VEF AB (publ) (VEFFF) Q3 2025 Earnings Call Transcript

Operator

Good day, and thank you for standing by. Welcome to the VEF Third Quarter 2025 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 of the company. Please go ahead.

David Nangle
CEO, MD & Director

Thank you very much, Heidi, and good morning and good afternoon, everybody, and thank you once again for attending our results call this time for Q3 ’25. My apologies to our investors and followers in the U.S. We started a bit earlier this time around, but can’t be helped because of travel plans. But thank you for dialing in nonetheless.

Going straight into — and joining me on the call, as per always, will be our CIO, Alexis Koumoudos, who will join us for the valuation section and portfolio update. But going straight into the deck, going to Slide 2. And I guess just events of the quarter, but more really areas worth highlighting from today’s release and what we’re seeing, and it’s really fourfold.

One is NAV continuing to trend higher. It shouldn’t be a surprise given the capital market trends, macro trends and everything we’re seeing, but we’re also seeing it through the prism of our portfolio. We ended the quarter at nearly $406 million of NAV, up 8.3% quarter-on-quarter and nearly 15% year-to-date. And that’s just a nice supportive trends from markets, multiples, FX. But most importantly, it’s really around the portfolio, which is now in a — I like to think of it as a lower beta mode, breakeven, reigniting growth, better risk reward, and that’s feeding through