Younited Financial (YOUNI) H2 2025 earnings summary

Executive summary

• Achieved strong growth in loan origination (+50%), balance sheet loans (+44%), and revenue (+54%) year-over-year for FY 2025, reaching €146 million.

• Attained profitability in H2 2025, with the first profitable quarter in Q4 and IFRS net income of €7.3m.

• Completed a strategic transformation to a balance-sheet-driven model, enhancing margin capture and revenue visibility.

• Expanded ecosystem through the acquisition of Helios, broadening services beyond lending.

• Launched Y-Pay in Italy and executed two value-accretive loan portfolio acquisitions.

Financial highlights

• Loan origination volume rose to €960m (+50% year-over-year); loans and advances to customers reached €1,056m (+44%).

• Revenue increased to €145.7m (+54% year-over-year); non-interest income grew 58% to €81m.

• Operating costs decreased by 13% to €114m, with cost-to-income ratio improving from 139% to 78%.

• Net interest yield expanded by 174bps to 5.8%; gross interest yield at 8.6%.

• Adjusted net income improved by €51m, with FY 2025 adjusted net income at €1.6m.

Outlook and guidance

• Guidance for over 10% return on equity (ROE) for full-year 2026, with continued momentum in loan origination and resilient margins.

• Loan book growth expected to match FY 2025, with upside from selective acquisitions.

• Ongoing regulatory review to extend the scope of activities under the banking license.

• Cost discipline and conservative capital framework to be maintained; funding base to remain diversified and resilient.