Disclosure Devil - Summary

PREPARED IN ACCORDANCE WITH IAS34 Luxembourg, 2023 PREPARED IN ACCORDANCE WITH IAS34 Luxembourg, 2023 Unaudited interim condensed consolidated financial statements for the period ended 30 June 2025 Société Anonyme Eleving Group (UNIFIED REGISTRATION NUMBER B 174.457) PREPARED IN ACCORDANCE WITH IAS34 Luxembourg, 2025 General Information Management Board's report Consolidated Condensed Financial Statements Consolidated Statement of Comprehensive Income Consolidated Statement of Financial Position Consolidated Statement of Changes in Equity Consolidated Statement of Cash Flows Notes to the Consolidated Condensed Financial Statements 3 4 7 7 8 10 11 12 Contents Eleving Group S.A. Consolidated report for the period ended 30 June 2025 Unified registration number: B 174.457 3 Name of the Parent Company Legal status of the Parent Company Unified registration number, place and date of registration Registered office Eleving Group Société Anonyme Luxembourg, 18 December 2012 8-10 Avenue de la Gare, L-1610, Luxembourg Major shareholders Management Board members Financial year 1 January - 30 June 2025 AS ALPPES Capital (Latvia) AS Novo Holdings (Latvia) SIA EMK Ventures (Latvia) AS Obelo Capital (Latvia) Lock-up shareholders each below 5% Eleving Group Free float shares TOTAL 30.06.2025 37.31% 12.44% 12.44% 12.44% 6.19% 0.58% 18.60% 100.00% Māris Kreics (category A), from 25.07.2018 Modestas Sudnius (category A), from 09.03.2019 Sébastien Jean-Jacques J. François (category B), from 01.11.2022 Delphine Glessinger (category B), from 15.10.2023 General Information Supervisory Board members: Mārcis Grīnis (chairman), from 06.06.2024 Lev Dolgatšjov, from 06.06.2024 Derek Bryce Urben, from 06.06.2024 Eleving Group continued to diversify its product offering across the markets. In the first quarter of 2025, the company launched installment loan products in the vehicle finance business line, initially targeting the existing customers in Latvia, Estonia, and Romania. The product delivered strong results, with loan issuances up by 19.1% quarter on quarter, reaching EUR 7.0 million in the second quarter of 2025. Eleving Group plans to continue expanding this offering into more markets in the second half of 2025. To support the company’s efforts to maximize the value of its existing clients across all operating markets, Eleving Group launched a customer retention initiative in the second quarter of 2025. It is designed to strengthen customer loyalty, increase engagement, and enhance lifetime value through targeted offers and improved customer experiences. Eleving Group’s smartphone financing product in Uganda, launched in the first quarter of 2025, has demonstrated strong positive initial performance in portfolio growth and repayment rates. Leveraging these results, the product will be scaled up with a stronger go-to-market strategy in the second half of 2025 in Uganda. In June, it was also introduced in Kenya in a controlled pilot phase as part of the Group’s broader growth strategy. Eleving Group’s plans to enter one to two new markets in 2025 remain unchanged. Progress has been made in establishing legal entities and applying for licenses, with the goal of issuing the first loans before the end of 2025. The exact markets will be announced once operations commence. On 30 June 2025, the net loan and vehicle loan portfolio stood at EUR 375.2 million. The countries representing the largest share in the portfolio were Romania (12.9%) with EUR 48.5 million, Kenya (11.7%) with EUR 43.8 million, Albania (10.2%) with EUR 38.3 million, and Lithuania (7.7%) with EUR 29.1 million. During the first six months of 2025, Eleving Group issued a record-high volume of loans worth EUR 200.1 million to new and existing clients, representing a 19.8% increase compared to the EUR 167.0 million in the corresponding reporting period of 2024. Of this, EUR 97.1 million were issued through vehicle financing products, while consumer financing generated EUR 103.0 million. Quarter on quarter, the vehicle financing business line showed a 15.0% increase in the issued loan volume, while consumer financing remained stable with a 2.2% increase. Eleving Group saw significant customer activity in the vehicle finance segment. In the second quarter of 2025, more than 331 thousand loan applications were received, representing a 13.4% increase compared to the first quarter of the year. The average conversion rate for this business line stood at 8.6%, reflecting the Group's conservative credit assessment policy and strict underwriting standards. In total, 28 615 loans were issued in the second quarter of 2025. The Group's consumer finance business line delivered stable and consistent results. During the second quarter of 2025, 192 thousand loan applications were received. With a conversion rate of 32.2%, 118 thousand loans were issued, maintaining sales levels similar to the first quarter of 2025. 4 Management Board's report Operational and strategic highlights Eleving Group ended the first six months of 2025 with stable growth in the revenue. The total revenue for the first six months of 2025 amounted to EUR 117.1 million, representing a 14.8% increase compared to the corresponding reporting period a year ago. The Group maintained diversified business operations portfolio, generating a well-balanced revenue stream from all core business lines: Traditional loan products contributed EUR 37.8 million to the revenue (a 3.9% increase compared to the first six months of 2024). Flexible and subscription-based products contributed EUR 27.5 million to the revenue (a 38.2% increase compared to the first six months of 2024). Consumer lending products contributed EUR 51.8 million to the revenue (a 13.1% increase compared to the first six months of 2024). The Group’s adjusted EBITDA was EUR 45.3 million, an increase of 3.9% compared to the corresponding reporting period a year ago. The net portfolio at the end of the second quarter of 2025 reached EUR 375.2 million, up by 9.5% compared to the EUR 342.5 million at the end of the corresponding reporting period a year ago. The net profit before FX and discontinued operations amounted to EUR 20.9 million, up by 23.7% from the EUR 16.9 million in the corresponding reporting period a year ago. The total net profit from the core business operations in the first six months of 2025 reached EUR 15.2 million. - - - Growth Operational Milestones Profitability Eleving Group S.A. Consolidated report for the period ended 30 June 2025 Unified registration number: B 174.457 5 Financial highlights and progress Strong financials maintained despite FX volatility: Adjusted EBITDA reached EUR 45.3 million (first six months of 2024: EUR 43.6 million). Total net profit excluding FX and discontinued operations amounted to EUR 20.9 million (first six months of 2024: EUR 16.9 million). Net profit from core business operations amounted to EUR 15.2 million (first six months of 2024: EUR 14.6 million). Total net loan portfolio reached EUR 375.2 million (first six months of 2024: EUR 342.5 million). In June 2025, the capitalization ratio stood at 25.9% (December 2024: 29.3%), the interest coverage ratio at 2.3 (December 2024: 2.4), and net leverage at 3.6 (December 2024: 3.3). On 10 June 2025, Eleving Group distributed EUR 14.8 million to its shareholders, equivalent to EUR 0.127 per share. This marked the first dividend payment since the company’s IPO and listings on the Nasdaq Baltic Official List and the Frankfurt Stock Exchange Prime Standard in October 2024. On 29 May 2025, the international credit rating agency Fitch Ratings improved Eleving Group's Long-Term Issuer Default Rating from “B” with a stable outlook to “B” with a positive outlook. Meanwhile, the rating for Eleving Group’s senior - - - - - secured debt has been affirmed at “B”. Fitch has noted that upon continuing improvements made in capitalization and corporate governance following Eleving Group’s IPO in 2024, and successful refinancing of its EUR 150 million bond maturing in October 2026, the company’s credit rating could be further upgraded. After formally contesting the additional EUR 3.4 million VAT liability reported within the twelve-month period of the 2024 financials, the Romanian Ministry of Finance revoked the conclusion of the country’s tax authority. As a result, the tax authority has commenced a re-examination audit, and the previously paid amount has been returned to Eleving Group’s tax accounts in Romania. The Group continues to work closely with the authorities to reach a resolution. Eleving Group has initiated discussions with its institutional investors regarding the refinancing of the company’s bonds maturing on 18 October 2026. The Group is currently evaluating the possibility of completing the refinancing in the second half of 2025, offering the existing bondholders an opportunity to exchange their current holdings and allowing new investors to participate as well. Eleving Group S.A. Consolidated report for the period ended 30 June 2025 Unified registration number: B 174.457 6 Eleving Group S.A. Consolidated report for the period ended 30 June 2025 Unified registration number: B 174.457 “Looking back at the second quarter of 2025, we once again demonstrated strong operational performance and delivered record results for the first half of the year. During the first six months of 2025, we issued a record-high volume of loans worth EUR 200.1 million, representing a 19.8% increase compared to the EUR 167.0 million during