NAV per share was USD 3.43 against 4.25 at year-end (down 19% in USD), as BlaBlaCar and Voi were marked down 2. Management points to operating gains at both. Q3 NAV per share fell 5% in USD 2.
VNV Global · Q3 2026 · Reported 27 Oct 2026 · Nordic
Markdowns of BlaBlaCar and Voi turned a profit into a USD 106.67 million loss
Net result for the nine months was USD -106.67 mln against USD 8.26 mln a year earlier 2. The result from financial assets at fair value was USD -99.45 mln against USD 31.76 mln, which the company attributes mainly to negative revaluations of BlaBlaCar and Voi 10. BlaBlaCar's value fell 30% (USD -49.5 mln) and Voi's 20% (USD -26.0 mln) 4.
The quarter moved the same way. Net result was USD -21.57 mln against USD -8.48 mln a year earlier, and earnings per share were USD -0.17 against USD -0.06 2. The company ties the quarterly fair-value loss to changes in peer multiples and foreign exchange movements 10. NAV per share was USD 3.43 against USD 3.60 at June 30 5.
Operating momentum at the top two holdings contrasts with their lower marks
Voi grew net revenue 53% year over year in Q3, with adjusted EBITDA up 90% 7. Its carrying value still fell 4% in the quarter, to USD 101.5 mln on an EBITDA multiple, after Lime joined the peer group 7. BlaBlaCar was cut 5% in Q3 on a revenue multiple of 3.9 5. This suggests the marks follow listed peers more than the companies' own trading.
BlaBlaCar is winding down Operated Bus and has sold Daily, a deal that closed on October 1. Management says this lifts weighted-average gross margin from around 50% to around 90% and lowers revenue 7. Both segments are already excluded from VNV's valuation model on a next-twelve-month basis 7.
Numan took the sharpest quarterly cut among the largest holdings, on peer multiples and revised growth projections
Numan was written down 26% in Q3 (USD -9.3 mln, to USD 26.8 mln) 5. VNV cites the Hims & Hers multiple, down around 20% over the quarter, and revised forward-looking growth projections 8. Management calls 2026 a reset year in a price-led, promotion-heavy UK weight-loss market that has raised acquisition costs 3. It says Numan is putting unit economics ahead of volume, with improving retention and a tighter cost base in Q3 8.
Bokadirekt fell 7% in Q3 despite net revenue growth of 21% in the first seven months of 2026 4. That growth was supported by the Zoezi acquisition, consolidated since February 2026 59.
Cash and borrowings fell as debt was repaid, with exit proceeds expected in Q4
Cash and cash equivalents were USD 13.35 mln against USD 51.25 mln at year-end, and borrowings were USD 26.4 mln against USD 46.6 mln 4. Nine-month financing outflow was USD 22.3 mln against USD 8.1 mln a year earlier, mainly repayment of borrowings, interest and buybacks 10. Cash flow from operating activities was USD -14.7 mln against USD 60.6 mln, when proceeds from sales of financial assets were USD 87.9 mln against USD 27.4 mln now 10.
Net financial items improved to USD -1.77 mln from USD -15.83 mln 10. Currency exchange was a USD 1.37 mln gain against a USD 9.56 mln loss a year earlier, and interest expense was USD 3.17 mln against USD 6.28 mln 11. VNV was in compliance with its covenants at September 30 10.
What to watch next
BlaBlaCar expects pro forma 2026 revenue of around EUR 205-215 mln (EUR 182 mln in 2025) and EBITDA of around EUR 40-45 mln (EUR 23 mln), with a long-term EBITDA margin target of 40-45% 3.
VNV expects roughly USD 11 mln from the NoTraffic and Ovoko exits in the final quarter, at a slight premium to the Q2 mark 3.
The Board has authority to buy back up to 10% of the shares until the next AGM, and 593,048 common shares were repurchased in the nine months 2.
Sources
Produced by Clarifo Research with the Clarifo financial research engine from the company's public filings. AI was used in parts of the analysis and drafting. Figures are checked automatically against the filings they come from. This is not investment advice.