VEF AB Reports 8.4% Dollar NAV Growth in Q2 2026

EarningsDigital Finance

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Summary · why it matters

VEF AB reported an 8.4% year-on-year increase in net asset value in dollar terms and an 11.6% rise in SEK per share for the second quarter of 2026. Key portfolio company Creditas saw its loan book and top-line revenue grow more than 20% quarter-on-quarter, while Abhi reached a $200 million loan book with $260 million in deposits and an $85 million revenue run rate generating over $20 million in EBITDA. The portfolio was 70% valued at the latest transaction and 30% mark-to-model, with cash slightly below $22 million and $24.7 million in debt due by year-end. Operational efficiency improved at Creditas, which reduced headcount from 4,000 to below 1,800, and foreign exchange movements added $3 million to NAV as the Mexican peso rose 30% and the Brazilian real rose 1% against the dollar. Despite flat quarter-on-quarter NAV and a 6% markdown on Konfio due to market multiple compression, over 90% of the portfolio has achieved self-sustaining cash flow profiles with expectations of 20% to 30% revenue growth over the next 12 months.

Impact on stocks 0

Off-coverage companies 4

VEF ABPrivate▲ Positive

Capitalrelevance

VEF AB reported 8.4% dollar NAV growth and 11.6% SEK per share rise in Q2 2026, a positive financial/valuation event.

CreditasPrivate▲ Positive

Demandrelevance

Creditas loan book and top-line revenue grew >20% QoQ, with improved operational efficiency (headcount reduced from 4,000 to below 1,800).

AbhiPrivate▲ Positive

Demandrelevance

Abhi reached $200M loan book, $260M deposits, $85M revenue run rate, and $20M+ EBITDA, indicating strong end-customer demand.

KonfioPrivate▼ Negative

Capitalrelevance

Konfio was marked down 6% due to market multiple compression, a valuation event.