Eleving Group 12M results ended on December 31, 2025

Well-balanced growth delivering strong financial results

Operational and strategic highlights

Profitability

• Eleving Group ended 2025 with the strongest financial performance to date, recording the revenue of EUR 250.1 million, representing an increase of 15.5% compared to the 2024 results.
• The Group maintained a diversified business operations portfolio, generating a well-balanced revenue stream from all the core business lines:

• • Traditional vehicle financing products contributed EUR 67.0 million to the revenue (a 6.0% decrease compared to 12M 2024). 
  • Flexible vehicle financing products contributed EUR 60.3 million to the revenue (a 25.9% increase compared to 12M 2024).
  • Device financing products contributed EUR 7.9 million to the revenue (product launched in 2025).
  • Consumer lending products contributed EUR 114.9 million to the revenue (a 18.0% increase compared to 12M 2024).

• The Group’s adjusted EBITDA reached a twelve-month record high of EUR 101.9 million, representing an increase of 13.5% compared to the corresponding reporting period a year ago.
• The net portfolio increased by EUR 75.4 million in 2025, reaching EUR 446.6 million at the end of the fourth quarter of 2025, representing a 20.3% increase compared to the corresponding reporting period a year ago.
• The net profit before FX and discontinued operations reached EUR 40.8 million by the end of 2025, representing an increase of 25.5% compared to the corresponding reporting period a year ago.
• The total net profit for 2025 remained stable at EUR 29.1 million.

Growth

• In 2025, Eleving Group repeatedly achieved record-high loan issuance volumes, issuing EUR 458.0 million worth of loans to its new and existing clients—an increase of 24.3% compared to the EUR 368.6 million in 2024. Of the total amount issued, EUR 231.6 million were generated by the vehicle and device finance business line, while EUR 226.4 million originated from the consumer finance operations. The vehicle and device finance loan issuance increased by 34.0% year-on-year, while the consumer finance loan issuance grew by 15.7%. The strong growth was driven by an overall surge in the demand for the Group’s products, as well as the launch of new product offerings within the vehicle and device product business line, including installment loans in several European markets and smartphone financing in Uganda and Kenya.
• In the fourth quarter of 2025, Eleving Group issued loans totaling EUR 134.0 million, representing a 9.3% increase compared to the third quarter of 2025, when the issued loan volume amounted to EUR 122.6 million. In the fourth quarter of 2025, Kenya and Uganda delivered a strong performance, with smartphone financing recording a 68.5% quarter-on-quarter increase, from EUR 7.6 million issued in the third quarter to EUR 12.9 million issued in the fourth quarter. In Europe, a positive contribution came from the installment loan issuances, with the total volumes increasing from EUR 4.2 million issued in the third quarter of 2025 to EUR 5.9 million issued in the fourth quarter, representing a 39.2% quarter-on-quarter increase. The quarterly results were also positively impacted by customer retention initiatives implemented during the period, driving higher utilization and revenue contribution from the existing client base.
• Eleving Group saw a strong demand for its products in 2025, with the total number of loan applications reaching 2.7 million, representing a 50.0% year-on-year increase. The highest application volumes were recorded in Latvia, Kenya, Uganda, Namibia, and Romania. The increase in the demand was driven by the expansion of product offerings, strong brand image, improved customer retention and repeat borrowing, as well as an effective use of digital channels and partner networks, improving reach and customer acquisition efficiency. On a quarter-on-quarter basis, Eleving Group also gathered momentum, with 925 thousand loan applications submitted in the fourth quarter, representing a 23.6% increase compared to the 748 thousand applications in the third quarter. On a quarterly basis, the strong demand for loans was also driven by seasonal factors. The average conversion rate reached 9.4% for vehicle products in the vehicle and device business line and 23.3% for consumer finance products, reflecting the Group’s conservative credit assessment approach and strict underwriting standards.
• On 31 December 2025, the total net loan portfolio was worth EUR 446.6 million. The countries representing the largest share of the portfolio included Kenya (14.3%), Romania (12.9%), Albania (8.6%).

