VNV Global — Call Transcript 2026

Okay. Hey, welcome everybody. This is our, as in we are VNV Global, this is our Q1 investor call. I'll kick things off. We have this usual summary page, which is the next one. Yeah. NAV $462 million, which is down a bunch since the end of last year. As we try to sort of highlight in the narrative in the report, it's because of market and the peer group, the public sort of peer group from which we take multiples, they're down a lot. In some cases, there are names that we use that are down like 30%, and that's the main driver because the portfolio at large is doing really well. As I wrote, if that sort of peer group multiple that we download and multiply with what we see at our companies, if that would've been flat this quarter, the NAV would've been up since the end of last year. This is how we value the portfolio, and we can't change that from quarter to quarter, even if we don't think it reflects the reality of the value here. We're subject to that volatility and if the second quarter were closed today, it would've been up. We'll see where it closes. We're basically subject to that volatility. That volatility has taken the NAV down. It's not reflective of what's going on in our portfolio. I don't know if one sort of just has a go at trying to put the big sort of high-level reasons for why this peer group is down. I think it sort of falls into two main buckets. One is this fear, uncertainty, combination of those and what AI will do to a bunch of software companies. As we've been on and on about before, we really don't see that as relevant. It's nearly the other way around for our portfolio companies, is that we feel that these companies in our portfolio, they benefit from the emergence of AI platforms, models, that whole new toolbox in so many ways. The combination of hardware sort of proprietary data sets and sort of a customer base that sort of goes directly onto the platforms without any intermediaries. Just the ability of these new ways of writing code and software, et cetera, is so beneficial basically for these companies. The other one, of course, I think you'll agree with me, is this sort of are we heading to a recession? Energy prices are up, inflation is up, interest rates are high because of inflation and that whole thing. The point there is that we have sort of strong elements of counter-cyclicality in our portfolios. When in tough times, you use these products more. It's most intuitive around BlaBlaCar. We'll come back to that. It's there basically. Yeah. With that sort of long winding intro, I thought we'd sort of kick off this, we'll take you through the numbers and touch a little bit upon the different names. Björn, do you want to run us through the numbers? Sure. Starting off the overall portfolio, here is simplified breakdown of the balance sheet. As Per mentioned, NAV down to $462 million, down 15% over the quarter in dollars to $3.61 per share. In SEK, that's SEK 34.25 per share or down 12% over the quarter. Total investment portfolio amounted to $503 million, consisting of sort of $486 million of investments and $17 million worth of cash. Important to note that we have an additional $30 million of cash and cash equivalents, but in liquidity management investments. All in all, we're looking at sort of cash equivalents, and liquidity placings in the range of $47 million. Borrowings down to $45.7 million as per quarter end. Continue to trade at a significant discount to NAV. As of today, sort of 49% discount. Moving down to the sort of big drivers over this quarter is, of course, the larger constituents of the portfolio. Just going through the few largest ones here. BlaBlaCar, obviously the largest driver, down 27% or $44 million to $120 million for the holding. Primarily driven by depreciating multiples over the quarter, both driven from the overall rapid developments and uncertainty coming from the AI space, but then also, of course, from the geopolitical tension, whereas BlaBlaCar sort of part of that peer group is in the OTA travel-related marketplaces that have been hit a lot. Same goes for Voi. That's also down over the quarter based on multiples. It's an order of 16% or $20 million. HousingAnywhere here actually valued on a new transaction. We participated with EUR 1 million and another sort of $1.5 million converted from earlier convertible investments we held. Numan Breadfast-based valued on transactions, so relatively flat, a little bit of FX on Numan. Bokadirekt down roughly 10%, also driven by contracting multiples. All in all, these six names represent SEK 26 per share or on an aggregate basis, 77% of the NAV. Again, sort of ended the quarter with $17 million of cash equivalents and $30 million in liquidity management investments. Also, during the quarter, we bought back another close to 500,000 VNV shares and also a small amount of the outstanding bonds, which I'll come to now, which we also sort of announced today, a partial buyback offer of the outstanding bond up to a transaction cap of SEK 275 million. This is to sort of effectively take down the gross debt, and also lower the interest expense going forward. We launched this today, and we'll hopefully have sort of the outcome sometime next week. With that, I thought I'll hand back to Per, and he will touch a little bit more deep in the larger portfolio holdings. Thanks. The structure of the portfolio looks very similar to what you've seen before. Nothing really to comment here, but if we flick to the next page, this portfolio, as we've been on about, trades at sort of roughly half of the reported NAV. As I think it's clear, we think that NAV is attractive, cheap, and hence we've been buying back stock, as we think that that's the absolute best thing one can do with shareholder money. Our sort of aim is absolutely to continue doing that. The reason being, as the next slide shows, as you've seen before, is that this is a portfolio that at large is positive, is earnings positive, is profitable. The slight downtick from a year ago is because of the absence of Gett, which is a profitable company. At large, this portfolio is profitable and not sort of craving a lot of money to stay alive. That's not a reason for saving money to sort of put it back into this portfolio names. We can use the money we have to buy back stock. This profitability does not come at the expense of growth. We've made a new slide, which is the next one, you'll recognize it from earlier that this portfolio continues to grow over the past, sort of is it three years? You've got a CAGR of nearly 30% across these six top names, in terms of revenue growth, and it's turned from being slightly negative profitability to positive. Big change there. As we try to highlight here also just as a reminder of how markets move around, those six names back in 2023, this quarter, first quarter of 2023, we had them in our NAV at $446 million. Total NAV was like $800 back then. We now value them at $358. Despite that sort of big shift in loss-making to profitable and the very sort of steady growth this last quarter, that portfolio grew by some 25% still, but marked lower. The overall NAV is of course lower because we've sold some stuff to pay down debt. I think that's a useful reminder of where we've come from and where we are today, both in terms of sort of quality of the portfolio, but also how we market. We then go into the bulk of the portfolio, there's nothing really new around BlaBlaCar. This is a good summary, I think, around how they sort of closed 2025 with EUR 2 billion of GMV, which is a sizable number. I know GMV is not revenue, but as you remember, a bunch of their markets are unmonetized yet, and some of them are really coming strongly into monetization, like Brazil now. Others remain unmonetized, waiting for liquidity to sort of further improve. Still, GMV, that's the tool that many people use to sort of value these kind of sort of platforms, et cetera. If you use that number, and to where we're marking it today, it's 0.4x GMV, which I think is fair to sort of categorize as attractive, certainly in my mind that is. If you go to the next page, we also have a BlaBlaCar that's doing really well at this start of 2026. They have had a strong start. Also of late, we've really seen this element of counter-cyclicality in the business model, where oil prices go up, energy prices go up at large, driven by oil prices now, the activity of BlaBlaCar goes up because it's more expensive to drive a car, and you're more prone to get other people in to fill those seats. You do that through the BlaBlaCar platform, so BlaBlaCar gets more business, and the graph on the right sort of highlights that. I think that's sort of all for BlaBlaCar. Let's go and talk about Voi. Dennis, do you want to run us through Voi? Happy to. Thank you, Per. Voi closed a record 2025 with EUR 178 million of net revenue. This is up 34% year-over-year. An adjusted EBITDA of EUR 29.3 million, which is up 70% year-over-year. An adjusted EBIT of around EUR 3.2 million, up from essentially breakeven in 2024. Very significant improvement across the board in the P&L. As we alluded to earlier, the company during the year also did a tap of EUR 40 million on the existing bond framework to fund growth CapEx for 2026. They also secured an RCF with Danske Bank and Swedbank here in the Nordics for EUR 25 million, which is still untapped but provides additional financing flexibility should they need it. In Q1 of 2026, we've written down the value of our stake in Voi by 16%. This is primarily driven by peer multiples trading down, as Per has already talked about earlier, but in part also driven by FX as the dollar has appreciated against the euro during the quarter. Operationally, Voi has had a strong start to the year. It continues to win tenders. In Q1 alone, they've won tenders in Netherlands, in France, in Germany, and in Norway. They've also started to roll out their new fleet of e-scooters, the V9 e-scooter and the e-bikes, the E5 and the EL2, across the streets of Europe, putting to use the bond money that they raised at the end of last year. The company will issue their Q1 report on Monday next week. That's on April 27th. More information will be available then. I see we've already jumped to the next slide, which is good. As Per wrote about in the intro to the report, when Voi issued its bond in 2024, it pioneered a financing model that industry peers have since either replicated or attempted to replicate. We have now received the first public financials from one of those peers, and the comparison truly reinforces our conviction in Voi's strategy and in their execution. As you can see in the numbers here on the graph, while Voi grew revenues by 34% year-over-year