Interim report
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The emerging market fintech investor Interim report Third quarter and nine months period 2026 Photo: Nad Hemnani (Unsplash.com)
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32 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. 401.7 3.94 +4.9% Net asset value (USD mln) Net asset value per share (SEK) Net asset value change YoY (SEK) Photo: Mohit Mehta (Unsplash.com) 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). 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 September 21, 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 October 15. VEF has no other bonds outstanding. Visit VEF’s IR page for our financial reports and other information: vef.vc/investors Portfolio companies are quality and performing, and in many instances accelerating in growth with AI-driven efficiency gains. – Dave Nangle, CEO “ ”
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4 5 Management report Dear fellow shareholder, Set a clear plan. Communicate it. Deliver against it, quarter after quarter. Given time the market rewards you. That is our core belief. Billy Beane ( Moneyball ), when early games were not going his way, always believed in the process: “ It’s a process. It’s a process. It’s a process. ” He did not chase the one big swing; he trusted a system, ran it game after game through the noise and over the course of a season it paid off. We believe in the process and how markets are fair over time. We have many positive moving parts and tailwinds in our business and a clear, yet flexible, process: • Portfolio companies are quality and performing, and in many instances accelerating in growth with AI-driven efficiency gains. • Exits are being delivered, and we are turning NAV into dollars. We target more. • Deleveraging substantially complete – a key focus and goal achieved with exit proceeds. • Capital allocation now shifts gears to our shares and future buybacks. • Pipeline: we are investigating ways to invest (off balance sheet) to the benefit of all. We are in a good place – the process is working. That said, the bottom line is the share price, we know that as sharehold - ers ourselves. Delivery is coming through and we see from investment company benchmarks like Georgia Capital that the cause-and-effect of a playbook like ours can reap rewards for all. Hence, we keep with the process. NAV evolution Our NAV was broadly flat over the quarter, ending at USD 401.7 mln (-1.1% QoQ, -7.4% YTD) / SEK 4,005 mln (+1.5% QoQ, +0.3% YTD). On a per share basis that is USD 0.40 and SEK 3.94. Currency was a modest headwind over the quarter with the MXN -3% QoQ against the dollar. Peer traded multiples 3Q26/ YTD have been an ongoing valuation headwind, with rising rates and the lure of the AI trade, taking much of the steam out of traded fintechs globally. Against that, financials at our portfolio companies continue to compound, arguably deliver - ing the best underlying trends of our tenure. Of our big three holdings, Creditas and Juspay carry their recent round marks. Konfío is valued on a mark-to-model next-gen AI-native fintechs. Decade (AI-native wealth man - agement) is a standout example, founded by Nubank’s former CTO, it raised a USD 85 mln seed, the largest in LatAm history. Two recent updates worth sharing on Juspay . Historically a focused India payments infrastructure play, international expansion continues to gain momentum. International rev - enues will surpass 20% of total by the end of FY27 (March 2027), up from single digit % a year ago and zero the year before. Furthermore, big news for the Indian payments eco - system landed in September, as India placed a price on UPI payments for the first time, 40 bps on larger merchant pay - ments, which is due to be introduced in the coming months. A brand new significant revenue stream for the system for work already in action. The announcement exceeded market expectations. How that fee splits between the banks, the apps and the infrastructure underneath matters, but the one guar - antee is an uplift in revenues across the payments ecosystem – another welcome tailwind. Finally, 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)! ” UAE and Pakistan continue to lead the charge for the group, with the UAE hitting record revenues above USD 12 mln in ARR for August, up from less than USD 1 mln at YE25. Conversations are progressing in the UAE to obtain a CBUAE-regulated lending and deposit licence. In Pakistan, the digital footprint continues to grow. Now, over 85% of transactions are done through their app, compared to 0% before the acquisition of Abhi Microfinance Bank. Abhi Pakistan is also in the final stages of the IPO process, a major milestone. Debt paydown, RCF now in place 3Q26 was an important one for our balance sheet. We secured a SEK 150 mln (USD 15.0 mln) revolving credit facility and gave notice of early redemption of our SEK 300 mln (USD 30.1 mln) bonds. We improved the economics from our bonds and just as important, we swap a bullet maturity for a fully flexible liquidity tool, one we can draw and repay in the ordinary course of business as our exits land over the coming 24 months. On a fully utilised facility, debt to 3Q26 NAV would be below 4%. Over the past two years we have delivered over USD 50 mln in gross exits, at or around our NAV marks, and