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Good day and thank you for standing by. Welcome to the PEF Q1 2026 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 answer 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. Please go ahead.

Super. Thank you very much, operator, and good morning, good afternoon, everybody, and thanks for joining us in our first quarter 26 results call and presentation. As per usual, I have my colleague and CIO, Alexis Camudos, with me, and we'll spend the next 15, 20 minutes just running through and all the events and key numbers and parts that made up the quarter for Veth as was. All the details are online as well from a presentation point of view, and that will be available as well after this call. But just key events of the quarter, looking at slide number two. I think bigger picture, we're all very cognizant and aware of the geopolitical driven volatility, the world that we're living in, the first order effects, the potential second order effects. We're not going to delve into all of that here because it's well documented, by many people elsewhere but we will give you a bit of a flavor of how life at best has been affected by that while we marry in all the micro level delivery of the first quarter and i think the first point is the nav itself obviously we had a bit of a headwind in q1 and naturally when 30 of your portfolio is marked model and you have a market sell-off so the nav was off 5.8 quarter and quarter in dollar terms a bit less in sec terms fundamentally uh portfolio is doing very well currencies were in our favor but multiples on some key names drove the NAV quarter and quarter down. More specific, and back to the micro level and performance, exits continue. We had another secondary in JustPay in one quarter 26. This is their Series D follow-on, $50 million, a billion-dollar-plus valuation, a company we invested in at $100 million a few years back from a total valuation point of view. But yet again, we used the opportunity to top-slice our position there and taken nearly $15 million of gross proceeds at a healthy IRR of 34% and still having a decent stake in the company. I think most important for us in our narrative to the market is that was an exit not at NAV plus minus, that was an exit above NAV. So continue to turn our NAV, our companies into dollars at the valuation that we say plus or minus. And coming back a bit macro level, I think from the exposure point of view, we're getting a lot of questions, obviously, from the geopolitics of the world and how we are or aren't affected, even though I think everybody's affected in some way, shape or form. We are actually in a relatively good, and I say relative, macro position in terms of our exposure geographically, with 80% of our portfolio plus minus being Latin American exposure, which is a relatively safe haven part of the world, and Brazil alone M is over 50%, nearly 60% with credit tasks being our key asset. And we're obviously the commodity trade that Brazil is, a bit of a safe haven status with high interest rates, commodities, and just geographically well-placed. We're seeing markets there rally currency and index, et cetera. And we're in direct and direct benefits of that exposure. And I'll get into that in the presentation. And more micro level back to credit tasks. It's been a really good window. We've enjoyed the last 15 to 18 months of credit tasks. Quarter on quarter on quarter, the fundamental story continues to improve in terms of accelerating growth and just the new layers of positivity coming into the story. Now it's more around AI-driven efficiency. You get nice operating jaws from a top-line volume revenue growth and efficiency coming through. Healthy guidance looking forward. Another kind of catalyst that everybody likes to see around raising capital, nice valuations, getting a bank license, etc. It's a nice window, we're enjoying us, they are delivering, and that's most important for us as an investment company. And the final is more macro again, away from geopolitics, but more in the tech side and the AI adoption. We've kind of stayed away from overly talking about AI and from a investment portfolio point of view, but I think the pace and progress of these models now has really become game-changing. All of our companies are engaging, it's gone from theory to reality. We're enjoying seeing what they're starting to do, and some it's already starting to feed through to the numbers, like Creditas, And I guess we just wanted to put a marker down this quarter, and we'll be updating you as we go on this front because it's been a very exciting next wave of efficiency growth, costs, operating jaws that we can see coming through in our portfolio. Going into the presentation proper, just a few numbers. This has all been flagged earlier on in our release, but our NAV is at $408.6 million for the quarter, off 5.8% in US dollar terms. As I said, the SEC and SEC per share is down less because of the weakness in the local currency, and it's down minus 2.8% in the quarter. I'll skip over slide four, and I'll move directly to bringing Alexis into the call for slides five to nine, where he'll talk us through valuation moves in the quarter, and a little bit more about the exits that I talked about in JustPay and beyond. Alexis, over to you.