and generated reported EBITDA, different from adjusted EBITDA, but reported EBITDA of EUR 19 million and EUR 24 million of cash flow from operations, the European peer here saw a revenue decline of 16% year-over-year. On essentially the same revenue base, generated EUR -13 million of EBITDA and EUR -20 million of cash flow from operations. We've excluded EBIT here as the peer changed methodology on this metric during the year, so making a like-for-like comparison difficult. That number was heavily negative as well for the peer. As I said, we are convinced that Voi's strategy and execution is the best in the industry, and I think one additional data point that supports that is when looking at the revenue generation per vehicle and day on the right-hand side of this slide. Voi generating EUR 3.94 per vehicle and day in 2025, and the peer down at EUR 2.88 in revenue per vehicle per day. We can see here that that's a 37% more revenue generation per vehicle at Voi. I think this really shows how Voi's investments across the full platform, everything from hardware, where they have their own proprietary IT module, high-capacity swappable batteries, to software, where they use machine learning for fleet optimization. They have a very strong fleet and inventory tracking system. And lastly, operations, where they have best-in-class fleet sourcing, fleet management, maintenance, and eventually resell, is truly paying off. With that, we can go to the final slide, where there's really nothing new to report. They've seen continued growth on top line and improvements on profitability across the board, as I alluded to earlier. As also mentioned, their Q1 report is out on Monday, so we encourage you to keep an eye out on their IR website then. If we then jump to the next company being HousingAnywhere. HousingAnywhere has had a good first year under Antonio Intini, who joined as CEO roughly a year ago after having senior roles at both Immobiliare and before that, Amazon. Looking at their 2025 financials, the company closed the year with continued growth on top line and a positive adjusted EBITDA, which is a big improvement on the year before. In Q1, as Björn mentioned, HousingAnywhere closed a financing round where VNV participated with EUR 1 million, and where previously held convertible loan notes were converted to equity. With this new funding, we think that the conditions are in place to push growth harder from here, and we look forward to following that in the quarter, which was done around the NAV mark at year-end last year. If we finally go to Numan. Numan closed a very strong 2025 with north of 125% growth on revenues and positive adjusted EBITDA. As we've spoken about in the past, their weight loss vertical has been a key driver of this growth over the past couple of years, and 2025 was no exception. In Q1 2026, the company has continued to grow, albeit we have seen growth come down from the levels it's seen in past years, primarily driven by some price changes in the market for GLP-1 in the U.K., which initially led to some stockpiling behavior ahead of the increases and then some slightly lower activity following. As said, they're still growing year-over-year in Q1. We value Numan on the back of a transaction that they closed last summer. However, should we have valued it on the back of a peer group model this quarter, it would've been roughly in line with the mark we currently carry. That. Finally, this company continues to invest in its unified Numan 2.0 platform, which we believe is a key driver to long-term LTV growth and patient retention, and we look forward to seeing the results from those investments in the quarters to come. That's it on Numan. Handing it back to you, Björn. Thank you. I'll finish off with sort of a short comment on Breadfast here, who continues to see strong growth in its core e-commerce business, and also sort of initial promising dynamics in its fintech offering. During Q1, the company announced sort of the final tranche of their $50 million funding round, which they completed sort of majority of last year, but the final tranche sort of closed in Q1. The company is funded and continues to grow well and sort of flat valuation still based on this transaction. Finally, on the top six here, we have Bokadirekt, who's also sort of down during the quarter, primarily driven by multiples, but on sort of that side, continued strong performance, strong profitability. Bokadirekt also announced a small acquisition during first quarter. They bought a company called Zoezi, which is sort of a niche SaaS player for gyms and personal trainers, which will add both sort of top line and profitability to the company. With that, I think we're through the top six names, and we'll head to a Q&A. Just as a reminder here on the Zoom, please use the chat function or the Q&A function in Zoom, and we'll try to address them. I believe we have a few questions. We could start with this one for you, Per, perhaps. Once you do the partial bond redemption, what do you think is the remaining headroom to repurchase shares? Or put it differently, how do you weigh sort of the bond redemption versus share buybacks going forward? Yeah. Our goal for a long time, as you know, and which we've sort of achieved now with the sale of Gett, is to sort of become debt-free, and not to sort of be burdened by paying a coupon because of the debt we have. This is just a continuation of that. At the same time, we absolutely aim to have liquidity to make use of this sort of gift that the market is giving us of valuing us where we are and put shareholder money to work at that. We've been active around that, and we do it in the way we do it. As I think you've all sort of seen, we do sort of highlight in press release what we bought the previous week. I think it's fair to expect us to continue to doing that and also to fund that. Now, this partial bond redemption sort of leaves a little bit of cash. We still don't have cash, but or yeah, just barely, but we are. It leaves liquidity to continue to do that, so that's good. When we get to the sort of end of the duration of this bond, then during that sort of period, we see that we will have completed several more exits. There's an ongoing sort of process, some driven by us, some driven by sort of things at large, that will provide us with liquidity. It's too early to talk about that because nothing's done until it's done, but I feel sort of assured that we will have sort of ample liquidity both to sort of retire this bond in full and then to buy back stock. But nothing's done until it's done, but this redemption leaves us with, I think, a good balance of liquidity to make use of what we want to do here in the market. Thanks. Another question here on BlaBlaCar. You mentioned profitability at BlaBlaCar briefly. Could you give us some color on how this would scale if the higher activity levels from March were to persist during the year? Does the increased activity translate into higher profitability as well? For sure it does. We unfortunately are not at liberty to share any further details as much as we would like. We're not at liberty to do that. For sure, this drives business revenue and higher earnings. It is a positive, for sure. Maybe I can add there, Per, without saying too much to your point, we're not at the liberty to do so, but the core carpooling business that they run operates at north of 90% gross margin. Any kind of revenue coming outside of what we anticipated covers the fixed cost that's already covered. You get a pretty high contribution on the bottom line from that. To Per's point, the answer is yes. Yeah. No, well described, Dennis. Yeah, I hope that answers that question. Yeah. Then a follow-up question on buybacks of shares and bonds. Given the volatility in the markets and contracting multiples, aren't you more eager to increase buyback levels of the share? And/or if not, are there other plans for additional investments in the existing portfolio companies or new funding routes? Just having a go at that question, the different parts of it. There's nothing major. None of the large ones have any large rounds going on. There's small bits and pieces where we've been active in the portfolio, but they're really on the marginal side of things. Not a big draw on liquidity. Yeah. If we had liquidity to do more now, I absolutely would be a strong advocate of doing more in terms of buybacks. I think it's very attractive. I really, really believe that our NAV will be able to deliver serious returns over these coming years. If we had the liquidity to do more, we'd do that, but we obviously need to balance that liquidity. Very eager to participate in the way we're doing now. It's that balance that you may feel keeps us doing this at a frustratingly timid kind of level. It's necessary to do it that way. If we can accelerate some exits that are at NAV or around NAV, then of course it makes a lot of sense to do those and then sell. Nothing's done until it's done. I feel very strongly that we will be able to complete some further exits and hence we'll have liquidity to do more, but got to keep an eye on that balance. Another question here, specifically on the Voi valuation, maybe for you, Dennis. Other than contracting multiples, what levers have been moving around on that in the model? The multiples is the primary driver. As you know, we value in the next 12 months, so we've moved one quarter forward. The NTM outlook is obviously higher than it was in the previous quarter since the company is growing. You also have FX, as I alluded to earlier, that the dollar has depreciated against the euro, so that's one negative contributor, also net debt. In the case of Voi, we don't simply take cash minus debt. We look at what obligations the company has with the existing cash. In this case, it's CapEx investments for 2026, where they've improved payment terms significantly over the past couple of years. Cash outflows happen during the year to a larger degree than everything going out when you place the orders. It's a combination of FX, net debt, but primarily, as said, multiples. Thank you. With that, I don't think we have any further questions at this point in time. As always, you're happy, feel free to reach out over email. I will try to be helpful. Other than that, I'll leave it to you, Per, for any final words. Yes. Nothing more to add. Frustrating quarter because of all the stuff that we've talked about. We feel really positive about the portfolio and the opportunities that we have here. Yeah. When's our next report, Björn? We're looking at- July. Sorry? July 14th. July 14th, the National Day in France. That's when we'll speak next. Thank you, everyone. Thank you. Thank you.

