Key events during the quarter
- In 2Q25 our NAV was up 5% QoQ, to USD 374.6 mln. The positive NAV development reflects broad supportive market trends. Creditas valuation was the key contributor as we marked our position up USD 28.5 mln/19% QoQ.
- Creditas released its 1Q25 results. Loan originations were +44.1% YoY and +7.2% QoQ while quarterly revenues reached a record BRL 548.6 mln (+13% YoY). Creditas is targeting annual growth of 25%+ in 2025, while maintaining cash flow positivity.
- Post IPO 78% jump in Blackbuck share price, we exited our remaining position, receiving an additional USD 5 mln in gross proceeds. The final tranche was realized at a c. 10% premium to our 1Q25 NAV mark.
- In June, we paid down SEK 160 mln (USD 16.7 mln) of our outstanding bonds. We now have SEK 240 mln (USD 25.3 mln) outstanding, 7% of our 2Q25 NAV. We also announced a share buyback program for up to 10% of outstanding shares, buying back 19.4 million shares since going live.
Net asset value
- In USD, NAV equals 374.6 mln (YE24: 353.0), +5% QoQ and +6% YTD. NAV per share is USD 0.37 (YE24: 0.34), +7% QoQ and +8% YTD.
- In SEK, NAV equals 3,558 mln (YE24: 3,882), -1% QoQ and -8% YTD. NAV per share is SEK 3.48 (YE24: 3.73), +1% QoQ and -7% YTD.
- Cash position, including liquidity investments, was USD 20.8 mln (YE24: 12.8) at the end of 1H25.
Financial result
- Net result for 2Q25 was USD 21.3 mln (2Q24: -11.2).
- Net result for 1H25 was USD 25.3 mln (1H24: -5.9).
VEF CEO, Dave Nangle, comments:
"We recently passed our 10-year anniversary as an investment company. In this time, we have been through many cycles and our experience tells us we are on an early upswing. As capital starts to flow back to our balance sheet, we are delivering on market promises to de-lever our balance sheet and buy back our shares. We expect to continue to buy back our shares and pay down our debt with additional exits, which remains a priority for 2025."
| Dec 31, 2023 | Dec 31, 2024 | Jun 30, 2025 | |
| Net asset value (USD mln) | 442.2 | 353.0 | 374.6 |
| Net asset value (SEK mln) | 4,441 | 3,882 | 3,558 |
| Net asset value per share (USD) | 0.42 | 0.34 | 0.37 |
| Net asset value per share (SEK) | 4.26 | 3.73 | 3.48 |
| VEF AB (publ) share price (SEK) | 1.84 | 2.21 | 1.86 |
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
The results webcast will be held at 15:00 CEST (09:00 a.m. ET) Wednesday July 16, 2025, where Dave Nangle, Managing Director of VEF, will comment on the report and the latest developments.
To join the live conference and be able to ask questions, please use the below link for registration:
https://register-conf.media-server.com/register/BI06799b18224b40dab60481b176476876
To view the live interactive presentation in listen-only mode, please log on to:
https://edge.media-server.com/mmc/p/nyecgrur
For further information please contact:
Kim Ståhl, CFO: +46 (0) 8-545 015 50 or info@vef.vc
About Us
VEF AB (publ) is an investment company whose Common Shares are listed in Sweden. We invest in growth stage private fintech companies, take minority stakes and are active investors with board representation in our portfolio companies, always looking to back the best entrepreneurs in each market. We focus on scale emerging markets and invest across all areas of financial services inclusive of payments, credit, mobile money and wealth advisors. VEF trades in Sweden on Nasdaq Stockholm's Main Market under the ticker VEFAB. For more information on VEF, please visit http://www.vef.vc.
This information is information that VEF AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the agency of the contact persons set out above, at 2025-07-16 08:00 CEST.
