Okay. Welcome, everyone, our Q4 call, the VNV Global Q4 call.

Welcome to this call. I'm Per, and I'm joined by Björn and Dennis, my colleagues.

We'll walk you through the results, what's going on in the portfolio, touch upon a few of the holdings, and there's So we'll walk through the presentation and then it'll be Q&A afterwards. We So if you if you want to ask a question, please use the Zoom Q&A sort of function.

I This is the same as we've done in previous calls, so I think it's self-explanatory. Let's kick things off, and first numbers, I pass the microphone to my colleague Björn.

Thank you, Per. If you can move to the next slide, we'll start with that.

As per year-end 2025, VNV Global's NAV stood at $547 million or roughly $4.25 per share, down 5.9% in USD during the quarter. In SEK terms, NAV is SEK 5 billion or roughly 39.1 per share, down 8% over the quarter.

For the 12-month period, NAV in USD terms is down 4.2% and down close to 20% in SEK terms. If you jump to the next slide, Per, we go into sort of the simplified balance sheet here.

We have a total investment portfolio that amounts to $589 million, consisting of investments of $537 million and cash and cash equivalents of $51 million. Borrowings at year-end 2025 totaled $46.6 million, following the partial redemption of the outstanding bond earlier in the quarter.

We continue to trade at a material discount to NAV. As per share close yesterday, January 28th, at 19.9, we're trading at sort of implied 49% discount to NAV.

During this quarter, we've continued to repurchase shares that we started in Q3. As per year-end, company holds close to 2.4 million common shares, representing approximately 1.8% of the outstanding common shares.

The fair value change during the quarter is, as per usual, primarily driven by the movements across the largest holdings in the portfolio. If we move to the next slide, I'll quickly just go through the main drivers here before we jump in to a more broader overview of latest developments and the key portfolio holdings.

Starting from the top, we have BlaBlaCar, which as this quarter is valued at $164 million for our stake, based on the same sort of model as per previous quarter, down 11% or roughly $20 million during the quarter, primarily driven by lower peer multiples. Second, we have Voi, valued at $127 million for VNV's stake, down roughly 7% or $10 million during the quarter.

Numan, third-largest holding, still valued based on the latest transaction at $37 million, flat over the quarter. Housing Anywhere also valued at $37 million, based on VNV's model, relatively flat during the quarter.

Then sort of final, sixth of the largest holding, Breadfast, also valued based on the latest transaction in the company. We also have Bokadirekt at models-based valuation, which is relatively flat during the quarter.

All in all, these six companies represent close to SEK 30 per share in aggregate or 80% of the NAV. Finally, sort of just a brief comment on the cash and cash equivalents.

We ended Q4 with $55 million in cash, following an eventful quarter in terms of cash movements. The primary inflows during the quarter were the final closing proceeds from the Gett transaction and also closing proceeds from the Tise exit, which we previously announced.

Main outflow again was the partial bond redemption, where we sort of cut the outstanding debt in half. With that, I'll leave it back to Per, who will start and continue walking through the latest developments and the key holdings.

Thanks, Björn. The portfolio is sort of similar to what you've seen in prior quarters over the course of '25.

BlaBla and Voi is sort of nearly 50% of the portfolio. I know we marked the NAV downwards this quarter to the order of is it 6% in dollar terms?

As Björn walked you through, this is technical. Sort of we do our valuation models, we look at peer groups in the listed world.

Much of this sort of downtick is due to that these peers are down. The actual companies, these big companies in our portfolio and the small ones, are really doing well.

It's the quarter-to-quarter movements don't necessarily sort of correspond to sort of the progression of the companies, which is sort of performance-wise, revenues and EBITDAs, doing really well. Also sort of how they're positioned in this sort of volatile world we live in with new sort of softwares, AI, etc.

I think the portfolio is sort of really robust whereas in other sectors, software, etc., it's kind of scary what's going on. Here, for example, what's going on in the much sort of focused on AI world, these companies will benefit from all those sort of new products and new AI sort of apps, etc.