the corresponding period in 2024. A healthy growth in the revenue was also recorded across all product groups. However, the Group’s net profitability could have been even better if not for the significant depreciation of the US dollar, which impacted the Group’s overall portfolio development in euro terms. As part of our growth-oriented strategy, we continued working on new product development in the second quarter of 2025 while actively seeking opportunities to maximize the lifetime value of our existing customer base. We continue to diversify our product offering across the markets. In the first quarter of 2025, we launched installment loan products in the vehicle finance business line, initially targeting our existing customers in Latvia, Estonia, and Romania. The product delivered strong results, with loan issuances up by 19.1% quarter on quarter, reaching EUR 7.0 million in the second quarter of 2025. To the best of our knowledge, the condensed set of consolidated financial statements which have been prepared in accordance with the applicable set of accounting standards give a true and fair view of the assets, liabilities, financial position and profit or loss of the issuer, or the undertakings included in the consolidation as a whole as required by the Laws and that the management report includes a fair review of the information required under paragraph (4). Modestas Sudnius, CEO of Eleving Group, commented: In the second half of the year, we plan to continue expanding our offering into other markets. Additionally, to support our efforts to maximize the value of our existing clients across all operating markets, we launched a customer retention initiative in the second quarter of 2025. This initiative is designed to strengthen customer loyalty, increase engagement, and enhance lifetime value through targeted offers and improved customer experiences. We are also pleased with the results of the smartphone financing product launched in the first quarter of 2025 in Uganda. To capitalize on this performance, the product will be scaled up with a more aggressive go-to-market strategy in the second half of 2025 in Uganda. In June, smartphone financing was also introduced in Kenya in a controlled pilot phase. Overall, we see strong market demand, and the initial results have given us confidence to launch more aggressively. Looking ahead, our priorities will remain focused on driving revenue growth and maintaining profitability across our existing markets. At the same time, we will continue investing in new market entry initiatives to support long-term expansion.” “Eleving Group delivered a solid performance in the first six months of 2025, continuing to create value for its shareholders and investors. The Group’s adjusted EBITDA reached EUR 45.3 million, marking a 3.9% increase compared to the corresponding reporting period of 2024, while the total net profit amounted to EUR 15.2 million. Yet, due to our operations in emerging markets, the company’s results were considerably impacted by the foreign currency fluctuations, particularly due to the volatility of the US dollar. In May, we received positive news from the international credit rating agency Fitch Ratings. Our Long-Term Issuer Default Rating was improved from “B” with a stable outlook to “B” with a positive outlook. Meanwhile, the rating for Eleving Group’s senior secured debt was affirmed at “B”. Fitch Ratings noted that if Eleving Group maintains the improvements in capitalization and corporate governance introduced following its IPO in 2024 and successfully refinances its EUR 150 million bond maturing in October 2026, the company’s credit rating could be further upgraded. Māris Kreics, CFO of Eleving Group, commented: In June, we made our first dividend payment since the company’s IPO and listings on the Nasdaq Baltic Official List and the Frankfurt Stock Exchange Prime Standard in October 2024. In total, EUR 14.8 million were distributed to the shareholders, amounting to EUR 0.127 per share. The next payment is expected at the end of this year. As part of our ongoing capital structure management, we have successfully initiated discussions with the institutional investors regarding the refinancing of bonds maturing on 18 October 2026. We are currently evaluating the feasibility of completing the refinancing in the second half of this year, which would offer the existing bondholders an opportunity to exchange their current holdings and enable participation from new investors too. Looking ahead to the second half of 2025, we will continue to secure and allocate capital in line with our growth plans, while maximizing the long-term value for our investors and shareholders.” Eleving Group S.A. Consolidated Condensed Interim Report for the period ended 30 June 2025 Unified registration number: B 174.457 7 Interest revenue Interest expense Net interest income Fee and commission income related to finance lease activities Impairment expense Expenses related to peer-to-peer platform services Revenue from leases Revenue from car sales Expenses from car sales Selling expense Administrative expense Other operating income Other operating expense Net foreign exchange result Profit before tax Corporate income tax Deferred corporate income tax Profit from continuing operations Discontinued operations Profit/(loss) from discontinued operation, net of tax Profit for the period Other comprehensive income/(loss): Items that may be reclassified subsequently to profit or loss: Translation of financial information of foreign operations to presentation currency Other comprehensive income/(loss) Total comprehensive income for the period Profit is attributable to: Equity holders of the Parent Company Non-controlling interests Net profit for the period Other comprehensive income/(loss) is attributable to: Equity holders of the Parent Company Non-controlling interests Other comprehensive income/(loss) for the period Earnings per share from profit for the period attributable to the owners of the parent during the period 0.10 0.12 Continuing operations 0.13 0.15 The accompanying selected explanatory notes are an integral part of these consolidated condensed financial statements. Signed on behalf of the Group on 31 August 2025 by: Māris Kreics Type A director (5 863 349) 10 1 232 723 15 216 205 14 613 465 346 089 15 407 145 (816 232) Sébastien Jean-Jacques J. François Type B director 248 490 (6 679 581) 1 885 498 - 793 680 15 216 205 12 157 822 12 131 778 3 058 383 1 637 008 19 457 651 19 041 597 10 (5 474 169) (4 774 221) (5 908 512) (5 309 128) (9 996 096) (2 551 678) (4 228 672) 5 166 004 948 449 (3 468 723) 8 (36 186 642) (5 649 000) (2 258 871) 8 10 729 353 EUR EUR 3 112 158 746 95 088 113 Consolidated Condensed Interim Financial Statements Consolidated Statement of Profit or Loss and Other Comprehensive Income 01.01.2025 - 30.06.2025 01.01.2024 - 30.06.2024 Continuing operations 9 (39 799 926) 574 803 1 769 109 1 550 835 946 490 (354 070) (468 639) 7 2 787 650 Net gain/(loss) from de-recognition of financial assets measured at amortized cost 5 4 341 908 5 121 892 6 (27 977 861) (16 770 385) 4 (21 149 861) (20 606 040) 91 008 885 74 482 073 3 275 367 15 216 205 15 407 145 (6 679 581) 1 885 498 (6 679 581) 1 885 498 8 536 624 17 292 643 Eleving Group S.A. Consolidated Condensed Interim Report for the period ended 30 June 2025 Unified registration number: B 174.457 8 Intangible assets Goodwill Internally generated intangible assets Other intangible assets Total intangible assets 11 Tangible assets Right-of-use assets Rental fleet Property, plant and equipment Leasehold improvements Advance payments for assets Total tangible assets 12 Non-current financial assets Loans and advances to customers 13 Loans to associated companies 19 Equity‑accounted investees Other loans and receivables Deferred tax asset Total non-current financial assets TOTAL NON-CURRENT ASSETS CURRENT ASSETS Inventories Finished goods and goods for resale 14 Total inventories Receivables and other current assets Loans and advances to customers 13 Loans to associated companies 19 Other loans and receivables Prepaid expense Trade receivables Other receivables 15 Cash and cash equivalents Total receivables and other current assets Assets held for sale 16 Total assets held for sale TOTAL CURRENT ASSETS TOTAL ASSETS The accompanying selected explanatory notes are an integral part of these consolidated condensed financial statements. Signed on behalf of the Group on 31 August 2025 by: 15 009 913 16 282 205 1 400 118 2 037 986 2 960 353 24 760 676 23 911 434 9 809 856 10 779 098 6 807 055 6 807 055 12 554 128 Consolidated Condensed Statement of Financial Position ASSETS 11 784 864 5 399 493 5 319 515 30.06.2025 31.12.2024 EUR EUR 2 594 569 839 586 869 889 - 663 3 143 055 2 452 606 9 810 037 9 193 592 207 569 354 203 480 246 247 339 943 243 673 885 3 577 626 3 253 724 1 258 211 1 238 003 3 143 055 2 452 606 192 923 480 189 649 583 - 145 344 15 672 509 8 740 369 25 818 238 34 461 093 231 452 122 229 301 079 6 035 239 4 353 931 2 970 326 2 164 840 180 891 520 179 516 427 - 54 455 64 290 9 964 Type A director 235 670 550 232 614 880 483 010 493 476 288 765 Māris Kreics 1 075 373 861 195 1 075 373 861 195 Sébastien Jean-Jacques J. François Type B director Eleving Group S.A. Consolidated Condensed Interim Report for the period ended 30 June 2025 Unified registration number: B 174.457 9 Share capital 17 Treasury shares Share premium Share options reserve Reserve Foreign currency translation