Welcome, everyone. This is our Q2. This is the day when we report our Q2, middle of summer. And as per usual, we've prepared a few slides and we'll open up for questions. Björn will explain how that works, if you don't remember. But, yeah, without further ado, let's kick off. So, first out, Bjorn will take us through some numbers.
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'll address that towards the end of the call. So, let's start with the numbers. As per June 30th, Bindi Global's net asset value is $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 4.5 billion sec or just shy of 35 crowns per share. For the six-month period, NAV is down 16% in dollar terms and down 11% in safe terms. If we jump to the next slide, we can see that the overall investment portfolio is USD 484 million and consisting of sort of $468 million worth of investments and $16 million in cash and cash equivalents. And of that investment line, approximately an 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 that which we completed in the quarter. And with that buyback, of course, borrowings is down over the quarter to $27 million versus was 46 at the end of Q1 and that follows the sort of 167 million seq bond repurchase which we completed during the quarter at 104 of nominal amount as you also know that we continue to trade the material discount to NAV given the current share price the credit roughly 63% discount to to the Q2 NAV now we've also continue to repurchase shares during the quarter. Year-to-date, we've repurchased roughly 600,000 shares, most of which were cancelled following the resolution at the AGM, but as per June 30th, we still hold roughly 100,000 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. Multi-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's the consequence of excluding the low margin operated bus segment which BlaBlaCar announced that they're winding down. Sanders will come back to this later. Boy is valued at $106 million, also based on the model, also flat or down 1% during the quarter. Housing Anywhere, flat, still based on a transaction that was completed in Q1. Newman, valued at $36 million as an end of June, and now a model-based valuation as the previous transaction just moved across 12 months old, and that's down roughly 2%. And finally, the two next largest soldings, Brad Best, continues to be valued on a relatively fresh transaction at $30 million, so flat worth a quarter, and Boka Direct up 5% in a quarter to $26 million, primarily driven by slightly higher peer multiples. All in all, these six companies represent close to 27 crowns per share in aggregate, or 78% of the NAV. And before handing back to sort of parents and then listen to the portfolio, as one note on sort of cash, we ended up with $2.16 million in cash, which I already mentioned, and an additional sort of $9 million in liquidity management investments. And the primary movement in that cash, during quarter again was the partial bond buybacks that we completed in April. And with that I'll leave it back to Per who will continue to walk you through the latest developments and key holdings. Thank you.
Yeah, so the structural 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 Bjorn has sort of said, continues to trade this discount, we bought back stock and this is very much sort of top of mind on how to deal with this, but this graph is familiar to you all, on a sort of aggregate level, at least for the top six companies make up a bunch of the current NAV, although I'd really like to stress that beyond these six companies, there's some really exciting stuff that it's doing phenomenally well right now, but in spirit of simplicity, it's good to sort of focus on these six ones, and as As you can see, this portfolio continues to grow on the revenue line, and even if the numbers are smaller, the portfolio has turned profitable, and that profitability is growing. Those of you who have followed these slides over the last couple of quarters will note that the $130 million level for 2025 is lower than before, and that's because a blabla car is basically changing and where they're getting rid of 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 line is being discontinued, which we are very happy about, us a lot who are marketplace-focused. And we'll dig in a little bit more into the larger holdings. But in this report, we also, of course, talk about a V&E 2.0 kind of future. It's not really 2.0. It's like a 14.0 by now or something. But we're very intensely at work in establishing a fund structure, a regulated fund structure with people who do regulated fund structures in order to start our first fund that we'll be part of managing. And we're super excited about that, and that's 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 proximity, in our network, there are people who want to sort of get exposure to the kind of deal flow 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's 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 one that focuses on our historic sort of presence in emerging markets, marketplaces, embedded fintech, et cetera, where there's a bunch of stuff going on where we really feel that we're maybe uniquely positioned to sort of execute on that kind of deal flow. So very excited about that. And then this video 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 back of the success of those, this feels very natural to capitalize on deal flow by continuing those SPDs into a fund and do off-balance sheet investments, which over time could also generate sort of value in terms of fees, etc. So, very excited about that. So, more on that over the quarter. So, we're hard at work and we think we'll be back to you within the quarter we're in and talk more about that. We also have a Capital Market Day coming up in mid-September here in Stockholm. And if not before, then by then, that'll be a good opportunity to set out the strategy. I'm now giving a teaser of in more detail. So that is something background-wise that I thought I'd touch upon. We continue here in the portfolio of BlaBlaCar. We alluded to it for a while now, but also in this call that BlaBlaCar has discontinued the stuff in the business lines that are not network effects kind of economics, which is essentially the old regulated bus business in Europe. And that has basically taken down revenues a bit and profitability up. We're very excited about that. And going forward, from now on, as that sort of aggregated slide showed, We'll be showing the business on a pro forma basis without this low-margin, high-volume European-operated bus system. But marketplace stuff like carpooling and bus marketplaces, which is different than operated buses in Europe, obviously still remain and are much, much higher-margin businesses. Beyond that, also, BlaBlaCar is really doing well. I mean, yeah, humbly, partly because this is a, well, what we call a counter-cyclical business, nearly a counter-cyclical business. In times, people are more prone to share costs by sharing a car ride, 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's the cost of driving a car especially with long distances is high and so people go to blabla car to save on these costs so Dennis is there anything else on blabla car that we should talk about at this juncture?
