Interim report
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VNV Global AB (publ) Financial Report for the Third Quarter and the First Nine Months 2025
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02 Financial Report for the Third Quarter and the First Nine Months 2025 The Company will hold a telephone conference with an interactive presentation at 15:00 CET (10:00 a.m. EDT) Tuesday, October 28, 2025. To register for the conference call and webcast, see separate press release issued Tuesday, October 21, 2025, at www.vnv.global. Net asset value (NAV) and financial results for the nine-month period 2025 The VNV Global AB (publ) (“VNV Global” or the “Company”) group’s net asset value was USD 587.09 million (mln) on September 30, 2025 (December 31, 2024: 581.39), corresponding to USD 4.52 per share (December 31, 2024: 4.44). Given a SEK/USD exchange rate of 9.4088 the NAV was SEK 5,523.86 mln (December 31, 2024: 6,394.24) and SEK 42.53 per share (December 31, 2024: 48.82), respectively. The group’s NAV per share in USD increased by 1.82% and in SEK decreased by -12.89% during the period. Net result for the period was USD 8.26 mln (January 1, 2024–September 30, 2024: -91.94), primarily due to a positive revaluation of Voi, a negative revaluation of BlaBlaCar and the completed divestment of Gett. Earnings per share were USD 0.06 (-0.70). Financial results for the third quarter 2025 Net result for the quarter was USD -8.48 mln (-25.62), primarily due to a positive revaluation of Voi, a negative revaluation of BlaBlaCar and the completed divestment of Gett. During the quarter, the NAV per share in USD decreased by -1.05% and in SEK by -2.00%. Earnings per share were USD -0.06 (-0.20). Key events during the quarter July 1, 2025–September 30, 2025 On August 15, 2025, VNV Global announced that the Company had entered into a stock purchase agree- ment to fully exit its investment in Gett, for a total net consideration of approximately USD 89.1 mln. On September 16, 2025, VNV Global issued a notice of partial redemption, proposing to redeem 50% of the total outstanding nominal amount of the bonds at a redemption price of 103% of par, plus accrued interest. The partial redemption was contingent upon bond - holders approval of amendments to the bond terms. On September 23, 2025, the conditions for redemption had been satisfied. On September 22, 2025, the Company announced that its portfolio company Tise was to be acquired by eBay, Inc. As part of the transaction, VNV Global entered into an agreement to sell all its shares in Tise for a total consideration of approximately NOK 109 mln (USD 11.0 mln). During the quarter, the Company has repurchased 1,082,706 common shares. Key events after the end of the period On October 3, 2025, the partial redemption of the 2024/2027 bonds was completed. Following the redemption the outstanding nominal amount of the 2024/2027 bonds is SEK 425 mln. The previously announced Tise transaction closed in the beginning of the fourth quarter 2025. Net asset value SEK 5.52 bn NAV per share SEK 42.53 NAV change, period (in SEK) -12.89% NAV change, quarter (in SEK) -2.00%
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03 Financial Report for the Third Quarter and the First Nine Months 2025 Management report Hey everyone – hope this autumn is treating you well. Here in VNV land we are preparing for a new invest- ment phase as we are entering NET CASH territory (see graph on next page for details on our progression to net cash)! First out has been to invest into our own shares. We bought about a million of these during September before we went into the black out of this report. We think our portfolio at NAV has the potential to deliver a solid return profile and if one can buy this at a discount it is very hard to compete with. In general the deal flow we see is around the same valuation range or risk/reward profile as our NAV and only rarely do we see offers at the implicit level of our share price. Such opportunities are typically very special situations or maybe best described as sellers with a stress for liquidity. Our portfolio is not in a stress for liquidity. We are entering net cash and roughly 80% of the portfolio is adjusted EBITDA profitable whilst demonstrating accelerating growth (see graph VNV pro rata share of top 6 company financials on page 4). Very far away from distressed. In fact, I have a hard time finding investment opportunities of comparable risk/reward to our portfolio at the NAV valuation level. The graph on the next page shows our pro rata share of top 6 portfolio companies’ financials. We expect USD 150 mln net revenue in 2025 (VNV’s ownership share of each of the top 6 companies) on the back of significant growth acceleration (+40% growth on net revenues YoY) with an adjusted EBITDA (for all companies but Voi where we use adjusted EBIT) margin of around 3%. Looking forward two years we expect these six companies to deliver an adjusted EBITDA1 to us at a level which would have VNV trading at a price to adjusted EBITDA1 of roughly 10x. And then you get the other +50 or so companies for free. They are worth a lot A LOT more than nothing… So the overall NAV is down a point this quarter. Our model valuation is up a little on Voi, primarily on the back of strong performance improving our forecasts for the company. Conversely, our model for BlaBlaCar is down this quarter, in part driven by multiples being down, and down for HousingAnywhere mainly driven by Airbnb trading down in Q3. As per many times before, valuing unlisted companies without perfect listed peers and with a myriad of different share classes with different attributes is not an exact science. Probably 1. For Voi, Adjusted EBIT has been used since the company owns and depreciates physical assets. more art than science. We would like to err more on the downside if anything, i.e. being a little more conser- vative than a little too aggressive. In general I think we have proven that our NAV mark is good as we have sold quite a few assets over the past 18 months or so close to NAV. Lately the market through exits (Tise, +67% vs. our Q2 mark) or new capital (Oura, +108% vs. our Q2 mark and Yuv, + 67% vs. year end mark) have come in way higher than where we have marked them so maybe our NAV is really a little bit on the conservative side of fair. On the note of being conservative our valuation method assumes that the portfolio companies only have a single class of common stock outstanding much like the listed peers we use to derive a multiple. However in reality pretty much all of them have a stack of preference shares on top of the common and our holdings are typically a mix of commons but also these more valuable pref shares which are pretty much equity on the upside and debt on the downside. The final note of this rambling on about marks is that whilst we believe that our marks are more or less good even if a touch conservative of late, we think the upside return profile is … romantic! Portfolio updates Voi For me it is hard not to kick off any commentary on Voi without starting with Paris. Paris. Paris, PARIS: We are back! After having won the e-bike tender earlier this year, we are now one of three players with e-bikes in this city of light. We have now launched here and within the first two weeks, Paris already established itself as a top-10 city for Voi. The city is now en route to becoming Voi’s largest city, overtaking the likes of Oslo, Berlin and Stockholm. The Q3 2025 figures the company recently reported showed last twelve months net revenues of EUR 163.5 mln which is up 31% YoY with an adjusted EBITDA of EUR 28.3 mln (+262% YoY) and adjusted EBIT of EUR 4.8 mln which was negative last year. Operating leverage at its most beautiful. Fleet expansion for 2026 to meet growing demand was secured with a EUR 40 mln tap of the bond completed a few weeks ago. The bonds were placed above par at a price of 104.75% of the nominal amount, corresponding to a spread of 500 basis points until maturity given that the bonds carry a floating interest rate of 3-months EURIBOR plus 675 basis points per annum. The company continues to win tenders, in Q3 alone Voi won tenders in e.g. Edinburgh (e-bike), Essex (e-scooter) and Glasgow (e-bike). BlaBlaCar Those of you that joined in on our CMD earlier this fall got a front row viewing of BlaBlaCar’s future strategy of capturing a larger wallet of a much larger audience. Today a steady but profitable Europe centered around the core carpool product serves as a base for a rapidly expanding customer base in emerging markets. As we so often like to point out, the BlaBlaCar carpool product in especially France is so reminiscent of the holy grail of network effects of online classifieds where liquidity in the middle between a fragmented supply and a fragmented demand gives you basically impenetrable barriers to entry and consequently high earning margins. This carpool base has over the years been complemented with supply of buses and trains to offer a complete choice of long distance travel. This base has allowed them to expand into emerging mar- kets which is currently generating enormous growth in passengers driving the company to serve nearly 150 million passengers in total this year, that’s almost five empty seats filled by BlaBlaCar every second in 2025! The growth in emerging markets has generated large pools of GMV but is pretty much yet unmonetized. A big priority is to get take rates in these markets going. The best example today is India which became BlaBlaCar’s largest carpooling market in August ‘25!!! During the month, the country reached 2 million passengers, a historical record for the platform. In 2025 nearly 20 million passengers are expected, with peaks of 100,000 per day (+50% vs. 2024). Since the launch in India back in 2015, BlaBlaCar has built its community without marketing investment, relying instead on word-of-mouth and user trust. Breadfast A rising star in the portfolio is of course Breadfast, also front row stuff at the recent VNV CMD. Breadfast continues to strengthen its position as Egypt’s leading online grocery and household essentials platform. The company continues to see stong revenue growth with further improvements in unit economics and profitability across its network of 47 fulfillment points in four cities, the majority of which remain profitable. Breadfast now delivers over one million orders per month to nearly 400,000 active users and continues to expand its omnichannel presence through 35 coffee locations across Egypt. In September, Breadfast secured an additional USD 10 million from the European Bank for Reconstruction and Development as part of a Series B2 funding round led by Novastar Ventures. The additional capital under - scores growing international confidence in Egypt’s technology ecosystem and Breadfast’s vertically integrated model spanning sourcing, production, logistics, and delivery. In October, the company’s fintech arm, Breadfast Pay, launched the Breadfast Card in partnership with Abu Dhabi Islamic Bank – Egypt, Visa, and Masria Digital Payments (MDP). Regulated by the Central Bank of Egypt, the Breadfast Card enables customers to make seamless payments, withdraw cash, and manage household spending directly through the Breadfast app, marking another step in the company’s evolution from a grocery platform into a broader household services ecosystem. Numan Numan is continuing to deliver triple digit growth for the second year in a row and has now treated north of 700,000 patients since 2019. With the new funds raised this summer, the company is investing in their platform, in diversifying revenues and expanding their footprint. During the quarter, Eli Lilly increased their prices on their GLP-1 products. While this created some volatility in the market the impact on Numan has been quite limited and the company is trading in line with their ambitious budget year to date. Capital Markets Day Finally, we hosted the VNV 2025 Capital Markets Day in London in September! BlaBlaCar, Voi, Breadfast, Numan and Bokadirekt all presented – feel free to see the recordings via this link. Per Brilioth Managing Director
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04 Financial Report for the Third Quarter and the First Nine Months 2025 Debt post early reported Q4 repayment 45 Q3 reported debt 91 Cash received post Quarter close – Tise 9 Debt repayment early Q4 46 Receivables Q3 – remaining Gett proceeds 26 Adjusted cash 61 Cash in Q3 report 71 Cash and debt balance overview Cash balance /USD mln/ Debt balance /USD mln/ VNV pro rata share of top 6 company financials ⚫-⚫ Adjusted EBITDA margin /%/ � Net revenue growth /%/ Net revenue /USD mln/ 2025e 150 2023 90 2024 105+17% +42% -6% 1% 3% 1. Non audited financials 2. For Voi, Adjusted EBIT has been used since the company owns and depreciates physical assets. As per quarter end, VNV had USD 71 mln of cash. This cash balance includes some USD 61 mln of Gett proceeds received before quarter close. The remaining USD 26 mln is currently being held by a paying agent in VNV Global’s name and is expected to be wired to the Company’s account as soon as a tax exemption cer- tificate is obtained from the Israel tax authorities. The certificate is expected to be obtained shortly. As previously announced, a final USD 2.5 mln will be held in escrow and is expected to be received in about two years. After quarter close, VNV received USD 9.3 mln from its exit in Tise (not reflected in the report). The remaining expected Tise proceeds are held in escrow for a period of time. Finally, VNV concluded a USD 46 mln bond repayment in early Q4 2025 (not reflected in the report), taking the debt position down to about USD 45 mln. All in all, VNV is looking at a net cash position of around USD 16 mln once the final Gett cash has been transferred.
