We expect Q4/25 to conclude a year of successful exits, putting VNV in a net cash position but with some headwinds from listed peers trading down during the quarter. The shares are trading on a c. 54% discount to Q3/25 NAV (still above the 10-year average of c. 35%), down only slightly from 60% at the beginning of 2025. In 2026, we see the key positive drivers for the case as additional share buy-backs and exits, and the potential IPO of a US-based peer.
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