used the bulk basis and was marked down -7% QoQ, while the business continues to perform, decreasing peer multiples and FX had a negative effect on this quarter’s valuation mark. We closed the quarter with a cash and liquidity position of USD 20.3 mln. It’s (always) all about the portfolio The engine of value creation within VEF, our portfolio, had a strong quarter with a number of exciting updates and feed - back from on the road. We spent time with Creditas in Brazil. Creditas is 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 record lows each quarter and growth is outstripping costs. AI agents now handle 100% of early-stage chat contacts on auto loan delinquencies and AI sales agents are out-performing human consultants. The AI roadmap is long. The outlook for 2027 and beyond is for more of the same, with a constant search for ways to accelerate growth given the size of their TAM. Creditas continues to get itself IPO-ready internally, a key direction of travel for all involved with the company. Solfácil is performing on all fronts of late. Core panel dis - tribution volumes have really taken off, up 50%+ YoY as they continue to take market share (Solfácil is now top 3 in Brazil). Attaching finance is the key differentiator versus monoline peers. The value of vertically integrating these two businesses is coming to light, with cross-sell and bundling driving volume acceleration whilst also delivering robust unit economics. The business is now consistently profitable at both EBITDA and net income level. Fábio (the founder) remains ambitious, looking to build a leading energy platform in Brazil – solar is just the base. More broadly our time in Brazil was based around São Paulo Tech Week. A very productive week – meeting strategic partners, portfolio companies, local VCs and the emerging cohort of AI-first fintechs. The ecosystem is as active as we have ever seen it, and the theme of the week was talent. Senior operators are spinning out of the scaled first-wave fintechs like Nubank and Stone, being well funded to build the 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. As stated in our recent press release, a clear framework will follow, in line with future exits and capital in. Georgia Capital, a worthy benchmark We constantly deep dive into listed fintechs for read-across to what we own. We do the same with listed investment companies, looking for benchmarks and lessons that can add value for our shareholders. Georgia Capital (Ticker: CGEO ), a UK-listed investment company investing in Georgia, is one we hold in very high regard. Similar to VEF today, in 2022 Georgia Capital traded at a deep discount to NAV of c. 60%. With a quality portfolio under the hood, their framework was simple: pay down debt first, then buy back stock, all while benefitting from a quality performing portfolio. Net debt of USD 141 mln at YE22 became USD 38 mln of net cash at YE25. Their share count fell by over a fifth. Exits were delivered at or above stated value. Guidance was given clearly, then delivered upon or beaten. NAV/share compounded at 33% a year through the period. The discount today sits in the 10–20% window. No single lever did the work. It was all of them, repeated, alongside consistent clear communication. There are some key differences to the VEF story, including them having a publicly traded and dividend-paying core hold - ing in Lion Finance. But the core lessons are key, the process is clear. We are focused on delivering along a similar path. In closing Our short-term goals remain unchanged. We will keep working with our portfolio companies to compound value and oppor - tunistically convert that quality into exits at or around NAV, and allocate the proceeds to logical value accretive capital allocation. Longer term, we will keep backing the best fintech entrepreneurs across our markets with many opportunities still ahead of us. October 2026, Dave Nangle “Set a clear plan. Communicate it. Deliver against it, quarter after quarter. Given time the market rewards you. That is our core belief” “Our short-term goals remain unchanged. We will keep working with our portfolio companies to compound value and opportunistically convert that quality into exits at or around NAV”
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6 7 VEF’s portfolio Net asset value The investment portfolio stated at market value (KUSD) at September 30, 2026 Company Fair value Sep 30, 2026 Net invested amount Net investments/ divestments 9M26 Change in fair value 3Q26 Change in fair value 9M26 Fair value Dec 31, 2025 Valuation method Creditas 220,046 108,356 – – – 220,046 Latest transaction Konfío 70,720 56,521 – -5,069 -34,421 105,141 Mark-to-model Juspay 65,490 10,617 -12,543 – 8,729 69,304 Latest transaction Solfácil 11,713 20,000 – -500 -1,829 13,542 Mark-to-model Abhi 8,754 1,798 – 883 2,109 6,645 Mark-to-model Nibo 8,447 6,500 – 1,470 787 7,660 Mark-to-model Rupeek 4,822 13,858 – 368 441 4,381 Mark-to-model Other 1 19,332 30,079 -841 352 -544 20,717 Liquidity investments 66 -3,800 -5,600 101 320 5,346 Investment portfolio 409,390 243,929 -18,984 -2,395 -24,408 452,782 Cash and cash equivalents 20,236 10,513 Other net liabilities -27,961 -29,475 Total net asset value 401,665 433,820 1. Includes all companies individually valued at less than 1% of the total portfolio and/or companies that cannot be disclosed due