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05 Financial Report for the Third Quarter and the First Nine Months 2025 Portfolio structure — Net Asset Value The investment portfolio stated at fair market value as per 9M 2025, is shown below. /Expressed in USD thousands/ Investment portfolio Category Company Fair value, 09/30/2025 Investments/ Disposals Fair value change Fair value change, % Fair value, 12/31/2024 Percentage weight Contributed NAVPS USD, 09/30/2025 Contributed NAVPS USD, 12/31/2024 Ownership Valuation method Mobility BlaBlaCar 184,073 – -24,414 -12% 208,486 28.2% 1.4 1.6 13.7% Revenue multiple Mobility Voi 137,071 – 35,856 35% 101,216 21.0% 1.1 0.8 20.9% EBITDA multiple Digital Health Numan 37,494 – -7,988 -18% 45,483 5.7% 0.3 0.3 13.5% Latest transaction Marketplace HousingAnywhere 36,077 – -6,686 -16% 42,763 5.5% 0.3 0.3 29.0% Revenue multiple Marketplace Breadfast 30,222 – 7,081 31% 23,141 4.6% 0.2 0.2 7.9% Latest transaction Marketplace Bokadirekt 27,782 – 6,786 32% 20,997 4.3% 0.2 0.2 15.8% Revenue multiple Other NV Fund 1 & 2 1 18,594 65 -1,322 -7% 19,851 2.9% 0.1 0.2 – Net asset value Marketplace Hungry Panda 13,421 – 5,783 76% 7,638 2.1% 0.1 0.1 3.7% Revenue multiple Marketplace Tise 10,955 – 6,000 121% 4,955 1.7% 0.1 0.0 8.3% Latest transaction Equity investments under USD 10 mln 2 82,993 -5,390 4,581 6% 83,801 12.7% 0.6 0.6 Mobility Gett – -89,105 6,046 – 83,058 0.0% 0.0 0.6 – Disposed Convertible debt under USD 10 mln 3 1,898 -408 179 10% 2,127 0.3% 0.0 0.0 Liquidity management 286 66 -138 357 0.0% 0.0 0.0 Investment portfolio 580,866 -94,770 31,764 643,872 89.1% Cash and cash equivalents 71,292 15,683 10.9% 0.5 0.1 Total investment portfolio 652,158 659,555 100.0% Borrowings -90,598 -77,042 -0.7 -0.6 Other net receivables/liabilities 25,533 -1,120 0.2 -0.0 Total NAV 587,093 581,393 Number of shares 129,895,530 130,978,236 NAV/share, USD 4.52 4.44 4.52 4.44 1. NV Fund 1 & 2 hold investments in a number of companies including, but not limited to, No Traffic, Celus, Beacon, Tajir and QuantrolX. 2. Equity investments under USD 10 mln comprises investments in 35 companies. 3. Convertible debt under USD 10 mln comprises debt in two companies. * Late stage includes companies that have raised funding equivalent to a series C or subsequent round and/or are profitable. Early stage includes companies that have raised funding equivalent to a series B round or preceeding round. ** Portfolio companies with their main business in developed or emerging markets respectively. For further details on the holdings, see Note 3. Mobility 51% Other 19% Digital Health 8% Marketplace 22% Portfolio categories (% of total investment portfolio) Late stage 85% Early stage 15% Funding stage* (% of total investment portfolio) Developed markets 90% Emerging markets 10% Main markets** (% of total investment portfolio)
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06 Financial Report for the Third Quarter and the First Nine Months 2025 Change in financial assets at fair value through profit or loss per Q3 2025, is shown below. /Expressed in USD thousands/ Category Company Fair value, 09/30/2025 Investments/ Disposals Fair value change Fair value change, % Fair value, 06/30/2025 Percentage weight Contributed NAVPS USD, 09/30/2025 Contributed NAVPS USD, 06/30/2025 Ownership Valuation method Mobility BlaBlaCar 184,073 – -15,219 -8% 199,291 28.2% 1.4 1.5 13.7% Revenue multiple Mobility Voi 137,071 – 9,235 7% 127,836 21.0% 1.1 1.0 20.9% EBITDA multiple Digital Health Numan 37,494 – -791 -2% 38,285 5.7% 0.3 0.3 13.5% Latest transaction Marketplace HousingAnywhere 36,077 – -4,274 -11% 40,351 5.5% 0.3 0.3 29.0% Revenue multiple Marketplace Breadfast 30,222 – -0 0% 30,222 4.6% 0.2 0.2 7.9% Latest transaction Marketplace Bokadirekt 27,782 – 4,231 18% 23,552 4.3% 0.2 0.2 15.8% Revenue multiple Other NV Fund 1 & 2 1 18,594 65 -86 0% 18,615 2.9% 0.1 0.1 – Net asset value Marketplace Hungry Panda 13,421 – 2,175 19% 11,247 2.1% 0.1 0.1 3.7% Revenue multiple Marketplace Tise 10,955 – 4,397 67% 6,559 1.7% 0.1 0.1 8.3% Latest transaction Equity investments under USD 10 mln 2 82,993 1,468 1,848 2% 79,677 12.7% 0.6 0.6 Mobility Gett – -89,105 -4,819 – 93,923 0.0% 0.0 0.7 – Disposed Convertible debt under USD 10 mln 3 1,898 92 -27 -1% 1,832 0.3% 0.0 0.0 Liquidity management 286 36 -32 282 0.0% 0.0 0.0 Investment portfolio 580,866 -87,443 -3,362 671,671 89.1% Cash and cash equivalents 71,292 16,419 10.9% 0.5 0.1 Total investment portfolio 652,158 688,090 100.0% Borrowings -90,598 -89,552 -0.7 -0.7 Other net receivables/liabilities 25,533 -269 0.2 -0.0 Total NAV 587,093 598,270 Number of shares 129,895,530 130,978,236 NAV/share, USD 4.52 4.57 4.52 4.57 1. NV Fund 1 & 2 hold investments in a number of companies including, but not limited to, No Traffic, Celus, Beacon, Tajir and QuantrolX. 2. Equity investments under USD 10 mln comprises investments in 35 companies. 3. Convertible debt under USD 10 mln comprises debt in two companies.
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07 Financial Report for the Third Quarter and the First Nine Months 2025 Company Fair value, 09/30/2025 Contributed NAVPS SEK, 09/30/2025 Fair value, 12/31/2024 Contributed NAVPS SEK, 12/31/2024 BlaBlaCar 1,731,909 13.3 2,292,966 17.5 Voi 1,289,681 9.9 1,113,183 8.5 Numan 352,776 2.7 500,225 3.8 HousingAnywhere 339,445 2.6 470,313 3.6 Breadfast 284,352 2.2 254,511 1.9 Bokadirekt 261,397 2.0 230,923 1.8 NV Fund 1 & 2 1 174,946 1.3 218,323 1.7 Hungry Panda 126,278 1.0 84,003 0.6 Tise 103,076 0.8 54,495 0.4 Equity investments under USD 10 mln 2 780,865 6.0 921,654 7.0 Gett – – 913,487 7.0 Convertible debt under USD 10 mln 3 17,858 0.1 23,392 0.2 Liquidity management 2,689 0.0 3,928 0.0 Investment portfolio 5,465,273 7,081,403 Cash and cash equivalents 670,779 5.2 172,486 1.3 Total investment portfolio 6,136,051 7,253,889 Borrowings -852,424 -6.6 -847,328 -6.5 Other net receivables/liabilities 240,233 1.8 -12,323 -0.1 Total NAV 5,523,859 6,394,239 Number of shares 129,895,530 130,978,236 NAV/share, SEK 42.53 42.53 48.82 48.82 1. NV Fund 1 & 2 hold investments in a number of companies including, but not limited to, No Traffic, Celus, Beacon, Tajir and QuantrolX. 2. Equity investments under USD 10 mln comprises investments in 35 companies. 3. Convertible debt under USD 10 mln comprises debt in two companies. Net Asset Value – SEK Below table presents the investment portfolio in SEK given a SEK/USD exchange rate of 9.4088. /Expressed in SEK thousands/
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08 Financial Report for the Third Quarter and the First Nine Months 2025 Portfolio events Investment activities during the nine-month period 2025 During the period, investments in financial assets, excluding liquidity management investments, amounted to USD 1.7 mln (2024: 6.0) and proceeds from sales of financial assets, excluding liquidity management investments, amounted to USD 87.8 mln (2024: 53.2). During the second quarter 2025, the Company received a dividend of USD 6.2 mln from the portfolio company Merro. BlaBlaCar Mobility blablacar.com Year of initial investment 2015 Total invested capital (USD mln) 204.0 Total fair value (USD mln) 184.1 Share of total portfolio 28.2% Ownership 13.7% Value development 2025 (in USD) -12% BlaBlaCar is the world’s leading community-based travel app combining a global carpooling network, with a growing bus and train offering. The platform connects people who want to travel long distances with drivers traveling on the same route, so they can travel together and share the cost. The company has more than 100 mln members in 22 countries. In April 2024, BlaBlaCar announced it had secured a EUR 100 mln revolving credit facility to enable the company to pursue an ambitious growth strategy. During 2024 the company acquired the leading bus marketplace in Turkey, Obilet. The deal received approval from relevant authorities in Turkey and closed in Q4 2024. BlaBlaCar has delivered ahead of budget so far in 2025. In August 2025, India became BBC’s largest carpooling market and the country reached 2 million passengers during the month, a historical record for the platform. In 2025, nearly 20 million passengers are expected in India, with peaks of 100,000 per day (+50% vs. 2024). As per September 30, 2025, VNV Global values its 13.7% ownership in BlaBlaCar at USD 184.1 mln, based on a forward-looking EV/Revenue model. Voi Mobility voi.com Year of initial investment 2018 Total invested capital (USD mln) 105.9 Total fair value (USD mln) 137.1 Share of total portfolio 21.0% Ownership 20.9% Value development 2025 (in USD) 35% Voi is a European micromobility company offering shared e-scooters and e-bikes for a connected, electrified and shared means of last mile transport. The company launched in Stockholm in August 2018 and has since become a leading micromobility player in Europe, with presence in 110+ cities in 12 countries. After quarter close Q3 2025, the company announced they had successfully issued subsequent floating rate senior secured bonds of EUR 40 mln under its outstanding senior secured bond framework. The bonds were placed above par at a price of 104.75% of the nominal amount, corresponding to a spread of 500 basis points until maturity given that the bonds carry a floating interest rate of 3-months EURIBOR plus 675 basis points per annum. The funding will be used for CAPEX investments for 2026 to grow their fleet of e-scooters and e-bikes in Europe. Voi closed a strong Q3 2025 and in the last twelve months ending Q3 2025 had EUR 163.5 mln in net revenues (+31% YoY), EUR 28.3 mln of adjusted EBITDA (+262% YoY) and EUR 4.8 mln of adjusted EBIT (negative in the previous LTM period). On October 1st, the company launched in Paris after having won the e-bike tender here earlier this year. This contract is expected to be the biggest in Voi history and is expected to generate revenues of double digit EUR millions annually. On the tender front, Voi won several key tenders during the third quarter of 2025, such as but not limited to, Edinburgh (e-bike), Essex (e-scooter) and Glasgow (e-bike). As per September 30, 2025, VNV Global values its 20.9% ownership in Voi at USD 137.1 mln, based on a forward-looking EV/EBITDA model. Numan Digital Health numan.com Year of initial investment 2018 Total invested capital (USD mln) 9.0 Total fair value (USD mln) 37.5 Share of total portfolio 5.7% Ownership 13.5% Value development 2025 (in USD) -18% Numan is a UK based online health clinic. The company is on a mission to help people live happier, healthier, lon- ger lives. The company offers personalised, integrated care in one digital platform – including clinical guidance, medication, behavioural health coaching, diagnostics and supplements, to help patients take control of their health. Numan’s focus is on supporting people with stigmatised diseases and conditions – such as obesity and testosterone deficiency – which traditionally are undertreated, mistreated or misunderstood. Operational momentum remains strong at Numan. Revenue more than doubled to roughly USD 90 mln in 2024, with the business being profitable; management guides for around 150% growth this year, having already served more than 700,000 patients since inception. A key driver of revenue growth has been its weight loss-offering focused on GLP-1 related treatments, which now mean that the company serves both men and women at scale. The company furthermore secured USD 60 mln in new financing in Q2 2025 consisting of an equity round led by Big Pi Ventures and a growth facility from HSBC Innovation Bank providing ample resources to accelerate the company’s continued growth. As per September 30, 2025, VNV Global values its 13.5% investment in Numan at USD 37.5 mln, based on the latest transaction in the company. For further information about VNV Global’s portfolio companies, please see: VNV Global’s website
