Eleving Group · OMXRSE:ELEVR
Eleving — Debt Investor Presentation (September 2025)
39 slides from Eleving's debt investor presentation, September 2025
Slide 1: Bond Investor Presentation
Bond Investor Presentation Profitable Global Fintech September 2025
Slide 2: Disclaimer
2 Disclaimer The information contained in this presentation has been prepared jointly The whole of the presentation should be read. Reliance on this by Eleving Group (“Group”, ”Company”, or “Eleving”) and Aalto Capital presentation for the purposes of engaging in any investment in the AG, a register
Slide 3: Presenters
3 Presenters Modestas Sudnius Maris Kreics Group CEO Group CFO ▪ With Eleving Group since 2013, as Group CEO since ▪ With Eleving Group since 2015 January 2019 ▪ Prior to Eleving Group, Maris spent two years in a ▪ Started as a country manager in Lithuania, where corporate finance role with Tet, the
Slide 4: Index
4 Index Proposed transaction overview 5 Company overview 8 Products and underwriting 12 Financials and portfolio analysis 17 Key investment highlights 22 Appendix 25
Slide 5: Transaction overview
5 Transaction overview Strategic bond issuance strengthening capital structure and enabling sustainable growth Transaction background • Eleving Group (“Eleving”, the “Issuer” or the “Company”) is a fintech and multi-brand financial services group providing consumer and mobility financing solutions a
Slide 6: Overview of key terms
6 Overview of key terms Key terms and conditions Issuer Eleving Group Issue Senior secured bonds Amount, nominal value Up to EUR 250 mln, with a nominal value of EUR 1000 each Structure Guaranteed and secured Guarantors AS Mogo (Latvia), AS Mogo Rent (Latvia), AS Eleving Solis (Latvia), Primero Fina
Slide 7: Index
7 Index Proposed transaction overview 5 Company overview 8 Products and underwriting 12 Financials and portfolio analysis 17 Key investment highlights 22 Appendix 25
Slide 8: Eleving Group at a glance
8 Eleving Group at a glance A global fintech company reshaping access to finance with innovation and technology Diversified product mix Governance Strong company profile Asset-backed lending Established in 2012 64% Secured car, motorcycle, and smartphone financing EU Luxembourg domiciled, Baltic-hea
Slide 9: Eleving Group's development timeline
Eleving Group Annual growth 9 Eleving Group’s 2016-2024 development timeline +25% Major expansion across the globe 320 371 293 246 194 201 141 97 35 55 64 8 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 B- B- B- B- B- B B Stable Negative Stable Stable Stable Stable Posit
Slide 10: Global platform
Global platform 12% 10 Kenya Botswana Population1: 55.3 million Population1: 2.5 million Net portfolio (11.7%): Net portfolio (5.8%): A multi-geography platform eliminating EUR 43.8 million EUR 21.8 million Rest of the single-market risk Uganda Namibia the world Population1: 48.7 million Population1
Slide 11: Index
11 Index Proposed transaction overview 5 Company overview 8 Products and underwriting 12 Financials and portfolio analysis 17 Key investment highlights 22 Appendix 25
Slide 12: Scalable and flexible product universe
12 Scalable and flexible product universe Multi-brand product platform Accessible and affordable mobility product for customers in underserved 64% market segments EUR 163.3 million Net portfolio Mobility and Asset-backed inclusion financing Accessible financing through traditional consumer loan prod
Slide 13: Diversified sales channels underpinned by a hybrid operating model
Diversified sales channels underpinned by 13 a hybrid operating model Business model adopted for global operations Latvia Lithuania Estonia Romania Dealerships Branches 43 71 18 304 1 2 1 1 Online sales Offline sales channels channels Moldova Georgia Armenia Uzbekistan Albania N. Macedonia 25 13 13
Slide 14: AI based platform delivering competitive edge