to other circumstances. NAV (USD mln) Net proceeds from capital raise NAV/share (SEK) December 2015–September 2026 NAV evolution December 2015–September 2026 Share premium/discount to NAV Portfolio composition Other holdings 10% 17% 3% 16% Geographic distribution Brazil 59% India 17% Other 7% Mexico 17% 54% 1. Includes new investments/realisations made during the quarter, changes in net cash/debt position at portfolio companies and any 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 3Q26 NAV evolution USD mln 2Q26 NAV Portfolio performance Change in multiples Holdings valued on MTM and calibration (29% of holdings) Valued on latest transaction (71% of holdings) Corporate FX New investments and other 1 New transactions 2 FX Change in corp. cash/ Net Debt FX3 -70% 30% 0 0 400 4 800 8 600 6 700 7 500 5 300 3 200 2 100 1 20% 10% 0% -30% -20% -10% -50% -40% -60% 2016 2017 2018 2016 2017 2018 2019 2020 2023 2022 2021 2026 2025 2024 2019 2020 2021 2022 2023 2026 2025 2024 3Q26 NAV 402406 10 -10 –-3 – –-1–
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BrazilMexico 8 9 Solfácil is building a digital ecosystem for solar energy adoption in Brazil. It offers a holistic solution covering solar equipment procurement and distribution, financing and insurance solutions for the end user, and proprietary IoT technology to optimise monitoring and service post installation. VEF made its first investment into Solfácil in 2022 and has in total invested USD 20.0 mln. Fair value (USD): 11.7 mln Share of VEF’s portfolio: 2.9% VEF stake: 2.5% solfacil.com.br Nibo is the leading accounting SaaS provider in Brazil, transforming the way accountants and SMEs interact. Nibo serves over 700,000 SMEs through more than 8,000 accountants on their platform. VEF made its first investment into Nibo in 2017 and has in total invested USD 6.5 mln. Fair value (USD): 8.4 mln Share of VEF’s portfolio: 2.1% VEF stake: 21.4% nibo.com.br Abhi is building a digital banking platform for Pakistan and the Gulf Cooperation Council, offering earned wage access, invoice factoring, payroll, and gold-backed lending to serve both businesses and consumers. In 3Q26, Abhi filed for an IPO of its Pakistan bank, ABHI Microfinance Bank, on the Pakistan Stock Exchange, less than two years after acquiring and turning it around. VEF made its first investment into Abhi in 2021 and has in total invested USD 1.8 mln. Fair value (USD): 8.8 mln Share of VEF’s portfolio: 2.1% VEF stake: 10.2% abhi.com.pk In Brazil, consumers pay some of the highest interest rates in the world, while secured lending remains massively underpenetrated. Creditas is building Brazil’s leading digital-first secured lending platform, using AI and automation to unlock customers’ assets (real estate, vehicles and salary) as collateral for financing and refinancing at more reasonable rates. VEF made its first investment into Creditas in 2017 and has in total invested USD 108.4 mln. Fair value (USD): 220.0 mln Share of VEF’s portfolio: 53.7% VEF stake: 8.9% creditas.com Juspay is India’s leading payment technology company offering a unifying layer of products and value-added services to merchants, thereby enabling them to improve their conversion rates. Juspay has played a key role in India’s payment transformation and is present on 300 mln+ smartphones and processing USD 350 bln+ annualised TPV. VEF made its first investment into Juspay in 2020 and has in total invested USD 10.6 mln. VEF has realised USD 29.4 mln in gross proceeds via two partial exits in Juspay. Fair value (USD): 65.5 mln Share of VEF’s portfolio: 16.0% VEF stake: 6.4% juspay.in Konfío builds digital banking and software tools to drive SME growth and productivity in Mexico. Addressing limited access to formal credit, it offers working capital loans leveraging a combination of traditional and alternative data, alongside credit cards and digital payment solutions, all delivered through a digital-native ecosystem. VEF made its first investment into Konfío in 2018 and has in total invested USD 56.5 mln. Fair value (USD): 70.7 mln Share of VEF’s portfolio: 17.3% VEF stake: 10.0% konfio.mx Rupeek is a digital lending platform in India, offering low-cost gold loans to consumers in partnership with leading banks. With Indian households holding over 35,000 tonnes of gold, Rupeek is unlocking this asset to broaden access to formal credit. VEF made its first investment into Rupeek in 2021 and has in total invested USD 13.9 mln. Fair value (USD): 4.8 mln Share of VEF’s portfolio: 1.2% VEF stake: 2.3% IndiaPakistan rupeek.com Loan book: 8,105 (+26% YoY) Gross Profit: 272 (+36% YoY) Revenue: 723 (+30% YoY) Creditas’ 2Q26 key figures (BRL mln) :