Dennis
Analyst — Investment Professional
I thought I'd take the opportunity to decide a bit on the modelling as we've done over the past years We've explained that we value Daba Car on the back of some of the parts model. And we've always had three segments. So it's the carpool segment, which is high margin, and Daba Car has been operating since the start. It's their OTA business, which is primarily a business through which they sell bus tickets via a marketplace model. And it's the low margin segment, we've called it historically, which has predominantly been this operated bus segment. And as Per has already mentioned, LavaCar is now shutting this business down. The wind down has started now and is expected to be done by year-end. In this business model, LavaCar takes risk on utilization of buses. It's not a sacred on a bus ticket sale business model, but LavaCar rather decides that a bus will go from point A to point B, contacts a bus operator and then promises them a certain fee and hopes to kind of fill up the buses. It's a high risk business model, it's a utilization risk business model, and for that reason they've decided to shut it down. It was never possible and it lacked network effect dynamics that Paris already mentioned. As Paris also mentioned, but just to be clear, bus tickets will 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 fully done, so from 2017 onwards, and the EBITDA will be higher both in absolute terms, since this was an unfossible business, but then of course also in terms of margin as you're 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 around 90% after excluding the operated the bus in this segment, so a much cleaner P&L, if you will. Specifically, in this quarter, the multiple has moved from roughly 2.7 times EV revenue on an NTN basis that we had last quarter to 4.2 times in this quarter. This is pre-discount, so we always apply a 10% to 30% discount as a reminder, but these are the multiples that you would 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 uplift on the remaining visitors that LambdaCard uplifts. Just wanted to give that extra color.
Going further on then, in the continuing of the portfolio, we avoid, and avoid is really killing it in terms of operations but there's also other good stuff going on which is that their I mean, or actually theirs, ours biggest competitor, Lime has IPO'd now after the end of this report but yeah, it's there's finally a listed an equity that's listed within this micro mobility space, which is a big and sort of stable business. Obviously, a bird listed back in the days and subsequently went south and now it's no longer listed and owned by other people. But anyway, lime is a big thing in our world. And so lime is a very, very good peer for VOI, which we will absolutely use going forward as an important input to when we need to look at a listed sort of peer group for multiples on which to value VOI. 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 uses a peer There's been nothing perfect out there for VOI. Now there's something that's very, very relevant, and which will be important going forward. The Lime IPO was, of course, the timing of it was, you know, what should we say? It's screened of, there's 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 don't do an IPO after SpaceX and before Anthropic. The attention of capital markets are elsewhere, And that's been very evident in the attention that this stock has gotten. We've seen a bunch of reports out there, which is plainly just sloppily done around the name. If you just read the prospectus, it took the time to read the prospectus. You get a clear picture. People haven't really made any time to sort of properly analyze this. So it will be good when the big banks that did the IPO all come out with reports, which is in a month or so. You will have a bunch of research coming out online, and from then on 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 VOI. I think it's sort of fair to say that subjectively VOI 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 Paris and London, which are two cities where they've been essentially alone, and that's changing. And the big sort of benefactor of that is, of course, Voj. So we see a lot of growth in Voj now and going forward also from those two cities. So there's 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 Voj. But there's a bunch of other details that we should mention at VOI. Dennis? Yes, thank you, Per.
