VEF (VEFL SDB) Q2 2025 earnings summary

Executive summary

• NAV increased 6% year-to-date and 5% quarter-on-quarter to USD 374.6 million, driven by market multiples, FX tailwinds, and a strong 19% QoQ revaluation of Creditas.

• Portfolio companies, especially Creditas, Konfío, and Juspay, showed robust growth, with Creditas loan originations up 44.1% YoY and revenues at record levels.

• Three exits in the last 12 months, including an IPO in India (BlackBuck), a trade sale in Brazil (Gringo), and a secondary sale in India (Juspay), have strengthened the balance sheet and enabled debt reduction and share buybacks.

• Share buyback program initiated, repurchasing 19.4 million shares (1.78% of outstanding shares) and paid down SEK 160 million in bonds, reducing outstanding debt to 7% of NAV.

Financial highlights

• NAV for the quarter reached approximately USD 374.6 million, with NAV per share in USD rising to 0.37 (+7% QoQ, +8% YTD); in SEK, NAV per share was 3.48 (+1% QoQ, -7% YTD).

• $17.5 million NAV growth in the quarter, mainly from equity market performance and FX gains, particularly from the Brazilian real.

• Net result for 2Q25 was USD 21.3 million (2Q24: -11.2 million); 1H25 net result was USD 25.3 million (1H24: -5.9 million).

• Cash and liquidity investments totaled USD 20.8 million at 1H25 end (YE24: 12.8 million), reflecting proceeds from exits.

• Result from financial assets at fair value through profit or loss was USD 27.6 million in 2Q25 (2Q24: -7.8 million).

Outlook and guidance

• Expecting 30%-35% revenue and gross profit growth across the portfolio over the next 12 months, with Creditas targeting 25%+ annual growth in 2025 while maintaining cash flow positivity.

• Management remains focused on further exits, deleveraging, and share buybacks, with a more focused investment pipeline.

• Fintech exit environment is robust, supported by high-profile IPOs and M&A activity.