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10 11 Financial information Investments During 1Q26, USD 10 mln (1Q25: USD 0.0 mln) have been invested in financial assets, of which all relates to liquidity investments. During 2Q26, no investments in financial assets have been made (2Q25: USD 10 mln). During 3Q26, no investments in financial assets have been made (3Q25: USD 0.0 mln). Divestments Net divestments in financial assets during 9M26 were USD 29.0 mln (9M25: 41.8), which relate to divestments in Juspay (USD 12.5 mln), other portfolio holdings (USD 0.8 mln) and liquidity investments (USD 15.6 mln). Group – results for 9M26 During 9M26, the result from financial assets at fair value through profit or loss amounted to USD -24.4 mln (9M25: 71.3). • Operating expenses amounted to USD -7.4 mln (9M25: -6.2). • Net financial items were USD -0.6 mln (9M25: -7.3). • Net result was USD -32.4 mln (9M25: 57.5). • Total shareholders’ equity amounted to USD 401.7 mln (YE25: 433.8). Group – results for 3Q26 During 3Q26, the result from financial assets at fair value through profit or loss amounted to USD -2.4 mln (3Q25: 34.3). • Operating expenses amounted to USD -1.6 mln (3Q25: -1.3). • Net financial items were USD -0.5 mln (3Q25: -0.7). • Net result was USD -4.5 mln (3Q25: 32.2). Liquid assets The liquid assets of the Group, defined as cash and bank deposits, amounted to USD 20.2 mln on September 30, 2026 (YE25: 10.5). The Company also has placements in money market funds as part of its liquidity management operations. As of September 30, 2026, the liquidity placements are valued at USD 0.1 mln (YE25: 5.3). Parent company The parent company, VEF AB (publ), is the holding company of the Group. The net result for 9M26 was SEK 95.6 mln (9M25: -225.3). VEF AB (publ) is the parent of three wholly owned subsidiaries: VEF Cyprus Limited, VEF Fintech Ireland Limited and VEF UK Ltd. VEF AB (publ) is the direct shareholder of two portfolio companies. Share info VEF AB (publ)’s share capital per September 30, 2026, is distributed among 1,084,967,207 shares with a par value of SEK 0.01 per share. 43,101,472 of the outstanding shares are Class C shares issued to participants within the Company’s long-term incentive program (“LTIP”). For more information on the share capital please refer to Note P.13 in the 2025 Annual report. Share repurchases At the annual general meeting of the Company on May 6, 2026, the Board’s mandate to buy back maximum 10% of the company’s own shares was renewed. No shares were repurchased during the quarter. The Company currently holds 25,102,000 shares in treasury, 2.31% of the Company’s total shares. Consolidated income statement KUSD Note 9M 2026 9M 2025 3Q 2026 3Q 2025 Result from financial assets at fair value through profit or loss 2 -24,408 71,312 -2,395 34,256 Other income 13 – – – Administrative and operating expenses -7,390 -6,183 -1,626 -1,310 Operating result -31,785 65,129 -4,021 32,946 Financial income and expenses Interest income 177 344 68 88 Interest expense -1,936 -2,766 -656 -659 Currency exchange gains/losses, net 1,176 -4,847 103 -136 Net financial items -583 -7, 269 -485 -707 Result before tax -32,368 57,860 -4,506 32,239 Taxation -80 -403 -8 -52 Net result for the period -32,448 57,457 -4,514 32,187 Earnings per share, USD 3 -0.03 0.06 0.00 0.03 Diluted earnings per share, USD 3 -0.03 0.06 0.00 0.03 The Group has no items to account for as other comprehensive income and therefore the net result for the period is equal to the total comprehensive income for the period.
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12 13 Consolidated balance sheet KUSD Note Sep 30, 2026 Dec 31, 2025 NON-CURRENT ASSETS Financial non-current assets Financial assets at fair value through profit or loss 2 Equity financial assets 409,324 447,436 Liquid financial assets 66 5,346 Other financial assets 26 26 Total financial non-current assets 409,416 452,808 CURRENT ASSETS Tax receivables 65 172 Other current receivables 76 147 Prepaid expenses 78 53 Cash and cash equivalents 20,236 10,513 Total current assets 20,455 10,885 TOTAL ASSETS 429,871 463,693 SHAREHOLDERS’ EQUITY (including net result for the financial period) 401,665 433,820 NON-CURRENT LIABILITIES Deferred tax 3,600 3,600 Total non-current liabilities 3,600 3,600 CURRENT LIABILITIES Accounts payable 28 65 Tax liabilities 0 118 Other current liabilities 24,110 25,850 Accrued expenses 468 240 Total current liabilities 24,606 26,273 TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES 429,871 463,693 Consolidated statement of changes in equity KUSD Share capital Additional paid in capital Retained earnings Total Balance at Jan 1, 2025 1,342 95,798 255,821 352,961 Net result for the period – – 85,445 85,445 Transactions with owners: Retiring of shares -35 – -35 -70 Bonus issue 35 35 – 70 Value of employee services: - Share based long-term incentive program 12 606 – 618 Buyback of own shares – -5,204 – -5,204 Balance at Dec 31, 2025 1,354 91,235 341,231 433,820 Balance at Jan 1, 2026 1,354 91,235 341,231 433,820 Net result for the period – – -32,448 -32,448 Transactions with owners: Retiring of shares -7 – -7 -14 Bonus issue 7 7 – 14 Value of employee services: - Share based long-term incentive program – 293 – 293 Balance at Sep 30, 2026 1,354 91,535 308,776 401,665
