EQS-News

Eleving Group demonstrates strong performance and announces plans for future external equity raise

EQS-News: Eleving Group S.A. / Key word(s): Interim Report Eleving Group demonstrates strong performance and announces plans for future external equity raise 13.05.2024 / 08:30 CET/CEST The issuer is solely responsible for the content of this announcement.

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• Eleving Group finished the first quarter of 2024 with exceptional consolidated results, recording revenues of EUR 51.8 mln, up by over 20% compared to the respective reporting period a year ago.
• The Group's adjusted EBITDA reached its all-time best quarterly result of EUR 22.0 mln, a significant leap of close to 24% compared to the respective reporting period a year ago.
• The net portfolio increased to EUR 330.5 mln at the end of the first quarter, up by 19%, compared to EUR 278.0 mln in Q1 of 2023. Meanwhile, the loan issuance volumes were improved to EUR 79.0 mln, an increase of 27% compared to the respective reporting period a year ago.
• A diversified portfolio alongside a well-balanced revenue stream from all key business segments:
  • Flexible lease and subscription-based products contributed EUR 11.4 mln to the revenues.
  • Traditional lease and leaseback products contributed EUR 18.1 mln to the revenues.
  • The consumer loan segment contributed EUR 22.3 mln to the revenues.
• In January, the Group received all the necessary approvals from Belarusian government authorities regarding the Mogo Belarus sale, and it can be considered that Eleving Group has successfully exited the respective market. As of April, most of the payments for the business have been received.
• In late Q1, Eleving Group mandated LHV Pank (Estonia) to act as the Lead Arranger for a potential external equity raise in the Baltics and Europe. The company aims to raise additional equity to facilitate further business growth, potentially resulting in new products and markets. An IPO is one of the avenues under consideration.
• In March, following the strong interest from local investors during the Group's previous bond issuances and with a goal to simplify the process of buying and selling the Group’s 2021/2026 bonds (ISIN XS2393240887), previously listed exclusively on the Frankfurt Stock Exchange, the respective instrument was additionally listed on the Nasdaq Riga regulated bond market.
• During the first quarter, the Group saw an increasing demand for its green mobility products in the African region. Electric motorcycle (e-boda) product in Kenya recorded more loans issued in the first three months than in the entire year of 2023.