reserve Retained earnings/(losses) brought forward for the period Non-controlling interests TOTAL EQUITY LIABILITIES Non-current liabilities Borrowings 18 Total non-current liabilities Provisions Total provisions for liabilities and charges Current liabilities Borrowings 18 Prepayments and other payments received from customers Trade payable Corporate income tax payable Taxes payable Derivative financial liabilities Other liabilities Accrued liabilities Total current liabilities TOTAL LIABILITIES TOTAL EQUITY AND LIABILITIES The accompanying selected explanatory notes are an integral part of these consolidated condensed financial statements. Signed on behalf of the Group on 31 August 2025 by: Total equity attributable to equity holders of the Parent Company Consolidated Condensed Statement of Financial Position EQUITY AND LIABILITIES 30.06.2025 31.12.2024 (1 146 772) (1 146 772) 43 257 852 36 607 318 12 157 822 23 502 987 82 343 609 92 703 604 4 691 940 4 691 940 (3 493 994) 2 369 355 55 415 674 60 110 305 EUR EUR 1 171 088 1 171 088 25 467 034 25 467 034 238 639 40 654 290 445 121 267 562 839 106 750 174 780 106 750 174 780 290 445 121 267 562 839 14 342 066 15 413 373 96 685 675 108 116 977 4 532 461 6 919 797 2 945 305 2 367 886 6 346 727 7 340 051 1 178 418 902 053 2 163 697 1 980 625 2 636 751 3 591 081 2 440 149 5 317 084 73 529 439 72 015 592 95 772 947 100 434 169 386 324 818 368 171 788 483 010 493 476 288 765 Sébastien Jean-Jacques J. François Type B director Māris Kreics Type A director Eleving Group S.A. Consolidated Condensed Interim Report for the period ended 30 June 2025 Unified registration number: B 174.457 10 Share capital Reserve Total EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR Balance at 01.01.2024 1 000 500 - - - 532 762 47 773 110 4 287 631 53 594 003 11 841 222 65 435 225 Profit for the period - - - - - 23 502 987 - 23 502 987 6 068 841 29 571 828 Share capital increase/(decrease) 170 588 - - - - - (100 000) 70 588 388 70 976 Sale of subsidiary - - - - - - (2 842) (2 842) - (2 842) - - - - - (1 597 725) - (1 597 725) 649 750 (947 975) - Share premium increase - - 25 467 034 - - - - 25 467 034 - 25 467 034 Recognized share options reserve - 40 654 - - - (40 654) - - - - Treasury shares acquired - - - (1 146 772) - - - (1 146 772) - (1 146 772) Reserve - - - - - (507 151) 507 151 - - - Dividends distribution - - - - - (9 020 262) - (9 020 262) (3 287 884) (12 308 146) Other comprehensive income - - - - 1 836 593 - - 1 836 593 141 056 1 977 649 Total comprehensive income 170 588 40 654 25 467 034 (1 146 772) 1 836 593 12 337 195 404 309 39 109 601 3 572 151 42 681 752 Balance at 31.12.2024. 1 171 088 40 654 25 467 034 (1 146 772) 2 369 355 60 110 305 4 691 940 92 703 604 15 413 373 108 116 977 Balance at 01.01.2025 1 171 088 40 654 25 467 034 (1 146 772) 2 369 355 60 110 305 4 691 940 92 703 604 15 413 373 108 116 977 Profit for the reporting year - - - - - 12 157 822 - 12 157 822 3 058 383 15 216 205 - - - - - (2 066 539) - (2 066 539) 150 006 (1 916 533) - Recognized share options reserve - 197 985 - - - - - 197 985 - 197 985 Dividends distribution - - - - - (14 785 914) - (14 785 914) (3 463 464) (18 249 378) Other comprehensive income - - - - (5 863 349) - - (5 863 349) (816 232) (6 679 581) Total comprehensive income - 197 985 - - (5 863 349) (4 694 631) - (10 359 995) (1 071 307) (11 431 302) Balance at 30.06.2025 1 171 088 238 639 25 467 034 (1 146 772) (3 493 994) 55 415 674 4 691 940 82 343 609 14 342 066 96 685 675 The accompanying selected explanatory notes are an integral part of these consolidated condensed financial statements. Signed on behalf of the Group on 31 August 2025 by: Treasury shares Share premium Share options reserve Foreign currency translation reserve Total equity attributable to Equity holders of the Parent Company Non controlling interest Retained earnings/ (Accumulated loss) Sébastien Jean-Jacques J. François Type B director Consolidated Condensed Statement of Changes in Equity Māris Kreics Type A director Change in NCI without change in control interests (NCI) Change in NCI without change in control interests (NCI) Eleving Group S.A. Consolidated Condensed Interim Report for the period ended 30 June 2025 Unified registration number: B 174.457 11 Profit before tax from continuing operations Profit from discontinued operation, net of tax Adjustments for: Amortization and depreciation Interest expense Interest income Loss on disposal of property, plant and equipment Impairment expense Share based payments reserve Loss from fluctuations of currency exchange rates Operating profit before working capital changes Decrease/(increase) in inventories Increase in finance lease receivables, loans and advances to customers and other current assets Increase/(decrease) in accrued liabilities Increase/(decrease) in trade payable, taxes payable and other liabilities Cash generated to/from operations Interest received Interest paid Corporate income tax paid Net cash flows to/from operating activities Cash flows to/from investing activities Purchase of property, plant and equipment and intangible assets Purchase of rental fleet Payments for acquisition of non-controlling interests Loan repayments received Loans issued Net cash flows to/from investing activities Cash flows to/from financing activities Proceeds from borrowings Repayments for borrowings Repayment of liabilities for right-of-use assets Paid in share capital Dividends paid Net cash flows to/from financing activities Change in cash Cash at the beginning of the year Cash at the end of the year The accompanying selected explanatory notes are an integral part of these consolidated condensed financial statements. Signed on behalf of the Group on 31 August 2025 by: Māris Kreics (112 158 746) (95 088 113) (18 910 671) Sébastien Jean-Jacques J. François Type B director 138 169 660 137 997 836 34 461 093 27 470 468 7 476 789 (148 485 285) (2 581 318) (18 249 378) (241 774) (19 316 646) (8 642 855) 151 031 25 818 238 27 621 499 (21 389 674) (7 196 225) (109 862 175) (335 744) - (6 882 656) (3 978 664) 154 398 187 159 (1 916 533) (358 822) Type A director 5 036 082 4 926 943 - 388 (1 633 360) (4 744 777) (3 565 227) 197 985 - (32 463 746) (690 449) 1 926 637 1 954 967 568 738 26 652 184 (47 491 003) 16 313 996 EUR EUR 19 457 651 19 041 597 (97 426 003) Consolidated Statement of Cash Flows 01.01.2025 - 30.06.2025 01.01.2024 - 30.06.2024 12 328 581 373 373 (4 694 023) 6 437 906 (25 381 435) (40 000) - (65 598 742) (23 387 948) (1 061 354) (3 852) (5 050 224) (2 761 095) (9 236 988) 21 149 861 20 606 040 793 680 112 149 910 95 088 113 23 446 341 Eleving Group S.A. Consolidated Condensed Interim Report for the period ended 30 June 2025 Unified registration number: B 174.457 12 The consolidated condensed financial statements of the Group include: 30.06.2025 31.12.2024 Eleving Vehicle Finance AS Latvia Management services 99.13% 98.85% Mogo Peru S.A.C. Peru Financing 99.13% 98.85% Mogo UCO LLC Armenia Financing 99.13% 98.85% Eleving Finance AS Latvia Management services 98.70% 98.70% SIA EC Finance Group Latvia Management services 92.28% 98.70% AS ExpressCredit Holding Latvia Management services 92.28% 98.70% YesCash Group Ltd Mauritius Financing 92.28% 98.70% ExpressCredit Ltd Lesotho Financing 92.28% 98.70% ExpressCredit Proprietary Ltd Botswana Financing 92.28% 98.70% YesCash Zambia LTD Zambia Financing 92.28% 98.70% Primero Finance OU Estonia Financing 89.82% 88.32% Mogo LLC Georgia Financing 89.82% 88.32% Eleving Georgia LLC Georgia Retail of motor vehicles 89.82% 88.32% Eleving AM LLC (Longo LLC) Armenia Retail of motor vehicles 89.82% 88.32% Mogo OY Finland Financing 89.82% 88.32% Mogo IFN SA Romania Financing 89.82% 88.32% Eleving Stella AS Latvia Management services 89.82% 88.32% Eleving Stella LT UAB Lithuania Management services 89.82% 88.32% Renti AS Latvia Rent services 89.82% 88.32% Mogo AS Latvia Financing 89.82% 88.32% Mogo LT UAB Lithuania Financing 89.82% 88.32% Renti UAB Lithuania Financing 89.82% 88.32% MOGO FINANCE LLC JE Uzbekistan Financing 88.02% 86.55% Eleving Solis AS Latvia Management services 87.67% 85.72% Eleving Solis UAB Lithuania Management services 87.67% 85.72% Green Power Trading LTD (Mogo Kenya Ltd) Kenya Financing 87.67% 85.72% ExpressCredit Cash Advance Ltd Namibia Financing 87.67% 78.66% MOGO CREDIT LIMITED Tanzania Financing 87.66% - MOGO LOANS SMC LIMITED Uganda Financing 87.17% 85.23% Mogo Loans SRL Moldova Financing 86.67% 85.23% Mogo Auto Ltd Kenya Financing 86.04% 85.72% Mogo Lend LTD Uzbekistan Financing 85.02% 83.24% Eleving Consumer Finance Holding, AS Latvia Management services 82.41% 81.75% Eleving Consumer Finance AS Latvia Management services 78.79% 78.13% Kredo Finance SHPK Albania Financing 78.49% 78.02% OCN SE Finance SRL Moldova Financing 78.28% 77.55% FINTEK DOO Skopje (TIGO Finance DOOEL) North Macedonia Financing 77.92% 77.38% OCN Sebo Credit SRL Moldova Financing 77.69% 77.12% Insta Finance LLC (sold in 2025) Ukraine Financing - 78.13% Principal activities PVT-BEU3ZKD 305723654 40203249386 7229712 L71610009A 54103145421 12401448 PVT-AJUR7BX 43449827 1. Corporate information Eleving Group S.A. (hereinafter “the Parent Company”) is a Luxembourg company incorporated on December 18, 2012 as a Société Anonyme for an unlimited duration, subject to the law of August 10, 1915 on Commercial Companies (as amended). % equity interest Selected explanatory notes to the Consolidated Condensed Financial Statements Country of incorporation