I think that's an important starting point. We obviously trade at this discount.

It was 49%, we're down today, it's a higher discount. We think our NAV, the NAV, these green bars, will deliver substantial returns annually over sort of the coming years.

We can't really find anything better to do than to buy our own stock. If we can buy that NAV at a 50% discount, 50%-plus discount, it's the best use of shareholder cash.

Björn gave you some numbers, over the course of the second half of last year, since we got the Gett cash and went to net cash, we have been buying back stock and we'll continue to do this. We have a bunch of gross cash.

We still have some debt outstanding. That leaves a little net cash.

We also have progression of some further exits in the portfolio. We intend to sort of work, operate, execute in accordance with what markets tell us.

That is to sort of sell at NAV and buy the stock. It's the $170 I think it's $170 million that we have exited over the past 2 years have all been around NAV, and the transactions that we sort of look at concluding going forward are also around that level.

That's where deals happen. Our stock trades at half that.

We're very focused on it. Spent some time in writing up this report and sort of trying to discuss, if you will, reasons why this discount is there.

I sort of thought that net debt was part of the reason, and I guess it's not, because we're in net cash and there's still that the discount is persistent. It's not that the portfolio craves a lot of cash.

Sort of just shy of 80% of it is EBITDA-positive. In this number, we have Voi at EBIT-positive well, obviously because they own and depreciate these assets.

If you use their EBITDA figure, it's this 76% goes up, of course. The decline here a little bit is predominantly driven by that Gett is sold over this past year.

The portfolio is doing well, it's not craving cash, and in fact, it's not only profitable, it's also there's still growth. This shows the growth of the six largest holdings, and we've seen that growth sort of accelerating over the course of the year that we're now closing, 40%.

We see growth sort of continuing in '26, maybe to the order of 30%. Earnings at the bottom level here gone from a negative in '23 to positive now, and one that we see growing much, much faster than revenues in the coming years.

I think Dennis helped put together some numbers. If you look at the '26 earnings, you are looking at, just using our share of these six companies.

These six companies during the course of 2025 generated about a billion in revenues, and so our share of that is 150. If you take that into '26 and the way we see sort of earnings growing, I think you got if you compare our market cap to our percentage of these guys' earnings, you're looking at a price EBITDA of call it just above 20.

How earnings is growing over the next year, you're looking at in '27, our market cap again to the same sort of earnings, our percentage earnings of these six companies getting down to levels of 10. That's then using the market cap and comparing it to the performance of these six companies, and that's assuming everything else is at zero.

Everything else is very far from zero. Here's a bunch of the companies that show up in that other part of the portfolio: Flo, I think all of it's the world's largest period tracker; Oura, I'm sure many people on this call use Oura Rings; Avoco is Europe's fastest-growing marketplace for used car parts; Juve in the hair coloring space is doing fantastically well, growing fast; NoTraffic, a company predominantly selling their product within traffic control in the US; Tise actually just sold at above our NAV; the Vinted of Norway was recently sold to eBay, just to give you a sense that outside of these six companies, there's a lot of stuff going on in our portfolio.

As we've talked about before, I'd sort of say that in this other part of the portfolio, we have the next BlaBla, the next Voi that in a few years' time when maybe BlaBla and Voi are exited, you have one of these companies will have taken their place and become one of the bigger parts of our portfolio. In fact, just to go back on to that NAV and us trading at this NAV, sort of our NAV we would try to keep it conservative.

Our auditors tell us that it should be fair, it should be correct, should be the true market value. If we are wrong, we'd like to be wrong that we're a little bit conservative.

I think these are three examples of late where Tise was sold for $11 million to us, we had it at 6.6; Juve raised money at the equivalent of 4.7, we had it at 2.8; or Juve was done around the mark and Oura was done way, way above our mark. Sort of high-level intro to what's going on at large at VNV.

Just to take you through BlaBlaCar, where there's not that much new to talk about. I think most of you know BlaBlaCar well by now.

