During Q3, VNV marked down its NAV in USD terms by 5% and NAV/share by 2% q/q, but the underlying performance of its largest holdings is strong. BBC guides EBITDA to nearly double in 2026 and Voi reported sales growth of 53% y/y in Q3. Moreover, VNV highlighted that Voi could soon fund growth capex with its own cash flow instead of debt. We also gained increased confidence in 2027 being another year of solid growth for BCC and Voi.
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