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VEF AB Interim / Quarterly Report 2026
3123_10-q_2026-04-15_469d19e4-80f0-4943-ab03-7444c1114bcc.pdf
Interim / Quarterly Report
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VEF
The emerging market fintech investor
Interim report
First quarter 2026
Photo: Eric Murat (crisplant.com)
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Key events during the quarter
- 1Q26 NAV decreased 6% QoQ, to USD 408.6 mln. The quarterly NAV movement was mainly driven by a broad sell-off in traded comps following the uncertainty surrounding the ongoing conflict in the Middle East.
- Creditas closed 2025 on a strong note, posting 4Q25 results showing record quarterly revenues of BRL 582.7 mln combined with the loan book reaching BRL 7.1 bln. We see Creditas in the strongest position we have observed in years, accelerating growth, a sharpening efficiency drive underpinned by AI investment and a capital structure that is now more resilient following the bank licence acquisition and latest fundraise.
- In January Juspay closed a Series D follow-on round of USD 50 mln at a valuation of USD 1.2 bln, making Juspay India's first unicorn of 2026. As part of this round, VEF realised a further USD 14.6 mln gross through a partial secondary sale at a 16% premium to our 4Q25 NAV mark. This brings our total gross proceeds from Juspay exits to USD 29.4 mln against a total investment of USD 21.1 mln, delivering an IRR of 35% and a CoC return of 4.5x.
Net asset value
- In USD, NAV equals 408.6 mln (YE25: 433.8), -6% QoQ. NAV per share is USD 0.40 (YE25: 0.43), -6% QoQ.
- In SEK, NAV equals 3,880 mln (YE25: 3,992), -3% QoQ. NAV per share is SEK 3.82 (YE25: 3.93), -3% QoQ.
- Cash position, including liquidity investments, was USD 25.2 mln (YE25: 15.9) at the end of 1Q26.
Financial result
- Net result for 1Q26 was USD -25.3 mln (1Q25: 3.9).
| Dec 31, 2024 | Dec 31, 2025 | Mar 31, 2026 | |
|---|---|---|---|
| Net asset value (USD mln) | 353.0 | 433.8 | 408.6 |
| Net asset value (SEK mln) | 3,882 | 3,992 | 3,880 |
| Net asset value per share (USD) | 0.34 | 0.43 | 0.40 |
| Net asset value per share (SEK) | 3.73 | 3.93 | 3.82 |
| VEF AB (publ) share price (SEK) | 2.21 | 2.22 | 2.06 |
Events after the end of the period
No significant events after the end of the period.
Visit VEF's IR page for our financial reports and other information: vef.vc/investors
408.6
Net asset value (USD mln)
3.82
Net asset value per share (SEK)
14%
Net asset value change YoY (USD)
66 Creditas delivered another strong quarter and is in the best operational shape we have seen in years, combining accelerating growth with a disciplined efficiency drive.
- Dave Nangle, CEO
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Management report
Dear fellow shareholder,
1Q26 was a quarter of contrasts. We are navigating a world that is more uncertain than it was three months ago. The ongoing conflict in the Middle East, and its potential to tip a fragile global economy into recession, is the single biggest macro risk on our radar today. At the same time, AI continues to accelerate, reshaping how technology companies operate, a clear tailwind for our portfolio, if managed well. Set against this backdrop, the underlying portfolio picture remains robust:
- Creditas delivered another strong quarter and is in the best operational shape we have seen in years, combining accelerating growth with a disciplined efficiency drive. Juspay closed a fresh funding round at a USD 1.2 bln valuation and VEF realised a further USD 14.6 mln in gross proceeds at a 16% premium to our last NAV mark, our latest proof point that we can and do deliver exits at or above carrying value.
A broad equity sell-off drove meaningful multiple compression across our mark-to-model holdings, pulling our NAV down 6% in the quarter. We head into 2Q26 on our toes, clear on the top-down risks, but confident in a portfolio that is delivering and lived through much volatility in its time.
> "For VEF, delivering exits at or above our NAV marks is not just a financial outcome, it is a proof point."
NAV headwinds from market sell-off in 1Q26
We end 1Q26 with a NAV of USD 408.6 mln, down 6% QoQ, and a NAV per share of SEK 3.82, -3% QoQ.
The March market sell off drove traded comps down 20–30% and fed directly into our mark-to-model valuations through multiple compression. Currency moves in the quarter were mixed, but net NAV supportive, as the BRI, strengthened 6%, MXN was flat and INR off -4% QoQ versus the USD. The standout company moves were Konfio, Solfacil and Nibo, down 23%, 15% and 18% respectively in the quarter. All were driven almost entirely by the peer comp mark-down with underlying business performance and FX continuing to contribute positively. Creditas (4Q25) and Juspay (1Q26) are marked to very recent funding rounds while both companies continued to deliver strong underlying performance YTD in 2026.
Cash and liquid assets at end of 1Q26 stood at USD 25.2 mln, while outstanding bonds were SEK 240 mln (USD 25.3 mln).
