Strong FY 2024 performance with net profit of €52.5 million and Adjusted EBITDA of €157.1 million
Robust balance sheet with high cash levels and solid liquidity
Operational highlights
- Online loan issuance volume broadly stable year-on-year at €565.1 million in the Period, compared with €569.5 million in the prior year, reflecting a focus on efficiency and profitability rather than volume growth. Demand for credit remains strong across most markets, particularly in the Czech Republic and Spain.
- New markets: continuing with deliberate step-by-step approach. Good progress in the UK joint venture (ondal.co.uk) with increased lending volumes since Q3 2024; the Mexican business (kimbi.mx) adapting after initial launch phase.
- Launch of pilot operations in Georgia in February 2025, further diversifying product offering with auto loans.
- TBI Bank loan issuance increased by 29% year-on-year to €1,168.2 million in the Period, surpassing the one billion euro annual milestone.
Financial Highlights
- Interest income up 15% year-on-year to €444.4 million in the Period, compared with €386.0 million in 2023.
- Cost to income ratio for the Period was 41.9%, an improvement from 43.4% in the prior year. Cost discipline and operational efficiency remain a focus for the business.
- Adjusted EBITDA was €157.1 million for the Period, up 20% year-on-year, delivering 35% Adjusted EBITDA margin. The interest coverage ratio as of the date of this report is 2.0x.
- Net profit for the Period up 19% year-on-year to €52.5 million, compared with €44.1 million in the prior year.
- Fundamental asset quality indicators at product level remain broadly stable. Group’s net impairment charges of €172.4 million in the Period reflect the larger portfolio. Overall cost of risk at 12.8% for FY 2024, an improvement from 13.8% in the prior year.
- Net receivables up 21% to €1,315.9 million as of 31 December 2024, compared with €1,084.4 million as at year end 2023.
- Overall gross NPL ratio at 9.6% as of 31 December 2024 (12.4% for online), compared with 9.4% as of 31 December 2023 (14.2% for online). TBI NPL ratio at 9.2% as of 31 December 2024, compared with 8.6% as of 31 December 2023.
Liquidity and funding
- Robust liquidity position, with €79.1 million of cash in the online business at the end of the Period.
- A put option for EUR 2028 bonds was offered in February 2025 for up to €15 million at par. No valid requests received, so no bonds will be repurchased.
Kieran Donnelly, CEO of 4finance, commented:
“The business delivered a strong performance in 2024 with net profit up 19% year-on-year to €53 million and Adjusted EBITDA up 20% year-on-year to €157 million.
“We have our strongest balance sheet to date, supported by high cash levels and solid liquidity. This puts us in a good position to address our October 2026 bond maturity later this year.
“As we move forward, we remain focused on cost efficiency and driving sustainable growth.”