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09 Financial Report for the Third Quarter and the First Nine Months 2025 HousingAnywhere Marketplace housinganywhere.com Year of initial investment 2018 Total invested capital (USD mln) 23.3 Total fair value (USD mln) 36.1 Share of total portfolio 5.5% Ownership 29.0% Value development 2025 (in USD) -16% HousingAnywhere is a global platform that helps international students, expats and semi professionals to securely rent rooms or apartments from landlords and property managers all over Europe. Founded in the Netherlands in 2009, the platform has become a place where more than 18 mln users search for rooms and apartments every year. In 2024, HousingAnywhere delivered in line with its budget and the company was adjusted EBITDA profitable for the full year. The company has actively worked to improve its offering including its Rent Guarantee product which was used in 40% of the 25k French bookings that was completed during the year. In Q1 2025, the company announced a new CEO, Antonio Intini. Antonio brings extensive expertise in real estate and tech innovation, having served as Chief Business Development Officer at Immobiliare.it, Italy’s leading housing platform, as well as several years at Amazon before that. As per September 30, 2025, VNV Global values its 29.0% investment in HousingAnywhere at USD 36.1 mln, based on a forward-looking EV/Revenue model. Breadfast Marketplace breadfast.com Year of initial investment 2021 Total invested capital (USD mln) 16.9 Total fair value (USD mln) 30.2 Share of total portfolio 4.6% Ownership 7.9% Value development 2025 (in USD) 31% Breadfast is Egypt’s leading online grocery and household essentials brand. The company operates a fully vertically integrated supply chain, delivering more than 7,000 SKUs (+1,000 Breadfast branded) on-de - mand in under 60 minutes across Egypt. Breadfast’s selection includes a range of freshly baked bread, fruits, vegetables, eggs, dairy, meat and poultry, alongside a range of CPG staples designed to serve a household’s daily and weekly grocery needs. During 2025, the company has continued to significantly grow revenues with improved bottom line. The company also raised additional capital during 2025 through an extension of its series B round. The company has 47 fulfillment points in four cities in Egypt of which the vast majority are profitable. Breakfast also has 35 omnichannel coffee locations. The company delivers more than 1 mln orders a month to close to 400k active users. As per September 30, 2025, VNV Global values its 7.9% investment in Breadfast at USD 30.2 mln, based on the latest transaction in the company. Bokadirekt Marketplace bokadirekt.se Year of initial investment 2021 Total invested capital (USD mln) 21.9 Total fair value (USD mln) 27.8 Share of total portfolio 4.3% Ownership 15.8% Value development 2025 (in USD) 32% Bokadirekt is Sweden’s leading health and beauty platform. Bokadirekt’s marketplace allows consumers to discover more than 24,000 health & beauty experts, make real-time bookings, and pay for services. For merchants, Bokadirekt’s innovative platform facilitates seamless online bookings, scheduling, and payments acceptance, reducing administration and increasing time spent with the end consumer. Every month, more than 14,000 merchants use Bokadirekt’s subscription-based business software to manage their operations, and more than 2 million end consumers discover, book, and pay for appointments through Bokadirekt’s marketplace. During 2024, Bokadirekt grew net revenue to SEK 177 mln which represents approx. 27% yoy growth. Adjusted cash EBITDA in 2024 was SEK 42 mln. In August 2024, the company hired a new, experienced CEO, Nicklas Grawé, who most recently came from hitta. se. As per September 30, 2025, VNV Global values its 15.8% investment in Bokadirekt at USD 27.8 mln, based on a forward-looking EV/Revenue model. Gett Gett is a leading ride-hailing company in Israel and for official taxis (black cab) in the UK. The company also offers a mobility software that operates globally, helping businesses to thrive by modernizing their transportation infrastructure. During the third quarter of 2025, VNV Global com- pleted the sale of its entire stake in the company to a consortium of Israeli buyers for a total net consideration of USD 89.1 mln. As of September 30, VNV Global had received USD 61 mln out of the USD 86.7 mln expected in connection with the closing of the transaction. The remaining USD 26 mln that is currently being held by a paying agent in VNV Global’s name and is expected to be wired to the Company’s account as soon as a tax exemption certificate is obtained from the Israel tax authorities. The certificate is expected to be obtained shortly. The final USD 2.5 mln is held in escrow as part of the buyer’s protection under the stock purchase agreement. The Escrow Amount will be released to VNV Global in full following the second anniversary of the closing of the transaction. New investments during the quarter No major investments were made in new companies during the quarter. Portfolio effects related to exposure to Russia and Ukraine The holdings with their main business in Russia have been written down to zero. The Ukrainian exposure accounted for approximately 0.3% of VNV Global’s total investment portfolio.
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10 Financial Report for the Third Quarter and the First Nine Months 2025 Financial information Group – results for the nine-month period 2025 and net asset value During the period, the result from financial assets at fair value through profit or loss amounted to USD 31.76 mln (2024: -85.21), primarily due to a positive revaluation of Voi, a negative revaluation of BlaBlaCar and the completed divestment of Gett. Net operating expenses (defined as operating expenses less other operating income) amounted to USD -5.14 mln (2024: -5.34). Net financial items were USD -15.83 mln (2024: -1.32), mainly related to bond interest expense and SEK/USD appreciation. Net result for the period was USD 8.26 mln (2024: -91.94). Total shareholders’ equity amounted to USD 587.09 mln on September 30, 2025 (December 31, 2024: 581.39). Liquid assets Cash and cash equivalents of the group amounted to USD 71.29 mln (December 31, 2024: 15.68). The liquid asset investments amounted to USD 0.29 mln (December 31, 2024: 0.36), based on the latest NAV of each fund’s market value. Liquidity management also includes non-operating/short-term investments derived from activities not related to the core business as well as investments in fund-oriented activities. Group – results for the third quarter 2025 During the quarter, the result from financial assets at fair value through profit or loss amounted to USD -3.36 mln (2024: -21.09), primarily due to a positive revalua- tion of Voi, a negative revaluation of BlaBlaCar and the completed divestment of Gett. Net operating expenses (defined as operating expenses less other operating income) amounted to USD -1.34 mln (2024: 0.31). Net financial items were USD -1.24 mln (2024: -4.83), mainly related to bond interest expense and SEK/USD appreciation. Net result for the quarter was USD -8.48 mln (2024: -25.62). Bonds On October 3, 2024, VNV Global issued bonds of series 2024/2027 in an initial amount of SEK 850 million within a framework of SEK 1,250 million (ISIN: SE0022761011). The bonds were issued at a price of 99% of the nominal amount, run with a tenor of three years and carry a floating rate coupon of 3m STIBOR + 550 bps. On September 16, 2025, VNV Global issued a conditional notice of partial redemption, proposing to redeem 50% of the total outstanding nominal amount of the bonds at a redemption price of 103% of par, plus accrued interest. This redemption was contingent upon bondholder approval of amendments to the bond terms. The bondholders approved the proposed amend - ments on September 23, 2025, and the redemption was executed on October 3, 2025. The covenants that VNV Global must comply with as of the reporting date, i.e. covenants to be assessed at September 30, 2025, are that VNV Global shall at all times procure that equity ratio exceeds 75%, the ratio of net interest bearing debt to net asset value is less than 20% and the ratio of net interest bearing debt to market capitalisation is less than 75%. VNV Global was in compliance with the covenants as of September 30, 2025. Share capital and number of shares The total number of shares amounts to 136,027,529, of which 129,895,530 common shares, 111,999 incentive shares of Series C 2022, 1,710,000 incentive shares of Series C 2023, 1,710,000 incentive shares of Series D 2023, 1,300,000 incentive shares of Series C 2024 and 1,300,000 incentive shares of Series C 2025. On September 12, 2025, VNV Global announced that the Company’s Board had resolved, by virtue of authori- sation by the annual general meeting on May 14, 2025, to repurchase the Company’s own ordinary shares. The purpose of the resolution on acquisition of own shares is to provide flexibility in relation to the Company’s pos- sibilities to return capital to its shareholders, to improve the capital efficiency in the Company, and to prevent a NAV/share price discount in relation to the Company’s shares. As of September 30, 2025, the Company holds 1,082,706 repurchased common shares. Cash flow Cash flow from operating activities amounted to USD 60.6 mln (9M 2024: 38.6), of which investments in financial assets were USD -1.8 mln, (9M 2024: -8.6), proceeds from sales were USD 87.9 mln, primarily from the sale of Gett (9M 2024: 56.0) and a received Merro dividend of USD 6.2 mln (9M 2024: –). Cash flow used in financing activities amounted to USD -8.1 mln (9M 2024: -67.4) and is mainly attributable to interest payment for borrowings and buy backs of own shares. Cash flow for the period amounted to USD 52.5 mln (9M 2024: -28.8). Risks and risk management For a more detailed description of risks and risk management, please see the section “Risk and risk management” in the 2024 annual report . During the period, no significant changes have occurred regarding the risks and uncertainties described in the 2024 annual report.
