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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
VEF
VEF (VEFL SDB) investor relations material
VEF Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary21 Oct, 2026
Executive summary
NAV was USD 401.7m, down 1.1% QoQ; portfolio growth was offset by multiple contraction and FX headwinds.
More than 90% of portfolio NAV comes from self-sustaining businesses, supporting a shift from deleveraging toward share buybacks.
Financial highlights
3Q26 net result was USD -4.5m, versus USD 32.2m in 3Q25; 9M26 net result was USD -32.4m, versus USD 57.5m.
Fair-value result was USD -2.4m in 3Q26 and USD -24.4m in 9M26; operating expenses were USD -1.6m and USD -7.4m, respectively.
NAV was SEK 4,005m, up 1.5% QoQ and 0.3% YTD; USD NAV was down 7.4% YTD.
Mark-to-model performance added USD 10m in Q3; comparable-multiple compression removed USD 10m and FX removed USD 3m.
Outlook and guidance
NTM portfolio revenue growth is expected at 20–30%, with gross profit growth near 30%; focus remains on sustainable growth.
Further portfolio fundraising is expected through 2026/27, following recent rounds by Creditas and JUSPAY.
Opportunistic realizations near NAV are planned; exit timing remains difficult to forecast.
Exit proceeds over the coming 24 months are expected to support flexible facility repayment and share buybacks; no quantified buyback schedule was stated.
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Latest events from VEF
- Self-sustaining fintech assets underpin growth, while buybacks target the 49% NAV discount.VEFL SDB
Investor presentation - FY23 NAV rose 16% as results returned to profit; bond maturity extended to December 2026.VEFL SDBQ4 2023
- Robust emerging market fintech portfolio delivers strong growth, exits, and capital discipline.VEFL SDBInvestor presentation
- Emerging market fintech portfolio delivers strong exits, robust growth, and disciplined capital allocation.VEFL SDBInvestor presentation
- NAV stable at USD 406.1 mln; portfolio growth, AI efficiency, and discount to NAV widened.VEFL SDBQ2 2026
- NAV up 22.9% YoY to $433.8M, driven by Creditas' growth, exits, and new investments.VEFL SDBQ4 2025
- NAV up 9% QoQ to USD 475 million, driven by portfolio growth and strong market trends.VEFL SDBQ3 2024
- NAV down 2–2.5% QoQ as FX headwinds offset strong portfolio growth and profitability.VEFL SDBQ2 2024
- NAV up 1.2% QoQ to USD 357 mln, with exits and portfolio growth enabling buybacks and deleveraging.VEFL SDBQ1 2025
Next VEF earnings date
Q4 202620 Jan, 2027
VEF
Next VEF earnings date
Q4 202620 Jan, 2027
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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.