VEF

Key events during the quarter

• In 3Q25 our NAV was up 8% QoQ, to USD 405.7 mln. The positive NAV movement reflects a blend of portfolio performance and supportive market comps and FX. Konfío (+ USD 28.6 mln/39% QoQ) was a key contributor, as we moved from last transaction to mark to model, unlocking 12 months+ of value accretion.
• Creditas released its 2Q25 results showing continued growth momentum, as its portfolio grew +14% YoY (up from +11% YoY in 1Q25) while posting record quarterly revenues of BRL 583 mln (+18% YoY and +6% QoQ). We expect the improving trend to continue and be evident with its 3Q25 filing.
• Creditas announced they are planning a new equity fund raise, targeting USD 100 mln minimum. Indicative valuation for the round was communicated at approximately USD 3.3 bln. As per our related press release: we clearly welcome any fundraising that strengthens Creditas’ capital position. Only once any fundraising has been completed, will VEF be in a position to assess the full implication on our NAV.

Net asset value

• In USD, NAV equals 405.7 mln (YE24: 353.0), +8% QoQ and +15% YTD. NAV per share is USD 0.40 (YE24: 0.34), +9% QoQ and +18% YTD.
• In SEK, NAV equals 3,817 mln (YE24: 3,882), +7% QoQ and -2% YTD. NAV per share is SEK 3.75 (YE24: 3.73), +8% QoQ and +1% YTD.
• Cash position, including liquidity investments, was USD 17.6 mln (YE24: 12.8) at the end of 9M25.

Financial result

• Net result for 3Q25 was USD 32.2 mln (3Q24: 38.2).
• Net result for 9M25 was USD 57.5 mln (9M24: 32.3).

VEF CEO, Dave Nangle, comments:
"Our experience tells us we are on an early upswing. Each quarter brings with it fresh proof points: improving portfolio performance, delivery on exits, balance sheet strengthening, a more focused quality pipeline. This quarter, we again, see our NAV per share moving higher, while we maintain a clear goal of continuing the process of reducing our traded discount to NAV.”

Events after the end of the period
Creditas closed it latest bond issue, successfully raising USD 50 mln, at a fixed rate coupon of 10.5% with a 3.5 year duration.

Visit VEF’s IR page for our financial reports and other information: vef.vc/investors

The results webcast will be held at 13:00 CEST (07:00 a.m. ET) Wednesday October 22, 2025, where Dave Nangle, Managing Director of VEF, will comment on the report and the latest developments.

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