Eleving Group 6M results ended on June 30, 2026

Well-balanced growth delivering strong financial results

Operational and strategic highlights

Profitability
  Eleving Group reported a record-high EUR 165.0 million in total revenue during the first six months of 2026, representing a 40.4% increase compared to the corresponding reporting period last year.   The Group maintained a diversified business operations portfolio, generating a well-balanced revenue stream from all the core product segments:  Vehicle financing products contributed EUR 71.0 million to the revenue (an 11.3% increase compared to the first six months of 2025). Device financing products contributed EUR 21.0 million to the revenue (launched in the first six months of 2025). Consumer financing products contributed EUR 73.0 million to the revenue (a 36.3% increase compared to the first six months of 2025).   The Group’s adjusted EBITDA reached EUR 62.6 million, increasing by 38.2% compared to the corresponding reporting period last year, in line with the revenue growth.   At end of June 2026, Eleving Group’s net portfolio reached EUR 522.2 million—up by 17.0% from EUR 446.3 million at year-end 2025, with the Group achieving its full-year portfolio target within the first six months of 2026.   The net profit before FX and discontinued operations totaled EUR 23.5 million, representing an increase of 12.4% compared to the corresponding reporting period a year ago.   The total net profit for the first six months of 2026 amounted to EUR 16.5 million, an increase of 8.6% compared to the EUR 15.2 million recorded in the corresponding period of 2025.
Growth
  During the first six months, Eleving Group delivered record-high loan issuances to its new and existing customers, reaching EUR 308.7 million and representing a strong 46.4% increase compared to the same period last year. The growth was well balanced across both business lines, with vehicle and device finance issuances increasing by 51.0% and consumer finance—by 42.7%.   The Group’s vehicle financing product segment demonstrated steady customer demand, with almost 330 thousand verified loan applications received in the first six months of the year, representing a 10.8% increase compared to the corresponding period in 2025. With a conversion rate of 23.4%, more than 76 thousand loans were issued, marking a 62.7% increase in sales compared to the same period last year.   As at the end of June 2026, the device financing portfolio reached EUR 25.6 million. Following the successful rollout phase of the smartphone financing product in Kenya, Uganda and Tanzania, more than 186 thousand loans were issued during the second quarter of 2026, representing a 69.1% increase compared to the first quarter and demonstrating the substantial demand for device financing in these markets. As the portfolio continues to scale, the Group maintains a disciplined underwriting approach and conservative risk management, closely monitoring portfolio performance to support sustainable long-term growth.   Eleving Group saw a significant increase in activity across its consumer financing products. In the first half of 2026, more than 800 thousand verified loan applications were received, representing a 57.7% increase compared to the corresponding period in 2025. The growth in demand was supported by the continued development of the installment loan product in the European markets and client retention processes. During the first six months of the year, more than 270 thousand loans were issued, resulting in a conversion rate of 33.7%.   As at 30 June 2026, the total net loan portfolio stood at EUR 522.2 million. The countries representing the largest share in the portfolio were Kenya (17.0%), Romania (12.0%), Albania (7.5%), and Latvia (14.1%, including the Primero product portfolio in the total portfolio balance).
Operational milestones
  Eleving Group has officially entered the South African market, recording its 18th operating market and a key expansion milestone. Following the receipt of a license from the local regulator, the Group has opened its first branch in Cape Town and started issuing loans in early July 2026. The Group will offer a variety of consumer loan products, combining a physical presence with fully digital issuances to reach a broad customer base and tap into the strong growth potential of one of Africa’s largest consumer finance markets.   Since the launch of operations in Tanzania last year, the Group has expanded its footprint to 7 fully operational branches and established partnerships with more than 300 local phone retailers, creating a growing distribution network for its motorcycle and smartphone financing products. This expansion has generated nearly EUR 7.4 million in loans issued in the first half of 2026. As the business continues to scale and strengthen its market presence, the Group is well positioned to seize further growth opportunities in Tanzania.   Eleving Group has launched a civil servant loan product in Kenya, introducing its first unsecured financing product in the market and building on the Group’s experience with the product across its Southern African operations. With loan installments deducted directly from the salary, the product provides a predictable repayment profile, supporting prudent risk management. Targeted at the existing customer base, the product is designed to strengthen customer retention while expanding the Group’s product offering. The Group will evaluate the pilot over the coming months before determining the next stage of the product’s development.   The Group continues to advance its adoption of AI-driven solutions. Following the successful launch of AI voice agents in Romania and Kenya, the Group has been closely monitoring the performance of the solution and is encouraged by the initial results. The solution enables timely and targeted customer calls, supporting payment reminders, promoting up-selling offerings, and strengthening customer retention. Building on this experience, the Group is preparing to roll out the solution across additional markets by the end of 2026. At the same time, Eleving Group is advancing a wider range of initiatives to pursue operational optimization and process automation. To further strengthen execution, the Group has appointed Head of AI to coordinate and accelerate AI development across the organization.   The Group continued to improve its cost-to-income ratio, reducing it to 34.2% in the first six months of 2026 from 38.0% in 2025. This improvement was driven by the strategic focus on process automation and operational efficiency, alongside the measured optimization of headcount across all operating markets and the Group’s headquarters. Looking ahead, the Group expects to maintain a disciplined cost base while continuing to identify opportunities for further optimization across the organization.
Financial highlights and progress
  Consistent financial performance and steady profitability, driven by strong underlying results: Total net loan portfolio of EUR 522.2 million (31 December 2025: EUR 446.3 million). Adjusted EBITDA of EUR 62.6 million (6M 2025: EUR 45.3 million). Total net profit excluding FX and discontinued operations—EUR 23.5 million (6M 2025: EUR 20.9 million). Net profit from continued operations—EUR 16.5 million (6M 2025: EUR 15.2 million).   As at 30 June 2026, the capitalization ratio stood at 22.1% (31 December 2025: 23.7%), the interest coverage ratio at 2.3 (31 December 2025: 2.3), and net leverage at 3.9 (31 December 2025: 3.8).   On 10 June 2026, Eleving Group distributed EUR 4.3 million in dividends to its shareholders, corresponding to EUR 0.037 per share. In line with the Group’s dividend policy, dividends are distributed on a semi-annual basis, with the next distribution expected in the fourth quarter of 2026.   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. During the first half of the year, the Group raised more than EUR 18 million of local currency denominated funding in Kenya. At the end of June 2026, outstanding Kenyan local bonds and banking facilities amounted to EUR 56.7 million, with the local currency-denominated debt comprising 85% of the total borrowings. The Group continues to advance discussions with investors in other target geographies, with additional facilities expected to be secured during the second half of the year.   Eleving Group is currently evaluating refinancing opportunities for its EUR 90 million Eurobond (ISIN: DE000A3LL7M4). Subject to favorable market conditions, the Group is considering issuing a new Eurobond in the second half of the year, offering existing bondholders an option to exchange their current holdings for the new issue.
Comments from Eleving Group CEO and CFO

