Hi everyone, welcome to VNV Global's report presentation for the second quarter 2025. On the call today we have Per Brilioth, CEO, Dennis Mohammad, Investment Manager, and myself, Björn von Sivers, CFO of the company. As per usual, Per will start with a short intro of the developments, followed by an overview of the more meaningful portfolio constituents. I will go through some of the movements of the portfolio during the quarter, and after that we'll open up for Q&A. As a reminder, if you want to ask a question, please use the Q&A function here in the Zoom, and we'll try to address your questions towards the end. With that, I hand over to Per for the intro. Thanks, Björn. Hi everyone, thanks for joining. Up not quite 6%, but nearly 6% in dollar terms. That gives us just shy of $600 million of NAV. Different things going on in the portfolio. We'll come back to some details, but on the whole, you know, some transactions have been made, and if you put them all together, it's a slight premium to NAV. Some are a little bit below our NAV, some are a little bit higher, but if you put them all together, it's slightly higher. I think, I feel strongly that, you know, our NAV is good. It's a reflection of where these things trade. Of course, we think, I think there's a massive upside from that NAV over time. We'll come back to some details. We'll try to highlight in the report some stuff. It's not an enormous amount of news in the big names. We'll come back a little bit to what's been going on in the big names. We'll try to highlight a little bit also, as I typically do, the smaller parts of the portfolio. They don't matter so much over the course of this, you know, they won't move the stock price or the NAV, maybe more, better put, over the short term. In that sort of future period when we've sort of IPO'd or and or sold a lot of the bigger names, you know, the next Voi's and BlaBlaCar's, et cetera, in the portfolio are already there. We, you know, Numan is obviously a large transaction in Numan, by the way, which we'll come back to, which we're very happy. It's a fast-growing company, and then with new cash, they can sort of capture more opportunities. Numan is already there, try to highlight that a little bit, but also a tiny company like Juv, which is something that I think will grow and become something really meaningful in the portfolio over time. Just try to point to those in the text here, and sort of get you acquainted with them because I think they'll be important drivers in the future. With that sort of very high-level short intro, I hand back over to Björn for the numbers. Thank you. Yeah, so just a short overview of the balance sheet here as well. The investment portfolio is approximately SEK 49 per share, cash equivalents of SEK 1.2 per share, and then the debt here, which is equivalent of SEK 6.5 per share, which gives us a debt-ish, you know, NAV per share of SEK 43.39. At At the end of the quarter, that was a 61% discount, where the share trades. Now we're a bit up, so we're just still above a 50% discount, so the discount is still large. Over the quarter, if we move to the next slide, we can walk into the large portfolio constituents, starting with BlaBlaCar, up slightly 4% over the quarter or $7.6 million. Still represents roughly a third of the portfolio. Main driver here is FX movements and some multiples. Going down to Voi, a larger increase over the quarter, 16% fair value change, $80 million. The company is performing well, and multiples and FX has contributed to this movement. Thirdly, we have Gett, who for the past at least 15 months or so has been marked at the previous transaction that we're no longer doing. We now moved over to EBITDA multiples model, and this is up roughly 13% or $11 million over the quarter, mainly driven by multiples and overall performance at the company. Further on, as Per alluded to, Numan down 15%. Here we have a new transaction. Similarly, in Breadfast, on the opposite, it's up 30% on the back of a new transaction in the company. In the longer tail of the portfolio, there's up and down, but in its own, there's no material movements to speak about. Looking further down here on the debt side and the cash side, of course, the outstanding bond is SEK denominated, so it's slightly up over the quarter due to FX. Cash is up, and that's primarily due to the fact that we exited the Opensooq investment, which we held through this intermediate company called Marrow. Marrow sold its stake in Opensooq and distributed cash to its shareholders, so we only received $6.2 million in dividend during the quarter. Yeah, that leaves us with the NAV, as I pointed out. With that, I thought I hand back to Per to go through the portfolio. Yeah, and just start from a very high level. We typically show this slide, and this is not much of a change from the last quarter when we spoke, but just over 80% of the portfolio is EBITDA positive, and that's now including Voi, because EBITDA is the real one to talk about at Voi, and Voi has become sort of positive also on this earnings before interest and tax. A portfolio that's not creating cash. I mean, Numan, for example, raised some cash for aggressive reasons, not for defensive reasons, and then doing it at a valuation which is not one, which is sort of unfair, but yeah, you get the picture. It's important, we think, to show that this is a portfolio that's profitable at a proper EBITDA, which is in all cases next to, Voi is more or less cash, though, so strong. The portfolio, again, there's not much of a change here. Some movements up and down, as Björn took you through. Voi's increase to just under 20%. I mean, strikingly here, it's like 60% of the portfolio is mobility, you'd say, and that sort of increases if you go into the other parts because we have some mobility things