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Results Presentation 3Q26 The emerging market fintech investor
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Key events of the quarter 2 1 Creditas - compounding and increasingly predictable • The portfolio reached USD 1.6 bln in 2Q26, +26% YoY and the ninth consecutive quarter of growth acceleration, with revenues + 30% YoY • AI - led operational efficiency remains a core theme. Headcount is at c.1,500 from 2,000+ at YE25 and falling, CAC is hitting reco rd lows 2 Brazil election - market - friendly first round driving macro tailwinds • Post quarter - end, Flávio Bolsonaro led the first round against incumbent Lula, a clear shift to the right. Runoff on 25 October • Markets priced in better fiscal discipline: the BRL rose c.5% vs the USD, yields tightened and equities re - rated across the boar d. Broad macro tailwinds for our Brazilian holdings 3 Abhi - broke the USD 100 mln ARR mark, and profitable • Our fastest growing “younger” asset. The UAE hit record revenues above USD 10 mln in ARR for August, up from less than USD 1 mln at YE25 • Abhi Pakistan is in the final stages of the IPO process, a major milestone 4 Debt paydown, RCF now in place • Secured a SEK 150 mln (USD 15.0 mln) RCF and redeemed our SEK 300 mln bonds in full on 15 October. USD 11.0 mln of pro forma liq uidity including the RCF • The deleveraging phase is substantially complete. Our capital allocation focus shifts from debt to buying back our own shares , g iven the current discount
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3Q26 financial highlights 3 3Q25 2Q26 3Q26 QoQ YoY NAV USD mln 405.7 406.1 401.7 (1.1%) (1.0%) SEK mln 3,817 3,947 4,005 +1.5% +4.9% NAV per share USD 0.40 0.40 0.40 (1.1%) (1.0%) SEK 3.75 3.88 3.94 +1.5% +4.9% Share price SEK 2.15 1.75 1.80 +2.9% (16.3%)
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4 Company 3Q fair value USD mln Change QoQ USD mln Methodology Multiple Comments / last transaction 220.0 - - USD 108 mln Series G round closed Dec - 25 70.7 - 5.1 Rev + GP - 65.5 - - USD 50 mln Series D follow - on closed Jan - 26 11.7 - 0.5 Rev + GP - 8.8 +0.9 Rev + PAT - 8.4 +1.5 Rev + GP - 4.8 +0.4 Revenue - Other 1 19.3 - 0.5 - - Valuation approach and key takeaways 1 Includes all companies individually valued at less than 1% of the total portfolio and/or companies that cannot be disclosed d ue to special circumstances 2 Over 90% on NAV contribution basis Key takeaways Marks anchored in recent, sizeable transactions Share of holdings by valuation basis, NAV contribution 71% 29% Latest transaction Very recent and significant transactions, overlaid with an implied MTM sense check Mark - to - model or calibration MTM moving further down the P&L 90%+ of MTM valuations now incorporate multiples further down the P&L, such as gross profit and profit after tax 2 Latest trx MTM Latest trx MTM MTM MTM MTM Various
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10 - 10 - 3 0 0 0 - 1 0 406 402 3Q26 NAV evolution 5 1 Includes new investments/realisations made during the quarter, changes in net cash/debt position at portfolio companies and a ny accretion/dilution of our position 2 Includes new investments/realisations made during the quarter, changes to valuation based on latest private transactions and any accretion/dilution of our position 3 Relates to the net translation effect on our sustainability bond and liquidity balances USD mln Strong underlying portfolio company performance, offset by multiple contraction and Fx headwinds in the quarter Holdings valued on MTM 29% of holdings Latest transactions 71% Corporate 2Q26 NAV Portfolio performance Change in multiples Fx New investments & other 1 New transactions 2 Fx Corp cash / net debt Fx 3 3Q26 NAV 29% of holdings valuation is tied directly to public comps multiples Robust underlying portfolio company performance supported NAV evolution Change in multiples primarily reflects market pressure on rate sensitive fintechs Fx headwinds driven by USD appreciation during the quarter Other relates to dilution/accretion and net cash changes at portfolio companies 71% of the holdings valuation is now based on recent and significant transactions No material changes during the quarter Change in corporate cash/net debt a function of ongoing opex and coupon payments Fx attributable to the net translation effect on our sustainability bond and liquidity balances - $4.4 mln - 1.1% QoQ
