VNV Global AB (LTS:0A89) Q2 2026 Earnings Call Highlights: Navigating Market Challenges with ...

VNV Global AB (LTS:0A89) Q2 2026 Earnings Call Highlights: Navigating Market Challenges with ...

US strikes Iran again as Tehran warns of ’existential war’ with America GuruFocus - - Net Asset Value (NAV): $461 million or $3.60 per share, flat in dollar terms, up 2% in SEK terms for Q2. - Investment Portfolio: $484 million, consisting of $468 million in investments and $16 million in cash. - Borrowings: Reduced to $27 million from $46 million at the end of Q1. - Share Repurchase: Approximately 600,000 shares repurchased year-to-date, with 100,000 shares held in treasury as of June 30. -

BlaBlaCar Valuation: $121 million, up 1% during the quarter. - Voi Valuation: $106 million, flat or down 1% during the quarter. - HousingAnywhere Valuation: Flat, based on a Q1 transaction.

- Numan Valuation: $36 million, down roughly 2%. - Breadfast Valuation: $30 million, flat over the quarter. - Bokadirekt Valuation: Up 5% during the quarter to $26 million.

- Cash and Liquidity Management: Ended Q2 with $16 million in cash and $9 million in liquidity management investments. - Voi Revenue Growth: 38% year-over-year growth in Q1 2026, with EUR188 million net revenue on an LTM basis. - Voi Adjusted EBITDA: Almost EUR30 million, up 40% year-over-year.

- Voi Adjusted EBIT: Positive at around EUR1.4 million. - Breadfast GTV/GMV: Close to $300 million on an annualized basis. - Bokadirekt Revenue Growth: Driven by increased payment revenue and acquisition of Zoezi, adding roughly 10% to top line.

For the complete transcript of the earnings call, please refer to the full earnings call transcript. Positive Points - VNV Global AB (LTS:0A89) reported a stable net asset value (NAV) of $461 million as of June 30, with a slight increase in SEK terms. - The company successfully completed a partial bond buyback, reducing borrowings from $46 million to $27 million.

- BlaBlaCar’s profitability improved as it discontinued its low-margin Operated Bus segment, focusing on higher-margin marketplace businesses. - Voi demonstrated strong operational performance with a 38% year-over-year revenue growth in Q1 2026 and positive adjusted EBIT. - VNV Global AB (LTS:0A89) is establishing a regulated fund structure to capitalize on emerging market opportunities, potentially generating additional value.

- VNV Global AB (LTS:0A89) continues to trade at a significant 53% discount to its NAV, reflecting market challenges. - The company’s NAV decreased by 16% in dollar terms over the six-month period. - HousingAnywhere’s growth is tempered by significant investments, impacting short-term profitability.

- Numan’s valuation decreased by 2% due to market volatility in the UK weight loss sector. - The company faces challenges in achieving liquidity for buybacks, with no immediate exits planned for its top six holdings. A: Per Brilioth, Managing Director, stated that Lime’s IPO does not significantly affect Voi’s operations but provides more transparency, which is beneficial.

The IPO was primarily driven by a debt-for-equity restructuring. VNV Global sees a lot of upside in Voi and would not sell at current levels. They are positive about Voi being listed as it would make valuation easier, but they are not sellers at these levels.

Q: Given the discount VNV Global is trading at, what steps are being taken to address this situation? Are there any exits in the pipeline to raise liquidity for buybacks? A: Per Brilioth mentioned that there are several exits in the pipeline, which could provide significant liquidity.

They are working on generating liquidity to facilitate stock buybacks. The exits being worked on are around or above NAV. Additionally, they are establishing off-balance sheet investments to generate cash flow, which could help address the discount.

Q: What is the strategy behind the intended off-balance sheet investing, and will VNV Global invest its own capital into this? A: Per Brilioth explained that the primary focus is to establish a regulated fund structure to raise money from other investors, not primarily using VNV Global’s capital. The liquidity from VNV Global will largely be used for stock buybacks.

In time, there may be some VNV money invested, but the bulk of liquidity is destined for the clearest opportunities. Q: How is Voi performing compared to its competitors, and what are the future prospects? A: Dennis Mohammad, Investment Manager, highlighted that Voi has had a strong start to 2026, with significant revenue growth and positive adjusted EBIT.

Voi is growing faster than its competitors, Lime and TIER/Dott. The company has won several tenders and licenses across Europe, and its valuation is based on a forward-looking EV/EBITDA model. Voi is expected to reach a milestone of 0.5 billion lifetime rides soon.

Q: What are the recent developments and future plans for BlaBlaCar? A: Dennis Mohammad explained that BlaBlaCar is shutting down its low-margin Operated Bus segment, which will lower revenues but increase EBITDA and margins. The company will continue offering bus tickets via its OTA business model.

The gross margin is expected to increase significantly, and the valuation multiple has improved due to excluding the low-margin segment. For the complete transcript of the earnings call, please refer to the full earnings call transcript.