Vef Ab · OMXSTO:VEFAB
Vef Ab — Investor Presentation (October 2026)
31 slides from Vef Ab's investor presentation, October 2026
Slide 1: Investor Presentation
Investor Presentation October 2026 The emerging market fintech investor
Slide 2: Strategy & Track Record
Agenda 1 Strategy & Track Record 2 Team & Capital Partners Section 1 3 Portfolio Overview Strategy & Track Record 4 Portfolio Valuation & NAV 5 Exits & Capital Allocation 6 VEF Outlook 2
Slide 3: Portfolio overview: Emerging Market Fintech Fund
STO: VEFAB Portfolio overview Emerging Market Fintech Fund 11 leading emerging market fintechs Riding one of the strongest multi - year secular growth trends in some of the world’s fastest - growing markets Core Markets % of NAV 2 Benchmark holding $402M $ 204 M Brazil 59% NAV (3Q26) Market cap 1 Ta
Slide 4: Clear mandate with a proven strategy – strong track record of delivering returns
Clear mandate with a proven strategy – strong track record of delivering returns Proven track - record Access to benchmark private Compounding NAV per share fintech names across EMs $51m $247m 11.6% 4.9% NAV per share CAGR 2 Share price CAGR 2 Invested Exited / NAV value 6.1x 3.2x 4.5x 65% IRR 57% I
Slide 5: Team & Capital Partners
Agenda 1 Strategy & Track Record 2 Team & Capital Partners Section 2 3 Portfolio Overview Team & Capital Partners 4 Portfolio Valuation & NAV 5 Exits & Capital Allocation 6 VEF Outlook 5
Slide 6: Seasoned management with extensive EM fintech expertise
Seasoned management with extensive EM fintech expertise, supported by a high calibre, experienced team Management team >6% collective holding in VEF 1 Investment Joined 2015 Investment Joined 2016 Legal Joined 2017 David Nangle Alexis Koumoudos Helena Caan Mattsson CEO CIO GC/Head of Sustainability
Slide 7: Backed by blue-chip institutional capital
Backed by blue - chip institutional capital Long - term supportive institutional shareholder base Track record of co - investing across our portfolio companies 1 Ruane Cunniff 20% Creditas Juspay 2 Fidelity 2 14% VEF investment VEF investment 3 Gemsstock 8% Fidelity Wellington Management Wellington
Slide 8: Portfolio Overview
Agenda 1 Strategy & Track Record 2 Team & Capital Partners Section 3 3 Portfolio Overview Portfolio Overview 4 Portfolio Valuation & NAV 5 Exits & Capital Allocation 6 VEF Outlook 8
Slide 9: Broad based exposure to the world of emerging market fintech
Broad based exposure to the world of emerging market fintech VEF has backed entrepreneurs across the emerging world since inception in 2015 Portfolio value, 3Q26 1 $409 mln VEF Portfolio companies 1 Europe, LatAm & APAC Creditas 54% Clar Pakistan Abhi, Mahaana Konfío 17% Mexico Konfío India Juspay,
Slide 10: VEF portfolio overview
VEF portfolio overview Company Country Description VEF stake % of holdings 1 Brazil Digital - first secured lending platform 8.9% 53.8% Mexico SMB credit and financial services ecosystem 10.0% 17.3% India Indian payment infrastructure platform 6.4% 16.0% Brazil Solar & renewable energy ecosystem 2.5
Slide 11: Creditas – Brazil's largest digital-first secured lending platform
– Brazil’s largest digital - first secured lending platform Addressing credit affordability through collateralised lending, unlocking enormous pool of unlevered assets Market opportunity Creditas value proposition Key stats Extraordinary interest rates… Collateralised lending Scale Average APR by pr
Slide 12: 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 13: 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 14: Creditas – from AI pilots to AI in production across every function
– f rom AI pilots to AI in production across every function AI agents now running in production across origination, underwriting, collections, customer service, back office and software de velopment Progress by function at 2Q26 Impact on the business Collections Sales & origination Revenue growth si
Slide 15: Konfío – re-accelerating growth as one of Mexico's largest digital-first SMB lenders
– re - accelerating growth as one of Mexico’s largest digital - first SMB lenders Growth re - accelerating into 2H26 Digital - first financial services platform for Loan portfolio Mexican SMBs MoM growth (%) Re - acceleration → +5% MoM ~$650 mln $2 bln+ 75k+ Loan portfolio Cumulative SMBs served to
Slide 16: Juspay – India's payments infrastructure leader, now scaling globally
– India's payments infrastructure leader, now scaling globally Payments infrastructure for the world's largest merchants and banks >45% YoY Scaling fast, and profitably >20% 70 mln+ Share of international revenue Avg. daily transactions $400 bln+ Annualised TPV 1 99.99% 75%+ Best - in- class uptime
Slide 17: Solfácil – Brazil's largest digital solar energy ecosystem
– Brazil’s largest digital solar energy ecosystem Taking share in both core markets Digital solar financing and distribution platform Solar financing Distribution Share of micro - DG financed market Share of solar equipment distribution market #1 Solar Financing Top - 3 Distributor 200k+ R$5 bln+ 1.
Slide 18: 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 19: Portfolio Valuation & NAV
Agenda 1 Strategy & Track Record 2 Team & Capital Partners Section 4 3 Portfolio Overview Portfolio Valuation & NAV 4 Portfolio Valuation & NAV 5 Exits & Capital Allocation 6 VEF Outlook 19
Slide 20: 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 21: 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 22: 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 23: Exits & Capital Allocation
Agenda 1 Strategy & Track Record 2 Team & Capital Partners Section 5 3 Portfolio Overview Exits & Capital Allocation 4 Portfolio Valuation & NAV 5 Exits & Capital Allocation 6 VEF Outlook 23
Slide 24: Continued exit delivery – USD 52 mln gross proceeds realised to VEF
Continued exit delivery – USD 52 mln gross proceeds realised to VEF Realising investments at or around our NAV marks, and strengthening the balance sheet with fresh capital Gross proceeds to VEF, USD mln Aggregate gross proceeds of $52 mln: $14.6M $52M +8% premium to pre - transaction NAV marks, 6.6
Slide 25: 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 26: 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 27: 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 28: Retain a disciplined approach to pipeline: close to the market, patient on deployment
Retain a disciplined approach to pipeline: close to the market, patient on deployment Closely tracking next gen EM fintech winners, building conviction in a shortlist of assets, so we can move quickly when the t ime is right 01 02 03 Core geographies Thematic focus Research & diligence India Brazil
Slide 29: VEF Outlook
Agenda 1 Strategy & Track Record 2 Team & Capital Partners Section 6 3 Portfolio Overview VEF Outlook 4 Portfolio Valuation & NAV 5 Exits & Capital Allocation 6 VEF Outlook 29
Slide 30: 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 31: 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