Per Brilioth: Welcome, everyone. This is our Q2. This is the day when we report our Q2. Middle of summer, and as per usual, we prepared a few slides, and we will open up for questions and will explain how that works, if you do not remember. But, yeah, without further ado, let's kick off. So first out, Bjorn will take us through some numbers.
Bjorn Von Sivers: Sure. Thank you, Per, and as a reminder, as Per mentioned, if you want to ask a question later on, please use the Q&A function here on the Zoom, and we will address that towards the end of the call. So let's start with the numbers. As per June 30, VNV Global's net asset value stood at $461 million or $360 per share, which is flat during the quarter in dollar terms and up 2% in SEK terms. In SEK terms, NAV was SEK 4.5 billion, or just shy of 35 crowns per share. For the 6 month period, NAV is down 60% in dollar terms and down 11% in SEK terms. If you jump to the next slide, we can see that overall investment portfolio is USD 484 million and of sort of $468 million worth of investments. And $16 million in cash and cash equivalents. And of that investment line approximately additional $9 million sits in short term liquidity management investments. Down from around 30 million end of Q1 as we redeployed the majority of those liquidity management investments in funding the partial bond buyback which we completed in the quarter. And with the buyback, of course, borrowings is down over the quarter to $27 million versus 46 at the end of Q1, and that follows the repurchase of a 167 million SEK bond repurchase, which we completed during the quarter at SEK 104 of nominal amount. As you also note, we continue to trade the material discount to NAV, given the current share price we trade at roughly 53% discount to the Q2 NAV. We have also continued to repurchase shares during the quarter. Year to date, we repurchased roughly 600 thousand shares most of which were canceled following the resolution at the AGM. But as per June 30, we still hold roughly 100 thousand common shares in treasury And if we move to the next slide and just a few notes on the fair value movements during the quarter, as per usual, driven by the larger holdings BlaBlaCar this quarter is valued at $121 million. Based up 1% during the quarter. You will note this in the report in the note package that the pre discount multiple this quarter is up and that is a consequence of excluding the low margin operated bus segment which BlaBlaCar announced that they are winding down. Dennis will come back to this later. Voy is valued at $106 million. Also based on a model, flat or down 1% during the quarter. HousingAnywhere, flat. Still based on a transaction that was completed in Q1. Numan valued at $36 million as of end of June, now a model based valuation as the previous transaction, the moved across 12 months old, and that is down roughly 2% And finally, sort of the 2 next largest holdings, Breadfast, continues to value on a relatively fresh transaction $30 million so flat over the quarter. And Bokadirekt up 5% during the quarter to $26 million primarily driven by slightly higher peer multiples. In all, these 6 companies represent close to 27 per share in aggregate. or 78% of the NAV. And before handing back to Per, and then listen to the portfolio. As 1 note on sort of cash. We ended Q2 with $16 million in cash, which I already mentioned, and then another $9 million in liquidity management investments and the primary movement in that cash during the quarter, again, was the partial bond buyback. That we completed in April. With that, I will leave it back to Per, who will continue to walk you through the latest developments and key holdings.
Per Brilioth: Thank you. Yeah. Sort of the structure of the portfolio is very similar over this quarter. you know, everything sort of flat, at least the big ones. So not much to dwell upon here. And as sort of said, we continue to trade this discount. We bought back stock, and this is very much sort of top of mind on how to sort of how to deal with this. But this graph is familiar to you all. On an on an sort of aggregate level, at least, for these, the top 6 companies make up a bunch of the current NAV. Although, I would really like to stress that beyond these 6 companies, there is some really exciting stuff that is doing phenomenally well right now. But spirit of sort of simplicity, it is good to sort of focus on these 6 ones. And as you can see, of the this portfolio continues to sort of grow on the revenue line, but and even if the numbers are smaller, the portfolios turn profitable and that profitability is growing. Those of you sort of who followed these slides over the last couple quarters will note that the $130 million level for 2025 is lower than before, and that is because a BlaBlaCar is basically changing and where they are getting rid of the these long distance sort of bus trips in Europe, which is not really sort of a marketplace business, low margin big volume. So revenues have gone down, but profitability has gone up as that sort of business of that business line is being discontinued. Which we are very happy about as a firm who are marketplace placed focused. And we will dig in a little bit more into the larger holdings. But what in this report, we also, of course, talk about a VNB 2.0 kind of future. it is not really 2.0, is it? it is like a 14 by now or something. But we are very intensely at work in establishing a fund structure. A regulated fund structure with sort of people who do regulated fund structures. In order to start our first fund that we will be that will be part of managing And we are super excited about that, and that is partly driven by the fact that we see a lot of stuff, interesting investment opportunities around our portfolio