It's been many years in our portfolio. It's a marketplace for long-distance traffic where supply comes predominantly from cars, but also bus and train operators offering seats into a marketplace which has a very large and very fragmented demand side on the other side.

It's a European business. Every little green dot here is a BlaBlaCar on route on the car.

You see it's very, very active marketplace in Europe. The fastest-growing countries for this company right now is in emerging markets where India has overtook France last year to become the largest market in terms of passengers, but not yet monetized.

In fact, over the course of this year, one of the things that we're really eager to see the company perform, and we're confident that they will sort of execute on, is to monetize emerging markets, which they have in other parts of the world. We see first out Brazil, where they've been at it for a long time.

Monetization is now starting to become well underway after they've spent some time on testing different sort of routes to monetize. Not every market is France.

France, of course, heavily monetized and very profitable. Brazil, they have sort of tested some new products and found the right one, and now getting going in earnest with that.

Then India, Mexico are to follow. In Europe, which is really profitable and not as fast-growing market as those emerging markets, there's still a potential to growth as the company sort of really improves the product to pick up the sort of the big demand that's out there when they offer a point-to-point solution in this sort of long-distance sort of travel.

Instead it's not only going from a big central station in Paris to big central station in Lyon or Madrid, for example, but this company actually offers a route from a small city like Clévilliers to a small city like Avord where today you need to sort of or outside of BlaBlaCar rather, you need to take a bus to Rouen, take a train to Paris, change station in Paris, train to Nantes, a bus to Avord, which takes 6 hours and cost a lot of money. The alternative in a BlaBla trip is much more comfortable.

It's door to door, it's faster, it's much, much cheaper. As the product sort of starts to sort of cater even more to this sort of door-to-door kind of concept, we think there's also growth to be had out of places like France, which has been more sort of a profit center than a growth center of late.

Just summing up, we're the second-largest shareholder of this company, now 14%. That's not changed since we last spoke.

We're very, very keen on this upside. I think for the course of this year, monetization in emerging markets will be a very, very interesting thing to follow, but also beyond that, just generally from the sort of volatile years of '23, very, very sort of profitable, and then '24 with the sort of the ceasing of these green revenues that they had in France, they're now on a very sort of stable footing and are profitable in earnest.

We see that those profits really sort of growing well into the coming years. Really, really keen to see this company now having just normal times and being able to grow in all their markets, but especially emerging markets, and also monetize those, which will be, obviously, driver for revenues and then a lot of that money, not to say all that money, falls down to the bottom line.

Those are a few words on BlaBla. I'll hand over to Dennis to walk us through Voi.

Thank you, Per. As as we've highlighted in previous calls, Voi has had a very strong 2025 with net revenue growth in the 30% range and margin expansion across the board.

On the back of this, VNV has written up its value in Voi by over over 25% during the year, taking it from around 15% of the VNV portfolio to more than 22% of our portfolio this quarter. Given that performance and its increasing importance for for VNV, we thought it made sense to do a bit of a deeper dive on Voi on this call.

Starting with the basics, which I I assume most of you are aware of, Voi is a leading European micromobility company. They operate both shared e-scooters and shared e-bikes in more than 110 cities in 12 countries.

Whilst the hardware is is the most visible part of the business, as you can see on the left leftmost side of the slide, Voi is fundamentally a a vertically integrated hardware, software, and operations platform working as one system. On the software side, Voi has invested heavily in everything from machine learning for for fleet optimization to ensure that supply and demand are matched in each city at at any given point in time, to inventory and fleet tracking, the rider app that users see, but also various types of data products for cities in in in the in the locations where Voi operates.

On the operations side, Voi manages the full vehicle lifecycle from sourcing and designing of the hardware to predictive maintenance and fleet management, and ultimately resale. To date, Voi has resold more than 60,000 vehicles when upgrading to newer models has made more economic sense than continuing to operate, which shows you how how far this business model has come from from where it started back in back in 2018.

