International Personal Finance (IPF) Q3 2025 TU earnings summary

Executive summary

• Delivered strong operational and financial performance in Q3 2025, driven by the next-gen strategy, robust consumer demand, and new product initiatives across all markets.

• Group customer lending accelerated to 14% in Q3 and 12% year-to-date, reflecting momentum across divisions.

• Customer numbers returned to growth, rising 2.3% year-on-year to 1.7 million.

• Digital businesses in Mexico and Australia led growth, with significant scaling and brand investment.

Financial highlights

• Digital business in Mexico grew over 40% year-on-year; Australia saw a 25% increase in customer lending.

• European home credit operations in Romania and Poland delivered robust double-digit growth, with Romania up 20% and Poland up 17%.

• Net receivables increased by 14% year-on-year to £1,007m at the end of September, exceeding GBP 1 billion.

• Annualized revenue yield stable at 53%; cost-to-income ratio improved to 61.4%.

• Annualized impairment rate increased to 9.8% in Q3 from 8.3%, reflecting higher growth and new product investment.

Outlook and guidance

• Entered Q4 with strong growth momentum, excellent credit quality, and robust funding.

• On track to deliver full-year results in line with half-year guidance.

• Expect continued acceleration in receivables growth through year-end.

• Anticipate annualized impairment rate to move towards 14%-16% over the next two years as lending volumes rise.

• Plans to reinvest in further expansion, especially in Mexico, Australia, and digital platforms for 2026.