Slide 1: Investor Presentation
Investor Presentation October 2025 The emerging market fintech investor
Slide 2: Agenda
Agenda 1 VEF, Strategy & Track Record 2 Team & Capital Partners 3 Portfolio Overview 4 NAV Evolution & Financials 5 VEF Outlook 2
Slide 3: Portfolio overview
STO: VEFAB Portfolio overview Emerging Market Fintech Fund 13 leading emerging market fintechs Riding one of the strongest multi-year secular growth trends in some of the world’s fastest-growing markets Core Markets % of NAV2 Benchmark holding Brazil 50% $232M $406M Mexico 24% Market cap1 NAV (3Q25)
Slide 4: Clear mandate with a proven strategy – strong track record of delivering returns
Clear mandate with a proven strategy – strong track record of delivering returns Proven track-record in value-creation and Ability to identify and access benchmark Driving our strong history of long-term successful exits private fintech names across EM shareholder return Brazil NAV/share & share pri
Slide 5: Case study – Brazil
Case study ̶ Brazil The opportunity we identified in Brazil Evolution of our investment in Brazil Scale Cumulative capital invested in Brazil since 2017 Brazil is one of the world’s largest economies with over 200 mln people, and the USD mln kind of scale emerging market we like to invest in 35% 39%
Slide 6: Agenda
Agenda 1 VEF, Strategy & Track Record 2 Team & Capital Partners 3 Portfolio Overview 4 NAV Evolution & Financials 5 VEF Outlook 6
Slide 7: Management team
Seasoned management with extensive EM fintech expertise, supported by a high calibre, experienced team >6% collective holding in VEF1 Investment team Operations team Management team David Nangle Alexis Koumoudos Helena Caan Mattsson 2015 2016 2017 CEO CIO GC/Head of Sustainability • Experience: 20+
Slide 8: Governance overview – VEF Board of Directors
Governance overview ̶ VEF Board of Directors VEF Board of Directors David Nangle Allison Goldberg Lars O Grönstedt CEO & Board Member Board Member Chairman of the Board • Experience: 20+ years EM financial services • Managing Partner at Comcast Ventures • Former CEO and Chairman of Handelsbanken (on
Slide 9: Backed by blue-chip institutional capital
Backed by blue-chip institutional capital Long-term supportive institutional shareholder base Strong conviction in VEF’s investment appraisal Leading institutional managers maintain long-term holdings and have consistently supported Key shareholders have committed to co-investments in follow-on roun
Slide 10: Agenda
Agenda 1 VEF, Strategy & Track Record 2 Team & Capital Partners 3 Portfolio Overview 4 NAV Evolution & Financials 5 VEF Outlook 10
Slide 11: A diversified portfolio across scale emerging markets
A diversified portfolio across scale emerging markets VEF has backed entrepreneurs across the emerging world since inception in 2015 Portfolio companies Portfolio composition As at 30 September 2025 Geographic Breakdown1 Emerging Europe Other 8% India 18% Pakistan $417M1 Brazil 50% Mexico Mexico 24%
Slide 12: VEF portfolio overview
VEF portfolio overview Company Description Stake % of Portfolio1 Company Description Stake % of Portfolio1 Solfácil is building a digital ecosystem for solar energy 2.5% 3.2% Brazil’s leading digital-first secured adoption in Brazil 8.9% 44.8% lending platform Leading accounting SaaS provider 21.3%
Slide 13: Creditas – Brazil's leading digital-first secured lending platform
Creditas – Brazil’s leading digital-first secured lending platform Market opportunity Creditas value proposition Key stats1 Extraordinary interest rates… Addressing credit affordability through Average APR on lending products in Brazil (2Q25) collateralized lending $8.8 bln+ 40+ 450% Loaned to custo
Slide 14: Creditas – re-accelerating growth with robust unit economics
Creditas – re-accelerating growth with robust unit economics 2Q25 update Summary overview Portfolio Under Management Revenues Maintaining robust unit economics whilst re-accelerating growth BRL bln BRL mln • Accelerating growth: In 2Q25, originations amounted to BRL 849 mln, broadly in line with the
Slide 15: Konfío – Mexico's leading digital financial services provider for SMEs
Konfío – Mexico’s leading digital financial services provider for SMEs A Curated Ecosystem of SME-Focused Financial Services Key Konfío stats Targeting Underserved SMEs in Mexico Leading digitally native SME banking platform in Mexico… ▪ Working capital loans ▪ Payments $540 mln $1.7 bln 75k+ SME lo
Slide 16: Juspay – one of India's fastest growing payments tech companies
Juspay – one of India’s fastest growing payments tech companies Access to the entire Indian payment ecosystem with one single integration Key Juspay stats Dominant player in the Indian payments ecosystem… Merchant payments platform ▪ Powering entire payment stacks for enterprises $450 bln+ ~5x 130%+
Slide 17: Agenda
Agenda 1 VEF, Strategy & Track Record 2 Team & Capital Partners 3 Portfolio Overview 4 NAV Evolution & Financials 5 VEF Outlook 17
Slide 18: NAV Evolution
18 - 400 600 800 200 USD mln Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Sep-17 Dec-17 Mar-18 NAV of USD 406 mln in 3Q25 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: Dec-20 3Q21: USD 97 mln 4Q20: USD 58 mln NAV Evolution Mar-21 Jun-21 S
Slide 19: Valuation approach and key take-aways
Valuation approach and key take-aways 3Q fair value Change QoQ Valuation Company (USD mln) (USD mln) methodology Multiple Comments / Last transaction details Portfolio valuation shifting back to marks validated by recent and sizeable latest transactions 186.8 +6.9 MTM Rev + GP - Latest transaction 2
Slide 20: 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 21: NAV/share & share price development
21 0 1 2 3 4 5 6 7 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Sep-17 Dec-17 Mar-18 1Market data as at 30 September 2025 Jun-18 Sep-18 NAV (3Q25) Dec-18 $406M Mar-19 Jun-19 Sep-19 Dec-19 Mar-20 Jun-20 Sep-20 NAV/Share (SEK) Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Share Pr
Slide 22: Strengthening cash & balance sheet
Strengthening cash & balance sheet Partial bond redemption completed, share buyback programme live and comfortable capital position Liquidity evolution & capital position Robust pro forma capital position USD mln • USD 37 mln gross proceeds now realised over the past 12 months, bolstering our balanc
Slide 23: Agenda
Agenda 1 VEF, Strategy & Track Record 2 Team & Capital Partners 3 Portfolio Overview 4 NAV Evolution & Financials 5 VEF Outlook 23
Slide 24: Healthy capital flows continue across both primary rounds and secondaries/exits
Healthy capital flows continue across both primary rounds and secondaries/exits Trends in the exits/capital backdrop remain encouraging, with numerous sequential successful fintech IPOs in the US YTD. Capital flows returning to emerging markets, with notable benchmark funding rounds closed across ou
Slide 25: The stars are aligned in Latin America
The stars are aligned in Latin America Flywheel of structural tailwinds evolving in LatAm… …providing robust backdrop for VEF outlook 3 Politics 1 Macro LatAm Private markets lag publics Tailwinds for NAV growth 2 Markets Weaker USD & favourable terms of trade High real rates create a strong tailwin
Slide 26: 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 27: Attractive pipeline emerging in both private and public markets
Attractive pipeline emerging in both private and public markets Continue to build and refine a focused pipeline of quality EM fintech assets • India, Brazil and Mexico remain top priority for incremental capital deployment CORE • Opportunistically engaging with select assets outside of these regions
Slide 28: 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 29: 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