and in our network at large. And, of course, the discount only allows essentially for buybacks But we think that in our sort of proximity, in our network, there is people there are people who want to sort of get exposure to the kind of deals that we see, and we also think that us as shareholders in some way also would benefit if we have exposure to the kind of deal flow that is floating around us. And then establishing a regulated sort of platform to sort of pick up on that deal flow feels very natural. And very good. So the plan is that the first sort of investment vehicle will be 1 that focuses on our historic sort of presence in emerging markets. Marketplaces, embedded fintech, etcetera, where there is a bunch of stuff going on where we really feel that we are maybe uniquely positioned to sort of to execute on that kind of deal flow. So very excited about that. And then this really also comes on the back of that we have over the years. You may have noticed that we have a bunch of sort of SPVs that we have in our structure. And on the on the back of the success of those, this feels like a very it feels like very natural to sort of to capitalize on deal flow by continuing those SPVs into a fund and do off balance sheet investments, which over time could also generate sort of value for in terms of fees, etcetera. So very excited about that. So more on that over the quarters. So we are hard at work, and we think we will be back to you within the quarter we are in and talk more about that. We also have a Capital Markets Day coming up in mid September here in Stockholm, and if not before then, by then that will be good opportunity to sort of set out the strategy I am now giving a teaser on In more detail. So that is something background wise that I thought I would touch upon. We continue here in the portfolio and BlaBlaCar. We have alluded to it for a while now, but also in this call. That BlaBlaCar, yeah, is being has discontinued the stuff in the business lines that are that are not network effects kind of economics which is essentially the old regulated business in Europe. And that has basically taken down revenues a bit and profitability up. We are very excited about that. And going forward, from now on, as that sort of aggregated slide showed, we will be we will be showing the business on a pro forma basis without this sort of this low margin, high volume operated bus European operated bus system. But the marketplace stuff like carpooling and bus marketplaces which is different than operated buses in Europe, still remain and are much, much higher margin businesses. Beyond that also, BlaBlaCar really doing well. I mean, yeah, humbly partly because this is a well, what we call a countercyclical business, nearly a countercyclical business. In tough times, it is people are more prone to share costs by sharing a car ride. And even more so, during times when the petrol price is obviously high, which it is now on the back of the war in The Middle East, it is the cost of driving a car, especially over long distances, is high, and so people go to BlaBlaCar to save on these costs. So Dennis, is there anything else on BlaBlaCar that we should talk about at this juncture?
Dennis Mohammad: I thought I would take the opportunity to dip down a bit on the on the modeling as we have done over the past years. We have explained that we value BlaBlaCar on the back of a some of the parts model, and we have always had 3 segments. So it is the carpool segment, which is high margin and BlaBlaCar has been operating since the start. it is their OTA business, which is primarily a business through which they sell bus tickets via a marketplace model. And it is the low margin segment we have called it historically, which has predominantly been this operated bus segment. And as Per has already mentioned, BlaBlaCar is now shutting this business down. it is the wind down has started now and is expected to be done by year end. In this business model, BlaBlaCar takes risk on utilization of buses. it is not take-rate on a bus ticket sale business model, but BlaBlaCar rather contacts a bus operator, and then promises them a certain fill hopes to kind of fill up the buses. it is a high risk business model. it is a utilization risk business model. For that reason, they have decided to shut it down. It was never profitable, it lacks the network effect dynamics that Paris already mentioned. As Paris also mentioned, but just to be clear, bus tickets would, of course,, continue to be offered on the platform, but via the OTA business model. So this has no real impact on user experience. And the same supply is available on the platform. Revenues will be lower once this is once this is fully done, so from 2027 onwards. And but EBITDA will be higher both in absolute terms since this was an unprofitable business, but then, of course, also in terms of margin as you are excluding revenues and have higher EBITDA. So margin will go up quite significantly. This is probably best explained or illustrated by looking at the gross margin of the business going from roughly 50% as a weighted average to north of or around 90% after excluding the operated bus business segment. So a much kind of cleaner p and l, if you will. Specifically, in this quarter, the multiple has moved from roughly 2.7 times EV revenue on an NTM basis that we had last quarter to 4.2x in this quarter. This is pre discount, so we always apply a 10% discount as a reminder, but these are the multiples that you will find in the report note package. But this is really predominantly a consequence of excluding the low multiple, low margin revenues from OB. But then also coupled with some multiple of uplift on the remaining businesses that BlaBlaCar operates. Wanted to give that extra color.
