contentSlug

type

ContentSlug_ContentQuery

slug

ContentPageContentQuery

content

trendingContent

query ContentSlug_ContentQuery(
  $contentSlug: String!
  $type: [ContentType!]
) {
  ...ContentPageContentQuery_13QmVO
}

fragment CompanyDetails_Content on Content {
  __isContent: __typename
  companies {
    name
    description
    pageUrl
    id
  }
}

fragment ContentBasicInfo on Content {
  __isContent: __typename
  id
  type
  title
  lang
  companies {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  tags {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  ...PublishingDetails
  ...Reactions
}

fragment ContentMetadata on Content {
  __isContent: __typename
  type
  title
  lang
  pageUrl
  alternatePageUrls: translations {
    __typename
    pageUrl
    lang
  }
  imgUrl
  description
  ... on Video {
    liveTime
    videoUrl
  }
  ... on Webcast {
    liveTime
    videoUrl
  }
}

fragment ContentPageContentQuery_13QmVO on Query {
  content(slug: $contentSlug, type: $type) {
    __typename
    id
    type
    title
    isPremium
    lang
    htmlBody
    summary
    companies {
      forum {
        latestPosts {
          ...ForumPosts
        }
      }
      name
      id
      viewerIsFollowing
      pageUrl
      defaultInstrument {
        isin
        id
        marketOpen
        marketClose
        marketplace {
          region
        }
        returns {
          total
        }
      }
    }
    tags {
      viewerIsFollowing
      id
      name
      pageUrl
    }
    createdAt
    ... on Video {
      liveTime
    }
    ... on Webcast {
      liveTime
    }
    slug
    ... on CompanyReport {
      reportUrl
    }
    ... on ThirdPartyCompanyReport {
      reportUrl
    }
    ... on StockExchangeRelease {
      reportUrl
    }
    ...ContentBasicInfo
    ...ContentMetadata
    ...PriceAndRecommendation_Content
    ...CompanyDetails_Content
    ...ReportLink_Content
    ...KeyFigures_Content
  }
  ...TrendingContent_1jQ2Cn
}

fragment ForumPosts on ForumPost {
  text
  likesCount
  url
  author
  postedAt
  authorImgUrl
}

fragment KeyFigures_Content on Content {
  __isContent: __typename
  companies {
    defaultInstrument {
      estimateData {
        modelType
        reportingCurrency
      }
      snapshot {
        transaction {
          date
          actualized {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
        }
      }
      id
    }
    id
  }
}

fragment PriceAndRecommendation_Content on Content {
  __isContent: __typename
  createdAt
  companies {
    name
    pageUrl
    defaultInstrument {
      priceData {
        tradeCurrency
      }
      snapshot {
        priceData {
          date
          lastPrice
          tradeCurrency
        }
        transaction {
          date
          recommendation
          targetPrice
        }
        prevTransaction {
          recommendation
        }
      }
      id
    }
    id
  }
}

fragment PublishingDetails on Content {
  __isContent: __typename
  createdAt
  publishers {
    name
    imgUrl
  }
  authors {
    __typename
    id
    name
    slug
    imgUrl
    jobTitle
  }
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
}

fragment Reactions on Content {
  __isContent: __typename
  id
  reactionGroups {
    reactionType
    reactionsCount
    viewerReacted
  }
}

fragment ReportLink_Content on Content {
  __isContent: __typename
  type
  isPremium
  ... on CompanyReport {
    reportUrl
  }
  ... on ThirdPartyCompanyReport {
    reportUrl
  }
  ... on StockExchangeRelease {
    reportUrl
  }
}

fragment TrendingContent_1jQ2Cn on Query {
  trendingContent(type: ARTICLE) {
    __typename
    id
    title
    lang
    pageUrl
    createdAt
    type
    imgUrl
    companies {
      squareLogoUrl
      name
      id
    }
    authors {
      __typename
      imgUrl
      id
    }
    publishers {
      imgUrl
    }
  }
}


__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

VEF is an investment company. The company invests in emerging markets. The main focus is on companies operating in the fintech industry, which includes technology companies in the financial sector. The investment portfolio consists mainly of companies in early growth stages with products and services in consumer credit, payment solutions, money transfer and insurance. VEF was previously known as Vostok Emerging Finance and is headquartered in Stockholm.

