Key events during the quarter
- Creditas continued to deliver accelerating growth alongside clear efficiency gains from AI. The loan portfolio reached USD 1.6 bln in 2Q26, +26% YoY and the ninth consecutive quarter of growth acceleration, with revenues +30% YoY. Headcount is falling and customer acquisition costs are at record lows driving welcomed operational leverage.
- We secured a SEK 150 mln RCF and issued a notice for early redemption of our outstanding SEK 300 mln bonds. The facility is a fully flexible liquidity tool with improved economics. The deleveraging phase substantially complete, our capital allocation focus shifts from debt to buying back our own shares as exits come in, given the current traded discount.
- Our fastest growing "younger" asset, Abhi, recently announced: "We are proud to report that we have broken the USD 100 mln mark in ARR (and profitable)!" Furthermore, Abhi Pakistan is also in the final stages of an IPO process, a major milestone.
Net asset value
- In USD, NAV equals 401.7 mln (YE25: 433.8), -1.1% QoQ and -1.0% YoY. NAV per share is USD 0.40 (YE25: 0.43), -1.1% QoQ and -1.0% YoY.
- In SEK, NAV equals 4,005 mln (YE25: 3,992), +1.5% QoQ and +4.9% YoY. NAV per share is SEK 3.94 (YE25: 3.93), +1.5% QoQ and +4.9% YoY.
- Cash position, including liquidity investments, was USD 20.3 mln (YE25: 15.9) at the end of 9M26.
Financial result
- Net result for 3Q26 was USD -4.5 mln (3Q25: 32.2).
- Net result for 9M26 was USD -32.4 mln (9M25: 57.5).
VEF CEO, Dave Nangle, comments:
"3Q26 was an important one for our balance sheet. Over the past two years we have delivered exits, at or around our NAV marks, and used the bulk of those proceeds to pay down debt. That deleveraging phase is now substantially complete. Our capital allocation focus shifts from debt to buying back our own shares, given the current discount. Longer term, we will keep backing the best fintech entrepreneurs across our markets with many opportunities still ahead of us."
| Dec 31, 2024 | Dec 31, 2025 | Sep 30, 2026 | |
| Net asset value (USD mln) | 353.0 | 433.8 | 401.7 |
| Net asset value (SEK mln) | 3,882 | 3,992 | 4,005 |
| Net asset value per share (USD) | 0.34 | 0.43 | 0.40 |
| Net asset value per share (SEK) | 3.73 | 3.93 | 3.94 |
| VEF AB (publ) share price (SEK) | 2.21 | 2.22 | 1.80 |
Events after the end of the period
On 21 September we communicated our intent to redeem all of our SEK 300 mln 2023/2026 bonds outstanding. All conditions for establishing an RCF and redeeming the bonds have since been fulfilled and the bonds were redeemed in full on 15 October. VEF has no other bonds outstanding.
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) on Wednesday October 21, 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/BI59c75c5782da4a70a860d79b3ee6eaed
To view the live interactive presentation in listen-only mode, please log on to:
https://edge.media-server.com/mmc/p/mfn5htvh
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. The information was submitted for publication, through the agency of the contact persons set out above, at 2026-10-21 08:00 CEST.
