Slide 1: Results Presentation
J = - Results Presentation The emerging market fintech investor
Slide 2: Key events of the quarter
Key events of the quarter VEFr 3Q24 NAV: robust portfolio performance with market and FX tailwinds NAV ended the quarter at USD 475.0 min, up 9% QoQ and +24% from its 4Q22 lows. Continued strong delivery across the portfolio compounded by supportive markets. Creditas: profitable and re-accelerating
Slide 3: 3Q24 financial highlights
3Q24 financial highlights V € F NAV of VEF’s portfolio as at 9M24 is USD 475.0 min. NAV per share has + Net result for 3Q24 was USD 38.2 min (3Q23: -56.5). Earnings per share increased by 7% to USD 0.46 per share during 9M24. were USD 0.04 (3Q23: -0.05). In SEK, NAV equals 4,799 min. NAV per share h
Slide 4: NAV Evolution
VEFr NAV Evolution NAV of USD 475 min in 3Q24 pe-des ve-unr ve-eW €z-08q €¢-deg €¢-uny ec-1eW 2-980 t¢-des @¢o-unr % 8 Qe 8s ng 5 = ee De | De Ee | Ee | | EE Ee Ee ee 22-eN 1e-990 \z-des ~ ke-unr Ie-eEN 0z-980 0z-des O¢-unp e€£ EE BS ray 2B 25 Sz §& 893 $8 6 j ic o 8 02-2 61-09G 120 Covid impact 6l-
Slide 5: Solid market backdrop across the board in 3Q24
Solid market backdrop across the board in 3Q24 VEFr Nasdaq and S&P 500 continued to post gains whilst Fintech Indexes outperformed reversing 2Q24 drawdowns. Markets remain buoyant on the back of continued Al enthusiasm and the start of the Fed easing cycle. 493% +7% +8% Nasdaq 443% +3% +21% 2023 3Q2
Slide 6: Evolution of our valuation marks in 3Q24
Evolution of our valuation marks in 3Q24 Ver Fair value USD (min) 3Q22 4022 1023 2023 3023 4023 1024 2024 3024 | G0” VOYeS ese change change holdings @credites 23 1931 1987 2129 1835 1888 2155 215.9 2520 16.7% 37.3% 50.3% OJUSPAY 475 475 «+628 749 665 744 #9725 701 788 12.5% 18.5% 15.7% Konfio 614 4
Slide 7: Valuation approach and key take-aways
Valuation approach and key take-aways Company CG creditas OJUSPAY Konfio GRINGO sslfacil nibo Other (USD min) 252.0 78.8 728 38.8 7.2 13.7 104 7.5 +87 -2.6 +24 07 3@Q fair value|Change QoQ! Valuation MTM Latest trx Latest trx Latest trx MTM MTM Various Comments / Last transaction details Rev +GP - -
Slide 8: 3Q24 NAV Evolution
3Q24 NAV Evolution Ver Robust NAV growth driven by a combination of continued underlying portfolio performance, buoyant public market multiples and modest Fx tailwinds through the quarter 3Q24 NAV Bridge Key takeaways USD min Holdings valued on MTM & calibration Holdings valued on latest trx Corpora
Slide 9: High quality portfolio, delivering robust profitable growth
High quality portfolio, delivering robust profitable growth Ver Quality Profitable & self-sustaining Robust growth Raising fresh capital Confident with the quality of the companies that dominate our portfolio and their delivery/outlook as we move through 2024 Many moving parts which define our succe
Slide 10: Creditas — profitable and re-accelerating growth
Creditas — profitable and re-accelerating growth Portfolio Under Management BRL bin Gross Profit BRL min / Margin (%) & Mit II SS o> $ SII S 5 57 5295857 565.6 57 5. 5.0 5a 20 l 20 2Q24 update Revenues BRL min 96 07 484475486404 | alll | | | | I HIT PII III ISS Net Income Adjusted BRL min nT] pret 4
Slide 11: Capital flowing in the system
Capital flowing in the system V € F Seeing encouraging trends across global benchmark fintech names and our emerging market ecosystems. Increasing levels of capital being deployed across a healthy mix of both primary fundraises and secondary sales alongside unprecedented liquidity within the Indian
Slide 12: Fresh capital continues to be raised across the portfolio
Fresh capital continues to be raised across the portfolio Konfio raises size capital following recent rounds done by Gringo and TransferGo Validating our NAV marks with recent and sizeable transactions 1Q23 Portfolio valuation shifting back to marks validated by recent and sizeable latest transactio
Slide 13: Share price, NAV/share and the premium/discount
Share price, NAV/share and the premium/discount VEFr NAV/share & share price development Premium/(Discount) to NAV 7 60% 6 40% 5 20% 4 0% 3 -20% 2 ~40% 1 60% 0 -80% ee QQNQNMMSPPLSLSHSHHNHANAKERRAAS AS © FF SF FP PP MM PP PD om ge Sore ages eee eaiaesaag cage cage ee SSK KCK CK KM SK EK KM SK ge ae
Slide 14: Closing the discount to NAV
Closing the discount to NAV Ver NAV growth and portfolio exits/partial exits will be the key catalysts in closing the discount to NAV Persistent discounts, differentiation emerging VEF’s strategy to narrow the discount & get back to investing Discounts persist across the broader investment (1) NAV g
Slide 15: Capital position — comfort with controllables
Capital position — comfort with controllables Solid cash position to cover coupon payments and opex Expected cashflows to YE24 USD min 13.2 a Oi 2 Cash position 324 Coupon payments Opex Interest Cash position YE24 Sustainability bond trading at a premium Traded price of VEF’s senior unsecured sustai
Slide 16: VEF investment case and outlook
VEF investment case and outlook Ver It’s all about the portfolio: Quality - confident with the quality of the companies that dominate our portfolio and their delivery/outlook as we move through 2024. Many moving parts which define our success over time, but quality performing compounding assets form
Slide 17: Appendix
Appendix
Slide 18: 3Q24 income statement
3Q24 income statement 18 VEFr Result from financial assets at fair value through profit or loss 4 47,813 -54139 Other income S 18 = a Administrative and operating expenses -5,071 -5,064 4,258 41,320 Operating result 36,090 42,767 41,201 -55,459 Financial income and expenses Interest income 404 209 n
Slide 19: 3Q24 balance sheet
3Q24 balance sheet 19 NON-CURRENT ASSETS Tangible non-current assets Property, plant and equipment n 100 Total tangible non-current assets n 100 Financial non-current assets Financialassets a fair value through prefitor loss Equity financal assets 501007 460,000 Liquid financial assets 4086 3,893, O
Slide 20: VEF portfolio summary
VEF portfolio summary Ver Ccredites Brazil Asset focused ecosystem Dec-17 8.8% 108.4 252.0 OJUSPAY India Mobile payments platform Apr-20 10.2% 244 78.8 Konfio Mexico Diversified FS for Mexican SMEs Jun-i8 9.8% 56.5 728 are Cross-border remittances Jun-16 11.3% 13.9 38.8 ‘urope GRINGO Brazil Super-ap
Slide 21: Portfolio distribution by geography
Portfolio distribution by geography Liquidity Emerging placements Europe 1% 8% South Asia 19% Latin America 72% 21 Liquidity placements 1% Pakistan 1% Emerging Europe 8% Mexico 14% Brazil India 58% 18% VEFr
Slide 22: Thank you
Ver Thank you Disclaimer The information in this Presentation (the “Presentation’) is furnished by VEF AB (pub), 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