VEF AB (publ) announces the release of its 2025 Annual Report, including an integrated Sustainability Report.Reflecting on the past year and outlining VEF’s ambitions going forward, in the report...

<div class="mfn-preamble"><p><strong>VEF AB (publ) announces the release of its 2025 Annual Report, including an integrated Sustainability Report.</strong></p></div><div class="mfn-body"><p>Reflecting on the past year and outlining VEF’s ambitions going forward, in the report, CEO Dave Nangle comments:</p><p><em>“For an investment company like VEF, a quality portfolio is our most important asset. Valuations can and do move and exit timings can be hard to predict, but if the portfolio is</em><br><em>quality and growing you have a strong tailwind for long term value creation.</em></p><p><em>Through 2024–25, we focused and succeeded in opportunistically realizing exits (close to NAV) and strengthening our balance sheet. We have delivered five exits across three different portfolio companies.</em></p><p><em>2025 was an important year on many fronts for VEF and we are content with how it played out. Our portfolio is humming and is compounding nicely once more, supporting NAV growth. Exits are being delivered at +/- NAV levels, and have strengthened our balance sheet, with capital put to work paying down debt and buying back our shares.”</em></p><p>The 2025 Annual Report, along with the integrated Sustainability Report, is now available at the Company’s website, <a href="http://www.vef.vc/" rel="noopener">www.vef.vc</a>.</p></div><div class="mfn-footer mfn-contacts mfn-697190337b3e"><hr><p><strong class="mfn-heading-1">For further information please contact:</strong><br>Kim Ståhl, CFO: +46&nbsp;(0) 8-545 015 50 or info@vef.vc<br>Helena Caan Mattsson, Head of Sustainability: +46&nbsp;(0) 8-545 015 58 or info@vef.vc</p></div><div class="mfn-footer mfn-about mfn-a8e9fa19b8b1"><hr><p><strong class="mfn-heading-1">About Us</strong><br><em>VEF AB&nbsp;(publ) is an investment company whose Common&nbsp;Shares are listed in Sweden.&nbsp;We&nbsp;invest in growth stage private fintech companies,&nbsp;take minority stakes and are active investors with board representation in our portfolio companies, always looking to back the best entrepreneurs in each market. We focus on scale emerging markets and invest across all areas of financial services inclusive of payments, credit, mobile money and wealth advisors. VEF trades in Sweden on Nasdaq Stockholm's Main Market under the ticker VEFAB. For more information on VEF, please visit </em><em><a href="http://www.vef.vc" rel="noopener">http://www.vef.vc</a></em><em>.</em></p></div><div class="mfn-footer mfn-regulatory mfn-regulatory-vpml"><p><em>This information is information that VEF AB (publ) is obliged to make public pursuant to the Securities Markets Act. The information was submitted for publication, through the agency of the contact persons set out above, at 2026-03-23 10:00 CET.</em></p></div><div class="mfn-footer mfn-attachment mfn-attachment-general"><hr><p><strong class="mfn-heading-1">Attachments</strong><br><a class="mfn-primary" href="https://storage.mfn.se/a1897d70-37bb-461c-bcc1-ada2ffa0c59a/vef-ar25-eng.pdf" rel="noopener">Vef Ar25 Eng</a></p></div>

VEF 2025 Annual Report

Faron Pharmaceuticals

Herantis Pharma

Mendus

Probabilities of success in drug development

Financial Key Ratios: EV/EBIT, EV/EBITA, EV/EBITDA, and EV/Sales

Nordea Bank

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Return on capital (ROE, ROI, ROIC, RONIC)

Balance sheet, debt leverage and risks