Subsidiary name 40203082656 404468688 402095166 137426 C1/GBL TRMBS:68483 BW00000115487 40203182962 304991028 80020001522601 286.110.1015848 3263702-2 35917970 1017600000371 42103088260 20609973618 42 40203150030 Registration number 40103964830 305018069 40203174147 40203169911 50103541751 310380440 10086000260223 302943102 305653232 120180003452 2016/0767 1020600028773 182120197 Eleving Group S.A. Consolidated Condensed Interim Report for the period ended 30 June 2025 Unified registration number: B 174.457 13 EUR EUR EUR EUR EUR EUR Total fees and commissions income: As of 30 June 2025, the Group maintained a solid capital base, with total equity at EUR 96.7 million and year-to-date net profit of EUR 15.2 million. These results confirm the Group’s operational resilience and financial health amid ongoing macroeconomic volatility. As the global economy progresses through a prolonged period of elevated interest rates and mixed macroeconomic signals—including persistent inflationary pressures in certain regions and gradual normalization in others, as well as depreciation of certain foreign markets’ currencies against euro — the Group has continued to deliver strong financial performance, maintaining stable results during the first half of 2025 following record achievements in 2024 and 2023. The consolidated condensed financial statements are prepared on a historical cost basis as modified by the recognition of financial instruments measured at fair value, except for inventory which is accounted in net realizable value. 2. Summary of material accounting policies Basis of preparation The consolidated half yearly report of the Group is, to the best of the Management Board's knowledge, prepared in accordance with the applicable set of accounting standards and gives a true and fair view of the assets, liabilities, financial position and profit or loss of the Group and the undertakings included in the consolidation taken as a whole. The Group has applied the same accounting policies and methods of computation in its interim consolidated financial statements as in its 2024 consolidated annual financial statements. The half yearly management report of the Group includes a fair review of the development and performance of the business and the position of the Group and the undertakings included in the consolidation taken as whole, together with a description of the principal risks and uncertainties that they face. These interim consolidated half year financial statements for the period ended 30 June 2025 are prepared in accordance with IAS34. Going concern 3. Interest revenue 01.01.2025 - 30.06.2025 01.01.2024 - 30.06.2024 The Group’s business model, centered on a diversified product structure, supports sustainable equity growth even amid uncertain conditions. While the Group primarily operates with borrowed capital, interest expenses remained well-contained, accounting for 18.8% of interest revenue in 6 months 2025. As of 30 June 2024, the Group’s total borrowings stood at EUR 364.0 million, with EUR 72.5 million maturing over the subsequent 12 months. Current assets amounted to EUR 263.5 million, more than three times the amount of borrowings due within that horizon, reaffirming the Group’s robust liquidity position. The Group’s track record of consistent cash flow generation and its continued access to diversified funding sources, including local and international debt markets, further supports its ability to meet foreseeable financing needs. This resilience has been evidenced in previous years and continues into 2025, as proven by successful EUR 40.0 million bond tap during month of March 2025. Externally driven challenges, such as inflation fluctuations, local currency volatility, and region-specific regulatory developments, remain present. However, the Group retains full discretion over its underwriting policies, allowing it to promptly adapt to emerging risks on a geographic or product basis. This proactive approach has preserved portfolio quality. Accordingly, these consolidated financial statements continue to be prepared on a going concern basis. Interest expenses for other borrowings 1 165 026 The Group’s consolidated condensed financial statements and its financial result are affected by accounting policies, assumptions, estimates and management judgement, which necessarily have to be made in the course of preparation of the consolidated condensed financial statements. The Group makes estimates and assumptions that affect the reported amounts of assets and liabilities within the current and next financial period. All estimates and assumptions required in conformity with IFRS are best estimates undertaken in accordance with the applicable standard. Estimates and judgements are evaluated on a continuous basis, and are based on past experience and other factors, including expectations with regard to future events. Accounting policies and management’s judgements for certain items are especially critical for the Group’s results and financial situation due to their materiality. Future events occur which cause the assumptions used in arriving at the estimates to change. The effect of any changes in estimates will be recorded in the interim financial statements, when determinable. Other interest income Interest income from loans and advances to customers TOTAL: 112 158 746 95 088 113 EUR EUR 407 851 291 262 111 750 895 94 796 851 Intercompany transactions, balances and unrealized gains on transactions between group companies are eliminated. Unrealized losses are also eliminated. When necessary amounts reported by subsidiaries have been adjusted to conform to the Group’s accounting policies. The Group's presentation currency is euro (EUR). The financial statements cover the period from 1 January 2025 till 30 June 2025. Accounting policies and methods are consistent with those applied in the previous years. 624 609 TOTAL: 21 149 861 20 606 040 Interest expense on issued bonds 14 494 692 13 245 074 Interest expenses for bank liabilities and related parties 2 226 441 2 640 610 4. Interest expense 01.01.2025 - 30.06.2025 01.01.2024 - 30.06.2024 Interest expenses for loans from P2P platform investors 2 858 854 3 688 858 Interest expenses for lease liabilities 404 848 406 889 TOTAL: 6 549 881 6 645 151 Revenue from contracts with customers recognized point in time where the Group acted as an agent: 01.01.2025 - 30.06.2025 01.01.2024 - 30.06.2024 Income from commissions 1 902 831 2 125 488 5. Fee and commission income related to finance lease activities 01.01.2025 - 30.06.2025 01.01.2024 - 30.06.2024 Income from penalties received 4 647 050 4 519 663 Revenue from contracts with customers recognized point in time: TOTAL: (2 207 973) (1 523 259) 4 341 908 5 121 892 Gross income from debt collection activities 733 617 965 406 Gross expenses from debt collection activities (2 941 590) (2 488 665) Geopolitical exposures are limited. The Group operates across three continents and remains fully compliant with international sanctions regimes, maintaining no business with sanctioned entities. Previous operations in Ukraine and Belarus have been fully ceased and sold off and Group retains no exposure towards both markets. The Group’s credit profile continued to strengthen in 2025. In June, Fitch Ratings improved the Group’s credit rating from ‘B’ with a stable outlook to ‘B’ with a positive outlook, citing improvements in leverage and improvements in its governance post successful IPO in 2024. Eleving Group S.A. Consolidated Condensed Interim Report for the period ended 30 June 2025 Unified registration number: B 174.457 14 EUR EUR EUR EUR Revenue from operating lease EUR EUR EUR EUR Total Net revenue from contracts with customers recognized point in time 733 257 235 972 EUR EUR EUR EUR The amount of income and corresponding expenses have increased in 2025 due to the Group's efforts to expand this business line in Africa region. 6. Impairment expense 01.01.2025 - 30.06.2025 01.01.2024 - 30.06.2024 2 948 219 (16 148 919) Change in impairment in loans and advances to customers Reversal of impairment of loans and advances to customers of sold subsidiary 8 942 048 - Written off receivables of sold subsidiary 16 148 919 - Change in impairment in other receivables and written off debts 25 029 642 7 828 337 TOTAL: 27 977 861 16 770 385 574 803 1 769 109 TOTAL: 574 803 1 769 109 8. Revenue from car sales 7. Revenue from leases 01.01.2025 - 30.06.2025 01.01.2024 - 30.06.2024 TOTAL: 10 729 353 2 787 650 01.01.2025 - 30.06.2025 01.01.2024 - 30.06.2024 01.01.2025 - 30.06.2025 01.01.2024 - 30.06.2024 Income from sale of vehicles 10 729 353 2 787 650 Expenses from sale of vehicles (9 996 096) (2 551 678) TOTAL: (9 996 096) (2 551 678) 58 417 75 878 693 807 497 036 386 595 Bank commissions 552 912 729 908 1 928 534 2 065 214 GPS equipment expenses 587 371 Employee recruitment expenses 39 799 926 36 186 642 1 768 041 9. Administrative expense 01.01.2025 - 30.06.2025 01.01.2024 - 30.06.2024 Insurance expenses 264 007 406 831 Communication expenses 999 420 831 302 Low value equipment expenses 149 213 128 658 5 036 082 Office and branches' maintenance expenses 2 214 797 2 005 608 1 819 000 4 926 943 Credit database expenses 473 025 478 235 Business trip expenses 764 502 729 740 Professional services IT services TOTAL: 276 155 813 397 Donations Expenses from disposal of rental fleet and other fixed assets 5 155 15 630 Transportation expenses 19 789 196 Amortization and depreciation 17 214 67 025 Current corporate income