VEF (VEFL SDB) Q3 2024 earnings summary

Executive summary

• NAV increased 9% quarter-on-quarter to USD 475 million in 3Q24, up 24% from 2022 lows and 7% year-to-date, driven by robust portfolio performance, healthy markets, and FX tailwinds.

• Over 90% of the portfolio is breakeven or profitable, with capital flows resuming and growth focus returning in the venture ecosystem.

• Top holdings Creditas, Konfio, and Juspay are reigniting growth, with Juspay sustaining 50%+ growth and recent funding rounds validating portfolio valuations.

• Capital is flowing back into fintech and emerging markets, with several portfolio companies raising funds at or above NAV marks.

• Exit markets, especially in India, are showing renewed activity, supporting potential realizations.

Financial highlights

• NAV per share rose to USD 0.46 (SEK 4.61) from USD 0.42 (SEK 4.26) at year-end 2023.

• Net result for 3Q24 was USD 38.2 million (3Q23: -56.5 million); EPS USD 0.04 (3Q23: -0.05).

• Net result for 9M24 was USD 32.3 million (9M23: 40.7 million); EPS USD 0.03 (9M23: 0.04).

• Cash and liquidity investments at end-3Q24 totaled USD 13.2 million.

• Portfolio grew 9% quarter-on-quarter, led by Creditas (16–17% QoQ) and Juspay (12% QoQ).

Outlook and guidance

• Portfolio expected to deliver approximately 40% revenue and 60% gross profit growth over the next twelve months.

• Focus remains on strengthening the balance sheet, delivering portfolio exits in 2024/25, and narrowing the traded discount to NAV.

• Several partial exits are targeted for 2024–25, with no pressure to exit top positions at unfavorable prices.