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VEF
VEF (VEFL SDB) investor relations material
VEF Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary21 Jan, 2026
Executive summary
NAV reached $433.8 million at year-end 2025, up 6.9% in Q4 and 22.9% year-over-year, driven by Creditas' strong performance and Series G fundraise.
Over 90% of the portfolio is self-sustaining, with growth returning as market conditions improve.
Exits from BlackBuck, Gringo, and partial Juspay stake generated $37 million in gross proceeds, strengthening the balance sheet.
Portfolio companies, especially Creditas, Konfío, and Juspay, are returning to growth, with improved risk-reward profiles and most at or near break-even.
Creditas closed a $108 million Series G round at a $3.3 billion valuation, acquired Andbank Brazil, and strengthened its leadership team.
Financial highlights
NAV per share increased to $0.43 (+6.9% QoQ, +26% YoY); SEK NAV per share at 3.93 (+4.6% QoQ, +5% YoY).
Share price in SEK rose to 2.22 (+3.3% QoQ); SEK NAV rose 4.6% in Q4 and 2.8% for the year.
Net result for FY25 was $85.4 million (vs. -$89.9 million in FY24); result from financial assets at fair value was $101.9 million.
Cash and liquid assets at year-end were $15.9 million; net financial debt reduced to about $10 million.
Net divestments in financial assets during FY25 totaled $42.8 million.
Outlook and guidance
Portfolio expected to maintain 25-30% next twelve months (NTM) revenue and gross profit growth.
Management is confident entering 2026, focusing on new fintech investments in core markets.
Anticipate more exits and capital raises as venture market recovery continues into 2026.
Capital allocation will balance debt repayment, share buybacks, and new investments, depending on cash inflows from exits.
Creditas bank license: funding diversification impact?
VEF's capital deployment strategy for new winners?
Konfio valuation sensitivity to multiple changes?
Why was Creditas valued at a discount to Series G?
How will new investments be funded given debt?
What is the impact of Konfio's bank license delay?
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Next VEF earnings date
Q1 202616 Apr, 2026
VEF
Next VEF earnings date
Q1 202616 Apr, 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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