Slide 1: Results Presentation 4Q25
Results Presentation 4Q25 The emerging market fintech investor
Slide 2: Key events of the quarter
Key events of the quarter NAV continues to trend higher NAV ended the quarter at USD 433.8 mln, up 6.9% QoQ / 22.9% YoY (USD NAV per share +25.9% YoY). Underlying portfolio company performance and the successful Series G fundraise at Creditas were the primary drivers of NAV evolution in the quarter.
Slide 3: 4Q25 financial highlights
4Q25 financial highlights FY23 FY24 3Q25 4Q25 QoQ (%) YoY (%) NAV (USD mln) 442.2 353.0 405.7 433.8 6.9% 22.9% NAV (SEK mln) 4,441 3,882 3,817 3,992 4.6% 2.8% NAV per share (USD) 0.42 0.34 0.40 0.43 6.9% 25.9% NAV per share (SEK) 4.26 3.73 3.75 3.93 4.6% 5.4% VEFAB share price (SEK) 1.84 2.21 2.15 2
Slide 4: NAV of USD 434 mln in 4Q25
4 - 200 400 600 800 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 434 mln in 4Q25 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 Se
Slide 5: Valuation approach and key take-aways
Valuation approach and key take-aways 4Q 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 220.0 +33.2 Latest trx - USD 108 mln Series G
Slide 6: 4Q25 NAV Evolution
4Q25 NAV Evolution NAV growth driven by robust underlying portfolio performance and Creditas Series G funding round valuation, offset in part by equity market pull back across key fintech comps during the quarter 4Q25 NAV Bridge Key takeaways USD mln • Total USD NAV ended the quarter at USD 433.8 ml
Slide 7: FY25 NAV Evolution
FY25 NAV Evolution NAV growth driven by a combination of robust underlying portfolio performance, strong equity markets and net positive Fx tailwinds FY25 NAV Bridge Key takeaways USD mln • Total USD NAV ended the year at USD 433.8 mln, up USD Holdings valued on MTM Valued on latest trx Corporate 80
Slide 8: 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 Quality Many moving parts which define our success over time, but quality performing compounding assets form the basis of that success Profit
Slide 9: Creditas – accelerating growth whilst maintaining strict cost discipline
Creditas – accelerating growth whilst maintaining strict cost discipline Continued acceleration – approaching 20% annual growth Strict cost discipline Loan portfolio Limited opex growth despite almost 2x in originations BRL bln, growth (% YoY) Quarterly Opex and Originations, BRL mln +17% Originatio
Slide 10: Creditas – several key strategic achievements delivered in 4Q25
Creditas – several key strategic achievements delivered in 4Q25 1 Series G funding round 2 Andbank Acquisition 3 Strengthening top team Series G USD 108 mln Bank license CTO/COO Ricardo Forcano Funding round • Initial closing of a fresh equity round • Successfully closed Andbank Brazil acquisition •
Slide 11: Strengthening cash & balance sheet
Strengthening cash & balance sheet Partial bond redemption completed, shares repurchased 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 18 months, bolstering our balance sheet
Slide 12: 3 exits delivered – USD 37 mln gross proceeds to VEF
3 exits delivered ̶ USD 37 mln gross 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 & May 2025 January 2025 April 2025 • Successful IPO on National Stock Exchange of • Acquisition by Sem
Slide 13: Transitioning to a more balanced capital allocation framework
Transitioning to a more balanced capital allocation framework, with an increasing focus on pipeline and finding next generation winners Bolster capital position De-lever balance sheet Narrow traded discount Increasing pipeline activity USD 37 mln gross proceeds now Partial bond redemption (SEK 160 m
Slide 14: 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 achieving self-sustaining cash flow profiles1. The remainder are on a clear path to that destination with current capital or have comfortab
Slide 15: Appendix
Appendix
Slide 16: NAV/share & share price development
16 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 1Market data as at 16 January 2026 Mar-18 Jun-18 Sep-18 NAV (4Q25) Dec-18 $434M 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 Mar-23 Sha
Slide 17: 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