Operational milestones

• In 2025, Eleving Group’s strategic focus was on strengthening its presence in the existing markets through a broader product offering. The company started offering installment loans in Latvia, Estonia, Romania, and Armenia. Over the year, the product delivered a solid performance, contributing to an increased demand and generating the total issuances of EUR 14.7 million.
• As part of its growth strategy, Eleving Group launched smartphone financing in Kenya and Uganda in 2025. By the year end, the smartphone financing portfolio had reached EUR 13.5 million and served 260 thousand customers, demonstrating a solid market demand. The Group plans to scale its device financing offering to additional markets in 2026.
• In September 2025, Eleving Group expanded its geographical footprint by entering a new market, with Tanzania becoming the 17th market in the Group’s portfolio. The initial product offer focuses on motorcycle loans, leveraging the Group’s established expertise in this product segment. Over the next 12 to 24 months, the Group plans to further strengthen its presence in the key urban areas in Tanzania.
• As part of its digital transformation program, Eleving Group piloted the use of AI voice agents at its call centers in 2025. The initial results demonstrated the handling capacity of up to 20,000 calls per day, equivalent to the workload of approximately 100 operators. In 2026, the Group plans to roll out AI voice agents across multiple markets and languages, with Romania expected to be the first non-English-speaking market where AI voice agents will be integrated into the daily operations.
• In Moldova, Eleving Group operated two separate business units specializing in different consumer lending products, each structured as a separate legal entity. In the fourth quarter of 2025, as part of an operational optimization initiative, the Group sold the vehicle finance unit’s loan portfolio, worth EUR 12.4 million, to the entity specializing in personal loan products. Given the uncertain regulatory environment regarding vehicle financing in Moldova, including matters under discussion with one of the regulatory authorities, Eleving Group is planning to focus on personal loans rather than vehicle finance.
• In line with its ongoing efforts to optimize operational efficiency, Eleving Group has initiated a review of the business model of its Uzbekistan operating entity, with the objective of increasing its contribution to the Group’s consolidated financial performance. Further updates will be communicated upon the completion of the review.
• Eleving Group has established a legal entity in a new market, with licensing currently in progress. Further updates will be provided during the year.

Financial highlights and progress

• Consistent and sustainable profitability, as demonstrated by strong annual financial performance:
  • Total net loan portfolio reached EUR 446.6 million at the end of 2025 (31 December 2024: EUR 371.2 million).
  • Adjusted EBITDA reached EUR 101.9 million (12M 2024: EUR 89.8 million).
  • Total net profit excluding FX and discontinued operations amounted to EUR 40.8 million (12M 2024: EUR 32.5 million).
  • Net profit from continued operations amounted to EUR 29.1 million (12M 2024: EUR 28.8 million).
• As at 31 December 2025, the capitalization ratio stood at 23.7% (31 December 2024: 29.3%), the interest coverage ratio at 2.3 (31 December 2024: 2.4), and net leverage at 3.8 (31 December 2024: 3.3).
• In the fourth quarter of 2025, Eleving Group paid out EUR 4.86 million in dividends on the profits earned in the first half of 2025. In total, the dividends paid in 2025 amounted to EUR 19.65 million, representing a total cash return of approximately 10% to the shareholders, calculated based on the IPO share price. The next dividend payout is expected in the second quarter of 2026 and will be based on the profits generated in the second half of 2025.
• In 2025, Eleving Group successfully completed two bond issues. In the first quarter of 2025, the Group executed a EUR 40 million bond tap in addition to the EUR 50 million bonds originally issued in 2023. In the fourth quarter of 2025, Eleving Group refinanced the 2021 bonds maturing in 2026 with a total amount of EUR 150 million and issued new bonds, raising the total proceeds of EUR 275 million. This transaction marked the largest and most successful bond issuance in Eleving Group’s history.
• Eleving Group continued to strengthen its funding structure by securing additional debt facilities in local currencies, thereby reducing foreign exchange risk and supporting sustainable growth across its markets. The Group raised a total of EUR 4 million in the fourth quarter of 2025 in Kenya from two local banks, I&M Bank and Ecobank. At the year end, the outstanding Kenyan local bonds and banking facilities amounted to EUR 33.8 million. In addition, the Group signed a EUR 5 million bank loan facility in Armenia and entered the final execution phase of a EUR 5 million bank loan facility in Georgia, both denominated in local currencies. The Georgian facility is expected to be finalized in the first quarter of 2026.
• In 2025, the Group’s disciplined capital management, diversified funding base, and strengthened liquidity profile supported Fitch Ratings’ decision to upgrade Eleving Group’s outlook from stable to positive, while affirming its B credit rating.

