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Investor Relations14 Oct 2025
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VEF (VEFL SDB) investor relations material
VEF Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary16 Jul, 2025
Executive summary
NAV increased 5% quarter-on-quarter to USD 374.6 million, up 6% year to date, driven by market multiples, FX tailwinds, and a 19% QoQ revaluation of Creditas.
Portfolio companies, especially Creditas, Konfío, and Juspay, showed robust growth, with Creditas loan originations up 44.1% YoY and revenues at record levels.
Three exits in the last 12 months, including BlackBuck (IPO, India), Gringo (trade sale, Brazil), and Juspay (secondary sale, India), realized proceeds at a premium and strengthened the balance sheet.
Share buyback program initiated, repurchasing 19.4 million shares (1.78% of outstanding shares), and SEK 160 million in bonds repaid, reducing debt to 7% of NAV.
Conservative valuation approach maintained amid macro volatility, with 43% of the portfolio now valued at last funding round and the rest mark-to-model.
Financial highlights
NAV for the quarter reached USD 374.6 million, up 6% year to date and 5% quarter-on-quarter.
NAV per share in USD rose to 0.37 (+7% QoQ, +8% YTD); in SEK, NAV per share was 3.48 (+1% QoQ, -7% YTD).
Cash and liquidity investments totaled USD 20.8 million at Q2/1H25 end (YE24: 12.8 million), aided by exits.
Net result for 2Q25 was USD 21.3 million (2Q24: -11.2 million); 1H25 net result was USD 25.3 million (1H24: -5.9 million).
Result from financial assets at fair value through profit or loss was USD 27.6 million in 2Q25 (2Q24: -7.8 million).
Outlook and guidance
Portfolio companies are targeting continued strong growth, with Creditas aiming for 25%+ annual growth in 2025 while maintaining cash flow positivity.
Management remains focused on further exits, deleveraging, and share buybacks, with a more focused investment pipeline.
Share buybacks prioritized as the most value-accretive use of capital in the near term.
Fintech exit environment is robust, supported by high-profile IPOs and M&A activity.
Assess impact of stablecoin regulation on VEF.
Explain Creditas' path towards IPO.
How does share buyback impact traded discount?
How does macro volatility impact VEF?
Detail Juspay's international traction.
Prioritize capital allocation: buybacks, debt, pipeline.
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Next VEF earnings date
Q3 202522 Oct, 2025
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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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