta2 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 hailing in Israel with add
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 was previously not EBIT profitable and therefore presented on a separate row — the company closed 2024 with positive adj. EBIT Voi EBITD
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 ~91 min or SEK ~7.6 per share in holdings below top 10 single holdings Series C+ OURA borzo Scout Long tail holdings Series B Series A Note: (1) Excluding top 10 holdings Select portfolio companies by stage +) medoma Alva <X Y colte
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
SS BlaBlaCar BlaBlaCar | The world’s leading community-based travel app BlaBlaCar at a glance Value Proposition BlaBlaCar is the world’s leading long-distance carpooling platform — with a global, ready planned to make trusted community of +100 million members in 22 countries * The platform was found
Slide 15: BlaBlaCar recent developments
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 + Increasing regulations across markets and tender requirements favouring established players wy Regulated market * Voi is a European micromobility company offering shared e-scooters and e-
Slide 17: Voi | Leading European micromobility operator
Voi | Leading European micromobility operator Recent Development Voi’s geographic presence Expected to close 2024 with EUR 132.8 min (+13% YoY). Growth accelerated during 04 ‘24, achieving a 33% increase compared to 0493 es 2094 first profitable year for Voi, Adjusted EBITDA ended at EUR ce) 47.2 mi
Slide 18: Voi | 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% -55% -83% -110.0% 2020 2021 2022 20232024E 2020 2021 2022 20232024E 2020 2021 2022 20232024E 2020
Slide 19: Gett | Divestment to Pango announced in Q2
Gett. Gett | Divestment to Pango announced in Q2, subject to regulatory approval Gett at a glance VNV signed sale of Gett, expected to close Q1 2025 uspm + 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
Slide 20: Numan | Online health clinic focusing on men's health issues
Numan | Online health clinic focusing on men’s health issues Numan at a glance * Numan isan online health clinic focusing on men's health issues, including erectile dysfunction, hair loss and weight loss + Started out as an online pharmacy but has transitioned into an intelligent healthcare provider
Slide 21: HousingAnywhere | Rental platform for international professionals & students
Housir Anywhere HousingAnywhere | Rental platform for international professionals & students HousingAnywhere at a glance Developing well on its growth plans HM Studapart MM Kamernet ‘IM HousingAnywhere Revenues + HousingAnywhere is a global platform that helps international students, expats and semi
Slide 22: Breadfast | Egyptian quick commerce platform
@ Breadfast Breadfast | Egyptian quick commerce platform Breadfast at a glance ARR has grown 38x since June 2021 + Breadfast is Egypt's leading online grocery brand, the company operates a fully vertically integrated usb supply chain, delivering more than 6,000 SKUs! on-demand in under 60 minutes ac
Slide 23: Bokadirekt | SaaS ERP platform for bookings within health and beauty
bokadirekt Bokadirekt | SaaS ERP platform for bookings within health and beauty Bokadirekt at a glance Strong growth demonstrated sEKm MNENet sales ——Growth, YoY + Bokadirekt is Sweden's leading health and beauty platform, the marketplace allows consumers to discover more than 24,000 health & beauty
Slide 24: NoTraffic | Autonomous traffic management platform
NoTraffic | Autonomous traffic management platform 4 NOTRAFFIC Description NoTraffic 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 T
Slide 25: Introduction to VNV
Introduction to VNV Table of contents Portfolio Overview Select Investment Highlights Supporting Materials 24
Slide 26: Q4 2024 figures
Q4 2024 figures Q4 2024 NAV Q4 2024 NAV Change Since Last Change Since Last Quarter (USD) Quarter (SEK)
Slide 27: Net Asset Value per share at ~48.8 SEK as per 2024
Net Asset Value per share at ~48.8 SEK as per 04 2024 NAV breakdown, Dec 31 2024 Type Fair value, $m Per share, $ Per share, SEK* % weight of NAV Investments 643.9 49 644 11% Cash & cash equivalents 15.7 OA 13 3% Total investment portfolio 659.6 5.0 55.4 113% Borrowings -77.0 -0.6 65 -13% Other net
Slide 28: Net Asset Value as per 2024
Net Asset Value as per 04 2024 Company Fair value $k, Dec 31,2024 Investments / Disposals Fair value change, $k Fair value change % Fair value $k, Sep 30,2024 Portfolio weight % BlaBlaCar 208 486 - -21015 -2% 229 501 316% Voi 401216 - 21180 26% 80 036 15.3% Gett 83 058 - 19 0% 83039 12,6% Numan 45 4
Slide 29: Net debt position continues to improve
Net debt position continues to improve, down from USD +150 min at year end Investment portfolio overview, USDm Liquidity and Debt, USDm 644 ow — i Liquidity Management 42 16 Cash & Cash Equivalents UbplaBlaCar Nother net rec. / liab. vol. Borrowings Gett. fuman Housing 1 Anywhere Other equity & CLN
Slide 30: Introduction to VNV
Introduction to VNV Table of contents Portfolio Overview Select Investment Highlights Last Quarter Update 29
Slide 31: 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 VNV has focused on executing 3 on several exits in 2024 to raise cash to pay back outstanding debt Escrow Amount? So far, VNV has entered into ag
Slide 32: 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 3
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 investment on the back of (1) high . confidence on business model and (2) Series A to B/C Late stage growth investments, from
Slide 34: 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 581m NAV 350 As per Q4 2024 300 250 200 150 400 ~13% NAV IRR 2012 42 12 444 45 15 16 146 17 17 18 18 9 °20 20 '21 '21 '22 '22 '23 '23 24 '24 Q2 O04 Q2 04 Q2 04 A2 04 A2 04 Q2 A4 Q2 04 Q2 04 A2 04 Q
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