IuteCredit reports unaudited results for 9M/2021
Growing digitally and financially

OPERATIONAL HIGHLIGHTS

• Loan payouts increasing y-o-y with record-high months in July and August with balance sheet up 11,5% to 130,0 million EUR.
• Number of loans signed up y-o-y 33,3% to 216.046 (9M/2020: 162.125).
• Principal amount of loans issued increased 52,7% to 122,9 million EUR (9M/2020: 80,5 million EUR).
• Gross loan portfolio up 20,0% to 114,0 million EUR (31 December 2020: 95,0 million EUR).
• Repayment discipline (Customer Performance Index, CPI30) improving to 86,7% (9M 2020: 84,2%).
• Net loan portfolio up 24.8% to 98,8 million EUR (31 December 2020: 79,2 million EUR).
• Total number of customers increased by 12,4% to 772.463 (31 December 2020: 664.130).

STRATEGIC HIGHLIGHTS

• Increasing use of the digital customer journey with around 130 thousand loan applications via the MyIute app.
• Continued diversification of income opportunities with revenue streams from wallet services.

FINANCIAL HIGHLIGHTS

• Interest and commission fee income up 8,1% to 35,1 million EUR (9M/2020: 32,5 million EUR) affected by steadily increasing payouts compared to the 18,5% increase in the average net loan portfolio.
• Net interest and commission fee income up 3,5% to 25,3 million EUR (9M/2020: 24,4 million EUR) in connection with bond tap in November 2020 issue related to expected business growth.
• Total income up 3,2% to 43,6 million EUR (9M/2020: 42,3 million EUR).
• Cost to income ratio at 38,0% (9M/2020: 26,6%) as result of recovering business activity and the related normalization of costs.
• EBITDA adjusted for FX gains at 15,8 million EUR (9M/2020: 15,7 million EUR).
• Net profit up 14,5% to 4,4 million EUR (9M/2020: 3,8 million EUR).
• Strong capitalization and profitability exceeding Eurobond covenants.

Tallinn, Estonia, 16 November 2021. IuteCredit Europe ("ICE"), a leading European personal finance group, reported today unaudited results for 9M/2020.

"IuteCredit made good money while growing and investing in future technologies and expansion in 9M 2021. In doing so, we ploughed a significant part of our extra cash (EUR 15 million by end of Q2) into a productive loan portfolio. At the same time, our equity buffers are beefing up and providing protection for bondholders' capital against risk incurred by lending to individual customers. As of 30 September 2021, IuteCredit accounted for nearly 150 thousand performing individual customers, who continued to repay their loans regularly per schedule. From defaulted customers, IuteGroup is recovering an average of 40% of the principal amount in cash within the first 180 days after the default. Last but not least, we experienced overwhelming investor trust in us when our initially planned EUR 50 million bond offer was oversubscribed by EUR 35 million, while the bond coupon was reduced to 11%. The positive operating cashflow, rising customer demand and the supply from capital markets make us content.

Based on the achieved revenues and balance sheet structure, we are confident to lift IuteGroup's consolidated revenue in full-year 2021 to EUR 60 million (initially exceeding EUR 55 million) and to surpass the net profit in line with the original forecast of over EUR 6 million," said Tarmo Sild, Group CEO of IuteCredit.

The full unaudited report for 9M/2021 is available under iutecredit.com/reports/.

Earnings Call:

CEO Tarmo Sild and CFO Kristel Kurvits will comment on the unaudited 9M/2021 results by means of a webcast presentation on 18 November 2021, 10.00 CET. The webcast/call will be held in English.

Please register in time to participate in the webcast/call at:
IuteCredit Europe - Earnings Call 9M 2021.

The corresponding presentation will also be available on the Company's website prior to the earnings webcast/call.

Contact:

Kristel Kurvits, Group Chief Financial Officer (CFO)
Email: investor@iutecredit.com
Phone: +372 622 9177

About IuteCredit:

IuteCredit - established in 2008 - is a leading European personal finance company. The Group is specialized in consumer credits via its 100% subsidiaries using equity and loan capital. IuteCredit serves customers currently in Moldova, Albania, North Macedonia, and Bulgaria as well as Bosnia and Herzegovina.

IuteCredit's loan products are unsecured consumer loans with maturities between 1 month and 48 months and car-secured loans with maturities up to 72 months.

The mission of IuteCredit is to create the extraordinary experience in personal finance by exceeding customers' expectations.

www.iutecredit.com