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VNV Global Investor update Q3 2026
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1 Table of contents Select Investment Highlights Introduction to VNV Portfolio Overview Last Quarter Update Supporting Materials
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2 Network Effects Product or Service Improves with Every New User Permanent Capital Avito Investment Held for 12 Years, Yielding a 37% IRR High Risk / Reward Investing in Businesses with Significant Return Profiles Global Network Effect Investor
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3 VNV has long history of investing in non - listed, fast growing companies with great risk/reward characteristics $2m VOI investment Listed as Vostok Nafta New Name Vostok New Ventures New Name VNV Global 2015 2007 2019 $242m Exit of Legacy Russian Equity Portfolio 2013 2012 2020 2018 1996 $43m Buybacks $30m VEF spin - off $60m BEF/ RusF dividend $112m ~$55m 2014 Avito Initial investment $215m $579m Avito exit 34x MoIC 2021 Key investments Key corp. events Dividends $38m BlaBlaCar investment ~$4.4m ~$5.4m 2022 $20m Initial investment $42m Hemnet exit 8x MoIC
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4 Strong and experienced team behind VNV Global Per Brilioth CEO, Board Member +25 Years Active Investor Dennis Mohammad IM Alexander Trofimov IM Björn von Sivers CFO Lars - Åke Norling Olga San Jacinto Therese Angel Josh Blachman Keith Richman Board Member Board Member Board Member Board Member Chairman Board of Directors Investment and Operations Team Elise Kielos General Counsel
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5 VNV trading on NASDAQ Stockholm under ticker STO:VNV 54.4% 4.0% 4.0% 18.2% 19.5% VNV Shareholders VNV ownership structure E. Öhman J:or 2 Acacia Partners 1 0 10 20 30 40 50 60 70 80 90 100 110 120 130 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 NAV Share price NAV and share price development (SEK) Example Geo’s +20k non - institutional owners Note: (1) Verified 2026 - 04 - 29; (2) Verified 2026 - 09 - 28; (3) Verified 2026 - 04 - 29; (4) Verified 2026 - 09 - 28 Lorito SPV Floreal S.à r.l . 3 4
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6 Table of contents Select Investment Highlights Introduction to VNV Portfolio Overview Last Quarter Update Supporting Materials
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7 VNV Portfolio Overview Total Investment Portfolio as at Q3 2026 Portfolio as at Q3 2026 8% 7% 6% 5% 2% 2% 18% 5% 25% 22% HousingAnywhere Breadfast Numan Bokadirekt Hungry Panda Flo & Palta 1 Other Cash & Liquidity BlaBlaCar Voi World’s leading community - based travel app, 150 mln PAX in 2025 Egypt’s leading online grocery and household essentials brand Leading European medium - to long - term housing rental platform Leading European micro mobility company, +100 mln rides in 2025 UK digital health provider with integrated technology platform to deliver personalized care Note: (1) Through GHE II entity
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8 Portfolio overview by sector and geo Mobility largest sector exposure 50% 29% 12% 9% Mobility Marketplace Other Digital Health 3 Core sectors Vast majority of portfolio developed markets Emerging markets Developed markets Core in developed markets
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9 Significant share of Investment Portfolio in Adj. EBITDA positive territory Share of Investment Portfolio Value in Adj. EBITDA Positive territory Unaudited numbers 77% 72% 24% 28% Q3 ’25 Q3 ’26 Adj. EBITDA Positive 1 100% Note: (1) For Voi, adj. EBIT has been used since the company owns and depreciates physical assets
