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 2Q23 NAV - continued NAV recovery NAV ended the quarter at USD 479 min, up 17% QoQ and 25% YTD. Fintech listed shares continued to trend higher, while currency strength (BRL/MXN) and company performance, were also key factors. Positive valuation moves across the portfo
Slide 3: 2Q23 financial highlights
2Q23 financial highlights Ver NAV of VEF’s portfolio increased in 2Q23 to USD 479.2 min. NAV per + Net result for 2Q23 was USD 68.7 min (2Q22: USD -296.6 min). share has increased by 17% to USD 0.46 per share during 2Q23. Earnings per share were USD 0.07 (2Q22: USD -0.28). In SEK, NAV increased to S
Slide 4: NAV recovers to USD 479 min in 2Q23
VEFr NAV recovers to USD 479 min in 2Q23 NAV Evolution 1Q22 USD min 2022 Market impact impact | Ge AB EB au #38 |. i E E | ie} : _ fo} fo} fo} jo} fo} fo} fo} fo} oO 8 8 8 g
Slide 5: Public comparable multiples: PayPal, Affirm, Block
35.0x 35.0x 30.0x 30.0x 25.0x 25.0x 20.0x 20.0x 15.0x 15.0x 10.0x 10.0x 5.0x 5.0x 0.0x 0.0x Mar-21 May-21 Jul-21 Sep-21 Nov-21 Jan-22 Apr-22 Jun-22 Aug-22 Oct-22 Dec-22 Jan-23 Apr-23 Jun-23 Mar-21 May-21 Jul-21 Sep-21 Nov-21 Jan-22 Apr-22 Jun-22 Aug-22 Oct-22 Dec-22 Jan-23 Apr-23 Jun-23 PayPal Affir
Slide 6: Evolution of our valuation marks in 2Q23
Evolution of our valuation marks in 2Q23 Ver Fair value USD (min) 2021 3021 4Q21 1022 2022 3022 4@22 1023 2023 | Ge@% | Yov% Heres goa change change invested portfolio @credites 169.0 1690 3941 3041 1959 23 1931 1987 2129 7% 9% 44.3% ‘onfio . x x x . . ; x . 75% 40% 17.8% Konfi 754 1356 1356 1356 61
Slide 7: 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 comps
Slide 8: Valuation approach and key take-aways (2/2)
Valuation approach and key take-aways (2/2) 2Q fair value | Change Q@oQ | Valuati | company | (USD min) USD min) mathodolony Comments / Last transaction details Portfolio valuation CG creditas Konfio OJUSPAY sslfacil 212.9 85.6 749 21.8 414.2 +36.6 +124 +5.6 +0.7 MTM MTM MTM Latest trx MTM MTM MTM L
Slide 9: Key NAV and portfolio performance metrics 2Q23
Key NAV and portfolio performance metrics 2Q23 Ver NAV and portfolio fair value conservatively reflects the current environment through a robust valuation framework NAV significantly reset in 2022 to reflect the environment, now resuming our growth trajectory in 2Q23 (USD min) 762 NAV +25% 479 oo ~
Slide 10: 2Q23 NAV Evolution
2Q23 NAV Evolution Evolution in NAV primarily driven by continued market recovery and Fx tailwinds across 2Q23 Ver 2Q23 NAV Bridge Key takeaways USD min Portfolio valued on MTM & calibration Portfolio valued on latest trx Corporate (91% of invested portfolio) (9% of invested portfolio) 15 2 479 a 60
Slide 11: Creditas prioritizing path to profitability over growth maximisation
Creditas prioritizing path to profitability over growth maximisation 1Q23 update Portfolio Under Management & New Originations BRL min 5848 6,034 @ > x 5,057 5,575 4,458 377 oi” 302 2,938 4544-71006 108 | 609| 1 249 77 66e| - | a a Q-2 2-21 3-21 4-21-22. «2-223-224-2223 FY2021 FY2022 New Origination
Slide 12: Delivered healthy 1Q23 numbers with continuously improving margins
Delivered healthy 1@23 numbers with continuously improving margins (C5 crecitas Ver nancial results Path to profitability & future outlook Creditas P&L (IFRS) With peak inflation and interest rates likely behind us, Creditas’ path to profitability will be driven by: BRL min FY 2017 FY 2018 FY 2019 F