there that are really picking up pace, like no traffic, which you could categorize as a mobility play. I mean, all of you will know we're not mobility investors per se. We like to invest in the network effects and the sort of high bearish trend that that gets you going with. Yeah, we're starting to sort of get some traction. I mean, we have a pretty serious mobility portfolio, and are continuously sort of excited about all the stuff that's happening there. Dennis will talk about Voi and the stuff that's happening around Voi and the success it's having in increasing its presence across Europe, most importantly Paris, which is hugely positive. As usual, we have a couple of slides on the different holdings, and first up, BlaBlaCar is, there's not that much going on this quarter. I mean, there's a lot of stuff going on, but it's just nothing big to write about. It's, you know, from that sort of quite tough 2024 when these energy savings certificates were taken out of the system, and having the company spend a lot of time trying to deal with that and sort of get the company organized to live without that sort of contribution. Now it's really back in a good rhythm. Multiples are not moving that much, so it's sort of a flat quarter, but the company is beating its budget. Growth is, of course, not so dramatic in Europe, but that's a very profitable market. The growth in emerging markets is much more exciting and really strong and continues to be so, which gets all those markets ready for serious monetization down the road. I don't know to the extent that you follow BlaBlaCar on LinkedIn, but I can recommend there's some interesting stuff that they put out, and you will have noticed that if you do, you'll notice where I can recommend that you look at it. Nico, the CEO of the company, has started getting involved in the climate debate in France. You could see them positioning themselves for next year's budget, and the fact that these energy savings certificates used to be very popular, and trying to lobby around that, those maybe should come back. We for sure do not have them in our models, et cetera, coming back, but there's some effort being put into it. Of course, that's France. In Spain, as you all know, we've talked about for a while, they've been recently introduced and they're doing great, just at a smaller level than the peak years of France. Much more fun stuff, not that BlaBlaCar is not fun, but Voi is some exciting stuff going on. Dennis, shoot. Thank you, Per. As mentioned by Per and Björn in the beginning, we've written up Voi around 16% during the second quarter. Of this write-up, roughly half is driven by multiples and the forecast improving on the back of some tender wins, which I'll mention in a minute, and strong performance year-to-date. Also, half is driven by FX as the U.S. dollar has depreciated against the euro during the quarter. Voi has had a very strong start to 2025. They closed the first quarter with around EUR 139 million of net revenue. They closed the quarter with around EUR 21 million of adjusted EBITDA and EUR 3.3 million in adjusted EBITDA in the last 12 months ending Q1. During the second quarter, the company, as Per alluded to, has won several key tenders. The main one, which we also press released during the quarter, is the win of the Paris e-bike tender. Voi is one of three operators to win this license, of 6,000 vehicles to start with, which will probably increase during the duration of the contract, which is four years. This contract is positioned to make Paris the biggest market for Voi globally. It's a very significant win and one that we are very happy about. It's also an important win as it expands Voi's e-bike fleet, which has been a strategic priority for Voi in the last year. Another tender that was won during the quarter and already launched is also in France. It's the Grenoble tender, which was previously held by DOT, but was now awarded by the city to Voi. It's 2,500 vehicles split 50/50 between e-scooters and e-bikes. Once again, proving the importance of having an e-bike offering, which Voi has strategically invested into in the last couple of years. If we go to the next slide, Per, and we've seen this slide before, what we see on the leftmost graph, the company keeps growing top line at a faster pace than the fleet size, which is the black line that you're seeing there. Fleet size growing to 96,000 vehicles and revenue to EUR 139 million, last 12 months ending Q1 of 2025, which means we're actually getting more revenue out of each vehicle that we're putting on the streets. This is done at the same time as the company is generating a higher vehicle profit margin, which is essentially the gross margin of the business, which is now at 58%, an EBITDA margin of 15%, and an adjusted EBIT margin of 2.4% in the last 12 months ending Q1. This is very impressive in our view because they're growing not only top line, but also profitability simultaneously, which we're very excited about. We're looking forward to the company issuing their Q2 report. As you all know, this is a very seasonal business, so Q2 is one of the most important quarters of the year. This will be released on July 29, so in a little less than two weeks. These numbers will be available in Voi's own channels, but we will also make sure to issue a press release from VNV Global to make you aware when the numbers are released. With that, handing back to you, Per. Yeah, thanks, Dennis. Over to Gett, that's, I guess the biggest development over the quarter, that the transaction whereby we agreed to sell this company to Pango was discontinued. We withdrew the application from the anti-monopoly authorities in Israel, basically because it became pretty clear that it wasn't going to get approved. That's a whole sort of other discussion, which