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10 Significant Improvements in Top 6 Company Financials Current Top 6 Companies VNV Pro Rata Share of Top 6 Companies Financials, USD mln 2 , Excluding BlaBlaCar Operated Bus and Short Distance Carpool Financials (Pro Forma) Note: (1) For Voi, adj. EBIT has been used since the company owns and depreciates physical assets | (2) Assumes FX and VNV Gl oba l ownership at year end 2023, 2024 and 2025 respectively 2023 2024 2025 2026E 72.4 - 5.9 83.3 1.6 129.3 4.7 ~ 148.0 ~ 8.5 +27% Revenue Adj. EBITDA 1 FY26 Estimate Unaudited numbers
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11 Table of contents Select Investment Highlights Introduction to VNV Portfolio Overview Last Quarter Update Supporting Materials
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12 BlaBlaCar | Leading Multimodal Travel Marketplace BlaBlaCar at a glance High - level Financials Source: Group information USD 115m Q3 2026 NAV USD 204m Invested 25.0% VNV portfolio weight 13.8% VNV ownership Founded : 2006 VNV First Investment : 2015 Geo : HQ in France, active in +20 countries globally Recent Updates • Sold its Short Distance Carpool business (closed Oct 1); Operated Bus exit expected to be completed around year end. Post exits, gross margin expected to reach ~90%, up from around 50% pre exits • Strong performance YtD , ahead of budget on both revenues and profitability • VNV's valuation of BBC is down 5% in Q3, primarily driven by lower peer multiples 182 23 2025 PF 2026 PF 205 - 215 40 - 45 EBITDA Revenues Pro Forma Excluding BlaBlaCar Operated Bus and Short Distance Carpool Financials EUR mln
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13 BlaBlaCar | The Leading Marketplace for Long Distance Travel Fragmented Supply Fragmented Demand Carpool 7m active drivers in 2025 Bus Operators 5k bus partners in 2025 Train Operators Launched in Spain in 2024 35 million unique passengers in 2025 looking for travel options that are affordable and environmentally friendly Leading Marketplace With unparallelled liquidity
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India Mexico Brazil 150m PAX That’s almost 5 empty seats per second filled by BBC in 2025 Note: PAX = Non-unique passenger
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15 BlaBlaCar | Carpooling offers a consumer proposition that is difficult to beat BlaBlaCar Carpool is often the cheapest and quickest way of getting between point A to B 4 stopovers (taking 2 trains & 3 metros/buses) Carpooling Orvault Nantes Quevilly Paris Rouen Montparnasse train station St - Lazare train station Door - to - door 3.5 hours 6 hours 25 € > 100 € Public transport
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16 Voi | The Leading European Micro Mobility Company Voi at a glance Voi surpassed 500m rides, +150m rides LTM ending Q3 ‘26 Source: Group information USD 101m Q3 2026 NAV USD 106m Invested 22.1% VNV portfolio weight 20.8% VNV ownership Founded : 2018 VNV First Investment : 2018 Geo : HQ in Sweden, active in +130 cities in 13 countries Recent Updates • Valuation down 4% in Q3; Lime now the key valuation peer following its July IPO • Q3 revenue +53% YoY, adj. EBITDA +90% and adj. EBIT +132%; LTM net revenue EUR 240.9m, adj. EBITDA EUR 54.1m and adj. EBIT EUR 22 mln • Secured a EUR 150m RCF . U sed to redeem Voi’s bond. RCF is expected to significantly reduce Voi’s cost of capital from next year • Q3 tender & license wins incl. London (e - scooters), Swansea (e - bikes) and Oxford (e - scooters and e - bikes) 0 100 200 300 400 500 600 Voi Accumulated Number of Rides, in millions 2018 2019 2020 2021 2022 2023 2024 2025 2026 +3.5 Years to 100m +150m rides LTM Q3 ‘26
