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DelfinGroup
DelfinGroup (DGR1R) investor relations material
DelfinGroup Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary3 Mar, 2026
Executive summary
Revenue increased by 24% year-over-year to EUR 78.2 million in 2025, with profit before tax up 35% to EUR 12.4 million and net profit rising 32% to EUR 9.6 million; return on equity reached 34.9%.
Net loan portfolio grew 27% to EUR 144.4 million, driven by strong consumer lending in Latvia and Lithuania.
Operational efficiency improved through cost discipline, branch closures in Lithuania, and a 42 FTE headcount reduction.
Became part of INDEXO group after a unique capital markets transaction, with INDEXO holding 71.52% ownership, enabling new synergies and growth opportunities.
Discontinued pawnshop and retail operations in Lithuania to focus on higher-margin digital consumer lending.
Financial highlights
Q4 2025 revenue was EUR 20.9 million, up 21% year-over-year; annual profit before tax reached a record EUR 4.6 million in Q4, up 91% year-over-year, including EUR 1 million from one-off tax and interest recalculation.
EBITDA increased by 35% to EUR 27.4 million, and gross profit rose 16% year-over-year.
Net profit margin improved to 12.3%; ROE reached 34.9%; ROA at 6.6%.
Cost of sales rose 38%, mainly due to a doubling of gold scrap sales, which have lower margins.
Inventory decreased 26% due to gold scrap sales, while total assets rose 28% to EUR 162.6 million.
Outlook and guidance
2026–2028 targets: net loan portfolio to reach EUR 208 million by 2028, profit before tax EUR 22.3 million, ROE above 30%, and cost-to-income ratio below 45%.
Plans to introduce home equity loans and target lower-risk consumer loan clients.
Focus on cost efficiency, digital transformation, and leveraging INDEXO group synergies.
Aim to keep cost-income ratio below 45% (preferably below 40%) and return on equity above 30%.
Guidance does not include potential synergies from INDEXO integration, which are seen as upside.
Why low bond put option exercise post-INDEXO?
Lithuania's strategic shift: ROI justification?
Explain NPL ratio increase reason and impact.
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Next DelfinGroup earnings date
Q1 20267 May, 2026
DelfinGroup
Next DelfinGroup earnings date
Q1 20267 May, 2026
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Frequently asked questions
DelfinGroup AS is a Latvian fintech company specializing in a range of financial services and retail offerings. The company operates primarily through its two main brands, Banknote and VIZIA, providing consumer loans, pawn loans, and Buy Now Pay Later (BNPL) services. DelfinGroup is also involved in the circular economy, selling pre-owned and slightly used goods both online and in its network of over 90 branches across Latvia. The company focuses on enhancing financial inclusion and offers tailored financial products to various customer segments. The company is headquartered in Riga, Latvia, and its shares are listed on the Nasdaq Riga.
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