August 14, 2019

Mogo Finance reports unaudited results for the six month ended 30 June 2019

Investments in growth pay off as profitability


  • Group loans issued increased strongly by 30.3% equaling EUR 83.4 million (6M 2018: EUR 64.0 million), of which EUR 48.8 million in mature markets (6M 2018: EUR 48.3 million)
  • Consolidated number of active customers up significantly by approx. 53.8% to over 100,000 (31 December 2018: approx. 65,000)
  • Mid-tier countries Moldova and Romania, as well as Start-up country Belarus, have reached profitability (before FX) on a monthly basis
  • Historic milestone reached in financial return: eight out of fifteen countries (31 December 2018: five out of thirteen) became profitable (before FX).


  • Interest and similar income including income from rent up strongly by 33.8% to EUR 35.2 million (6M 2018: EUR 26.3 million)
  • Rapid growth in net interest income of 31.4% to EUR 24.7 million (6M 2018: EUR 18.8 million)
  • Significant increase in EBITDA by 66.7% to EUR 15.0 million (6M 2018: EUR 9.0 million)
  • Net profit for the period improved notably by 76.2% to EUR 3.7 million (6M 2018: EUR 2.1 million

Modestas Sudnius, CEO of Mogo Finance, commented:

β€œIn the first six months of 2019, Mogo delivered what it promised to its investors and shareholders. We clearly showed that our investments in growth pay off as profitability with double-digit increases in all financial indicators, received a stable outlook Fitch rating of B- and brought even more markets into the profit zone. Worthy of particular mention are the significant improvements in operating result (EBITDA) and net profit. Mogo Finance is pleased to have reached another milestone. In 2Q 2019 alone, three additional markets became profitable on a monthly basis, which in the bottom line means that the majority of our countries now generates positive returns.

However, we are particularly proud of the fact that investments in portfolio and product growth not only pay off through operational excellence but also make it easier to control risk costs at the same time. Our stable NPL ratios benefit equally from economies of scale and economies of scope and can be further optimized through our comprehensive management procedures.

Mogo Group, with a further improvement in financial performance in the medium and long term, has promising prospects for the future development of the company.”


A conference call in English with the Group’s management team to discuss these results is scheduled for 16 August 2019, at 15:00 CEST.

Please register

For more information, please contact:

Simonas Jurgionis, Investor Relations Manager
    +371 27 073 993

About Mogo Finance:

Mogo Finance is one of the largest and fastest-growing secured used car financing companies in Europe. Recognizing the niche in used car financing underserved by traditional lenders, Mogo Finance has expanded its operations to 15 countries issuing over EUR 405 million up to date and running a net loan portfolio over EUR 160 million. Mogo offers secured loans up to EUR 15,000 with maximum tenor of 84 months making used car financing process convenient, both for its customers and partners. Wide geographical presence makes Mogo unique over its rivals and diversifies revenue streams.

Mogo Finance operates through its own branch network, more than 1,500 partner locations and strong online presence. Physical footprint makes Mogo Finance top of mind brand in used car financing. Established in 2012, headquartered in Riga, Latvia Mogo Finance operates in: Latvia, Estonia, Lithuania, Georgia, Poland, Romania, Bulgaria, Moldova, Albania, Belarus, Armenia, Ukraine, Uzbekistan, Kazakhstan and North Macedonia.


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