Eleving Group, a Baltic-headquartered global vehicle and consumer financing provider, has announced its unaudited financial results for 2024, reporting a net profit of EUR 29.6 mln. In line with its 50% dividend payout policy, the company estimates EUR 14-15 mln in dividends for the full year 2024.

The company’s financial performance met or exceeded key targets for 2024. The net portfolio expanded to EUR 372 mln, surpassing the initial projection of EUR 363 mln. Net profit before FX reached EUR 33 mln, in line with the forecast, while revenue grew to EUR 217 mln, achieving 98% of the target.

Looking ahead, Eleving Group remains committed to maintaining its 50% dividend payout ratio while pursuing strong and sustainable growth. Over the next two years, the company aims to double its business, focusing on geographic expansion, strengthening its presence in existing markets, and introducing new product concepts. The first steps toward these goals will be taken already within 2025 with planned new market entries.

In addition, Eleving Group targets an annual increase of 19-20% in net portfolio and revenue, aiming to reach EUR 520 mln and EUR 315 mln, respectively, by the end of 2026. Meanwhile, net profit before FX is projected to grow to EUR 54 mln by the end of 2026, reflecting an average annual increase of 22-33%.

About Eleving Group 

Eleving Group has driven innovation in financial technology around the world since its foundation in Latvia in 2012. As of today, the group operates in 16 markets and 3 continents, encouraging financial inclusion and upward social mobility in underserved communities around the globe. Eleving Group has developed a multi-brand portfolio for its vehicle and consumer finance business lines, with around 2/3 of the portfolio comprising secured vehicle loans and mobility products, with Mogo as the leading brand, and around 1/3 of the portfolio including unsecured consumer finance products. Currently, 53% of the group's portfolio is located in Europe, 34% in Africa, and 13% in the rest of the world.
 
The Group's historical customer base exceeds 1.3 mln customers worldwide, while the total volume of loans issued has reached EUR 2.0 bln. With headquarters in Latvia, Lithuania, and Estonia and a governance structure in Luxembourg, the Group ensures efficient and transparent business management, powered at the operational level by over 2790 employees. For two consecutive years, the Group was listed among Europe’s 1000 fastest-growing companies published by the Financial Times in 2020 and 2021, while in 2024, Eleving Group was ranked as the 41st fastest-growing European company in the last decade in 'Europe's Long-Term Growth Champions 2024' research by Financial Times and Statista. 

Read more: www.eleving.com