4finance Holding S.A. reports results for the year ending 31 December 2025

27 Feb 2026 17:20 CET

TBI Bank sale completed today, 27 February

Strong FY 2025 performance with net profit of €64.3 million and Adjusted EBITDA
of €194.9 million

Robust balance sheet

27 February 2026. 4finance Holding S.A. (the ‘Group’ or ‘4finance’), one of
Europe’s largest digital consumer lending groups, today announces unaudited
consolidated results for the twelve months ending 31 December 2025 (the
‘Period’). These unaudited results follow the Group’s quarterly reporting format
used throughout 2025. The audited annual financial statements of the Group will
reflect TBI Bank as discontinued operations under IFRS.

Operational highlights
• TBI Bank sale approval marks a key operational milestone for the Group.

• In April 2025, the Group’s online loan issuance since inception surpassed the
€11 billion milestone.

• Online loan issuance totalled €513.5 million for the Period.

• 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
growing lending volumes. 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

• Group’s Adjusted EBITDA for the Period amounted to €194.9 million, up 24%
year-on-year, delivering 40% Adjusted EBITDA margin. Online Adjusted EBITDA
increased by 14% year-on-year to €50.2 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 23% year-on-year to €64.3 million.
Online net profit increased by 12% year-on-year to €14.0 million in the Period.

• Interest income up 9% year-on-year to €486.5 million in the Period, compared
with €444.4 million in 2024.

• Cost to income ratio for the Period was 39.0%, an improvement from 41.8% in
2024. Cost discipline and operational efficiency remain a focus for the
business.

• Asset quality at product level remains stable. Net impairment charges of
€181.8 million in the Period reflects the larger portfolio. Overall cost of risk
at 11.2% for FY 2025, an improvement from 12.8% in the prior year.

• Net receivables up 22% to €1,605.5 million as of 31 December 2025, compared
with €1,315.9 million at year end 2024.

• Gross NPL ratio at 7.5% as of 31 December 2025 (11.8% for online), compared
with 9.6% as of 31 December 2024 (12.4% for online).

Management

• In December 2025, the Group announced the appointment of Nicholas Philpott as
Group CFO, effective 10 January 2026.

Liquidity and funding

• Robust liquidity position, with €40.1 million of cash in the online business
at the end of the Period.

• Planning underway for the October 2026 bond maturity.


Kieran Donnelly, CEO of 4finance, commented:

“2025 demonstrated the continued resilience of our business. Profitability
remained solid, supported by disciplined execution and a strong balance sheet.

“The approval of the TBI Bank sale marks an important milestone for the Group
and enables us to sharpen our strategic focus on the Online business.

“We remain committed to operational efficiency, credit discipline and selective,
sustainable growth.”

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667169_4finance FY 2025 results report.pdf