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11 Financial Report for the Third Quarter and the First Nine Months 2025 Income statements Group /Expressed in USD thousands/ 9M 2025 9M 2024 3Q 2025 3Q 2024 FY 2024 Result from financial assets at fair value through profit or loss 1 31,764 -85,212 -3,362 -21,089 -81,478 Other operating income 278 271 80 78 351 Operating expenses -5,420 -5,606 -1,421 229 -7,277 Operating result 26,622 -90,547 -4,703 -20,782 -88,404 Financial income and expenses Interest income 4 870 3 28 2,357 Interest expense -6,275 -4,182 -2,115 -1,261 -6,678 Currency exchange gains/losses, net -9,556 1,997 873 -3,601 7,664 Net financial items -15,827 -1,315 -1,239 -4,834 3,343 Result before tax 10,795 -91,862 -5,942 -25,616 -85,061 Taxation -2,537 -78 -2,537 – -78 Net result for the financial period 8,258 -91,940 -8,479 -25,616 -85,139 Earnings per share (in USD) 0.06 -0.70 -0.06 -0.20 -0.65 Diluted earnings per share (in USD) 0.06 -0.70 -0.06 -0.20 -0.65 1. Financial assets at fair value through profit or loss are carried at fair value. Gains or losses arising from changes in the fair value of the ‘financial assets at fair value through profit or loss’ category are presented in the income statement within ‘Result from financial assets at fair value through profit or loss’ in the period in which they arise. Statement of comprehensive income /Expressed in USD thousands/ 9M 2025 9M 2024 3Q 2025 3Q 2024 FY 2024 Net result for the financial period 8,258 -91,940 -8,479 -25,616 -85,139 Other comprehensive income for the period Items that may be classified subsequently to profit or loss: Currency translation differences – – – – – Other comprehensive income for the period – – – – – Total comprehensive income for the period 8,258 -91,940 -8,479 -25,616 -85,139 Total comprehensive income for the periods above is entirely attributable to the equity holders of the parent company.
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12 Financial Report for the Third Quarter and the First Nine Months 2025 Balance sheet Group /Expressed in USD thousands/ 09/30/2025 09/30/2024 12/31/2024 Non-current assets Tangible non-current assets Property, plant and equipment 427 669 567 Total tangible non-current assets 427 669 567 Financial non-current assets Financial assets at fair value through profit or loss 580,866 649,900 643,872 Total financial non-current assets 580,866 649,900 643,872 Current assets Tax receivables 284 295 208 Other current receivables 29,093 783 684 Cash and cash equivalents 71,292 11,945 15,683 Total current assets 100,669 13,023 16,575 Total assets 681,962 663,592 661,014 /Expressed in USD thousands/ Note 09/30/2025 09/30/2024 12/31/2024 Shareholders’ equity (including net result for the financial period) 587,093 574,520 581,393 Non-current liabilities Interest bearing liabilities Long-term debts and leasing liabilities 5 44,219 375 76,775 Total non-current liabilities 44,219 375 76,775 Current liabilities Tax payables 2,560 – – Short-term component of long-term debt 5 46,052 84,696 – Other current liabilities and leasing liabilities 1,507 2,995 2,426 Accrued expenses 531 1,006 420 Total current liabilities 50,650 88,697 2,846 Total shareholders’ equity and liabilities 681,962 663,592 661,014
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13 Financial Report for the Third Quarter and the First Nine Months 2025 Statement of Changes in Equity Group /Expressed in USD thousands/ Note Share capital Additional paid in capital Retained earnings Total Balance at January 1, 2024 1,414 388,960 275,915 666,289 Net result for the period January 1, 2024 to September 30, 2024 – – -91,940 -91,940 Other comprehensive income for the period Currency translation differences – – – – Total comprehensive income for the period January 1, 2024 to September 30, 2024 – – -91,940 -91,940 Value of employee services: - Share-based long-term incentive program 6 13 – 158 171 Total transactions with owners 13 – 158 171 Balance at September 30, 2024 1,427 388,960 184,133 574,520 Balance at January 1, 2024 1,414 388,960 275,915 666,289 Net result for the period January 1, 2024 to December 31, 2024 – – -85,139 -85,139 Other comprehensive income for the period Currency translation differences – – – – Total comprehensive income for the period January 1, 2024 to December 31, 2024 – – -85,139 -85,139 Value of employee services: - Share-based long-term incentive program 6 13 – 230 243 Total transactions with owners 13 – 230 243 Balance at December 31, 2024 1,427 388,960 191,006 581,393 Balance at January 1, 2025 1,427 388,960 191,006 581,393 Net result for the period January 1, 2025 to September 30, 2025 – – 8,258 8,258 Other comprehensive income for the period Currency translation differences – – – – Total comprehensive income for the period January 1, 2025 to September 30, 2025 – – 8,258 8,258 Transactions with owners: Buy-back of own shares – – -2,799 -2,799 Value of employee services: - Share-based long-term incentive program 6 14 – 227 241 Total transactions with owners 14 – -2,572 -2,558 Balance at September 30, 2025 1,441 388,960 196,692 587,093
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14 Financial Report for the Third Quarter and the First Nine Months 2025 Cash flow statements Group /Expressed in USD thousands/ 9M 2025 9M 2024 3Q 2025 3Q 2024 FY 2024 Operating activities Result before tax 10,795 -91,863 -5,942 -25,617 -85,061 Adjustment for: Interest income -4 -870 -3 -28 -2,357 Interest expense 6,275 4,182 2,115 1,261 6,678 Currency exchange gains/-losses 9,556 -1,997 -873 3,601 -7,664 Depreciation 228 207 78 73 260 Result from financial assets at fair value through profit or loss -31,764 85,212 3,362 21,089 81,478 Other non-cash adjustments 2,681 -2,061 2,644 53 -2,041 Change in current receivables -28,409 13 -28,510 152 264 Change in current liabilities -865 -2,494 -15 -1,712 -3,635 Net cash used in operating activities -31,507 -9,671 -27,144 -1,128 -12,078 Investments in financial assets -1,828 -8,639 -1,625 -2,592 -9,356 Sales of financial assets 87,926 56,015 86,614 1,845 66,418 Dividend and coupon income 6,219 – – – – Interest received net -129 1,086 -130 4 1,503 Tax paid -53 -194 16 -72 -107 Net cash flow from/used in operating activities 60,628 38,597 57,731 -1,943 46,380 Investment activities Investments in office equipment – – – – – Net cash flow used in investment activities – – – – – Financing activities Proceeds from borrowings, net – – – – 81,381 Repayment of borrowings, net – -62,469 – – -143,084 Interest paid for borrowings -5,108 -4,711 -1,707 -979 -5,794 Repayment of lease liabilities -256 -249 -92 -81 -335 Proceeds to/from LTIP issued to employees 14 13 14 1 13 Buy-back of own shares -2,799 – -2,799 – – Net cash flow used in/from financing activities -8,149 -67,416 -4,584 -1,059 -67,819 Cash flow for the period 52,479 -28,819 53,147 -3,002 -21,439 Cash and cash equivalents at beginning of the period 15,683 42,492 16,419 14,573 42,492 Exchange gains/losses on cash and cash equivalents 3,130 -1,728 1,726 374 -5,370 Cash and cash equivalents at end of the period 71,292 11,945 71,292 11,945 15,683
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15 Financial Report for the Third Quarter and the First Nine Months 2025 Income statement Parent Expressed in SEK thousands/ 9M 2025 9M 2024 3Q 2025 3Q 2024 FY 2024 Result from financial assets at fair value through profit or loss 42 160 -380 26 214 Operating expenses -32,332 -45,853 -7,376 -9,213 -54,377 Operating result -32,290 -45,693 -7,756 -9,187 -54,163 Financial income and expenses Results from participations in Group companies -1,344,600 -935,176 -689,487 -935,176 -322,419 Dividend income from subsidiary 574,626 115,000 574,626 – 115,000 Profit/loss from financial items Interest income 5,414 15,763 1,470 763 27,596 Interest expense -60,548 -43,286 -19,981 -12,628 -69,782 Currency exchange gains/losses, net 10,718 1,673 6,436 1,190 -501 Net financial items -44,416 -25,850 -12,075 -10,675 -42,687 Appropriations Group contribution – – – – 1,886 Result before tax -846,680 -891,719 -134,692 -955,038 -302,383 Taxation – – – – – Net result for the financial period -846,680 -891,719 -134,692 -955,038 -302,383 Statement of comprehensive income Expressed in SEK thousands/ 9M 2025 9M 2024 3Q 2025 3Q 2024 FY 2024 Net result for the financial period -846,680 -891,719 -134,692 -955,038 -302,383 Other comprehensive income for the period Items that may be classified subsequently to profit or loss: Currency translation differences – – – – – Other comprehensive income for the period – – – – – Total comprehensive income for the period -846,680 -891,719 -134,692 -955,038 -302,383
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16 Financial Report for the Third Quarter and the First Nine Months 2025 Balance sheet Parent /Expressed in SEK thousands/ 09/30/2025 09/30/2024 12/31/2024 Non-current assets Financial non-current assets Shares in subsidiaries 5,710,714 6,422,573 7,035,329 Financial assets at fair value through profit or loss 1,316 1,220 1,274 Receivables from Group companies 96,713 171,943 155,509 Total financial non-current assets 5,808,743 6,595,736 7,192,112 Current assets Tax receivables 1,826 1,810 1,363 Other current receivables 2,990 4,067 3,572 Cash and cash equivalents 563,328 64,768 40,996 Total current assets 568,144 70,645 45,931 Total assets 6,376,887 6,666,381 7,238,043 /Expressed in SEK thousands/ Note 09/30/2025 09/30/2024 12/31/2024 Restricted equity Share capital 13,930 13,798 13,798 Total restricted equity 13,930 13,798 13,798 Non-restricted equity Additional paid in capital 3,402,531 3,402,531 3,402,531 Retained earnings 2,954,078 3,279,768 3,280,293 Profit/loss for the period -846,680 -891,719 -302,383 Total unrestricted equity 5,509,929 5,790,580 6,380,441 Total equity 5,523,859 5,804,378 6,394,239 Non-current liabilities Interest bearing liabilities Long-term debts 5 415,253 – 841,268 Total non-current liabilities 415,253 – 841,268 Current liabilities Short-term component of long-term debt 5 433,297 855,692 – Other current liabilities 1,445 994 2,015 Accrued expenses 3,033 5,317 521 Total current liabilities 437,775 862,003 2,536 Total shareholders' equity and liabilities 6,376,887 6,666,381 7,238,043
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17 Financial Report for the Third Quarter and the First Nine Months 2025 Statement of Changes in Equity Parent /Expressed in SEK thousands/ Note Share capital Additional paid in capital Retained earnings Total Balance at January 1, 2024 13,666 3,402,531 3,274,402 6,690,599 Net result for the period January 1, 2024 to September 30, 2024 – – -891,719 -891,719 Total comprehensive income for the period January 1, 2024 to September 30, 2024 – – -891,719 -891,719 Value of employee services: - Share-based long-term incentive program 6 132 – 5,366 5,498 Total transactions with owners 132 – 5,366 5,498 Balance at September 30, 2024 13,798 3,402,531 2,388,049 5,804,378 Balance at January 1, 2024 13,666 3,402,531 3,274,402 6,690,599 Net result for the period January 1, 2024 to December 31, 2024 – – -302,383 -302,383 Total comprehensive income for the period January 1, 2024 to December 31, 2024 – – -302,383 -302,383 Value of employee services: - Share-based long-term incentive program 6 132 – 5,891 6,023 Total transactions with owners 132 – 5,891 6,023 Balance at December 31, 2024 13,798 3,402,531 2,977,910 6,394,239 Balance at January 1, 2025 13,798 3,402,531 2,977,910 6,394,239 Net result for the period January 1, 2025 to September 30, 2025 – – -846,680 -846,680 Total comprehensive income for the period January 1, 2025 to September 30, 2025 – – -846,680 -846,680 Transactions with owners: Buy-back of own shares – – -26,327 -26,327 Value of employee services: - Share-based long-term incentive program 6 132 – 2,495 2,627 Total transactions with owners 132 – -23,832 -23,700 Balance at September 30, 2025 4 13,930 3,402,531 2,107,398 5,523,859
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18 Financial Report for the Third Quarter and the First Nine Months 2025 Notes to the financial statements ⁄ Expressed in USD thousand unless indicated otherwise ⁄ Note 1 General information VNV Global AB (publ) was incorporated in Stockholm on March 11, 2005. The common shares of VNV Global are listed on Nasdaq Stockholm, Mid Cap segment, with the ticker VNV. As of September 30, 2025, the VNV Global Group consists of the Swedish parent company VNV Global AB (publ), three direct wholly owned subsidiaries and four indirect wholly owned companies through its subsidiaries. The financial year is January 1–December 31. Parent company The parent company VNV Global AB (publ) is a Swedish limited liability company, incorporated in Sweden and operating under Swedish law. VNV Global AB (publ) owns directly or indirectly all the companies in the Group. The net result for the period was SEK -846.68 mln (2024: -891.72), mainly related to shares in Group companies, where primarily the strengthened Swedish krona has led to negative value changes in foreign subsidiaries. The recoverable value has been determined as the adjusted equity on a group level. The parent company had three employees per September 30, 2025. Accounting principles This interim report has, for the Group, been prepared in accordance with IAS 34 Interim Financial Reporting and the Swedish Annual Accounts Act. The financial reporting for the Parent Company has been prepared in accordance with the Swedish Annual Accounts Act and RFR 2 Accounting for legal entities, issued by the Swedish Financial Reporting Board. Under Swedish company regulations it is not allowed to report the Parent Company results in any other currency than Swedish Krona or Euro and consequently the Parent Company’s financial information is reported in Swedish Krona and not the Group’s reporting currency of US Dollar. The accounting policies that have been applied for the Group and Parent Company, are in agreement with the accounting policies used in preparation of the Company’s annual report 2024. Note 2 Related party transactions During the period, VNV Global has recognized the following related party transactions: Operating expenses Current liabilities 9M 2025 9M 2024 09/30/2025 09/30/2024 Key management and Board of Directors 1 -2,005 -2,798 -211 -18 1. Compensation paid or payable includes salary and accrued bonus to the management and remuneration to the Board members. The costs for the long-term incentive programs (LTIP 2023, LTIP 2024 and LTIP 2025) for the management and key personnel amounted to USD 457 thousand. The costs for LTIP include 2025 year’s share-based remunera - tion, that is expensed directly and excludes social taxes as of September 30, 2025. For further details on the LTIP programs, please see Note 6.
