Slide 1: VNV Global Investor update Q2 2025
VNV Global Investor update Q2 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 Q@°*sée26 Per Brilioth Dennis Mohammad Alexander Trofimov Bjorn von Sivers Elise Kielos CEO, Board Member IM IM CFO General Counsel ~25 Years Active Investor BOG SR, SEAS CHICAGO vor a UBS finite VEF a univansiret Bansen un
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 + +25k non- 60 4 institutional owners 50 4 Example Geo's 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 VN
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, Q2 '25
VNV Global Portfolio Overview, Q2 ‘25 Other (Including Cash and liquidity mgmt.) Flo/Palta? _ N@EsEear Hungry Panda Note: (1) Includes both equity and debt exposure; (2) Through GHE II “bBlaBlaCar fuman #1 inter-city travel platform with +100 million members worldwide #1 in regulated market share ac
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 89.4 min or SEK ~6.5 per share in holdings below top 10 single holdings Select portfolio companies by stage Series C+ Dift +) medoma OURA borzo Series B Paya Long tail holdings Alva <X 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 * The company was founded
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 market
Slide 17: Voi | Recent development and geographic presence
Voi | Leading European micromobility operator Recent Development Voi’s geographic presence Closed a strong Q1 2025 with LTM EUR 138.6 min in net revenues, EUR 21.2 min of adj. EBITDA and EUR 3.3 min of adj. EBIT = 2024 first profitable year for Voi, adj. EBITDA ended at EUR 17.2 ce) min and adj. EBI
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 139 20 '21 '22 '23 24 LIM (Qt "25) Hl Net Revenue (EUR min) —— Average Ready Vehicles (k) Vehicle Profit Margin 20 '21 '22 '23 '24 LIM (Qt "25) HB Vehicle Profit (EUR min) — Vehicle Profit Margin (%) Notes
Slide 19: Gett | Profitable mobility business with USD mln of cash
Gett. Gett | Profitable mobility business with USD 69 mln of cash Gett at a glance Financials, USD min 621 + Gettis a leading ride-hailing company in Israel and for official taxis (black cabs) in the UK ey + While VNV has been in the process of selling Gett, the previously announced transaction was
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: Q2 2025 figures
Q2 2025 figures Q2 2025 NAV Q2 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 Q2 2025
Net Asset Value per share at ~43.4 SEK as per Q2 2025 NAV breakdown, June 30 2025 Type Fair value, $m Per share, $ Per share, SEK* % weight of NAV Investments 671.7 54 48.7 112% Cash & cash equivalents 16.4 04 1.2 3% Total investment portfolio 688.4 5.3 49.9 115% Borrowings -89.6 -0.7 6.5 -15% Other
Slide 24: Net Asset Value as per Q2 2025
Net Asset Value as per Q2 2025 Fair value $k, Jun 30, 2025 Investments / Disposals Fair value change, $k Fair value change % Fair value $k, Mar 31, 2025 Portfolio weight % BlaBlaCar 499,291 - 7,612 4% 191,679 29.0% Voi 127,836 - 18,017 16% 109,819 18.6% Gett 93,923 - 10,865 13% 83,058 13.6% HousingA
Slide 25: Introduction to VNV
Introduction to VNV Table of contents Portfolio Overview Select Investment Highlights Last Quarter Update 24
Slide 26: 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 25
Slide 27: 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 28: 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 598m NAV 350 As per Q2 2025 300 250 200 150 400 ~11.8% NAV IRR wHItl Hil - mUTTHATTRTTUUTTHHHHHTT TUTTI TTT 42 12 13-14 14 15 15 16 16 17 17 18 18 19 19 '20 20 '21 '21 '22 22 '23 23 '24 '24 25 Q2 0
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