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17 Voi | The company has delivered consistent growth and improved margins Revenue and Fleet Size Adjusted EBITDA Notes: Non audited financials. Financials from 2020 - 2021 based on non - IFRS accounting principles Vehicle Profit Adjusted EBIT 38 92 111 118 133 178 241 27 ’20 62 ’21 87 ’22 83 ’23 88 ’24 117 ’25 150 LTM ( Q3 ’26) Net Revenue (EUR mln) Average Active Vehicles (k) 11 28 49 58 76 102 144 31% ’20 33% ’21 44% ’22 49% ’23 57% ’24 58% ’25 60% LTM (Q3 ’26) Vehicle Profit (EUR mln) Vehicle Profit Margin (%) - 32 - 51 - 31 - 2 17 29 54 - 83 % ’20 - 55 % ’21 - 28 % ’22 - 2 % ’23 13% ’24 16 % ’25 22 % LTM (Q3 ’26) Adj. EBITDA (EUR mln) Adj. EBITDA Margin (%) - 42 - 86 - 70 3 22 - 110 % ’20 - 94 % ’21 - 63 % ’22 - 26 % ’23 0 % ’24 2 % ’25 9 % LTM (Q3 ’26) - 31 0 Adj. EBIT (EUR mln) Adj. EBIT Margin (%)
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18 Voi | 8 consecutive quarters of accelerated growth Voi LTM Revenue Growth (YoY), adj. EBITDA margin and adj. EBIT margin (%) 13% 17% 23% 31% 34% 36% 41% 47% 13% 15% 17% 17% 16% 16% 19% 22% 0% 1% 9% 0 5 10 15 20 25 30 35 40 45 50 Q4 2024 LTM 2% Q1 2025 LTM 3% Q2 2025 LTM 3% Q3 2025 LTM Q4 2025 LTM Q1 2026 LTM 5% Q2 2026 LTM Q3 2026 LTM 2% LTM Revenue Growth (YoY) LTM Adj. EBITDA Margin (%) LTM Adj. EBIT Margin (%)
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19 9% 12% 26% 6% 8% 29% 15% 8% 65% 92% 89% 60% 82% 89% Stockholm 2% Berlin 3% Hamburg Oslo 4% Marseille 3% Top 50 Monthly Riders Additional Yearly Riders Population Not Served in 2025 % of city population that are monthly and/or yearly riders in 2025 Voi | Voi is only scratching the surface of potential, even in its best cities
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20 Voi | Voi's largest growth lever is depth in existing cities, as proven by Oslo Note: Size of bubble represents inner - city population size OSLO AS THE GOLD STANDARD GOING FORWARD Oslo is a proof point, not the ceiling. It shows how deep a single city can go when regulation, supply and demand align, yet Voi already operates in markets several times its size, and even Oslo itself has runway left A proof point for depth : Oslo shows what is achievable when regulation, supply and demand align Larger markets already in portfolio : Several Voi cities dwarf Oslo in size and can run the same playbook Further upside ahead : Oslo has reached only 40% of its population, with ride frequency still compounding year on year 5x revenue at stake : Voi's existing footprint, run at Oslo's per capita economics, would be 5x larger, with no new city entries 0 3 6 9 12 15 0 1 2 3 4 5 6 7 Oslo Stockholm Hamburg Paris Berlin London Voi | Rides per capita Voi | Active Vehicles per capita (k) Oslo Deep dive
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21 Voi | Paris and London are where the Oslo playbook pays off most Source: Company information. Bubble size indicates Voi annual revenue or mid - term revenue potential per operator Net Revenue per Vehicle per Day (EUR) Per Operator Fleet Size (k) Voi annual revenue (2025A) Considerable untapped potential in the depths of the Paris and London markets 0 2 4 6 8 10 12 14 0 2 4 6 8 10 12 14 16 18 London Paris Stockholm Berlin Hamburg Oslo Marseille Munich Frankfurt Cologne Cambridge Vienna Mid - term revenue potential per operator
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22 HousingAnywhere | Leading Platform for Medium Term Rentals HousingAnywhere at a glance HousingAnywhere Group, Historical Financials Source: Group information. Note: HousingAnywhere operates three different brands: HousingAnywhere , Studapart (both marketplace business models) and Kamernet (classifieds business model) USD 38.6m Q3 2026 NAV USD 26m Invested 8.4% VNV portfolio weight 26.2% VNV ownership Founded : 2009 VNV First Investment : 2018 Geo : HQ in Rotterdam, available in +100 cities Recent Updates • Valuation flat in Q3, based on the latest transaction (early 2026 round, where VNV invested EUR 1m) • LTM July 2026 net revenue EUR 39.0m and adj. EBITDA EUR 5.6m, a 14.4% margin • Sharpened focus on students in France, Germany, Spain, Italy and the Netherlands • Building an AI - native rental platform to lift conversion for tenants and landlords 2022 A 2023 A 2024 A 2025 E ~20% CAGR Positive Adj. EBITDA Positive Adj. EBITDA
