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Good day and thank you for standing by. Welcome to the VF2Q26 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 and 1 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 1 and 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.

Thank you very much. Good morning. Good afternoon, everybody. And welcome, as usual, to our results conference call, which follows the release of our 2Q results earlier today. On the call with myself, Dave Nangle, CEO. With me is Alexis Kamoudos. our CIO and partner since pretty much inception at BEF. I'll start and then Alexis will come in and I'll round up and then we'll open up happily for questions after about 15 minutes of presentation as per usual. Just to kick off on slide two, some of the key events of the quarter and we'll go through some of these in a bit more detail in the presentation itself. But, you know, the headline nab itself was broadly flat and quarter on quarter, albeit up 8% plus year on year. That's in dollar terms, slightly higher in SEC. From a NAV point of view, there's a lot of detail below that. Really, valuation multiples compressed in some of our key markets, but that was offset by the underlying performance, strong performance, robust from the portfolio itself, which continues to be in a good state of health. Specifically, credit tasks we always focus on in these events, given its size and importance to VF. Another strong quarter for credit tasks in Q1, 26, with the last official numbers out. with growth now in the company loan book top line exceeding 20% and compounding faster quarter and quarter and improving in efficiency gains as it goes and something I'll definitely double click on. And a lot of those efficiency gains are actually coming through from its engagement with AI and we spend a lot of time with our portfolio and its engagement AI and we're actually starting to see real benefits We use Creditas as a casebook example this quarter, both in the management letter, but also in this presentation to touch on some of the key aspects that Creditas is using and the positive implications that we're seeing, not in theory, but already for operational efficiency costs, but also on widening time and growth, which is key on both sides of the fence. From a personality point of view, we freshened up, strengthened our board. For a company now that's 11 years old, there's always going to be and turnover in the board at this juncture. And we're very happy to have Will Pruitt from Fidelity, formerly of Fidelity, and Torun Lidsson from Sinevik in Sweden, two very high profile individuals with deep expertise across a number of areas which are very important to VEF as a listed investment company in emerging markets fintech. And finally, you know, our strategy remains very much focused on long-term value creation and compounding growth in our portfolio. We spend a lot of time talking about our portfolio because it is everything. But around that, what we can control is the exits we've been delivering, how we put that capital to work to strengthen our balance sheet, paying down our debt and moving on to our shares which trade at a discount and we can buy them back and obviously create value for all as we go. And I'll double click on that. Moving on to slide three, just a couple of numbers. You know, quarter and quarter, you know, the headline itself made it feel like a quiet quarter, albeit a lot happening below the hood. Year on year, a bit more tenure to it on a dollar point of view from an NAV of 8.4% year on year and from a SEC per share of 11.6% year on year. From here, let's move over to Alexis. and I'll pass you on, Alexis, for slide five plus. You can get a bit more into actually what happened in the quarter from a financial nav key trend point of view.

Hi, everyone. Yeah, as we look at the portfolio in the second quarter this year, there's been no change in the splits on the quarter of 70% of the portfolio's value that lays the transaction and 30% marked the model. That is unchanged quarter on quarter. Our two largest holdings both carry the marks of very recent and insightful transactions. Credit Pass is held at its $108 million Series G and its $50 million Series D follow-on in January, priced at our secondary sale in that round. So both marks are unchanged quarter on quarter and both companies continue to deliver strongly post-raise We sent check both against traded comps every quarter and So today seventy percent of our now is anchored by third-party transactions closed within the last seven months within the mark to model book Confio was marked down around six percent in the quarter and This is purely a comp story. The listed LATAM fintech and financials names that drive our peer medians came under pressure. to the quarter. But underneath that, Confio continued to deliver in line with plan. So as in the first quarter, the markdown is a symptom of market moves rather than anything company-related. And encouragingly, the rest of the market model book moved higher on delivery. Solvacil, Abbey, Nebo were all marked up in the quarter with Abbey to stand up around 25% quarter on quarter as the business continues to compound at pace. And Dave will spend more time on Ab later in the presentation. Moving on to slide six, here we show our regular quarterly NAV evolution and the breakdown of the moving parts. The headline is this quarter has been a quiet or stable quarter. now bridge the nav at the end of the second quarter ended at four hundred six million dollars as they've mentioned down two and a half million dollars or point six percent in dollars and up eight point four percent year-on-year within the thirty percent of the holdings valued marked model the underlying portfolio performance added five million dollars and FX added for the three million dollars and with the Mexican Peso up 30% and the Rai up 1% against the dollar over the quarter. Against that, multiple compression across our traded comps took off $8 million. So delivery and currency largely absorbed the comp pressure. On the 70% of the holdings that were valued at the latest transaction, that was unchanged. And at the corporate level, cash, was reduced by $3 million, which is our ongoing OPEX and coupon payments in a quarter with no exit proceeds. And there was $1 million of positive translation effect on the bond. So net-net, the NAV is broadly flat on the quarter with robust underlying portfolio performance and FX tailwinds offsetting market volatility. Moving to slide seven. On this slide, we want to reiterate we continue to feel confident in the high-quality portfolio and its ability to compound from here. Over 90% of the portfolio has achieved self-sustaining cash flow profiles, and all of our top three holdings are there. We see the portfolio growing 20 to 30% over the next 12 months on a revenue basis and 30% on a gross profit basis with our large late stage top three holdings driving much of this. And Dave will talk a bit more about credit tasks, but credit tasks is that really strong proof point where we've had eight straight quarters of annual quarterly growth. and seeing, you know, record originations up 29% year-on-year. On fresh capital, our companies are well capitalized across the board. Credit House and Just Pay, the latest standout fundraisers. We remain encouraged by deal activity across our geographies and by our company's ability to keep attracting fresh capital at strong marks. which drives real value growth and creates liquidity options over time. With that, I'll hand back to Dave to go through a bit more detail on credit apps and Abbey.