VEF (VEFL SDB) Q4 2025 earnings summary

Executive summary

• NAV reached $433.8 million at year-end 2025, up 6.9% in Q4 and 22.9% year-over-year, driven by strong portfolio performance and Creditas' Series G fundraise.

• Over 90% of the portfolio is now self-sustaining, with growth focus returning as market conditions improve.

• Exits from BlackBuck, Gringo, and partial Juspay stake generated $37 million in gross proceeds, supporting balance sheet strength.

• Portfolio companies 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 (up 26% YoY); SEK NAV per share at 3.93 (up 5% YoY).

• Share price was flat year-on-year but up 3.3% in Q4; SEK share price rose to 2.22.

• Cash and liquid assets at year-end were $15.9 million.

• 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.

• Net divestments in financial assets during FY25 totaled $42.8 million.

Outlook and guidance

• Portfolio expected to maintain 25-30% NTM revenue and gross profit growth, with continued exits and capital raises anticipated as venture market recovery continues into 2026.

• Management is confident entering 2026, aiming to deploy capital into new fintech investments across core markets.

• Strategic focus on balancing debt repayment, share buybacks, and new investments as capital becomes available.