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14 15 Consolidated statement of cash flows KUSD 9M 2026 9M 2025 3Q 2026 3Q 2025 OPERATING ACTIVITIES Result before tax -32,368 57,860 -4,506 32,239 Adjustment for non-cash items: Interest income and expense, net 1,759 2,422 588 570 Currency exchange gains/-losses, net -1,176 4,847 -103 136 Depreciations – 49 – 28 Result from financial assets at fair value through profit or loss 24,408 -71,312 2,395 -34,256 Other non-cash items affecting profit or loss 293 437 98 171 Adjustment for cash items: Change in current receivables 12 -7 92 201 Change in current liabilities 158 43 101 -533 Adjustments of cash flow in operating activities -6,914 -5,661 -1,335 -1,444 Investments in financial assets -10,000 -10,000 – – Sales of financial assets 28,984 41,766 14,441 – Interest received 177 344 68 88 Tax paid -62 -171 -62 -171 Net cash flow from/used in operating activities 12,185 26,278 13,112 -1,527 FINANCING ACTIVITIES Redemption of sustainability bonds – -16,826 – – Interest paid on sustainability bonds -1,647 -2,403 -544 -566 Buyback of own shares – -5,204 – -1,257 Proceeds from new share issue through employee options – 12 – – Net cash flow used in financing activities -1,647 -24,421 -544 -1,823 Cash flow for the period 10,538 1,857 12,568 -3,350 Cash and cash equivalents at beginning of the period 10,513 8,681 8,224 14,589 Exchange gains/losses on cash and cash equivalents -815 821 -556 121 Cash and cash equivalents at end of the period 20,236 11,360 20,236 11,360 Alternative performance measures Note Sep 30, 2026 Dec 31, 2025 Equity ratio 3 93.4% 93.6% Net asset value, USD 3 401,664,570 433,820,374 Exchange rate at balance sheet date, USD/SEK 9.97 9.20 Net asset value/share, USD 3 0.40 0.43 Net asset value/share, SEK 3 3.94 3.93 Net asset value, SEK 3 4,004,636,336 3,991,702,301 Share price, SEK 1.80 2.22 Traded premium/discount (-) to NAV 3 -54.3% -43.5% Weighted average number of shares for the financial period 3 1,016,763,735 1,027,502,760 Weighted average number of shares for the financial period, fully diluted 3 1,016,763,735 1,027,502,760 Number of shares at balance sheet date 3 1,016,763,735 1,016,763,735 Number of shares at balance sheet date, fully diluted 3 1,016,763,735 1,016,763,735 Alternative Performance Measures (APMs) are financial measures other than financial measures defined or specified by International Financial Reporting Standards (IFRS) and have been issued by the European Securities and Markets Authority (ESMA). VEF regularly uses alternative performance measures to enhance comparability from period to period and to give deeper information and provide meaningful supplemental information to analysts, investors, and other parties. It is important to know that not all companies calculate alternative performance measures identically, therefore these measurements have limitations and should not be used as a substitute for measures of performance in accordance with IFRS. Below you find our presentation of the APMs. For more information on how the APMs are calculated, see Note 3.
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16 17 Parent company income statement KSEK 9M 2026 9M 2025 3Q 2026 3Q 2025 Result from financial assets at fair value through profit or loss 148,580 -159,268 20,938 -4,803 Other income 128 – – – Administrative and operating expenses -43,895 -40,257 -9,767 -7,785 Operating result 104,813 -199,525 11,171 -12,588 Financial income and expenses Interest income 1,343 1,966 548 639 Interest expense -18,202 -26,753 -6,300 -6,189 Currency exchange gains/losses, net -1,409 1,989 114 454 Net financial items -18,268 -22,798 -5,638 -5,096 Result from investments in group companies 9,036 – 9,036 – Result before tax 95,581 -222,323 14,569 -17,684 Taxation – -3,006 – – Net result for the period 95,581 -225,329 14,569 -17,684 The Parent Company has no items to account for as other comprehensive income and therefore the net result for the period is equal to the total comprehensive income for the period. Parent company balance sheet KSEK Note Sep 30, 2026 Dec 31, 2025 NON-CURRENT ASSETS Financial non-current assets Shares in subsidiaries 2,465,245 2,445,998 Financial assets at fair value through profit or loss Equity financial assets 701,011 677,991 Liquid financial assets 654 49,186 Total financial non-current assets 3,166,910 3,173,175 CURRENT ASSETS Tax receivables 210 119 Other current receivables 729 1,211 Other current receivables, Group 2,797 1,295 Prepaid expenses 646 370 Cash and cash equivalents 185,823 76,140 Total current assets 190,205 79,135 TOTAL ASSETS 3,357,115 3,252,310 SHAREHOLDERS’ EQUITY (including net result for the financial period) 3,074,329 2,977,078 NON-CURRENT LIABILITIES Deferred tax 35,892 33,125 Total non-current liabilities 35,892 33,125 CURRENT LIABILITIES Accounts payable 181 595 Other current liabilities, Group 3,113 2,448 Other current liabilities 239,447 237,254 Accrued expenses 4,153 1,810 Total current liabilities 246,894 242,107 TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES 3,357,115 3,252,310
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18 19 Notes (Expressed in KUSD unless indicated otherwise) Note 1 General information VEF AB (publ) has its registered office at Mäster Samuelsgatan 1, 111 44 Stockholm, Sweden. The common shares of VEF AB (publ) are listed on Nasdaq Stockholm Main Market with the ticker VEFAB. The financial year is January 1–December 31. For more information on VEF and its investments, see the Company’s 2025 Annual report. Accounting principles This interim report has, for the Group, been prepared in accordance with IAS 34 Interim Financial Reporting and the Swedish Annual Accounts Act. The financial reporting for the Parent Company has been prepared in accordance with the Swedish Annual Accounts Act and RFR 2 Accounting for legal entities, issued by the Swedish Financial Reporting Board. Under Swedish company regulations it is not allowed to report the Parent Company results in any other currency than SEK or EUR and consequently the Parent Company’s financial information is reported