Slide 13: Konfio - Mexico's leading digital financial services provider for SMEs
Konfio - Mexico’s leading digital financial services provider for SMEs Konfio VEF Market opportunity Konfio value proposition Key stats Only 11% of SMEs in Mexico have access to credit —\ Low Low fi fl ewan ow financial inclusion < KN Low productivity The market is poised for structural catchup & di
Slide 14: Welcoming Katharina Leuth to the VEF board
Welcoming Katharina Lith to the VEF board VEFr Katharina’s vast operational experience and deep understanding of both traditional finance and fintech makes her an extremely valuable addition to the VEF board Welcoming Katharina Lit VEF Board of Directors Katharina Lith Hanna Loikkanen 9 Lars O Gréns
Slide 15: Share price, NAV/share and the premium/discount
Share price, NAV/share and the premium/discount NAV/share & re price development 7 4 3 2 1 oO & Sf f£ & & SF Sf PP Pf Oo Pp -w fe SF SS SK ST KS KP SK SS NE NAV/Share (SEK) Share Price (SEK) Premium/(Discount) to NAV VEFr 60% 40% 20% Premium / (discount) to NAV
Slide 16: Closing the discount to NAV
Closing the discount to NAV Ver The discount to NAV averaged 45% through 2Q23. We have several ongoing initiatives aimed at addressing the discount: VEF initiative Details Anticpated effects * On the front foot marketing our story globally + VEF published research on Solfacil + Brazil investor day i
Slide 17: Capital position — comfort with controllables
Capital position — comfort with controllables Solid cash position to cover business and portfolio needs Expected cashflows to YE23 USD min 45.3 = = 1 324 Cash position Portfolioneeds Coupon Opex Interest Cash position 2023 payments YE23 Capital management scenarios and levers: * — Portfolio companie
Slide 18: VEF investment case and outlook
1 VEF investment case and outlook Ver © 2022- played a strong defence and reset valuations: Strengthened our balance sheet, raising our first sustainability bond At portfolio level, we overly focused on our size holdings, namely Creditas, Konfio and Juspay (78% of invested portfolio), ensuring they
Slide 19: Appendix
Appendix
Slide 20: 2Q23 income statement
2Q23 income statement 20 Result from financial assets at fair value through profit or loss Coupon income Other income Administrative and operating expenses Operating result Financial income and expenses Interest income Interest expense Currency exchange gains/losses, net Net financial items Result b
Slide 21: 2Q23 balance sheet
2Q23 balance sheet 2 NON-CURRENT ASSETS. Tangible non-current assets Property, plant and equipment 138 156 ‘Total tangiblenon-current assets 133 156 Financial non-current assets Financial assets at far value through profit or loss. Equity financial assets 480,204 380,800 Liquid financial assets 96,2
Slide 22: VEF portfolio summary
VEF portfolio summary Ver © creditas Brazil Asset focused ecosystem Dec-i7 8.5% 103.4 212.9 Konfio Mexico Diversified FS for Mexican SMEs Jun-i8 10.3% 56.5 85.6 OJUSPAY India Mobile payments platform Apr-20 10.2% 244 74.9 are Cross-border remittances Jun-16 12.5% 13.9 218 ‘urope Brazil Solar energy
Slide 23: Portfolio distribution by geography
Portfolio distribution by geography Liquidity placements Emerging 7% Europe & Africa 4% South Asia 19% Latin America 70% 23 VEFr Liquidity placements Pakistan 7% Emerging Europd* 4% Mexico 7% Brazil 53%
Slide 24: The emerging market fintech investor
2 ee The emerging market fintech investor