Strong 9M 2025 performance with net profit of €44.6 million and Adjusted EBITDA of €142.6 million
Robust financial position maintained
TBI Bank sale on track – final regulatory approvals pending
Operational highlights
• In April 2025, the Group’s online loan issuance since inception surpassed the €11 billion milestone.
• Online loan issuance resilient at €388.7 million, down 8% year-on-year.
• New markets: continuing with a deliberate step-by-step approach. The UK joint venture (ondal.co.uk) is progressing well, with positive unit economics and lending volumes growing notably. Pilot operations in Georgia, launched in February 2025, are progressing as planned, further diversifying product offering with auto loans. The Group is reviewing alternative approaches in Mexico. It also continues to explore opportunities in other emerging markets as part of its strategic growth plans.
Financial Highlights
• Interest income up 10% year-on-year to €358.9 million in the Period, compared with €326.7 million in 9M 2024.
• Cost to income ratio for the Period was 38.3%, an improvement from 41.8% in the prior year period. Cost discipline and operational efficiency remain a focus for the business.
• Group’s Adjusted EBITDA for the Period amounted to €142.6 million, up 23% year-on-year, delivering 40% Adjusted EBITDA margin. Online Adjusted EBITDA increased by 11% year-on-year to €34.9 million for the Period. The interest coverage ratio as of the date of this report is 2.2x.
• Group’s net profit for the Period was up 19% year-on-year to €44.6 million. Online net profit increased by 9% year-on-year to €7.9 million in the Period.
• Asset quality at product level remains stable. Net impairment charges of €136.7 million in the Period reflect the larger portfolio. Overall cost of risk at 11.5% for 9M 2025, an improvement from 12.9% in the prior year period.
• Net receivables up 14% to €1,499.0 million as of 30 September 2025, compared with €1,315.9 million at year end.
• Gross NPL ratio at 9.8% as of 30 September 2025 (12.2% for online), compared with 9.6% as of 31 December 2024 (12.4% for online).
Management
• The Group CFO James Etherington will step down in January 2026 to pursue a new opportunity outside the Group. The succession process is underway.
Liquidity and funding
• Robust liquidity position, with €47.7 million of cash in the online business at the end of the Period.
• In April 2025, we announced the sale of TBI Bank. The transaction remains subject to final regulatory approvals.
Kieran Donnelly, CEO of 4finance, commented:
“The first nine months of 2025 demonstrate the resilience of our business, with sustained profitability and a strong balance sheet. Adjusted EBITDA margin improved to 40%, supported by disciplined cost management and operational efficiency. Our priority remains credit quality and sustainable returns.
“The TBI Bank sale is on track, pending final regulatory approvals. We continue to strengthen our core online operations and pursue long-term growth opportunities.
“I’d like to thank our CFO James for his contribution over the years and wish him all the best in his next chapter.”