2 000 000+ mln 14 14 AI based platform delivering Applications processed1 competitive edge Automated, data-driven customer journey to ensure minimal response time and excellent customer experience 8.2% 34.4% Vehicle Finance Consumer Finance Conversion rate Conversion rate2 Input AI-fuelled underwrit
Slide 15: Operation model complemented by an effective debt collection process
Operation model complemented 15 by an effective debt collection process Versatile, result-oriented in-house debt collection process fueled by automation Sustained effort to reach an agreement with a customer for loan repayment prior to pursuing further debt collection activities Pre-collection Consu
Slide 16: Index
16 Index Proposed transaction overview 5 Company overview 8 Products and underwriting 12 Financials and portfolio analysis 17 Key investment highlights 22 Appendix 25
Slide 17: Initial public offering (IPO)
17 Initial public offering (IPO) Significant milestone to fuel business expansion 80% Founders and management 20% Free float The biggest IPO on the Nasdaq Riga EUR 29 million received during the subscription period: ▪ EUR 27 million to primary proceeds ▪ EUR 2 million as the over-allotment Free floa
Slide 18: Financial highlights
Financial highlights 18 Well positioned for accelerated growth and profitability Revenue, EUR mln EBITDA1, EUR mln Net profit, EUR mln 231.7 Growth 91.5 Growth 28.8 29.4 Growth 216.6 89.8 14.8% 3.9% 4.1% 189.3 77.5 20 0.0 175.7 22.0 65.6 117.1 15.2 15 0.0 102.0 43.6 45.3 14.7 14.6 10 0.0 50 .0 - 202
Slide 19: Non-performing loans and provisioning
Non-performing loans Gross and net NPL portfolio2 19 and provisioning 25% Maintaining excellent portfolio quality 20% Net vehicle loan portfolio Net consumer loan portfolio 15% quality analysis1 quality analysis1 As of 30 June 2025 As of 30 June 2025 10% 5% 5.5% 4.4% 8.6% 2.8% 0% 2019 2020 2021 2022
Slide 20: Assets and Liabilities
Assets and Liabilities 20 Eurobonds Scalable capital structure and resilient balance sheet ▪ Access to long-term financing ▪ Bullet repayment structure reduces short-term cash flow pressure Assets and Equity, EUR mln ▪ Ability to secure substantial capital in a single issuance 483.0 476.3 Mintos mar
Slide 21: Index
21 Index Proposed transaction overview 5 Company overview 8 Products and underwriting 12 Financials and portfolio analysis 17 Key investment highlights 22 Appendix 25
Slide 22: Developed infrastructure, Diversified business, Reliable credit profile
Diversified business Developed infrastructure 22 Markets Products Underwriting Network Versatility Leadership Baltic-based global platform Flexible and affordable High-quality portfolio driven Widespread physical Selection of brands for Experienced management enabling risk diversification financial
Slide 23: Key investment highlights
23 23 Key investment highlights Well-positioned to capture long-term opportunities in underserved markets Financial Corporate performance Diversification Underwriting governance Capital markets Profitable stable financial Global footprint with a Disciplined underwriting Experienced management Divers
Slide 24: Appendix
24 Appendix 25 Financial statements 29 Open FX position 30 Core financial metrics 31 Organizational structure 32 Regulatory framework 34 Unlocking customer reach 35 Data-powered underwriting 36 Efficient debt recovery process 37 Management team 38 Focus on sustainability
Slide 25: Income statement
Income statement 25 EUR million 2021 2022 2023 2024 6M 2024 6M 2025 Interest revenue 139.9 162.5 176.3 203.7 95.1 112.2 Interest expense (29.0) (31.1) (37.5) (41.5) (20.6) (21.1) Net interest income 110.8 131.4 138.8 162.2 74.5 91.0 Fee and commission income related to finance lease activities 7.3 7
Slide 26: Balance sheet: assets
Balance sheet: assets 26 EUR million 2021 2022 2023 2024 6M 2025 EUR million 2021 2022 2023 2024 6M 2025 Non-current Current Intangible assets Inventories Goodwill 4.2 4.7 6.8 6.8 6.8 Finished goods and goods for resale 3.8 2.5 4.8 2.5 3.1 Internally generated intangible assets 7.5 8.6 10.3 11.8 12.