tax charge for the reporting year 5 474 169 4 774 221 Deferred corporate income tax due to changes in temporary differences (1 232 723) (346 089) 10. Corporate income tax 01.01.2025 - 30.06.2025 01.01.2024 - 30.06.2024 Corporate income tax charged to the income statement: 4 241 446 4 428 132 Employees' salaries 22 749 946 Other administration expenses 984 343 697 431 Other personnel expenses Eleving Group S.A. Consolidated Condensed Interim Report for the period ended 30 June 2025 Unified registration number: B 174.457 15 Goodwill Trademarks TOTAL Cost 6 807 055 25 535 207 3 223 085 2 380 719 37 946 066 Accumulated amortization - (15 271 288) - (210 341) (15 481 629) As at 1 January 2024 6 807 055 10 263 919 3 223 085 2 170 378 22 464 437 2024 Additions - 1 477 326 - 3 066 640 4 543 966 Reclassification - 3 104 261 - (3 104 261) - Disposals (cost) - (27 829) - (56 760) (84 589) Exchange difference, net - 77 316 - 3 239 3 239 Amortization charge - (3 166 962) - (33 582) (3 200 544) Disposals (amortization) - 7 589 - 51 646 59 235 Exchange difference, net - 49 244 - (870) 48 374 Cost 6 807 055 30 166 281 3 223 085 2 289 577 42 485 998 Accumulated amortization - (18 381 417) - (193 147) (18 574 564) As at 31 December 2024 6 807 055 11 784 864 3 223 085 2 096 430 23 911 434 2025 Additions - 718 549 - 2 613 128 3 331 677 Reclassification - 2 508 306 - (2 508 306) - Disposals (cost) - (1 281 949) - (10 074) (1 292 023) Exchange difference, net - (83 411) - (7 874) (91 285) Amortization charge - (1 689 672) - (9 464) (1 699 136) Disposals (amortization) - 546 641 - - 546 641 Exchange difference, net - 50 800 - 2 568 53 368 Cost 6 807 055 32 027 776 3 223 085 2 376 451 44 434 367 Accumulated amortization - (19 473 648) - (200 043) (19 673 691) As at 30 June 2025 6 807 055 12 554 128 3 223 085 2 176 408 24 760 676 Split of goodwill per cash generating unit: Name TIGO Finance DOOEL Skopje (North Macedonia) EC Finance Group SIA UAB mogo (Lithuania) AS mogo (Latvia) Mogo UCO (Armenia) Mogo LLC (Georgia) TOTAL EUR EUR EUR EUR EUR EUR EUR EUR Cost 18 177 983 274 889 18 452 872 3 725 455 6 725 035 10 450 490 8 805 681 37 709 043 Accumulated depreciation (7 764 665) (128 921) (7 893 586) (199 355) (3 165 207) (3 364 562) (5 933 539) (17 191 687) As at 1 January 2024 10 413 318 145 968 10 559 286 3 526 100 3 559 828 7 085 928 2 872 142 20 517 356 2024 Additions 4 738 145 159 446 4 897 591 2 358 421 846 424 204 3 341 906 8 663 701 Disposals (cost) (2 967 447) (246 231) (3 213 678) - (2 394 139) (2 394 139) (1 848 656) (7 456 473) - - - (3 727 813) - (3 727 813) - (3 727 813) Exchange difference, net 527 847 161 528 008 - - - 322 148 850 156 Depreciation charge (4 037 231) (73 070) (4 110 301) (128 589) (804 849) (933 438) (1 610 517) (6 654 256) Disposals (depreciation) 2 289 910 151 221 2 441 131 - 1 227 997 1 227 997 617 678 4 286 806 - - - 327 944 - 327 944 - 327 944 Impairment release - - - - 27 303 27 303 - 27 303 Exchange difference, net (322 788) (151) (322 939) - - - (229 580) (552 519) Cost 20 476 528 188 265 20 664 793 - 4 752 742 4 752 742 10 621 079 36 038 614 Accumulated depreciation (9 834 774) (50 921) (9 885 695) - (2 714 756) (2 714 756) (7 155 958) (19 756 409) As at 31 December 2024 10 641 754 137 344 10 779 098 - 2 037 986 2 037 986 3 465 121 16 282 205 2025 Additions 2 701 318 6 320 2 707 638 - 40 000 40 000 1 413 101 4 160 739 Disposals (cost) (2 374 568) (16 703) (2 391 271) - (1 308 540) (1 308 540) (515 881) (4 215 692) Depreciation charge (2 319 255) (40 599) (2 359 854) - (299 018) (299 018) (678 074) (3 336 946) Impairment - - - - 23 569 23 569 - 23 569 Exchange difference, net (812 624) (3 083) (815 707) - - - (475 047) (1 290 754) Disposals (depreciation) 1 471 734 13 517 1 485 251 - 906 121 906 121 276 531 2 667 903 Exchange difference, net 403 831 870 404 701 - - - 314 188 718 889 Other changes 1 062 941 11 304 1 074 245 - 906 121 906 121 115 672 2 096 038 Cost 19 990 653 174 799 20 165 452 - 3 484 202 3 484 202 11 043 252 34 692 907 Accumulated depreciation (10 278 464) (77 133) (10 355 597) - (2 084 084) (2 084 084) (7 243 313) (19 682 994) As at 30 June 2025 9 712 190 97 666 9 809 856 - 1 400 118 1 400 118 3 799 939 15 009 913 Other intangible assets 30.06.2025 31.12.2024 182 028 182 028 OU mogo (Estonia) 2 148 006 2 148 006 11. Intangible assets Internally generated intangible assets 3 000 276 Long term rental fleet Car sharing rental fleet 646 063 646 063 80 050 80 050 EUR Each cash generating unit represents a subsidiary of the Group. SUBTOTAL Right- of-use assets 12. Property, plant and equipment and Right-of-use assets Other property, plant and equipment 6 807 055 6 807 055 451 894 451 894 298 738 298 738 EUR 3 000 276 Disposals due to subsidiary reorganisation (cost) Disposals due to subsidiary reorganisation (depreciation) SUBTOTAL Rental fleet Right-of-use motor vehicles Right-of-use premises Eleving Group S.A. Consolidated Condensed Interim Report for the period ended 30 June 2025 Unified registration number: B 174.457 16 Non-Current 30.06.2025 30.06.2025 31.12.2024 31.12.2024 EUR 131 867 996 (5 982 132) 74 177 045 (6 990 077) Accrued interest - (149 352) 192 923 480 EUR EUR Acquired vehicles for purpose of selling them to customers EUR EUR The subscribed share capital of the Group amounts to EUR 1 171 088 and is divided into 117 108 824 shares fully paid up. Deposits for currency hedging transactions 4 155 073 1 010 684 1 075 373 TOTAL: Advances to employees 850 624 Other debtors Impairment allowance for 'Other debtors' (179 103) * - increase in CIT is mainly driven by advance tax payments of subsidiary in Albania. Local legislation requires to make advance payments during the year which are then used at year end to settle calculated year end tax liabilities. Disputed tax audit measurement in Georgia 183 772 706 903 Receivables from P2P platform for attracted funding 211 319 - 9 105 (626 498) 13. Loans and advances to customers Current Non-Current Current 1 294 495 15 105 198 - 29 718 909 Fees paid and received upon loan disbursement (170 683) (191 735) (221 258) EUR EUR EUR Loans and advances to customers (secured) 112 593 733 140 830 463 110 245 433 Impairment allowance for secured loans (32 448 391) (6 579 988) (30 695 254) 180 891 520 189 649 583 179 516 427 318 882 Advance payments for other taxes 16. Assets held for sale 30.06.2025 31.12.2024 EUR EUR Repossessed collateral 1 075 373 861 195 On 16 October 2024, Eleving Group S.A. successfully completed the initial public offering (IPO) and shares of the Company have become traded in Nasdaq Riga Baltic Main List and on the Frankfurt Stock Exchange’s Prime Standard. During IPO the Company issued 17 058 824 new shares with par value of EUR 0.01 each. 861 195 Repossessed collaterals are vehicles taken over by the Group in case of default by the Group's clients on the related lease agreements. After the default of the client, the Group has the right to repossess the vehicle and sell it to third parties. The Group does not have the right to repossess, sell or pledge the vehicle in the absence of default by Group's clients. The Group usually sells the repossessed vehicles within 90 days after repossession. There are no balances left unsold from previous reporting period. 17. Share capital, share premium and treasury shares 15. Other receivables 30.06.2025 31.12.2024 Impairment allowance (725 168) TOTAL: 3 143 055 2 452 606 31.12.2024 Advance payments to vehicle dealerships 2 306 943 2 406 828 911 322 932 225 860 577 174 563 Loans and advances to customers (unsecured) 14. Finished goods and goods for resale 30.06.2025 Also the Solidarity Tax was introduced in North Macedonia in 2023 to tax companies with excess profits during crises. In 2024, the Constitutional Court declared the tax unconstitutional, citing retroactive application, legal uncertainty, and potential discrimination. As a result, the government is obligated to refund all collected amounts. The Group's subsidiary in North Macedonia submitted refund requests to the Ministry of Finance, the Government, and the Public Revenue Office, thus the Group has recognized the expected refund as receivable as at 30.06.2025. Security deposits for office leases Receivables for payments received from customers through online payment systems (642 155) Other inventory 720 349 17 557 468 071 538 758 887 554 122 879 296 61 376 766 123 096 365 Impairment allowance for unsecured loans (37 067 633) (5 785 923) (52 627 768) 512 012 CIT paid in advance* Overpaid VAT 3 792 023 258 934 2 979 610 500 822 4 957 300 215 158 Accrued income from currency hedging transactions 15 672 509 8 740 369 Total amount of impairment has decreased from 95.7 million EUR to 82.5 million EUR partly due to sale of subsidiary of Ukraine. See Note 6 for more information. Eleving Group S.A. Consolidated Condensed Interim Report for the period ended 30 June 2025 Unified registration number: B 174.457 17 Non-current Maturity 30.06.2025 31.12.2024 EUR EUR 9.5% 13.0% 30.06.2025 31.12.2024 EUR EUR 6% - 13.55% 10% -12% 17%-22.5% 2%-12% 3.1% - 20% 9.5%-15.5% 13.5% Long term loans from non related parties in Luxembourg 12%+6M EURIBOR Long term loans from non related parties in Botswana and Namibia 13.25%-18.75% 2%-12% TOTAL NON CURRENT BORROWINGS: Current 30.06.2025 31.12.2024 EUR EUR 6% - 13.55% Short term borrowings in Kenya 17%-22.5% Long term loans from non related parties in Botswana and Namibia 13.25%-18.75% 3.1% - 20% 2%-12% 2%-12% Accrued interest for short term borrowings in Kenya Accrued