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23 Numan | Digital health platform for specialized healthcare Numan at a glance Numan serves a massive UK market Source: Group information USD 26.8m Q3 2026 NAV USD 9m Invested 5.8% VNV portfolio weight 13.5% VNV ownership Founded : 2018 VNV First Investment : 2018 Geo : HQ in London, active in the United Kingdom Recent Updates • Valuation down 26% in Q3, mainly on lower peer multiples (Hims & Hers down ~20%) and revised growth projections • 2026 a reset year in a price - led, promotion - heavy UK weight loss market • Unit economics put ahead of volume, with improving retention and a tighter cost base in Q3 • Oral Wegovy, the UK's first oral GLP - 1, launched in early July with good early traction Positive EBITDA Positive EBITDA USD 350 bn Per year spent on UK working - age ill health USD 170 bn Cost of excess weight and obesity p.a. in UK 7.3 mln people On NHS referral to treatment waiting list USD 65 bn UK consumer out - of - pocket health spend
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24 Breadfast | Accelerating growth while improving unit economics Breadfast at a glance Accelerating growth *Constant currency (as of August 2025) USD 30.2m Q3 2026 NAV USD 16.9m Invested 6.6% VNV portfolio weight 6.8% VNV ownership Founded : 2017 VNV First Investment : 2021 Geo : Egypt, MENA Recent Updates Annualized GTV mUSD* 45 104 130 270 Dec - 22 Dec - 23 Dec - 24 Dec - 25 • VNV’s valuation of Breadfast is based on the last transaction in the company. The last announced tranche of the pre - series C closed during Q1 2026. • The Company currently has 62 fulfilment points serving close to 500k users per month • The company’s new initiatives such as Breadfast Pay and Breadfast Food continue to show strong early traction
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25 Bokadirekt | Double digit topline growth with increased profitability Bokadirekt at a glance Steady topline growth with increasing profitability USD 23.7m Q3 2026 NAV USD 21.9m Invested 5.2% VNV portfolio weight 15.6% VNV ownership Founded : 2009 VNV First Investment : 2021 Geo : Sweden Recent Updates +2.2x Net revenue, SEKm Adj Cash EBITDA, SEKm * LTM August 2025 • VNV’s model - based valuation of Bokadirekt is down approx. 7% in Q3 2026, primarily drive by lower peer multiples and fx . • Bokadirekt continues to see improved margins following a number of years of increased investment levels • Payments revenue is currently the strongest growth driver supported by SaaS and Marketplace that also contributes • In H1 2026 Bokadirekt acquired Zoezi – a leading Swedish business management system for gyms, fitness centers, and other wellness/health businesses. 106 139 177 196 221 2022 2023 2024 2025 LTM July 26 51 54 58 2024 2025 LTM july 26
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26 Table of contents Select Investment Highlights Introduction to VNV Portfolio Overview Last Quarter Update Supporting Materials
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27 Q3 2026 figures USD 439m USD 3.43 per share Q3 2026 NAV (4.7)% Change Since Last Quarter (USD) (2.1)% Change Since Last Quarter (SEK) SEK 4,378m SEK 34.20 per share Q3 2026 NAV
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28 Net Asset Value per share at ~34.20 SEK as per Q3 2026 NAV breakdown, Sep 30 2026 Fair value, $m Per share, $ Per share, SEK* % weight of NAV Investments 445.7 3.5 34.7 102% Cash & cash equivalents 13.3 0.1 1.0 3% Total investment portfolio 459.0 3.6 35.8 105% Borrowings - 26.4 - 0.2 - 2.1 - 6% Other net liabilities 6.5 0.1 0.5 1% Net Asset Value 439.1 3.43 34.20 100% Share price (Q3 '26 EoP) 18.4 Discount 46%
