VEF (VEFL SDB) Q3 2025 earnings summary

Executive summary

• NAV reached USD 405.7 million, up 8.3% quarter-on-quarter and nearly 15% year-to-date, driven by strong portfolio and market trends, robust equity markets, and positive currency movements.

• Over 90% of the portfolio is breakeven or profitable, with a focus on growth and an expected 30% NTM revenue and gross profit growth.

• Key holdings Creditas, Konfío, and Juspay comprise over 80% of NAV and have shown strong growth and capital-raising activity.

• Three successful exits (BlackBuck, Gringo, partial Juspay) in the past year strengthened the balance sheet and enabled share buybacks.

• Portfolio is in a lower beta, break-even, growth-reigniting mode, with improved risk-reward and consistent positive performance.

Financial highlights

• NAV per share ended at USD 0.40 (+9% QoQ, +18% YTD) and SEK 3.75 (+8% QoQ, +1% YTD), with the market discount narrowing.

• Net result for 3Q25 was USD 32.2 million; for 9M25, USD 57.5 million.

• Cash and liquidity investments at period end totaled USD 17.6 million.

• $31 million NAV growth in the quarter driven by portfolio company performance, equity market performance, and FX gains.

• Over 2% of shares repurchased for $5.3 million as part of capital allocation.

Outlook and guidance

• Portfolio companies are expected to deliver around 30% NTM revenue and gross profit growth from a profitable, self-sustaining base.

• Pipeline work is increasingly focused on select fintech targets for medium- to long-term value creation.

• Exits likely to be partial sales rather than full divestitures, leveraging secondary markets.

• Management sees early upswing in cycle, with momentum building in portfolio performance and exits.

• Anticipation of further capital raises and exits as venture markets recover, with a focus on sustainable growth.