SaveLend Group (YIELD) Q3 2025 TU earnings summary

Financial performance and business model changes

• Net revenue for Q3 2025 was 25.3 MSEK, with EBITDA at 0.53 MSEK, reflecting a positive turnaround and record platform deposits in September.

• Gross margin dropped to 78% from 93.1% in 2024, mainly due to reclassification of broker costs as direct costs and product diversification.

• Q3 net profit was -1.7 MSEK, and total comprehensive income for the period was -1.9 MSEK.

• Cash flow from operations improved to 5.8 MSEK, with cash at period end of 13.2 MSEK.

• Revenue declined due to a shift from upfront fees to ongoing income, following regulatory changes in March 2025.

Strategic focus and product development

• Risk diversification by increasing corporate, real estate, and factoring lending, aiming for similar returns and income as consumer loans.

• Main growth focus for the next 12 months is on real estate, invoice, and corporate loans, while consumer loans will grow at a slower pace.

• Factoring platform revenue grew to 11.6 MSEK, with EBITDA at 3.8 MSEK and a gross margin of 87%.

• Larger consumer loans (up to 50,000 SEK) show better credit quality and lower early repayments.

• Improved credit quality resulted in an 18% increase in income from the consumer loan portfolio.

Regulatory and structural transformation

• Transitioning to a credit market company (KMB) to comply with new laws, with application planned for Q1 2026.

• KMB model enables more capital-efficient lending and could place the company among the most profitable credit institutions in Sweden.

• Estimated KMB-related investments are about 1 million SEK in Q4 2025, increasing in Q1 2026, directly impacting EBITDA.

• New license will allow for more flexible savings products with deposit guarantees.

• Investments in external consultants supported the ongoing credit market company license application.