Regulatory press release

VEF Interim Report first quarter 2024

VEF

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Key events during the quarter

In 1Q24 USD NAV increased 1% QoQ and 9% YoY. Following 2023 trends, a broad range of factors are feeding into our growing NAV, inclusive of improving portfolio company performance combined with peer group robust traded multiples, all driven by a much improved top down macro and market backdrop.
Creditas released headline FY23 IFRS numbers, delivering 25% revenue growth and 192% gross profit growth compared to FY22. Creditas reached operational break-even in December 2023. With gross profit margins back at steady state range of 40-45%, management is confident of delivering profitable growth throughout 2024.
At quarter end, TransferGo announced a USD 10 mln fund raise from Taiwania, sovereign wealth fund of Taiwan. The raise was priced above our most recent mark-to-model valuation mark, and provides TransferGo with the desired capital to further grow its customer base and broaden its product line.

Net asset value

NAV of VEF’s portfolio as at 1Q24 is USD 447.6 mln (YE23 442.2). NAV per share has increased by 1% to USD 0.43 (YE23: 0.42) per share during 1Q24.
In SEK, NAV equals 4,772 mln (YE23: 4,441). NAV per share has increased by 7% to SEK 4.58 (YE23: 4.26) per share during 1Q24.
Cash position, including liquidity investments, was USD 17.9 mln (YE23: 21.6) at the end of 1Q24.

Financial result

Net result for 1Q24 was USD 5.3 mln (1Q23: 28.4). Earnings per share were USD 0.01 (1Q23: 0.03).

VEF CEO, David Nangle, comments:
“Positive momentum continued into 1Q24, building on the trends of 2023, which were incrementally more positive with each passing quarter. This has fed into a strong start to 2024, building confidence in our outlook as we move through the year.”

	Dec 31, 2022	Dec 31, 2023	Mar 31, 2024
Net asset value (USD mln)	381.8	442.2	447.6
Net asset value (SEK mln)	3,981	4,441	4,772
Net asset value per share (USD)	0.37	0.42	0.43
Net asset value per share (SEK)	3.82	4.26	4.58
VEF AB (publ) share price (SEK)	2.45	1.84	1.92

Events after the end of the period
No significant events after the end of the period.
Visit VEF’s IR page for our financial reports and other information: vef.vc/investors

About Us

VEF AB (publ) is an investment company whose Common Shares are listed in Sweden. We invest in growth stage private fintech companies, 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 http://www.vef.vc.