Grenke (GLJ) Investor Presentation summary

Business overview and market position

• Global leader in small-ticket leasing, operating in over 30 countries with 130 locations and approximately 2,300 employees worldwide.

• Serves 690,000 active customers and works with 35,000 resellers, with a strong presence in 14 of the 20 largest leasing markets globally.

• Market share around 10% in Germany, France, and Italy, with significant growth potential among 25 million SMEs in Europe.

• Highly diversified portfolio across sectors and object types, with over 1.1 million running contracts and 329 different leasing object types.

• Focus on small-ticket leasing, with 97% of new contracts under €50,000.

Financial performance and key metrics

• H1 2025 leasing new business reached €1.6bn, with group earnings at €26.2m and an equity ratio of 15.9%.

• Cost-income ratio improved to 56.4% due to higher income and stabilized costs.

• Loss rate increased to 1.7% in H1 2025, attributed to portfolio growth and higher defaults, but remains within guidance.

• Cash position remains strong, providing liquidity for future growth, with cash and equivalents at €949.9m as of June 30, 2025.

• Diversified funding mix includes senior unsecured, bank, asset-backed, and external bank funding, with new benchmark and AUD bonds issued in 2025.

Strategic initiatives and outlook

• Digitalization program on track, with 60% cloud migration completed and automation of KYC processes in most countries.

• Strategic partnership with Intesa Sanpaolo in Italy to drive new business, with first P&L effects expected from 2026.

• Guidance for 2025 confirmed: leasing new business €3.2–3.4bn, group earnings €71–81m, CIR <60%, and loss rate ~1.6%.

• Focus on sustainable earnings growth, cost efficiency, and further digitalization.

• Share buyback program concluded in 2024, repurchasing 2.3 million shares for €70m.