Momentum continues to build at Creditas
Creditas closed 2025 on a strong note, notably completing its USD 108 mln Series G funding round at a USD 3.3 bln valuation and acquiring Andbank Brazil and its bank licence. As important, company performance continued to improve as seen through 4Q25 results:
- Quarterly loan originations hit a record BRL 1.1 bln, +35.4% Yr/Yr/10.7% QoQ
- Loan portfolio reached BRL 7.1 bln, +19.5% Yr/Yr
- Quarterly revenues came in at a record BRL 582.7 mln, +17.3% Yr/Yr/>7.9% QoQ
- Gross profit grew 20.7% Yr/Yr to BRL 211.2 mln
As impressive is the ongoing AI led efficiency drive, leading CAC lower and positive momentum in the bottom line. Looking ahead, management guides for 25%+ annual growth while delivering portfolio profitability.
In March, Creditas founder and CEO Sergio Furio spent several days in Stockholm with the VEF team, meeting investors and partners as well as presenting at Swedish Fintech Week. It was a valuable window for the Swedish market to re-engage with the story and the reception reflected the growing awareness of what Creditas has built and its positive direction of travel. We see Creditas in the strongest position we have observed in years, accelerating growth, a sharpening efficiency drive underpinned by AI investment and a capital structure that is now more resilient following the bank licence acquisition and latest fundraise.
Exits continue with Juspay in 1Q26
Juspay, our first investment in India and one of our standout performers, had another landmark quarter. In January, Juspay closed a Series D follow-on round of USD 50 mln, led by new investor WestBridge Capital, at a valuation of USD 1.2 bln, making it India's first unicorn of 2026. As part of this round, VEF realised a further USD 14.6 mln gross through a partial secondary sale at a 16% premium to our 4Q25 NAV mark. This brings our total gross proceeds from Juspay exits to USD 29.4 mln against a total investment of USD 21.1 mln, delivering an IRR of 35% and a CoC return of 4.5x, while we continue to hold a meaningful 6.4% stake in a business that processes over 300 million transactions daily and has crossed USD 1 trillion in annualised TPV.
For VEF, delivering exits at or above our NAV marks is not just a financial outcome, it is a proof point. It aims to build market confidence in how we value our portfolio, it strengthens our balance sheet, and it is one of the most powerful tools we have to close our traded discount to NAV. Over the past 18 months we have realised over USD 50 mln in gross proceeds across a series of exits, at an aggregated 8% premium to pre-transaction NAV marks. There is more to come on this front.
A challenging and unpredictable world
The Middle East conflict continues as I write (alongside a war in Ukraine now in its 5th year) with no clear resolution in sight. Beyond the profound human cost, this conflict carries real economic consequences. Beyond direct impacts to the region in play, the second and third order effects for the rest of the world are starting to play out.
Our natural first order focus is on commodity prices and their direct impact on our geographies of highest exposure. Brazil, our largest market, is "relatively" well placed given its broad commodity production status, and we see this play out via local equity market and currency strength YTD. India is clearly more vulnerable as a net energy importer. This is a broader Asia issue and we have seen many countries start to limit petrol usage via directed work from home protocols. More broadly the situation could drive inflationary pressure and require global/local interest rates to be higher for longer, with knock on implications for overall global/country level growth.
Furthermore, capital markets don't like uncertainty and protracted geopolitical conflict breeds this as represented by negative/volatile market moves over the past few weeks. Capital flows and risk appetite are naturally drying up until all is resolved.
At a micro level, our direct portfolio exposure is limited. One of our smaller holdings, Abhi, has a nascent but growing presence in the Middle East, but with no fundamental impact as of yet. The rest of our companies are yet to flag any direct impacts to their plans, but we are watchful.
We watch carefully, scenario plan accordingly, and take some comfort today from no real direct exposure and a portfolio built on structural growth trends that have proven resilient through many cycles.
Growing practical utility from AI
The pace of progress in LLMs of late has been game changing. The latest releases from OpenAI and Anthropic have rightfully drawn widespread industry praise, with each new iteration delivering meaningful leaps in capability, reasoning and most important, practical utility. The conversation has moved quickly from experimentation to implementation. Tech-first companies are now embedding AI agents deeply into their operations and the efficiency gains are real and becoming measurable. The most striking recent example is Jack Dorsey at Block, who announced that the company would cut close to half its workforce, replacing those roles with AI tools. Dorsey was direct: "a significantly smaller team, using the tools, can do more and do it better." The signal is clear - AI is no longer a future consideration for fintech, it is a present operational reality.
Within our portfolio, we enjoy seeing (and learning from) companies like Creditas and Juspay (amongst others) leaning heavily into this structural shift. As highlighted in Creditas' 4Q25 results, they are deploying AI across customer experience, collections, operational processes and coding, with productivity per employee hitting new records as a result. CAC continues to trend lower as originations scale, exactly the operational leverage that compounds over time. We see AI as one of the most powerful tailwinds for our portfolio companies in the years ahead.
Macro forces dominate, micro level delivery continues
The war in the Middle East and related macro concerns, coupled with the pace of AI adoption represent the two defining macro forces of the moment. We are on our toes playing both offence and defence accordingly. At 1Q26 end, our portfolio is broadly profitable, growing and well capitalised. Another exit delivered in the quarter, Juspay, this time at a premium to NAV, continues to strengthen our balance sheet and build market confidence in our marks. Creditas is at an exciting point in its cycle, combining an accelerating growth with a sharpening efficiency drive and a capital structure that is now more resilient.
The traded discount to NAV remains a focus and we believe continued delivery on exits, portfolio performance and pipeline execution are part of a toolbox to address it. We invest in structural growth trends, in some of the world's fastest growing markets, with a portfolio of quality companies that are compounding. This strategy does not change with the news cycle.
