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 2Q24 NAV: robust portfolio performance, offset by FX headwinds NAV ended the quarter at USD 436.6 min, down 2.5% QoQ and 14% from its 4Q22 lows. Headwinds from Latin American FX muted continued strong delivery across the portfolio. Creditas: first profitable quarter an
Slide 3: 2Q24 financial highlights
2Q24 financial highlights VEFr NAV of VEF’s portfolio as at 1H24 is USD 436.6 min. NAV per share has decreased by 1% to USD 0.42 per share during 1H24. In SEK, NAV equals 4,632 min. NAV per share has increased by 4% to SEK 4.45 per share during 1H24. Cash position, including liquidity investments, w
Slide 4: NAV Evolution
VEFr NAV Evolution NAV of USD 437 min in 2Q24 ve-uny ve-reN €7-980 €2-des ed-unr €7-1eN €¢-980 @-des @@-unp | 2022 Market impact 22-eN 1e-990 \@-des ke-unr Wee 4022 Russia/Ukraine 02-08 0¢-des O¢-unr 4020: USD 68 min 3Q21: USD 97 min 420 Covid impact H | | | Capital rai o2-eW 6-980 61-des 6b-unr Gen
Slide 5: Elevated market volatility with mixed performance through the second quarter
Elevated market volatility with mixed performance through the second quarter Ver Nasdaq and S&P 500 continued to post gains driven largely by big tech and Al enthusiasm, whilst broader indices showed mixed performance. Higher-for-longer narrative is weighing on rate-sensitive stocks with fintech ind
Slide 6: Evolution of our valuation marks in 2Q24
Evolution of our valuation marks in 2Q24 Ver Fair value USD (min) 2022 3022 4022 1023 2023 3023 4023 1024 2024 | G0@% YoY” Beenie change change holdings CG creditas 195.9 2.3 1931 1987 2129 1835 1888 2155 2159 0.2% 15% 47.1% Konfio 614 614 404 48.9 85.6 798 95.3 75.5 755 -0.1% -11.8% 16.5% OJUSPAY 4
Slide 7: Valuation approach and key take-aways
Valuation approach and key take-aways 2Q fair value |Change QoQ] _ Valuation Company (USD min) Comments / Last transaction details Gceredites 216.9 +05 MTM Rev+GP - Konfio 785 -0.0 MTM Rev+GP - OJUSPAY JOA 2.4 MTM Rev+GP - 367 +0.0 Latest trx - USD 10 min funding round closed Mar-24 7.2 -O4 Latest t
Slide 8: 2Q24 NAV Evolution
2Q24 NAV Evolution Ver Continued positive contribution from underlying portfolio performance, offset by a contraction in public market multiples and Fx headwinds through the quarter 2Q24 NAV Bridge Key takeaways USD min Holdings valued on MTM & calibration Holdings valued on latest trx Corporate (87
Slide 9: 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 through 2024 Quality Many moving parts which define our success over time, but quality performing compounding assets form the
Slide 10: Creditas - first profitable quarter and re-accelerating growth
Creditas - first profitable quarter and re-accelerating growth Gcreditas VEF Summary overview Portfolio Under Management Revenues Strong delivery - first full quarter of profitability BRL bin BRL min . Portfolio and top-line remain stable: 1Q24 portfolio and revenues broadly flat QoQ as profitabilit
Slide 11: Share price, NAV/share and the premium/discount
Share price, NAV/share and the premium/discount VEFr 7 60% 6 40% 5 20% 4 0% 3 -20% 2 -40% 4 -60% °e 48 £ @ > bp rrr PRSTRTHRHAALSLRTA ee eh FB PP PP OP PP SS she R2 S32 5852283855 WE NAV/Share (SEK) === Share Price (SEK) Premium / (discount) to NAV
Slide 12: Closing the discount to NAV
Closing the discount to NAV 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 company/VC un
Slide 13: Capital position — comfort with controllables
Capital position — comfort with controllables VEFr Solid cash position to cover coupon payments and opex Expected cashflows to YE24 USD min * SEK 400 min outstanding Decree * Frame of SEK 1,000 min. sustainability 15.8 | -20 | bond + Interest: Stibor 3m + 650 bps paid quarterly + Maturity: Dec 2026
Slide 14: VEF's second sustainability bond impact and allocation report
VEF’s second sustainability bond impact and allocation report VEFr SEK 500 min of sustainability bonds outstanding, fully allocated in line with our sustainability bond framework Sustainability bond allocation Sustainability bond framework Proceeds from the sustainability bonds have been fully alloc
Slide 15: VEF investment case and outlook
VEF investment case and outlook It’s all about the portfolio: Quality - If there is one message we continue to share with investors, it is that we are confident with the quality of the companies that dominate our portfolio and their delivery/outlook as we move through 2024. A business like ours has
Slide 16: Appendix
Appendix
Slide 17: 2Q24 income statement
2Q24 income statement 7 Result from financial assets at fair value through profit or loss 4,298 Other income - 8 - 6B Administrative and operating expenses -3813 -3,744 2335 1,324 Operating result “5111 98,226 -9939 68,358 Financial income and expenses Interest income 289 2 132 107 Interest expense
Slide 18: 2Q24 balance sheet
2Q24 balance sheet 18 Jun 30, 2024 VEFr NON-CURRENT ASSETS Tangblenon-current assots Property, plant and equipment 80 0 Total tangblenon-current assets 80 100 Financial non-current assots Financial assets at fair value through profit or loss Equity financial assots 488,603 460020 Liquid financial as
Slide 19: VEF portfolio summary
VEF portfolio summary Ver Ccredites Brazil Asset focused ecosystem Dec-17 8.8% 108.4 jlexico iversifie ‘or Mexican S jun- 3% J . ‘onfio Mexi Diversified FS for Mexican SME: Jun-18 10.3% 565 75.5 india lobile payments platform pr! 2% I i JUSPAY Indi Mobil latte Apr-20 10.2% 214 701 Seen: Cross-border
Slide 20: Portfolio distribution by geography
Portfolio distribution by geography Liquidity Emerging placements Europe 1% 8% South Asia 18% Latin America 73% 20 VEFr Liquidity placements 1% Pakistan 1% Emerging Europe 8% Mexico 16% Brazil India 57% 7%
Slide 21: 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