Eleving Group 9M results ended on September 30, 2025

Profitability

• Eleving Group ended the first nine months of 2025 with stable growth in the revenue. The total revenue for the first nine months of 2025 amounted to EUR 178.8 million, representing a 13.2% increase compared to the corresponding reporting period of 2024.
• 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 57.2 million to the revenue (a 7.7% increase compared to the first nine months of 2024).
    • Flexible and subscription-based products contributed EUR 44.6 million to the revenue (a 28.2% increase compared to the first nine months of 2024).
    • Consumer lending products contributed EUR 77.0 million to the revenue (a 10.0% increase compared to the first nine months of 2024).
• The Group’s adjusted EBITDA in the first nine months of 2025 was EUR 73.1 million, an increase of 12.4% compared to the corresponding reporting period of 2024.
• The net portfolio at the end of the third quarter of 2025 reached EUR 409.6 million, up by 10.3% compared to the EUR 371.2 million at the start of the nine-month reporting period.
• The net profit before FX and discontinued operations amounted to EUR 32.0 million, up by 27.5% from the EUR 25.1 million in the corresponding reporting period of 2024.
• The total net profit for the first nine months of 2025 amounted to EUR 23.6 million, an increase of 7.8% compared to the EUR 21.9 million recorded in the corresponding period of 2024.

Growth

• During the first nine months of 2025, Eleving Group repeatedly achieved a record-high loan issuance volume, issuing EUR 323.5 million to new and existing clients—a 23.4% increase compared to the EUR 262.2 million in the corresponding period of 2024. Of this amount, EUR 165.7 million accounted for the vehicle finance products, while EUR 157.8 million—for consumer finance.
• In the third quarter of 2025, Eleving Group issued loans totaling EUR 122.0 million, representing a 15.7% increase from the second quarter of 2025, when the volume of issued loans stood at EUR 105.5 million. The increase in the issued loan volume was driven by the addition of smartphones to the product portfolio, which contributed EUR 7.6 million. Motorcycle loans in the third quarter of 2025 also recorded a 27.1% increase on the second quarter of the year.
• Eleving Group saw a significant rise in customer activity in the vehicle finance segment. In the third quarter of 2025, slightly more than 400 thousand loan applications were received, representing a 21.4% increase on the second quarter of the year. The increase in loan applications was driven by a strong demand for the new installment product launched earlier this year, as well as notable performance in Georgia, Armenia, and Uganda, supported by continued engagement with our existing customer base and effective client retention efforts. The average conversion rate for this business line stood at 8.8%, reflecting the Group’s conservative credit assessment policy and strict underwriting standards. In total, in the third quarter of 2025, 35,430 loans were issued in this segment.
• The Group’s consumer finance business line delivered stable and consistent results. During the third quarter of 2025, more than 196 thousand loan applications were received. With a conversion rate of 36.0% for the new clients, approximately 118 thousand loans were issued, maintaining sales levels comparable to those of the second quarter of 2025.
• On 30 September 2025, the net loan and used vehicle rent portfolio stood at EUR 409.6 million. The countries representing the largest share in the portfolio were Romania (12.9%) with EUR 53.0 million, Kenya (12.5%) with EUR 51.2 million, Albania (9.4%) with EUR 38.4 million.

Operational Milestones

• The Group continued to execute its strategic expansion plan during the reporting period. Eleving Group received a license from the Bank of Tanzania to commence operations. In October, the first branch was opened in Dar es Salaam, Tanzania. The initial product offering is motorcycle loans, and the company will further evaluate opportunities to expand into other product categories. Over the next 12 to 24 months, Eleving Group aims to further strengthen its presence in the key urban areas in Tanzania, supporting sustainable portfolio growth in the region.
• The Group’s smartphone financing product, launched 5 months ago in Uganda and 3 months ago in Kenya, has generated strong customer interest, with over 149 thousand applications received in the third quarter of 2025. Maintaining a deliberately cautious and selective underwriting approach, with a clear focus on the portfolio quality and controlled growth, the Group has built a portfolio of EUR 6.6 million by the end of the reporting period. In addition to providing access to affordable financing solutions, the product supports local entrepreneurial activity and contributes to the digitalization of African economies by enabling small business owners and self-employed individuals to acquire essential mobile digital equipment vital for their entrepreneurial activities.
• In the European markets, Eleving Group continued to improve internal processes to maximize customer lifetime value and enhance the efficiency of its existing client base, thereby reducing customer acquisition costs. Eleving continued to expand its product offering, scaling up installment loans for the vehicle financing clients. The Group established dedicated client retention teams and introduced automated outreach tools to streamline our customer communication efforts. These efforts delivered positive results, generating additional EUR 4 million in monthly sales from the existing clients.
• In line with its development plan, Eleving Group is preparing to enter a new market in the first half of 2026. The Group is currently in the process of establishing a legal entity and obtaining the necessary regulatory licenses to commence operations. The specific market will be disclosed upon the official launch of activities.

