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Younited Financial S.A.
Investor Presentation • Sep 18, 2025
9883_ir_2025-09-18_9b725c2c-7e23-44de-a413-b8c3d3ccf597.pdf
Investor Presentation
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September 18th, 2025
Disclaimer:
This Presentation (the "Presentation") includes this document, any oral presentation by Younited Financial (the "Company"), any Q&A session following such presentation, and any supplementary materials made available in connection therewith.
This Presentation has been prepared by the Company for informational purposes only. It does not purport to contain comprehensive information about the Company and should be read in conjunction with official regulatory filings, including risk factors outlined in the Company's prospectus (the "Prospectus") approved by the Luxembourg CSSF (Commission de Surveillance du Secteur Financier) on January 16, 2025, and other periodic reports. These documents are available free of charge on the Company's website (https://www.younited.com/en/investorrelations). Certain figures presented in this document have been rounded and may not sum precisely.
All statements in this Presentation other than statements of historical fact are or may be deemed to be forward-looking statements. These forward-looking statements are not guarantees of future performance and involve a number of known and unknown risks and uncertainties. These risks and uncertainties, and other factors, could adversely affect the outcome of the forward looking statements, and actual results could differ materially from those contemplated in the statements. As a result, you are cautioned not to rely on such forward-looking statements. Forward-looking statements speak only as of the date of this document and the Company expressly disclaims any obligation or undertaking to update or re-issue any forward-looking statements contained in this Presentation.
No representation or warranty, express or implied, is made regarding the accuracy, completeness, or appropriateness of the information contained herein. The Company, its subsidiaries, advisors, and representatives disclaim all liability for any loss or damage arising from reliance on this document. Prospective investors should conduct their own analysis and consult their advisors before making investment decisions, as this document does not constitute an offer to sell or a solicitation to buy securities in any jurisdiction.
The information and opinions in this document are provided as of the date hereof and may be updated, amended, or supplemented without notice. All persons accessing this document are deemed to agree to comply with the limitations and restrictions stated above.
Use of non-IFRS measures:
This Presentation contains certain financial measures that are not presented in accordance with IFRS, including Total Revenue, Gross profit, Adjusted operating result and Adjusted net result that are not required by, or prepared in accordance, with IFRS. We refer to these measures as "non-IFRS" financial measures or "non-GAAP" measures. Refer to the reconciliation section for a reconciliation between IFRS and non-IFRS financial measures.
Our management uses these non-IFRS financial measures in conjunction with financial measures prepared in accordance with IFRS for planning purposes, including the preparation of our annual operating budget, as a measure of our operating results and the effectiveness of our business strategy, and in evaluating our financial performance.
However, non-IFRS financial information is presented for supplemental informational purposes only, and our use of the non-IFRS financial measures has limitations as an analytical tool. Accordingly, investors are encouraged to not consider these non-IFRS financial measures in isolation or as substitutes for analysis of our financial results as reported under IFRS, and these non-IFRS measures should be considered along with other operating and financial performance measures presented in accordance with IFRS.
1
1. Delivering our plan
1. H1-2025 results 2
In H1 2025, we implemented our new strategy and laid the foundations for sustainable, profitable growth
- Shift from an "originate to distribute" to a predominantly balance-sheet model
- Improved profitability through capturing of full credit margin
- Increased resilience by reducing reliance on external debt capital markets
- Resuming growth total loan origination volumes increased by +24%, total revenue increased by +48%, loan portfolio held on balance sheet increased by +38% vs H2 2024
- Accelerating Younited Pay expansion
- B-Corp certification obtained during H1, a testament to our commitment to sustainable development
- Broadening of our banking product offering with the acquisition of Helios, offering to French households a green current account, payment card and related products
- Reduction of the Adjusted net loss to €(10.0)m in H1 2025, compared with €(37.0)m in H2 2024
For the remainder of 2025, we intend to:
- Continue to scale profitably in our core lending markets
- Broaden Younited Pay's reach across channels
- Integrate Helios to accelerate our ecosystem strategy
- Maintain cost discipline to achieve profitability during Q4 2025
We started our journey back in 2012 and built a best-in-class instant PSD2 led consumer loan platform…
A unique credit value proposition… A
- Amortizing loans up to €60k and up to 96 months for both personal loans and point-ofsale loans
- Outstanding product: instant decision for amounts up to €60k, seamless UX and fully regulated ensuring proper consumer protection
- Leveraging a unique set of comprehensive data (e.g. open banking (PSD2) data) allowing to have highly performing credit scores
B … available everywhere through 2 distribution channels…
- Younited's Personal Loan channel (Y Credit)
- Point-of-Sale available online and in-store (Y Pay)
- Each associated with an extending set of insurance offering (Y Care)
C … with a European footprint (i.e. France, Italy, Spain, and Portugal).