All of this makes this a highly complex industry and and company, I believe, and with meaningful barriers to entry. It it it really strongly favors the operators that ha- had invested in technology and operational excellence to drive down cost per ride, a metric we are fairly certain Voi is is leading on in this industry.

If we go to the next slide, Per, and apologies in advance for for a slightly wordy slide, but I'll walk you through the highlights. Today, Voi has a highly diversified revenue base with over 100 cash-generating cities.

The largest city accounts for only 8% of revenues. We're often asked, I'm often asked, what happens if Voi were to lose a major tender, a city such as Oslo or London or Paris?

The answer is really that the downside is quite limited here. The portfolio is diversified, as I said, and and the fleet would just be reallocated to cities where they can continue to generate rent revenue, perhaps at a slightly lower pace in the beginning, but but that is that is a a very key component to to the fact that it's a very kind of diversified portfolio of of of of cities.

Voi also has a very loyal and growing rider base with active users up more than 33% in 2025, highlighting that penetration remains very early in many European cities. I'll show you a slide on that just after this one.

Voi also holds the highest regulated market share in Europe at around 30%. Close to 80% of its revenues actually come from these regulated markets where competition is limited and unit economics are structurally more more attractive.

I think this is one part of of why Voi has managed to to achieve this margin expansion that we've seen over the course of the past 12 to 24 months. On hardware, Voi is now operating its ninth-generation vehicle with roughly one-year payback periods and an asset lifetime that exceeds 10 years.

Also that, a big improvement versus the first models that we saw in 2018. During 2025, Voi scaled its e-bike offering quite meaningfully with further expansion planned also now in 2026.

The benefits with e-bikes is that it not only diversifies the fleet, but it also broadens the user base and significantly expands the addressable market for Voi. You have more users willing to to to to use the service.

Over time, we expect additional vehicle types to be available on the platform as well. Finally, on this slide, Voi has industry-leading safety performance.

On average, a rider would need to travel around six laps around the globe on a Voi before being involved in a serious L2-plus accident. As a food for thought here, I think, safety remains a core focus for Voi, but city infrastructure and car prevalence are also critical factors in in that equation.

If we go to the next slide, Per, as I alluded to before, what we're seeing here is the share of city population that are monthly and/or yearly active riders with Voi in in a number of cities, but also for the top 50 European cities that Voi is active in. As you can see, even in Voi's strongest cities, penetration remains quite low.

In places like Stockholm and Oslo, more than 60% of the population remains untapped. In larger cities such as Berlin, that runway is close to 90%.

Voi has around 1 million retained monthly active users today, while more than 150 million people are aware of the brand, and over 600 million people live in Europe. I think this highlights how early the journey still is and and how much growth there is to come from just growing growing user base.

As mentioned earlier, Voi grew monthly active riders by 33% in 2025 with essentially no marketing spend, making this a highly efficient acquisition engine as well. This is a metric we expect to continue driver growth going forward.

Going to the next slide and turning to this quarter, the or the fourth quarter of 2025, we've written down our stake in Voi by 7%. While peer multiples have been volatile with with mixed movements across the group and a actually a net positive impact from the median multiple, VNV has has essentially taken a more conservative view on the on the near-term LTM EBITDA forecast for 2026.

This essentially reflects increased investments in megacities, such as London and Paris, which carry lower margins initially, but are likely to become the largest contributors to both revenues, but also profitability over time. Another thing worth highlighting here is that Voi is also investing in its first refurbishment hub in Poland, which expands vehicle lifetimes, improves unit economics, and increases control over the supply chain, all positive long-term initiatives, but also part of explaining why we've taken down the EBITDA forecast in 2026.

For the avoidance of doubt, however, we expect positive adjusted EBITDA and adjusted EBIT in 2026 with expanding margin versus 2025. This will not be a year of steady-state margins.

Instead, it will be a year of continued investment within healthy, positive margins, but prioritizing growth at the ri- right price over short-term margin margin maximization, all of which we believe will drive long-term value for for Voi. If we go to the final slide, this is actually not new from when we last looked at it in in Q3.