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High quality portfolio, delivering robust profitable growth Self - sustaining >90% of the portfolio have achieved self - sustaining cash flow profiles¹ Top 3 portfolio companies all reached self - sustaining cash - flow profiles¹ Robust growth 20 - 30% portfolio weighted NTM revenue growth ~30% portfolio weighted NTM gross profit growth Raising fresh capital Portfolio companies well capitalized across the board USD 108 mln Series G, Dec 2025 USD 50 mln Series D follow - on, Jan 2026 ¹Over 90% of the portfolio on a NAV contribution basis, based on portfolio companies that have achieved cash - flow profiles no lo nger dependent on additional equity capital 6 Re - acceleration of growth Creditas portfolio, BRL bln / YoY 2Q25 3Q25 4Q25 1Q26 2Q26 Targeting 25 - 30%+ self - sustaining growth +14% +17% +19% +22% +26% Self - sustaining Self - sustaining Self - sustaining ✓ ✓ ✓ Many moving parts which define our success over time, but quality performing compounding assets form the basis of that succes s
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7 Portfolio – 9 th sequential quarter of growth acceleration BRL bln 5.6 5.6 5.8 6.0 6.2 6.4 6.7 7.1 7.6 8.1 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 - 5% - 3% +1% +6% +11% +14% +17% +19% +22% +26% Revenue – exceeding portfolio growth, up 30% YoY 456 462 479 497 514 555 540 583 633 723 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 0% +1% +7% +14% +13% +20% +13% +17% +23% +30% Source: Creditas investor relations YoY growth % BRL mln – continued acceleration, reaching 30% revenue growth at 2Q26
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8 1 Revenue per employee at record high Annual revenue / headcount, BRL mln 5.7x since 1Q22 0.3 1.7 1Q22 1Q23 1Q24 1Q25 2Q26 Now at c.1,500 employees vs 4k+ at 2022 peak 2 Operating leverage compounding Costs below gross profit, % of revenue – 84pp since 1Q22 Down from 126% in 1Q22, a record low in 2Q26 3 Driving path to profitability Operating profit, BRL mln - R$34 mln 2Q26 – 321 – 34 1Q22 1Q23 1Q24 1Q25 2Q26 Self funding growth, not reliant on external equity capital Source: Creditas investor relations – AI led automations driving continued operational efficiency 126% 42% 1Q22 1Q23 1Q24 1Q25 2Q26
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9 Markets re - rating on the back of shift to the right in presidential first round Brazil elections – potential macro tailwind for c.60% of our portfolio Our Brazil exposure 59% of portfolio USD 240 mln 3Q26 NAV value, USD mln Creditas 220.0 Solfácil 11.7 Nibo 8.4 Our largest single - country exposure Presidential election: first round result Share of valid votes Runoff 25 October Flávio Bolsonaro 47.0% Lula da Silva - incumbent 45.2% 50% Shift to the right: better fiscal, market friendly, macro tailwinds Brazilian fintech XP +31% StoneCo +21% PagSeguro +21% Inter +20% Nu +13% Brazil market Ibovespa +8% BRL vs USD +5% Brazil 2Y Yield 13.8% 12.6% −118 bps Potential tailwinds for VEF Lower interest rates in Brazil Strengthen Creditas margins, and stronger consumer credit demand Stronger BRL Currency tailwind to USD NAV marks Comps re - rating In particular the rate - sensitive fintech players Investor appetite Capital flowing to the region supports fundraising and exits/liquidity opportunities Source: Capital IQ, Investing.com, xe.com Market reaction 5 th vs 2 nd Oct market close
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– Profitable growth across Pakistan and the Gulf, ahead of the bank's PSX listing Group ARR $100 mln+ UAE ARR, Aug-26 $10 mln+ Pakistan bank, transactions via the app 85%+ Profitable At group level YE25 <$1 mln Aug-26 $10 mln+ Up from 0% when Abhi bought the bank in Jan-25 Pakistan bank: net profit $ mln - Loss-making when Abhi bought it in YE24, profitable in its first year of ownership1 (6) 4 11 2024 2025 1H26 annualised Next milestone Listing the Pakistan bank on the PSX PSX approved · SECP pending Source: company information; ABHI Microfinance Bank draft prospectus (PSX, Aug - 26) 1 USD at average PKR/USD for each period 10