April 2026,
Dave Nangle
VEF's portfolio
Portfolio composition
Geographic distribution
The investment portfolio stated at market value (KUSD) at March 31, 2026
| Company | Fair valueDec 31, 2025 | Net invested amount | Net investments/divestments1Q26 | Change in fair value1Q26 | Fair valueDec 31, 2025 | Valuation method |
|---|---|---|---|---|---|---|
| Creditas | 220,046 | 108,266 | - | - | 220,046 | Latest transaction |
| Konflo | 80,611 | 56,521 | - | -24,530 | 105,141 | Mark-to-model |
| Juspay¹ | 65,490 | 10,617 | -12,543 | 8,729 | 69,304 | Latest transaction |
| Solfacil | 11,585 | 20,000 | - | -1,977 | 13,542 | Mark-to-model |
| Atris | 8,261 | 1,798 | - | -384 | 6,645 | Mark-to-model |
| Nibo | 6,260 | 6,500 | - | -1,400 | 7,660 | Mark-to-model |
| Other¹ | 22,823 | 43,937 | - | -2,275 | 25,098 | |
| Liquidity investments | 15,421 | 11,800 | 10,000 | 75 | 5,346 | |
| Investment portfolio | 428,477 | 259,529 | -2,543 | -21,762 | 452,782 | |
| Cash and cash equivalents | 9,759 | 10,513 | ||||
| Other net liabilities | -29,666 | -28,475 | ||||
| Total net asset value | 408,570 | 433,820 |
- In 1Q26 Juspay closed a Series D follow-on round at an 16% valuation up-lift compared to our YE25 mark. As part of this round VEF realised USD 12.5 mln in net proceeds in a secondary sale, which in 1Q26 had a positive effect on our liquidity position increasing from USD 15.9 mln to USD 25.2 mln.
- Includes all companies individually valued at less than 1% of the total portfolio and/or companies that cannot be disclosed due to other circumstances.
Net asset value
1Q26 NAV evolution
- Includes new investments/realisations made during the quarter, changes in net cash/debt position at portfolio companies and any accretion/dilution of our position
- Includes new investments/realisations made during the quarter, changes to valuation based on latest private transactions and any accretion/dilution of our position
- Relates to the net translation effect on our sustainability bond and liquidity balances
NAV evolution
December 2015–March 2026
Share premium/discount to NAV
December 2015–March 2026
NAV (USD mln) Net proceeds from capital raise
NAV/share (SDX)
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Brazil
Creditas
In Brazil, consumers pay some of the highest interest rates in the world, while secured lending remains massively underpenetrated. Creditas democratizes access to credit by leveraging customers' assets like their real estate, vehicle and salary to offer financing and refinancing options at more reasonable rates through an efficient, tech-driven application system.
Since leading its Series C in 2017, VEF has made a cumulative investment of USD 108 mln into Creditas.
selfácil
Selfácil is building a digital ecosystem for solar energy adoption in Brazil. It offers a holistic solution covering solar equipment procurement and distribution, financing and insurance solutions for the end user, and proprietary IoT technology to optimise monitoring and service post installation.
In 1H22, VEF invested USD 20.0 mln into Selfácil, participating in its USD 130 mln Series C round led by QED and also saw participation from SoftBank and existing investors.
nibo
Nibo is the leading accounting SaaS provider in Brazil, transforming the way accountants and SMEs interact. Nibo services over 580,000 SMEs through more than 7,000 accountants on their platform.
Since VEF's initial investment into Nibo in 2017 VEF made two follow-on investments in 2019 and 2020 and has in total invested USD 6.5 mln.
Nibo.com.br
Fair value (USD): 6.3 mln
VEF stake: 21.4%
Share of VEF's portfolio 1.5%
cerditas.com
Fair value (USD): 220.0 mln
VEF stake: 8.9%
Share of VEF's portfolio 51.4%
solfacil.com.br
Fair value (USD): 11.6 mln
VEF stake: 2.5%
Share of VEF's portfolio 2.7%
nibo.com.br
Fair value (USD): 6.3 mln
VEF stake: 21.4%
Share of VEF's portfolio 1.5%
Mexico
Konfio
Konfio builds digital banking and software tools to drive SME growth and productivity in Mexico. Addressing limited access to formal credit, it offers working capital loans leveraging a combination of traditional and alternative data, alongside credit cards and digital payment solutions, all delivered through a digital-native ecosystem.
VEF has invested a total of USD 56.5 mln into Konfio.
konfio.mx
Fair value (USD): 80.6 mln
VEF stake: 10.0%
Share of VEF's portfolio 18.8%
India
JUSPAY
Juspay is India's leading payment technology company offering a unifying layer of products and value-added services to merchants, thereby enabling them to improve their conversion rates. Juspay has played a key role in India's payment transformation and is present on 300 mln+ smartphones and processing USD 300 bln+ annualized TPV.
VEF has made a cumulative investment of USD 21.1 mln into Juspay. In 1Q26, VEF realized its second partial exit in Juspay, grossing USD 14.6 mln of proceeds (in addition to the first partial exit of USD 14.8 mln in 2Q25), whilst retaining a 6.4% stake in the company.