Dennis
Analyst — Investment Professional
So as Per has already alluded to, VOI has had a very strong start to 2026. On an LCM basis, the company closed Q1 2026 with 188 million euros of net revenue, which is up 36% year-over-year. And it's up to the Dow of almost 30 million euros, 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, Lime is now public, and DotsTier, as you know, they have a public bond, and therefore also public financials. We now have good visibility on the relative performance of these three players, and we note that Voi was the company growing fastest among the three in Q1, growing revenues, as I said, 38% year-over-year, with Lime at slightly below 32%, and Teardot actually declining the revenues year-over-year in the first quarter of the year. For Void, momentum has continued in Q2, and the company has won a good number of tenders and licenses in everything from Marseille to Aspen-Beyrum to Frankfurt and Lens, so across Europe, really. They also won contract in Copenhagen, where Void is backed with over 4,000 e-bikes. And in Stockholm, where the market from July 1st and onwards moved from three operators, that it has been for the last couple of years, to two. And Lime was actually the company that was not allowed to continue, while Void was essentially leaving a bigger and a better market for Void. In terms of valuation, Bindy values VOI on a forward-looking EV EBITDA model as in previous quarters. In Q2, VOI is valued on a pre-discount multiple of around 11.1 times EV EBITDA, which after Bindy's discount, typically between 10% to 30%, means an effective multiple below 10 times EV EBITDA has been applied. As Pair has elaborated and explained the rationale behind, Lime is not used as a pair in this quarter, but will be used as a pair 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 in the graph that they will reach half a billion lifetime rise since its inception shortly, which is a very big milestone just around the corner. To jump to the next slide pair, these financials we've already covered, but I encourage you to keep an eye out for their second quarter report which is due to be published on July You can find this on VOYS IR website and we at D&D will also issue a release on the back report on July 23rd. If we move to the next slide to Housing Anywhere, the third largest housing is valued on the base of a transaction that happened in Q1 where the company raised new primary capital and D&D participated with 1 million euros and 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've scaled their AI booking assistance across the platform, and this now serves over 50% of the platform traffic. And they're also working on a number of initiatives to improve conversion in their funnel, which we're also starting to see results from. So we think that this will drive volume growth for Housing Anywhere 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 push the companies in the quarters to come. Going to the next slide so Newman. Newman as we already alluded to moved from a transaction to a mobile-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 agility one 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 Numen 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're seeing that half of new customers are now locking into commitment packages, making them more sticky retention-wise. We're also seeing that Numen is about to launch an oral Vigovie drug, which currently has an 18,000 person waiting list and hope to see progress from these initiatives. On products, Neumann launched a 2.0 offering on June 30th, so very recently. This is essentially a single experience that lets Neumann bring men's health, women's health and diagnostics onto one platform. We're very excited about this launch, and we'll follow this closely during the rest of the year. That's it from Nina, I'll hand it over to Bjorn to cover Breadfast.
Thank you, Dennis. Yes, so Breadfast, again, is our investment in Egyptian quick commerce and online grocery business called Breadfast. The company continues to do well, growing fast, sort of GTV or GMV, if you call it. is close to 300 million dollars on an annualized basis the company is valued based on the latest transaction which they announced back in February of 2026 so the last branch or 50 million dollar fundraise was announced back then the company now has more than or close to 60 fulfillment points across the greater Kyron Alexandria and serves approximately 500,000 monthly users in addition to sort of the core grocery business there was a number of initiatives such as Breadfest Pay and Breadfest Food that continues to see sort of strong early fraction now when we own six point eight percent of bread fast post this latest on race now if we go to the next slide which is the last of the Lord six holdings will get it now company continues to do well model based valuation is up roughly five percent over the quarter based on higher peer multiples the company continues to see sort of stronger margins and have a few years for this local focused on reaccelerating top-line growth and now they're also doing that and improving the margins what we think there's sort of still a lot of room to rule from this level companies also been focused over the last sort of two years in increasing the the payment revenue so both online and offline payments to flow through the Bukadret platform and that is currently the highest sort of driver of growth for the company and then also sort of in H1 2016 the company did acquire a business called Suezi which is a leading Swedish business management system for gyms and fitness centers and the personal trainers and that is both sort of adding roughly sort of 10% top line and 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're done with the sort of top six companies and we will move in to Q&A again if you want to ask a question use the zoom function and we'll walk through them over time so I think there's a number of questions regarding void and then sort of the LIME I think already did say that the LIME multiple will be reflected from next quarter in the valuation exercise and not this quarter so that's first one And then, sort of, another question here from Ina at SAB, how do you view Lime's IPO as its impacting VOI's operation? And then following, how will you describe the current exit landscape? In the event that VOI was to pursue an IPO, would you aim to remain a shareholder?