in SEK and not the Group’s reporting currency of USD. The accounting principles that have been applied for the Group and Parent Company are in agreement with the account - ing principles used in the preparation of the Company’s 2025 Annual Report. Note 2 — Fair value estimation The fair value of financial instruments traded in active markets is based on quoted market prices at the balance sheet date. A market is regarded as active if quoted prices are readily and regularly available from an exchange, dealer, broker, industry group, pricing service, or regulatory agency, and those prices represent actual and regularly occurring market transactions on an arm’s length basis. The quoted market price used for financial assets held by the Group is the current bid price. These instruments are included in Level 1. The fair value of financial instruments that are not traded in an active market is determined by using valuation techniques. These valuation techniques maximise the use of observable market data where it is available and rely as little as possible on entity specific estimates. If all significant inputs required to determine the fair value of an instrument are observable, the instrument is included in Level 2. If one or more of the significant inputs is not based on observable market data, the instrument is included in Level 3. Investments in assets that are not traded on any market will be held at fair value determined by recent transactions made at prevailing market conditions or different valuation models depending on the characteristics of the company as well as the nature and risks of the investment. These different techniques may include discounted cash flow valuation (DCF), exit-multiple valuation also referred to as leveraged buyout (LBO) valuation, asset-based valuation as well as forward- looking multiples valuation based on comparable traded companies (peer companies). Usually, transaction-based valu - ations are kept unchanged for a period of twelve months unless there is cause for a significant change in valuation. After twelve months, the fair value for non-traded assets will normally be derived through any of the models described above. The validity of valuations based on a transaction is inevitably eroded over time, since the price at which the investment was made reflects the conditions that existed on the transaction date. At each reporting date, possible changes or events subsequent to the relevant transaction are assessed and if this assessment implies a change in the investment’s fair value, the valuation is adjusted accordingly. The transaction-based valuations are also frequently assessed using multiples of comparable traded companies for each unlisted investment or other valuation models when warranted. VEF follows a structured process in assessing the valuation of its unlisted investments. VEF evaluates company specific and external data relating to each specific investment on an ongoing basis. The data is then assessed at quarterly valuation meetings by senior management. If internal or external factors are deemed to be significant, further assessment is under - taken and the specific investment is revalued to the best fair value estimate. Revaluations are first reviewed by the audit committee and later approved by the Board in connection with the Company’s financial reports. The fair value of financial instruments is measured by level of the following fair value measurement hierarchy: • Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities. • Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices). • Level 3 – Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs). Investments are moved between levels in the fair value hierarchy when the management finds the best suitable valuation technique has changed and that the current applied technique results in a new classification in the fair value hierarchy compared to the prior period. Assets measured at fair value at Sep 30, 2026 Level 1 Level 2 Level 3 Total balance Financial assets at fair value through profit or loss 66 290,006 119,318 409,390 of which: Liquidity placements 66 – – 66 Shares – 290,006 117,502 407,508 Convertible notes – – 1,816 1,816 Total assets 66 290,006 119,318 409,390 Assets measured at fair value at Dec 31, 2025 Level 1 Level 2 Level 3 Total balance Financial assets at fair value through profit or loss 5,346 306,945 140,491 452,782 of which: Liquidity placements 5,346 – – 5,346 Shares – 306,945 138,747 445,692 Convertible notes – – 1,744 1,744 Total assets 5,346 306,945 140,491 452,782 Changes of financial assets in Level 3 Sep 30, 2026 Dec 31, 2025 Opening balance Jan 1 140,491 267,112 Transfers from Level 2 to Level 3 1 13,542 77,247 Transfers from Level 3 to Level 2 1 -314 -226,822 Change in fair value -34,401 22,954 Closing balance 119,318 140,491 1. No deviations have been made from established guidelines regarding valuation techniques and transfers of assets between levels in the hierarchy. As per September 30, 2026, VEF has a liquidity management portfolio of listed money market funds that are classified as Level 1 investments. The investments in Konfío, Solfácil, Abhi, Nibo and Rupeek, as well as some other minor holdings are classified as Level 3 investments. The remaining portfolio companies are classified as Level 2 investments. There were no level changes during the quarter.
