VNV saw its Q1 NAV decline 15.5% in USD terms q/q and reported an NAV per share of SEK 34 (-12.5% q/q), driven by listed peers trading down. On a company level, BlaBlaCar took the largest hit, but VNV notes that the underlying portfolio is doing well, and that NAV would have increased q/q if peer multiples were unchanged. The share discount to NAV is broadly unchanged at 46% in Q1/26 vs 44% in Q4/25. Overall, broadly as expected, with no major investments/divestments in Q1.
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