Key events during the quarter
- 2Q26 NAV print was USD 406.1 mln, effectively flat QoQ. Peer comps had a net negative effect on the portfolio NAV while FX was a moderate tailwind. The underlying portfolio delivery remains strong.
- In 2Q26 Creditas continued to deliver accelerating growth alongside genuine operational efficiency and productivity gains from increased engagement with AI. Creditas headcount has come off more than 50% over the past 2.5 years, while loan book/revenues have roughly doubled over that period.
- At our AGM on May 6, shareholders approved the appointment of two new directors, Will Pruett and Torun Litzén. Will spent his career at Fidelity Investments, most recently as portfolio manager for their Latin America and Emerging Markets Financials funds. Torun adds nearly 25 years of Nordic and global capital markets experience, including the past 18 as IR Director at Kinnevik. Both have hit the ground running and brought fresh energy and perspective to everything we do.
Net asset value
- In USD, NAV equals 406.1 mln (YE25: 433.8), -0.6% QoQ and +8.4% YoY. NAV per share is USD 0.40 (YE25: 0.43), -0.6% QoQ and +9.0% YoY.
- In SEK, NAV equals 3,947 mln (YE25: 3,992), +1.7% QoQ and +10.9% YoY. NAV per share is SEK 3.88 (YE25: 3.93), +1.7% QoQ and +11.6% YoY.
- Cash position, including liquidity investments, was USD 21.8 mln (YE25: 15.9) at the end of 1H26.
Financial result
- Net result for 2Q26 was USD -2.6 mln (2Q25: 21.3).
- Net result for 1H26 was USD -27.9 mln (1H25: 25.3).
VEF CEO, Dave Nangle, comments:
"In 2Q26 we spent a lot of time with our companies and founders, and they continue to be in good health and on a positive trajectory. Key for VEF, Creditas continues to accelerate growth, combining this with focused AI led improvements in operational efficiency and productivity. We will keep working with our portfolio companies to compound value and opportunistically converting that quality into exits at or around NAV. We remain confident we can deliver more exits through 2026-27."
| Dec 31, 2024 | Dec 31, 2025 | Jun 30, 2026 | |
| Net asset value (USD mln) | 353.0 | 433.8 | 406.1 |
| Net asset value (SEK mln) | 3,882 | 3,992 | 3,947 |
| Net asset value per share (USD) | 0.34 | 0.43 | 0.40 |
| Net asset value per share (SEK) | 3.73 | 3.93 | 3.88 |
| VEF AB (publ) share price (SEK) | 2.21 | 2.22 | 1.75 |
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 14:00 CEST (08:00 a.m. ET) on Wednesday July 15, 2026, 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/BI0e8881d9df634a6686aa14e7654ed34a
To view the live interactive presentation in listen-only mode, please log on to:
https://edge.media-server.com/mmc/p/rpiyi898
For further information please contact:
Kim Ståhl, CFO
Telephone: +46 (0) 8-545 015 50
Email: 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 2026-07-15 08:00 CEST.
