Regulatory press release

VEF interim report third quarter 2025

VEF

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Key events during the quarter

In 3Q25 our NAV was up 8% QoQ, to USD 405.7 mln. The positive NAV movement reflects a blend of portfolio performance and supportive market comps and FX. Konfío (+ USD 28.6 mln/39% QoQ) was a key contributor, as we moved from last transaction to mark to model, unlocking 12 months+ of value accretion.
Creditas released its 2Q25 results showing continued growth momentum, as its portfolio grew +14% YoY (up from +11% YoY in 1Q25) while posting record quarterly revenues of BRL 583 mln (+18% YoY and +6% QoQ). We expect the improving trend to continue and be evident with its 3Q25 filing.
Creditas announced they are planning a new equity fund raise, targeting USD 100 mln minimum. Indicative valuation for the round was communicated at approximately USD 3.3 bln. As per our related press release: we clearly welcome any fundraising that strengthens Creditas’ capital position. Only once any fundraising has been completed, will VEF be in a position to assess the full implication on our NAV.

Net asset value

In USD, NAV equals 405.7 mln (YE24: 353.0), +8% QoQ and +15% YTD. NAV per share is USD 0.40 (YE24: 0.34), +9% QoQ and +18% YTD.
In SEK, NAV equals 3,817 mln (YE24: 3,882), +7% QoQ and -2% YTD. NAV per share is SEK 3.75 (YE24: 3.73), +8% QoQ and +1% YTD.
Cash position, including liquidity investments, was USD 17.6 mln (YE24: 12.8) at the end of 9M25.

Financial result

Net result for 3Q25 was USD 32.2 mln (3Q24: 38.2).
Net result for 9M25 was USD 57.5 mln (9M24: 32.3).

VEF CEO, Dave Nangle, comments:
"Our experience tells us we are on an early upswing. Each quarter brings with it fresh proof points: improving portfolio performance, delivery on exits, balance sheet strengthening, a more focused quality pipeline. This quarter, we again, see our NAV per share moving higher, while we maintain a clear goal of continuing the process of reducing our traded discount to NAV.”

	Dec 31, 2023	Dec 31, 2024	Sep 30, 2025
Net asset value (USD mln)	442.2	353.0	405.7
Net asset value (SEK mln)	4,441	3,882	3,817
Net asset value per share (USD)	0.42	0.34	0.40
Net asset value per share (SEK)	4.26	3.73	3.75
VEF AB (publ) share price (SEK)	1.84	2.21	2.15

Events after the end of the period
Creditas closed it latest bond issue, successfully raising USD 50 mln, at a fixed rate coupon of 10.5% with a 3.5 year duration.

Visit VEF’s IR page for our financial reports and other information: vef.vc/investors

The results webcast will be held at 13:00 CEST (07:00 a.m. ET) Wednesday October 22, 2025, where Dave Nangle, Managing Director of VEF, will comment on the report and the latest developments.

To join the live conference and be able to ask questions, please use the below link for registration:
https://register-conf.media-server.com/register/BI49607cac116445d6b505d9f9c46b02eb

To view the live interactive presentation in listen-only mode, please log on to:
https://edge.media-server.com/mmc/p/cdjk9erf

About Us
VEF AB (publ) is an investment company whose Common Shares are listed in Sweden. We invest in growth stage private fintech companies, take minority stakes and are active investors with board representation in our portfolio companies, always looking to back the best entrepreneurs in each market. We focus on scale emerging markets and invest across all areas of financial services inclusive of payments, credit, mobile money and wealth advisors. VEF trades in Sweden on Nasdaq Stockholm's Main Market under the ticker VEFAB. For more information on VEF, please visit http://www.vef.vc.