Slide 1: Results Presentation 3Q25
Results Presentation 3Q25 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 405.7 mln, up 8.3% QoQ / 14.9% YTD. Underlying portfolio company performance, strong markets and net positive currency movements supported a robust evolution of our NAV. Portfolio: majority breakeven, growth back in
Slide 3: 3Q25 financial highlights
3Q25 financial highlights NAV Financial result • In USD, NAV equals 405.7 mln (YE24: 353.0), +8% QoQ and +15% YTD. NAV per • Net result for 3Q25 was USD 32.2 mln (3Q24: 38.2) share is USD 0.40 (YE24: 0.34), +9% QoQ and +18% YTD • Net result for 9M25 was USD 57.5 mln (9M24: 32.3) • In SEK, NAV equals
Slide 4: NAV of USD 406 mln in 3Q25
4 - 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 Se
Slide 5: 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 6: 3Q25 NAV Evolution
3Q25 NAV Evolution NAV growth driven by robust underlying portfolio performance, strong equity markets and net positive Fx tailwinds 3Q25 NAV Bridge Key takeaways USD mln • Total USD NAV ended the quarter at USD 405.7 mln, up Holdings valued on MTM & calibration Valued on latest trx Corporate USD 31
Slide 7: Konfio’s valuation uplift
Konfio’s valuation uplift Value unlock reflects strong business performance, supported by market rerating and MXN strength Strong business fundamentals Peer rerating since Sep-24 has supported Konfio’s mark Konfio loan portfolio growth Share price evolution Strong rally in share prices of key comps
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 as we move through 2025 Quality Many moving parts which define our success over time, but quality performing compounding assets form the basi
Slide 9: Creditas – growth re-accelerating and attracting fresh capital
Creditas – growth re-accelerating and attracting fresh capital Growth re-accelerating, underpinned by strong economics Capital flowing to fuel growth Loan portfolio Loan portfolio back to growth, with acceleration through 2025 driven by strong YTD originations (+36% YoY) 1 USD 100 mln equity fundrai
Slide 10: 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 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 12 months, bolstering our balance sheet
Slide 12: 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 13: Appendix
Appendix
Slide 14: NAV/share & share price development
14 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 15: 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