Juspay.in
Fair value (USD): 65.5 mln
VEF stake: 6.4%
Share of VEF's portfolio 15.3%
Pakistan
Aabhi
Abhi is building a digital banking platform for Pakistan and the Gulf Cooperation Council, offering earned wage access, invoice factoring, payroll, and gold-backed lending to serve both businesses and consumers.
VEF has invested a total of USD 1.8 mln into the company, most recently participating in Abhi's Series A with an investment of USD 0.5 mln in 2Q22.
abhi.com.pk
Fair value (USD): 6.3 mln
VEF stake: 10.0%
Share of VEF's portfolio 1.5%
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Financial information
Investments
During 1Q26, USD 10 mln (1Q25: USD 0.0 mln) have been invested in financial assets, of which all relates to liquidity investments.
Divestments
Net divestments in financial assets during 1Q26 were USD 12.5 mln (1Q25: 15.2), which all relates to partial divestments in Juspay.
Group – results for 1Q26
During 1Q26, the result from financial assets at fair value through profit or loss amounted to USD -21.8 mln (1Q25: 9.5).
- Operating expenses amounted to USD -3.7 mln (1Q25: -1.4).
- Net financial items were USD 0.0 mln (1Q25: -3.8).
- Net result was USD -25.3 mln (1Q25: 3.9).
- Total shareholders' equity amounted to USD 408.6 mln (YE25: 433.8).
Liquid assets
The liquid assets of the Group, defined as cash and bank deposits, amounted to USD 9.8 mln on March 31, 2026 (YE25: 10.5). The Company also has placements in money market funds as part of its liquidity management operations. As of March 31, 2026, the liquidity placements are valued at USD 15.4 mln (YE25: 5.3).
Parent company
The parent company, VEF AB (publ), is the holding company of the Group. The net result for 1Q26 was SEK 74.4 mln (1Q25: -116.6). VEF AB (publ) is the parent of three wholly owned subsidiaries: VEF Cyprus Limited, VEF Fintech Ireland Limited and VEF UK Ltd. VEF AB (publ) is the direct shareholder of two portfolio companies.
Share info
VEF AB (publ)'s share capital per March 31, 2026, is distributed among 1,091,865,792 shares with a par value of SEK 0.01 per share. 49,980,057 of the outstanding shares are Class C shares issued to participants within the Company's long-term incentive program ("LTIP"). For more information on the share capital please refer to Note P.13 in the 2025 Annual report.
Share repurchases
At the annual general meeting of the Company on May 13, 2025, the Board's mandate to buy back maximum 10% of the company's own shares was renewed. The Board resolved to initiate a new buyback program during the spring 2025 and the Company currently holds 25,102,000 shares in treasury, 2.30% of the Company's outstanding shares.
Consolidated income statement
| KUSD | Note | 1Q 2025 | 1Q 2025 |
|---|---|---|---|
| Result from financial assets at fair value through profit or loss | 2 | -21,762 | 8,456 |
| Administrative and operating expenses | -3,670 | -1,403 | |
| Operating result | -25,432 | 8,053 | |
| Financial income and expenses | |||
| Interest income | 70 | 100 | |
| Interest expense | -640 | -991 | |
| Currency exchange gains/losses, net | 613 | -2,898 | |
| Net financial items | 43 | -3,789 | |
| Result before tax | -25,389 | 4,264 | |
| Taxation | 41 | -324 | |
| Net result for the period | -25,348 | 3,940 | |
| Earnings per share, USD | 3 | -0.02 | 0.00 |
| Diluted earnings per share, USD | 3 | -0.02 | 0.00 |
The Group has no items to account for as other comprehensive income and therefore the net result for the period is equal to the total comprehensive income for the period.
Consolidated balance sheet
| KUSD | Note | Mar 31, 2026 | Dec 31, 2025 |
|---|---|---|---|
| NON-CURRENT ASSETS | |||
| Financial non-current assets | |||
| Financial assets at fair value through profit or loss | 2 | ||
| Equity financial assets | 413,056 | 447,436 | |
| Liquid financial assets | 15,421 | 5,346 | |
| Other financial assets | 25 | 26 | |
| Total financial non-current assets | 428,502 | 452,808 | |
| CURRENT ASSETS | |||
| Tax receivables | 171 | 172 | |
| Other current receivables | 302 | 147 | |
| Prepaid expenses | 77 | 53 | |
| Cash and cash equivalents | 9,759 | 10,013 | |
| Total current assets | 10,309 | 10,885 | |
| TOTAL ASSETS | 438,811 | 463,693 | |
| SHAREHOLDERS' EQUITY (including net result for the financial period) | 408,570 | 433,820 | |
| NON-CURRENT LIABILITIES | |||
| Deferred tax | 3,600 | 3,600 | |
| Total non-current liabilities | 3,600 | 3,600 | |
| CURRENT LIABILITIES | |||
| Accounts payable | 34 | 65 | |
| Tax liabilities | 76 | 118 | |
| Other current liabilities | 26,206 | 25,850 | |
| Accrued expenses | 325 | 240 | |
| Total current liabilities | 26,641 | 28,273 | |
| TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES | 438,811 | 463,693 |