we can spend a lot of time on, but that's how it is. We're obviously, I mean, I think we want to send a clear picture that this company is doing well, and we're happy to keep owning it. We've set in motion making the balance sheet here more efficient by preparing the company to do a one-off dividend of, we'll call it $30 million, $30 million plus, really. We own a little bit under half of the company, as you know, so giving us material cash flow. This is something that we see coming next quarter or latest, latest Q4, but I really think next quarter. The company has obviously been in this sort of state of constant while it's been working on this transaction, but now that that's discontinued, you can run the company to do the stuff that should be done, for example, making the balance sheet more efficient. The company continues to do well. Obviously, with these sort of terrible violence and these wars that come and go a little bit in Israel, hopefully stopped now, but they clearly affect this company because the country goes into a COVID kind of a situation when their schools are closed, people are at home, when they're under attack, and there's obviously less traffic on the streets, if any traffic. Both country and life in Tel Aviv, and so also this company, has really proven their strong resilience and ability to jump back into normality very, very swiftly when things quiet down. The company continues to really do well. In this report, you may have noticed we gave a cash figure, cash and cash equivalents. End of June was just under $70 million. I should just note, first, that's unaudited management accounts, but then it's also just to give you a flavor of the cash generation. I think the last figure we gave you was for the end of March, and that was $60 million. You get a sense of the cash generated over that quarter. That cash per se is not to be sort of taken for something that can be immediately kicked out to shareholders. There's a working cap. You need some working capital in the company as cash comes in from the taxi drivers and needs to go out to the taxi drivers and all of that, basically. The sort of distributable cash is less, but this gives you a sense of the company and how it's doing well. That's one thing. I think we're a company that's been run over the course, has been run well, operated well over the course of this year, really, since we, or year and more since we started talking about this. The company, yeah, it's been run well, but now it's getting an increasing ability to continue to do some stuff that hasn't been able to be executed when it was in a very strict sales process. It's not for us to comment, but I just also, you may have noticed, I want to highlight that in the Israeli press, there's been a lot of rumors about the company being close to yet another sort of re-regent transaction. Those are rumors, and you can sort of follow them in the Israeli press. We're not here to comment, more than what can one say? Everything is for sale at the right price all the time, kind of thing. Most of all, the company is not a disaster that this transaction is not done. The company is doing well. It has a capacity and an ability to sort of kick back cash to shareholders, which is, of course, a sign of good strength. That's a little bit about Gett. Finally, Numan, yeah, Dennis, that you may be looking for. Yeah, as you all know, Numan is a U.K. digital health platform specializing in obesity, but also more broadly a personalized healthcare platform for everything from hair loss to erectile dysfunctions. Since inception, Numan has now served more than 650,000 patients, and this translates into the company growing revenues more than twofold last year, to roughly $19 million with positive EBITDA, and management now guides for around 150% top line growth in 2025. Very impressive. During this quarter, Numan also announced that they have secured around $60 million of new financing, comprising of an equity round led by Big Pi Ventures, but also a growth facility from HSBC Innovation Banking, which provides ample resources for the company to continue to accelerate their growth. The new capital will enable further expansion into everything from female health to a deepened screening and other preventive care programs, but also further develop Numan's AI-enabled or data-enabled platform, which they offer their patients who subscribe to their service. We carry Numan at this recent transaction value, which was mentioned earlier, was done at a small 15% discount to our Q1 model valuation for Numan. With that, back to you, Per. Thanks. I think that sort of concludes our introduction to this quarter report. I hope it's clear. Let's open up for Q&A at this point. Björn, do you want to run through how that works again? Sure, absolutely. A reminder, there's this Q&A function in Zoom here where you can type in your question and we'll address it. We've received a few questions. I'll start with one here on the simple question on what's been driving the valuation change in Housing Anywhere. Here the valuation is primarily, the change in fair value is primarily driven by the multiples, the peer multiple in that moment. I hope that's clear. Here's another question to Per, I guess a bit more broad. Given the sale of Gett did not happen, can you talk a bit broadly on how you see the current debt and which matures in 2027 and which avenues you have to solve that, or how do you see, look at that and the balance sheet over the next two and a half years? Yeah, I feel confident that, you know, by the end of the duration of this outstanding bond, there'll be multiple sort of exit opportunities in the portfolio. I mean, obviously Gett, and if not a sale, then Gett, as we just talked about, can produce cash to shareholders, one-off dividends, and then as a