VNV Global

• Net asset value: SEK 7.11 bn
• NAV per share: SEK 54.27
• NAV change (in SEK): 6.24%

Net asset value (NAV) and financial results for the three-month period 2024

The VNV Global AB (publ) (“VNV Global”) group’s net asset value was USD 666.75 million (mln) on March 31, 2024 (December 31, 2023: 666.29), corresponding to USD 5.09 per share (December 31, 2023: 5.09). Given a SEK/USD exchange rate of 10.6604 the NAV was SEK 7,107.78 mln (December 31, 2023: 6,690.60) and SEK 54.27 per share (December 31, 2023: 51.08), respectively.

The group’s NAV per share in USD increased by 0.07% and in SEK by 6.24% during the period.

Net result for the period was USD 0.44 mln (January 1, 2023–March 31, 2023: 83.89), mainly derived from a positive revaluation of BlaBlaCar and a negative revaluation of Voi.

Earnings per share were USD 0.00 (0.73).

Key events during the quarter January 1, 2024–March 31, 2024

Investments: On March 12, 2024, VNV Global announced that it had invested USD 5 mln in Voi’s USD 25 mln funding round and converted its existing investment in convertible loan note of USD 18.7 mln to equity.

Exits: On February 19, 2024, the Company annonced that it had entered into an agreement to exit its investments in Booksy, Tise, JamesEdition and Carla to Verdane for a total consideration of up to USD 58 mln, of which USD 52 mln is paid at closing. During the quarter, the portfolio transaction partially closed and VNV Global sold its shares in Booksy, JamesEdition and Carla.

Bond loan 2021/2024: During the first quarter 2024, VNV Global repurchased bonds for a nominal amount of SEK 2.5 mln at a price close to par, in order to retire a portion of its existing bond indebtedness. The total nominal amount outstanding of the 2021/2024 bonds at March 31, 2024 amounts to SEK 306.3 mln.

Bond loan 2022/2025: On March 15, 2024, the Company announced a partial buyback offer in its outstanding 2022/2025 bond loan. On March 22, 2024, the Company announced that bonds in an aggregate nominal amount of ca. SEK 334 mln were repurchased at a price equal to 99.00 per cent of the nominal amount plus accrued and unpaid interest. The company repurchased bonds in a total aggregate nominal amount of SEK 350 mln during the quarter. The total nominal amount outstanding of the 2022/2025 bonds at March 31, 2024 amounts to SEK 1,200 mln including repuchased bonds held by the Company.

Key events after the end of the period

BlaBlaCar: On April 3, 2024, VNV Global’s portfolio company BlaBlaCar announced it had successfully secured a EUR 100 mln revolving credit facility that will enable the company to pursue an ambitious growth strategy, including M&A where BlaBlaCar is currently exploring several opportunities.

The Company will hold a telephone conference with an interactive presentation at 16:00 CEST (10:00 a.m. EDT) Tuesday, April 23, 2024. To register for the conference call and webcast, see separate press release issued Tuesday, April 16, 2024, at www.vnv.global.