Consolidated statement of changes in equity
| KUSD | Share capital | Additional paid in capital | Retained earnings | Total |
|---|---|---|---|---|
| Balance at Jan 1, 2025 | 1,342 | 95,798 | 255,821 | 352,961 |
| Net result for the period | - | - | 85,445 | 85,445 |
| Transactions with owners: | ||||
| Retiring of shares | -35 | - | -35 | -70 |
| Bonus issue | 35 | 35 | - | 70 |
| Value of employee services: | ||||
| - Share based long-term incentive program | 12 | 606 | - | 618 |
| Buyback of own shares | - | -5,204 | - | -5,204 |
| Balance at Dec 31, 2025 | 1,354 | 91,235 | 341,231 | 433,820 |
| Balance at Jan 1, 2026 | 1,354 | 91,235 | 341,231 | 433,820 |
| Net result for the period | - | - | -25,348 | -25,348 |
| Value of employee services: | ||||
| - Share based long-term incentive program | - | 98 | - | 98 |
| Balance at Mar 31, 2026 | 1,354 | 91,333 | 315,883 | 408,570 |
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Consolidated statement of cash flows
| KUSD | 1Q 2025 | 1Q 2025 |
|---|---|---|
| OPERATING ACTIVITIES | ||
| Result before tax | -25,389 | 4,264 |
| Adjustment for non-cash items: | ||
| Interest income and expense, net | 570 | 891 |
| Currency exchange gains/-losses, net | -613 | 2,898 |
| Depreciations | - | 9 |
| Result from financial assets at fair value through profit or loss | 21,762 | -9,456 |
| Other non-cash items affecting profit or loss | 98 | 123 |
| Adjustment for cash items: | ||
| Change in current receivables | -197 | -62 |
| Change in current liabilities | 1,097 | -27 |
| Adjustments of cash flow in operating activities | -2,872 | -1,360 |
| Investments in financial assets | -10,000 | - |
| Sales of financial assets | 12,543 | 15,249 |
| Interest received | 70 | 100 |
| Tax paid | - | - |
| Net cash flow from/used in operating activities | -59 | 13,989 |
| FINANCING ACTIVITIES | ||
| Interest paid on sustainability bonds | -552 | -906 |
| Net cash flow used in financing activities | -552 | -906 |
| Cash flow for the period | -611 | 13,083 |
| Cash and cash equivalents at beginning of the period | 10,513 | 8,681 |
| Exchange gains/losses on cash and cash equivalents | -143 | 546 |
| Cash and cash equivalents at end of the period | 9,759 | 22,310 |
Alternative performance measures
Alternative Performance Measures (APMs) are financial measures other than financial measures defined or specified by International Financial Reporting Standards (IFRS) and have been issued by the European Securities and Markets Authority (ESMA).
VEF regularly uses alternative performance measures to enhance comparability from period to period and to give deeper information and provide meaningful supplemental information to analysts, investors, and other parties.
It is important to know that not all companies calculate alternative performance measures identically, therefore these measurements have limitations and should not be used as a substitute for measures of performance in accordance with IFRS.
Below you find our presentation of the APMs. For more information on how the APMs are calculated, see Note 3.
| Note | Mar 31, 2025 | Dec 31, 2025 | |
|---|---|---|---|
| Equity ratio | 3 | 93.1% | 93.6% |
| Net asset value, USD | 3 | 408,570,241 | 433,820,374 |
| Exchange rate at balance sheet date, USD/SEK | 9.50 | 9.20 | |
| Net asset value/share, USD | 3 | 0.40 | 0.43 |
| Net asset value/share, SEK | 3 | 3.82 | 3.93 |
| Net asset value, SEK | 3 | 3,880,051,436 | 3,991,702,301 |
| Share price, SEK | 2.06 | 2.22 | |
| Traded premium/discount (-) to NAV | 3 | -46.0% | -43.5% |
| Weighted average number of shares for the financial period | 3 | 1,016,763,735 | 1,027,502,760 |
| Weighted average number of shares for the financial period, fully diluted | 3 | 1,016,763,735 | 1,027,502,760 |
| Number of shares at balance sheet date | 3 | 1,016,763,735 | 1,016,763,735 |
| Number of shares at balance sheet date, fully diluted | 3 | 1,016,763,735 | 1,016,763,735 |
Parent company income statement
| KSEK | 3Q 2025 | 1Q 2025 |
|---|---|---|
| Result from financial assets at fair value through profit or loss | 102,075 | -96,769 |
| Administrative and operating expenses | -21,013 | -10,334 |
| Operating result | 81,062 | -107,103 |
| Financial income and expenses | ||
| Interest income | 526 | 434 |
| Interest expense | -5,923 | -9,838 |
| Currency exchange gains/losses, net | -1,307 | 2,893 |
| Net financial items | -6,704 | -6,511 |
| Result before tax | 74,358 | -113,814 |
| Taxation | - | -3,006 |
| Net result for the period | 74,358 | -116,620 |
The Parent Company has no items to account for as other comprehensive income and therefore the net result for the period is equal to the total comprehensive income for the period.
