During the first three months of 2023, the Group’s loan issuance amount reached €198.6m, a 41.0% increase compared to the corresponding period previous year, demonstrating a strong customer demand across our operational markets.

For the 4th consecutive quarter, the Group’s revenues have exceeded €65.0m, recording €76.3m in Q1’23 and surpassing the Q1’22 result by 54.5%.

Following the steady loan sales growth, the net portfolio reached €170.6m (an increase of 53.7% compared to the end of Q1’22), driven by the growing customer base and expanded product line as well as continuous portfolio quality improvements.

The Group recorded EBITDA of €29.4m for the period (up by 71.7% compared to Q1’22), delivering a 38.5% margin.

To further support the Group’s geographic and product line expansion, at the end of May the Group has registered a new bond issue in amount of EUR 50 million. The bonds will be offered to investors in the form of a private placement with a minimum investment of EUR 100,000. Sun Finance Group is currently represented on the Nasdaq Baltic First North market with two bond issues in the total amount of EUR 70 million. Bonds have allowed the Group to diversify its financing structure and support its growth during the past years.

Financial highlights

• Loan volumes: €199m, an increase from €141m in Q1’22 (+41%)
• Net portfolio: €171m, an increase of €60m (+54%) vs Q1’22
• Cost/income ratio: 22.6%, a decrease of 307bps vs Q1’22
• EBITDA: €29m, an increase of 72% vs Q1’22, delivering 38.5% margin

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 eight countries across three continents, with headquarters in Riga, Latvia. Sun Finance has more than 12 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.