I don't think it really sort of affects the operating landscape or how VOI goes about its business, the fact that Lime has IPO'd. I mean, it's a big positive that there's more transparency around Lime now that's a benefit in our direction. And those sort of benefits are floating the other direction since Boyd was the first company to go public in the form of a bond, a public bond, and then several sort of industry players or several. Is it one? 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 don't think it changes much. The line might be always, I think as we talked about earlier, is primarily been driven by a debt for equity restructuring. So debt holders will own like 60% of the company post money. And so that was the primary reason for doing this IPO now, which is maybe obvious since it's not perfect timing to do it when there's so much attention and capital going to these sort of mega gorillas in the form of space, exonantropic. But anyway, we think it will find its feet well, and we look forward to research coming out in the name from the larger banks around capital markets, which will get different kind of spotlights on this sector. What was the other question?
If Boy was to pursue an IPO, would we aim to remain a shareholder?
We think there is a lot of upside from these levels at Boy. And we think, I would say that Frederick Yelm has a, you know, I'm certain that he'll make money at the base end of his strike prices, which is something like three times where we hold it now and I'm confident that he'll also make money at the upper end of that which is, what is it, seven times where we hold it now so, you know, IPO-ing around these levels we're not a seller we would of course since we trade at this discount 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, make it much easier to value VOI when we have a listed stock. And I think we would all agree that that would be, that, you know, is it the only reason that we share this discount? I don't know, but I think 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 discounts and especially in the combination with this lack of transactions. So having it listed would be good, but we're not setters at these levels.
Thank you. and then we have a question regarding sort of the discount so so so give them discount what do you do to sort of think and address that address the situation and sort of order any sort of exits in pipeline and potentially raising liquidity to continue with buybacks yeah yeah yeah we we have a we have a whole string of exits, none in these top six names.
Well, there will be some exits in the top six names, but maybe not 2026. But beyond that, there's actually a string of exits that if you add them all up, they amount to sort of serious liquidity. And so So we're hard at work in 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, yeah, nothing's done after it's done, but the exits we're working on are all around our NAV, and some even higher than the NAV. so all good and then of course we may be large shareholders if not the largest shareholders in a lot of these names but we're not alone in deciding when transactions or listings happen but of course that's something because of our discounts we're very constructive and positive about should things list and we talked about Lime and void at length now, so that's a positive. But then also we're establishing something that will generate cash, I mean, first sharing of costs, but then eventually also cash flow is something that we think is very beneficial in terms of addressing the discount so that one should see sort of the strategy we're now embarking upon to do off-balance sheet investments and generating some fee income around those eventually is something that I think will also be beneficial. So we haven't fallen asleep and are not sort of looking at this discount. It's very much top of the to-do list here at B&B.
And one follow-up on that sort of intended off-balance sheet investing. How is the sort of thinking around VNV investing its own capital into that?
Primarily, this is not that. This is first and foremost establishing a regulated fund structure with the people who do that. But with that in place, then you can go and raise money from other investors who allocate money into those sort of pools of capital to invest their money. so the primary thinking there is not V&D money obviously V&D money will at large be used to buy back stock when the opportunity is so evident there but in time there may also be V&D money invested but that's you know when we if that happens in any larger or material quantities it's in times when the stock also doesn't provide this sort of blatant opportunity I think that then on the margin there may be bits and pieces otherwise our liquidity is destined for for the the clearest opportunity at least the bulk of it right thank you I think we've done through through the questions at this time okay okay well thank you for for joining in and yeah so mid-september 16th of September here in Stockholm Capital Markets Day we're pretty much all the big companies joining we also have some smaller ones a favorite in this beyond the big six it's an Iraqi company called Bali which I will encourage you to to listen into if you can join us in the room welcome if you can't we'll broadcast it as usual and then we'll talk more about also how how b&b how we sort of envisage b&b developing uh beyond these investments and and generating sort of cash flows from from from from those new strategies etc so super exciting I'm excited but then yeah have a good summer and see you all in September if not before thanks thank you thank you
