SaveLend

Third Quarter, July 1 - September 30, 2025

• Net revenue for the quarter amounted to SEK 25.3 million (SEK 26.6 million).
• EBITDA was SEK 0.5 million (SEK 1.9 million).
• Operating profit (EBIT) was SEK -3.1 million (-3,5 MSEK).
• Net profit was SEK -1.7 MSEK (-4.0 MSEK).
• Earnings per share before dilution amounted to SEK -0.03 SEK (-0.07 SEK).

Period 1 January - 30 September 2025

• Net revenue for the quarter amounted to SEK 77.9 million (SEK 85.2 million).
• EBITDA was SEK -0.6 MSEK (-2.6 MSEK).
• Operating profit (EBIT) was -13.4 MSEK (-13.5 MSEK).
• Net profit was SEK -15.2 MSEK (-14.6 MSEK).
• Earnings per share before dilution amounted to SEK -0.27 SEK (-0.25 SEK).

CEO Comments
The third quarter of the year brought both record inflows and a positive EBITDA. We have been working for a long time to turn the company around, and this proves not only that we have succeeded, but also that we are beginning to gain momentum again.

We reached a record level of deposits on the platform in September and delivered an EBITDA of SEK 530 thousand for the quarter. This is a result we have worked towards and are very proud of. The corresponding period last year also showed a positive EBITDA, but the circumstances this year have been entirely different. With that said, I would like to highlight three key aspects when comparing 2024 and 2025.

The first is the new fee structure for the Company’s consumer loans, which was introduced following the regulatory change that came into effect on 1 March 2025. This change has had a significant impact on the Company’s short-term earnings from consumer loans. New lending in the consumer credit segment was 12 percent higher in Q3 2025 compared to the same quarter last year. Despite this, revenues from consumer loans were 21 percent lower. Under the same fee structure as in 2024, revenues in Q3 2025 would have been roughly SEK 3 million higher. However, the difference in EBITDA between the periods is considerably smaller. In addition to higher revenues from other credit types, the main reason is that our share of income from the consumer loan portfolio is 18 percent higher, despite a smaller portfolio. This clearly shows that our focus on improving credit quality is paying off, as there is a strong correlation between the increase in portfolio income and improved returns for investors – which is exactly as it should be.

The second point I would like to highlight, in light of the above, is the comparison for the full period January to September between 2024 and 2025. As of September 2025, our EBITDA amounts to SEK -578 thousand, compared with SEK -2,556 thousand for the same period last year. It is this comparison – a 77 percent improvement in EBITDA for the period – that I am particularly proud of. In the past, we have seen individual quarters with strong results, but we have now adjusted our model and are moving closer to the long-term and stable profitability in our core business that we have been working towards.

The third and final point I want to emphasize is that during the quarter we invested in external consultants to support the intensified process of finalizing our application to become a credit market company (KMB). Thanks to the high level of competence and experience within the organization, we do not need to invest as much in consultancy hours as other companies that have gone through the same process. Nevertheless, these investments are necessary and have begun to affect the quarterly result. Adjusted for the KMB-related investment, EBITDA for Q3 would have been close to SEK 1 million.

The process towards a completed application is progressing according to plan. We have finalized the gap analysis of our governance documents and have now entered the next phase, where we are developing existing documents and adding what is required for the next level. The main part of the work currently lies within the Internal Capital and Liquidity Assessment (IKLU), where we describe our upcoming model in detail under baseline, mild, and severe stress scenarios. The work is progressing well, and we have not encountered any obstacles that would affect our timeline to submit the application to the Swedish Financial Supervisory Authority (Finansinspektionen) during Q1 next year.

As we complement our current, successful business model with the opportunities enabled by a credit market company license, we will be able to create unique savings offerings for both our existing and future customers. These offerings, measured in terms of risk-adjusted return, will be difficult for others to match. From a technical perspective, this means that in the future we will be able to issue loans through the credit market company and subsequently sell the receivables to investors on our savings platform. In doing so, we can maintain strong returns for our investors while operating the Company with a highly efficient capital structure. This, in turn, positions us to achieve a return on equity (ROE) within a few years of launch that would place us among the most profitable credit institutions in the Swedish market.

An important step in realizing our objectives is completing the transaction regarding our majority ownership in Billecta AB. As with the KMB application process, we currently see no need to revise the previously communicated timeline. The goal remains to finalize the transaction before the end of the year.

All in all, I am very pleased with much of what we have achieved. In the ongoing business, we see results improving quarter by quarter. Our efforts within factoring and real estate credits are outperforming budget, the quality of the consumer credit portfolio is improving every month, and we continue to deliver market-leading risk-adjusted returns to our investors. The next step for us as a company is to transform into a credit market company. The road ahead remains long, and it will require significant investments that will, of course, affect short-term results. However, having now demonstrated our ability to streamline operations and run the current business profitably, this is not a concern. Moreover, with a model for the future that not only ensures profitability but also has the potential to make us one of the most profitable credit institutions in the market, I am convinced that we are on the right path and fully capable of making the investments necessary to get there.