cash-generative company can sort of continue to pay cash. That's one stream of cash. Beyond the actual sale of, you know, our entire stake, as in a sale of the entire company or in a partial sell-down of our stake, there's those sort of opportunities. Over the course of the two years of the remaining duration of the bond, nothing has been decided, but some big chunks of the portfolio are getting mature, which opens up for exit opportunities, basically. BlaBlaCar has obviously been there for a while. There's been a lot of talk about an IPO at some point over the next two years. That's entirely a possibility. Voi, perhaps even clearer, I would say. Of course, Dennis Mohammad took you through the strong sort of performance of Numan, which would allow that also to all those three companies, and obviously Gett too. Four companies are in a position to sort of maybe list and, or to be sort of attractive for a broader set of investors to get involved in. That's the way I think about the debt, and the actual repayment of it, whenever that may be. We'll continue to work with these companies where they're not sort of for sale per se, but the portfolio will provide a lot of opportunities over these next two years to become debt-free. I think your another question here is from Ina Jupson on Voi. How do we, like, is all the focus on organic growth or is there an M&A track here as well? If we can comment on that paradigms, perhaps. I think in general terms, you know, BlaBlaCar obviously, major acquisition last year with Obilet, which is a big contributor to the company. BlaBlaCar's had a history of M&A, and I wouldn't rule out that they may find acquisition opportunities that are equally synergetic with their current business, especially in emerging markets. Voi, maybe less so, but I should never say never. That whole universe seems to be sort of narrowing down to Lime and Voi now, and others are sort of shrinking, and overlaps are, I mean, less obvious, basically. In the Numan space, it's, it is, I mean, the sector has given us a couple of different sort of M&A deals over this past six months, really. Big U.S. player, HIMS, acquired some companies, et cetera. No, there's that stuff going on, but I don't think, you know, our performance or our portfolio company's performance and the way we look at them and the way they sort of develop is not sort of contingent on that they do some crucial M&A. It's more organic. I can maybe add to that on Voi, which I think specifically was the question from Ina now. I would say Voi is in a very strong position now, as we alluded to. They're growing. They've raised the bond, which enables non-dilutive kind of growth financing as well, and they're the only company in that sector that has that kind of lower cost of capital, if you will. I would say we're always looking, we're always talking to other players in the industry, but if anything, it would have to be at the, you know, Voi would be the consolidator. The situation is quite different from when Voi was unprofitable and maybe you needed to do M&A to get to sufficient scale for the cost base of the business. That has very much changed in the past 12, 18, 24 months. Now Voi has a very good kind of growth engine, but, you know, at the right terms, anything can happen, but there's nothing imminent, I would say. The main focus is organic growth where we see there's ample headroom to continue growing in the markets that Voi currently operates in. Thank you. I'll take another follow-up question here on housing anywhere. Housing is down 6% year to date, and the revenue multiple we disclosed in the report suggests a drop in revenue this year. Do you see revenue declining? No. A clarification: the multiples we disclose in the note package in the report are the unadjusted peer group multiples we use in our model. That's the median multiple of the peer group. From that median multiple, we adjusted with various discounts, typically between 10% - 30%. The actual multiple in the housing anywhere model is lower than 5.1, and the company continues to grow on top line. That's another short answer there. Maybe Dennis, I mean, we mentioned a few growth numbers for Numan recently. Could you elaborate a little bit about that and how the interlink? Yeah, happy to. I think there's a question around the growth figure that I mentioned now, which is that management expects 150% growth for Numan in 2025. That is a figure that they're tracking in line of year to date, so in the first six months. There is rather high confidence that they will hit that number. We, in the Q1 report, mentioned that they grew Q1 2025 versus Q1 2024, roughly 200%. That was primarily due to lower kind of Q1 2024. The growth at the beginning of the year was close to 200%, but for the full year, we anticipate 150%. We never shared a projection at the beginning of the year. We only shared what the Q1 growth was. Hope that clarifies. In summary, 150 is the number to focus on. Thank you. I think we've touched upon essentially all of the questions I see here in the list. If nothing else, I'll leave it back to Per, and then, I mean, of course, please reach out on email or give us a call if you come up with other questions. But Per, please. Yeah, thanks, Björn. As Björn says, please reach out. We have a Capital Markets Day planned for September 16th in London, and that will be streamed as usual. We really hope you join us then. All the larger companies have confirmed their attendance. It'll be a good opportunity to get an opportunity to ask questions to the guys and girls who run the companies. That's the next sort of interaction. We'll do this again when we issue our Q3 report, which will be super exciting. Thank you very much. Yeah, don't hesitate to reach out if there's anything you want to talk about. Thank you. Thank you.