Parent company balance sheet
| KSEK | Note | Mar 31, 2026 | Dec 31, 2025 |
|---|---|---|---|
| NON-CURRENT ASSETS | |||
| Financial non-current assets | |||
| Shares in subsidiaries | 2,445,998 | 2,445,998 | |
| Financial assets at fair value through profit or loss | |||
| Equity financial assets | 658,451 | 677,991 | |
| Liquid financial assets | 146,452 | 49,186 | |
| Total financial non-current assets | 3,250,801 | 3,173,175 | |
| CURRENT ASSETS | |||
| Tax receivables | 147 | 119 | |
| Other current receivables | 2,705 | 1,211 | |
| Other current receivables, Group | 3,147 | 1,295 | |
| Prepaid expenses | 681 | 370 | |
| Cash and cash equivalents | 81,331 | 76,140 | |
| Total current assets | 88,011 | 79,135 | |
| TOTAL ASSETS | 3,338,912 | 3,252,310 | |
| SHAREHOLDERS' EQUITY (including net result for the financial period) | 3,051,986 | 2,977,078 | |
| --- | --- | --- | |
| NON-CURRENT LIABILITIES | |||
| Deferred tax | 34,188 | 33,125 | |
| Total non-current liabilities | 34,188 | 33,125 | |
| CURRENT LIABILITIES | |||
| Accounts payable | 54 | 595 | |
| Other current liabilities, Group | 8,179 | 2,448 | |
| Other current liabilities | 242,022 | 237,254 | |
| Accrued expenses | 2,483 | 1,810 | |
| Total current liabilities | 252,738 | 242,107 | |
| TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES | 3,338,912 | 3,252,310 |
18
Notes
(Expressed in KUSD unless indicated otherwise)
Note 1
General information
VEF AB (publ) has its registered office at Mäster Samuelsgatan 1, 111 44 Stockholm, Sweden. The common shares of VEF AB (publ) are listed on Nasdaq Stockholm Main Market with the ticker VEFAB.
The financial year is January 1–December 31.
For more information on VEF and its investments, see the Company's 2025 Annual report.
Accounting principles
This interim report has, for the Group, been prepared in accordance with IAS 34 Interim Financial Reporting and the Swedish Annual Accounts Act. The financial reporting for the Parent Company has been prepared in accordance with the Swedish Annual Accounts Act and RFR 2 Accounting for legal entities, issued by the Swedish Financial Reporting Board.
Under Swedish company regulations it is not allowed to report the Parent Company results in any other currency than SEK or EUR and consequently the Parent Company's financial information is reported in SEK and not the Group's reporting currency of USD.
The accounting principles that have been applied for the Group and Parent Company are in agreement with the accounting principles used in the preparation of the Company's 2025 Annual Report.
Note 2 — Fair value estimation
The fair value of financial instruments traded in active markets is based on quoted market prices at the balance sheet date. A market is regarded as active if quoted prices are readily and regularly available from an exchange, dealer, broker, industry company, pricing service, or regulatory agency, and those prices represent actual and regularly occurring market transactions on an arm's length basis. The quoted market price used for financial assets held by the Group is the current bid price. These instruments are included in Level 1. The fair value of financial instruments that are not traded in an active market is determined by using valuation techniques. These valuation techniques maximize the use of observable market data where it is available and rely as little as possible on entity specific estimates. If all significant inputs required to determine the fair value of an instrument are observable, the instrument is included in Level 2. If one or more of the significant inputs is not based on observable market data, the instrument is included in Level 3.
Investments in assets that are not traded on any market will be held at fair value determined by recent transactions made at prevailing market conditions or different valuation models depending on the characteristics of the company as well as the nature and risks of the investment. These different techniques may include discounted cash flow valuation (DCF), exit-multiple valuation also referred to as leveraged buyout (LBO) valuation, asset-based valuation as well as forward looking multiples valuation based on comparable traded companies (peer companies). Usually, transaction-based valuations are kept unchanged for a period of twelve months unless there is cause for a significant change in valuation. After twelve months, the fair value for non-traded assets will normally be derived through any of the models described above.
The validity of valuations based on a transaction is inevitably eroded over time, since the price at which the investment was made reflects the conditions that existed on the transaction date. At each reporting date, possible changes or events subsequent to the relevant transaction are assessed and if this assessment implies a change in the investment's fair value, the valuation is adjusted accordingly. The transaction-based valuations are also frequently assessed using multiples of comparable traded companies for each unlisted investment or other valuation models when warranted.
VEF follows a structured process in assessing the valuation of its unlisted investments. VEF evaluates company specific and external data relating to each specific investment on an ongoing basis. The data is then assessed at quarterly valuation meetings by senior management. If internal or external factors are deemed to be significant, further assessment is undertaken and the specific investment is revalued to the best fair value estimate. Revaluations are first reviewed by the audit committee and later approved by the Board in connection with the Company's financial reports.
The fair value of financial instruments is measured by level of the following fair value measurement hierarchy:
- Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities.
- Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices).
- Level 3 – Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs).
Investments are moved between levels in the fair value hierarchy when the management finds the best suitable valuation technique has changed and that the current applied technique results in a new classification in the fair value hierarchy compared to the prior period.