Speaker 3: Okay. Hey, welcome everybody. This is our, as in we are VNV Global, this is our Q1 investor call. I'll kick things off. We have this usual summary page, which is the next one. Yeah. NAV $462 million, which is down a bunch since the end of last year. As we try to sort of highlight in the narrative in the report, it's because of market and the peer group, the public sort of peer group from which we take multiples, they're down a lot. In some cases, there are names that we use that are down like 30%, and that's the main driver because the portfolio at large is doing really well. Okay. okay Hey, welcome everybody. hey welcome everybody This is our, as in we are VNV Global, this is our Q1 investor call. this is our as in we are vnv global this is our q1 investor call I'll kick things off. i'll kick things off We have this usual summary page, which is the next one. we have this usual summary page which is the next one Yeah. yeah NAV $462 million, which is down a bunch since the end of last year. nav $462 million which is down a bunch since the end of last year As we try to sort of highlight in the narrative in the report, it's because of market and the peer group, the public sort of peer group from which we take multiples, they're down a lot. as we try to sort of highlight in the narrative in the report it's because of market and the peer group the public sort of peer group from which we take multiples they're down a lot In some cases, there are names that we use that are down like 30%, and that's the main driver because the portfolio at large is doing really well. in some cases there are names that we use that are down like 30% and that's the main driver because the portfolio at large is doing really well As I wrote, if that sort of peer group multiple that we download and multiply with what we see at our companies, if that would've been flat this quarter, the NAV would've been up since the end of last year. This is how we value the portfolio, and we can't change that from quarter to quarter, even if we don't think it reflects the reality of the value here. We're subject to that volatility and if the second quarter were closed today, it would've been up. We'll see where it closes. We're basically subject to that volatility. That volatility has taken the NAV down. It's not reflective of what's going on in our portfolio. I don't know if one sort of just has a go at trying to put the big sort of high-level reasons for why this peer group is down. As I wrote, if that sort of peer group multiple that we download and multiply with what we see at our companies, if that would've been flat this quarter, the NAV would've been up since the end of last year. as i wrote if that sort of peer group multiple that we download and multiply with what we see at our companies if that would've been flat this quarter the nav would've been up since the end of last year This is how we value the portfolio, and we can't change that from quarter to quarter, even if we don't think it reflects the reality of the value here. this is how we value the portfolio and we can't change that from quarter to quarter even if we don't think it reflects the reality of the value here We're subject to that volatility and if the second quarter were closed today, it would've been up. we're subject to that volatility and if the second quarter were closed today it would've been up We'll see where it closes. we'll see where it closes We're basically subject to that volatility. we're basically subject to that volatility That volatility has taken the NAV down. that volatility has taken the nav down It's not reflective of what's going on in our portfolio. it's not reflective of what's going on in our portfolio I don't know if one sort of just has a go at trying to put the big sort of high-level reasons for why this peer group is down. i don't know if one sort of just has a go at trying to put the big sort of high-level reasons for why this peer group is down I think it sort of falls into two main buckets. One is this fear, uncertainty, combination of those and what AI will do to a bunch of software companies. As we've been on and on about before, we really don't see that as relevant. It's nearly the other way around for our portfolio companies, is that we feel that these companies in our portfolio, they benefit from the emergence of AI platforms, models, that whole new toolbox in so many ways. The combination of hardware sort of proprietary data sets and sort of a customer base that sort of goes directly onto the platforms without any intermediaries. Just the ability of these new ways of writing code and software, et cetera, is so beneficial basically for these companies. I think it sort of falls into two main buckets. i think it sort of falls into two main buckets One is this fear, uncertainty, combination of those and what AI will do to a bunch of software companies. one is this fear uncertainty combination of those and what ai will do to a bunch of software companies As we've been on and on about before, we really don't see that as relevant. as we've been on and on about before we really don't see that as relevant It's nearly the other way around for our portfolio companies, is that we feel that these companies in our portfolio, they benefit from the emergence of AI platforms, models, that whole new toolbox in so many ways. it's nearly the other way around for our portfolio companies is that we feel that these companies in our portfolio they benefit from the emergence of ai platforms models that whole new toolbox in so many ways The combination of hardware sort of proprietary data sets and sort of a customer base that sort of goes directly onto the platforms without any intermediaries. the combination of hardware sort of proprietary data sets and sort of a customer base that sort of goes directly onto the platforms without any intermediaries Just the ability of these new ways of writing code and software, et cetera, is so beneficial basically for these companies. just the ability of these new ways of writing code and software et cetera is so beneficial basically for these companies The other one, of course, I think you'll agree with me, is this sort of are we heading to a recession? Energy prices are up, inflation is up, interest rates are high because of inflation and that whole thing. The point there is that we have sort of strong elements of counter-cyclicality in our portfolios. When in tough times, you use these products more. It's most intuitive around BlaBlaCar. We'll come back to that. It's there basically. Yeah. With that sort of long winding intro, I thought we'd sort of kick off this, we'll take you through the numbers and touch a little bit upon the different names. Björn, do you want to run us through the numbers? The other one, of course, I think you'll agree with me, is this sort of are we heading to a recession? the other one of course i think you'll agree with me is this sort of are we heading to a recession Energy prices are up, inflation is up, interest rates are high because of inflation and that whole thing. energy prices are up inflation is up interest rates are high because of inflation and that whole thing The point there is that we have sort of strong elements of counter-cyclicality in our portfolios. the point there is that we have sort of strong elements of counter-cyclicality in our portfolios When in tough times, you use these products more. when in tough times you use these products more It's most intuitive around BlaBlaCar. it's most intuitive around blablacar We'll come back to that. we'll come back to that It's there basically. it's there basically Yeah. yeah With that sort of long winding intro, I thought we'd sort of kick off this, we'll take you through the numbers and touch a little bit upon the different names. with that sort of long winding intro i thought we'd sort of kick off this we'll take you through the numbers and touch a little bit upon the different names Björn, do you want to run us through the numbers? björn do you want to run us through the numbers