Per Brilioth: Thank you. Thanks. it is good. Going further on then in continuing the portfolio, we come to Voi and Voi is really killing it in terms of operations. But there is also other good stuff going on which is that they are their I mean, or I should say, their, our, biggest competitor, Lime, has IPO ed. Now after the end of this report. But it is yeah. there is finally a listed equity that is listed within this micro mobility space. Which is a big and sort of stable business. Obviously, Bird listed back in the days and subsequently went south and now it is no longer listed. And owned by other people. But anyway, Lyme is a big thing in our world. And so Lyme is a very, very good peer for VOI, we will absolutely use going forward. As a as an important input to when we need to look at a listed sort of peer group for multiples on which to value VOY. I mean, as you know by now, the preferred method is to use a transaction in the actual name. But if there is no transaction, then we go to the model and the model a peer group. there is been nothing perfect for out there for VOI. Now there is something that is very, very relevant and which will be important. Going forward. The lime IPO was, of course, it is it is the timing of it was you know, what should we say? It screamed of there is a sense of you get a sense of that this was not driven by market timing, some sort of peak or anything. Probably on the contrary, you do not do an IPO after SpaceX and before Anthropic. The attention of capital markets are elsewhere, and that is been very evident in the sort of the attention that this stock has gotten as we have seen a bunch of reports out there, which is plainly just sloppily done. Around the name. If you just read the prospectus took the time to read the prospectus, you get a clear picture. People have not really made any time to sort of properly analyze this. It will be good when the big banks that did the IPO will come out with reports, which is in a month or so. You will have a bunch of research coming out online which from then on, will it will be very interesting to see the pricing of this. Going forward and come future quarters, this line will be an important factor for how we put together our valuation of VOY. I think it is sort of fair to say that subjectively VOY will trade at a premium. If they were both listed, Voi would trade at a premium. Not least because LIME has a lot of earnings. We estimate maybe half of their earnings comes from this Paris and London, which are 2 cities where they have been essentially alone and that is changing. And the big sort of benefactor of that is, of course, VOI. We see a lot of growth in VOI. Now and going forward also from those 2 cities. So there is a different growth profile, I think, is the way to put it. But very interesting and a very, very positive event for the sector as a whole and also VOY. But there is a bunch of other details that we should mention at VOI. Dennis, Yes.
Dennis Mohammad: Thank you, Per. Thank you. No. So Per has already alluded to Voi has had a very strong start to 2026. On an LTM basis, the company closed Q1 26 with €188 million of net revenue, which is up 36% year over year. And adjusted EBITDA of almost €30 million, up 40% year over year, and positive adjusted EBIT of around €1.4 million. Looking at Q1 alone, the company grew 38% year over year, And since, as Per already mentioned, Lyme is now public and Tier as you know, they are they have a public bond and therefore also public financials. We now have good visibility on the relative performance of these 3 players and we note that Voy was the company growing fastest among the 3 in Q1, growing revenues, as I said, 38% year over year. With Lyme at slightly below 32%, and Tier actually declining the revenues year over year. In the first quarter of the year. For VoIP, momentum has continued in Q2, and the company has won a good number of tenders and licenses. Everything from Marseille to Askim Bærum to Frankfurt and Nantes, so across Europe really. They also won contracts in Copenhagen where Voi is back with over 4 thousand e-bikes. And in Stockholm where the market from July 1 and onwards moved from 3 operators that it has been for the last couple of years to 2. Lime was actually the company that was not allowed to continue. while Voi was essentially leaving a bigger and a better market for Voy. In terms of valuation, VNV values Voy on a forward looking EV/EBITDA model as in previous quarters. In Q2, VOY is valued on a pre discount multiple of around 11.1x EBITDA, which after applying this discount, between 10% to 30% means an effective multiple below 10x EBITDA has been applied. As Per has elaborated and explained the rationale behind Lyme is not used as a peer in this quarter. But will be used as a peer going forward. Last on this slide, the company, as you can see on the right hand side of the slide, keeps accumulating rides at a very high pace, and I think it is fair to assume, as you can see on the graph, that they will reach half a billion lifetime rights since inception. Shortly, which is a very big milestone just around just around the corner. If we jump to the next slide, Per, these financials we have already covered. But I encourage you to keep an eye out for their second quarter report which is due to be published on July 23. You can find it on VOY's IR website. And we at VNV will also issue a release on the back of the report on July 23. If we move to the next slide, to housing anywhere, the third largest holding. Housing is valued on the basis of a transaction that happened in Q1 where the company raised new primary capital, and VNV participated with €1 million in new funding and converted some convertible loan notes to equity. In terms of performance year to date, the company continues to grow revenues but has also invested quite a bit into various parts of the business. For instance, they have