interest for loans from non related parties The income and expense items with related parties for 6 months of 2025 were as follows: EUR EUR Interest income Management services provided to associated entities The income and expense items with related parties for 6 months of 2024 were as follows: EUR EUR Management services provided to associated entities The receivables and liabilities with related parties as at 30.06.2025 and 31.12.2024 were as follows: EUR EUR Loans to associated companies Trade receivables Payables to associated companies 136 727 Lease liabilities for rent of vehicles Long term loan from fund in Romania 31.12.2028 10 000 000 10 000 000 1 278 101 3 577 626 3 308 179 18. Borrowings 18 010 667 Interest rate per annum (%) Eleving Group S.A. bonds nominal value* 25 183 415 up to 10 years TOTAL: 62 407 314 76 964 194 290 445 121 267 562 839 Lease liabilities for rent of vehicles 4 343 979 2 300 000 Bonds up to December 2031 Bonds acquisition costs Other borrowings 228 037 807 190 598 645 (2 428 393) (4 392 355) 5 486 441 Financing received from P2P investors* Other borrowings 145 511 000 144 991 000 5 628 983 Interest rate per annum (%) Maturity Accrued interest for bonds Lease liabilities for rent of premises (554 081) Loan acquisition costs 4 676 689 3 969 616 Financing received from P2P investors* 4 907 210 up to December 2033 Long term loans from banks up to December 2025 Long term borrowings in Albania (656 835) up to December 2025 12 827 178 Maturity up to August 2027 7 743 490 8 697 983 6 300 511 Other borrowings Interest rate per annum (%) 504 570 TOTAL: Lease liabilities for rent of premises up to December 2025 18.10.2026 up to 3 years 384 586 20 275 595 29 224 027 15.04.2027 3 058 728 3 056 546 up to August 2027 23 963 885 30 191 629 7 967 087 Shareholder controlled companies 149 782 up to 3 years 1 670 166 869 624 - Shareholder controlled companies TOTAL: 73 529 439 72 015 592 Other related parties 19. Related party disclosures Related party Accrued interest for loans from banks Accrued interest for financing received from P2P investors 1 288 764 958 644 46 490 293 826 3 404 266 139 654 Short term loans from banks 3 380 246 - 14 631 Accrued interest for loan from fund in Romania 4 999 - 299 621 up to 10 years 3 088 262 4 768 360 up to December 2025 142 271 - 18 727 81 678 Amounts owed to related parties - 161 898 * - In order to better manage Group's liquidity and optimize borrowing costs of the Group such liabilities as bonds or P2P funding are regularly being partly repurchased. Such finance instruments allow the Group to flexibly reduce or increase liabilities to a necessary level to maintain good liquidity and reduce cost of funding. Accrued interest for short term loans from related parties Short term loans from related parties - 1 755 321 30.06.2025 31.12.2024 Other related parties 163 590 Related party Eleving Group S.A. bonds nominal value* 31.10.2028 84 955 200 50 000 000 Amounts owed by related parties 146 239 Long term borrowings in Kenya 21.06.2027 3 621 678 6 739 370 1 352 835 2 300 000 up to December 2028 Eleving Group S.A. Consolidated Condensed Interim Report for the period ended 30 June 2025 Unified registration number: B 174.457 18 EUR EUR Dividends calculated Dividends paid Dividends calculated Dividends paid Instruments within Level 3 include loans and receivables. 19. Related party disclosures (continued) 2) On 20 May 2025 AS Eleving Vehicle Finance has entered into a Put Option Agreement with Ropat Trust Company Limited (acting on behalf of the noteholders) in order to secure Mogo Auto Limited (Kenya) liabilities towards the noteholders under the terms and conditions of Mogo Auto Limited (Kenya) unsecured revolving multicurrency short term notes in the aggregate amount of up to KES 500,000,000. 4) On 24 July 2025, Eleving Group has entered into a Guarantee Agreement, whereby Eleving Group agreed to guarantee and indemnity MFX Solutions, Inc. Eleving Consumer Finance Mauritius Limited liabilities under ISDA Agreements under which MFX Solutions, Inc. provides certain hedging services to Eleving Consumer Finance Mauritius Limited. Amounts owed to related parties as of 31 December 2024 146 239 Amounts owed to related parties as of 01 January 2025 146 239 Movement in amounts owed by related parties Amounts owed by related parties Movement in amounts owed to related parties Amounts owed to related parties Amounts owed to related parties as of 01 January 2024 12 308 146 275 584 424 589 Receivables incurred in period 206 496 Amounts owed by related parties as of 30 June 2025 3 596 353 Receivables incurred in period 2 965 268 Amounts owed by related parties as of 31 December 2024 3 389 857 Amounts owed by related parties as of 01 January 2025 3 389 857 Amounts owed by related parties as of 01 January 2024 Instruments within Level 1 include highly liquid assets and standard derivative financial instruments traded on the stock exchange. Fair value for such financial instruments as Financial assets at fair value through profit and loss is mainly determined based on publicly available quoted prices (bid price, obtainable from Bloomberg system). Instruments within Level 2 include assets, for which no active market exists, such as over the counter derivative financial instruments that are traded outside the stock exchange, bonds, as well as balances on demand with the central banks, balances due from banks and other financial liabilities. Bonds fair value is observable in Frankfurt Stock Exchange public information. Fair value of bank loans is based on effective interest rate which represents current market rate to similar companies. The management recognizes that cash and cash equivalents' fair value is the same as their carrying value therefore the risk of fair value change is insignificant. 136 727 20. Commitments and contingencies Fair value of loans and advances to customers is determined using discounted cash flow model consisting of contractual loan cash flows that are adjusted by expectations about possible variations in the amount and timings of cash flows using methodology consistent with the expected credit loss determination as at 30 June 2025 to determine the cash flows expected to be received net of impairment losses. The pre-tax weighted average cost of capital (WACC) of the entity holding the respective financial assets is used as the basis for the discount rate. The WACC is based on the actual estimated cost of equity and cost of debt that reflect any other risks relevant to the loans that have not been taken into consideration by the impairment loss adjustment described above and also includes compensation for the opportunity cost of establishing a similar loan. An additional 1.5 to 4.1% is added to the discount rate as an adjustment to consider service costs of the portfolio that are not captured by the cash flow adjustments. 21. Fair value of financial assets and liabilities Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either: - In the principal market for the asset or liability, or - In the absence of a principal market, in the most advantageous market for the asset or liability. The principal or the most advantageous market must be accessible by the Group. - Level 1 - Quoted (unadjusted) market prices in active markets for identical assets or liabilities - Level 2 - Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable - Level 3 - Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable. (12 308 146) 1) On 06 February, 2025 O.C.N. Sebo Credit entered into a Pledge Agreement with Commercial Bank "Moldindconbank" SA, establishing a portfolio pledge, the value of the Pledged Asset is 30 000 000 (thirty million) MDL. Pledge Agreement is established in relation to the Revolving Credit Agreement Nr.12/25 dated 06.02.2025., under which Commercial Bank "Moldindconbank" SA granted O.C.N. Sebo Credit a loan (a line of credit) in the amount of 20 000 000 (twenty million) MDL due on 06.02.2027. There are no other new commitments or contingencies incured in 2025. The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest. The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs. All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorized within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole: Change in other payables (9 512) 3 463 464 (3 463 464) Amounts owed to related parties as of 30 June 2025 3) Eleving Group has provided a limited guarantee in favour of Ecobank Limited Kenya whereby Eleving Group guarantees on Mogo Auto Limited (Kenya) debt liabilities towards Ecobank Limited Kenya under the KES 300,000,000 credit facility agreement dated 16 May 2025. Change in other payables (129 345) Eleving Group S.A. Consolidated Condensed Interim Report for the period ended 30 June 2025 Unified registration number: B 174.457 19 30.06.2025 30.06.2025 31.12.2024 31.12.2024 EUR EUR EUR EUR Assets for which fair value is disclosed Loans to associated companies 3 577 626 3 577 626 3 308 179 3 308 179 Loans and advances to customers* 373 815 000 475 209 201 369 166 010 469 299 211 Other loans and receivables 64 290 64 290 155 308 155 308 Trade receivables 2 970 326 2 970 326 2 164 840 2 164 840 Other receivables 15 672 509 15 672 509 8 740 369 8 740 369 25 818 238 25 818 238 34 461 093 34 461 093 Total assets for which fair value is disclosed 421 917 989 523 312 190 417 995 799 518 129 000 Liabilities for which fair value is disclosed Borrowings Eleving Group S.A. bonds 232 714 496 247 539 071 194 568 261 196 610 886 Lease