Comments from Eleving Group CEO and CFO

Modestas Sudnius, CEO of Eleving Group

Year 2025 was a year of strong growth for Eleving Group, with its net loan portfolio increasing by 20.3%. We saw a strong demand for our products, which reinforced our growth initiatives. The Group implemented a well-balanced growth strategy that envisaged expansion in the existing markets through a broader product offering and new products and an entry into a new market. Latvia, Romania, and Kenya delivered a particularly strong performance, being the key contributors to the Group’s overall growth in 2025.  

In European markets, the Group’s strategic focus in 2025 was on maximizing the value of our existing customer base. In several of our markets, we expanded our product offering by introducing installment loans for our clients. This represented a natural step in our product evolution, as in Europe we have been operating for many years and have built a high-quality customer base. Those customers increasingly require more flexible, unsecured products not tied to a specific asset, such as a vehicle. With the primary focus on our existing customer base, we gradually began onboarding new customers as well. Within a relatively short period of time, we observed a strong demand for these products, which translated into notable portfolio growth. The approach has proven effective and will remain one of the key focus areas also in 2026.

I am also very pleased with the performance of our Africa team. In 2025, we launched smartphone financing in Kenya and Uganda as a new addition to our product portfolio. By the end of 2025, the loan portfolio of smartphone financing had already reached EUR 13.5 million. In addition, during the year, we entered a new market—Tanzania—by introducing motorcycle financing, a product segment in which we have extensive experience. In 2026, we aim to further accelerate growth in Africa, supported by portfolio expansion and disciplined execution. 

Maintaining lean operations remains a core priority for Eleving Group. In 2025, we reduced our cost-to-income ratio and expect to maintain this approach going forward. Portfolio growth is one of the drivers supporting further improvements in the cost-to-income ratio; however, we see that additional measures are required to address the rising cost pressures. In 2026, we will focus on implementing automated solutions, such as AI voice agents at call centres, which we tested in 2025, to address these pressures and further improve operational efficiency. 

Looking ahead to 2026, Eleving Group is well positioned for further growth. Following the bond issuance completed in 2025, the Group has secured a strong funding base to support continued expansion. At the same time, we will continue to focus on operational excellence and cost efficiency to support sustainable and profitable growth.

Māris Kreics, CFO of Eleving Group

For Eleving Group, 2025 was a defining year in the capital markets. The year marked the first anniversary of the Group’s IPO and was accompanied by the successful execution of two bond issuances.

In March, we completed a EUR 40 million bond tap to the EUR 50 million bonds originally issued in 2023. In October, we successfully refinanced the bonds issued in 2021 and maturing in 2026, with a total amount of EUR 150 million, and issued new bonds, raising a total of EUR 275 million. This represented the largest and most successful bond issuance in Eleving Group’s history. Both transactions attracted a strong demand from a diverse investor base, including global institutional investors and retail investors in the Baltics and Germany. The level of investor interest reflects the reputation Eleving Group has built as a reliable and well-established issuer in the capital markets. In parallel, we continued to successfully execute our strategy of raising funding in local currencies across the markets in which we operate, thereby reducing foreign exchange risk and supporting sustainable growth. 

In our first year as a publicly listed company, we remained firmly focused on delivering on the commitments made at the time of the IPO. Looking at our 2025 targets, we delivered a solid performance, achieving results in line with or close to our stated objectives. Our net portfolio exceeded expectations, surpassing the target by 24%, and reaching EUR 446.6 million at the end of 2025. The revenue reached EUR 250.1 million, representing 95% of the target, while the net profit before foreign exchange effects amounted to EUR 40.8 million, equivalent to 93% of the target level. Overall, I am satisfied with the results delivered during our first year post IPO; however, in 2026 we will focus more strongly on operational efficiency to meet the targets set for the year. Delivering on our IPO commitments, we distributed EUR 19.65 million in dividends in 2025, representing a total cash yield of 10%, calculated based on the IPO price. 

Looking ahead to 2026, we feel well-positioned from a funding perspective. We are prepared to support our growth objectives in the coming years, while maintaining a strong focus on profitability and a disciplined approach to cost management.

Full unaudited consolidated report on the 12M period ended on 31 December here.

Conference Call: the Group's management team will hold a conference call in English on 10 February 2026 at 15:00 CET to present the results.

Conference call registration link here.