VNV Global’s NAV Drops 15% as Market Headwinds Hit Portfolio Valuations

VNV Global ( (SE:VNV) ) has issued an update.

VNV Global reported a sharp decline in net asset value for the first quarter of 2026, with NAV falling to USD 462.08 million, or USD 3.61 per share, down 15.15% in dollar terms and 12.43% in Swedish krona from year-end 2025. The company posted a net loss of USD 83.65 million, driven mainly by negative revaluations of portfolio holdings BlaBlaCar and Voi amid lower peer multiples linked to the Middle East conflict and rapid developments in AI.

Despite the markdowns, Voi continued to show strong operational progress, closing 2025 with approximately EUR 178 million in revenue, up 34% year-on-year, and improving profitability with a significant rise in adjusted EBITDA and a move to positive adjusted EBIT. VNV Global also repurchased 487,358 of its own shares during the quarter, signaling management’s confidence in the long-term value of the portfolio even as broader market and geopolitical factors weigh on its short-term valuation.

More about VNV Global

VNV Global AB is an investment company that reports its performance based on net asset value, focusing on a portfolio of growth companies such as mobility platforms BlaBlaCar and Voi. The firm’s returns are closely tied to market valuations and sector trends, particularly in technology and transport-related services across its core markets.

Average Trading Volume: 277,105

Technical Sentiment Signal: Strong Sell

Current Market Cap: SEK2.47B

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