Slide 1: Results Presentation 2Q26
Results Presentation 2Q26 The emerging market fintech investor
Slide 2: Key events of the quarter
Key events of the quarter NAV broadly flat with underlying performance offsetting market volatility NAV ended the quarter at USD 406.1 mln, down 0.6% QoQ / up 8.4% YoY. Valuation multiple compression across our mark-to-model holdings offset robust underlying portfolio company performance. Creditas 1
Slide 3: 2Q26 financial highlights
2Q26 financial highlights FY24 FY25 1Q26 2Q26 QoQ (%) YoY (%) NAV (USD mln) 353.0 433.8 408.6 406.1 (0.6%) 8.4% NAV (SEK mln) 3,882 3,992 3,880 3,947 1.7% 10.9% NAV per share (USD) 0.34 0.43 0.40 0.40 (0.6%) 9.0% NAV per share (SEK) 3.73 3.93 3.82 3.88 1.7% 11.6% VEFAB share price (SEK) 2.21 2.22 2.
Slide 4: NAV of USD 406 mln in 2Q26
4 - 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 406 mln in 2Q26 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 Mar-21 Jun-21 NAV Evolution Se
Slide 5: Valuation approach and key takeaways
Valuation approach and key takeaways 2Q 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 - Latest trx - USD 108 mln Series G round
Slide 6: 2Q26 NAV Evolution
2Q26 NAV Evolution NAV evolution primarily driven by equity market volatility through the quarter, largely offset by robust underlying portfolio performance and Fx tailwinds 2Q26 NAV Bridge Key takeaways USD mln • Total USD NAV ended the quarter at USD 406.1 mln, Holdings valued on MTM Valued on lat
Slide 7: 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 8: Creditas – accelerating growth whilst driving operating efficiency
Creditas – accelerating growth whilst driving operating efficiency Continued acceleration – 22% annual growth at 1Q26 Strict cost discipline Loan portfolio Limited opex growth despite almost 2x in originations BRL bln, growth (% YoY) Trailing LTM Opex and Originations, BRL mln +22% 1.8x +19% 2 Year
Slide 9: AI and its impact on our portfolio – Creditas in focus
AI and its impact on our portfolio – Creditas in focus Creditas is becoming an AI-first company, with a clear playbook to drive the platform toward near-zero marginal cost INTERVIEW WITH SERGIO <1,800 2x 5x 25-30% Employees today, Loan book & revenue Productivity gain; Targeted annual growth at from
Slide 10: Abhi – a rising star in the making
Abhi – a rising star in the making Backed by VEF at seed in 2021, Abhi has grown into a full-stack digital bank for Pakistan, now scaling across MENA. Why Abhi stands out Abhi by the numbers Scale and profitability Backed from inception, five years on VEF led the 2021 seed. Five years on, Abhi is a
Slide 11: Strengthening cash & balance sheet
Strengthening cash & balance sheet Debt reduction remains key near-term priority. Actively assessing repayment, refinancing and other alternatives to reduce outstanding debt over the near term Liquidity evolution & capital position 1 Robust capital position USD mln • USD 52 mln gross proceeds now re
Slide 12: NAV/share & share price development
12 0 1 2 3 4 5 6 7 Dec-15 Mar-16 Jun-16 Sept-16 Dec-16 Mar-17 Jun-17 Sept-17 1Market data as at 10 July 2026 Dec-17 Mar-18 Jun-18 Sept-18 NAV (2Q26) Dec-18 $406M Mar-19 Jun-19 Sept-19 Dec-19 Mar-20 Jun-20 Sept-20 NAV/Share (SEK) Dec-20 Mar-21 Jun-21 Sept-21 Dec-21 Mar-22 Jun-22 Sept-22 Dec-22 Share
Slide 13: Freshness and strength added to our Board
Freshness and strength added to our Board Will Pruett and Torun Litzén appointed as new board members in May 2026 Will Pruett Torun Litzén VEF Non-Executive Director VEF Non-Executive Director • 20+ year career across Fidelity Investments and banking • ~25 years in Nordic & global capital markets •
Slide 14: 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 15: 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