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DelfinGroup renews the set financial goals until 2024 and sets forecasts for 2025
Emitents DelfinGroup, AS (iepriekšējais nosaukums - ExpressCredit, SIA) (2138002PKHUJIMVMYB13)
Veids 2.2. Iekšējā informācija
Valoda EN
Statuss Publicēts
Datums 2023-02-28 18:29:16
Versijas komentārs

Based on the current economic situation, business results and development trends, Latvian fintech company DelfinGroup renews financial goals for 2023 and 2024 and sets forecasts for 2025.

"The unaudited financial results for 2022 indicate stable customer demand for DelfinGroup services and the company's ability to adapt to challenges of global economy, which ensured significant growth in all indicators. The company's loan portfolio reached 67.4 million euros at the end of 2022, which is a 109% fulfillment following the previously set goals. The EBITDA target of 12.7 million euros has also been exceeded – EBITDA has grown to 13.1 million euros, representing a 103% execution," says DelfinGroup Chief Financial Officer Aldis Umblejs.

Trends observed in 2022 also continue in the first months of 2023 – complex geopolitical situation, economic recession and uncertainty of the business environment. In response to geopolitical and other external conditions, situation in the capital markets has changed. "Without a doubt, external factors and financing costs of the increasing loan portfolio also affect DelfinGroup operations, but over the years, we have successfully diversified sources of financing for attracting capital and gained investors' trust. Although cost of capital is currently higher, the company continues to attract it successfully through bonds and an investment platform," explains the company's Chief Financial Officer.

"We have met the set EBITDA targets for 2022; however, we are cautious in our forecasts for the following years. It should be noted that DelfinGroup has achieved a 40% profit increase compared to 2021 results. Therefore, we continue to forecast stable growth of the company and provide renewed financial targets," explains A. Umblejs.

By evaluating the company's growth in all main business segments, a strong demand for the company's products and services is also expected in the coming years, contributing to the loan portfolio's growth. As a result, it is predicted that at the end of 2025, DelfinGroup loan portfolio will reach 100 million euros.

According to DelfinGroup dividend policy, the company will continue to maintain an equity ratio of at least 20% to total assets, which is a prerequisite for a well-balanced capital structure. In addition, as before, the company plans to pay quarterly dividends to shareholders up to 50% of the net profit and additionally pay annual dividends.

The table summarises DelfinGroup financial goals for 2023, 2024 and 2025.


Indicator 2022 results 2023 target 2024 target 2025 target
Net loan portfolio (mEUR) 67.4 77 90 100
EBITDA (mEUR) 13.1 17 23 26
Profit before tax (mEUR) 7.3 8 12 15
Return on Equity (ROE) 33.8% >30% >30% >30%
Cost-to-income ratio 50.6% 45% 45% 45%
Equity ratio 23.3% >20% >20% >20%
Dividend payout ratio 51% >50% >50% >50%


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About AS DelfinGroup

DelfinGroup is a licenced fintech company established in 2009 and operates under the brand names Banknote and VIZIA. The company continuously develops and offers consumer and pawn loans, loans developed for senior citizens, Buy now pay later loans (BNPL loans), and the sale of pre-owned goods online and at more than 90 branches across Latvia. On average, 35 thousand loans are issued monthly and serviced by a professional team of more than 300 DelfinGroup employees. The company has a total of over 400,000 registered customers. Since 2014, DelfinGroup has been known on the Nasdaq Riga Stock Exchange as a bond issuer and, since 2021, as a listed company on the Baltic Main List. The company's IPO in 2021 attracted almost 6000 new shareholders. The company regularly pays dividends to its shareholders. In 2022, the company's net loan portfolio grew to EUR 67.4 million, while its EBITDA reached EUR 13.1 million, with profit before taxes of EUR 7.3 million. The company's sustainability is based on focused corporate governance, fintech innovation, responsible lending, financial inclusion, and facilitating the circular economy. The company has been profitable every year since 2010.


         For further information, please contact:
         Aldis Umblejs,
         DelfinGroup Chief Financial Officer
         Phone: +371 26189988
         E-mail: IR@delfingroup.lv