Slide 1: Investor Presentation
Investor Presentation January 2026 The emerging market fintech investor
Slide 2: Agenda
Agenda 1 VEF, Strategy & Track Record 2 Team & Capital Partners 3 Portfolio Overview 4 NAV Evolution & Financials 5 VEF Outlook 2
Slide 3: Portfolio overview
STO: VEFAB Portfolio overview Emerging Market Fintech Fund 13 leading emerging market fintechs Riding one of the strongest multi-year secular growth trends in some of the world’s fastest-growing markets Core Markets % of NAV2 Benchmark holding Brazil 54% $240M $434M Mexico 24% Market cap1 NAV (4Q25)
Slide 4: Clear mandate with a proven strategy – strong track record of delivering returns
Clear mandate with a proven strategy – strong track record of delivering returns 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 Brazil NAV/share & share pri
Slide 5: Agenda
Agenda 1 VEF, Strategy & Track Record 2 Team & Capital Partners 3 Portfolio Overview 4 NAV Evolution & Financials 5 VEF Outlook 5
Slide 6: Management team
Seasoned management with extensive EM fintech expertise, supported by a high calibre, experienced team >6% collective holding in VEF1 Investment team Operations team Management team David Nangle Alexis Koumoudos Helena Caan Mattsson 2015 2016 2017 CEO CIO GC/Head of Sustainability • Experience: 20+
Slide 7: Backed by blue-chip institutional capital
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 supported Key shareholders have committed to co-investments in follow-on roun
Slide 8: Agenda
Agenda 1 VEF, Strategy & Track Record 2 Team & Capital Partners 3 Portfolio Overview 4 NAV Evolution & Financials 5 VEF Outlook 8
Slide 9: A diversified portfolio across scale emerging markets
A diversified portfolio across scale emerging markets VEF has backed entrepreneurs across the emerging world since inception in 2015 Portfolio companies Portfolio composition As at 31 December 2025 Geographic Breakdown1 Emerging Europe Other 6% India 16% Pakistan $447M1 Brazil 54% Mexico 24% Mexico
Slide 10: VEF portfolio overview
VEF portfolio overview Company Description Stake % of Portfolio1 Company Description Stake % of Portfolio1 Solfácil is building a digital ecosystem for solar energy 2.5% 3.0% Brazil’s leading digital-first secured adoption in Brazil 8.9% 49.2% lending platform Leading accounting SaaS provider 21.3%
Slide 11: Creditas – Brazil’s leading digital-first secured lending platform
Creditas – Brazil’s leading digital-first secured lending platform Market opportunity Creditas value proposition Key stats1 Extraordinary interest rates… Addressing credit affordability through Average APR on lending products in Brazil (2025) collateralized lending $8.8 bln+ 40+ 450% Loaned to custo
Slide 12: Creditas – re-accelerating growth with robust unit economics
Creditas – re-accelerating growth with robust unit economics 3Q25 update Summary overview Portfolio Under Management Revenues Maintaining robust unit economics whilst re-accelerating growth BRL bln BRL mln • Accelerating growth: In 3Q25, originations amounted to BRL 985 6.8 mln, +16% QoQ and up 20%
Slide 13: Konfío – Mexico’s leading digital financial services provider for SMEs
Konfío – Mexico’s leading digital financial services provider for SMEs A Curated Ecosystem of SME-Focused Financial Services Key Konfío stats Targeting Underserved SMEs in Mexico Leading digitally native SME banking platform in Mexico… ▪ Working capital loans ▪ Payments $595 mln $1.7 bln+ 75k+ SME l
Slide 14: 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 single integration Key Juspay stats Dominant player in the Indian payments ecosystem… Merchant payments platform ▪ Powering entire payment stacks for enterprises $450 bln+ ~5x 130%+
Slide 15: Agenda
Agenda 1 VEF, Strategy & Track Record 2 Team & Capital Partners 3 Portfolio Overview 4 NAV Evolution & Financials 5 VEF Outlook 15
Slide 16: NAV Evolution
16 - 200 400 600 800 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 434 mln in 4Q25 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 S
Slide 17: Valuation approach and key take-aways
Valuation approach and key take-aways 4Q 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 220.0 +33.2 Latest trx - USD 108 mln Series G
Slide 18: 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 Quality Many moving parts which define our success over time, but quality performing compounding assets form the basis of that success Profit
Slide 19: NAV/share & share price development
19 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 1Market data as at 16 January 2026 Mar-18 Jun-18 Sep-18 NAV (4Q25) Dec-18 $434M 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 Mar-23 Sha
Slide 20: 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 18 months, bolstering our balance sheet
Slide 21: Agenda
Agenda 1 VEF, Strategy & Track Record 2 Team & Capital Partners 3 Portfolio Overview 4 NAV Evolution & Financials 5 VEF Outlook 21
Slide 22: 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 through 2025. Capital flows returning to emerging markets, with notable benchmark funding rounds closed
Slide 23: Transitioning to a more balanced capital allocation framework
Transitioning to a more balanced capital allocation framework, with an increasing focus on pipeline and finding next generation winners Bolster capital position De-lever balance sheet Narrow traded discount Increasing pipeline activity USD 37 mln gross proceeds now Partial bond redemption (SEK 160 m
Slide 24: Pipeline back in focus – attractive opportunities emerging in private and public markets
Pipeline back in focus – attractive opportunities emerging in both private and public markets Continue to build and refine a focused pipeline of quality EM fintech assets • India, Brazil and Mexico remain top priority for incremental capital deployment CORE • Opportunistically engaging with select a
Slide 25: 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 achieving self-sustaining cash flow profiles1. The remainder are on a clear path to that destination with current capital or have comfortab
Slide 26: 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