VNVNasdaq StockholmFinancialsIFRS · SEK

VNV Global

VNV Global is a Stockholm-based investment company that holds stakes in unlisted and listed growth businesses, with a long-standing focus on companies that benefit from network effects. Its portfolio spans digital marketplaces, mobility services, and digital health platforms across multiple countries.

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Operating profit (EBIT)-88.4m SEK
+0.0 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

-1,000-750-500-2500250m SEK2020: EBIT 223 m SEK20202021: EBIT 67 m SEK20212022: EBIT -788 m SEK20222023: EBIT 33 m SEK20232024: EBIT -88 m SEK20242025: EBIT -88 m SEK2025-88
RevenueOperating profit (EBIT)
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Business

Share of revenue
Equity investments100 %

Ownership stakes in portfolio companies across private and public markets.

Customers

VNV Global’s direct counterparties are portfolio companies rather than end consumers, and it invests in businesses that serve large user bases in digital marketplaces, mobility, and health. Its economic return depends on the performance, scaling, and eventual monetization of those portfolio holdings. The company also engages with shareholders through reporting and capital allocation decisions.

Portfolio companies

Unlisted and listed growth businesses that receive capital, governance support, and strategic oversight

Public shareholders

Investors in VNV Global who buy exposure to a diversified portfolio of growth assets

Exit counterparties

Strategic buyers, public markets, or secondary investors that provide liquidity on disposals

Strategy

VNV Global’s strategy is to back companies with network effects and support them through board participation, governance, and capital allocation. It seeks value creation through long-duration ownership, portfolio development, and eventual exits when holdings mature or become liquid.

Back network-effect businessesLong term

Network effects can strengthen competitive position and long-term value creation

Active portfolio governanceMedium term

Board involvement helps monitor execution, risk, and strategic direction

Disciplined exit managementMedium term

Returns depend on realizing value through sales or public-market liquidity

Geography

VNV Global is headquartered in Stockholm, Sweden, but its investments are geographically diversified across Europe, the Middle East, Africa, and other international markets. The portfolio includes businesses with operations in countries such as Sweden, the Netherlands, Israel, the United Kingdom, and Egypt, which creates exposure to different regulatory, currency, and market environments.

Risks

VNV Global is exposed to valuation swings in its portfolio, since returns depend heavily on the market value and exitability of unlisted holdings. It also faces country, currency, and regulatory risk because many portfolio companies operate in emerging or cross-border markets, where disclosure quality, liquidity, and macro conditions can be uneven.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Portfolio valuation risk1Exit/liquidity risk2Emerging-market and country risk3Foreign exchange risk4
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Portfolio valuation riskImpact: HighLikelihood: Medium

    The company’s value is driven by fair-value marks on private and public holdings

    Exposure: Unlisted growth investments

  2. Exit/liquidity riskImpact: HighLikelihood: Medium

    Returns depend on being able to sell holdings at acceptable prices

    Exposure: Strategic sales and market exits

  3. Emerging-market and country riskImpact: HighLikelihood: Medium

    Several holdings operate in markets with higher macro and regulatory volatility

    Exposure: Portfolio companies in emerging markets

  4. Foreign exchange riskImpact: MediumLikelihood: Medium

    Portfolio value and debt are exposed to multiple currencies, including SEK and USD

    Exposure: Cross-border portfolio and financing

  5. Key-person riskImpact: Medium

    Investment selection, governance, and portfolio oversight depend on senior executives

    Exposure: Management and board leadership

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Accounting

Judgemental items
Fair value measurement of portfolio investments

Unlisted holdings are valued using judgmental models and market inputs, affecting earnings and NAV

Impact: Can materially change reported profit and equity

Associates accounted at fair value

Significant-influence investments are not treated like operating subsidiaries

Impact: Affects volatility of reported results

Foreign currency translation

Reporting currency is USD while debt and some holdings are in SEK and other currencies

Impact: Can move NAV and earnings independent of operating performance

Critical accounting estimates and assumptions

Valuation and impairment judgments affect carrying amounts of assets and liabilities

Impact: Sensitivity to market multiples, exit assumptions, and discount rates

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Last updated: 24/09/2026

VNV Global (XSTO) – Financials | Financial Analysis – Clarifo