liabilities for right-of-use assets 10 771 997 10 771 997 11 873 062 11 873 062 Long term loan from banks 8 427 110 8 427 110 8 890 707 8 890 707 Financing received from P2P investors 50 425 401 50 425 401 58 758 821 58 758 821 Other borrowings 61 635 556 61 635 556 65 487 580 65 487 580 Trade payables 2 163 697 2 163 697 1 980 625 1 980 625 Other liabilities 2 945 305 2 945 305 2 367 886 2 367 886 Total liabilities for which fair value is disclosed 369 083 562 383 908 137 343 926 942 345 969 567 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 30.06.2025 30.06.2025 30.06.2025 31.12.2024 31.12.2024 31.12.2024 EUR EUR EUR EUR EUR EUR Assets for which fair value is disclosed Loans to associated companies - - 3 577 626 - - 3 308 179 Loans and advances to customers* - - 475 209 201 - - 469 299 211 Other loans and receivables - - 64 290 - - 155 308 Trade receivables - - 2 970 326 - - 2 164 840 Other receivables - - 15 672 509 - - 8 740 369 Cash and cash equivalents 25 818 238 - - 34 461 093 - - Total assets for which fair value is disclosed 25 818 238 - 497 493 952 34 461 093 - 483 667 907 Liabilities for which fair value is disclosed Borrowings Eleving Group S.A. bonds - 247 539 071 - - 196 610 886 - Lease liabilities for right-of-use assets - - 10 771 997 - - 11 873 062 Long term loan from banks - - 8 427 110 - - 8 890 707 Financing received from P2P investors - - 50 425 401 - - 58 758 821 Other borrowings - - 61 635 556 - - 65 487 580 Trade payables - - 2 163 697 - - 1 980 625 Other liabilities - - 2 945 305 - - 2 367 886 Total liabilities for which fair value is disclosed - 247 539 071 136 369 066 - 196 610 886 149 358 681 No revenue from transactions with a single external customer or counterparty amounted to 10% or more of the Group’s total revenue in 2024 or 2025. Segment information below shows main income and expense items of profit and loss statement. Other smaller income and expense items are summarized and shown under 'Other operating income' and 'Other operating expense' columns. Management monitors mainly the following indicators of operating segments for the purpose of making decisions about resource allocation and performance assessment: net revenue, profit before tax, gross portfolio and impairment. Other segment is not monitored on segment level but on comprising subsidiaries level. Transfer prices between operating segments are on an arm’s length basis in a manner similar to transactions with third parties. For management purposes, the Group is organized into business units based on their geographical locations and on internal management structure, which is the basis for reporting system. These consolidated financial statements provide information on the following operating segments. - Eleving Solis. This is the major segment of the Group representing entities performing car financing activities in Uzbekistan, Kenya, Uganda and Tanzania. - Other. The Group’s financing (including finance costs, finance income and other income) and income taxes are managed on a Group basis and are not allocated to operating segments hence these are presented in “Other”. Fair value Fair value * - The magnitude of excess of the fair value over the carrying value of loans and advances to customers is proportionally determined as at 30.06.2025 to be consistent with values as at 31.12.2024. The precise quantification of fair value of loans and advances to customers as at 30.06.2025 has not been estimated as considered impracticable due to fair value estimation being a resource-intensive task and thus bearing high costs. Bonds issued by Eleving Group S.A. have been classified as Level 2 fair value measurement given that there are observable market quotations in markets. * - The magnitude of excess of the fair value over the carrying value of loans and advances to customers is consistent as at 30.06.2025 and as at 31.12.2024. The precise quantification of fair value of loans and advances to customers as at 30.06.2025 has not been estimated as considered impracticable due to fair value estimation being a resource-intensive task and thus bearing high costs. - Discontinued operations. This group includes entities from countries where the group has decided to exit from geographical markets. Countries included Bosnia&Herzegovina, Poland and Belarus. 21. Fair value of financial assets and liabilities (continued) The table below summarizes the carrying amounts and fair values of those financial assets and liabilities not presented on the Group’s statement of financial position at their fair value: The table below specified analysis by fair value levels as at 30 June 2025 (based on their fair values): - Entities performing consumer loan financing activities. This is the major segment of the Group representing entities performing activities in Moldova, Albania, Ukraine, Botswana, Namibia, Zambia, Lesotho and Mauritius. The Group`s Chief operating decision maker is Group`s CEO. 22. Segment information Carrying value Carrying value Cash and cash equivalents - Eleving Stella. This is the major segment of the Group representing entities performing car financing activities in Latvia, Lithuania, Romania, Moldova, Georgia, Armenia and Estonia. - Other segments. This segment comprises Group’s business lines with aggregate unconsolidated revenue below 10% of the total unconsolidated revenue of all operating segments. There have been no transfers between fair value hierarchy levels during 2025 and 2024. Eleving Group S.A. Consolidated Condensed Interim Report for the period ended 30 June 2025 Unified registration number: B 174.457 20 Eleving Stella 32 820 833 (10 063 644) (5 665 659) 6 597 761 (16 926 288) (1 350 847) 5 412 156 237 700 104 208 550 608 Eleving Solis 31 451 609 (7 732 527) (5 331 881) 12 483 172 (25 959 589) (1 588 567) 3 322 217 106 021 447 103 512 979 46 911 726 (3 755 528) (15 429 486) 3 208 118 (23 171 346) (1 284 584) 6 478 900 127 433 756 73 538 197 Other segments 119 621 (432 970) - 5 845 190 (3 368 894) (408) 2 162 539 19 284 034 11 817 159 Total segments 111 303 789 (21 984 669) (26 427 026) 28 134 241 (69 426 117) (4 224 406) 17 375 812 490 439 341 397 418 943 Other 14 420 743 (12 608 308) - 10 914 188 (1 297 773) (17 040) 11 411 810 271 196 103 244 592 506 Consolidated 112 158 746 (21 149 861) (26 427 026) 20 812 068 (65 936 276) (4 241 446) 15 216 205 483 010 493 386 324 818 EUR 6 months 2025 Segment profit Profit from other Elimination of inter-segment revenue Elimination of intragroup interest income Elimination of intragroup income from dividends Elimination of intragroup management services Elimination of intragroup other income Elimination of intragroup income from dealership commissions Elimination of inter-segment expenses Elimination of intragroup interest expenses Elimination of impairment expenses Elimination of intragroup management services Elimination of intragroup other expenses Consolidated profit for the period 30.06.2025 Segment operating assets Assets of Other Elimination of intragroup loans Elimination of other intragroup receivables Total assets 30.06.2025 Segment operating liabilities Liabilities of Other Elimination of intragroup borrowings Elimination of other intragroup accounts payable Total liabilities Operating segment Interest income Impairment expense* Corporate income tax Total assets 3 320 494 Other operating income (255 499 288) Segment information for the period ended on 30 June 2025 is presented below: Segment profit/(loss) for the period Entities performing consumer loan financing (1 417 904) 31 802 147 - (13 571 417) (13 565 786) (255 497 880) Other operating expense 271 196 103 - 15 216 205 (18 236 361) 4 787 614 EUR 397 418 943 244 592 506 (188 751) 386 324 818 22. Segment information (continued) 1 467 120 490 439 341 13 443 116 (3 301 567) (71 844) (13 445 046) 18 230 730 Reconciliation of assets Reconciliation of liabilities (255 686 631) (31 802 147) 111 303 789 EUR 17 375 812 11 411 810 Total liabilities 6 months 2025 Inter-segment (interest income and other income) TOTAL: (23 125 663) 483 010 493 EUR 79 501 642 Interest expenses - Revenue Reconciliation of profit External customers (interest income and other income) Adjustments and eliminations (13 565 786) 13 443 116 * - includes net gain/(loss) from de-recognition of financial assets measured at amortized cost. (278 624 951) Eleving Group S.A. Consolidated Condensed Interim Report for the period ended 30 June 2025 Unified registration number: B 174.457 21 Eleving Stella 26 488 128 (6 957 391) (4 779 948) 3 511 936 (14 210 557) (692 430) 3 359 738 191 208 027 152 591 370 Eleving Solis 25 028 995 (7 860 828) (2 341 558) 3 968 404 (18 204 011) (527 303) 63 699 116 126 291 116 857 256 42 090 105 (4 275 609) (8 641 549) 3 054 909 (16 247 575) (2 909 373) 13 070 908 127 589 473 70 636 942 Discontinued operations 900 623 (275 319) (40 405) 57 162 (247 095) (270 622) 124 344 54 752 3 835 Other segments 120 282 (716 571) (28 493) 5 016 650 (3 366 253) (1 049) 1 024 566 32 202 095 25 593 433 Total segments 94 628 133 (20 085 718) (15 831 953) 15 609 061 (52 275 491) (4 400 777) 17 643 255 467 180 638 365 682 836 Other 11 579 084 (11 602 360) (61 200) 6 197 2 857 768 (27 355) 2 752 134 206 965 901 202 941 100 Consolidated 95 088 113 (20 606 040) (15 823 895) 10 627 100 (50 243 681) (4 428 132) 14 613 465 436 071 890 361 091 269 EUR Segment profit Profit from other Elimination of inter-segment revenue Elimination of intragroup interest income Elimination of intragroup income from dividends Elimination