Financial highlights and progress

• Strong financials maintained:
  • • Adjusted EBITDA reached EUR 73.1 million (first nine months of 2024: EUR 65.0 million).
    • Total net profit excluding FX and discontinued operations amounted to EUR 32.0 million (first nine months of 2024: EUR 25.1 million).
    • Net profit from continued operations amounted to EUR 23.6 million (first nine months of 2024: EUR 21.1 million).
    • Total net loan portfolio reached EUR 409.6 million (31 December 2024: EUR 371.2 million).

• As at 30 September 2025, the capitalization ratio stood at 25.7% (31 December 2024: 29.3%), the interest coverage ratio at 2.4 (31 December 2024: 2.4), and net leverage at 3.6 (31 December 2024: 3.3).
• From 29 September 2025 until 17 October 2025, Eleving Group conducted an exchange and public bond offering (ISIN: XS3167361651), through which the company raised EUR 275 million. The Group offered senior secured and guaranteed bonds with a nominal value of EUR 1,000, maturing on 24 October 2030, and with interest payable semi-annually on 31 March and 30 September each year. Fitch Ratings assigned the issue a final rating of ‘B’ with a Recovery Rating of ‘RR4’. The proceeds from the bond issuance will be used to refinance existing liabilities and support further development of the Group’s loan portfolio. Following the successful bond issuance, Eleving Group proceeded with the refinancing of its outstanding bonds (XS2393240887) amounting to EUR 150 million, originally maturing in 2026. Of this amount, EUR 61 million was exchanged during the new bond offering, while the remaining portion was fully repaid subsequent to the redemption notice.
• 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. In September, the Group drew EUR 4.3 million from an Absa Bank facility in Uganda. In October, it received the first tranche of a EUR 3.3 million loan in Kenya from a local bank, with the remaining EUR 1.65 million expected by the year end. Both facilities are issued in local currency. Furthermore, the Group has entered the execution phase for a EUR 5 million bank loan facility in Armenia and a EUR 5 million facility in Georgia, both arranged in local currency. The completion of these transactions is expected in the fourth quarter of 2025.
• In accordance with Eleving Group’s dividend policy, the next dividend payment is expected to take place at the end of November 2025, based on the profits generated during the first six months of the year. Eleving Group plans to distribute EUR 4.86 million in dividends, representing 40% of total net profit attributable to the equity holders.

Comments from Eleving Group CEO and CFO

Modestas Sudnius, CEO of Eleving Group

The first nine months of 2025 reiterated Eleving Group’s ability to deliver consistent performance across diverse markets and product lines. We are pleased to report a record-high loan issuance in the first nine months of 2025, with EUR 323.5 million in loans issued to new and existing clients—representing a 23.4% increase compared to the same period last year. The third quarter showcased our growth potential, achieved without compromising profitability.

Our strategy to strengthen our presence in the existing markets through a broader product offering, while simultaneously expanding into new markets and launching new product lines, continues to drive our growth. The African region showed strong quarter-onquarter results, driven by the rapid growth of our smartphone financing product. Motorcycle lending in Kenya and Uganda also continued to perform well, showing stable growth. In October, we entered a new market in Tanzania with our vehicle financing business line, marking another important milestone in our regional expansion. Meanwhile, in Europe, our initiatives to improve client retention are delivering strong results, generating additional EUR 4 million in monthly sales from the existing customers.

On the funding side, we successfully completed the largest public bond issuance in the company’s history, raising EUR 275 million. This achievement strengthens our financial position, gives us more flexibility in refinancing our existing liabilities, and supports our expansion plans. With a strong capital base, we look forward to further growth across our markets.

Māris Kreics, CFO of Eleving Group

In the third quarter, we began to prepare for the refinancing of our bonds maturing in 2026 with a total nominal value of EUR 150 million. In response to a strong investor interest, in October 2025, we successfully issued bonds totaling EUR 275 million. The transaction attracted institutional investors from Europe, the United States, and the Middle East, as well as retail investors from the Baltics and Germany. At the same time, we continued to diversify and strengthen our funding base by securing new debt facilities in local currencies, thereby reducing foreign exchange risk and expanding financing in non-euro markets, including countries where such facilities had not been previously established.

Reflecting on the financial results of the first nine months of 2025, we remain on track to meet our net portfolio, revenue growth, and profitability targets for the year. The solid performance testifies to disciplined execution of our strategy outlined at the beginning of the year. Building on these results, we plan to make a second dividend payment at the end of November 2025, in line with the company’s dividend policy and our commitment to creating value for our shareholders.

Looking ahead, we will maintain a disciplined approach to funding and cost management while supporting the Group’s continued expansion. With a strong balance sheet, Eleving Group is well positioned to pursue sustainable growth and deliver consistent returns.

Full unaudited consolidated report on the 9M period ended on 30 September: https://www.eleving.com/investors/reports

Conference Call:

The Group's management team will hold a conference call in English on 11 November 2025 at 15:00 CET to present the results.

Conference call registration link here.