Modestas Sudnius, CEO of Eleving Group

I am very pleased with our performance in the first six months of 2026, during which we achieved record results across our key business indicators, including the net loan portfolio, revenue, and net profit. These results reflect the consistent execution of Eleving Group’s strategy.

One of our key strategic priorities over the previous 12 months has been to broaden our product offering and scale our operations in the existing markets. This approach has delivered strong results. We launched installment loan products in all our European markets, successfully tested smartphone financing in three African markets, scaling the product further. Combined with the strong performance of our existing products and the positive traction in Tanzania, where we launched operations in October 2025, these developments enabled us to achieve our full-year growth target within the first six months of 2026.

As part of our continued expansion strategy, we also reached an important milestone in our geographical footprint by entering our eighteenth market. In July, we issued our first consumer loan in South Africa and opened our first branch in Cape Town. Given the country’s advanced digital landscape, we are building on our strength in digital lending while complementing it with a physical branch network in the major cities to remain close to our customers.

In the second half of 2026, our focus will gradually shift from accelerating growth to capitalizing on the progress achieved so far. We will prioritize optimizing the performance of our recently launched products and markets, with a particular focus on improving unit economics and operational efficiency. We will also continue implementing AI solutions across our business processes to increase automation, streamline operations, and maintain a lean operating model. The significant progress achieved in the first half of the year provides us with a solid foundation for delivering strong full-year results.

M?ris Kreics, CFO of Eleving Group

Beyond delivering record financial results, we remained focused on strengthening the foundations of our business. During the first half of 2026, we improved operational efficiency, further strengthened our funding structure, and maintained a disciplined approach to capital allocation.

Our cost optimization project began to deliver tangible results in the second quarter, with the cost-to-income ratio improving to 34.2% in the first six months of 2026. This was supported by process improvements, greater automation and disciplined headcount management across our markets and the Group’s headquarters. We remain focused on delivering further efficiency gains in the second half of the year.

We also strengthened our funding structure and reduced foreign exchange risk by increasing local currency funding. During the first half of the year, we raised more than EUR 18 million in Kenya. At the end of June, the Group’s outstanding local bonds and bank facilities in Kenya totaled EUR 56.7 million, with local currency debt accounting for 85% of total borrowings in the market. This reflects our continued focus on building a stronger and more balanced funding base.

As part of our ongoing efforts to optimize the Group’s funding structure, we will continue to monitor capital market conditions and, in the coming quarters, may assess the opportunity to refinance our outstanding EUR 90 million bond through the issuance of a new bond.

In line with our dividend policy and commitment to creating shareholder value, we distributed EUR 4.3 million in dividends on 10 June 2026. The next dividend payment is expected in the fourth quarter of 2026.

Overall, the first half of 2026 demonstrated the resilience of our business model. We delivered strong portfolio and revenue growth, improved operating efficiency, and further strengthened our funding base. We remain focused on executing our strategy and are well positioned to sustain the momentum in the second half of the year.

Full unaudited consolidated report on the 6M period ended on 30 June: https://www.eleving.com/investors/reports

Conference Call: the Group's management team will hold a conference call in English on 11 August 2026 at 15:00 CET to present the results. Conference call registration link here.
Additional information:
El?na Dobul?ne
Group’s Chief Corporate Affairs Officer, Eleving Group
elina.dobulane@eleving.com | +371 25959447

About Eleving Group

Eleving Group is a publicly listed international financial technology company founded in 2012. Today, the group operates in 18 countries across three continents, providing vehicle, smartphone and consumer financing services. Since its founding, Eleving Group has served more than 2.2 million registered users. The group employs over 4,600 people across its operations. The company’s headquarters are located in Riga, Latvia.

Since October 16, 2024, the Eleving Group shares have been listed on both the Nasdaq Baltic Official List and the Frankfurt Stock Exchange Prime Standard.

IMPORTANT INFORMATION

The financial information presented in this announcement is unaudited. This announcement may contain forward-looking statements. Actual results may differ materially from those expressed or implied.