Although we have welcomed 2026, let’s look back at how Q4 2025 went for our Loan Originators.

Overall, Q4 2025 was an active and operationally important quarter for loan originators across all markets, and performance reflected different stages of growth, strategic focus, and market conditions, with clear outcomes in portfolio size, loan issuance volumes, and portfolio quality indicators.

Latvia 

Q4 2025 performance continued to demonstrate strong portfolio growth, stable portfolio quality, and progress on strategic projects.

The net portfolio increased by approximately 6.4%, reflecting sustained demand and continued portfolio expansion. Loan issuance volume grew by nearly 19%, highlighting strong client engagement and effective campaign execution. NPL 90+ days remains at a very low absolute level, confirming stable portfolio quality despite higher lending volumes.

During Q4, a Christmas marketing campaign and a social media lottery campaign were successfully executed, delivering strong results that were clearly reflected in the increased loan issuance volumes.

In addition, Q4 marked the completion of functionality enabling customers to conveniently transfer their outstanding loan balances from legacy credit products SAVA.card and Viacredit to our core product, VIASMS.lv elastīgais aizdevums (flexible loan).

Finally, the delivery of the new Customer Relationship Management (CRM) system is expected in Q1-Q2 2026. Key priorities for the new system include data and portfolio migration, enhancements to the core VIASMS.lv elastīgais aizdevums product, and subsequently new product development, which will follow once the core system and primary product improvements are completed.

Sweden

In Q4 2025, the Swedish loan originator continued to expand its portfolio while maintaining a disciplined approach to new lending and risk management.

The net portfolio increased from EUR 15.78M in Q3 to EUR 18.32M in Q4, representing a strong quarter-on-quarter increase of approximately EUR 2.5M. This growth reflects stable origination levels and consistent portfolio accumulation over the period.

Loan issuance volumes remained broadly stable, decreasing marginally from EUR 7.16M in Q3 to EUR 7.08M in Q4. This flat development reflects a deliberate strategic focus on portfolio quality rather than accelerated growth in new lending volumes.

Portfolio quality indicators showed an increase in NPL 90+ days, which rose from EUR 1.23M in Q3 to EUR 1.59M in Q4. This development reflects portfolio seasoning effects and is being closely monitored, with continued emphasis on credit risk controls and collection efficiency.

Overall, Q4 was characterized by controlled portfolio growth, stable lending volumes, and a clear prioritization of risk management and long-term portfolio performance.

Czech Republic

In Q4 2025, the Czech loan originator achieved a substantial improvement in lending performance following operational and system-related enhancements.

The net portfolio increased from EUR 2.18M in Q3 to EUR 2.87M in Q4, reflecting continued portfolio build-up and increased lending activity. The most notable development during the quarter was the sharp increase in loan issuance volumes, which rose from EUR 646k in Q3 to EUR 1.25M in Q4, representing nearly a twofold increase quarter-on-quarter.

This growth was driven by streamlined internal processes, improved system configuration, and active marketing campaigns. In addition, organizational improvements during the quarter strengthened the operational foundation for further growth.

At the same time, the NPL 90+ days increased from EUR 653k to EUR 848k, reflecting the overall portfolio expansion and ongoing portfolio maturation. The continued focus remains on improving credit processes and optimizing CRM to support scalability, automation, and enhanced risk monitoring.

Romania

In Q4 2025, the Romanian loan originator continued to operate in a gradual improvement phase, with mixed developments across portfolio size, loan issuance, and portfolio quality.

The net portfolio declined from EUR 646.7k in Q3 to EUR 573.2k in Q4, reflecting reduced sales activity earlier in the period. However, loan issuance volumes increased from EUR 117.2k in Q3 to EUR 155.6k in Q4, indicating early signs of operational improvement.

A key positive development during the quarter was the improvement in portfolio quality. NPL 90+ days decreased significantly from EUR 564.1k to EUR 376.8k, reflecting successful collection efforts and improved risk management outcomes.

Looking ahead, further improvement is expected in Q1 2026 following the planned onboarding of new marketing partners and adjustments to the scoring model, which are intended to support higher loan issuance volumes and more stable portfolio growth.