| 9:41 Y |
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| Vos garanties supplémentaires |
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| Maintien de revenus | |||
| En cas de maladie longue durée ou de licenciement economique, Younited vous propose da couvrir vos charges nicurrentes (lover, Bectricité ) pour minimum 400€ lusqu'à 1800€ par mois pendant un an. |
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| Qui. Je spuhalle une assurance maintien de neversio | 4 | ||
| Détails de la garantie | |||
| Vos depenses sont couvertes en cos-de moledie-grave Vos depenses sont couverties en caside licenciement 600/somigue |
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| Vos dépenses sont couvertes en cas de dépôt de bilan de voere entreprise |
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| Le coût de la garantie est de 6.95€/mois | |||
| Précédent | Continuer |
… and with the recently announced acquisition of eco-conscious Helios, we will progressively transition towards a full digital bank model.
A A newly acquired broad suite of banking products…
- Current and savings account
- Physical and virtual payment cards
- Life insurance
- And more to come...
B … allowing to expand customer lifetime value…
▪ Once acquired via our state-of-the-art lending core product, we grow customer LTV by offering a broader suite of digital banking services
C … and aiming to have a positive impact.
- Deposits invested in green projects
- Business partnerships with eco-conscious companies
1
- Delivering our plan
21. H1-2025 results
Notes: (1) "Loan origination" or "GMV" (unaudited metric) is defined as the total amount (€) of all loans extended during the period. (2) Total revenue is IFRS revenue with interest expenses added back adjusted as per Notes 3 and 4 on Slide 9. (3) Gross profit is total revenue as defined previously minus funding costs, cost of risk, processing and servicing costs. (4) Adjusted net result represents the IFRS net result adjusted for non-cash expenses settled in capital instruments and non-recurring items (as defined on slide 9).
Note: Younited previously operating an "originate-to-distribute" model has evolved since its Business Combination towards a predominantly balance-sheet led model where active portfolio management is expected to continue to be used to manage RWAs.
| Group P&L(1) (€k) | FY 2024 | H2 2024 | H1 2025 | ||||
|---|---|---|---|---|---|---|---|
| 1 | +24% | 1 | Total loan origination | 1,014,964 | 506,804 | 629,269 | |
| H1 2025 vs. H2 2024 | Interest income | 79,290 | 39,685 | 56,558 | |||
| Insurance brokerage revenue | 13,046 | 5,783 | 13,092 | ||||
| Transaction and servicing/license fees |
13,311 | 4,054 | 6,724 | ||||
| Income from other activities | 19,206 | 7,877 | 8,679 | ||||
| 2 | +48% | 2 | Total revenue | 124,853 | 57,400 | 85,053 | |
| H1 2025 vs. H2 2024 | Funding cost | (30,437) | (15,551) | (14,091) | |||
| Cost of risk | (46,502) | (29,874) | (31,088) | ||||
| Processing and servicing | (5,133) | (2,285) | (2,497) | ||||
| 3 | 3 | Gross profit/(loss) | 42,780 | 9,691 | 37,376 | ||
| Personnel expense | (46,301) | (22,942) | (23,256) | ||||
| +286% H1 2025 vs. H2 2024 |
General and administrative (G&A) | (14,739) | (7,988) | (8,937) | |||
| Other operating expenses | (4,810) | (2,321) | (1,935) | ||||
| 4 | Adjusted operating result | (23,069) | (23,560) | 3,249 | |||
| Depreciation and amortization | (25,908) | (13,430) | (13,284) | ||||
| 5 | Adjusted net income(2) | (48,977) | (36,990) | (10,034) | |||
| 4 | +26.8m | Non-cash expenses settled in capital instr.(3) | (1,772) | (1,055) | 2,534 | ||
| H1 2025 vs. H2 2024 | Non-recurring items(4) | (32,690) | (32,690) | (1,549) | |||
| Net income | (83,439) | (70,735) | (9,050) | ||||
| KPIs | 2024 | H2 2024 | H1 2025 | ||||
| 5 | +27.0m | Total loan origination growth | (21.7)% | (0.3)% | 24.2% | ||
| H1 2025 vs. H2 2024 | Interest income / Total revenue | 63.5% | 69.1% | 66.5% | |||
| Total revenue growth | 0.8% | (14.9)% | 48.2% | ||||
| Overhead ratio(5) | 52.7% | 57.5% | 30.1% |
Notes: (1) A reconciliation of these metrics to IFRS measures are presented on slide #13. (2) Adjusted net income is a non-IFRS measure. This measure is useful to readers of the Group's financial statements as it provides a measure of results excluding certain items that management believes are outside of its recurring operating activities consisting of Non-recurring items and of Non-cash expenses settled in capital instruments. (3) Non-cash expenses settled in capital instruments consist of share-based payment expenses accounted for under IFRS 2 as well as unrealized gains and losses on financial liabilities which will be settled in the Company own capital instruments. (4) Non-recuring items refer to expenses incurred as part of a significant reorganization of the Group, which may include costs related to workforce reductions, contract terminations, and other one-time expenses necessary to implement structural changes. (5) Overhead ratio calculated as personnel expense, general and administrative and other operating expenses as a percentage of total revenue.