Speaker 1: Sure. Starting off the overall portfolio, here is simplified breakdown of the balance sheet. As Per mentioned, NAV down to $462 million, down 15% over the quarter in dollars to $3.61 per share. In SEK, that's SEK 34.25 per share or down 12% over the quarter. Total investment portfolio amounted to $503 million, consisting of sort of $486 million of investments and $17 million worth of cash. Important to note that we have an additional $30 million of cash and cash equivalents, but in liquidity management investments. All in all, we're looking at sort of cash equivalents, and liquidity placings in the range of $47 million. Borrowings down to $45.7 million as per quarter end. Continue to trade at a significant discount to NAV. As of today, sort of 49% discount. Sure. sure Starting off the overall portfolio, here is simplified breakdown of the balance sheet. starting off the overall portfolio here is simplified breakdown of the balance sheet As Per mentioned, NAV down to $462 million, down 15% over the quarter in dollars to $3.61 per share. as per mentioned nav down to $462 million down 15% over the quarter in dollars to $3.61 per share In SEK, that's SEK 34.25 per share or down 12% over the quarter. in sek that's sek 34.25 per share or down 12% over the quarter Total investment portfolio amounted to $503 million, consisting of sort of $486 million of investments and $17 million worth of cash. total investment portfolio amounted to $503 million consisting of sort of $486 million of investments and $17 million worth of cash Important to note that we have an additional $30 million of cash and cash equivalents, but in liquidity management investments. important to note that we have an additional $30 million of cash and cash equivalents but in liquidity management investments All in all, we're looking at sort of cash equivalents, and liquidity placings in the range of $47 million. all in all we're looking at sort of cash equivalents and liquidity placings in the range of $47 million Borrowings down to $45.7 million as per quarter end. borrowings down to $45.7 million as per quarter end Continue to trade at a significant discount to NAV. continue to trade at a significant discount to nav As of today, sort of 49% discount. as of today sort of 49% discount Moving down to the sort of big drivers over this quarter is, of course, the larger constituents of the portfolio. Just going through the few largest ones here. BlaBlaCar, obviously the largest driver, down 27% or $44 million to $120 million for the holding. Primarily driven by depreciating multiples over the quarter, both driven from the overall rapid developments and uncertainty coming from the AI space, but then also, of course, from the geopolitical tension, whereas BlaBlaCar sort of part of that peer group is in the OTA travel-related marketplaces that have been hit a lot. Same goes for Voi. That's also down over the quarter based on multiples. It's an order of 16% or $20 million. HousingAnywhere here actually valued on a new transaction. We participated with EUR 1 million and another sort of $1.5 million converted from earlier convertible investments we held. Moving down to the sort of big drivers over this quarter is, of course, the larger constituents of the portfolio. moving down to the sort of big drivers over this quarter is of course the larger constituents of the portfolio Just going through the few largest ones here. just going through the few largest ones here BlaBlaCar, obviously the largest driver, down 27% or $44 million to $120 million for the holding. blablacar obviously the largest driver down 27% or $44 million to $120 million for the holding Primarily driven by depreciating multiples over the quarter, both driven from the overall rapid developments and uncertainty coming from the AI space, but then also, of course, from the geopolitical tension, whereas BlaBlaCar sort of part of that peer group is in the OTA travel-related marketplaces that have been hit a lot. primarily driven by depreciating multiples over the quarter both driven from the overall rapid developments and uncertainty coming from the ai space but then also of course from the geopolitical tension whereas blablacar sort of part of that peer group is in the ota travel-related marketplaces that have been hit a lot Same goes for Voi. same goes for voi That's also down over the quarter based on multiples. that's also down over the quarter based on multiples It's an order of 16% or $20 million. it's an order of 16% or $20 million HousingAnywhere here actually valued on a new transaction. housinganywhere here actually valued on a new transaction We participated with EUR 1 million and another sort of $1.5 million converted from earlier convertible investments we held. we participated with eur 1 million and another sort of $1.5 million converted from earlier convertible investments we held Numan Breadfast-based valued on transactions, so relatively flat, a little bit of FX on Numan. Bokadirekt down roughly 10%, also driven by contracting multiples. All in all, these six names represent SEK 26 per share or on an aggregate basis, 77% of the NAV. Again, sort of ended the quarter with $17 million of cash equivalents and $30 million in liquidity management investments. Also, during the quarter, we bought back another close to 500,000 VNV shares and also a small amount of the outstanding bonds, which I'll come to now, which we also sort of announced today, a partial buyback offer of the outstanding bond up to a transaction cap of SEK 275 million. Numan Breadfast-based valued on transactions, so relatively flat, a little bit of FX on Numan. numan breadfast-based valued on transactions so relatively flat a little bit of fx on numan Bokadirekt down roughly 10%, also driven by contracting multiples. bokadirekt down roughly 10% also driven by contracting multiples All in all, these six names represent SEK 26 per share or on an aggregate basis, 77% of the NAV. all in all these six names represent sek 26 per share or on an aggregate basis 77% of the nav Again, sort of ended the quarter with $17 million of cash equivalents and $30 million in liquidity management investments. again sort of ended the quarter with $17 million of cash equivalents and $30 million in liquidity management investments Also, during the quarter, we bought back another close to 500,000 VNV shares and also a small amount of the outstanding bonds, which I'll come to now, which we also sort of announced today, a partial buyback offer of the outstanding bond up to a transaction cap of SEK 275 million. also during the quarter we bought back another close to 500,000 vnv shares and also a small amount of the outstanding bonds which i'll come to now which we also sort of announced today a partial buyback offer of the outstanding bond up to a transaction cap of sek 275 million This is to sort of effectively take down the gross debt, and also lower the interest expense going forward. We launched this today, and we'll hopefully have sort of the outcome sometime next week. With that, I thought I'll hand back to Per, and he will touch a little bit more deep in the larger portfolio holdings. Thanks. This is to sort of effectively take down the gross debt, and also lower the interest expense going forward. this is to sort of effectively take down the gross debt and also lower the interest expense going forward We launched this today, and we'll hopefully have sort of the outcome sometime next week. we launched this today and we'll hopefully have sort of the outcome sometime next week With that, I thought I'll hand back to Per, and he will touch a little bit more deep in the larger portfolio holdings. with that i thought i'll hand back to per and he will touch a little bit more deep in the larger portfolio holdings Thanks. thanks

