Sun Finance Group - Unaudited quarterly results (Q4, 2023)
During the period, the Group surpassed its all-time highest quarterly loan issuance record, with a total of €223.4m disbursed to customers.
The Group’s EBITDA for Q4’23 reached €32.8m, delivering a 40.2% margin and adding up to the total result of €119.4m for FY’23 (up by 10.9% vs FY’22).
The net portfolio amounted to €181.8m at the end of the period, marking a 12.0% increase compared to the end of Q4’22.
At the end of Q1’24, the Group decided to conclude the subscription period for its most recent senior unsecured bond (LV0000802692) private placement and reduce its issue size to €27m. Given prevailing market conditions, the Group's solid financial results and robust cash position, the Group deems the financing costs for the issue too high. The bond issue is planned to be listed on Nasdaq First North market in early March.
With the maturity of the €20m bond (LV0000802494) also approaching, the Group is working on a refinancing strategy and intends to initiate a new bond offering during Q2’24.
Financial highlights
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Loan volumes: €223.4m, an increase from €192.3m in Q4’22 (+16.2%)
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Net portfolio: €181.8m, an increase of €19.5m (+12.0%) vs Q4’22
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Cost/income ratio: 27.9%, an increase of 561bps vs Q4’22
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EBITDA: €32.8m, delivering a margin of 40.2%
About Sun Finance Group and Sun Finance Treasury Limited
Sun Finance Treasury Limited is subsidiary of Sun Finance Group, AS. Sun Finance is a financial technology company established in Riga, in 2017, by CEO Toms Jurjevs and co-founder Emīls Latkovskis. Sun Finance operates as an online consumer financing platform in nine countries across four continents, with headquarters in Riga, Latvia. Sun Finance has more than 15 million registered customers and employs more than 1400 people, 180 of whom work at the headquarters in Riga. The company is led by a team of seasoned professionals with more than 15 years of experience in managing FinTech, financial and IT companies.
Zanda Apine
Investor Relations
Zanda.Apine@sunfinance.group
+371 26 398 416
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