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and thank you for standing by. Welcome to the VEF fourth quarter 2025 earnings call and webcast. 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, please 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 note that today's conference is being recorded. I would now like to hand the conference over to your first speaker, David Nangle, CEO. Please go ahead.

Super. Thank you very much. Good morning, good afternoon all. I welcome you today from Manila in the Philippines where I'm on the road seeing companies and looking at some of our investment companies in Dubai for the last couple of days. This is a welcome to our Q4 25 results presentation. I do have Alexis Kumudos, our CIO, with me on this call as per usual and up in the next We'll spend the next 15, 20 minutes just running through key highlights of the quarter and the year, given that it is the end of year quarter, and outlook for everything that we see at best, and then happy to answer any questions that you have. Moving on to slide two in the presentation, it's an evolution of what we've been saying for most of the year. Like the NAV still contains a trend higher. We're very happy. It's a reflection, obviously, of everything in our NAV with our portfolio companies and their performance. Q4 in itself was up a healthy 6.9% in dollar terms and over 22% for the full year, obviously less in SEC, given the SEC strength versus the dollar. But a big driver in Q4 was Creditas, which we'll speak about, and its latest fundraise, which came through quite nicely in Q4. But generally speaking, the NAV this year was a reflection of our portfolio, and it's really about a portfolio that the risk-reward is much better than it was in the past. We're majority at, give or take, break even, and growth is very much back in focus. That's been reflected in our top names like Creditas, Compio, and JustPay, which is humming along quite nicely at a very healthy clip. The focus in the quarter, and obviously it's a big part of our story, is Creditas, had a very big quarter in terms of, one, results, and it's been coming. We talked about the transitionary period from hyper growth and burn to no growth and break even. And now they're starting to put their foot back down in growth again, but more sustainable growth at this point in the cycle. So through the quarters this year, we've seen them get towards 20% year-on-year credit growth, which is driving the income statements. We'll talk about that. And that was key to see those results coming through quarter on quarter on quarter as we went through the year. And that's key for our value and our future. Also from the credit card side, they had a number of standout events in the quarter. We already mentioned or touched on the the latest funding round, but also they closed the and bank, they got a bank license in Brazil, which is key for their franchise value and their funding, and also made a substantial hire at top level. And then last point, the whole area of capital, capital management, capital allocation, FF. We've, in 2025, very focused on strengthening the balance sheet, exits, we'll talk about that in this presentation, coming in, capital coming in to pay down some debt, buy back some shares, And as a team and as a board, we're sitting down and strategising, as we look into 2026, how we manage our capital for the best risk-reward for our shareholders, both in the short term to manage that discount to NAV, but also for the longer term in adding new portfolio companies, and that's a broader discussion point. Moving on to slide three, the key highlights and numbers I've touched upon of the NAB in dollar terms up 6.9% and 22.9% for the quarter and for the year, year on year. And from a SEC point of view, a healthy quarter of 4.6%, not a lot of currency diversion, and up 2.8% for the year. Share price obviously being weaker, flat year on year at the year end, and up 3.3% in the quarter. And in slide five, this is a chart we show every quarter, and what you're starting to see since year end 24 is a gradual pickup in the NAV in dollar terms to now $434 million. As I say, there is the micro level of our portfolio companies, but then obviously it feeds down from the macro level and the cycle level. Venture capital, capital is in a better place. Capital is flowing. Macro is in a better place. The companies that we're invested in, quality companies are starting to grow again, and that's feeding through to a growing NAB, which is key, obviously, for everything that we do here at VET. And I'll exit sort of the path and ask you if there are any of you who want to come here, and I'll come back on some key points before I open up for questions.

Thanks, Dave. Hi, everyone. Yeah, just looking at slide five, which highlights the evaluation approach and key takeaways for the portfolio in the quarter, the main mover there is credit tasks are moved from mark to model in the previous quarter to this latest transaction. priced at the $108 million Series G round that they closed in December, which resulted in a $33 million uplift to the NAV. The rest of the top three names like Confeo and JustPay remained at mark-to-model and latest transaction respectively. which results in the portfolio being valued on 69% at latest transaction and the remaining 31% of the portfolio being valued on a mark-to-model basis. And of those 31%, 90% plus of those mark-to-model valuations reflect multiples further down the P&L, i.e. like below just the revenue multiple. Moving on to slide six. So on slide six, we just break down the NAV evolution in the quarter and we show the breakdown of that and how it's attributed to different factors. So the biggest part of NAV growth in the quarter is attributable to credit houses round and the impact of that round on the valuation of the company. In the portion of the portfolio that's marked to market, you can see the slight positive portfolio growth was partly offset by the market pullback in the quarter. So, you know, the holdings that are valued at mark to model had a relatively neutral impact in the quarter. Just on to slide seven. In slide seven, we show an aggregation of the NAV evolution over the year and how the different parts or the attribution to that over the quarter. So overall in 2025, we saw strong contributions in NAV growth from portfolio performance, the market performance, through comp multiples and also strengthening non-USD currencies. And importantly, we also converted $37 million of our appreciating NAV to cash, which shows up in that net $18 million positive cash position over the course of the year. So in aggregate, there was $81 million of positive NAV evolution As Dave mentioned, that was 23% year-on-year dollar NAV strengthening. And on a per share basis, that's 26% year-on-year once you factor in the buybacks that we did over the course of the year. And then just on slide eight, you know, we use this slide to just reiterate how we continue to feel confident in the strength of the portfolio, the fact that we have a portfolio that's growing 25% to 30% year on year on a self-sustaining basis. And, you know, Dave will – a lot of that is driven by credit tasks, and Dave will get into some of the details of that in the preceding slides. But we're also feeling confident that there's been a change in the environment, far more fundraising activity in our markets. It's definitely heating up and there's been a flight to quality which has benefited our portfolio and we expect to see rounds like credit houses and JustPay to continue to take place and continue to benefit our portfolio and help us improve our liquidity and balance sheet. So, handing back to you, Dave.