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VEF said second-quarter NAV ended at $406 million, down $2.5 million, or 0.6%, sequentially and up 8.4% year over year in dollars; NAV per share was up 11.6% year over year in SEK. Within the quarter, underlying portfolio performance added $5 million and FX added $3 million, while multiple compression across traded comps reduced NAV by $8 million; cash fell by $3 million from ongoing OpEx and coupon payments in a quarter with no exit proceeds, partially offset by $1 million of positive bond translation. Guidance/commentary was that the portfolio is expected to grow 20%-30% over the next 12 months on a revenue basis and 30% on a gross profit basis, and management expects debt to be paid down by year-end if possible, with directionally lower debt even if timing slips.

David Nangle framed the quarter as operationally strong underneath a quiet NAV headline, emphasizing that the portfolio is in good health and that Creditas is the clearest proof point. He highlighted Creditas’ accelerating growth, AI-driven efficiency gains, lower headcount and lower CAC, and said the company is now seeing tangible benefits rather than theoretical AI upside. He also stressed that VEF’s strategy is about long-term compounding, disciplined exits, debt reduction, and using excess capital to buy back discounted shares.

Alexis Koumoudos said 70% of NAV is valued off recent transactions and 30% is mark-to-model, with the two largest holdings unchanged quarter-on-quarter and anchored by recent raises. He broke down the quarter’s NAV bridge: $5 million of underlying portfolio gains, $3 million of FX tailwind, $8 million of multiple compression, and $3 million lower cash from OpEx and coupon payments, leaving NAV broadly flat. He also noted that over 90% of the portfolio has self-sustaining cash flow profiles, and said the portfolio should grow 20%-30% in revenue and 30% in gross profit over the next 12 months.

The main analyst question focused on whether VEF could wait for better exit pricing given weaker public-market conditions in LATAM fintech and the upcoming bond refinancing. Management replied that exit timing will be driven by value and cycle, not quarter-to-quarter market noise, and said debt is comfortable at roughly $25 million against about $400 million of NAV, with the goal to keep reducing it using exits or other capital-markets tools. On Konfio, management said the 6% markdown was primarily a multiple-driven comp issue, not a company-specific deterioration, and that FX and company performance were actually offsets to the multiple pressure.