Assets measured at fair value at Mar 31, 2026
| Level 1 | Level 2 | Level 3 | Total balance | |
|---|---|---|---|---|
| Financial assets at fair value through profit or loss of which: | 15,421 | 289,495 | 123,561 | 428,477 |
| Liquidity placements | 15,421 | - | - | 15,421 |
| Shares | - | 289,495 | 121,793 | 411,268 |
| Convertible notes | - | - | 1,768 | 1,768 |
| Total assets | 15,421 | 289,495 | 123,561 | 428,477 |
Assets measured at fair value at Dec 31, 2025
| Level 1 | Level 2 | Level 3 | Total balance | |
|---|---|---|---|---|
| Financial assets at fair value through profit or loss of which: | 5,346 | 306,945 | 140,491 | 452,782 |
| Liquidity placements | 5,346 | - | - | 5,346 |
| Shares | - | 306,945 | 138,747 | 445,692 |
| Convertible notes | - | - | 1,744 | 1,744 |
| Total assets | 5,346 | 306,945 | 140,491 | 452,782 |
Changes of financial assets in Level 3
| Mar 31, 2026 | Dec 31, 2025 | |
|---|---|---|
| Opening balance Jan 1 | 140,491 | 267,112 |
| Transfers from Level 2 to Level 3¹ | 13,542 | 77,247 |
| Transfers from Level 3 to Level 2¹ | - | -226,822 |
| Change in fair value | -30,472 | 22,954 |
| Closing balance | 123,561 | 140,491 |
- No deviations have been made from established guidelines regarding valuation techniques and transfers of assets between levels in the hierarchy.
As per March 31, 2026, VEF has a liquidity management portfolio of listed money market funds that are classified as Level 1 investments.
The investments in Konflo, Solfacil, Nibo and Abhi, as well as some other minor holdings are classified as Level 3 investments. The remaining portfolio companies are classified as Level 2 investments. During the quarter Solfacil was transferred from Level 2 to Level 3.
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Transaction-based valuations
Holdings classified as Level 2 investments are valued based on the latest transaction in the company, on market terms. The validity of valuations based on a transaction is inevitably eroded over time, since the price at which the investment was made reflects the conditions that existed on the transaction date. At each reporting date, possible changes or events subsequent to the relevant transaction are assessed and if this assessment implies a change in the investment's fair value, the valuation is adjusted accordingly. The transaction-based valuations are frequently assessed using multiples of comparable traded companies for each unlisted investment or other valuation models. When transaction-based valuations of unlisted holdings are used, no material event is deemed to have occurred in the specific portfolio company that would suggest that the transaction-based value is no longer valid. The majority of the holdings valued on the basis of the latest transactions demonstrate strong revenue growth profiles and are set to deliver growth broadly in line with their respective business plans on which the latest transaction was based.
| Company | Valuation method | Date latest transaction |
|---|---|---|
| Creditax | Latest transaction | 4Q25 |
| Juspay | Latest transaction | 1Q26 |
Mark-to-model-based valuations
Konflo, Solfacil and Nibo are all valued on the basis of a twelve-months (NTM) forward looking revenue and gross profit multiple, while Abhi is valued solely on an NTM revenue multiple. Inputs used for each valuation include risk adjusted revenue and earnings forecasts, local currency moves and listed peer group revenue and/or gross profit multiples as of March 31, 2026.
The difference in fair value change between the portfolio companies is dependent on relative revenue and/or gross profit forecasts in each company as well as moves in the relevant peer group and moving exchange rates. Peers used in the peer set include a mix of listed emerging and developed market companies representing accounting SaaS companies, fast growth payments companies, financial companies and a range of global and Latin American fintech companies. The NTM multiples across the different peer groups range from 0.8x to 6.7x revenues and 2.4-11.2x gross profit. As a standard process, the median of each group is used, and in applicable cases VEF will adjust the resulting multiple based on prevailing local market conditions, sector and company specific factors, applying discounts or premiums to reflect the fair value of the company.
Below table summarizes the sensitivity of the assets value to changes in the underlying multiple used for the valuation.
Sensitivity analysis of valuations based on changes in peer group multiples used
| Peer group range valuation method | ||||||||
|---|---|---|---|---|---|---|---|---|
| Company | Revenue multiple | Gross profit multiple | -15% | -10% | -5% | 0% | +5% | +10% |
| Konflo | 1.0–5.7x | 2.4–9.7x | 69,279 | 73,056 | 76,833 | 80,611 | 84,388 | 88,165 |
| Solfacil | 0.8–5.7x | 2.4–11.2x | 9,951 | 10,489 | 11,027 | 11,565 | 12,103 | 12,641 |
| Abhi | 1.6–6.7x | - | 5,153 | 5,523 | 5,892 | 6,261 | 6,630 | 7,000 |
| Nibo | 1.9–5.4x | 2.4–7.2x | 5,459 | 5,726 | 5,993 | 6,260 | 6,527 | 6,794 |
Change in financial assets at fair value through profit or loss
| Company | Jan 1, 2026 | Investments/(divestments), net | Fair value change | Mar 31, 2026 | Percentage of portfolio | VEF ownership stake |
|---|---|---|---|---|---|---|
| Creditax | 220,046 | - | - | 220,046 | 51.4% | 8.9% |
| Konflo | 105,141 | - | -24,530 | 80,611 | 18.8% | 10.0% |
| Juspay¹ | 69,304 | -12,543 | 8,729 | 65,490 | 15.3% | 6.4% |
| Solfacil | 13,542 | - | -1,977 | 11,565 | 2.7% | 2.5% |
| Abhi | 6,645 | - | -384 | 6,261 | 1.5% | 10.0% |
| Nibo | 7,960 | - | -1,400 | 6,260 | 1.5% | 21.4% |
| Other² | 25,098 | - | -2,275 | 22,823 | 5.2% | |
| Liquidity investments | 5,346 | 10,000 | 75 | 15,421 | 3.6% | |
| Total | 452,782 | -2,543 | -21,762 | 428,477 | 100% |
- In 1Q26 Juspay closed a Series D follow-on round at an 16% valuation up-9% compared to our YE25 mark. As part of this round VEF realised USD 12.5 mln in net proceeds in a secondary sale, which in 1Q26 had a positive effect on our liquidity position increasing from USD 15.9 mln to USD 25.2 mln.
