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 Creditas' strong performance and Series G fundraise.

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

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

• Portfolio companies, especially Creditas, Konfío, and Juspay, 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 (+6.9% QoQ, +26% YoY); SEK NAV per share at 3.93 (+4.6% QoQ, +5% YoY).

• Share price in SEK rose to 2.22 (+3.3% QoQ); SEK NAV rose 4.6% in Q4 and 2.8% for the year.

• 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.

• Cash and liquid assets at year-end were $15.9 million; net financial debt reduced to about $10 million.

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

Outlook and guidance

• Portfolio expected to maintain 25-30% next twelve months (NTM) revenue and gross profit growth.

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

• Anticipate more exits and capital raises as venture market recovery continues into 2026.

• Capital allocation will balance debt repayment, share buybacks, and new investments, depending on cash inflows from exits.