4finance Holding S.A. reports results for the nine months ending 30 September 2025

19 Nov 2025 15:51 CET

Strong 9M 2025 performance with net profit of €44.6 million and Adjusted EBITDA
of €142.6 million
Robust financial position maintained
TBI Bank sale on track – final regulatory approvals pending

Operational highlights
• In April 2025, the Group’s online loan issuance since inception surpassed the
€11 billion milestone.
• Online loan issuance resilient at €388.7 million, down 8% year-on-year.
• New markets: continuing with a deliberate step-by-step approach. The UK joint
venture (ondal.co.uk) is progressing well, with positive unit economics and
lending volumes growing notably. Pilot operations in Georgia, launched in
February 2025, are progressing as planned, further diversifying product offering
with auto loans. The Group is reviewing alternative approaches in Mexico. It
also continues to explore opportunities in other emerging markets as part of its
strategic growth plans.

Financial Highlights
• Interest income up 10% year-on-year to €358.9 million in the Period, compared
with €326.7 million in 9M 2024.
• Cost to income ratio for the Period was 38.3%, an improvement from 41.8% in
the prior year period. Cost discipline and operational efficiency remain a focus
for the business.
• Group’s Adjusted EBITDA for the Period amounted to €142.6 million, up 23%
year-on-year, delivering 40% Adjusted EBITDA margin. Online Adjusted EBITDA
increased by 11% year-on-year to €34.9 million for the Period. The interest
coverage ratio as of the date of this report is 2.2x.
• Group’s net profit for the Period was up 19% year-on-year to €44.6 million.
Online net profit increased by 9% year-on-year to €7.9 million in the Period.
• Asset quality at product level remains stable. Net impairment charges of
€136.7 million in the Period reflect the larger portfolio. Overall cost of risk
at 11.5% for 9M 2025, an improvement from 12.9% in the prior year period.
• Net receivables up 14% to €1,499.0 million as of 30 September 2025, compared
with €1,315.9 million at year end.
• Gross NPL ratio at 9.8% as of 30 September 2025 (12.2% for online), compared
with 9.6% as of 31 December 2024 (12.4% for online).

Management
• The Group CFO James Etherington will step down in January 2026 to pursue a new
opportunity outside the Group. The succession process is underway.

Liquidity and funding
• Robust liquidity position, with €47.7 million of cash in the online business
at the end of the Period.
• In April 2025, we announced the sale of TBI Bank. The transaction remains
subject to final regulatory approvals.

Kieran Donnelly, CEO of 4finance, commented:
“The first nine months of 2025 demonstrate the resilience of our business, with
sustained profitability and a strong balance sheet. Adjusted EBITDA margin
improved to 40%, supported by disciplined cost management and operational
efficiency. Our priority remains credit quality and sustainable returns.
“The TBI Bank sale is on track, pending final regulatory approvals. We continue
to strengthen our core online operations and pursue long-term growth
opportunities.
“I’d like to thank our CFO James for his contribution over the years and wish
him all the best in his next chapter.”

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660077_4finance report on 9M 2025 results.pdf