scaled their AI booking assistant across the platform and this now serves over 50% of the platform traffic They are also working on a number of initiatives to improve conversion in their funnel, which we are also starting to see results from. So we think that this will drive volume growth for HousingAnywhere in the quarters to come. And with these kind of investments being done this year, and with the fresh capital that they raised earlier this year, we believe that conditions are in place to push growth harder from here, and this will be a topic we will we will push at the company in the quarters to come. Going to the next slide, so Numan. Numan, as we already alluded to, moved a transaction to a model based valuation in the second quarter. The model based valuation is down 2% versus the transaction mark. As you know, human's biggest product is now weight loss, via their GLP-1 offerings. And this market, particularly in The UK, has been very volatile both on the back of pricing, but also many other factors that have played to this. And this has pushed Numan to adjust their approach in how they run the business in 2026. Heading into this H2, we see that retention is now at the highest levels since the start of the year or since February essentially. We are seeing that half of new customers are now locking into commitment packages, and making them more sticky and retention wise We are also seeing that Numan is about to launch an oral Wegovy drug, which currently has an 18 thousand-person waiting list. And hope to see progress from these initiatives. On product, Numan launched a 2.0 offering on June 30, so very recently. This is essentially a single experience that lets Numan bring men's health, women's health, and diagnostics onto 1 platform. We are very excited about this launch and we will follow this closely during the rest of the year. that is it for me, and I will hand it over to cover Breadfast. and Bokadirekt.
Bjorn Von Sivers: Yes. So Breadfast again is a our investment in Egyptian quick commerce and online grocery business. Business called Breadfast. Company continues to do well growing fast sort of GTV or GMV, if you call it, is close to $300 million on an annualized basis. The company is valued on the latest transaction, which they announced back in February 2026. So the last tranche of a $50 million fundraise was announced back then. The company now has more than close to 60 fulfillment points across Greater Cairo and Alexandria. And serves approximately 500 thousand monthly users. In addition to sort of their core grocery business, there are a number of initiatives such as Breadfast pay and Breadfast food that continues to see strong early fraction We own 6.8%. Of Breadfast post its latest fundraise. If we go to the next slide, Per, which is the last of the large 6 holdings, Bokadirekt Company continues to do well. Model based valuation is up roughly 5% over the quarter based on higher peer multiples, The company continues to see sort of stronger margins than in the past few years where the sort of focused on reaccelerating top line growth. And now they are also doing that and improve the margins, where we think there is sort of still a lot of room to grow from this level. Company has also been focused over the last sort of 2 years in increasing the payment revenue, so both online and offline payments. To flow through the Book and Direct platform, and that is currently the highest sort of driver of growth for the company. And then also sort of in H1 2026, the company did acquire a business called Zoezi, which is a leading Swedish business management system for gyms and fitness centers and personal trainers. And that is both sort of adding roughly 10% to the top line and additional sort of margin So overall, company is doing well. We continue to own just shy of 16% of this company. And with that, I think we are done with the sort of top 6 companies, and we will move in to Q&A. Again, if you want to ask a question, use the Zoom function and we will we will walk through them over time.
Analyst: So I think sort of there is a number of questions regarding Voy and then sort of the Lime IPO. I think we already did say that the Lime multiple will be reflected from next quarter in the valuation exercise and not this quarter. So that is the first 1.
Ina: And then sort of another question here from Ina at SEB. How do you view Lime's IPO is impacting Voi's operations and then following how you describe the current exit landscape. In the event that Voy was to pursue an IPO, would you aim to remain a shareholder?
Per Brilioth: I do not think the I do not think it really sort of affects the operating landscape or how Voy goes about its business, the fact that Lime has IPO ed. I mean, it is it is a it is a big positive that there is more transparency around Lyme now that is a benefit in our direction. And that is those sort of benefits are floating the other direction since Voy was the first company to go public in the form of a bond. A public bond, and then some several sort of industry players or several. Is it 1? I think Bird in its new incarnation, tried but failed. To go public through the bond. But, anyway so transparency is good. But other than that, I do not think it changes much. The Lime IPO is, I think, as we talked about earlier, is primarily been driven by debt for equity restructuring. So debt holders will own 60% of the company post money. And so it was that was the primary reason for doing this IPO now, which is maybe obvious since it is not it is not perfect timing to do it when there is so much capital going to these sort of mega gorillas in the form of SpaceX and Anthropic So but, anyway, we think it will find its feet well, and we look forward to research coming out on the name from the larger banks around capital markets, which will get a different kind of spotlight on this sector. What was the other question, Bjorn?
