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-on-year, driven by portfolio company performance, especially Creditas' Series G fundraise and growth.

• Over 90% of the portfolio is self-sustaining, with most companies at or near break-even and returning to growth as market conditions improve.

• Exits from BlackBuck, Gringo, and partial Juspay stake generated $37 million in gross proceeds, strengthening the balance sheet and narrowing the traded discount.

• Creditas closed a $108 million Series G round at a $3.3 billion valuation, acquired Andbank Brazil, and strengthened its leadership team.

• Focus remains on capital allocation, balancing debt reduction, share buybacks, and new investments.

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 was flat year-on-year but up 3.3% in Q4 to SEK 2.22.

• Net result for FY25 was $85.4 million (vs. -$89.9 million in FY24), with $28.0 million in 4Q25.

• Operating expenses for FY25 were $7.6 million.

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

Outlook and guidance

• Portfolio expected to maintain 25–30% NTM revenue and gross profit growth, with top companies targeting 20–30%+ annual growth.

• Anticipate further exits and capital raises in the next 12 months as venture market recovery continues into 2026.

• Aim to go debt-free by year-end 2026, subject to capital inflows from exits.

• Management is confident entering 2026, focusing on new fintech investments in core markets.