Compliance with regulatory requirements(1)
| (€m) | June 2025 | Capital ratios |
|---|---|---|
| CET 1 Capital | 227 | 20.7% |
| Own Funds | 227 | 20.7% |
| Risk-weighted assets (RWA) | 921 |
Notes: Figures for Younited S.A. solo (French GAAP), as per Capital Requirements Regulation ("CRR"). Since January 1st, 2025 min. NSFR applicable to Younited is 110%.
| (€k) | 2024 | H2 2024 | H1 2025 |
|---|---|---|---|
| Interest income (IFRS) | 73,812 | 35,785 | 46,436 |
| Share of Interest income in Non-recurring items | (256) | (256) | - |
| Gains and losses from financial instruments disposed of (IFRS) |
2,898 | 4,337 | 5,982 |
| Gains and losses from Financial instruments at FVTPL (IFRS) |
2,835 | 1,465 | 9,684 |
| Share of Interest income in Non-cash expenses settled in capital instruments |
- | - | (5,544) |
| Interest income (non-GAAP) | 79,290 | 41,331 | 56,558 |
| (€k) | 2024 | H2 2024 | H1 2025 |
| Insurance brokerage revenue (non-GAAP) | 13,046 | 5,783 | 13,092 |
| Transaction and servicing/license fees (non-GAAP) | 13,311 | 4,054 | 6,724 |
| Income from other activities (non-GAAP) | 19,206 | 7,877 | 8,679 |
| Income from other activities (IFRS) | 45,563 | 17,714 | 28,494 |
| (€k) | 2024 | H2 2024 | H1 2025 |
| Funding costs (non-GAAP) | (30,437) | (15,551) | (14,091) |
| Interest expenses (IFRS) | (30,437) | (15,551) | (14,091) |
| (€k) | 2024 | H2 2024 | H1 2025 |
| Depreciation and amortization (non-GAAP) | (25,908) | (13,430) | (13,284) |
| Share of D&A in Non-recurring items (write-offs) | (1,363) | (1,363) | - |
| Depreciation and amortization (IFRS) | (27,270) | (14,793) | (13,284) |
| (€k) | 2024 | H2 2024 | H1 2025 |
|---|---|---|---|
| Personnel expense (non-GAAP) | (46,301) | (22,943) | (23,256) |
| Share of personnel expense in Other operating expense |
11,696 | 6,128 | 6,453 |
| Share of personnel expense in Non-recurring items | (1,474) | (1,474) | (1,019) |
| Non-cash expenses settled in capital instruments | (1,772) | (1,055) | (2,429) |
| Provisions related to employees share awards | - | - | (581) |
| Personnel expense (IFRS) | (37,851) | (19,343) | (20,832) |
| (€k) | 2024 | H2 2024 | H1 2025 |
|---|---|---|---|
| Processing and servicing (non-GAAP) | (5,133) | (2,285) | (2,497) |
| Share of Other operating expenses in Personnel expense |
(11,696) | (6,128) | (6,453) |
| General and administrative (G&A) (non-GAAP) | (14,739) | (7,988) | (8,937) |
| Share of G&A in Non-recurring items | (30,109) | (30,109) | (530) |
| Other operating expenses (non-GAAP) | (4,810) | (3,966) | (1,935) |
| Corporate Income Tax | 466 | 103 | (146) |
| Other operating expenses (IFRS) | (66,020) | (50,372) | (20,498) |
| Corporate Income Tax (IFRS) | (466) | (103) | 146 |
| (€k) | 2024 | H2 2024 | H1 2025 |
| (€k) | 2024 | H2 2024 | H1 2025 |
|---|---|---|---|
| Cost of risk (non-GAAP) | (46,502) | (29,874) | (31,088) |
| Impairment losses on fin. instr. (IFRS) | (46,502) | (29,874) | (31,088) |
Note: All IFRS numbers reconciled to consolidated audited accounts for Younited Financial S.A.
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