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29 Net Asset Value as per Q3 2026 USD Thousands Fair value $k, Sep 30, 2026 Investments / Disposals Fair value change, $k Valuation change % Fair value $k, Jun 30, 2026 Portfolio weight % BlaBlaCar 114,816 - - 6,376 - 5% 121,192 25.0% Voi 101,477 - - 4,382 - 4% 105,859 22.1% HousingAnywhere 38,605 - - 173 0% 38,778 8.4% Breadfast 30,222 - - 0% 30,222 6.6% Numan 26,839 - - 9,299 - 26% 36,138 5.8% Bokadirekt 23,651 - - 1,868 - 7% 25,519 5.2% NV Fund 1 & 2 15,724 - - 607 - 4% 16,331 3.4% Hungry Panda 9,529 750 - 1,46 8 - 14% 10,248 2.1% Flo/Palta, through GHE II 8,493 - 64 1% 8,429 1.9% Other equity investments 66,210 - 2,265 3,746 6% 64,729 14.4% Convertible Notes 1,472 - 2 0% 1,470 0.3% Liquidity management 8,660 48 - 108 - 1% 8,720 1.9% Investment portfolio 445,698 - 1,467 - 20,470 467,63 4 97.1% Cash and cash equivalents 13,346 16,348 2.9% Total investment portfolio 459,044 483,98 2 100% Borrowings - 26,441 - 27,097 Other net receivables/liabilities 6,476 3,652 Total NAV 439,079 460,53 7 No. of shares 128,006,603 128,006,603 NAV/share, USD 3.43 3.60 FX, SEK/USD 9.97 9.7 2 Total NAV, SEK tsn 4,377,989 4,47 6 , 354 NAV/share, SEK 34.20 34.9 7
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30 VNV trading at a significant discount to NAV, started buying back shares NAV and share price development (SEK) 0 10 20 30 40 50 60 70 80 90 100 110 120 130 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2020 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q3 2026 Q1 2024 - 46% NAV Share price Share buy - backs VNV has bought back 2,971,633 ordinary shares since Q3 2025. Following the share buy backs, there are 128,006,603 ordinary shares outstanding. 2,971,633 Share Buy - Backs since Q3 2025 Number of Ordinary Shares Bought Back
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31 Table of contents Select Investment Highlights Introduction to VNV Portfolio Overview Last Quarter Update Supporting Materials
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32 Track record with several highly sucessful exits 37% Realized IRR 34x MM 50% Realized IRR 8x MM 42% Realized IRR 1 8x MM 1 2007 - 2015 2007 - 2019 2016 - 2022 Select historic exits Note: Based on holding period between ’07 until asset was spun off to VEF 126% Realized IRR 1.8x MM 8% Realized IRR 1.6x MM 81% Realized IRR 2.1x MM 2015 - 2016 2014 - 2015 2016 - 2022
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33 VNV has a stage agnostic investment strategy Early investment on the back of (1) high confidence on business model and (2) exceptional founding team Secure access so that VNV can continue to invest in the winners as they grow No Explicit expected return Seed Late stage growth investments, from Series B/C to private equity Purpose is to fuel growth in what is becoming an established business, or support transformational change in an already established business 20 - 25% IRR over a 5 year period Growth Series A to B/C Purpose is to establish a new business model that VNV believes has future potential 30%+ IRR over a 5 - 10 year period New Ventures Permanent capital allows for long holding periods and considerable potential for value appreciation. Private capital for publ ic markets – permanent capital Through our mandate we are able to invest at any stage in a company, from seed to growth equity
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34 VNV an established player with a proven track record NAV development (SEK) 0 50 100 150 200 250 300 350 400 450 500 ’12 Q2 ’12 Q4 ’13 Q2 ’13 Q4 ’14 Q2 ’14 Q4 ’15 Q2 ’15 Q4 ’16 Q2 ’16 Q4 ’17 Q2 ’17 Q4 ’18 Q2 ’18 Q4 ’19 Q2 ’19 Q4 ’20 Q2 ’20 Q4 ’21 Q2 ’21 Q4 ’22 Q2 ’22 Q4 ’23 Q2 ’23 Q4 ’24 Q2 ’24 Q4 ’25 Q2 ’25 Q4 ’26 Q2 Unadjusted NAV/Share development Accumulated reinvested distributions Key metrics USD 439m NAV As per Q3 2026 ~8.9% NAV IRR Since 2012
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