ePrivacy and GPDR Cookie Consent by Cookie Consent Eleving Group delivers strong financial results in 2022

Eleving Group delivers strong financial results in 2022

April 28, 2023

Eleving Group has announced its best financial and operational results, navigating through a turbulent year of geopolitical uncertainty and economic turmoil.

Find the report here.

As stated in the published integrated annual report for 2022, the Group has increased its adjusted EBITDA to EUR 70.0 mln., up by 21.8% year-on-year, while the net portfolio has reached a record-high EUR 293.0 mln. Eleving Vehicle Finance and Eleving Consumer Finance segments accounted for EUR 225.8 mln and EUR 67.2 mln, respectively. Meanwhile, the Group’s annual adjusted revenue amounts to EUR 183.9 million, an increase of 17.2% compared to the corresponding period in 2021, but the annual net profit before FX reached EUR 27.8 mln, compared to EUR 19.9 mln a year earlier.

“Despite the economic and geopolitical challenges, we maintained growth in nearly all of the Group’s markets and both product segments. Our most mature markets and products continued to perform at the usual level. Car rental and car subscription services now play an increasing role in our portfolio, as does our motorcycle-taxi financing business in Kenya and Uganda. Indeed, in the second part of last year, we took a more conservative approach, but it allowed us to streamline our existing products and achieve a high quality of service. Although global consumption volumes fell slightly in the second half of the year, the demand for our products remained strong across the Group’s markets,” on the annual results comments Modestas Sudnius, the CEO of Eleving Group.

Also, the Group successfully decreased its operational cost base, as evidenced by the 1.7 p.p. drop in the cost-to-income ratio of 2022 compared to 2021.

“We had to make several strategic decisions, such as exiting or reducing portfolio exposure in two war-affected markets (Ukraine and Belarus, respectively) and optimizing administrative costs. Now in retrospect, I may conclude that, although hard, they were the right decisions that allowed us to have, if not perfect, then still a great year. Moreover, facing an uncertain inflationary environment, we will seek to become even more cost-efficient in 2023,” Modestas Sudnius continues.

In addition to delivering strong financial performance, Eleving Group continued to pursue its sustainability goals. In 2022, the Group was certified as a Carbon Neutral company, achieved by offsetting more than 114 tCO2 in carbon footprint projects in Kenya and Uganda. Sustainability is also becoming increasingly important in the company’s products, through which the customers are educated about climate-friendly mobility and financial decisions. In Q2, the Group co-financed the launch of OX Drive, an electric car-sharing service in Latvia. During the seven months of operation, the project has helped save over 110 metric tons of CO2. Furthermore, in Q4, Eleving Group partnered with STIMA, a battery-swapping technology provider from France, and the Estonian ride-hailing unicorn Bolt to promote climate-neutral mobility in Kenya by offering electric motorcycle financing services to local customers. Eleving Group has also launched its long-cherished financial literacy project, which aims to educate more than 500 000 consumers on financial management and budget planning through a purpose-built financial literacy platform www.smart.eleving.com.

About Eleving Group

Eleving Group is a global multi-brand group established in 2012 that operates in vehicle and consumer financing segments. Currently, the company has 12 markets of operations across three continents. The company has a portfolio of over 500 000 clients worldwide, and the total volume of loans issued exceeds EUR 1.2 billion. In 2020 and 2021, Financial Times ranked Eleving Group among Europe’s Top 1000 fastest-growing FinTech companies. Currently, Eleving Group has more than 2600 employees. The company’s bonds are listed on Nasdaq Riga and Frankfurt Stock Exchange. In 2023, Eleving Group received 1st place in Nasdaq Baltic Awards in the category of Best Investor Relations on the First North Bond List.

Media contacts

Arturs Cakars, Group Chief Corporate Affairs Officer, +371 25940357, arturs.cakars@eleving.com