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VEF Year-End Report 2025

VEF

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Key events during the quarter

4Q25 NAV increased 7% QoQ, while FY25 NAV was up 23% YoY, ending 2025 at USD 433.8 mln. The positive quarterly NAV movement was mainly driven by the successful fundraise in our core portfolio holding Creditas (+18% QoQ).
Creditas had a very busy and positive quarter. Creditas closed its Series G equity funding round, raising USD 108 mln at a USD 3.3 bln valuation. They also closed the acquisition of Andbank Brazil and strengthened their leadership team with the appointment of Ricardo Forcano as CTO/COO
Creditas 3Q25 results showed robust and continued improving trends as loans grew 17% YoY alongside delivering record quarterly revenues of BRL 592 mln.

Net asset value

In USD, NAV equals 433.8 mln (YE24: 353.0), +7% QoQ and +23% FY25. NAV per share is USD 0.43 (YE24: 0.34), +7% QoQ and +26% FY25.
In SEK, NAV equals 3,992 mln (YE24: 3,882), +5% QoQ and +3% FY25. NAV per share is SEK 3.93 (YE24: 3.73), +5% QoQ and +5% FY25.
Cash position, including liquidity investments, was USD 15.9 mln (YE24: 12.8) at the end of 2025.

Financial result

Net result for 4Q25 was USD 28.0 mln (4Q24: -122.2).
Net result for FY25 was USD 85.4 mln (FY24: -89.9).

VEF CEO, Dave Nangle, comments:
"4Q25 was an important quarter on many fronts and concludes a very satisfying year for all at VEF. Our portfolio is humming and is compounding nicely once more, driving up NAV per share. Strategically, we are transitioning our focus from clear short-term wins and are readying ourselves to put capital to work again, investing in our next generation of winners. Getting the balance right is key to creating a long-term attractive investment company.”

	Dec 31, 2023	Dec 31, 2024	Dec 31, 2025
Net asset value (USD mln)	442.2	353.0	433.8
Net asset value (SEK mln)	4,441	3,882	3,992
Net asset value per share (USD)	0.42	0.34	0.43
Net asset value per share (SEK)	4.26	3.73	3.93
VEF AB (publ) share price (SEK)	1.84	2.21	2.22

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 14:00 CET (08:00 a.m. ET) Wednesday January 21, 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/BI08cb7cdf65044b2eb9b6f281c4b00386

To view the live interactive presentation in listen-only mode, please log on to:
https://edge.media-server.com/mmc/p/38ndtxqs

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.