Slide 1: Results Presentation 1Q26
Results Presentation 1Q26 The emerging market fintech investor
Slide 2: Key events of the quarter
Key events of the quarter NAV headwinds from market sell-off NAV ended the quarter at USD 408.6 mln, down 5.8% QoQ / up 14.4% YoY. YTD valuation multiple compression across our mark-to-model holdings offset robust underlying portfolio company performance. Exits continue with Juspay in 1Q26 Closed Se
Slide 3: 1Q26 financial highlights
1Q26 financial highlights FY23 FY24 4Q25 1Q26 QoQ (%) YoY (%) NAV (USD mln) 442.2 353.0 433.8 408.6 -5.8% 14.4% NAV (SEK mln) 4,441 3,882 3,992 3,880 -2.8% 8.4% NAV per share (USD) 0.42 0.34 0.43 0.40 -5.8% 17.3% NAV per share (SEK) 4.26 3.73 3.93 3.82 -2.8% 11.1% VEFAB share price (SEK) 1.84 2.21 2
Slide 4: NAV Evolution
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 409 mln in 1Q26 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 Mar-21 NAV Evolution Jun-21 Se
Slide 5: Valuation approach and key take-aways
Valuation approach and key take-aways 1Q 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 - Latest trx - USD 108 mln Series G roun
Slide 6: 1Q26 NAV Evolution
1Q26 NAV Evolution NAV evolution primarily driven by equity market pull back through the quarter, offset in part by robust underlying portfolio performance 1Q26 NAV Bridge Key takeaways USD mln • Total USD NAV ended the quarter at USD 408.6 mln, Holdings valued on MTM Valued on latest trx Corporate
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 Quality Many moving parts which define our success over time, but quality performing compounding assets form the basis of that success Profit
Slide 8: USD 14.6 mln gross proceeds to VEF through partial exit in Juspay
USD 14.6 mln gross proceeds to VEF through partial exit in Juspay Part of USD 50 mln Series D follow-on round led by WestBridge Capital VEF investment & transaction overview Key Juspay stats VEF Juspay investment evolution USD mln 94.9 14.8 14.6 65.5 $1.2 bln 73.8 ~ 60% $450 bln+ 70 mln+ Round YoY n
Slide 9: Continued exit delivery – USD 52 mln gross proceeds realised to VEF
Continued exit delivery ̶ USD 52 mln gross proceeds realised to VEF Demonstrating ability to realise investments at/around our NAV marks, and strengthening the balance sheet with fresh capital 1 2 3 4 November 2024 & May 2025 January 2025 April 2025 January 2026 • Successful IPO on National Stock •
Slide 10: Strengthening cash & balance sheet
Strengthening cash & balance sheet Partial bond redemption completed, shares repurchased and comfortable capital position with effective net debt neutral position restored in 1Q26 Liquidity evolution & capital position 1 Robust capital position USD mln • USD 52 mln gross proceeds now realised over t
Slide 11: A diversified portfolio with healthy Latam exposure in fluid world
A diversified portfolio with healthy Latam exposure in fluid world VEF has backed entrepreneurs across the emerging world since inception in 2015 Portfolio companies Portfolio composition As at 31 March 2026 Geographic Breakdown1 Europe, LatAm Other & APAC 5% India 17% Pakistan $413M1 Brazil 58% Mex
Slide 12: Creditas – accelerating growth whilst maintaining strict cost discipline
Creditas – accelerating growth whilst maintaining strict cost discipline Continued acceleration – c.20% annual growth at 4Q25 Strict cost discipline Loan portfolio Limited opex growth despite 2x in originations BRL bln, growth (% YoY) Quarterly Opex and Originations, BRL mln 2x quarterly +19% origin
Slide 13: AI adoption accelerates across the portfolio
AI adoption accelerates across the portfolio VEF portfolio companies embedding AI at the core of their operations Secured lending · Brazil SMB lending · Mexico Payments infrastructure · India Go-to-market Proprietary AI agent – “Kamila” Proprietary unified AI workspace AI sales bots and insurance co
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 Sept-16 Dec-16 Mar-17 Jun-17 Sept-17 1Market data as at 13 April 2026 Dec-17 Mar-18 Jun-18 Sept-18 NAV (1Q26) $409M Dec-18 Mar-19 Jun-19 Sept-19 Dec-19 NAV/Share (SEK) Mar-20 Jun-20 Sept-20 Dec-20 Mar-21 Jun-21 Sept-21 Dec-21 Mar-22 Jun-22 Sept-22 Dec-22 Mar-2
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