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19 Financial Report for the Third Quarter and the First Nine Months 2025 Note 3 Fair value estimation The majority of VNV Global’s financial assets are valued at fair value. Depending on market observable inputs, the valuation is based on either published price quotations, valuation techniques based on market observ - able inputs or determined by using other techniques. The instruments measured at fair value have been classified into three hierarchy levels as follows: — Level 1, the measurement of the instrument is based on published quoted prices in active markets for identical assets. — Level 2, inputs for the measurement of the instrument include also other than quoted prices observable for the asset, either directly, i.e. prices, or indirectly, i.e. derived from prices. —Level 3, the measurement is based on other inputs rather than observable market data for the asset. The fair value of financial instruments traded in active markets is based on quoted market prices at the balance sheet date. A market is regarded as active if quoted prices are readily and regularly available from an exchange, dealer, broker, industry group, pricing service, or regulatory agency, and those prices represent actual and regularly occurring market transactions on an arm’s length basis. The quoted market price used for financial assets held by the Group is the current bid price. These instruments are included in level 1. The fair value of financial instruments that are not traded in an active market is determined by using valuation techniques. These valuation techniques maximize the use of observable market data where it is available and rely as little as possible on entity specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in level 2. If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3. Reclassifications of an investment between levels 1, 2, 3 are for example done if and when any of the following occurs: IPO or listing/de-listing of securities, a new transaction on market terms, a previous transaction on market terms is deemed less relevant or no longer relevant as the basis for a fair value assessment. Investments in assets that are not traded on any market will be held at fair value determined by recent transactions made at prevailing market con - ditions or different valuation models depending on the characteristics of the company as well as the nature and risks of the investment. The valuations of level 3 investments are either based on valuation models, typically based on EBITDA or revenue multiples of comparable listed peers or transactions on market terms that include more uncertainty given the time elapsed since completion or structure of the transactions. Other valuation techniques that may be used include discounted cash flow valuation (DCF), exit-multiple valuation, also referred to as Leveraged Buyout (LBO) valuation, asset- based valuation as well as forward-looking multiples valuation based on comparable traded companies. Multiples-based valuation models for level 3 investments are built around a few key input parameters, namely, forward looking revenue or EBITDA estimates, net debt position, the median multiple of a selected peer group and if applicable, an adjustment factor that is qualitatively assessed and based on the following parameters relative to the selected peer group: company size, business maturity, focus geographies, growth potential, market ability and liquidity. The adjustment factor, if applied, in the multiples-based valuation models typically range between 10–40%. Typically, transaction-based valuations are kept unchanged for a period of up to 12 months unless there is cause for a revaluation due to materially changes in external market factors or company-specific factors. After 12 months, the Group typically derives fair value for non-traded assets through any of the models described above. The validity of valuations based on a transaction is inevitably eroded over time, since the price at which the investment was made reflects the conditions that existed on the transaction date. At each reporting date, possible changes or events subsequent to the relevant transaction are assessed and if this assessment implies a change in the investment’s fair value, the valuation is adjusted accordingly. The outstanding convertible notes are valued at fair value including accrued interest. VNV Global follows a structured process in assessing the valuation of its unlisted investments. VNV Global evaluates company specific and external data relating to each specific investment on a monthly basis. The data is then assessed at monthly and quarterly valuation meetings by senior management. If internal or external factors are deemed to be significant further assessment is undertaken and the specific investment is revalued to the best fair value estimate. Revaluations are approved by the Board of Directors in connection with the Company’s financial reports. Current liabilities The book value for interest-bearing loans, accounts payable and other financial liabilities are deemed to correspond to the fair values. See annual report 2024, Note 3 “Critical accounting estimates and assumptions” for more information. Latest transaction and valuation method When a latest transaction is more than one year old or that the latest price transaction no longer reflects the fair value of the investment, the invest- ment is moved from level 2 to level 3. Convertible loan note and equity are valued at the same level in a specific investment. Changes regarding major holdings during the third quarter 2025 Reclassifications During the quarter, Tise was reclassified from level 3 to level 2 based on the divestment completed in October. UAB Ovoko was reclassified from level 2 to level 3 since its last funding round took place over a year ago. New investments No investments were made in new companies during the quarter. Fair value changes Fair value changes in the investment portfolio reflect the effects of multiples. The multiples may change due to movement in expectations, cashflow and earnings. Changes regarding major holdings in 2025 Reclassifications Numan was reclassified from level 3 to level 2 based on the closing of a recent financing round. Tise was reclassified from level 3 to level 2 based on the divestment completed in October. UAB Ovoko was reclassified from level 2 to level 3 since its last funding round took place over a year ago. New investments No investments were made in new companies during the period. Fair value changes Fair value changes in the investment portfolio reflect the effects of multiples. The multiples may change due to movement in expectations, cashflow and earnings.
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20 Financial Report for the Third Quarter and the First Nine Months 2025 The following table presents information about the assets that are measured at fair value (Q3 2025). Company Valuation method Peer group multiple Level 1 Level 2 Level 3 Reclassification of level Movement to/ (from) level 3 Latest transaction on market terms Fair value change level 3 (QTD) Opening balance level 3, 07/01/2025 585,842 Fair value change level 3, QTD -1,883 BlaBlaCar Revenue multiple 4.5 – – 184,073 No change – Apr, 2023 -15,219 Voi EBITDA multiple 14.4 – – 137,071 No change – Mar, 2024 9,235 Numan Latest transaction – – 37,494 – No change – Jul, 2025 – HousingAnywhere Revenue multiple 4.2 – – 36,077 No change – Aug, 2024 -4,274 Breadfast Latest transaction – – 30,222 – No change – May, 2025 – Bokadirekt Revenue multiple 7.7 – – 27,782 No change – Dec, 2021 4,231 NV Fund 1 & 2 1 Net asset value – – – 18,594 No change 65 Dec, 2023 -86 Hungry Panda Revenue multiple 1.5 – – 13,421 No change – Dec, 2021 2,175 Tise Latest transaction – – 10,955 – From level 3 to level 2 -6,559 Sep, 2025 – Wasoko Revenue multiple 1.1 – – 9,924 No change 1,000 Feb, 2022 1,406 Flo/Palta, through GHE II Mixed – – – 9,317 No change – Jul, 2025 -473 VNV Pioneer 2 Revenue multiple – – – 8,202 No change – – 567 Collectiv Food Latest transaction – – 6,632 – No change – Dec, 2024 – Alva Revenue multiple 6.4 – – 4,561 No change – May, 2023 129 Baly Revenue multiple 2.3 – – 3,835 No change – Sep, 2021 351 Glovo Net asset value – – – 3,652 No change – Apr, 2021 260 Olio Revenue multiple 5.6 – – 3,373 No change – Aug, 2021 -292 Borzo Revenue multiple 2.8 – – 3,151 No change – Jul, 2021 298 Vezeeta Revenue multiple 5.9 – – 2,790 No change – Sep, 2022 376 UAB Ovoko Revenue multiple 7.8 – – 2,579 From level 2 to level 3 2,009 Jun, 2024 570 YUV Latest transaction – – 2,406 – No change – Jun, 2025 – El Basharsoft (Wuzzuf, Forasna) Revenue multiple 3.3 – – 2,378 No change – Jul, 2022 29 YouScan Revenue multiple 4.2 – – 2,249 No change – Feb, 2015 67 Myelin II Net asset value – – – 2,211 No change – Oct, 2024 -21 Pale Blue Dot Net asset value – – – 1,905 No change 91 Dec, 2024 2 Stardots Revenue multiple – – – 1,901 No change – Jul, 2025 18 Swvl Listed company – 1,822 – – No change – – – Shohoz Revenue multiple 4.0 – – 1,771 No change – May, 2023 98 No Traffic Latest transaction – – 1,638 – No change – Dec, 2024 – Naseeb Networks (Rozee, Mihnati) Revenue multiple 3.3 – – 1,420 No change – Dec, 2021 -122 Equity investments under USD 1 mln 3 – 2,008 3,268 670 -1,181 Gett – – – – Disposed -93,923 May, 2024 – HousingAnywhere, debt Convertible – – – 1,429 No change – Aug, 2024 8 Convertible debt under USD 1 mln 4 – 469 – -377 -35 Liquidity management – – 286 – No change – – – Total 1,822 92,110 486,934 -97,024 -1,883 Closing balance level 3, 09/30/2025 486,934 1. NV Fund 1 & 2 hold investments in a number of companies including, but not limited to, No Traffic, Celus, Beacon, Tajir and QuantrolX. 2. VNV Pioneer holds investments in a number of companies including, but not limited to, Alva Labs, YUV and HS Teater. 3. Equity investments under USD 1 mln comprises investments in 14 companies. 4. Convertible debt under USD 1 mln comprises debt in one company.
