Slide 1: Results Presentation 1Q25
Results Presentation 1Q25 The emerging market fintech investor
Slide 2: Agenda
Agenda A 1Q 2025 Results Overview B Exits and Capital Update 2
Slide 3: Key events of the quarter
Key events of the quarter 1Q25 NAV – modest uptick from portfolio delivery and FX, mitigated by volatile equity markets NAV ended the quarter at USD 357.0 mln, up 1.2% QoQ / down 20.2% YoY. Robust portfolio performance alongside portfolio currency performance (in particular Brazilian Real) supported
Slide 4: 1Q25 financial highlights
1Q25 financial highlights NAV Financial result • NAV of VEF’s portfolio as at 1Q25 is USD 357.0 mln. NAV per share remained • Net result for 1Q25 was USD 3.9 mln (1Q24: 5.3 mln). Earnings per share were unchanged at USD 0.34 per share during 1Q25. USD 0.00 (1Q24: 0.01). • In SEK, NAV equals 3,578 ml
Slide 5: NAV Evolution: NAV of USD 357 mln in 1Q25
5 - 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 357 mln in 1Q25 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 NAV Evolution Capital raises: Dec-20 3Q21: USD 97 mln 4Q20: USD 58 mln Mar-21 Jun-21 Se
Slide 6: Volatile quarter with pronounced pull-back in US indices
Volatile quarter with pronounced pull-back in US indices S&P 500 and Nasdaq closed the quarter down 5% and 10% respectively, reversing prior quarter outperformance. Fintech indices (overweight US) also pulled- back 10-12% through 1Q25. Mixed performance outside of US/across Latam Fintech. Global Fin
Slide 7: Valuation approach and key take-aways
Valuation approach and key take-aways 1Q fair value Change QoQ Valuation Portfolio valuation shifting back to marks validated by Company Multiple Comments / Last transaction details (USD mln) (USD mln) methodology recent and sizeable latest transactions 151.5 +9.0 MTM Rev + GP - Public or latest tra
Slide 8: 1Q25 NAV Evolution
1Q25 NAV Evolution Modest NAV growth driven by robust portfolio company performance and Fx recovery, largely offset by market multiples contraction during the quarter 1Q25 NAV Bridge Key takeaways USD mln • Total USD NAV ended the quarter at USD 357.0 mln, up Public holdings or Corporate Holdings va
Slide 9: 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 10: Agenda
Agenda A 1Q 2025 Results Overview B Exits and Capital Update 10
Slide 11: 3 exits delivered – USD 32 mln proceeds to VEF
3 exits delivered ̶ USD 32 mln proceeds to VEF Demonstrating ability to realise investments at/around our NAV marks, and strengthening the balance sheet with fresh capital 1 2 3 November 2024 January 2025 March 2025 • Successful IPO on National Stock Exchange of • Acquisition by Sem Parar, the leadi
Slide 12: USD 14.8 mln proceeds through partial exit in Juspay as part of Series D
USD 14.8 mln proceeds to VEF through partial exit in Juspay as part of Series D VEF investment & transaction overview Key Juspay stats VEF investment history Dominant player in the Indian payments ecosystem… Mar 2020 $13.0 mln $21 mln Series B funding round led $450 bln+ ~5x 130%+ VEF investment by
Slide 13: Exits – key lever in closing the discount to NAV
Exits ̶ key lever in closing the discount to NAV NAV growth and portfolio exits/partial exits will be the key catalysts in closing the discount to NAV 1 Validates our NAV marks Reflects the true valuation at which we can Enables Validates our crystallize our investments share buybacks 3 1 NAV marks
Slide 14: Validating our NAV marks
1 Validating our NAV marks Realising cash exits at net premium to NAV NAV pre-trnx1 NAV at exit2 Company (USD mln) (USD mln) % Comments Realising cash exits at net premium to NAV USD mln 78.8 84.4 +7% 7% premium to our pre-transaction NAV mark +5.5 106.2 102.7 Returning investment amount in the face
Slide 15: Validating our NAV marks (cont'd)
1 Validating our NAV marks (cont’d) Over 50% of NAV now validated with very recent and significant transactions NAV underpinned and validated by real valuation marks % of holdings1 1Q23 4Q24 pro forma Other2 2% Recent size fundraises Cash realisations 23% 28% 9% 52% Very recent and Latest transactio
Slide 16: Strengthening cash & balance sheet
2 Strengthening cash & balance sheet Restoring a net liquidity position with sufficient headroom for (partial) redemption of bond and opportunistic share buybacks Pro forma liquidity position Pro forma balance sheet USD mln $44.7 mln $39.9 mln Pro forma liquidity 1Q25 bonds outstanding $45 mln +13.6
Slide 17: Capital allocation
3 Capital allocation • USD 44.7 mln pro forma liquidity position • Sufficient capital to facilitate (partial) bond paydown: open market buy backs and/or early voluntary redemption • Share buy back announced: mandate for up to 5% of outstanding shares • Restored net-liquidity position1 Share buybacks
Slide 18: 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 19: Appendix
Appendix
Slide 20: NAV/share & share price development
20 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 14 April 2025 Sep-17 Dec-17 Mar-18 Jun-18 NAV (1Q25) Sep-18 $357M 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) D
Slide 21: 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