Delfingroup As · OMXRSE:DGR1R
Delfingroup As — AS DelfinGroup — 9M 2025 Earnings Presentation
29 slides from Delfingroup As's earnings presentation, October 2025
Slide 1: Financial report: Unaudited results for 9 months 2025
Financial report Unaudited results for 9 months Ending 30 September 2025
Slide 2: Key results
Key Business Business Appendix results highlights performance
Slide 3: Key characteristics of 9M 2025
Business results +40% +1% +29% +19% Key characteristics of 9M consumer loan issuance growth y-o-y 9M pawn loan issuance growth y-o-y Net loan portfolio growth over last twelve months 9M retail of pre-owned goods growth y-o-y 9M 2025 Financial results +26% +16% +16% 9M revenue 9M EBITDA 9M profit bef
Slide 4: Key results
Total loans Issued Net loan portfolio m€ Q3 y-o-y Q3 y-o-y m€ Q3 y-o-y Q3 y-o-y +3.1 +13% +11.8 +44% +23.2 +27% +31.5 +29% 23.5 23.1 25.0 26.1 26.5 27.0 30.0 33.0 38.3 84.6 89.0 95.6 101.5 107.7 113.5 121.0 129.0 139.2 Key results Loan issuance in Q3 2025 continued to increase, reaching the record-h
Slide 5: Company highlights
Key Company Business Appendix results highlights performance
Slide 6: Potential share buyback offer by INDEXO
Potential share buyback offer by It is expected that shareholders will be provided with the following options: To exchange DelfinGroup shares for INDEXO shares. The INDEXO financial services group plans to launch a share buyback offer to the shareholders Planned exchange ratio: 1 DelfinGroup share =
Slide 7: Capital markets & funding highlights
Bonds In September 2025 DelfinGroup launched a new bond issue of up to EUR 25 million with 9.5% coupon rate and 2 year maturity. The aim of financing is to refinance existing bonds maturing in February 2026 and to finance growth of the Capital markets & business. Bonds are issued via private placeme
Slide 8: Stock analysis updates
Enlight research Stock analysis Bull Base Bear updates 1.92 EUR 1.62 EUR 1.32 EUR 50%* 26%* 3%* The latest analyst updates on DelfinGroup stock valuation Signet Bank 1.54 EUR 20%* * Potential upside from 28 October 2025 stock price of EUR 1.282 8
Slide 9: Branch network
Tukums Rīga branch network Efficiency of the branch network has been set as a focus in Latvia to secure sustainable business operations. Banknote has extensive branch network across Latvia 88 stores in Latvia including 4 XL concept Banknote branches with wider store floor and increased product offer
Slide 10: Business performance
Key Company Business Appendix results highlights performance
Slide 11: Consumer loans
Consumer net loan portfolio Average loan* m € Q3 y-o-y Q3 y-o-y m € Q3 y-o-y Q3 y-o-y +22.0 +29% +32.1 +32% +361 +20% +517 +23% Consumer loans 76.9 81.6 87.3 92.9 98.8 104.0 111.3 119.6 130.9 1 840 1 837 2 013 2 119 2 201 2 324 2 489 2 586 2 718 The consumer lending portfolio continued increasing, a
Slide 12: Consumer loans Lithuania
LT consumer loan issuance m € 1.6 2.8 3.8 Consumer loans Lithuania The Lithuanian consumer lending segment in the first nine months of the year showed strong results. Q1 2025 Q2 2025 Q3 2025 The growth of consumer loan origination was facilitated by online sales channels resulting in a strong origin
Slide 13: Pawn loans
Pawn net loan portfolio* m € Q3 y-o-y Q3 y-o-y +0.7 +18% -0.1 -2% 4.0 4.1 4.5 4.6 4.8 4.9 4.8 4.7 4.7 Pawn loans Pawn loan portfolio has remained stable over the last year, since the company has reached a distinct market leader position in Latvia. The average pawn loan amount has grown over the last
Slide 14: Retail of pre-owned goods
Sales of pre-owned goods m € Q3 y-o-y Q3 y-o-y +0.6 +15% +0.6 +13% 3.9 4.0 3.6 4.1 4.5 4.6 4.7 4.8 5.1 Retail of pre-owned goods* Stable and consistent growth has been achieved in the retail segment by promoting the circular economy principles. Q3 2023 Q4 Q1 Q2 Q3 2024 Q4 Q1 Q2 Q3 2025 Retail sales
Slide 15: Diversification
Revenue by business segments 9M 2025 Diversification Consumer lending is the backbone of the 12% company’s revenue structure while pawn lending and retail also holds significant role. So far the revenue is generated mainly in Latvia, 13% but it is expected that proportion generated in Lithuania will
Slide 16: Consolidated income statement