Thanks, Dave, and hi, everyone. Yeah, so as Dave mentioned, the first quarter is 26%. 70% of the portfolio is valued at latest transaction and 30% mark to model. Within the portfolio, as Dave mentioned as well, JustPay completed their $50 million Series D follow-on at a 16% dollar premium to the Series D of 2025, in which we took $14.6 million in secondary sold for cash, and we hold a 6.4% remaining stake priced here at the secondary price. You'll see that the net impact on the NAV is the net impact of $10.8 million markup from the up round that happened and selling $14.6 million for cash, which reduces our NAV for JustPay the mark value by $3.8 million in the quarter. The other thing to point out on this slide and slide five is Solfacil rolled off a recent transaction to mark-to-model as it completed 12 months from the transaction. And Solfacil, Confeo, and Nebo valuations under mark-to-model valuation methodology were impacted by the March sell-off in comps across tech, fintech, and SaaS. And outside the impact of the comps, each of these businesses continued to deliver in line with or ahead of our business plan. So the markdowns were purely a symptom of market moves. Getting into this in a bit more depth on slide six, we show the breakdown of the dollar NAV evolution of the quarter. And you can see the biggest impact on the NAV in the quarter was really the sell-off in comps and their multiple impact on the mark-to-model portion of the portfolio. This impacted our NAV to the tune of $14 million, and it's reflected in the valuations of the companies and the mark-to-model methodology, names like Confeo, Solfacil, and Nebo. And this was... Offset to some extent by the portfolio performance which had a ten million dollar positive impact on the nav under the latest transaction portion of the portfolio You'll see like a negative four million dollar move in in in this section of the portfolio and that is purely the ten million dollar uplift in the just pay and valuation offset by selling $14.6 million in JustPay. And the corporate cash increases $10 million. That is predominantly from the proceeds of the sale of JustPay offset in part by OPEX and coupon payments in the quarter. Overall, the FX impact was neutral in the quarter. And the net impact of all of these moves was, as Dave mentioned, the 5.8% contraction in NAV quarter over quarter. On slide seven, we continue to, we just want to reiterate that we continue to feel more and more confident in the quality of the portfolio and its ability to compound from here. We see our portfolio growing at 25% to 30% year-on-year from a profitable base, with our large late-stage top three holdings driving much of this on a self-sustaining basis. And we're encouraged by the deal activity we're seeing across our geographies and feel proud of our companies and their ability to continue attracting fresh capital, which drives real value growth and creates liquidity options. And we're also proud to find opportunities to continue converting slices of our NAV to cash at or above the marks we hold them at whilst delivering benchmark returns like we did in the JustPay round. So moving to slide eight, we just wanted to reflect a little bit and update everybody on what JustPay is as a business. our history with the company and where we stand after this transaction. So JustPay is the leading payment orchestrator in India with a dominant market share. JustPay powers some of the largest enterprises in India and now has a large payment infrastructure business powering UPI apps and bank infrastructure. JustPay has also now launched an international business and they have offices across Asia, Europe, the Middle East U.S. and Brazil. And by the numbers, JustPay powers over $450 billion of annualized TPV, representing about 70 million average daily transactions. And it's growing its top line in over 50% year on year. And the business quality is high with near zero churn over 80% gross margins, and it's been profitable for over a year now. JustPay was our first investment in India, and we made two, we wrote two checks into the business, one of $13 million in early 2020, and $8.1 million in December 2021. And since our first investment, revenues have grown over 10x, and the company's raised money in rounds led by tier one investors, including SoftBank, Kadara, and Westbridge. And if we include the two realizations of $29.4 million, our invested capital has grown from $21.1 million to 94.9, representing a four and a half times more in USD terms. And the proceeds of our latest secondary sale, the Series D follow-on, represents 6.6 times more and a 38% IRR in US dollar terms. As we mentioned, we retain a board seat at JustPay post this transaction and a 6.4% stake in the business. And JustPay really operates at the bleeding edge of tech by any standards. And we continue to be very excited about the potential of the business and the path that it's on. We believe they'll be in a position to announce some more international success very soon. And it's become one of the strongest AI native companies across the FinTech ecosystems that we've seen with a product roadmap to reflect that. We're excited to continue our journey with Vimal and Sheetal into the future. On slide nine, we just wanted to update our summary of exits of the last 18 months in a slide. And so since November 2024, we've delivered four exits totaling $52 million. We continue to target opportunistically converting our NAV to cash at or above our marks to strengthen our balance sheet and improve optionality in an environment where we see plenty of opportunity. Overall, the $52 million in exits represented by the BlackBuck IPO in sale, the Gringo sale for Corpay and the two JustPay partial sales to Kadara and Westbridge were executed at an 8% premium to the pre-transaction NAV marks on these companies. A 1.4 times aggregate MOIC and 11% gross IRR over a three and a half year holding period. And if we include the retained stake in JustPay, the total value of these investments would represent a two and a half times MOIC and 24% gross IRR, including the unrealized gains of JustPay. And we continue to work towards more exits of a similar standard going forward. Dave, back to you.