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 4Q24 NAV - Brazil macro/market weakness drives NAV lower QoQ Macro headwinds outweighed portfolio company performance this quarter. NAV ended the quarter at USD 353.0 min, down 25.7% QoQ/ 20.2% YoY. USD strength combined with Brazilian market weakness, had a direct neg
Slide 3: 4Q24 financial highlights
4Q24 financial highlights V € F NAV of VEF’s portfolio as at FY24 is USD 353.0 min. NAV per share + Net result for 4Q24 was USD -122.2 min (4Q23: 19.4). Earnings per share decreased by 20% to USD 0.34 per share during FY24. were USD -0.12 (4Q23: 0.02). In SEK, NAV equals 3,882 min. NAV per share dec
Slide 4: NAV Evolution
VEFr NAV Evolution NAV of USD 353 min in 4Q24 2-980 ye-des ve-unt ven €2-080 €2-des ed-unt €7-1eN 22-98q @e-des @¢o-unr 2) 8 Qe oe Ng S = a a De | ee ee Le Eee Ee De ee Ee ee ee 4 22-eN 1e-990 \e-des ke-unr ice 02-980 v 0¢-desg 3Q21: USD 97 min O¢-unr 0c-RW 61-09G 420 Covid impact 200 6l-des 6F-unr
Slide 5: Stark divergence in markets between US vs rest of world in Q24
Stark divergence in markets between US vs rest of world in 4Q24 VEFr Nasdaq and S&P 500 concluded a second consecutive year of robust double-digit returns with US focused Fintech Indexes outperforming. Broad-based pullback in ex-US equities, with pronounced contraction in Latam Fintech. ame 493% +34
Slide 6: Evolution of our valuation marks in 4Q24
Evolution of our valuation marks in 4Q24 Ver Fair value USD (min) 4Q22 1023 2023 3023 4023 1024 2024 3024 4a2q | G0G% VOSS change change holdings ©) Creditas 1931 1987 2129 1835 1888 2155 2159 2520 1425 -43.5% -24.5% 37.5% QuusPAy 475 628 749 665 741 725 701 788 840 65% 13.4% 22.1% Konfio 401 489 85
Slide 7: Valuation approach and key take-aways
Valuation approach and key take-aways Gaur Q fair value (USD min) C Creditas OJUSPAY Konfio GRINGO sslfacil eo Nibo 142.5 84.0 728 26.6 15.2 13.7 10.4 5.2 on 456.2 12.2 +04 +0.3 MTM MTM Latest trx MTM Calibration Latest trx MTM Public Various Rev+GP - Rev+GP - - Size funding round closed Aug-24 Rev+
Slide 8: 20-30% pull-back across key peers in 4Q24
• 20-30% pull-back across key peers in 4Q24 • ̶ ̶ • BRL down 12% QoQ
Slide 9: 4Q24 NAV Evolution
4Q24 NAV Evolution Ver NAV contraction primarily driven by a combination of elevated volatility in comps’ multiples and currency weakness during the quarter 4Q24 NAV Bridge Key takeaways USD min Holdings valued on MTM & calibration Public holdings or Corporate (74% of holdings) valued on latest trx
Slide 10: 2024 NAV Evolution
2024 NAV Evolution Ver Despite robust portfolio delivery, overall NAV contraction primarily driven by a combination of elevated volatility in comps’ multiples and currency weakness throughout the year 2024 NAV Bridge Key takeaways USD min Holdings valued on MTM & calibration (74% of holdings) 77 442
Slide 11: High quality portfolio, delivering robust profitable growth
High quality portfolio, delivering robust profitable growth Ver Confident with the quality of the companies that dominate our portfolio and their delivery/outlook as we move into 2025 Quality Many moving parts which define our success over time, but quality performing compounding assets form the bas
Slide 12: Creditas — re-accelerating growth with positive cashflows
Creditas — re-accelerating growth with positive cashflows C)\Creditas VEFr Portfolio Under Management Revenues Re-accelerating growth with self-sustaining profitability BRL bin BRL min + Continues to accelerate originations: In 3Q24, originations 5I7 grew 17% QoQ and 49% YoY to BRL 815 min, ending t
Slide 13: Blackbuck successfully completes IPO in India
Blackbuck successfully completes IPO in India piacnidex VEFr VEF realized gross proceeds of c.USD 2 min from partial exit in the IPO, retains c.\USD 5.2 min stake in the listed entity! Partial exit in Blackbuck, enhancing VEF’s liquidity BlackBuck is now listed on the Indian stock exchanges India’s
Slide 14: Gringo exit - USD 15.2 min expected net exit proceeds
Gringo exit - USD 15.2 min expected net exit proceeds GRINGO Ver VEF to fully exit position in Gringo via all-cash acquisition by Sem Parar' Gringo has entered into a definitive agreement to be inves iment history eiprocecds acquired by Sem Parar $15.2 min 6 Ri NGO Brazilian ‘super-app’ revolutioniz
Slide 15: Pro forma capital position
Pro forma capital position V € F Balance sheet strengthening with net debt position effectively eliminated Pro forma liquidity position 0 Robust pro forma capital position USD min . C1) TTT H + BlackBuck and Gringo exits already announced, confident we can deliver 1 33.2 I more in 2025 1 . a io fl t
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 into 2025. Many moving parts which define our success over time, but quality performing compounding assets form th
Slide 17: Appendix
Appendix
Slide 18: 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 60% 7 40% 6 . 20% 0% 4 -20% 3 2 ~40% 1 -60% 0 8% Joes 2298 an QRRESRE eo © © A A © © SP PP OM PH ease aay ae passe aG CS KK KK KK KKK KK SK §S28 £33 B8 238358 EN NAV/Share (SEK) Share P
Slide 19: 4Q24 income statement
4Q24 income statement 19 VEFr Result from financial assets at fair value through profit or loss -78,365 74,395 119,526 26,582 Other income - 18 - - Administrative and operating expenses -6,494 76 1,423 -2,052 Operating result -84,859 67,297 120,949 24,530 Financial income and expenses Interest incom
Slide 20: 4Q24 balance sheet
4Q24 balance sheet 20 NON-CURRENT ASSETS Tangible non-current assets Dec 31, 2024 Property, plant and equipment 40 400 Total tangible non-current assets 49 100 Financial non-current assets Financial assets at fair value through profit or loss Equity financial assets 379,505 480,020 Liquid financial
Slide 21: VEF portfolio summary
VEF portfolio summary VEF Creditas Brazil Asset focused ecosystem Dec-17 8.8% 108.4 142.5 OJUSPAY India Mobile payments platform Apr-20 9.9% 244 84.0 Konfio Mexico Diversified FS for Mexican SMEs Jun-i8 98% 56.5 728 Seen: Cross-border remittances Jun-16 11.3% 13.9 26.6 GRINGO Brazil Super-app for dr
Slide 22: Portfolio distribution by geography
Portfolio distribution by geography Liquidity Emerging placements Europe 1% \ South Asia 25% Latin America 67% 22 Liquidity placements 1% Pakistan Emerging Europe” 7% Mexico 19% Brazil 48% VEFr
Slide 23: Thank you
Ver 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