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20 21 Transaction-based valuations Holdings classified as Level 2 investments are valued based on the latest transaction in the company, on market terms. The validity of valuations based on a transaction is inevitably eroded over time, since the price at which the investment was made reflects the conditions that existed on the transaction date. At each reporting date, possible changes or events subsequent to the relevant transaction are assessed and if this assessment implies a change in the investment’s fair value, the valuation is adjusted accordingly. The transaction-based valuations are frequently assessed using multiples of comparable traded companies for each unlisted investment or other valuation models. When transaction-based valuations of unlisted holdings are used, no material event is deemed to have occurred in the specific portfolio company that would suggest that the transaction-based value is no longer valid. The majority of the holdings valued on the basis of the latest transactions demonstrate strong revenue growth profiles and are set to deliver growth broadly in line with their respective business plans on which the latest transaction was based. Mark-to-model-based valuations Konfío, Solfácil and Nibo are all valued on the basis of a twelve-month (NTM) forward-looking revenue and gross profit multiple, while Rupeek is valued solely on an NTM revenue multiple. Abhi is valued based on a combination of NTM net revenues and earnings. Inputs used for each valuation include risk adjusted revenue and earnings forecasts, local currency moves and listed peer group revenue and/or gross profit multiples as of September 30, 2026. The difference in fair value change between the portfolio companies is dependent on relative revenue and/or gross profit forecasts in each company as well as moves in the relevant peer group and moving exchange rates. Peers used in the peer set include a mix of listed emerging and developed market companies representing accounting SaaS companies, fast growth payments companies, financial companies and a range of global and Latin American fintech companies. The NTM multiples across the different peer groups range from 0.6–11.1x revenues, 1.5–11.0x gross profit and 4.2–10.2x earnings. As a standard process, the median of each group is used, and in applicable cases VEF will adjust the resulting multiple based on prevailing local market conditions, sector and company specific factors, applying discounts or premiums to reflect the fair value of the company. Below table summarises the sensitivity of the assets value to changes in the underlying multiple used for the valuation. Sensitivity analysis of valuations based on changes in peer group multiples used Peer group range valuation method multiple Company Revenue Gross profit Earnings -15% -10% -5% 0% +5% +10% +15% Konfío 0.6–5.6x 1.5–11.0x 60,757 64,078 67,399 70,720 74,041 77,363 80,684 Solfácil 0.6–5.3x 1.5–9.6x 10,062 10,612 11,163 11,713 12,264 12,814 13,365 Abhi 1.0–11.1x 4.2–10.2x 7,302 7,786 8,270 8,754 9,238 9,722 10,206 Nibo 1.6–4.1x 1.9–6.6x 7,327 7,700 8,074 8,447 8,820 9,193 9,566 Rupeek 2.5–11.1x 4,149 4,373 4,598 4,822 5,046 5,270 5,494 Change in financial assets at fair value through profit or loss Company Jan 1, 2026 Investments/ (divestments), net Fair value change Sep 30, 2026 Percentage of portfolio VEF ownership stake Creditas 220,046 – – 220,046 53.7% 8.9% Konfío 105,141 – -34,421 70,720 17.3% 10.0% Juspay 69,304 -12,543 8,729 65,490 16.0% 6.4% Solfácil 13,542 – -1,829 11,713 2.9% 2.5% Abhi 6,645 – 2,109 8,754 2.1% 10.2% Nibo 7,660 – 787 8,447 2.1% 21.4% Rupeek 4,381 – 441 4,822 1.2% 2.3% Other 1 20,717 -841 -544 19,332 4.7% Liquidity investments 5,346 -5,600 320 66 0.0% Total 452,782 -18,984 -24,408 409,390 100% 1. Includes all companies individually valued at less than 1% of the total portfolio and/or companies that cannot be disclosed due to other circumstances. IFRS defined performance measures (not alternative performance measures) Note 3 – Key and alternative performance measures Earnings per share Result for the period divided by the average number of outstanding common shares. Class C shares issued to participants under the Company’s LTIP are not treated as outstanding common shares and thus are not included in the weighted calculation, but they are however recognised as an increase in shareholders’ equity. Repurchased common shares held in treasury by the Company are also excluded from the calculation. Diluted earnings per share When calculating diluted earnings per share, the average number of common shares is adjusted to consider the effects of potential dilutive common shares that have been offered to employees, originating during the reported periods from share-based incentive programs. Dilutions from share-based incentive programs affect the number of shares and only occur when the incentive program performance conditions of the respective programs are fulfilled. Key ratios – reconciliation table 9M 2026 9M 2025 3Q 2026 3Q 2025 Earnings per share, USD Weighted average number of shares 1,016,763,735 1,031,121,772 1,016,763,735 1,031,121,772 Result for the period -32,447,501 57,457,538 -4,513,534 32,187,513 Earnings per share, USD -0.03 0.06 0.00 0.03 Diluted earnings per share, USD Diluted weighted average number of shares 1,016,763,735 1,031,121,772 1,016,763,735 1,031,121,772 Result for the period -32,447,501 57,457,538 -4,513,534 32,187,513 Diluted earnings