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21 Financial Report for the Third Quarter and the First Nine Months 2025 The following table presents information about the assets that are measured at fair value (9m 2025). Company Valuation method Peer group multiple Level 1 Level 2 Level 3 Reclassification of level Movement to/ (from) level 3 Latest transaction on market terms Fair value change level 3 (YTD) Opening balance level 3, 01/01/2025 520,863 Fair value change level 3, YTD 20,697 BlaBlaCar Revenue multiple 4.5 – – 184,073 No change – Apr, 2023 -24,414 Voi EBITDA multiple 14.4 – – 137,071 No change – Mar, 2024 35,856 Numan Latest transaction – – 37,494 – From level 3 to level 2 -45,483 Jul, 2025 – HousingAnywhere Revenue multiple 4.2 – – 36,077 No change – Aug, 2024 -6,686 Breadfast Latest transaction – – 30,222 – No change – May, 2025 – Bokadirekt Revenue multiple 7.7 – – 27,782 No change – Dec, 2021 6,786 NV Fund 1 & 2 1 Net asset value – – – 18,594 No change 65 Dec, 2023 -1,322 Hungry Panda Revenue multiple 1.5 – – 13,421 No change – Dec, 2021 5,783 Tise Latest transaction – – 10,955 – From level 3 to level 2 -4,955 Sep, 2025 – Wasoko Revenue multiple 1.1 – – 9,924 No change 1,000 Feb, 2022 -1,488 Flo/Palta, through GHE II Mixed – – – 9,317 No change 55 Jul, 2025 -528 VNV Pioneer 2 Revenue multiple – – – 8,202 No change – – 2,370 Collectiv Food Latest transaction – – 6,632 – No change – Dec, 2024 – Alva Revenue multiple 6.4 – – 4,561 No change – May, 2023 879 Baly Revenue multiple 2.3 – – 3,835 No change – Sep, 2021 309 Glovo Net asset value – – – 3,652 No change – Apr, 2021 60 Olio Revenue multiple 5.6 – – 3,373 No change – Aug, 2021 -1,940 Borzo Revenue multiple 2.8 – – 3,151 No change – Jul, 2021 416 Vezeeta Revenue multiple 5.9 – – 2,790 No change – Sep, 2022 1,197 UAB Ovoko Revenue multiple 7.8 – – 2,579 From level 2 to level 3 1,793 Jun, 2024 786 YUV Latest transaction – – 2,406 – No change – Jun, 2025 – El Basharsoft (Wuzzuf, Forasna) Revenue multiple 3.3 – – 2,378 No change – Jul, 2022 256 YouScan Revenue multiple 4.2 – – 2,249 No change – Feb, 2015 466 Myelin II Net asset value – – – 2,211 No change – Oct, 2024 -109 Pale Blue Dot Net asset value – – – 1,905 No change 91 Dec, 2024 197 Stardots Revenue multiple – – – 1,901 No change – Jul, 2025 928 Swvl Listed company – 1,822 – – No change – – – Shohoz Revenue multiple 4.0 – – 1,771 No change – May, 2023 132 No Traffic Latest transaction – – 1,638 – No change – Dec, 2024 – Naseeb Networks (Rozee, Mihnati) Revenue multiple 3.3 – – 1,420 No change – Dec, 2021 -251 Equity investments under USD 1 mln 3 – 2,008 3,268 -6,814 833 Gett – – – – Disposed – May, 2024 – HousingAnywhere, debt Convertible – – – 1,429 No change – Aug, 2024 180 Convertible debt under USD 1 mln 4 – 469 – -377 -1 Liquidity management – – 286 – No change – – – Total 1,822 92,110 486,934 -54,625 20,697 Closing balance level 3, 09/30/2025 486,934 1. NV Fund 1 & 2 hold investments in a number of companies including, but not limited to, No Traffic, Celus, Beacon, Tajir and QuantrolX. 2. VNV Pioneer holds investments in a number of companies including, but not limited to, Alva Labs, YUV and HS Teater. 3. Equity investments under USD 1 mln comprises investments in 14 companies. 4. Convertible debt under USD 1 mln comprises debt in one company.
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22 Financial Report for the Third Quarter and the First Nine Months 2025 The following table presents the group’s sensitivity in level 3 valuations and change in value at changing either multiples or respective benchmark. Company Invested amount Ownership, % Sensitivity valuation Benchmark -15% -10% 9M 2025 +10% +15% BlaBlaCar 204,018 13.7 184,073 184,073 184,073 184,072 184,072 Revenue multiple Voi 105,935 20.9 113,706 121,494 137,071 152,648 160,436 EBITDA multiple HousingAnywhere 23,301 29.0 29,820 31,906 36,077 40,249 42,334 Revenue multiple Bokadirekt 21,887 15.8 23,922 25,209 27,782 30,355 31,642 Revenue multiple NV Fund 1 & 2 1 21,449 – 15,805 16,734 18,594 20,453 21,383 Net asset value Hungry Panda 16,893 3.7 11,262 11,982 13,421 14,861 15,580 Revenue multiple Wasoko 23,500 3.3 8,479 8,961 9,924 10,888 11,370 Revenue multiple Flo/Palta, through GHE II 8,912 22.0 7,919 8,385 9,317 10,249 10,714 Mixed VNV Pioneer 2 6,253 – 6,972 7,382 8,202 9,023 9,433 Revenue multiple Alva 5,206 9.9 3,894 4,116 4,561 5,006 5,228 Revenue multiple Baly 1,000 3.4 3,275 3,462 3,835 4,208 4,395 Revenue multiple Glovo 6,200 100.0 3,104 3,287 3,652 4,017 4,200 Net asset value Olio 14,746 11.0 2,972 3,106 3,373 3,641 3,774 Revenue multiple Borzo 21,390 17.3 2,808 2,922 3,151 3,379 3,493 Revenue multiple Vezeeta 9,441 9.0 2,394 2,526 2,790 3,054 3,186 Revenue multiple UAB Ovoko 404 0.9 2,215 2,337 2,579 2,821 2,942 Revenue multiple El Basharsoft (Wuzzuf, Forasna) 5,812 25.7 2,058 2,165 2,378 2,591 2,697 Revenue multiple YouScan 9,094 18.8 1,922 2,031 2,249 2,466 2,575 Revenue multiple Myelin II 2,400 100.0 1,879 1,990 2,211 2,432 2,543 Net asset value Pale Blue Dot 1,812 100.0 1,619 1,714 1,905 2,095 2,190 Net asset value Stardots 2,743 24.5 1,605 1,704 1,901 2,098 2,196 Revenue multiple Shohoz 9,404 31.6 1,573 1,639 1,771 1,903 1,969 Revenue multiple Naseeb Networks (Rozee, Mihnati) 4,751 27.3 1,211 1,281 1,420 1,560 1,629 Revenue multiple Equity investments under USD 1 mln 3 34,828 2,844 2,986 3,268 3,551 3,692 HousingAnywhere, debt 1,278 – 1,214 1,286 1,429 1,572 1,643 Convertible Convertible debt under USD 1 mln 4 – – – – – – Total level 3 562,656 438,549 454,678 486,934 519,190 535,318 1. NV Fund 1 & 2 hold investments in a number of companies including, but not limited to, No Traffic, Celus, Beacon, Tajir and QuantrolX. 2. VNV Pioneer holds investments in a number of companies including, but not limited to, Alva Labs, YUV and HS Teater. 3. Equity investments under USD 1 mln comprises investments in 14 companies. 4. Convertible debt under USD 1 mln comprises debt in one company.
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23 Financial Report for the Third Quarter and the First Nine Months 2025 Change in financial assets at fair value through profit or loss per 9M 2025 Category Company Opening balance, 01/01/2025 Investments/ (disposals), net FV change Closing balance, 09/30/2025 Valuation method Mobility BlaBlaCar 208,486 – -24,414 184,073 Revenue multiple Mobility Voi 101,216 – 35,856 137,071 EBITDA multiple Digital Health Numan 45,483 – -7,988 37,494 Latest transaction Marketplace HousingAnywhere 42,763 – -6,686 36,077 Revenue multiple Marketplace Breadfast 23,141 – 7,081 30,222 Latest transaction Marketplace Bokadirekt 20,997 – 6,786 27,782 Revenue multiple Other NV Fund 1 & 2 1 19,851 65 -1,322 18,594 Net asset value Marketplace Hungry Panda 7,638 – 5,783 13,421 Revenue multiple Marketplace Tise 4,955 – 6,000 10,955 Latest transaction Marketplace Wasoko 10,412 1,000 -1,488 9,924 Revenue multiple Digital Health Flo/Palta, through GHE II 9,790 55 -528 9,317 Mixed Other VNV Pioneer 2 5,832 – 2,370 8,202 Revenue multiple Other Collectiv Food 6,214 – 419 6,632 Latest transaction Marketplace Alva 3,682 – 879 4,561 Revenue multiple Other Baly 3,526 – 309 3,835 Revenue multiple Other Glovo 3,593 – 60 3,652 Net asset value Other Olio 5,313 – -1,940 3,373 Revenue multiple Mobility Borzo 2,734 – 416 3,151 Revenue multiple Digital Health Vezeeta 1,593 – 1,197 2,790 Revenue multiple Marketplace UAB Ovoko 1,793 – 786 2,579 Revenue multiple Other YUV 1,000 500 906 2,406 Latest transaction Marketplace El Basharsoft (Wuzzuf, Forasna) 2,122 – 256 2,378 Revenue multiple Other YouScan 1,782 – 466 2,249 Revenue multiple Marketplace Myelin II 2,320 – -109 2,211 Net asset value Other Pale Blue Dot 1,617 91 197 1,905 Net asset value Digital Health Stardots 973 – 928 1,901 Revenue multiple Mobility Swvl 3,691 – -1,869 1,822 Listed company Mobility Shohoz 1,639 – 132 1,771 Revenue multiple Mobility No Traffic 1,638 – – 1,638 Latest transaction Marketplace Naseeb Networks (Rozee, Mihnati) 1,671 – -251 1,420 Revenue multiple Equity investments under USD 1 mln 3 10,867 -7,035 1,444 5,276 Mobility Gett 83,058 -89,105 6,046 – Disposed Marketplace HousingAnywhere, debt 1,249 – 180 1,429 Convertible Convertible debt under USD 1 mln 4 878 -408 -1 469 Liquidity management 357 66 -138 286 Investment portfolio 643,872 -94,770 31,764 580,866 Cash and cash equivalents 15,683 71,292 Total investment portfolio 659,555 652,158 Borrowings -77,042 -90,598 Other net receivables/liabilities -1,120 25,533 Total NAV 581,393 587,093 1. NV Fund 1 & 2 hold investments in a number of companies including, but not limited to, No Traffic, Celus, Beacon, Tajir and QuantrolX. 2. VNV Pioneer holds investments in a number of companies including, but not limited to, Alva Labs, YUV and HS Teater. 3. Equity investments under USD 1 mln comprises investments in 14 companies. 4. Convertible debt under USD 1 mln comprises debt in one company.
