VNV Global AB (publ) (VNV) Q3 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Welcome to the global third quarter 2025 report conference call. On the call today, we have Per Briljot, CEO, Dennis Mohamed, investment manager, and myself, Björn Fonsive, CFO of the company. I'll start with the high-level numbers of the report, and following that, we'll start with the portfolio overview that Per will run. And as a reminder, in the end, we'll open up for Q&A. And easiest to do that in the Q&A function here in the Zoom. We'll address those questions towards the end. Let's start with the numbers for the quarter. So as per September 30th, our NAV stood at 587 million, or USD 4.52 per share, which is down roughly 1.1% in dollars over the quarter. In SEC terms, NAV is about 5.5 billion SEC or 42.5% down 2% from the previous quarter. For the nine-month period, NAV is up in dollar terms 2%, but down close to 13% in SEC given the large FX movements during the year. If you move to the next slide there, we have an investment portfolio that amounted to $652 million consisting of roughly $581 million of investments and $71 million in cash and cash equivalents as per worker M. Borrowings totaled roughly $91 million as per September 30th, but we'll come back to that a little bit later. As you see here in the slide, we continue to trade at the material discount to the NAV. The share price of yesterday was around 23.60 crowns per share, implying a 44% discount to NAV. I could highlight here that during the quarter before the blackout period, we did repurchase approximately 1 million shares before heading into the blackout period. And if we move to the next slide, just a short section on the main contributors to the fair value change. Largest Company continues to be BlaBlaCar, valued at $184 million, our position. Model-based valuation down 8% over the quarter, roug...