Selskabsmeddelelse

VEF interim report first quarter 2026

VEF

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Key events during the quarter

1Q26 NAV decreased 6% QoQ, to USD 408.6 mln. The quarterly NAV movement was mainly driven by a broad sell-off in traded comps following the uncertainty surrounding the ongoing conflict in the Middle East.
Creditas closed 2025 on a strong note, posting 4Q25 results showing record quarterly revenues of BRL 582.7 mln combined with the loan book reaching BRL 7.1 bln. We see Creditas in the strongest position we have observed in years, accelerating growth, a sharpening efficiency drive underpinned by AI investment and a capital structure that is now more resilient following the bank licence acquisition and latest fundraise.
In January Juspay closed a Series D follow-on round of USD 50 mln at a valuation of USD 1.2 bln, making Juspay India’s first unicorn of 2026. As part of this round, VEF realised a further USD 14.6 mln gross through a partial secondary sale at a 16% premium to our 4Q25 NAV mark. This brings our total gross proceeds from Juspay exits to USD 29.4 mln against a total investment of USD 21.1 mln, delivering an IRR of 35% and a CoC return of 4.5x.

Net asset value

In USD, NAV equals 408.6 mln (YE25: 433.8), -6% QoQ. NAV per share is USD 0.40 (YE25: 0.43), -6% QoQ.
In SEK, NAV equals 3,880 mln (YE25: 3,992), -3% QoQ. NAV per share is SEK 3.82 (YE25: 3.93), -3% QoQ.
Cash position, including liquidity investments, was USD 25.2 mln (YE25: 15.9) at the end of 1Q26.

Financial result

Net result for 1Q26 was USD -25.3 mln (1Q25: 3.9).

VEF CEO, Dave Nangle, comments:
"1Q26 was a quarter of contrasts. We are navigating a world that is more uncertain than it was three months ago. We are on our toes playing both offence and defence accordingly. At 1Q26 end, our portfolio is broadly profitable, growing and well capitalised. Another exit delivered in the quarter, Juspay, this time at a premium to NAV, continues to strengthen our balance sheet. Creditas delivered another strong quarter and is in the best operational shape we have seen in years, combining accelerating growth with a disciplined efficiency drive.”

	Dec 31, 2024	Dec 31, 2025	Mar 31, 2026
Net asset value (USD mln)	353.0	433.8	408.6
Net asset value (SEK mln)	3,882	3,992	3,880
Net asset value per share (USD)	0.34	0.43	0.40
Net asset value per share (SEK)	3.73	3.93	3.82
VEF AB (publ) share price (SEK)	2.21	2.22	2.06

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

The results webcast will be held at 15:00 CEST (09:00 a.m. ET) on Wednesday April 15, 2026, where Dave Nangle, Managing Director of VEF, will comment on the report and the latest developments.

To join the live conference and be able to ask questions, please use the below link for registration:
https://register-conf.media-server.com/register/BI8a53974dac5543f1bd2a84bb604f538d

To view the live interactive presentation in listen-only mode, please log on to:
https://edge.media-server.com/mmc/p/78xdb3sc

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.