VEF-Bond take-out remains in focus as NAV stabilises-07/15/2026

Research evidence excerpt

VEF-Bond take-out remains in focus as NAV stabilises-07/15/2026

VEF

CREDIT NEWSFLASH | 15 JUL 2026

Bond take-out remains in focus as NAV stabilises

Q2’26 was a stabilising print from a credit perspective, with NAV broadly flat q/q and continued underlying portfolio

momentum offsetting valuation pressure from softer peer multiples. While liquidity remains somewhat below the full

outstanding bond amount, management’s reiterated focus on portfolio exits around NAV and balance-sheet deleveraging

keeps a full bond take-out firmly in focus ahead of the December 2026 maturity

• NAV was broadly stable in Q2’26 at USD 406m, down only 0.6% q/q, with peer multiple pressure partly offset by positive portfolio

performance and FX tailwinds

• Valuation pressure remained concentrated in mark-to-model holdings, with Konfío marked down by USD ~5m, while Abhi, Solfácil, Nibo

and other holdings saw positive q/q fair value movements

• Core holding Creditas continues to perform strongly and remains the key credit support, with revenues/loan book roughly doubling over

the past 2.5 years while headcount has fallen by more than 50%, highlighting material AI-led efficiency gains

• Juspay remains marked at its latest transaction value and continues to validate portfolio monetisation potential, with VEF having realised

USD ~30m of gross proceeds via two partial exits against an original USD ~11m investment

• Cash and liquidity investments of USD ~22m remain slightly below the USD ~25m bonds, but management’s focus on exits around NAV

and using proceeds for deleveraging supports bond repayment as the near-term priority, with a full take-out likely requiring modest

additional liquidity or further realisations