VEF (VEFL SDB) Q3 2026 earnings summary

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.