- Includes all companies individually valued at less than 1% of the total portfolio and/or companies that cannot be disclosed due to other circumstances.
Note 3 – Key and alternative performance measures
IFRS defined performance measures (not alternative performance measures)
Earnings per share
Result for the period divided with the average number of outstanding common shares. Class C shares issued to participants under the Company's LTIP are not treated as outstanding common shares and thus are not included in the weighted calculation, but they are however recognized as an increase in shareholder's equity. Repurchased common shares held in treasury by the Company is neither included in the calculation.
Diluted earnings per share
When calculating diluted earnings per share, the average number of common shares is adjusted to consider the effects of potential dilutive common shares that have been offered to employees, originating during the reported periods from share-based incentive programs. Dilutions from share-based incentive programs affect the number of shares and only occur when the incentive program performance conditions of the respective programs are fulfilled.
Key ratios – reconciliation table
| 1Q 2026 | 1Q 2025 | |
|---|---|---|
| Earnings per share, USD | ||
| Weighted average number of shares | 1,016,763,735 | 1,041,865,735 |
| Result for the period | -25,348,352 | 3,939,686 |
| Earnings per share, USD | -0.02 | 0.00 |
| Diluted earnings per share, USD | ||
| Diluted weighted average number of shares | 1,016,763,735 | 1,041,865,735 |
| Result for the period | -25,348,352 | 3,939,686 |
| Diluted earnings per share, USD | -0.02 | 0.00 |
Alternative performance measures
Equity ratio
Shareholders' equity in percent in relation to total assets.
Net asset value, USD and SEK
Net value of all assets on the balance sheet, equal to the shareholders' equity.
Net asset value per share, USD and SEK
Net asset value/share is defined as shareholders' equity divided by total number of shares outstanding at the end of the period.
Traded premium/discount to net asset value
Traded premium/discount to NAV is defined as the share price divided to the net asset value/share.
Number of shares outstanding
Total number of outstanding common shares at balance day. Class C shares issued to participants under the Company's LTIP are not treated as outstanding common shares and thus are not included in the calculation, but they are however recognized as an increase in shareholder's equity. Repurchased common shares held in treasury by the Company is neither included in calculation.
Number of shares outstanding fully diluted
When calculating the number of shares outstanding fully diluted, the number of common shares outstanding is adjusted to consider the effects of potential dilutive common shares that have been offered to employees, originating during the reported periods from share-based incentive programs. Dilutions from share-based incentive programs affect the number of shares and only occur when the incentive program performance conditions of the respective programs are fulfilled.
Alternative performance measures – reconciliation tables
| Mar 31, 2026 | Dec 31, 2026 | |
|---|---|---|
| Equity ratio | ||
| Net asset value/shareholders equity, USD | 408,570,241 | 433,820,374 |
| Total assets, USD | 438,811,440 | 463,693,280 |
| Equity ratio | 93.1% | 93.6% |
| Net asset value, USD | 408,570,241 | 433,820,374 |
| Net asset value, SEK | ||
| Net asset value, USD | 408,570,241 | 433,820,374 |
| USD/SEK | 9.50 | 9.20 |
| Net asset value, SEK | 3,880,051,436 | 3,991,702,301 |
| Net asset value/share, USD | ||
| Net asset value, USD | 408,570,241 | 433,820,374 |
| Number of outstanding shares | 1,016,763,735 | 1,016,763,735 |
| Net asset value/share, USD | 0.40 | 0.43 |
| Net asset value/share, SEK | ||
| Net asset value, USD | 408,570,241 | 433,820,374 |
| USD/SEK | 9.50 | 9.20 |
| Net asset value, SEK | 3,880,051,436 | 3,991,702,301 |
| Number of outstanding shares | 1,016,763,735 | 1,016,763,735 |
| Net asset value/share, SEK | 3.82 | 3.93 |
| Premium/discount(-) to NAV | ||
| Net asset value, USD | 408,570,241 | 433,820,374 |
| USD/SEK | 9.50 | 9.20 |
| Net asset value, SEK | 3,880,051,436 | 3,991,702,301 |
| Number of outstanding shares | 1,016,763,735 | 1,016,763,735 |
| Net asset value/share, SEK | 3.82 | 3.93 |
| Share price, SEK | 2.06 | 2.22 |
| Premium/discount(-) to NAV | -46.0% | -43.5% |
Other definitions
Portfolio value
Total book value of financial assets held at fair value through profit and loss.
Note 4 – Events after the reporting period
No significant events after the end of the period.
Other information
Upcoming reporting dates
VEF's financial report for the period January 1, 2026–June 30, 2026, will be published on July 15, 2026.
VEF's financial report for the period January 1, 2026–September 30, 2026, will be published on October 21, 2026.
VEF's financial report for the period January 1, 2026–December 31, 2026, will be published on January 20, 2027.
April 15, 2026
David Nangle
Managing Director
This information is information that VEF AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out below, at 2026-04-15 08:00 CEST.
For further information, visit vef.vc or contact:
Kim Ståhl
CFO
Tel +46 8 545 015 50
Email [email protected]
This report has not been subject to review by the Company's auditors.
VEF
The emerging market fintech investor