“Despite the uncertainty in the global economy, demand for consumer credit products has not weakened, and people’s ability to pay is still higher than expected in a period of rising interest rates and inflation. In the vehicle financing segment, after a slightly slower start early in 2023, we recovered the dynamics in the second half. This mixed trend was, however, to be expected, as people temporarily postponed large purchases.

In 2023, we successfully addressed the diversification of our funding structure by unlocking numerous additional financing channels like local impact funds, bank investments, local notes, and the latest bond issue that attracted €50 million and onboarded over 2 000 new investors mainly from the Baltics. Also, we continue to maintain lean operations and strong cost discipline. Together with the increasing digitization of our daily processes, we have managed to maintain a very cost-effective business even in an inflationary environment.

Going forward, we want to maintain organic growth in our 16 markets, with more accelerated growth in markets acquired in mid-2023 are also open to exploring opportunities through new products and market launches or acquisitions. Having a well-diversified debt stack in place with no significant maturities upcoming in 2024, our focus will be on potential equity raising, exploring opportunities both in Baltic markets and outside”