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New revolving credit facility replaces the existing bonds: cheaper, fully flexible, no bullet maturity Senior unsecured bonds Revolving credit facility 1 Framework SEK 300 mln SEK 150 mln Drawdown In full upfront Partial upfront, then as required Interest on drawn balance Stibor + 650 bps Stibor + 415 bps Repayment Bullet at maturity, penalty for early redemption Flexible drawdown and repayment, no penalty Maturity 3 years 2 years What it means for VEF Smaller total debt Framework now SEK 150 mln (c.USD 15 mln) Lower interest rate Stibor + 415 bps, paid on the drawn balance only Flexibility Draw down and repay as required, vs bonds drawn in full upfront No bullet maturity Two - year facility with flexible repayment and no penalty Focus shifts to buybacks With the bonds redeemed, capital allocation turns to share buybacks, given the discount to NAV 1 Illustrative pro forma gross debt following redemption of the outstanding bonds; actual drawdowns will be calibrated to meet liq uidity needs Illustrative pro forma debt SEK mln 300 150 11 Deleveraging phase essentially complete
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Deleveraging phase essentially complete, with USD 11.0 mln of pro forma liquidity USD mln¹ USD mln¹ Robust capital position USD 52 mln of gross proceeds realised over the past 24 months Bonds redeemed in full on 15 October USD 4.0 mln pro forma net debt and USD 11.0 mln pro forma liquidity ¹Translated to USD based on USD/SEK FX rate as at 30 September 2026 2 Pro forma: 3Q26 cash less the bond redemption including the final coupon, plus the SEK 150 mln RCF, translated at the USD/SEK ra te as at 30 September 2026 12 Strengthening cash & balance sheet 20.3 -24.3 -4.0 3Q26 cash position Bond redemption incl. final coupon Pro forma net debt -4.0 15.0 11.0 Pro forma net debt RCF facility Pro forma liquidity Pro forma net debt Pro forma liquidity 4.0 USD mln Cash less bonds and final coupon² 11.0 USD mln Pro forma net debt plus RCF²
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-80% -40% 0% +40% 2016 2018 2020 2022 2024 2026 Share price, NAV per share and the premium/discount 1 Market data as at 16 October 2026 13 $402M $204M NAV (3Q26) Market cap¹ NAV vs market cap NAV/share (3Q26) SEK 3.94 Share price ( 16 Oct) 1 SEK 1.99 Discount to NAV/share 49% NAV/share & share price (SEK) Premium/(discount) to NAV - 49% Not embedded: updated backup xls and then use PPT “Refresh chart” Embedded chart 0 1 2 3 4 5 6 7 2016 2018 2020 2022 2024 2026 NAV/Share (SEK) Share Price (SEK)
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Phase 1 Strengthen the balance sheet Largely complete Phase 2 Capital allocation Current focus STEP 1 Exits USD 52 mln gross proceeds over the past 24 months¹ BlackBuck, Gringo and Juspay (partial), at or around NAV STEP 2 Debt paydown SEK 3 00 mln bonds redeemed in full Replaced by a flexible revolving credit facility STEP 3 Share buybacks 49% discount to NAV/share² Narrowing the discount, with an attractive IRR for VEF ¹Gross proceeds from BlackBuck, Gringo and Juspay (partial), Nov - 24 to Jan - 26 ² Market data as at 16 October 2026 14 Disciplined capital allocation – focus on buybacks and narrowing the discount
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Similar to VEF today, in 2022 Georgia Capital traded at a deep discount to NAV of c.60% Source: Georgia Capital results and RNS announcements FY18 - 1H26, Edison, NBG, LSE. All figures in GBP, converted from GEL at Nat ional Bank of Georgia rates: period - end for NAV, net debt/cash and portfolio value, annual average for dividends. Discount at ea ch period end vs GBP NAV/share for that period ¹Market data as at 13 October 2026; discount vs NAV/share adjusted for Lion Finance³. Market cap on 33.1m shares outstanding at 30 June 2026. ²Since the 2018 demerger, as at August 2026. ³30 June 2026 NAV with Lion Finance Group marked to its 13 October sh are price (GBP 126.40 vs GBP 113.30), adjusted for the move in GBP since 30 June; excludes 3Q26 dividends, buybacks and private portfolio changes. ⁴Total dividend inc ome received by the holding company 15 Georgia Capital, a worthy benchmark Georgia Capital today 17% discount to NAV/share¹ from c.60% in 2022 Market cap¹ c.GBP 1.46 bln Share price¹ GBP 44.25 NAV/share, 30 - Jun - 26 GBP 50.10 Adj. NAV/share, Oct - 26³ c.GBP 53.1 Net cash, 30 - Jun - 26 GBP 110 mln Shares bought back² 35% of peak The discount today sits in the 10 - 20% window Discount to NAV over time Year end, then 1Q26, 1H26 and latest¹ - 22% - 26% - 50% - 