Eleving Group: A Return to Accelerated Growth with Record Profitability

Eleving Group S.A. has reported impressive financial results for the first half of 2024. The company achieved revenues of EUR 106.0 million, marking a 20% increase compared to the same period in 2023. This growth is attributed to a diversified portfolio and robust revenue streams from key business segments including flexible leases, traditional leases, and consumer loans.

The Group's adjusted EBITDA reached its highest-ever six-month result of EUR 43.7 million, reflecting a 27% increase. Net profit before FX and discontinued operations rose to EUR 17.1 million, a 38% increase, while net profit after FX from continued operations was EUR 14.9 million, up 32%.

Loan issuance volumes saw a significant uptick, reaching EUR 167.0 million, driven by increased organic demand and expanded sales channels. The Vehicle Finance segment witnessed a 29% increase in loan applications during Q2 2024, while the Consumer Finance business set new records in loan issuance volumes, particularly in the Sub-Saharan region.

Operational milestones include receiving Kenya's digital credit provider license and launching an electric motorcycle product in Uganda. Eleving Group also appointed a new international Supervisory Board and introduced a dividend policy aiming for a payout ratio within the 30%-50% range of yearly net profit.

According to CEO Modestas Sudnius, the quarter has been historically strong with exceptional performance, and the company expects to continue this trajectory by targeting significant double-digit growth rates for the remainder of the year. CFO Maris Kreics echoed these sentiments, noting the upgrade of Eleving Group’s credit rating by Fitch Ratings from B- to B with a stable outlook.