Speaker 3: The structure of the portfolio looks very similar to what you've seen before. Nothing really to comment here, but if we flick to the next page, this portfolio, as we've been on about, trades at sort of roughly half of the reported NAV. As I think it's clear, we think that NAV is attractive, cheap, and hence we've been buying back stock, as we think that that's the absolute best thing one can do with shareholder money. Our sort of aim is absolutely to continue doing that. The reason being, as the next slide shows, as you've seen before, is that this is a portfolio that at large is positive, is earnings positive, is profitable. The slight downtick from a year ago is because of the absence of Gett, which is a profitable company. The structure of the portfolio looks very similar to what you've seen before. the structure of the portfolio looks very similar to what you've seen before Nothing really to comment here, but if we flick to the next page, this portfolio, as we've been on about, trades at sort of roughly half of the reported NAV. nothing really to comment here but if we flick to the next page this portfolio as we've been on about trades at sort of roughly half of the reported nav As I think it's clear, we think that NAV is attractive, cheap, and hence we've been buying back stock, as we think that that's the absolute best thing one can do with shareholder money. as i think it's clear we think that nav is attractive cheap and hence we've been buying back stock as we think that that's the absolute best thing one can do with shareholder money Our sort of aim is absolutely to continue doing that. our sort of aim is absolutely to continue doing that The reason being, as the next slide shows, as you've seen before, is that this is a portfolio that at large is positive, is earnings positive, is profitable. the reason being as the next slide shows as you've seen before is that this is a portfolio that at large is positive is earnings positive is profitable The slight downtick from a year ago is because of the absence of Gett, which is a profitable company. the slight downtick from a year ago is because of the absence of gett which is a profitable company At large, this portfolio is profitable and not sort of craving a lot of money to stay alive. That's not a reason for saving money to sort of put it back into this portfolio names. We can use the money we have to buy back stock. This profitability does not come at the expense of growth. We've made a new slide, which is the next one, you'll recognize it from earlier that this portfolio continues to grow over the past, sort of is it three years? You've got a CAGR of nearly 30% across these six top names, in terms of revenue growth, and it's turned from being slightly negative profitability to positive. At large, this portfolio is profitable and not sort of craving a lot of money to stay alive. at large this portfolio is profitable and not sort of craving a lot of money to stay alive That's not a reason for saving money to sort of put it back into this portfolio names. that's not a reason for saving money to sort of put it back into this portfolio names We can use the money we have to buy back stock. we can use the money we have to buy back stock This profitability does not come at the expense of growth. this profitability does not come at the expense of growth We've made a new slide, which is the next one, you'll recognize it from earlier that this portfolio continues to grow over the past, sort of is it three years? we've made a new slide which is the next one you'll recognize it from earlier that this portfolio continues to grow over the past sort of is it three years You've got a CAGR of nearly 30% across these six top names, in terms of revenue growth, and it's turned from being slightly negative profitability to positive. you've got a cagr of nearly 30% across these six top names in terms of revenue growth and it's turned from being slightly negative profitability to positive Big change there. As we try to highlight here also just as a reminder of how markets move around, those six names back in 2023, this quarter, first quarter of 2023, we had them in our NAV at $446 million. Total NAV was like $800 back then. We now value them at $358. Despite that sort of big shift in loss-making to profitable and the very sort of steady growth this last quarter, that portfolio grew by some 25% still, but marked lower. The overall NAV is of course lower because we've sold some stuff to pay down debt. I think that's a useful reminder of where we've come from and where we are today, both in terms of sort of quality of the portfolio, but also how we market. We then go into the bulk of the portfolio, there's nothing really new around BlaBlaCar. Big change there. big change there As we try to highlight here also just as a reminder of how markets move around, those six names back in 2023, this quarter, first quarter of 2023, we had them in our NAV at $446 million. as we try to highlight here also just as a reminder of how markets move around those six names back in 2023 this quarter first quarter of 2023 we had them in our nav at $446 million Total NAV was like $800 back then. total nav was like $800 back then We now value them at $358. we now value them at $358 Despite that sort of big shift in loss-making to profitable and the very sort of steady growth this last quarter, that portfolio grew by some 25% still, but marked lower. despite that sort of big shift in loss-making to profitable and the very sort of steady growth this last quarter that portfolio grew by some 25% still but marked lower The overall NAV is of course lower because we've sold some stuff to pay down debt. the overall nav is of course lower because we've sold some stuff to pay down debt I think that's a useful reminder of where we've come from and where we are today, both in terms of sort of quality of the portfolio, but also how we market. i think that's a useful reminder of where we've come from and where we are today both in terms of sort of quality of the portfolio but also how we market We then go into the bulk of the portfolio, there's nothing really new around BlaBlaCar. we then go into the bulk of the portfolio there's nothing really new around blablacar This is a good summary, I think, around how they sort of closed 2025 with EUR 2 billion of GMV, which is a sizable number. I know GMV is not revenue, but as you remember, a bunch of their markets are unmonetized yet, and some of them are really coming strongly into monetization, like Brazil now. Others remain unmonetized, waiting for liquidity to sort of further improve. Still, GMV, that's the tool that many people use to sort of value these kind of sort of platforms, et cetera. If you use that number, and to where we're marking it today, it's 0.4x GMV, which I think is fair to sort of categorize as attractive, certainly in my mind that is. If you go to the next page, we also have a BlaBlaCar that's doing really well at this start of 2026. They have had a strong start. This is a good summary, I think, around how they sort of closed 2025 with EUR 2 billion of GMV, which is a sizable number. this is a good summary i think around how they sort of closed 2025 with eur 2 billion of gmv, which is a sizable number I know GMV is not revenue, but as you remember, a bunch of their markets are unmonetized yet, and some of them are really coming strongly into monetization, like Brazil now. i know gmv is not revenue but as you remember a bunch of their markets are unmonetized yet and some of them are really coming strongly into monetization like brazil now Others remain unmonetized, waiting for liquidity to sort of further improve. others remain unmonetized waiting for liquidity to sort of further improve Still, GMV, that's the tool that many people use to sort of value these kind of sort of platforms, et cetera. still gmv that's the tool that many people use to sort of value these kind of sort of platforms et cetera If you use that number, and to where we're marking it today, it's 0.4x GMV, which I think is fair to sort of categorize as attractive, certainly in my mind that is. if you use that number and to where we're marking it today it's 0.4x gmv which i think is fair to sort of categorize as attractive certainly in my mind that is If you go to the next page, we also have a BlaBlaCar that's doing really well at this start of 2026. if you go to the next page we also have a blablacar that's doing really well at this start of 2026 They have had a strong start. they have had a strong start Also of late, we've really seen this element of counter-cyclicality in the business model, where oil prices go up, energy prices go up at large, driven by oil prices now, the activity of BlaBlaCar goes up because it's more expensive to drive a car, and you're more prone to get other people in to fill those seats. You do that through the BlaBlaCar platform, so BlaBlaCar gets more business, and the graph on the right sort of highlights that. I think that's sort of all for BlaBlaCar. Let's go and talk about Voi. Dennis, do you want to run us through Voi? Also of late, we've really seen this element of counter-cyclicality in the business model, where oil prices go up, energy prices go up at large, driven by oil prices now, the activity of BlaBlaCar goes up because it's more expensive to drive a car, and you're more prone to get other people in to fill those seats. also of late we've really seen this element of counter-cyclicality in the business model where oil prices go up energy prices go up at large driven by oil prices now the activity of blablacar goes up because it's more expensive to drive a car and you're more prone to get other people in to fill those seats You do that through the BlaBla Car platform, so BlaBla Car gets more business, and the graph on the right sort of highlights that. you do that through the blabla car platform so blabla car gets more business and the graph on the right sort of highlights that I think that's sort of all for BlaBlaCar. i think that's sort of all for blablacar Let's go and talk about Voi. let's go and talk about voi Dennis, do you want to run us through Voi? dennis do you want to run us through voi

