DelfinGroup (DGR1R) investor relations material

Executive summary

• Revenue increased by 24% year-over-year to EUR 78.2 million in 2025, with profit before tax up 35% to EUR 12.4 million and net profit rising 32% to EUR 9.6 million; return on equity reached 34.9%.

• Net loan portfolio grew 27% to EUR 144.4 million, driven by strong consumer lending in Latvia and Lithuania.

• Operational efficiency improved through cost discipline, branch closures in Lithuania, and a 42 FTE headcount reduction.

• Became part of INDEXO group after a unique capital markets transaction, with INDEXO holding 71.52% ownership, enabling new synergies and growth opportunities.

• Discontinued pawnshop and retail operations in Lithuania to focus on higher-margin digital consumer lending.

Financial highlights

• Q4 2025 revenue was EUR 20.9 million, up 21% year-over-year; annual profit before tax reached a record EUR 4.6 million in Q4, up 91% year-over-year, including EUR 1 million from one-off tax and interest recalculation.

• EBITDA increased by 35% to EUR 27.4 million, and gross profit rose 16% year-over-year.

• Net profit margin improved to 12.3%; ROE reached 34.9%; ROA at 6.6%.

• Cost of sales rose 38%, mainly due to a doubling of gold scrap sales, which have lower margins.

• Inventory decreased 26% due to gold scrap sales, while total assets rose 28% to EUR 162.6 million.

Outlook and guidance

• 2026–2028 targets: net loan portfolio to reach EUR 208 million by 2028, profit before tax EUR 22.3 million, ROE above 30%, and cost-to-income ratio below 45%.

• Plans to introduce home equity loans and target lower-risk consumer loan clients.

• Focus on cost efficiency, digital transformation, and leveraging INDEXO group synergies.

• Aim to keep cost-income ratio below 45% (preferably below 40%) and return on equity above 30%.

• Guidance does not include potential synergies from INDEXO integration, which are seen as upside.