Vef Ab (VEFAB) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

and thank you for standing by. Welcome to the VEF fourth quarter 2025 earnings call and webcast. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, please press star 1 1 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 1 1 again. Please note that today's conference is being recorded. I would now like to hand the conference over to your first speaker, David Nangle, CEO. Please go ahead. Super. Thank you very much. Good morning, good afternoon all. I welcome you today from Manila in the Philippines where I'm on the road seeing companies and looking at some of our investment companies in Dubai for the last couple of days. This is a welcome to our Q4 25 results presentation. I do have Alexis Kumudos, our CIO, with me on this call as per usual and up in the next We'll spend the next 15, 20 minutes just running through key highlights of the quarter and the year, given that it is the end of year quarter, and outlook for everything that we see at best, and then happy to answer any questions that you have. Moving on to slide two in the presentation, it's an evolution of what we've been saying for most of the year. Like the NAV still contains a trend higher. We're very happy. It's a reflection, obviously, of everything in our NAV with our portfolio companies and their performance. Q4 in itself was up a healthy 6.9% in dollar terms and over 22% for the full year, obviously less in SEC, given the SEC strength versus the dollar. But a big driver in Q4 was Creditas, which we'll speak about, and its latest fundraise, which came through quite nicely in Q4. But generally speakin...