of intragroup management services Elimination of intragroup other income/(expenses) Elimination of intragroup income from dealership commissions Elimination of inter-segment expenses Elimination of intragroup interest expenses Elimination of impairment expenses Elimination of intragroup management services Consolidated profit for the period Segment operating assets Assets of Other Elimination of intragroup loans Elimination of other intragroup receivables Total assets Segment operating liabilities Liabilities of Other Elimination of intragroup borrowings Elimination of other intragroup accounts payable Total liabilities 206 965 901 69 258 23. Events after balance sheet date 365 682 836 202 941 100 (191 985 394) (15 547 273) 361 091 269 436 071 890 6 months 2024 External customers (interest income and other income) 94 129 932 Inter-segment (interest income and other income) (196 586 605) (41 488 044) 11 082 038 3 339 535 Reconciliation of liabilities 30.06.2024 EUR Segment profit/(loss) for the period Total assets Total liabilities 467 180 638 (20 272 755) Operating segment (3 457 215) Entities performing consumer loan financing Revenue Reconciliation of profit 16 107 262 - (5 781 924) 14 613 465 (11 119 104) 194 435 14 490 831 As of the last day of the reporting year until the date of signing these financial statements there have been no other events requiring adjustment of or disclosure in the financial statements or Notes thereto. TOTAL: 110 237 194 6 months 2024 EUR 17 643 255 2 752 134 EUR (207 532 667) (238 074 649) As of end of reporting period the Group has acquired new funding in Kenya in local currency in amount of approximately 2 million EUR. Other operating income Other operating expense Reconciliation of assets (4 988 158) (825 958) (51 660) Adjustments and eliminations Interest income Interest expenses Impairment expense* Corporate income tax (11 119 104) 11 082 038 * - includes net gain/(loss) from de-recognition of financial assets measured at amortized cost. 30.06.2024 69 258 (5 839 211) 22. Segment information (continued) Segment information for the period ended on 30 June 2024 is presented below: Eleving Group S.A. Consolidated Condensed Interim Report for the period ended 30 June 2025 Unified registration number: B 174.457 22 APM Capitalization ratio EBITDA Interest coverage ratio Net leverage Net loan portfolio Net profit before FX Revenue 6M 2025 6M 2024 2024 2023 2022 2021 Total Equity 96 685 675 74 980 621 108 116 977 65 435 225 54 073 300 31 390 094 Subordinated loans/bonds - 12 423 328 - 16 462 353 18 477 014 17 300 238 Net loan portfolio 373 815 000 336 213 246 369 166 010 313 204 155 282 954 694 234 851 859 Capitalization ratio 25.9% 26.0% 29.3% 26.1% 25.6% 20.7% EBITDA 6M 2025 6M 2024 2024 2023 2022 2021 Profit from continuing operations 15 216 205 14 613 465 28 803 716 21 916 100 14 608 552 11 205 675 Corporate income tax (5 474 169) (4 774 221) (8 203 820) (8 324 461) (9 004 133) (6 932 013) Deferred corporate income tax 1 232 723 346 089 (732 929) 1 758 559 2 151 290 815 335 Net foreign exchange result (5 649 000) (2 258 871) (3 709 849) (6 385 833) (7 422 727) 1 095 031 Amortization and depreciation 5 036 082 4 926 943 9 854 800 9 442 554 8 063 484 7 399 657 Interest expense (21 149 861) (20 606 040) (41 520 275) (37 499 444) (31 131 649) (29 022 570) EBITDA 51 292 594 46 833 451 92 825 389 81 809 833 68 079 255 52 649 549 VAT in Romania for prior periods (2 969 000) - 3 030 217 - - - Loss from cancelled acquisition in Kosovo - - - - - 960 237 Amortization of acquisitions’ fair value gain - - - - - 3 183 838 Bonds refinancing expense - - - - - 5 667 930 (Gain)/Loss from subsidiary sale - - - - 805 957 - Non-controlling interests (3 058 383) (3 275 367) (6 068 841) (4 356 389) (3 311 445) (5 002 715) Adjusted EBITDA 45 265 211 43 558 084 89 786 765 77 453 444 65 573 767 57 458 839 LTM Adjusted EBITDA 6M 2025 6M 2024 2024 2023 2022 2021 LTM Adjusted EBITDA 91 493 892 86 894 692 89 786 765 77 453 444 65 573 767 57 458 839 LTM Financing costs 6M 2025 6M 2024 2024 2023 2022 2021 LTM Financing costs 39 202 853 36 549 884 37 383 934 33 464 746 27 818 465 25 144 421 Interest coverage ratio 6M 2025 6M 2024 2024 2023 2022 2021 Interest expense 21 149 861 20 606 040 41 520 275 37 499 444 31 131 649 29 022 570 Interest expense from subordinated loans/bonds - 1 132 424 2 022 044 2 774 925 2 233 276 1 735 481 Bonds issuance costs 877 423 1 020 097 2 114 297 1 259 773 1 079 908 2 142 668 Interest coverage ratio 2.3 2.4 2.4 2.3 2.4 2.3 Net leverage 6M 2025 6M 2024 2024 2023 2022 2021 Non-current borrowings, less: 290 445 121 259 131 334 267 562 839 242 406 494 231 194 120 229 757 374 Subordinated loans/bonds - 12 423 328 - 16 462 353 18 477 014 17 300 238 Non-current lease liabilities for rent of premises 5 628 983 7 590 536 6 300 511 6 466 463 7 115 543 6 612 744 Non-current lease liabilities for rent of vehicles 384 586 576 337 504 570 780 696 178 449 93 446 Current borrowings, less: 73 529 439 76 243 679 72 015 592 96 180 026 60 114 233 38 267 475 Current lease liabilities for rent of premises 3 088 262 3 877 833 4 768 360 3 763 479 2 659 706 2 443 778 Current lease liabilities for rent of vehicles 1 670 166 484 761 299 621 790 450 142 794 57 412 Cash and cash equivalents 25 818 238 27 621 499 34 461 093 27 470 468 13 834 837 10 127 087 Net leverage 3.6 3.3 3.3 3.7 3.8 4.0 Net loan portfolio 6M 2025 6M 2024 2024 2023 2022 2021 Rental fleet 1 400 118 6 310 172 2 037 986 7 085 928 10 008 495 10 700 138 Non-current loans and advances to customers 192 923 480 172 153 421 189 649 583 154 854 453 139 934 850 119 126 287 Current loans and advances to customers 180 891 520 164 059 825 179 516 427 158 349 702 143 019 844 115 725 572 Net loan portfolio 375 215 118 342 523 418 371 203 996 320 290 083 292 963 189 245 551 997 Net profit after FX 6M 2025 6M 2024 2024 2023 2022 2021 Profit from continuing operations 15 216 205 14 613 465 28 803 716 21 916 100 14 608 552 11 205 675 Net profit after FX 15 216 205 14 613 465 28 803 716 21 916 100 14 608 552 11 205 675 VAT in Romania for prior periods (2 563 000) - 2 555 565 - - - (Gain)/Loss from subsidiary sale - - - - 805 957 960 237 Amortization of acquisitions’ fair value gain - - - - - 3 183 838 Bonds refinancing expense - - - - - 5 667 930 One off solidarity tax payment in North Macedonia (1 151 000) - - 1 151 000 - - Adjusted Net profit after FX 11 502 205 14 613 465 31 359 281 23 067 100 15 414 509 21 017 680 Capitalization ratio Sum of interest revenue, fee and commission income related to financing activities and revenue from leases Definition These consolidated interim financial statements provide alternative performance measures (APMs) which are not defined or specified under the requirements of International Financial Reporting Standards as adopted by the EU. We believe these APMs provide readers with important additional information on our business. To support this, we have included, a reconciliation of the APMs we use where relevant and a glossary indicating the APMs that we use, an explanation of how they are calculated. Total equity (incl. subordinated loans/bonds)/net loan portfolio (excl. rental fleet) Profit from continuing operations for the period before corporate income tax and deferred corporate income tax, interest expense, amortization and depreciation, and net foreign exchange result 24. Alternative performance measures Last twelve-month Adjusted EBITDA/interest expense less Eurobonds acquisitions costs and subordinated loans/bonds interest expense Sum of non-current and current borrowings (excl. lease liabilities for rent of vehicles and premises and subordinated debt/bonds) less cash and cash equivalents / last twelve-month Adjusted EBITDA Sum of rental fleet, non-current and current finance lease receivables and loans and advances to customers Net profit for the period before net foreign exchange result Eleving Group S.A. Consolidated Condensed Interim Report for the period ended 30 June 2025 Unified registration number: B 174.457 23 Net profit before FX 6M 2025 6M 2024 2024 2023 2022 2021 Profit from continuing operations 15 216 205 14 613 465 28 803 716 21 916 100 14 608 552 11 205 675 Net foreign exchange result (5 649 000) (2 258 871) (3 709 849) (6 385 833) (7 422 727) 1 095 031 Net profit before FX 20 865 205 16 872 336 32 513 565 28 301 933 22 031 279 10 110 644 VAT in Romania for prior periods (2 563 000) - 2 555 565 - - - (Gain)/Loss from subsidiary sale - - - - 805 957 960 237 Amortization of acquisitions’ fair value gain - - - - - 3 183 838 Bonds refinancing expense - - - - - 5 667 930 One off solidarity tax payment in North Macedonia (1 151 000) - - 1 151 000 - - Adjusted Net profit before FX 17 151 205 16 872 336 35 069 130 29 452 933 22 837 236 19 922 649 Revenue 6M 2025 6M 2024 2024 2023 2022 2021 Interest revenue 112 158 746 95 088 113 203 749 375 176 297 775 162 516 856 139 857 244 Fee and commission income related to financing activities 4 341 908 5 121 892 10 076 029 8 968 142 7 743 433 7 317 048 Revenue from leases 574 803 1 769 109 2 748 356 4 067 111 5 421 567 6 549 933 Revenue 117 075 457 101 979 114 216 573 760 189 333 028 175 681 856 153 724 225 Amortization of acquisitions’ fair value gain - - - - - 3 183 838 Revenue 117 075 457 101 979 114 216 573 760 189 333 028 175 681 856 156 908 063 Signed on behalf of the Group on 31 August 2025 by: Māris Kreics Sébastien Jean-Jacques J. François Type A director Type B director 24. Alternative performance measures (continued)