In Q4/25, we see similar trends impacting NAV as in previous quarters: listed peers trading down and FX headwinds. However, the company sees solid growth across its top six holdings (73% of NAV), with top line growth of 42% y/y in 2025 and c. 30% growth y/y continuing into 2026. While the balance sheet now provides some firepower for buybacks (cash of USD 51m and net cash of USD 5m in Q4), VNV continues to see opportunities for further exits.
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