This shows Q3 LTM figures. We, as I said, we also did that in our last call, as Voi actually reported ahead of us.

This quarter, they're reporting after us, Voi will release its Q4 results in February. We encourage you to to follow that on their IR site.

In essence, you're looking at growth in the 30% range with with significant margin expansion across the board. That was it on on Voi.

If we move to to to the next slide, we're seeing we're seeing Housing Anywhere, which is the leading platform for for medium-term accommodation rentals, typically 3 to 3 to 9 months, in Europe. Over the past year, Housing How past years, sorry, Housing Anywhere has grown roughly 20% per year and has been adjusted EBITDA-positive since 2024.

During 2025, at the beginning of the year, we updated the management team and in- instated a new CEO, Antonio Intini. Antonio brings extensive experience in the real estate and tech sector, having served both as Chief Business Development Officer at Immobiliare, which is Italy's leading housing platform, and several years at Amazon before that.

During the year, we've also spent time and resources on updating the company's long-term strategy, where VNV, through me, have supported operationally as well. As part of this work, Housing Anywhere is expected to complete a new funding round in the near term to to to finance its updated management plan, expected to close during this quarter, the first quarter of 2026.

VNV is committed to invest around €1 million in this round. In in the fourth quarter of 2025, since that was already decided, we have reflected we have we've adjusted the carrying value of of Housing Anywhere to reflect that transaction, which is done at a small premium to to our NAV.

If we go to the to the last slide on my end, this is Numan, which is a digital health platform for for specialized health in the UK. As we talked about in the past, this company has seen massive growth in its weight loss vertical from from GLP products, GLP-1 products, in the past couple of years.

It's expected to close 2025 with triple-digit growth on revenues and positive EBITDA, despite increasing volatility in this market following following Eli Lilly's price increases in in the third quarter of 2025. This marks the second consecutive year with over 100% growth on top line and posita- positive EBITDA for for Numan.

We also note that that our our sector colleague Kinnevik made an investment in into into this broader space, different business model, different different company called Oviva, but but definitely shows the the interest in in in weight loss in the weight loss market in the UK. In this fourth quarter, we value our stake in Numan on the back of a transaction that took place during the summer of 2025, where Numan raised both equity and debt to the order of around $60 million.

For that reason, the valuation is essentially flat in in in Q4 of 2025. That's it on my end.

Handing it over to to my colleague Björn to speak about Breadfast.

Thank you. A few quick words on Breadfast here, which we value at $30 million for VNV's stake, based on the capital raising they have done during 2025.

The company has been doing really well and accelerating growth during the year, ending the year with sort of a run-rate GMV of around $290 million. Again, as a reminder, Breadfast is online grocery quick-commerce business based in Egypt.

Primary market is Cairo, where they're currently expanding their footprint across the city with lots of new fulfillment points, and, importantly, while also sort of sustaining healthy contribution margins. We're super excited about this company and think they will have a, hopefully, stellar 2026.

If we move to the next slide, I'll also mention a few words on Bokadirekt, the SaaS beauty marketplace out of Sweden, dominant player in the market. Also a company that's doing well, stable growth 2025.

We're looking to close sort of at just shy of SEK 200 million in net revenue and with EBITDA of SEK 50 million. In absolute terms, sort of still on the smaller side, but really solid business, which we think sort of have both potential to continue sort of stable double-digit top-line growth while improving margins, not maybe to the sort of full classifieds-type level, but definitely increasing it compared to where they are today.

With that, I think we're sort of through the six largest holding, and I believe it's time to open up for Q&A, as Per mentioned. Sort of if you want to ask a question, please type it in sort of in the chat or Q&A function here in Zoom, and we'll try to address them.

Sort of I think two BlaBlaCar-related questions to kick off with we already received is, one, is there any new information on these energy-saving certificates that we've discussed historically that were there and have got away? Then also, sort of more general question on the BlaBla product, is this more focused on national users in their different markets or is it also sort of a visitor, tourist element to the product?

