Key events during the quarter
- 4Q25 NAV increased 7% QoQ, while FY25 NAV was up 23% YoY, ending 2025 at USD 433.8 mln. The positive quarterly NAV movement was mainly driven by the successful fundraise in our core portfolio holding Creditas (+18% QoQ).
- Creditas had a very busy and positive quarter. Creditas closed its Series G equity funding round, raising USD 108 mln at a USD 3.3 bln valuation. They also closed the acquisition of Andbank Brazil and strengthened their leadership team with the appointment of Ricardo Forcano as CTO/COO
- Creditas 3Q25 results showed robust and continued improving trends as loans grew 17% YoY alongside delivering record quarterly revenues of BRL 592 mln.
Net asset value
- In USD, NAV equals 433.8 mln (YE24: 353.0), +7% QoQ and +23% FY25. NAV per share is USD 0.43 (YE24: 0.34), +7% QoQ and +26% FY25.
- In SEK, NAV equals 3,992 mln (YE24: 3,882), +5% QoQ and +3% FY25. NAV per share is SEK 3.93 (YE24: 3.73), +5% QoQ and +5% FY25.
- Cash position, including liquidity investments, was USD 15.9 mln (YE24: 12.8) at the end of 2025.
Financial result
- Net result for 4Q25 was USD 28.0 mln (4Q24: -122.2).
- Net result for FY25 was USD 85.4 mln (FY24: -89.9).
VEF CEO, Dave Nangle, comments:
Events after the end of the period
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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. The information was submitted for publication, through the agency of the contact persons set out above, at 2026-01-21 08:00 CET.
