AS "mogo" Latvia operations Group (including AS "mogo" and AS "Renti") continues to demonstrate sound financial performance. The Group's net profit amounted to 3.8 million euros, having a 32% decrease over 2021. Net profit has decreased mainly due to the AS “mogo” performing portfolio sale transactions in previous years. Meanwhile, AS “Renti” finished the year with a positive net profit for the first time since its inception. Despite a decrease in used car import in Latvia by 13%, new loan issuances have been stable, decreasing only by 4% compared to 2021. AS “mogo” still earned from related party servicing and executed a performing portfolio sale transaction in the nominal amount of 3.5 million euros. Decreasing portfolio and increased efficiency helped reduce administrative expenses by 19% (from 5.6 million euros in 2021 to 4.6 million euros in 2022) and decrease rental fleet maintenance costs, driving a 38% decrease in other operating expenses.

The Group continued to fund related entities, increasing financing from 35.1 million euros at the end of 2021 to 39.8 million euros at the end of 2022, thus stressing the Company’s importance in the Eleving Group structure.

Krišjānis Znotiņš, Chairman of the Mogo Latvia Board: "Group's net profit decreased in 2022 while still reaching solid 3.8 million euros. The decrease was impacted by successfully performing portfolio sales transactions in previous years, helping to boost profit at respective periods. We have managed to stabilize and reach positive profit from our rental operations in AS “Renti” while developing a new Renti plus car subscription business line and exceeding 100 car portfolio during the first year of operations. Efficiency and customer journey further improvement will be a focus for 2023.”

Group continued its operations to accomplish its mission – make personal mobility easily accessible to all residents of Latvia while being united in love for the car. This included further development of information system solutions to improve its operational activities by automating the current processes in the nearest future. The focus areas in 2023 are to continue ensuring stable portfolio quality and providing improved customer experience for the Group's offered products and related party servicing.

About AS “mogo”

AS “mogo” is a part of the international financial technology company Eleving Group (former Mogo Finance). Mogo in Latvia offers leasing, leaseback, and car rental services in the most convenient way for customers - online, by phone, and with more than 220 partners. Mogo in Latvia serves more than 10 thousand customers, managing a product portfolio of 39 million euros.

About Eleving Group

Eleving Group comprises a number of international and fast-growing financial technology companies with a global presence. The Group operates in the vehicle and consumer finance segments on three continents, providing financial inclusion and disruptively changing financial services industries in its countries of operation. Founded in 2012 in Latvia and expanded across the Baltics within its first year in business, the Group continued expansion in the following years, servicing 12 active markets as of 2022.

With its headquarters in Latvia, the Group operates in the Baltics, Central, Eastern, and South-Eastern Europe, Caucasus, Central Asia, and Eastern Africa.

Read more: www.eleving.com

Neringa Plauskiene

Eleving Group

Regional Chief Financial Officer

Phone: +371 66900904

Email: neringa.plauskiene@eleving.com