Speaker 2: Happy to. Thank you, Per. Voi closed a record 2025 with EUR 178 million of net revenue. This is up 34% year-over-year. An adjusted EBITDA of EUR 29.3 million, which is up 70% year-over-year. An adjusted EBIT of around EUR 3.2 million, up from essentially breakeven in 2024. Very significant improvement across the board in the P&L. As we alluded to earlier, the company during the year also did a tap of EUR 40 million on the existing bond framework to fund growth CapEx for 2026. They also secured an RCF with Danske Bank and Swedbank here in the Nordics for EUR 25 million, which is still untapped but provides additional financing flexibility should they need it. In Q1 of 2026, we've written down the value of our stake in Voi by 16%. Happy to. happy to Thank you, Per. thank you per Voi closed a record 2025 with EUR 178 million of net revenue. voi closed a record 2025 with eur 178 million of net revenue This is up 34% year-over-year. this is up 34% year-over-year An adjusted EBITDA of EUR 29.3 million, which is up 70% year-over-year. an adjusted ebitda of eur 29.3 million which is up 70% year-over-year An adjusted EBIT of around EUR 3.2 million, up from essentially breakeven in 2024. an adjusted ebit of around eur 3.2 million up from essentially breakeven in 2024 Very significant improvement across the board in the P&L. very significant improvement across the board in the p&l As we alluded to earlier, the company during the year also did a tap of EUR 40 million on the existing bond framework to fund growth CapEx for 2026. as we alluded to earlier the company during the year also did a tap of eur 40 million on the existing bond framework to fund growth capex for 2026 They also secured an RCF with Danske Bank and Swedbank here in the Nordics for EUR 25 million, which is still untapped but provides additional financing flexibility should they need it. they also secured an rcf with danske bank and swedbank here in the nordics for eur 25 million which is still untapped but provides additional financing flexibility should they need it In Q1 of 2026, we've written down the value of our stake in Voi by 16%. in q1 of 2026 we've written down the value of our stake in voi by 16% This is primarily driven by peer multiples trading down, as Per has already talked about earlier, but in part also driven by FX as the dollar has appreciated against the euro during the quarter. Operationally, Voi has had a strong start to the year. It continues to win tenders. In Q1 alone, they've won tenders in Netherlands, in France, in Germany, and in Norway. They've also started to roll out their new fleet of e-scooters, the V9 e-scooter and the e-bikes, the E5 and the EL2, across the streets of Europe, putting to use the bond money that they raised at the end of last year. The company will issue their Q1 report on Monday next week. That's on April 27th. More information will be available then. I see we've already jumped to the next slide, which is good. This is primarily driven by peer multiples trading down, as Per has already talked about earlier, but in part also driven by FX as the dollar has appreciated against the euro during the quarter. this is primarily driven by peer multiples trading down as per has already talked about earlier but in part also driven by fx as the dollar has appreciated against the euro during the quarter Operationally, Voi has had a strong start to the year. operationally voi has had a strong start to the year It continues to win tenders. it continues to win tenders In Q1 alone, they've won tenders in Netherlands, in France, in Germany, and in Norway. in q1 alone they've won tenders in netherlands in france in germany and in norway They've also started to roll out their new fleet of e-scooters, the V9 e-scooter and the e-bikes, the E5 and the EL2, across the streets of Europe, putting to use the bond money that they raised at the end of last year. they've also started to roll out their new fleet of e-scooters the v9 e-scooter and the e-bikes the e5 and the el2 across the streets of europe putting to use the bond money that they raised at the end of last year The company will issue their Q1 report on Monday next week. the company will issue their q1 report on monday next week That's on April 27th. that's on april 27th More information will be available then. more information will be available then I see we've already jumped to the next slide, which is good. i see we've already jumped to the next slide which is good As Per wrote about in the intro to the report, when Voi issued its bond in 2024, it pioneered a financing model that industry peers have since either replicated or attempted to replicate. We have now received the first public financials from one of those peers, and the comparison truly reinforces our conviction in Voi's strategy and in their execution. As you can see in the numbers here on the graph, while Voi grew revenues by 34% year-over-year and generated reported EBITDA, different from adjusted EBITDA, but reported EBITDA of EUR 19 million and EUR 24 million of cash flow from operations, the European peer here saw a revenue decline of 16% year-over-year. On essentially the same revenue base, generated EUR -13 million of EBITDA and EUR -20 million of cash flow from operations. As Per wrote about in the intro to the report, when Voi issued its bond in 2024, it pioneered a financing model that industry peers have since either replicated or attempted to replicate. as per wrote about in the intro to the report when voi issued its bond in 2024 it pioneered a financing model that industry peers have since either replicated or attempted to replicate We have now received the first public financials from one of those peers, and the comparison truly reinforces our conviction in Voi's strategy and in their execution. we have now received the first public financials from one of those peers and the comparison truly reinforces our conviction in voi's strategy and in their execution As you can see in the numbers here on the graph, while Voi grew revenues by 34% year-over-year and generated reported EBITDA, different from adjusted EBITDA, but reported EBITDA of EUR 19 million and EUR 24 million of cash flow from operations, the European peer here saw a revenue decline of 16% year-over-year. as you can see in the numbers here on the graph while voi grew revenues by 34% year-over-year and generated reported ebitda different from adjusted ebitda but reported ebitda of eur 19 million and eur 24 million of cash flow from operations the european peer here saw a revenue decline of 16% year-over-year On essentially the same revenue base, generated EUR -13 million of EBITDA and EUR -20 million of cash flow from operations. on essentially the same revenue base generated eur -13 million of ebitda and eur -20 million of cash flow from operations We've excluded EBIT here as the peer changed methodology on this metric during the year, so making a like-for-like comparison difficult. That number was heavily negative as well for the peer. As I said, we are convinced that Voi's strategy and execution is the best in the industry, and I think one additional data point that supports that is when looking at the revenue generation per vehicle and day on the right-hand side of this slide. Voi generating EUR 3.94 per vehicle and day in 2025, and the peer down at EUR 2.88 in revenue per vehicle per day. We can see here that that's a 37% more revenue generation per vehicle at Voi. We've excluded EBIT here as the peer changed methodology on this metric during the year, so making a like-for-like comparison difficult. we've excluded ebit here as the peer changed methodology on this metric during the year so making a like-for-like comparison difficult That number was heavily negative as well for the peer. that number was heavily negative as well for the peer As I said, we are convinced that Voi's strategy and execution is the best in the industry, and I think one additional data point that supports that is when looking at the revenue generation per vehicle and day on the right-hand side of this slide. as i said we are convinced that voi's strategy and execution is the best in the industry and i think one additional data point that supports that is when looking at the revenue generation per vehicle and day on the right-hand side of this slide Voi generating EUR 3.94 per vehicle and day in 2025, and the peer down at EUR 2.88 in revenue per vehicle per day. voi generating eur 3.94 per vehicle and day in 2025 and the peer down at eur 2.88 in revenue per vehicle per day We can see here that that's a 37% more revenue generation per vehicle at Voi. we can see here that that's a 37% more revenue generation per vehicle at voi I think this really shows how Voi's investments across the full platform, everything from hardware, where they have their own proprietary IT module, high-capacity swappable batteries, to software, where they use machine learning for fleet optimization. They have a very strong fleet and inventory tracking system. And lastly, operations, where they have best-in-class fleet sourcing, fleet management, maintenance, and eventually resell, is truly paying off. With that, we can go to the final slide, where there's really nothing new to report. They've seen continued growth on top line and improvements on profitability across the board, as I alluded to earlier. As also mentioned, their Q1 report is out on Monday, so we encourage you to keep an eye out on their IR website then. If we then jump to the next company being HousingAnywhere. I think this really shows how Voi's investments across the full platform, everything from hardware, where they have their own proprietary IT module, high-capacity swappable batteries, to software, where they use machine learning for fleet optimization. i think this really shows how voi's investments across the full platform everything from hardware where they have their own proprietary it module high-capacity swappable batteries to software where they use machine learning for fleet optimization They have a very strong fleet and inventory tracking system. they have a very strong fleet and inventory tracking system And lastly, operations, where they have best-in-class fleet sourcing, fleet management, maintenance, and eventually resell, is truly paying off. and lastly operations where they have best-in-class fleet sourcing fleet management maintenance and eventually resell is truly paying off With that, we can go to the final slide, where there's really nothing new to report. with that we can go to the final slide where there's really nothing new to report They've seen continued growth on top line and improvements on profitability across the board, as I alluded to earlier. they've seen continued growth on top line and improvements on profitability across the board as i alluded to earlier As also mentioned, their Q1 report is out on Monday, so we encourage you to keep an eye out on their IR website then. If we then jump to the next company being HousingAnywhere. as also mentioned their q1 report is out on monday so we encourage you to keep an eye out on their ir website then. if we then jump to the next company being housinganywhere HousingAnywhere has had a good first year under Antonio Intini, who joined as CEO roughly a year ago after having senior roles at both Immobiliare and before that, Amazon. Looking at their 2025 financials, the company closed the year with continued growth on top line and a positive adjusted EBITDA, which is a big improvement on the year before. In Q1, as Björn mentioned, HousingAnywhere closed a financing round where VNV participated with EUR 1 million, and where previously held convertible loan notes were converted to equity. With this new funding, we think that the conditions are in place to push growth harder from here, and we look forward to following that in the quarter, which was done around the NAV mark at year-end last year. If we finally go to Numan. HousingAnywhere has had a good first year under Antonio Intini, who joined as CEO roughly a year ago after having senior roles at both Immobiliare and before that, Amazon. housinganywhere has had a good first year under antonio intini who joined as ceo roughly a year ago after having senior roles at both immobiliare and before that amazon Looking at their 2025 financials, the company closed the year with continued growth on top line and a positive adjusted EBITDA, which is a big improvement on the year before. looking at their 2025 financials the company closed the year with continued growth on top line and a positive adjusted ebitda which is a big improvement on the year before In Q1, as Björn mentioned, HousingAnywhere closed a financing round where VNV participated with EUR 1 million, and where previously held convertible loan notes were converted to equity. in q1 as björn mentioned housinganywhere closed a financing round where vnv participated with eur 1 million and where previously held convertible loan notes were converted to equity With this new funding, we think that the conditions are in place to push growth harder from here, and we look forward to following that in the quarter, which was done around the NAV mark at year-end last year. with this new funding we think that the conditions are in place to push growth harder from here and we look forward to following that in the quarter which was done around the nav mark at year-end last year If we finally go to Numan. if we finally go to numan Numan closed a very strong 2025 with north of 125% growth on revenues and positive adjusted EBITDA. As we've spoken about in the past, their weight loss vertical has been a key driver of this growth over the past couple of years, and 2025 was no exception. In Q1 2026, the company has continued to grow, albeit we have seen growth come down from the levels it's seen in past years, primarily driven by some price changes in the market for GLP-1 in the U.K., which initially led to some stockpiling behavior ahead of the increases and then some slightly lower activity following. As said, they're still growing year-over-year in Q1. We value Numan on the back of a transaction that they closed last summer. Numan closed a very strong 2025 with north of 125% growth on revenues and positive adjusted EBITDA. numan closed a very strong 2025 with north of 125% growth on revenues and positive adjusted ebitda As we've spoken about in the past, their weight loss vertical has been a key driver of this growth over the past couple of years, and 2025 was no exception. as we've spoken about in the past their weight loss vertical has been a key driver of this growth over the past couple of years and 2025 was no exception In Q1 2026, the company has continued to grow, albeit we have seen growth come down from the levels it's seen in past years, primarily driven by some price changes in the market for GLP-1 in the U.K., which initially led to some stockpiling behavior ahead of the increases and then some slightly lower activity following. in q1 2026 the company has continued to grow albeit we have seen growth come down from the levels it's seen in past years primarily driven by some price changes in the market for glp-1 in the u.k which initially led to some stockpiling behavior ahead of the increases and then some slightly lower activity following As said, they're still growing year- over- year in Q1. as said they're still growing year- over- year in q1 We value Numan on the back of a transaction that they closed last summer. we value numan on the back of a transaction that they closed last summer However, should we have valued it on the back of a peer group model this quarter, it would've been roughly in line with the mark we currently carry. That. Finally, this company continues to invest in its unified Numan 2.0 platform, which we believe is a key driver to long-term LTV growth and patient retention, and we look forward to seeing the results from those investments in the quarters to come. That's it on Numan. Handing it back to you, Björn. However, should we have valued it on the back of a peer group model this quarter, it would've been roughly in line with the mark we currently carry. however should we have valued it on the back of a peer group model this quarter it would've been roughly in line with the mark we currently carry That. that Finally, this company continues to invest in its unified Numan 2.0 platform, which we believe is a key driver to long-term LTV growth and patient retention, and we look forward to seeing the results from those investments in the quarters to come. finally this company continues to invest in its unified numan 2.0 platform which we believe is a key driver to long-term ltv growth and patient retention and we look forward to seeing the results from those investments in the quarters to come That's it on Numan. that's it on numan Handing it back to you, Björn. handing it back to you björn

