VEF 4Q25 Report

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January 21, 2026

Our financial report for 4Q25 is now published. In 4Q25 our NAV was up 7% QoQ, to USD 433.8 mln. The positive quarterly NAV movement was mainly driven by the successful fundraise in our core portfolio holding Creditas (+18% QoQ).

VEF CEO, Dave Nangle, comments:
“4Q25 was an important quarter on many fronts and concludes a very satisfying year for all at VEF. Our portfolio is humming and is compounding nicely once more, driving up NAV per share. Strategically, we are transitioning our focus from clear short-term wins and are readying ourselves to put capital to work again, investing in our next generation of winners. Getting the balance right is key to creating a long-term attractive investment company.”

Access the report in the IR section of our website here.