Wandoo Finance Grows Revenue 41% in First Half, Currency Swings Weigh on Profit
Non-bank lender Wandoo Finance reported a 41% rise in turnover for the first six months of the year, alongside growth in EBITDA and its loan portfolio, though currency fluctuations cut net profit. The company is eyeing new markets and preparing for a possible future capital markets listing.
Financial results
Non-bank lending group Wandoo Finance says its turnover grew by 41% in the first six months of the year compared with the same period last year. Over that period, the company's EBITDA reached €6.4 million, while the group's total loan portfolio expanded to €40.4 million, up from €31.1 million a year earlier.
Net profit, however, fell by a third to €1.5 million, which the company attributes to currency exchange fluctuations. Excluding that impact, profit would have reached €2.1 million.
Currency risk and market growth
Wandoo Finance founder and board chair Iveta Brūvele says currency swings continued to affect consolidated results in the second quarter, prompting the company to sign hedging agreements in Peru and Poland to partially offset the exposure in each market. Despite a challenging global economic environment, lending volumes and portfolio quality gradually improved, with Romania singled out for particularly strong performance — loan issuance there grew by 23%. The company also expanded its footprint, launching consumer lending in Lithuania and lending to self-employed individuals and legal entities in Poland.
Poland remains the group's largest market, accounting for 61% of the total loan portfolio, while Spain's share fell to 27% as Romania's grew to 12%.
Outlook
According to Brūvele, the company is in the final evaluation stage of two deals to acquire licensed non-bank lending businesses in Europe and South America, with a decision on the next market to enter expected soon. Wandoo Finance also plans to keep diversifying its product range with new service concepts. At the same time, in preparation for a potential future listing on capital markets, the company is working on re-registering its holding structure in Western Europe — a move driven primarily by future funding considerations, but also informed by medium-term geopolitical factors.
