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VEF (VEFL SDB) investor relations material
VEF Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary22 Oct, 2025
Executive summary
NAV reached USD 405.7 million, up 8.3% quarter-on-quarter and nearly 15% year-to-date, driven by strong portfolio and market trends, robust equity markets, and positive currency movements.
Over 90% of the portfolio is breakeven or profitable, with a focus on growth and an expected 30% NTM revenue and gross profit growth.
Key holdings Creditas, Konfío, and Juspay comprise over 80% of NAV and have shown strong growth and capital-raising activity.
Three successful exits (BlackBuck, Gringo, partial Juspay) in the past year strengthened the balance sheet and enabled share buybacks.
Portfolio is in a lower beta, break-even, growth-reigniting mode, with improved risk-reward and consistent positive performance.
Financial highlights
NAV per share ended at USD 0.40 (+9% QoQ, +18% YTD) and SEK 3.75 (+8% QoQ, +1% YTD), with the market discount narrowing.
Net result for 3Q25 was USD 32.2 million; for 9M25, USD 57.5 million.
Cash and liquidity investments at period end totaled USD 17.6 million.
$31 million NAV growth in the quarter driven by portfolio company performance, equity market performance, and FX gains.
Over 2% of shares repurchased for $5.3 million as part of capital allocation.
Outlook and guidance
Portfolio companies are expected to deliver around 30% NTM revenue and gross profit growth from a profitable, self-sustaining base.
Pipeline work is increasingly focused on select fintech targets for medium- to long-term value creation.
Exits likely to be partial sales rather than full divestitures, leveraging secondary markets.
Management sees early upswing in cycle, with momentum building in portfolio performance and exits.
Anticipation of further capital raises and exits as venture markets recover, with a focus on sustainable growth.
Konfío valuation drivers in 3Q25
Creditas fundraise: NAV impact assessment timing
VEF's strategy to reduce NAV discount
Update on Creditas equity round progress
Konfio bank license application outlook?
Key growth drivers for other portfolio names
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Q4 202521 Jan, 2026
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Frequently asked questions
VEF is a investment firm specializing in early stage to growth investments. The firm invests in modern financial services and fintech sector. It primarily invests in small/medium payments companies, mobile-money companies and financial marketplaces. It prefers to take board representation at portfolio company stage. VEF was founded in 2015 and is based in Stockholm, Sweden.
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