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24 Financial Report for the Third Quarter and the First Nine Months 2025 Note 4 Share capital The Company’s share capital amounts to SEK 13,930,399.88 and the number of issued shares to 136,027,529, distributed among 129,895,530 common shares, 111,999 incentive shares of Series C 2022, 1,710,000 incen - tive shares of Series C 2023, 1,710,000 incentive shares of Series D 2023, 1,300,000 incentive shares of Series C 2024 and 1,300,000 incentive shares of Series C 2025. On September 12, 2025, the Company announced that the Board had resolved, by virtue of authorisation by the annual general meeting on May 14, 2025, to repurchase the Company’s own ordinary shares. The purpose of the resolution on acquisition of own shares is to provide flexibility in relation to the Company’s possibilities to return capital to its shareholders, to improve the capital efficiency in the Company, and to prevent a NAV/share price discount in relation to the Company’s shares. As of September 30, 2025, VNV Global holds 1,082,706 repurchased common shares. Share class Number of shares outstanding Number of votes Share capital, SEK Share capital, USD Common shares 129,895,530 129,895,530 13,307,411 1,382,842 Shares of Series C 2022 111,999 111,999 11,357 1,078 Shares of Series C 2023 1,710,000 1,710,000 173,736 15,509 Shares of Series D 2023 1,710,000 1,710,000 173,736 15,509 Shares of Series C 2024 1,300,000 1,300,000 132,080 12,289 Shares of Series C 2025 1,300,000 1,300,000 132,080 13,946 Total 136,027,529 136,027,529 13,930,400 1,441,173 Note 5 Long- and short-term debts Bonds On October 3, 2024, VNV Global issued bonds of series 2024/2027 in an initial amount of SEK 850 mln within a framework of SEK 1,250 mln (ISIN: SE0022761011). The bonds were issued at a price of 99% of the nominal amount, run with a tenor of three years and carry a floating rate coupon of 3m STIBOR + 550 bps. On September 23, 2025, VNV Global announced that the terms of the 20224/2027 bonds had been amended and that the previously announced partial redemption would be completed on October 3, 2025. Leasing liabilities As per September 30, 2025, leasing liabilities are recognized with a provision of future long-term lease payments amounting to USD 0.1 mln.
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25 Financial Report for the Third Quarter and the First Nine Months 2025 Note 6 Long-term incentive programs (LTIP) LTIP 2022 LTIP 2023 C LTIP 2023 D LTIP 2024 C LTIP 2025 C Program measurement period Jan 2022– Dec 2026 Apr 2023– Mar 2028 Apr 2023– Mar 2028 Apr 2024– Mar 2029 Apr 2025– Mar 2030 Vesting period Jul 2022– Jun 2025 Oct 2023– Mar 2028 Oct 2023– Mar 2028 Jun 2024– Mar 2029 Jun 2025– Mar 2030 Maximum number of shares 111,999 1,710,000 1,710,000 1,300,000 1,300,000 Common share price per grant day in SEK 22.10 13.95 13.95 26.68 15.74 Common share price per grant day in USD 2.09 1.25 1.25 2.48 1.66 Fair market value plan share per grant day in SEK 0.49 1.63 0.89 8.39 2.37 Fair market value plan share per grant day in USD 0.05 0.15 0.08 0.78 0.25 LTIP share-based remuneration expense, excluding social fees /USD mln/ LTIP 2022 LTIP 2023 C LTIP 2023 D LTIP 2024 C LTIP 2025 C 2025 – 0.04 0.02 0.16 0.02 2024 – 0.07 0.04 0.12 – 2023 0.04 0.03 0.01 – – 2022 0.01 – – – – Total 0.05 0.13 0.07 0.28 0.02 Outstanding programs C 2023, D 2023, C 2024 and C 2025 VNV Global operates long-term incentive programs for management and key personnel. The purpose of the programs is to encourage personnel to work in the long term and to further commit them to the Company. In 2023, two separate new incentive programs for management and key personnel, Series C 2023 and Series D 2023, were launched to replace the incentive programs 2019 to 2022. The 2019 to 2022 programs were cancelled, with the exception of some vested shares in the 2022 program. The C 2023 and D 2023 programs contain a five-year performance period (10/2023 to 3/2028). In 2024, VNV Global launched a new incentive program containing a five-year performance period (6/2024 to 3/2029), C 2024. In 2025, VNV Global launched a new incentive program containing a five-year perfor - mance period (6/2025 to 3/2030), C 2025. The incentive programs C 2023, C 2024 and C 2025 tie rewards to performance of the VNV Global share price. The incentive program D 2023 ties rewards to performance of the Company’s net asset value. Some or all of the incentive shares will be redeemed or reclassified as ordinary common shares. If the performance conditions are not fulfilled, then the incentive shares will be redeemed at nominal value and cancelled. The participants will be compensated for dividends and other value transfers to the shareholders during the term of the program. The partici- pants are also entitled to vote for their shares of Series C 2023, D 2023, C 2024 and C 2025 during the measurement period. If a participant ceases to be employed by the Group within this period, the plan shares will be redeemed, unless otherwise resolved by the Board on a case-by-case basis. The fair value of the shares of Series C 2023, D 2023, C 2024 and C 2025 on the grant date was calculated on the basis of the market price of the Company’s shares on the grant date and prevailing market conditions by using a Monte Carlo Valuation Method. The Company has compensated participants for the tax impact arising from the fact that the subscription price was below fair market value. The cost of this subsidy, social fees excluded, is distributed over five years and amounted to USD 0.3 mln for LTIP C 2023, USD 0.1 mln for LTIP D 2023, USD 1.0 mln for LTIP C 2024 and USD 0.3 mln for LTIP C 2025. Note 7 Events after the reporting period On October 3, 2025, the partial redemption of the 2024/2027 bonds was completed. Following the redemption the outstanding nominal amount of the 2024/2027 bonds is SEK 425 mln. The previously announced Tise transaction closed in the beginning of the fourth quarter 2025.
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26 Financial Report for the Third Quarter and the First Nine Months 2025 Key and Alternative Performance Measures Group Alternative Performance Measures (APM) apply the European Securities and Markets Authority (ESMA) guidelines. APMs are financial measures other than financial measures defined or specified by International Financial Reporting Standards (IFRS). VNV Global regularly uses alternative perfor - mance measures to enhance comparability from period to period and to give deeper information and provide meaningful supplemental informa - tion to analysts, investors and other parties. It is important to know that not all companies calculate alternative performance measures identically, therefore these measurements have limitations and should not be used as a substitute for measures of performance in accordance with IFRS. Definitions of all APMs used are found below. IFRS-defined performance measurements (not alternative performance measurements) Performance measurements Definitions Weighted average number of common shares Weighted average number of common shares for the period. Earnings per share, USD When calculating earnings per share, the average number of shares is based on average outstanding common shares. Plan Shares, issued to participants in the Company’s long-term share-based Incentive programs, are not treated as outstanding common shares and thus are not included in the weighted calculation. The issue of Plan Shares is however recognized as an increase in shareholders’ equity. Diluted earnings per share, USD When calculating diluted earnings per share, the average number of common shares is adjusted to consider the effects of potential dilutive common shares that have been offered to employees, originating during the reported periods from share- based incentive programs. Dilutions from share-based incentive programs affect the number of shares and only occur when the incentive program performance conditions of the respective programs are fulfilled. Alternative performance measurements Performance measurements Definitions Motives Equity ratio, % Equity ratio is defined as Shareholders’ equity in percent in relation to total assets. The performance measure demonstrates how much of the total assets that have been financed with equity for the assessment of the company’s capital structure and financial risk. Net asset value, USD and SEK Net asset value is defined as the amount of shareholders’ equity according to the balance sheet. The performance measure determines the value of the company’s net assets and thus shows the carrying amount of the company enabling a comparison with the company’s enterprise value. Net asset value per share, USD and SEK Shareholders’ equity divided by total number of common shares at the end of the period. An established performance measure for investment companies that demonstrates the owners’ share of the company’s total net assets per share and enables comparison with the company’s share price. Net asset value per share development in USD and SEK, % Change in net asset value per share in USD and SEK compared with previous accounting year, in percent. A measure of profitability that shows the company’s return and how the net asset value per share develops between different periods. Net asset value per share adjusted for rights issue and buy-back of own shares, USD and SEK Net asset value per share adjusted for rights issue and buy- back of own shares is defined as the amount of shareholders’ equity according to the balance sheet adjusted for rights issue and buy-back of own shares during the year. The adjusted shareholders’ equity is divided by the adjusted number of common shares, which excludes issued and repurchased shares during the year. To reflect the net asset value development by excluding transactions with owners shown in the shareholder’s equity specification by adjusting the numerator (net asset value) and the denominator (number of common shares). Net asset value per share development in USD and SEK, adjusted for rights issue and buy-back of own shares, % Net asset value per share development in USD and SEK, adjusted for rights issue and buy-back of own shares is defined as the adjusted shareholders’ equity divided by the adjusted number of common shares. Provided that rights issue proceeds have been invested in level 2 investments, a more fair net asset value development is shown without the effects of rights issues and buy-backs of own shares.
