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Regulatory press release

VNV Global AB (publ) Financial Report for the Third Quarter and the First Nine Months 2024

VNV Global
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–    Net asset value: SEK 5.80 bn
–    NAV per share: SEK 44.32
–    NAV change, period (in SEK): -13.25%
–    NAV change, quarter (in SEK): -8.84%
 
Net asset value (NAV) and financial results for the nine-month period 2024

The VNV Global AB (publ) (“VNV Global” or the “Company”) group’s net asset value was USD 574.52 million (mln) on September 30, 2024 (December 31, 2023: 666.29), corresponding to USD 4.39 per share (December 31, 2023: 5.09). Given a SEK/USD exchange rate of 10.1030 the NAV was SEK 5,804.38 mln (December 31, 2023: 6,690.60) and SEK 44.32 per share (December 31, 2023: 51.08), respectively.

The group’s NAV per share in USD decreased by -13.77% and in SEK by -13.25% during the period. During the quarter, the NAV per share in USD decreased by -4.25% and in SEK by -8.84%.

Net result for the period was USD -91.94 mln (January 1, 2023–September 30, 2023: 66.72), mainly derived from negative revaluations of BlaBlaCar, Voi and Gett.

Earnings per share were USD -0.70 (0.54).

Financial results for the third quarter 2024

Net result for the quarter was USD -25.62 mln (-15.30), mainly derived from negative revaluation of BlaBlaCar.

Earnings per share were USD -0.20 (-0.12).

Key events during the quarter July 1, 2024–September 30, 2024

Bond loans: On September 19, 2024, VNV Global announced that the Company had successfully placed a new 3-year senior unsecured bond with an initial amount of SEK 850 mln within a framework of SEK 1,250 million (ISIN: SE0022761011). The Company also gave conditional notice of early redemption of its outstanding bond series 2022/2025 (ISIN SE0017483019).

Key events after the end of the period

After the end of the reporting period, VNV Global received the net proceeds of the new bond issue. The early redemption of the outstanding 2022/2025 bond will occur on October 31, 2024.

On October 11, 2024, VNV Global’s portfolio company Voi announced that it had successfully placed EUR 50 mln of senior secured bonds, carrying a four-year tenor and a floating rate interest of 3 months EURIBOR plus 6.75% per annum. Voi will use the net proceeds from the bond issue to scale its current e-scooter and e-bike fleets, refinance its existing debt, and for general corporate purposes.

After the end of the reporting period, VNV Global has strengthen its cash balance with approx. USD 10 mln following exits in a number of the Company’s smaller holdings.
 
The Company will hold a telephone conference with an interactive presentation at 15:00 CET (10:00 a.m. EDT) Tuesday, October 29, 2024. To register for the conference call and webcast, see separate press release issued Wednesday, October 23, 2024, at www.vnv.global.

For further information please contact:

Björn von Sivers, CFO
Telephone: +46 8 545 015 50
Email: bjorn@vnv.global

About Us

VNV Global brings together patient capital and network effect businesses to achieve the scale that drives profitability over the long term. We are opportunistic investors in business models that build strong moats. The common shares of VNV Global are listed on Nasdaq Stockholm, Mid Cap segment, with the ticker VNV. For more information on VNV Global, visit www.vnv.global.

This information is information that VNV Global AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 2024-10-29 08:00 CET.

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