Thanks. I'll take those.

The energy-saving certificates in France for transportation is gone there for now. The French government opted to sort of tax the heavy energy users rather than sort of let the market sort of try to get the heavy users sort of reducing energy, the ultimate sort of goal of this.

In France, it's not present at the moment. It may come back, but we don't know.

I think it will need sort of more stable sort of politics and sort of budgetary processes. Having said that, it's been started in Spain a year or so ago, and it's really growing fast in Spain.

The Spanish government thinks it's the best thing since sliced bread, it's really popular across the board there. Starting to contribute meaningfully.

It's not yet meaningfully to sort of BlaBla revenues, but most importantly, to earnings, because this is obviously very high-margin revenue for the company. It's not yet to sort of the very high levels that we saw in France in 2023 when there was the base level of this energy-saving certificates.

In '23, they also had a booster on it, Spain is still below that. Still a very good contributor, and take a few years and be at the French level.

That's a very positive, and then we'll see what happens in France going forward. It's not present for now.

BlaBlaCar, yes, it's mostly sort of locals, nationals, sort of going to visit parents or going to work, university, etc., inside the countries. There's also a fair bit of cross-border stuff, also inside Europe for work purposes, but also for, well, call it tourists that use it to go from Amsterdam to Paris, etc., when as it's, again, using it for the same sort of reasons that sort of locals use it.

It's cheap, and it's also point to point.

Thank you. Then I think we have a Voi-related question.

You referred to a potential listing of Voi also sort of on the back of a potential IPO of its competitor. Why not move ahead and become the first and leading one?

Better to be first than second. What's holding you back or Voi back in this case, I guess?

Yeah. Voi is not in need of equity funding right now.

From a company perspective, it doesn't have to do this. If Lime were to IPO or when Lime IPOs, I guess maybe it's more fair to say because there's been a lot of talk and they seem to be heading in that direction.

That IPO sort of establishes a certain sort of attractive cost of equity capital for the industry, then in my view, I think that accelerates Voi's path to also being listed. Sort of putting that aside, I think sort of the timetable, in my perspective, for Voi is more to provide liquidity to shareholders who need liquidity, that being a reason to sort of do a listing.

That's more something that maybe happens in 2027. Things could change on the back of a Lime IPO.

Thank you. Then I guess we have two questions sort of around the discount and buybacks.

The question is discount is persisting. We've done sort of relatively modest buybacks to date.

Have you considered being more aggressive on that side or can you? What's the sort of considerations there?

We've been buying back stock in VNV for I don't know, as long as I've been around, since 20 years. I think if you look across the past 10 years, we've bought back stock and distributed sort of cash to shareholders to the order of Is it $750 million?

Throughout these years, we've done this in a very opportunistic way, not sort of buying on a down day, not chasing on an up day kind of thing. That's the way we've sort of approached it over the autumn, and I think we'll continue to approach it.

Then if sort of certain sort of block-sized opportunities come up, we'll look at those, too. Otherwise, we'll just be opportunistic in the market.

That's our way about it. We have quite a lot of gross cash, and so there's firepower to do a lot.

I know the net cash is smaller, but we're also working on a few exits, none of the sort of big, major things, but in the other part of the portfolio, there's some exits happening outside of us which could lead to more liquidity. It's for us who has this sort of insight into the performance of the portfolio and the development and the way we see that from the level of NAV, it'll generate substantial returns from the NAV level.

There's just nothing better for us to do. I think you should expect us to continue doing this, but in an opportunistic way.

Speaking of Voi, I know we have Voi marked wherever it is. Is it $127 million today?

I, in fact, think that you could argue in some ways that Voi, our position in Voi today is the way we value it understates it massively, perhaps to the extent that our stake in Voi sort of makes up the entire market cap of VNV and everything else is for free. I know that sort of requires having sort of a little bit of faith into them performing over the coming years, but the way from where we sit, we think that's entirely possible.

To give you a sense of buybacks.