Speaker 1: Thank you. I'll finish off with sort of a short comment on Breadfast here, who continues to see strong growth in its core e-commerce business, and also sort of initial promising dynamics in its fintech offering. During Q1, the company announced sort of the final tranche of their $50 million funding round, which they completed sort of majority of last year, but the final tranche sort of closed in Q1. The company is funded and continues to grow well and sort of flat valuation still based on this transaction. Finally, on the top six here, we have Bokadirekt, who's also sort of down during the quarter, primarily driven by multiples, but on sort of that side, continued strong performance, strong profitability. Bokadirekt also announced a small acquisition during first quarter. Thank you. thank you I'll finish off with sort of a short comment on Breadfast here, who continues to see strong growth in its core e-commerce business, and also sort of initial promising dynamics in its fintech offering. i'll finish off with sort of a short comment on breadfast here who continues to see strong growth in its core e-commerce business and also sort of initial promising dynamics in its fintech offering During Q1, the company announced sort of the final tranche of their $50 million funding round, which they completed sort of majority of last year, but the final tranche sort of closed in Q1. during q1 the company announced sort of the final tranche of their $50 million funding round which they completed sort of majority of last year but the final tranche sort of closed in q1 The company is funded and continues to grow well and sort of flat valuation still based on this transaction. the company is funded and continues to grow well and sort of flat valuation still based on this transaction Finally, on the top six here, we have Bokadirekt, who's also sort of down during the quarter, primarily driven by multiples, but on sort of that side, continued strong performance, strong profitability. finally on the top six here we have bokadirekt who's also sort of down during the quarter primarily driven by multiples but on sort of that side continued strong performance strong profitability Bokadirekt also announced a small acquisition during first quarter. bokadirekt also announced a small acquisition during first quarter They bought a company called Zoezi, which is sort of a niche SaaS player for gyms and personal trainers, which will add both sort of top line and profitability to the company. With that, I think we're through the top six names, and we'll head to a Q&A. Just as a reminder here on the Zoom, please use the chat function or the Q&A function in Zoom, and we'll try to address them. I believe we have a few questions. We could start with this one for you, Per, perhaps. Once you do the partial bond redemption, what do you think is the remaining headroom to repurchase shares? Or put it differently, how do you weigh sort of the bond redemption versus share buybacks going forward? They bought a company called Zoezi, which is sort of a niche SaaS player for gyms and personal trainers, which will add both sort of top line and profitability to the company. they bought a company called zoezi which is sort of a niche saas player for gyms and personal trainers which will add both sort of top line and profitability to the company With that, I think we're through the top six names, and we'll head to a Q&A. with that i think we're through the top six names and we'll head to a q&a Just as a reminder here on the Zoom, please use the chat function or the Q&A function in Zoom, and we'll try to address them. just as a reminder here on the zoom please use the chat function or the q&a function in zoom and we'll try to address them I believe we have a few questions. i believe we have a few questions We could start with this one for you, Per, perhaps. we could start with this one for you per perhaps Once you do the partial bond redemption, what do you think is the remaining headroom to repurchase shares? once you do the partial bond redemption what do you think is the remaining headroom to repurchase shares Or put it differently, how do you weigh sort of the bond redemption versus share buybacks going forward? or put it differently how do you weigh sort of the bond redemption versus share buybacks going forward

Speaker 3: Yeah. Our goal for a long time, as you know, and which we've sort of achieved now with the sale of Gett, is to sort of become debt-free, and not to sort of be burdened by paying a coupon because of the debt we have. This is just a continuation of that. At the same time, we absolutely aim to have liquidity to make use of this sort of gift that the market is giving us of valuing us where we are and put shareholder money to work at that. We've been active around that, and we do it in the way we do it. As I think you've all sort of seen, we do sort of highlight in press release what we bought the previous week. I think it's fair to expect us to continue to doing that and also to fund that. Yeah. yeah Our goal for a long time, as you know, and which we've sort of achieved now with the sale of Gett, is to sort of become debt-free, and not to sort of be burdened by paying a coupon because of the debt we have. our goal for a long time as you know and which we've sort of achieved now with the sale of gett is to sort of become debt-free and not to sort of be burdened by paying a coupon because of the debt we have This is just a continuation of that. this is just a continuation of that At the same time, we absolutely aim to have liquidity to make use of this sort of gift that the market is giving us of valuing us where we are and put shareholder money to work at that. at the same time we absolutely aim to have liquidity to make use of this sort of gift that the market is giving us of valuing us where we are and put shareholder money to work at that We've been active around that, and we do it in the way we do it. we've been active around that and we do it in the way we do it As I think you've all sort of seen, we do sort of highlight in press release what we bought the previous week. as i think you've all sort of seen we do sort of highlight in press release what we bought the previous week I think it's fair to expect us to continue to doing that and also to fund that. i think it's fair to expect us to continue to doing that and also to fund that Now, this partial bond redemption sort of leaves a little bit of cash. We still don't have cash, but or yeah, just barely, but we are. It leaves liquidity to continue to do that, so that's good. When we get to the sort of end of the duration of this bond, then during that sort of period, we see that we will have completed several more exits. There's an ongoing sort of process, some driven by us, some driven by sort of things at large, that will provide us with liquidity. Now, this partial bond redemption sort of leaves a little bit of cash. now this partial bond redemption sort of leaves a little bit of cash We still don't have cash, but or yeah, just barely, but we are. we still don't have cash but or yeah just barely but we are It leaves liquidity to continue to do that, so that's good. it leaves liquidity to continue to do that so that's good When we get to the sort of end of the duration of this bond, then during that sort of period, we see that we will have completed several more exits. when we get to the sort of end of the duration of this bond then during that sort of period we see that we will have completed several more exits There's an ongoing sort of process, some driven by us, some driven by sort of things at large, that will provide us with liquidity. there's an ongoing sort of process some driven by us some driven by sort of things at large that will provide us with liquidity It's too early to talk about that because nothing's done until it's done, but I feel sort of assured that we will have sort of ample liquidity both to sort of retire this bond in full and then to buy back stock. But nothing's done until it's done, but this redemption leaves us with, I think, a good balance of liquidity to make use of what we want to do here in the market. It's too early to talk about that because nothing's done until it's done, but I feel sort of assured that we will have sort of ample liquidity both to sort of retire this bond in full and then to buy back stock. But nothing's done until it's done, but this redemption leaves us with, I think, a good balance of liquidity to make use of what we want to do here in the market. it's too early to talk about that because nothing's done until it's done but i feel sort of assured that we will have sort of ample liquidity both to sort of retire this bond in full and then to buy back stock. but nothing's done until it's done but this redemption leaves us with i think a good balance of liquidity to make use of what we want to do here in the market

Speaker 1: Thanks. Another question here on BlaBlaCar. You mentioned profitability at BlaBlaCar briefly. Could you give us some color on how this would scale if the higher activity levels from March were to persist during the year? Does the increased activity translate into higher profitability as well? Thanks. thanks Another question here on BlaBlaCar. another question here on blablacar You mentioned profitability at BlaBlaCar briefly. you mentioned profitability at blablacar briefly Could you give us some color on how this would scale if the higher activity levels from March were to persist during the year? could you give us some color on how this would scale if the higher activity levels from march were to persist during the year Does the increased activity translate into higher p rofitability as well? does the increased activity translate into higher p rofitability as well

Speaker 3: For sure it does. We unfortunately are not at liberty to share any further details as much as we would like. We're not at liberty to do that. For sure, this drives business revenue and higher earnings. It is a positive, for sure. For sure it does. for sure it does We unfortunately are not at liberty to share any further details as much as we would like. we unfortunately are not at liberty to share any further details as much as we would like We're not at liberty to do that. we're not at liberty to do that For sure, this drives business revenue and higher earnings. for sure this drives business revenue and higher earnings It is a positive, for sure. it is a positive for sure

