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Good day and thank you for standing by. Welcome to the VEF third quarter 2025 earnings call. At this time all participants are in a listen only mode. After the speaker's presentation there will be a question and answer session. To ask a question during the session you will need to press star 1 1 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 1, 1 again. 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.

Thank you very much, Heidi. Good morning and good afternoon, everybody. And thank you once again for attending our results call this time for Q3. 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. And 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 two, and I guess this, you know, event 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 continues 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 end the quarter at nearly $406 million of NAB, up 8.3% quarter-on-quarter and nearly 15% year-to-date. And that's just a nice supportive trend for 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, break even, reigniting growth, better risk reward, and that's feeding through to the numbers that we're seeing in the portfolio that come through every month and every quarter as we see it. Point two is around credit tasks, clearly our largest holding still in the portfolio. Two aspects on this, one fundamental to its performance, this re-acceleration of growth that we're seeing in Creditas. It's not V-shaped, it's U-shaped, it's gradual, it's picking up, but we're seeing the loan growth year on year from Q1 at 11%, it was very little year before year on year, to 14% in Q2 and picking up again in Q3, given everything we see at the company. But then you cross-reference that with quality FinTech companies attracting capital, and Creditas just announced Its latest bond closure raised $50 million. Its senior bond, 10.5%, three and a half year bond, but also made announcements, very high level announcement about a month ago around a planned equity round of about a hundred million, minimum of a hundred million dollars at an indicative valuation of $3.3 billion. So it's an early high stage or high level announcement that will be followed up upon, which we obviously press release, but it's just a sign that quality FinTech companies are once again attracting the right kind of capital. Point three, and this kind of touches on the first two points, is around fintech markets. They just are strong at the moment, and this is capital markets into fintech markets, and this is capital flowing in as well as capital flowing out. I think everybody grabs on the high-level announcements around Klarna IPO or Chime IPO in the US, and that's what grabs the front page of the financial press. Within our world and within the broader FinTech ecosystem, we're seeing a lot of capital flowing into companies across early to late stage rounds. Once again, we're getting back to healthy capital inflow markets, as well as capital flowing out, not just with IPOs, but also M&A and secondaries. And we see that in our portfolio, and there's plenty of examples, and it's just coming through from the broader ecosystem. And at point four, the final point, not on this slide, but it's really around pipeline. This is an area that we're really spending more and more time on we're getting more focused on a select number of quality em tar fintech targets and just positioning ourselves and our shareholders older capital for the right moment with the right asset at the right time to put the next credit pass easyco and into our portfolio to work for medium to long-term value accretion and for all Moving on to slide three, just a quick highlight on the numbers. As I said, from a dollar point of view, we tend to focus on NAV, total NAV. We're now back over $400 million, given the performance year to date, $405.7 million, up 8% quarter on quarter, as I said. From a SEC point of view, on a per share basis, we end the quarter at 3.75 NAV per share in SEK terms. Still trading at a a fairly robust discount to that from a trader point of view, but that is starting to close in the markets. And finally, from my side, slide number four, just a general path since inception of VEF and our NAV, not NAV for share, but it's overall NAV. And what we're seeing is an evolution of what we've been talking about for the last few quarters. mainly at the back end of last year. We talked about the reset and things starting to grow again, macro, micro factors working nicely in our favor, and that just gets reflected in your NAV as you start to grow again, and then that happens to feed through to share price and your market cap. And in markets like this, the discount tends to close as well, and it all kind of works in a nice manner once the trends continue. I will stop from my side at this point and come back at the end, but I'm going to pass over to Alexis, our CIO, who's going to talk you through some of the valuation moves and approaches we had in this quarter and some of the detail behind that.

Alexis, over to you. Great. Thanks, Dave. Hi, everyone. Yeah, just running through the major valuation approach and changes in the quarter. I think the biggest change in the quarter is really Confio that had been marked at latest transaction for about a year. And we rolled it into a mark-to-model valuation methodology now. And that was a big contributor to our quarter-on-quarter NAV change. Another driver, as you can see on slide five, being Creditas. Overall now with Confio joining the mark-to-model portion of the portfolio, the mark-to-model methodology accounts for 79% of the valuation methodology for the portfolio and 21% is now valued at latest transaction. Moving on to slide six, so on this slide we just break down the third quarter NAV evolution. And you can see there are three big contributors to the quarter-on-quarter $31 million growth in our NAV. The first and biggest is Portfolio Company Performance, which contributed around $20 million in the quarter. The second, and that's a factor of our portfolio companies growing and executing on their business plans. The second is strong equity market performance and the impact of it on our comps for the mark to model valuation methodologies in the portfolio. And that contributed $15 million. And with the further appreciation of the Brazilian Rai and the Mexican Peso in the quarter, contributing another $6 million or so. And there are some small offsetting factors like our OPEX and coupon payments here, but all in all, those were the biggest drivers in the $31 million quarter-on-quarter growth in our NAV. Moving on to slide seven, because of the size of the change in Confeo valuation, we just wanted to walk you through the key contributors to this and why there was a 39% uplift in Confeo's valuation quarter on quarter. And there are three key components to this. So first of all, we have the company growth. What we've broken out here and shown is Confio's loan portfolio has grown 30% year-on-year from August 24 when the last transaction happened to August this year. And then we've broken down some of the key comps that we use for Confio here and you can see that there was broad appreciation over the year that Confio was held at latest transaction in share price and therefore valuation of the comps. I think the biggest portion of that gain as well was felt in the last quarter where a lot of these stocks performed pretty well. Then the third component to it is the peso appreciation over the year. The peso appreciated 7% versus the dollar over the year. And when we stitch these together, these elements combined with the outlook that we have for Confeo and the business plan that we keep, this results in a 39% uplift over the course of the year for Confeo. And just moving on to slide eight. So to reiterate, we continue to feel confident in our high quality portfolio and its ability to compound from here. We see our portfolio growing around 30% year on year from a profitable and self-sustaining base. And Dave is going to talk a little bit about Creditas' re-acceleration in an upcoming slide. We also definitely feel that we are entering a new cycle, as Dave alluded to at the beginning of the presentation. We're seeing a real pickup in fundraising activity across our core geographies and ecosystems with rounds like Creditas' upcoming that are taking shape. And this increased interest, we feel, will definitely benefit our portfolio. I'm handing back to you, Dave.