53% - 64% - 58% - 56% - 27% - 16% - 17% - 17% FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 1Q26 1H26 Oct-26 Portfolio composition, 30 Jun e 26 GBP 1.55 bln portfolio value, Lion Finance at market value 53% private Lion Finance Group (listed) 46.9% Retail (pharmacy) 19.1% Healthcare services 12.7% Insurance 11.3% Emerging & other 10.0% What drove the re - rating Pay down debt first Net debt of GBP 117 mln at YE22 became GBP 28 mln of net cash at YE25 Then buy back stock Share count fell by over a fifth; new c.GBP 286 mln programme to 2029 Quality performing portfolio NAV/share compounded at 33 % a year in GEL , YE22 to YE25 Dividend - paying core holding Publicly traded Lion Finance; c.GBP 220 mln dividends received FY22 - 25 ⁴ Exits at or above stated value Beer/distribution sold at a premium to carrying value (2024) Guidance given clearly, then beaten NCC ratio target <15% by YE25; actual 2.3%, now - 2.9% at Jun - 26 Index inclusion CGEO into MSCI UK Small Cap (Aug - 25); Lion Finance into FTSE 100 (Mar - 26)
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16 VEF investment case and outlook 1 Over 90% of the portfolio on a NAV contribution basis, based on portfolio companies that have achieved cash - flow profiles no lon ger dependent on additional equity capital It’s all about the portfolio Profitable – over 90% of the portfolio are self - sustaining 1 . The remainder on a clear path to profitability with comfortable runway Raising fresh capital – Creditas and Juspay both closed fresh funding rounds in the last 12 months. We expect to see more as we move through 2026/27 Growing – sustainable growth is the core focus. Juspay continues to compound, whilst Creditas and Konfío are successfully reigniting gr owt h. We expect NTM portfolio revenue and gross profit growth of c.20 – 30% Exits We welcome our exits from BlackBuck, Gringo and Juspay (2x / partial) We will continue to opportunistically realise some of our assets at ~NAV, a key validity proof point to the market. We are co nfi dent we can deliver more in the coming year Discount & capital allocation Deleveraging substantially complete – a key focus and goal achieved with exit proceeds delivered over the past 24 months Capital allocation now shifts gears to our shares and future buybacks, narrowing the discount with an attractive IRR for VEF
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Disclaimer The information in this Presentation (the “Presentation”) is furnished by VEF AB (publ), reg. no. 559288 - 0362 (the “Company” or “VEF”). This Presentation does neither constitute an offer to sell nor a solicitation of an offer to buy any securities, and it does not constitute any form of commitment or recommendation in relation thereto. No representation or warranty (expressed or implied) is made as to, and no reliance should be placed on, the fairness, accuracy or completeness of the information in the Presentation. Investors should not subscribe for or purchase any financial instruments or securities in VEF or VEF portfolio companies only on the basis of the information provided herein and acknowledge that each investor will be solely responsible for and rely on its own assessment of the market and the market position of VEF and its portfolio companies and that it will conduct its own analysis and be solely responsible for forming its own view of the potential future performance of VEF and its portfolio companies. T he information in the Presentation does not constitute a complete overview of VEF and its portfolio companies. This Presentation may contain forward - looking statements that reflect the Company’s current expectations or estimates with respect to certain future events and potential financial performance. Such statements are only forecasts which are based on a number of estimates and assumptions that are subject to significant business, economic and competitive uncertainties and no guarantee can be given that such estimates and assumptions are correct. The Company cautions that such statements involve known and unknown risks, uncertainties and other factors that may cause the actual financial results, performance or achievements of the Company or its portfolio companies to be materially different from the Company’s estimated future results, performance or achievements expressed or implied by those forward - looking statements. Thank you