per share, USD -0.03 0.06 0.00 0.03 Alternative performance measures Equity ratio Shareholders’ equity in percent in relation to total assets. Net asset value, USD and SEK Net value of all assets on the balance sheet, equal to the shareholders’ equity. Net asset value per share, USD and SEK Net asset value/share is defined as shareholders’ equity divided by total number of shares outstanding at the end of the period. Traded premium/discount to net asset value Traded premium/discount to NAV is defined as the share price divided by the net asset value/share. Number of shares outstanding Total number of outstanding common shares at balance day. Class C shares issued to participants under the Company’s LTIP are not treated as outstanding common shares and thus are not included in the calculation, but they are however recognised as an increase in shareholders’ equity. Repurchased common shares held in treasury by the Company are also excluded from the calculation. Number of shares outstanding fully diluted When calculating the number of shares outstanding fully diluted, the number of common shares outstanding is adjusted to consider the effects of potential dilutive common shares that have been offered to employees, originating during the reported periods from share-based incentive programs. Dilutions from share-based incentive programs affect the number of shares and only occur when the incentive program performance conditions of the respective programs are fulfilled. Company Valuation method Date latest transaction Creditas Latest transaction 4Q25 Juspay Latest transaction 1Q26
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22 23 Alternative performance measures – reconciliation tables Sep 30, 2026 Dec 31, 2025 Equity ratio Net asset value/shareholders’ equity, USD 401,664,570 433,820,374 Total assets, USD 429,870,991 463,693,280 Equity ratio 93.4% 93.6% Net asset value, USD 401,664,570 433,820,374 Net asset value, SEK Net asset value, USD 401,664,570 433,820,374 USD/SEK 9.97 9.20 Net asset value, SEK 4,004,636,336 3,991,702,301 Net asset value/share, USD Net asset value, USD 401,664,570 433,820,374 Number of outstanding shares 1,016,763,735 1,016,763,735 Net asset value/share, USD 0.40 0.43 Net asset value/share, SEK Net asset value, USD 401,664,570 433,820,374 USD/SEK 9.97 9.20 Net asset value, SEK 4,004,636,336 3,991,702,301 Number of outstanding shares 1,016,763,735 1,016,763,735 Net asset value/share, SEK 3.94 3.93 Premium/discount(–) to NAV Net asset value, USD 401,664,570 433,820,374 USD/SEK 9.97 9.20 Net asset value, SEK 4,004,636,336 3,991,702,301 Number of outstanding shares 1,016,763,735 1,016,763,735 Net asset value/share, SEK 3.94 3.93 Share price, SEK 1.80 2.22 Premium/discount(–) to NAV -54.3% -43.5% Other definitions Portfolio value Total book value of financial assets held at fair value through profit and loss. Note 4 – Events after the reporting period On September 21, 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 October 15. VEF has no other bonds outstanding. Other information Upcoming reporting dates VEF’s financial report for the period January 1, 2026–December 31, 2026, will be published on January 20, 2027. October 21, 2026 David Nangle CEO 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 below, at 2026-10-21 08:00 CEST. For further information, visit vef.vc or contact: Kim Ståhl CFO Tel +46 8 545 015 50 Email info@vef.vc
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24 The emerging market fintech investor Auditor’s report Introduction We have conducted a limited review of the condensed interim financial information (interim report) for VEF AB (publ) as of September 30, 2026, and the nine-month period ending on that date. The board of directors and the managing director are responsible for preparing and presenting this interim report in accordance with IAS 34 and the Swedish Annual Accounts Act. Our responsibility is to express a conclusion on this interim report based on our limited review. The focus and scope of the limited review We have conducted our limited review in accordance with the International Standard on Review Engagements ISRE 2410, “Review of Interim Financial Information Performed by the Independent Auditor of the Entity.” A limited review consists of making inquiries, primarily of persons respon - sible for financial and accounting matters, performing analytical procedures, and other review procedures. A limited review has a different focus and a significantly smaller scope compared to the focus and scope of an audit conducted in accordance with ISA and generally accepted auditing standards. The review procedures taken in a limited review do not enable us to obtain the assurance that we would become aware of all significant matters that might have been identified in an audit. Therefore, the conclusion expressed based on a limited review does not have the assurance that a conclusion expressed based on an audit has. Conclusion Based on our limited review, nothing has come to our attention that causes us to believe that the interim report is not, in all material respects, prepared for the group in accordance with IAS 34 and the Annual Accounts Act and for the parent company in accordance with the Annual Accounts Act. Gothenburg, Sweden, October 21, 2026 Öhrlings PricewaterhouseCoopers AB Johan Brobäck Authorized Public Accountant To the Board of Directors in VEF AB (publ), corporate identity number 559288-0362 This is a translation of the Swedish language original