VEF (VEFL SDB) Q2 2026 earnings summary

Executive summary

• NAV was USD 406.1 million at June 30, 2026, flat quarter-on-quarter and up 8.4% year-on-year, reflecting robust portfolio performance despite market volatility.

• Portfolio companies, especially Creditas and Abhi, demonstrated strong growth and operational efficiency, with AI adoption driving productivity gains, cost reductions, and scalability.

• Board was strengthened with the addition of Will Pruett and Torun Litzén, bringing deep expertise in emerging markets, fintech, and capital markets.

• Strategy remains focused on long-term value creation, compounding growth, disciplined capital allocation, debt reduction, and opportunistic exits.

Financial highlights

• NAV per share was USD 0.40 (SEK 3.88), up 9.0% year-on-year in USD and 11.6% in SEK; share price at SEK 1.75, trading at a significant discount to NAV.

• 70% of NAV is anchored by recent third-party transactions, with the remainder marked to model.

• Cash and liquidity investments totaled USD 21.8 million at period end; net debt position at USD 2.9 million.

• Net result for 2Q26 was USD -2.6 million; 1H26 net result was USD -27.9 million, mainly due to fair value losses.

Outlook and guidance

• Portfolio revenue and gross profit growth projected at 20-30% over the next 12 months, driven by late-stage holdings.

• Exits are anticipated in the coming quarters or next 18 months, with a focus on maximizing value and reducing debt.

• Continued focus on closing the share price discount to NAV through performance, capital allocation, and buybacks.