Consolidated Income statement, 2025 2024 Change 2025 2024 Change EUR’000 Q3 Q3 % 9M 9M % Total revenue 20,263 16,503 +23% 57,302 45,601 +26% income statement Cost of sales Credit loss expenses -2,612 -5,855 -1,983 -4,072 +32% +44% -7,285 -4,653 -15,837 -11,044 +57% +43% Interest and similar -3,356 -
Slide 17: Consolidated balance sheet
Balance sheet, 30.09.2025 31.12.2024 Change % EUR’000 Fixed and intangible assets 3,172 3,228 -2% Right-of-use assets 3,021 2,653 +14% Net loan portfolio 139,200 113,474 +23% Inventory and scrap 3,082 3,990 -23% Other assets 6,060 2,014 +201% Cash 2,802 1,644 +70% Consolidated Total assets Equity 15
Slide 18: Financial ratios
Financial ratios EBITDA margin* Adjusted equity ratio** ROE* 40% 40% 40% 35.9% 36.1% 36.2% 36.2% 35.8% 34.8% 34.0% 40% 36.0% 31.8% 32.8% 32.7% 31.4% 30.6% 30.9% 30.4% 26.5% 26.7% 26.2% 30% 29.5% 29.9% 30.4% 30% 30% 30% 25.3% 26.3% 23.5% 24.9% 24.4% 23.9% 20% 20% 20% 20% 10% 10% 10% 10% 0 0 0 0 Q3 Q3
Slide 19: Capital structure
Bond financing track record* m€ 15.0 15.0 15.0 Capital structure 13.4** 10.0 10.0 16% 19% Equity 27.7 m € 5.0 5.0 5.0 5.0 5.0 4.9** Subordinated 9.9 m € 3.5 3.5 bonds 7% Mintos 33.0 m € 2013 2014 2016 2019 2020 2021 2021 2022 2023 2023 2023 2024 2024 2025 Secured Unsecured Unsecured Secured Unsecure
Slide 20: Dividends
Dividend yield 7.6%* Dividends *Based on share price of EUR 1.284 on 30 September 2025 and including management’s proposed dividends from Q3 2025 net profit. Dividend Dividend EUR/ EUR Payout Unique dividend distribution proposal in Baltics period payment date Share Total ratio*** Q3 2025 Upon share
Slide 21: Share performance
Share price and turnover, € 1.6 180 000 Share performance 1.5 162 000 Share price changes since Q2 2024 due to the 1.4 144 000 largest shareholder’s public share offerings in which the shares were offered at a discount for a price of EUR 1.09 per share. Since then the 1.3 126 000 share price has rec
Slide 22: Appendix
Key Company Business Appendix Results Highlights Performance
Slide 23: Consolidated income statement
Consolidated income statement Balance sheet, 2022 2023 2024 2025 EUR’000 Q1 Q2 Q3 Q4 Q1* Q2* Q3* Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Total revenue 7,586 8,095 9,587 10,507 11,333 11,970 13,208 13,912 14,260 14,838 16,503 17,353 17,527 19,511 20,263 Cost of sales -780 -1,080 -1,179 -1,164 -1,372 -1,096 -1,641 -1
Slide 24: Consolidated balance sheet
Consolidated balance sheet Balance sheet, 2022* 2023 2024 2025 EUR’000 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4* Q1 Q2 Q3 Fixed and intangible assets 1,301 1,351 1,387 1,470 1,595 1,823 2,150 2,680 2,814 3,032 3,192 3,228 3,241 3,254 3,172 Right-of-use assets 2,915 2,733 2,783 2,636 2,698 2,712 2,655 2,8
Slide 25: Historic timeline
Historic timeline 120 Launch of Consumer Lending in Lithuania Start of Operations in Lithuania 100 Renewal of Banknote Net Loan Portfolio, Millions EUR Online Store: veikals.banknote.lv Initial Public Offering 80 at Nasdaq Riga Corporate Identity Changed to: Launch of Online Lending Brand: 60 Joined
Slide 26: Sales split by product category
Sales split by product category Sales split by product category (Q3 2025) 25% 25% 20% 16% 7% 7% Jewelry Smartphones Other Computer Equipment TV, Audio, Video, Photo Power Tools Clients have access to a wide range of pre-owned goods at Banknote online store and branch network. The most demanded produ
Slide 27: Definitions for alternative performance measures
Definitions for alternative Return on Equity (ROE) Net profit for the period/months in the period*12 / ( ((Equity as at start of the period) + (Equity as at period end)) / 2) performance measures Total Revenue Net sales + Interest income and similar income. Represents income generated by ompany’s bu
Slide 28: Disclaimer
Disclaimer This presentation is of selective nature and is made to This presentation is not a legally binding document, and the provide an overview of the company’s (AS DelfinGroup and Company has no liability for any direct or indirect loss from its subsidiaries) business. the use of this presentat
Slide 29: AS DelfinGroup
AS DelfinGroup Skanstes Street 50A, Riga, Latvia, LV-1013 [email protected] (+371) 26 18 99 88 www.delfingroup.lv