Speaker 2: Maybe I can add there, Per, without saying too much to your point, we're not at the liberty to do so, but the core carpooling business that they run operates at north of 90% gross margin. Any kind of revenue coming outside of what we anticipated covers the fixed cost that's already covered. You get a pretty high contribution on the bottom line from that. To Per's point, the answer is yes. Maybe I can add there, Per, without saying too much to your point, we're not at the liberty to do so, but the core carpooling business that they run operates at north of 90% gross margin. maybe i can add there per without saying too much to your point we're not at the liberty to do so but the core carpooling business that they run operates at north of 90% gross margin Any kind of revenue coming outside of what we anticipated covers the fixed cost that's already covered. any kind of revenue coming outside of what we anticipated covers the fixed cost that's already covered You get a pretty high contribution on the bottom line from that. you get a pretty high contribution on the bottom line from that To Per's point, the answer is yes. to per's point the answer is yes

Speaker 3: Yeah. No, well described, Dennis. Yeah, I hope that answers that question. Yeah. yeah No, well described, Dennis. no well described dennis Yeah, I hope that answers that question. yeah i hope that answers that question

Speaker 1: Yeah. Then a follow-up question on buybacks of shares and bonds. Given the volatility in the markets and contracting multiples, aren't you more eager to increase buyback levels of the share? And/or if not, are there other plans for additional investments in the existing portfolio companies or new funding routes? Yeah. yeah Then a follow-up question on buybacks of shares and bonds. then a follow-up question on buybacks of shares and bonds Given the volatility in the markets and contracting multiples, aren't you more eager to increase buyback levels of the share? given the volatility in the markets and contracting multiples aren't you more eager to increase buyback levels of the share And/or if not, are there other plans for additional investments in the existing portfolio companies or new funding routes? and/or if not are there other plans for additional investments in the existing portfolio companies or new funding routes

Speaker 3: Just having a go at that question, the different parts of it. There's nothing major. None of the large ones have any large rounds going on. There's small bits and pieces where we've been active in the portfolio, but they're really on the marginal side of things. Not a big draw on liquidity. Yeah. If we had liquidity to do more now, I absolutely would be a strong advocate of doing more in terms of buybacks. I think it's very attractive. I really, really believe that our NAV will be able to deliver serious returns over these coming years. If we had the liquidity to do more, we'd do that, but we obviously need to balance that liquidity. Very eager to participate in the way we're doing now. Just having a go at that question, the different parts of it. just having a go at that question the different parts of it There's nothing major. there's nothing major None of the large ones have any large rounds going on. none of the large ones have any large rounds going on There's small bits and pieces where we've been active in the portfolio, but they're really on the marginal side of things. there's small bits and pieces where we've been active in the portfolio but they're really on the marginal side of things Not a big draw on liquidity. not a big draw on liquidity Yeah. yeah If we had liquidity to do more now, I absolutely would be a strong advocate of doing more in terms of buybacks. if we had liquidity to do more now i absolutely would be a strong advocate of doing more in terms of buybacks I think it's very attractive. i think it's very attractive I really, really believe that our NAV will be able to deliver serious returns over these coming years. i really really believe that our nav will be able to deliver serious returns over these coming years If we had the liquidity to do more, we'd do that, but we obviously need to balance that liquidity. if we had the liquidity to do more we'd do that but we obviously need to balance that liquidity Very eager to participate in the way we're doing now. very eager to participate in the way we're doing now It's that balance that you may feel keeps us doing this at a frustratingly timid kind of level. It's necessary to do it that way. If we can accelerate some exits that are at NAV or around NAV, then of course it makes a lot of sense to do those and then sell. Nothing's done until it's done. I feel very strongly that we will be able to complete some further exits and hence we'll have liquidity to do more, but got to keep an eye on that balance. It's that balance that you may feel keeps us doing this at a frustratingly timid kind of level. it's that balance that you may feel keeps us doing this at a frustratingly timid kind of level It's necessary to do it that way. it's necessary to do it that way If we can accelerate some exits that are at NAV or around NAV, then of course it makes a lot of sense to do those and then sell. if we can accelerate some exits that are at nav or around nav then of course it makes a lot of sense to do those and then sell Nothing's done until it's done. nothing's done until it's done I feel very strongly that we will be able to complete some further exits and hence we'll have liquidity to do more, but got to keep an eye on that balance. i feel very strongly that we will be able to complete some further exits and hence we'll have liquidity to do more but got to keep an eye on that balance

Speaker 1: Another question here, specifically on the Voi valuation, maybe for you, Dennis. Other than contracting multiples, what levers have been moving around on that in the model? Another question here, specifically on the Voi valuation, maybe for you, Dennis. another question here specifically on the voi valuation maybe for you dennis Other than contracting multiples, what levers have been moving around on that in the model? other than contracting multiples what levers have been moving around on that in the model

Speaker 2: The multiples is the primary driver. As you know, we value in the next 12 months, so we've moved one quarter forward. The NTM outlook is obviously higher than it was in the previous quarter since the company is growing. You also have FX, as I alluded to earlier, that the dollar has depreciated against the euro, so that's one negative contributor, also net debt. In the case of Voi, we don't simply take cash minus debt. We look at what obligations the company has with the existing cash. In this case, it's CapEx investments for 2026, where they've improved payment terms significantly over the past couple of years. Cash outflows happen during the year to a larger degree than everything going out when you place the orders. It's a combination of FX, net debt, but primarily, as said, multiples. The multiples is the primary driver. the multiples is the primary driver As you know, we value in the next 12 months, so we've moved one quarter forward. as you know we value in the next 12 months so we've moved one quarter forward The NTM outlook is obviously higher than it was in the previous quarter since the company is growing. the ntm outlook is obviously higher than it was in the previous quarter since the company is growing You also have FX, as I alluded to earlier, that the dollar has depreciated against the euro, so that's one negative contributor, also net debt. you also have fx as i alluded to earlier that the dollar has depreciated against the euro so that's one negative contributor also net debt In the case of Voi, we don't simply take cash minus debt. in the case of voi we don't simply take cash minus debt We look at what obligations the company has with the existing cash. we look at what obligations the company has with the existing cash In this case, it's CapEx investments for 2026, where they've improved payment terms significantly over the past couple of years. in this case it's capex investments for 2026 where they've improved payment terms significantly over the past couple of years Cash outflows happen during the year to a larger degree than everything going out when you place the orders. cash outflows happen during the year to a larger degree than everything going out when you place the orders It's a combination of FX, net debt, but primarily, as said, multiples. it's a combination of fx net debt but primarily as said multiples

Speaker 1: Thank you. With that, I don't think we have any further questions at this point in time. As always, you're happy, feel free to reach out over email. I will try to be helpful. Other than that, I'll leave it to you, Per, for any final words. Thank you. thank you With that, I don't think we have any further questions at this point in time. with that i don't think we have any further questions at this point in time As always, you're happy, feel free to reach out over email. as always you're happy feel free to reach out over email I will try to be helpful. i will try to be helpful Other than that, I'll leave it to you, Per, for any final words. other than that i'll leave it to you per for any final words

Speaker 3: Yes. Nothing more to add. Frustrating quarter because of all the stuff that we've talked about. We feel really positive about the portfolio and the opportunities that we have here. Yeah. When's our next report, Björn? We're looking at- Yes. yes Nothing more to add. nothing more to add Frustrating quarter because of all the stuff that we've talked about. frustrating quarter because of all the stuff that we've talked about We feel really positive about the portfolio and the opportunities that we have here. we feel really positive about the portfolio and the opportunities that we have here Yeah. yeah When's our next report, Björn? when's our next report björn We're looking at- we're looking at-

Speaker 1: July. July. july

Speaker 3: Sorry? Sorry? sorry

Speaker 1: July 14th. July 14th. july 14th

Speaker 3: July 14th, the National Day in France. That's when we'll speak next. Thank you, everyone. July 14th, the National Day in France. july 14th the national day in france That's when we'll speak next. that's when we'll speak next Thank you, everyone. thank you everyone

Speaker 1: Thank you. Thank you. thank you

Speaker 2: Thank you. Thank you. thank you