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27 Financial Report for the Third Quarter and the First Nine Months 2025 Key ratios 9M/3Q 2025 12M/4Q 2024 9M/3Q 2024 Number of common shares outstanding A 129,895,530 130,978,236 130,978,236 QTD Weighted average number of common shares B 130,882,835 130,978,236 130,978,236 QTD Weighted average number of common shares – diluted C 130,882,835 130,978,236 130,978,236 QTD Earnings per share /USD/ D -0.06 0.05 -0.20 QTD Diluted earnings per share /USD/ E -0.06 0.05 -0.20 YTD Weighted average number of common shares F 130,945,968 130,978,236 130,978,236 YTD Weighted average number of common shares – diluted G 130,945,968 130,978,236 130,978,236 YTD Earnings per share /USD/ H 0.06 -0.65 -0.70 YTD Diluted earnings per share /USD/ I 0.06 -0.65 -0.70 Alternative performance measures 9M/3Q 2025 12M/4Q 2024 9M/3Q 2024 Equity ratio /%/ J 86.09% 87.95% 86.58% Net asset value /USD/ K 587,092,722 581,392,614 574,519,859 Net asset value per share /USD/ L 4.52 4.44 4.39 YTD Net asset value per share development in USD /%/ M 1.82% -12.74% -13.77% QTD Net asset value per share development in USD /%/ N -1.05% 1.20% -4.25% Net asset value per share adjusted for rights issue and buy-back of own shares /USD/ O 4.50 5.09 5.09 YTD Net asset value per share development in USD, adjusted for rights issue and buy-back of own shares /%/ P 1.46% -12.74% -15.78% Net asset value /SEK/ Q 5,523,859,725 6,394,243,178 5,804,381,030 Net asset value per share /SEK/ R 42.53 48.82 44.32 YTD Net asset value per share development in SEK /%/ S -12.89% -4.43% -13.25% QTD Net asset value per share development in SEK /%/ T -2.00% 10.16% -8.84% Net asset value per share adjusted for rights issue and buy-back of own shares /SEK/ U 42.37 48.82 44.32 YTD Net asset value per share development in SEK, adjusted for rights issue and buy-back of own shares /%/ V -13.20% -4.43% -13.25% Reconciliations of key ratios 9M/3Q 2025 12M/4Q 2024 9M/3Q 2024 A Number of common shares outstanding 129,895,530 130,978,236 130,978,236 Number of plan shares outstanding 6,131,999 4,831,999 4,831,999 Total number of shares outstanding 136,027,529 135,810,235 135,810,235 B QTD Weighted average number of common shares 130,882,835 130,978,236 130,978,236 QTD Weighted average number of plan shares 6,131,999 4,831,999 4,831,999 QTD Weighted average number of total shares 137,014,834 135,810,235 135,810,235 C QTD Weighted average number of common shares – diluted 130,882,835 130,978,236 130,978,236 D QTD Earnings per share /USD/ QTD Net result for the financial period -8,479,301 6,801,100 -25,617,444 QTD Weighted average number of common shares 130,882,835 130,978,236 130,978,236 QTD Earnings per share /USD/ -0.06 0.05 -0.20 E QTD Diluted earnings per share /USD/ QTD Net result for the financial period -8,479,301 6,801,100 -25,617,444 QTD Weighted average number of common shares – diluted 130,882,835 130,978,236 130,978,236 QTD Diluted earnings per share /USD/ -0.06 0.05 -0.20 F YTD Weighted average number of common shares 130,945,968 130,978,236 130,978,236 YTD Weighted average number of plan shares 6,131,999 4,831,999 4,831,999 YTD Weighted average number of total shares 137,077,967 135,810,235 135,810,235 G YTD Weighted average number of common shares – diluted 130,945,968 130,978,236 130,978,236 H YTD Earnings per share /USD/ YTD Net result for the financial period 8,257,998 -85,139,299 -91,940,399 YTD Weighted average number of common shares 130,945,968 130,978,236 130,978,236 YTD Earnings per share /USD/ 0.06 -0.65 -0.70 I YTD Diluted earnings per share /USD/ YTD Net result for the financial period 8,257,998 -85,139,299 -91,940,399 YTD Weighted average number of common shares – diluted 130,945,968 130,978,236 130,978,236 YTD Diluted earnings per share /USD/ 0.06 -0.65 -0.70 Reconciliations of alternative performance measures 9M/3Q 2025 12M/4Q 2024 9M/3Q 2024 J Equity ratio /%/ Shareholders equity /USD/ 587,092,722 581,392,614 574,519,859 Total assets /USD/ 681,962,736 661,015,466 663,591,803 Equity ratio /%/ 86.09% 87.95% 86.58% K Net asset value /USD/ 587,092,722 581,392,614 574,519,859 L Net asset value per share /USD/ Net asset value /USD/ 587,092,722 581,392,614 574,519,859 Number of common shares outstanding 129,895,530 130,978,236 130,978,236 Net asset value per share /USD/ 4.52 4.44 4.39 M YTD Net asset value per share development in USD /%/ Net asset value per share – opening value /USD/ 4.44 5.09 5.09 Net asset value per share – closing value /USD/ 4.52 4.44 4.39 YTD Net asset value per share development in USD /%/ 1.82% -12.74% -13.77% N QTD Net asset value per share development in USD /%/ Net asset value per share – opening value /USD/ 4.57 4.39 4.58 Net asset value per share – closing value /USD/ 4.52 4.44 4.39 QTD Net asset value per share development in USD /%/ -1.05% 1.20% -4.25%
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28 Financial Report for the Third Quarter and the First Nine Months 2025 Reconciliations of alternative performance measures (continued) 9M/3Q 2025 12M/4Q 2024 9M/3Q 2024 O Net asset value per share adjusted for rights issue and buy-back of own shares /USD/ Net asset value /USD/ 587,092,722 581,392,614 574,519,859 Buy-back of own shares /USD/ 2,798,584 – – Net asset value adjusted for rights issue and buy-back of own shares /USD/ 589,891,306 581,392,614 574,519,859 Number of common shares outstanding 129,895,530 130,978,236 130,978,236 Buy-back of own shares 1,082,706 – – Number of common shares before rights issue and buy-back of own shares 130,978,236 130,978,236 130,978,236 Net asset value adjusted for rights issue and buy-back of own shares /USD/ 589,891,306 581,392,614 574,519,859 Number of common shares before rights issue and buy-back of own shares 130,978,236 130,978,236 130,978,236 Net asset value per share adjusted for rights issue and buy-back of own shares /USD/ 4.50 4.44 4.39 Net asset value /USD/ 587,092,722 581,392,614 574,519,859 Number of common shares outstanding 129,895,530 130,978,236 130,978,236 Net asset value per share including rights issue and buy-back of own shares /USD/ 4.52 4.44 4.39 Net asset value per share adjusted for rights issue and buy-back of own shares /USD/ 4.50 4.44 4.39 Net asset value per share including rights issue and buy-back of own shares /USD/ 4.52 4.44 4.39 Net asset value per share /USD/ 4.52 4.44 4.39 Net asset value per share adjusted for rights issue (presentation below) /USD/ 4.50 4.44 4.39 P YTD Net asset value per share development in USD, adjusted for rights issue and buy-back of own shares /%/ Net asset value per share – opening value /USD/ 4.44 5.09 5.09 Net asset value per share adjusted for rights issue and buy-back of own shares – closing value /USD/ 4.50 4.44 4.39 YTD Net asset value per share development in USD, adjusted for rights issue and buy-back of own shares /%/ 1.46% -12.74% -15.78% Q Net asset value /SEK/ Net asset value /USD/ 587,092,722 581,392,614 574,519,859 SEK/USD 9.4088 10.9982 10.1030 Net asset value /SEK/ 5,523,859,725 6,394,243,178 5,804,381,030 R Net asset value per share /SEK/ Net asset value /USD/ 587,092,722 581,392,614 574,519,859 SEK/USD 9.4088 10.9982 10.1030 Net asset value /SEK/ 5,523,859,725 6,394,243,178 5,804,381,030 Number of common shares outstanding 129,895,530 130,978,236 130,978,236 Net asset value per share /SEK/ 42.53 48.82 44.32 Reconciliations of alternative performance measures (continued) 9M/3Q 2025 12M/4Q 2024 9M/3Q 2024 S YTD Net asset value per share development in SEK /%/ Net asset value per share – opening value /SEK/ 48.82 51.08 51.08 Net asset value per share – closing value /SEK/ 42.53 48.82 44.32 YTD Net asset value per share development in SEK /%/ -12.89% -4.43% -13.25% T QTD Net asset value per share development in SEK /%/ Net asset value per share – opening value /SEK/ 43.39 44.32 48.61 Net asset value per share – closing value /SEK/ 42.53 48.82 44.32 QTD Net asset value per share development in SEK /%/ -2.00% 10.16% -8.84% U Net asset value per share adjusted for rights issue and buy-back of own shares /SEK/ Net asset value /SEK/ 5,523,859,725 6,394,243,178 5,804,381,030 Buy-back of own shares /SEK/ 26,327,053 – – Net asset value adjusted for rights issue and buy-back of own shares /SEK/ 5,550,186,778 6,394,243,178 5,804,381,030 Number of common shares outstanding 129,895,530 130,978,236 130,978,236 Buy-back of own shares 1,082,706 – – Number of common shares before rights issue and buy-back of own shares 130,978,236 130,978,236 130,978,236 Net asset value adjusted for rights issue and buy-back of own shares /SEK/ 5,550,186,778 6,394,243,178 5,804,381,030 Number of common shares before rights issue and buy-back of own shares 130,978,236 130,978,236 130,978,236 Net asset value per share adjusted for rights issue and buy-back of own shares /SEK/ 42.37 48.82 44.32 Net asset value /SEK/ 5,523,859,725 6,394,243,178 5,804,381,030 Number of common shares outstanding 129,895,530 130,978,236 130,978,236 Net asset value per share including rights issue and buy-back of own shares /SEK/ 42.53 48.82 44.32 Net asset value per share adjusted for rights issue and buy-back of own shares /SEK/ 42.37 48.82 44.32 Net asset value per share including rights issue and buy-back of own shares /SEK/ 42.53 48.82 44.32 Net asset value per share /SEK/ 42.53 48.82 44.32 Net asset value per share adjusted for rights issue (presentation below) /SEK/ 42.37 48.82 44.32 V YTD Net asset value per share development in SEK, adjusted for rights issue and buy-back of own shares /%/ Net asset value per share – opening value /SEK/ 48.82 51.08 51.08 Net asset value per share adjusted for rights issue and buy-back of own shares – closing value /SEK/ 42.37 48.82 44.32 YTD Net asset value per share development in SEK, adjusted for rights issue and buy-back of own shares /%/ -13.20% -4.43% -13.25%
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29 Financial Report for the Third Quarter and the First Nine Months 2025 Upcoming Reporting Dates VNV Global’s report for the fourth quarter and twelve- month period January 1, 2025–December 31, 2025, will be published on January 29, 2026. Stockholm, Sweden, October 28, 2025 Tom Dinkelspiel Chairman of the Board Therese Angel Board member Josh Blachman Board member Keith Richman Board member Olga San Jacinto Board member Per Brilioth Managing Director and Board member For further information contact Per Brilioth or Björn von Sivers: Telephone: +46 8 545 015 50, www.vnv.global VNV Global AB (publ) Mäster Samuelsgatan 1, 1st floor SE-111 44 Stockholm Sweden Phone +46 8 545 015 50 Fax +46 8 545 015 54 www.vnv.global info@vnv.global
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30 Financial Report for the Third Quarter and the First Nine Months 2025 Auditor’s report To the Board of directors in VNV Global AB (publ), corporate identity number 556677-7917 This is a translation of the Swedish language original. In the event of any differences between this translation and the Swedish language original, the latter shall prevail. Introduction We have conducted a limited review of the condensed interim financial information (interim report) for VNV Global AB (publ) as of September 30, 2025, and the nine-month period ending on that date. The board of directors and the managing director are responsible for preparing and presenting this interim report in accor- dance with IAS 34 and the Swedish Annual Accounts Act. Our responsibility is to express a conclusion on this interim report based on our limited review. The focus and scope of the limited review We have conducted our limited review in accor- dance with the International Standard on Review Engagements ISRE 2410, “Review of Interim Financial Information Performed by the Independent Auditor of the Entity.” A limited review consists of making inqui- ries, primarily of persons responsible for financial and accounting matters, performing analytical procedures, and other review procedures. A limited review has a different focus and a significantly smaller scope com - pared to the focus and scope of an audit conducted in accordance with ISA and generally accepted auditing standards. The review procedures taken in a limited review do not enable us to obtain the assurance that we would become aware of all significant matters that might have been identified in an audit. Therefore, the conclusion expressed based on a limited review does not have the assurance that a conclusion expressed based on an audit has. Conclusion Based on our limited review, nothing has come to our attention that causes us to believe that the interim report is not, in all material respects, prepared for the group in accordance with IAS 34 and the Annual Accounts Act and for the parent company in accor- dance with the Annual Accounts Act. Gothenburg, October 28, 2025 Öhrlings PricewaterhouseCoopers AB Johan Brobäck Authorized Public Accountant