Slide 1: Results Presentation 2Q25
Results Presentation 2Q25 The emerging market fintech investor
Slide 2: Key events of the quarter
Key events of the quarter 2Q25 NAV – uptick on the back of strong equity markets and Fx tailwinds NAV ended the quarter at USD 374.6 mln, up 4.9% QoQ / 6.1% YTD. Strong market performance coupled with portfolio currency strength through the quarter supported a robust evolution of our NAV. Portfolio:
Slide 3: 2Q25 financial highlights
2Q25 financial highlights NAV Financial result • In USD, NAV equals 374.6 mln (YE24: 353.0), +5% QoQ and +6% YTD. NAV per • Net result for 2Q25 was USD 21.3 mln (2Q24: -11.2). share is USD 0.37 (YE24: 0.34), +7% QoQ and +8 YTD. • Net result for 1H25 was USD 25.3 mln (1H24: -5.9). • In SEK, NAV equal
Slide 4: NAV Evolution
4 - 400 600 800 200 USD mln Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Sep-17 Dec-17 NAV of USD 375 mln in 2Q25 Mar-18 Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Mar-20 Jun-20 1Q20 Covid impact Sep-20 Capital raises: NAV Evolution Dec-20 3Q21: USD 97 mln 4Q20: USD 58 mln Mar-21 Jun-21 Se
Slide 5: Valuation approach and key take-aways
Valuation approach and key take-aways Portfolio valuation shifting back to marks validated by recent and sizeable latest transactions 43% of holdings reflects very recent and Latest transaction 43% significant private transactions overlaid with implied MTM sense check1 USD 60 mln Series D Size fundr
Slide 6: 2Q25 NAV Evolution
2Q25 NAV Evolution NAV growth driven by strong equity markets coupled with Fx tailwinds 2Q25 NAV Bridge Key takeaways USD mln • Total USD NAV ended the quarter at USD 374.6 mln, up Holdings valued on MTM & calibration Valued on latest trx Corporate USD 17.5 mln / 4.9% QoQ (NAV per share +6.9% QoQ) (
Slide 7: High quality portfolio, delivering robust profitable growth
High quality portfolio, delivering robust profitable growth Confident with the quality of the companies that dominate our portfolio and their delivery/outlook as we move through 2025 Quality Many moving parts which define our success over time, but quality performing compounding assets form the basi
Slide 8: Growth is re-accelerating across the portfolio
Growth is re-accelerating across the portfolio 44% ~ 60% 40%+ YoY origination YoY net revenue YoY portfolio growth in 1Q25 growth in FY25 growth in 1Q25 Quarterly originations Annualised charged TPV Konfío loan portfolio BRL mln INR bln1 MXN bln +7% 9% 18% -2% QoQ 9% QoQ QoQ 137% QoQ 863 13% 16% YoY
Slide 9: Healthy market backdrop, with capital flowing through the system again
Healthy market backdrop, with capital flowing through the system again Seeing encouraging trends in the exits/capital backdrop with IPO markets coming back to life and M&A gaining momentum. Three high profile US fintech IPOs completed YTD. Emerging market equities trading at/near all time highs, and
Slide 10: Strengthening cash & balance sheet
Strengthening cash & balance sheet Partial bond redemption completed, share buyback programme live and comfortable capital position Liquidity evolution & capital position 1 Robust pro forma capital position USD mln • USD 37 mln gross proceeds now realised over the past 12 months, bolstering our bala
Slide 11: VEF investment case and outlook
VEF investment case and outlook It’s all about the portfolio Profitable – portfolio has a much more balanced risk/reward than in the past, with over 90% already reaching break-even1. The remainder are on a clear path to that destination with current capital or have comfortable runway. Growing – with
Slide 12: Appendix
Appendix
Slide 13: NAV/share & share price development
13 0 1 2 3 4 5 6 7 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 1Market data as at 10 July 2025 Sep-17 Dec-17 Mar-18 Jun-18 Sep-18 NAV (2Q25) $375M Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Mar-20 Jun-20 NAV/Share (SEK) Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Share Price (SEK) De
Slide 14: Thank you
Disclaimer The information in this Presentation (the “Presentation”) is furnished by VEF AB (publ), reg. no. 559288-0362 (the “Company” or “VEF”). This Presentation does neither constitute an offer to sell nor a solicitation of an offer to buy any securities, and it does not constitute any form of c