Q2 2026 Vef AB (publ) Earnings Call Transcript
Key Points
- VEF AB (FRA:0TX) reported a year-on-year NAV increase of 8.4% in dollar terms and 11.6% in SEK per share.
- Creditas, a key portfolio company, showed strong growth with its loan book and top-line revenue exceeding 20% growth quarter-on-quarter.
- The company has strengthened its Board with the addition of high-profile individuals from Fidelity and Kinnevik, bringing deep expertise.
- Over 90% of the portfolio has achieved self-sustaining cash flow profiles, with expectations of 20-30% revenue growth over the next 12 months.
- VEF AB (FRA:0TX) is focused on long-term value creation, with a strategy to pay down debt and buy back shares to create shareholder value.
- The NAV was broadly flat quarter-on-quarter, with a slight decrease of 0.6% in dollar terms.
- KonfÃo, a portfolio company, was marked down by 6% due to market-driven multiple compression, despite delivering in line with plans.
- The company faces challenges with its share price trading at a deep discount to NAV, which management is not satisfied with.
- There were no exit proceeds in the second quarter, impacting cash flow and debt reduction efforts.
- Market volatility and multiple compression in Latin American fintechs have posed challenges to portfolio valuations.
Good day, and thank you for standing by. Welcome to the VEF 2Q '26 earnings call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, David Nangle, CEO. Please go ahead.
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Thank you very much, and good morning, good afternoon, everybody, and welcome per usual to our results conference call, which follows the release of our 2Q earning results earlier today. On the call with myself, David Nangle, I'm CEO. With me is Alexis Koumoudos; our CIO and partner since pretty much inception at VEF. I'll start, and then Alexis will come in, and I'll round up, and then we'll open up happily for questions after about 15 minutes of presentation as per usual.
Just to kick off on slide 2, some of the key events of the quarter, and we'll go through some of these in a bit more detail in the presentation itself. But the headline NAV itself was broadly flat
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