Slide 1: Interim report Second quarter and six months period 2025
Interim report Second quarter and The emerging market fintech investor six months period 2025 Photo: Srinivasan Venkataraman (Unsplash.com)
Slide 2: Key events during the quarter
Key events during the quarter In 2Q25 our NAV was up 5% QoQ, to USD 374.6 mln. The positive NAV development reflects broad supportive market trends. Creditas valuation was the key contributor as we marked our position up USD 28.5 mln/ 19% QoQ. 374.6 3.48 5% Net asset value Net asset value Net asset
Slide 3: Management report
Management report Dear fellow shareholder, Fintech exit environment alive and well With exits being delivered, balance sheet strengthened Joining the board of TBC Uzbekistan We recently passed our 10-year anniversary as an invest- The IPO market, and within that, the fintech IPO market and portfolio
Slide 4: VEF’s portfolio Net asset value
VEF’s portfolio Net asset value Portfolio composition Geographic distribution 2Q25 NAV evolution USD mln Holdings valued on MTM and calibration Valued on latest Corporate Liquidity Liquidity (57% of holdings) transaction investments investments (43% of holdings) Other holdings 3% 2% Pakistan 1% 2% 3
Slide 5: Brazil Mexico Emerging Europe
Brazil Mexico creditas.com konfio.mx Creditas is building an asset focused ecosystem that supports customers in three Konfío builds digital banking and software tools to boost SME growth and productivity, essential aspects: living (home), mobility (transport) and earning (salary) by primarily Fair v
Slide 6: Financial information Consolidated income statement
Financial information Consolidated income statement Investments Group – results for 1H25 KUSD Note 1H 2025 1H 2024 2Q 2025 2Q 2024 Result from financial assets at fair value through profit or loss 2 37,056 -1,298 27,600 -7,804 During 1Q25, no investments in financial assets have been During 1H25, th
Slide 7: Consolidated balance sheet Consolidated statement of changes in equity
Consolidated balance sheet Consolidated statement of changes in equity KUSD Note Jun 30, 2025 Dec 31, 2024 Share Additional Retained KUSD Total capital paid in capital earnings NON-CURRENT ASSETS Balance at Jan 1, 2024 1,318 95,224 345,687 442,229 Tangible non-current assets Net result for the perio
Slide 8: Consolidated statement of cash flows Alternative performance measures
Consolidated statement of cash flows Alternative performance measures KUSD 1H 2025 1H 2024 2Q 2025 2Q 2024 Alternative Performance Measures (APMs) are financial It is important to know that not all companies calculate measures other than financial measures defined or alternative performance measures
Slide 9: Parent company income statement Parent company balance sheet
Parent company income statement Parent company balance sheet KSEK 1H 2025 1H 2024 2Q 2025 2Q 2024 KSEK Note Jun 30, 2025 Dec 31, 2024 Result from financial assets at fair value through profit or loss -154,465 -43,010 -57,696 -65,825 NON-CURRENT ASSETS Administrative and operating expenses -32,472 -2
Slide 10: Notes
Notes The fair value of financial instruments is measured by level of the following fair value measurement hierarchy: • Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities. (Expressed in KUSD unless indicated otherwise) • Level 2 – Inputs other than quoted pric
Slide 11: Note 3 – Key and alternative performance measures
traded companies for each unlisted investment or other valuation models. When transaction-based valuations of unlisted Note 3 – Key and alternative performance measures holdings are used, no material event is deemed to have occurred in the specific portfolio company that would suggest that the trans
Slide 12: Other information
Alternative performance measures – reconciliation tables Jun 30, 2025 Dec 31, 2024 Other information Equity ratio Net asset value/shareholders equity, USD 374,562,488 352,960,944 Total assets, USD 404,077,092 392,661,145 Equity ratio 92.7% 89.9% Net asset value, USD 374,562,488 352,960,944 Net asset
Slide 13: The emerging market fintech investor
The emerging market fintech investor