Eleving Group Reports Strong Q1 Performance and Plans for Equity Raise

Eleving Group S.A. disclosed a powerful start to 2024, with first-quarter revenues reaching EUR 51.8 million, marking a 20% increase year-over-year. The company also reported a record adjusted EBITDA of EUR 22.0 million, up by approximately 24% compared to the same period in the previous year.

The net portfolio saw an upward movement to EUR 330.5 million, which is a 19% increase from Q1 2023. Notably, loan issuance volumes during this period rose by 27% to EUR 79.0 million. Revenue segmentation revealed significant contributions from flexible lease products, traditional lease products, and the consumer loan segment.

Eleving Group has also completed the sale of Mogo Belarus, effectively exiting the market with most payments received by April. In a strategic move to support future business growth, the company appointed LHV Pank as the Lead Arranger for a prospective external equity raise, considering various options including an IPO.

The group’s financial strength was further illustrated by a healthy capitalization ratio and an improved net leverage position. These financial metrics provide Eleving Group with a robust foundation to pursue additional equity, facilitating expansion into new markets and product development.