Bjorn Von Sivers: it is if Voi was to pursue an IPO, would we aim remain a shareholder?
Per Brilioth: Yes. I think we think there is a lot of upside from these levels at VOY. And we think I would say that Fredrik Hjelm has a you know, I am certainly sure he will make money at the base end of his of his strike prices, which is something like 3 times where we hold it now. And I am confident that he will also make money at the upper end of that, which is what is it, 7 times where we hold it now. So, you know, IPO ing around these levels we are not a seller. We would, of course, you know, since we trade at this discount, we are we are we are constructive and positive about VOI being listed, the equity being listed, and therefore are very sort of enthusiastic about, you know, our biggest peer and competitor going public because it will, of course, be much easier to value VOY when we have a listed stock And I think we would all agree that is a that would be that? You know, is it the only reason that trade at this discount? I do not know, but I think we, you know, we have-- we will find common ground and agree that these difficulty in valuing these things is maybe probably a big reason for trading at these kind of discount. And especially in the combination with this lack of transactions. So having it listed would be good, but we are we are not sellers at these levels. Thank you. And then we have a question regarding sort of the discount. So given the discount, what do you do to think and address the situation? Sort of are there any sort of exits in pipeline and potentially raising liquidity continue with buybacks. Yeah. Yeah. General question. We have a we have a whole string of exits, none in these top 6 names. There will be some exits in the top 6 names, but maybe not. 2,026. But beyond that, there is a string of exits that if you add them all up, they amount to sort of serious liquidity. And so we are hard at work, on getting liquidity into the portfolio, into the company. And with that, then opening up to do the best thing we can do with liquidity, which is to buy back stock. And so and yeah. And nothing's done until it is done, but the exits we are working on are all around our NAV and some even higher than the NAV And so all good. And then, of course, we are we may be large shareholders in if not the largest shareholders in a lot of these names. But we are not alone in deciding when transactions or listings happen. But, of course, that is something we are because of our discount, we are very constructive and positive about should things list. And we talked about Lyme and VOI at length now. So that is that is a positive. But then also, we are establishing something that will generate cash. I mean, first, sharing of costs, but then eventually also cash flow is something that we that we think is very beneficial in terms of addressing the discount. So that you 1 should see sort of the strategy we are now embarking upon to do off balance sheet investments and generating some fee income around those eventually is something that I think would also would also be beneficial. So we have not fallen asleep, are and are not sort of looking at this discount. it is it is it is very much top of the to do list here at VNB. Thanks. And 1 follow-up on that sort of intended off balance sheet investing. How is the sort of thinking around reinvesting its own capital into that? Or is it or yeah. So No. Primarily, this is not that. It this is this is, I mean, first and foremost, a regulated fund structure with the people who do that. So but with that in place, then you can go and raise money. To from other investors who allocate money into those sort of pools of capital Well, that those kind of pools of capital to invest their money. So the so the so the primary thinking there is not VNV money. it is it is and, obviously, VNB money will at large, be used to sort of buy back stock on the opportunity. So evident there. And but in time, there may also be you know, VNV money invested But that is that is you know, when we if that happens in any larger or material quantities, it is in times when the stock also does not provide this sort of blatant opportunity. Think. But on the margin, there may be bits and pieces, but otherwise, our liquidity is destined for the clearest opportunity, at least the bulk of it. Alright.
Bjorn Von Sivers: Thank I think we are done with the questions at this time. So I thought I will leave it over to you, Per, to finish off.
Per Brilioth: Okay. Okay. Well, thank you for joining, and yeah. So mid September, September 16 here in Stockholm Capital Markets Day, where pretty much all the big companies joining. We also have some smaller ones a favorite in this beyond the big 6 is Iraqi company called Baly, which I will encourage you to listen into. If you can join us in the room, welcome. If you cannot, we will broadcast it as usual. And then we will talk more about also how VNV how we sort of envisage VNV developing beyond these investments. And generating sort of cash flows from those new strategies, etcetera. So super exciting. I am excited. But, yeah, have a good summer, and, see you all in September, if not before. Thanks. Thank you. Thank you.