Slide 27: Balance sheet: equity and liabilities
Balance sheet: equity and liabilities 27 EUR million 2021 2022 2023 2024 6M 2025 EUR million 2021 2022 2023 2024 6M 2025 EQUITY Liabilities Share capital 1.0 1.0 1.0 1.2 1.2 Non-current liabilities Treasury shares - - - (1.1) (1.1) Borrowings 210.6 212.7 225.9 267.6 290.4 Share premium - - - 25.5 25
Slide 28: Statement of cash flow
Statement of cash flow 28 EUR million 2021 2022 2023 2024 6M 2024 6M 2025 EUR million 2021 2022 2023 2024 6M 2024 6M 2025 Cash flows from operating activities Cash flows from investing activities Profit before tax from continuing operations 17.3 21.5 28.5 37.7 19.0 19.5 Purchase of property, plant a
Slide 29: Strong focus on mitigating foreign currency risk
29 Strong focus on mitigating foreign currency risk Open foreign currency exposure substantially reduced since 2021 255 250 Over the last years Eleving Group has substantially reduced exposure of its foreign currency risk by decreasing its open FX position across the Group. 2.2x 200 191 2.0x 185 2.0
Slide 30: Core financial metrics
30 Core financial metrics Demonstrating prudent capital management while delivering sustainable growth 2.3 2.4 2.3 2.4 2.3 Interest coverage ratio 1.6 1.5 1.6 6.7 6.2 6.1 Net leverage 4.0 3.8 3.7 3.3 3.6 29.3% 25.6% 26.1% 25.9% 20.7% Capitalization ratio 18.4% 16.2% 12.9% 7.2% 6.4% 5.6% 5.4% 5.1% 5.
Slide 31: Organizational structure
31 Organizational structure Hub-based structure to ensure hands-on management of the businesses Mogo Mogo, Renti, Primero Mogo Sebo Mogo Mogo, Renti Mogo Tigo Mogo Mogo Mogo Kredo Mogo Express Credit Express Credit Express Credit Express Credit
Slide 32: Regulatory framework
Regulatory framework 32 Vehicle Finance License Capital Last significant Country Regulator APR cap Surplus cap required requirements regulation change Consumer Rights Protection Latvia Yes Daily cost cap 0.07% N/A Min. 425,000 EUR July 2019 Centre Lithuania Central Bank of Lithuania Yes Annual inter
Slide 33: Regulatory framework
Regulatory framework 33 Consumer Finance License Capital Last significant Country Regulator APR cap Surplus cap required requirements regulation change ▪ ≤ 200,000 ALL, max. 70.9% ▪ 200,001 – 600,000 ALL, max. 36.55% Albania Central Bank of Albania Yes N/A Min. 15,000,000 ALL February 2025 ▪ 600,001
Slide 34: Unlocking customer reach
34 Unlocking customer reach Vehicle Finance Multi-channel distribution driving scalable customer growth steps only Online Customer visits company Customer data goes directly Customer receives a pre- After the vehicle Facebook, Instagram, assessment, the final offer (own website) and Google ads websi
Slide 35: Data-powered underwriting
35 Data-powered underwriting Advanced scoring models for efficient, risk-informed lending Application1 Data collection1 Credit scoring1 Vehicle check-up1 Offer formation1 • Customer or dealer onboards • Customer chooses product, desired vehicle and if needed, uploads loan conditions, submits key veh
Slide 36: Efficient debt recovery process
36 Efficient debt recovery process Advanced strategies for seamless, customer-focused recovery Overdue days Vehicle Finance Consumer Finance Pre-collection: Not overdue Upcoming payment reminders, predictive dialer, automatic emails, SMS, push-notifications, robo caller, AI1 calls 1-30 days Soft col
Slide 37: Exceptional management team with an extensive local know-how
37 Exceptional management team International teams across the markets to deliver strategic intitatives with an extensive local know-how 3 292 27.9 Mārcis Grīnis Derek Urben Lev Dolgatšjov Number of employees Average tenure, months Chairman of the Independent Independent Supervisory Board Supervisory
Slide 38: Focus on sustainability
38 Focus on sustainability Progress toward ESG strategy for 2025 and resulting impact 2025 goals ▪ Around 20% of the Group’s portfolio serves the self-employed and SMEs Responsible access to finance Employee growth and well-being ▪ Around 700 e-motorcycle units financed in the first six months of 20
Slide 39: Contacts
Contacts Investor Relations [email protected] Modestas Sudnius, Maris Kreics, Manfred Steinbeisser, CEO of Eleving Group, CFO of Eleving Group, Managing Partner at Aalto Capital, [email protected] [email protected] [email protected] www.eleving.com
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