VNV Global AB (publ) (VNV) Q1 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Hey, welcome everybody. This is our, as in we are BND Global. This is our Q1 investor call. And I'll kick things off. We have like this usual summary page, which is the next one. Yeah. NAV, $462 million, which is down a bunch since the end of last year. uh and as we try to sort of highlight in in the in the narrative and the report um it's it's because of market and the peer group uh the public sort of peer group from which we take multiples uh they're down a lot in some cases there are names that we use uh that are down like 30 percent and that's the main driver because the portfolio at large It's doing really well. And as I wrote, if that sort of peer group multiple that we download and multiply with what we see at our company, if that would have been flat this quarter, the NAD would have been up since the end of last year. So this is how... We value the portfolio and can sort of change that from quarter to quarter, even if we don't think it sort of reflects the reality of the value here. And so we're subject to that volatility. And sort of if we, you know, if the second quarter were closed today, it would have been up. We'll see where it closes. But we're basically subject that volatility has taken the NAB down, but it's not reflective of what's going on in our portfolio. And I don't know if one sort of just has a goal at trying to put the big sort of high-level reasons for why this peer group is down. I think it sort of falls into two main buckets. One is this Fear, uncertainty, combination of those and what AI will do to a bunch of software companies. And as we've been on and on about before, we really don't see that as relevant. Even sort of, it's nearly the other way around for our portfolio companies is that we feel that these companies in our portfolio, they...