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Eleving Group reports on record-high financial results for the nine months of 2021

November 15, 2021

Eleving Group (former Mogo Finance) reports unaudited results for the nine months of 2021, conclusively determining the company’s course to the best financial year in its history. The group’s revenue for nine months has been EUR 112.6 million and net profit reached EUR 9.2 million, which is an impressive leap compared to the EUR 2.5 million losses made in the respective period in the last year.

The excellent profitability was boosted by the highest-ever nine-month adjusted EBITDA of EUR 45.7 million and record-high portfolio of EUR 229 million, contribution to which was made by both group’s business lines—vehicle and consumer financing.

“By keeping the strategic focus on the Group’s existing markets and continuing to pursue steady growth, Eleving Group has reached multiple substantial milestones in the third quarter of 2021. Our nine-month key performance indicators have already exceeded the results of the entire 2020, and so far, we are turning in the best financial performance in the Group’s history.

In third quarter of 2021, we also reached historic milestones for the company – issued loans in amount of EUR 900 million since inception and financed more than quarter-of-a-million vehicles, also Group’s team surpassed 2,000 employees` mark. We have managed to strengthen our position across all Eleving markets. We continue to demonstrate strong quarter-on-quarter growth in Kenya and Uganda, where we are focusing on motorcycle taxi financing. Also, we have achieved the highest issuances since the beginning of the pandemic across multiple vehicle financing markets in Baltics and Eastern Europe.

Eleving Group also saw a landmark Eurobond issuance in the amount of EUR 150 million, with the bonds listed on the Frankfurt Stock Exchange. We are grateful to our investors’ community across Europe, who showed trust in the company and our vision. The money raised will allow us to refinance our current obligations and secure stable financing for the company in the foreseeable future. Not only was this a milestone for Eleving Group but also for the Baltic capital markets since it has been one of the largest bond issuances of all time by a private company headquartered in the Baltics.

In the third quarter of 2021, we continued to implement our ESG strategy. We have designed green vehicle—electric and hybrid—financing products, which were introduced in Lithuania and Romania, with new markets to follow soon. Additionally, we have embarked on a course of offsetting the Group’s carbon footprint and kicked-off a process for developing long-term ESG goals,” comments Modestas Sudnius, CEO of Eleving Group.