Vef Ab · OMXSTO:VEFAB
Vef Ab — Investor Presentation (January 2025)
33 slides from Vef Ab's investor presentation, January 2025
Slide 1: The emerging market fintech investor
Investor Presentation January 2025 The emerging market fintech investor
Slide 2: Agenda: Introduction to VEF
Agenda Ver A Introduction to VEF
Slide 3: VEF: Riding multi-year secular growth trends in fast-growing markets
VEFr Riding one of the strongest multi-year secular growth trends in some of the world’s fastest-growing markets Listed in Sweden since Dec-2015 — VEF AB (publ) We were spun out from VNV Global, with a 3% stake in Tinkoff and raised USD 70 min of initial capital Admitted to Nasdaq Stockholm’s Main M
Slide 4: Clear investment approach coupled with deep fintech expertise
Clear investment approach coupled with deep fintech expertise Targeted investment approach with a clear mandate... © 6 Oe SECTOR We target all lines of financial services inclusive of payments, credit and savings/investments. The “right” target sector is very market- dependent. GEOGRAPHY Within emer
Slide 5: A diversified portfolio across scale emerging markets
A diversified portfolio across scale emerging markets VEFr VEF has backed entrepreneurs across the emerging world since inception in 2015 Portfolio companies Portfolio composition As at 31 December 2024 \ Geographic Breakdown! Emerging Pakistan Emerging Europe 1% _Europe _ 7% oe \ | Mexico Pakistan
Slide 6: Strong track record of investing in benchmark private fintech names across EM
Strong track record of investing in benchmark private fintech names across EM VEFr We are now present in one of the top 3 private fintech assets each in Brazil, Mexico & India. We have a track record of backing and successfully exiting fintech champions in Russia and Turkey Current investments in tw
Slide 7: Clear mandate with a proven strategy, strong track record of returns
Clear mandate with a proven strategy — strong track record of delivering returns Ver Proven track-record in value-creation and Ability to identify and access benchmark Driving our strong history of long-term successful exits private fintech names across EM shareholder return Be Tinkotf 65% IRR Brazi
Slide 8: Backed by blue-chip institutional capital
VEFr Backed by blue-chip institutional capital Long-term supportive institutional shareholder base Strong conviction in VEF’s investment appraisal Leading institutional managers maintain long-term holdings and have consistently Key shareholders have committed to co-investments in follow-on rounds ac
Slide 9: Established reputation and deep relationships provide a competitive moat
Established reputation and deep relationships within local ecosystems provides a Ver competitive moat and access to unique opportunities Brazil © creditas Deep sector expertise and a global lens to emerging market fintech Differentiated insights from our global portfolio, continuous pipeline ee ue d
Slide 10: >6% collective holding in VEF
>6% collective holding in VEF1 • • • • • • • • • • • • • •
Slide 11: Agenda: 4Q 2024 Results Overview
Agenda Ver B 4Q 2024 Results Overview a
Slide 12: 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 13: 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 C) 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 14: Valuation approach and key take-aways (1/2)
Valuation approach and key take-aways (1/2) To Latest significant equity transaction * Significant equity transaction within the last 12 months serves as the primary anchor for our fair value analysis. * Shadow MTM analysis (relative comparisons of transaction implied valuation multiples vs public c
Slide 15: Valuation approach and key take-aways (2/2)
Valuation approach and key take-aways (2/2) 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-2
Slide 16: 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 17: 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 18: 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 during throughout the year 2024 NAV Bridge Key takeaways USD min Holdings valued on MTM & calibration (74% of holdings)
Slide 19: 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 20: Closing the discount to NAV
Closing the discount to NAV Ver 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 (1) NAV g
Slide 21: 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 22: 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 23: Agenda: Key Portfolio Companies
Agenda Cc Key Portfolio Companies 23 VEFr
Slide 24: VEF portfolio overview
VEF portfolio overview Gringo is building a “super- on PA B Creditas Brazil's leading digital-first 88% BS aap ici nae ¥ secured lending platform Solfécil is building a digital ecosystem for solar energy 25% 3.6% adoption in Brazil Leading mobile payments (o) JUSPAY __ piatform for online merchants
Slide 25: VEF key portfolio companies
VEF key portfolio companies VEF Position” Key Products Year of Investment Investment / Fair Value Ownership Stake © creditas © Brazil's leading digital-first secured lending platform = Auto equity / finance - Home equity - Payroll lending - Insurance & ancillary services 3Q24 Results! - Loan portfol
Slide 26: Creditas: Brazil's leading digital-first secured lending platform
Creditas — Brazil’s leading digital-first secured lending platform @creditas VEF Market opportunity Creditas value proposition Key stats! Extraordinary interest rates... Average APR on lending products in Brazil (4Q24) 446% 183% 137% I [ 99% Credit cards Credit cards Overdraft. Personal revolving fi
Slide 27: Creditas: re-accelerating growth with positive cashflows
Creditas — re-accelerating growth with positive cashflows © Creditas Ver 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 the
Slide 28: Konfio: Mexico's leading digital financial services provider for SMEs
Konfio - Mexico’s leading digital financial services provider for SMEs 28 Working Capital Installment Loans Corporate Credit Cards Payments and Business Tools Banking Services ‘Source: Kontio company data Uncollateralized loans for working capital and productive investments Revolving balance credit
Slide 29: Juspay: one of India's fastest growing payments tech companies
Juspay - one of India’s fastest growing payments tech companies Access to the entire Indian payment ecosystem with one Merchant payments platform = Powering entire payment stacks for enterprises = Payments orchestration = B2B payments * Instant, unified payouts O JUSPAY = Card tokenisation ; = Analy
Slide 30: TransferGo: leading European remittance platform
TransferGo — leading European remittance platform Building a global migrant financial services platform Leading remittance platform with best: lass U Extensive payment choice Broad network of local partners to offer full range of pay-in/out methods for each market @ oop Low cost 90% cheaper than mos
Slide 31: Agenda: Sustainability
Agenda Ver D) Sustainability 31
Slide 32: VEF sustainable investing
VEF sustainable investing VU € F Sustainability as a fundamental part of VEF’s business model Our capital plays an important role in furthering financial inclusion Successfully refinanced sustainability bond in November 2023 cust eeae UPE EEE DUST EEES VEF proprietary sustainability framework focuss
Slide 33: 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