Vef Ab · OMXSTO:VEFAB
Vef Ab — Q3 2026 Earnings Presentation
17 slides from Vef Ab's earnings presentation, Oct 21, 2026
Slide 1: Results Presentation 3Q26
Results Presentation 3Q26 The emerging market fintech investor
Slide 2: Key events of the quarter
Key events of the quarter Creditas - compounding and increasingly predictable 1 • The portfolio reached USD 1.6 bln in 2Q26, +26% YoY and the ninth consecutive quarter of growth acceleration, with revenues + 30% YoY • AI- led operational efficiency remains a core theme. Headcount is at c.1,500 from
Slide 3: 3Q26 financial highlights
3Q26 financial highlights 3Q25 2Q26 3Q26 QoQ YoY USD mln 405.7 406.1 401.7 (1.1%) (1.0%) NAV SEK mln 3,817 3,947 4,005 +1.5% +4.9% USD 0.40 0.40 0.40 (1.1%) (1.0%) NAV per share SEK 3.75 3.88 3.94 +1.5% +4.9% Share price SEK 2.15 1.75 1.80 +2.9% (16.3%) 3
Slide 4: Valuation approach and key takeaways
Valuation approach and key takeaways 3Q fair value Change QoQ Company Methodology Multiple Comments / last transaction Key takeaways USD mln USD mln 220.0 - Latest trx - USD 108 mln Series G round closed Dec - 25 Marks anchored in recent, sizeable transactions 70.7 - 5.1 MTM Rev + GP - Share of hold
Slide 5: 3Q26 NAV evolution
3Q26 NAV evolution Strong underlying portfolio company performance, offset by multiple contraction and Fx headwinds in the quarter USD mln Holdings valued on MTM 29% of holdings Latest transactions 71% Corporate - $4.4 mln 10 - 1.1% QoQ 406 0 402 - 10 -3 0 0 -1 0 2Q26 NAV Portfolio Change in Fx New
Slide 6: High quality portfolio, delivering robust profitable growth
High quality portfolio, delivering robust profitable growth Many moving parts which define our success over time, but quality performing compounding assets form the basis of that succes s Self - sustaining Robust growth Raising fresh capital >90% Portfolio companies well capitalized across the board
Slide 7: Creditas: continued acceleration, reaching 30% revenue growth at 2Q26
– continued acceleration, reaching 30% revenue growth at 2Q26 Portfolio – 9 th sequential quarter of growth acceleration Revenue – exceeding portfolio growth, up 30% YoY BRL bln BRL mln +26% +30% +22% 8.1 +19% 723 +17% 7.6 +23% +14% 7.1 +17% 633 +11% 6.7 +20% +6% +13% - 3% +1% 6.4 +13% 583 - 5% 6.2
Slide 8: Creditas: AI led automations driving continued operational efficiency
– AI led automations driving continued operational efficiency 1 Revenue per employee at record high 2 Operating leverage compounding 3 Driving path to profitability Annual revenue / headcount, BRL mln Costs below gross profit, % of revenue Operating profit, BRL mln 5.7x since 1Q22 – 84pp since 1Q22
Slide 9: Brazil elections – potential macro tailwind for c.60% of our portfolio
Brazil elections – potential macro tailwind for c.60% of our portfolio Markets re - rating on the back of shift to the right in presidential first round Our Brazil exposure Presidential election: first round result Potential tailwinds for VEF Runoff 25 October Share of valid votes 50% Lower interest
Slide 10: Abhi: Profitable growth across Pakistan and the Gulf
– Profitable growth across Pakistan and the Gulf, ahead of the bank's PSX listing Group ARR UAE ARR, Aug-26 Pakistan bank, transactions via the app $100 mln+ $10 mln+ 85%+ YE25 <$1 mln Profitable At group level Aug-26 $10 mln+ Up from 0% when Abhi bought the bank in Jan-25 Pakistan bank: net profit
Slide 11: Deleveraging phase essentially complete
Deleveraging phase essentially complete New revolving credit facility replaces the existing bonds: cheaper, fully flexible, no bullet maturity Illustrative pro forma debt What it means for VEF SEK mln 300 Smaller total debt Framework now SEK 150 mln (c.USD 15 mln) 150 Lower interest rate Stibor + 41
Slide 12: Strengthening cash & balance sheet
Strengthening cash & balance sheet Deleveraging phase essentially complete, with USD 11.0 mln of pro forma liquidity Pro forma net debt Pro forma liquidity Robust capital position USD mln¹ USD mln¹ USD 52 mln of gross proceeds realised over the past 4.0 USD mln 11.0 USD mln 24 months Bonds redeemed
Slide 13: Share price, NAV per share and the premium/discount
Share price, NAV per share and the premium/discount NAV vs market cap NAV/share & share price (SEK) NAV/Share (SEK) Share Price (SEK) 7 $402M 6 5 4 3 $204M 2 1 0 2016 2018 2020 2022 2024 2026 NAV (3Q26) Market cap¹ Premium/(discount) to NAV +40% NAV/share (3Q26) SEK 3.94 0% Share price ( 16 Oct) 1 S
Slide 14: Disciplined capital allocation – focus on buybacks and narrowing the discount
Disciplined capital allocation – focus on buybacks and narrowing the discount Phase 1 Phase 2 Strengthen the balance sheet Capital allocation Largely complete Current focus STEP 1 STEP 2 STEP 3 Exits Debt paydown Share buybacks USD 52 mln SEK 300 mln 49% gross proceeds over the past 24 months¹ bonds
Slide 15: Georgia Capital, a worthy benchmark
Georgia Capital, a worthy benchmark Similar to VEF today, in 2022 Georgia Capital traded at a deep discount to NAV of c.60% Georgia Capital today Discount to NAV over time What drove the re - rating Year end, then 1Q26, 1H26 and latest¹ Pay down debt first 17% Net debt of GBP 117 mln at YE22 became
Slide 16: VEF investment case and outlook
VEF investment case and outlook It’s all about the portfolio Profitable – over 90% of the portfolio are self - sustaining 1. The remainder on a clear path to profitability with comfortable runway Growing – sustainable growth is the core focus. Juspay continues to compound, whilst Creditas and Konfío
Slide 17: Thank you
Disclaimer The information in this Presentation (the “Presentation”) is furnished by VEF AB (publ), reg. no. 559288 - 0362 (the “Company” or “VEF”). This Presentation does neither constitute an offer to sell nor a solicitation of an offer to buy any securities, and it does not constitute any form of