Sweden · Delayed Price · Currency is SEK VEF AB Earnings Call Transcripts
Fiscal Year 2026
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NAV was flat sequentially but up 8.4% year-on-year, with strong portfolio growth led by Creditas and Abhi. AI-driven efficiency gains and disciplined capital allocation are supporting value creation, while management focuses on reducing debt and closing the share price discount.
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NAV declined 5.8% QoQ due to market sell-off, but portfolio companies delivered strong growth and exits, notably in Juspay. Focus remains on deleveraging, share buybacks, and leveraging AI-driven efficiency, with Latin America providing macro tailwinds.
Fiscal Year 2025
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NAV rose 6.9% in Q4 and 22.9% for 2025, driven by strong portfolio growth, especially from Creditas, which secured major funding and a bank license. Exits brought in $37 million, supporting debt reduction and future investments, with further exits and portfolio growth expected.
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NAV rose 8.3% QoQ to $405.7M, driven by strong portfolio growth, especially in Creditas and Konfío. Fintech markets are robust, with healthy capital flows and increased fundraising. Balance sheet strengthened by exits, debt reduction, and share buybacks.
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NAV rose 6% YTD and 5% QoQ, driven by strong portfolio growth, exits, and FX tailwinds. Three exits in 12 months enabled debt reduction and share buybacks, with continued focus on value-accretive capital allocation and robust growth expected across key holdings.
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NAV rose 1% QoQ to $357M, driven by strong portfolio growth and successful exits, with 49% of the portfolio now valued at latest transactions. Cash and liquidity exceed bond obligations, enabling share buybacks and bond redemptions, while management remains focused on balance sheet strength and opportunistic exits.
Fiscal Year 2024
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NAV dropped 26% QoQ to $353M, mainly due to Brazil's macro and FX headwinds, despite strong portfolio company performance and two major exits. Portfolio forecasts 35% revenue and 40% profit growth in 2025, with improved liquidity and a focus on deleveraging and buybacks.
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NAV rose 9% quarter-on-quarter to $475 million, driven by strong portfolio performance, capital inflows, and market tailwinds. Top holdings are accelerating growth, with over 90% of the portfolio at breakeven or better, and exit markets—especially in India—are opening up.
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NAV remained stable at $436.6M, with over 90% of the portfolio now break-even and key assets like Creditas achieving profitability and renewed growth. FX headwinds and weak fintech indexes impacted valuations, but new investment opportunities are emerging in core and select new markets.