Thank you. Another question here, looking at the pro rata share of earnings which you communicated, it looks like the 2025 margin assumption is slightly lower quarter-on-quarter compared to third quarter.

What has driven this development? Dennis, can you take this one?

Happy to. I think the question is on the $3.2 million of pro rata adjusted EBITDA, so that's VNV's share of the pro rata EBITDA of the portfolio companies in the top six list.

As a reminder, Voi is on adjusted EBIT here and not on EBITDA. This is around 2 2.2%, I think, percent margin versus I think it was 2.5% to 3% range that we had before.

The biggest driver of that delta is a couple hundred thousand is Breadfast that has invested quite heavily in growth, as Björn alluded to earlier. They have seen a bigger kind of top-line growth than anticipated, but done so at a slightly lower margin.

That's the biggest driver for 2025. Then 2026, we will get back to you on in a couple quarters' time.

Thank you. There's also a question here that says, arguably, you've been hurt by the dollar decline without any underlying assets that actually have dollar exposure.

Have you considered changing your reporting currency? It's true that today it's very little dollar exposure across the portfolio, and more importantly, on our sort of cash side.

It was more dollar exposure in the beginning of 2025, where we still had Gett, which arguably sort of was priced in dollars and made up a sort of meaningful part of the portfolio. Our reporting currency of USD has historical background.

We've been reporting in dollar terms since the very first iteration of the company, which, yeah, many years ago when we sort of still was a Bermuda TopCo and had depository receipts listed here in Stockholm. That sort of continued while we did the redomestication back in 2020.

Given the change in this sort of portfolio, we have reviewed this topic, but haven't sort of made a decision or come to a conclusion. Again, sort of given that the portfolio is not dollar-denominated, the value sort of is what it is, irrespective in which currency you report in.

There's obviously sort of pros and cons in communication, especially in these times of very volatile FX. With that, I'm checking here if there's any questions that we have missed.

I think sort of was a few questions here on a more broader topic around our larger holdings and how do we think about and review that sort of original thesis we had when we did the initial investment? Sort of what frequency do we review that?

If we realize that our original thesis was not or is not sort of playing out, how do we think about that, and how do we sort of try to proactively work with those type of examples in the portfolio? Maybe if we can give a broad answer there.

Yeah. I think that's done sort of continuously.

It's not that we have a meeting on a special position sort of every quarter and we go through it. I think it's done very continuously.

I think the way this sort of works out is that typically if we invest in something very early stage, then well, the tickets are very small. If it doesn't work out, we stop funding it basically.

It's not really possible to sell. The market for those sort of really early-stage positions is very illiquid, and it seldom sort of works to sort of sell.

We've made a small check and then we don't do any more checks. There have been situations where we have sold, where it hasn't sort of really, for various reasons, not sort of fitted in the portfolio.

Then we have been proactive in sort of trying to find a buyer. We have found buyers typically and then sold them.

Then there's situations where Numan, which is, I think, yeah, it's the fourth-largest of our positions, and which is a really good company, a really strong company, but it's not quite what we invested in in the beginning when it was much more community-based sort of phenomenon around male health. The larger the community, the better the product kind of thing, you sort of get these natural network effects around it.

It's evolved from there to being more of a teledoctor with an e-pharmacy attached to it. It's a good company, but it's not really network effects.

Here it's a big position for us, we're on the board, we're quite active around the company, but yeah, it's the original thesis hasn't really worked out, but it's developed to something good anyway. The sort of good performance has not made it make any sense for us to sell into, because prices have improved, we've held on to it.

Thank you. I believe we're through the questions that I see here.

If we missed anything, please ping us on email or whatever. We'll try to address it offline.

With that, sort of, yeah, over to you, Per, for final few words.

No, thanks for joining, and you know where to find us. As Björn said, please, it's always great and fun to talk and address your questions in this format, but also on a one-on-one basis if you want to kick things around.

We report next time, I think it's April 22, if not before, then please join us for a similar exercise for our Q1 of 2026. Thank you.

Thank you.