Société Anonyme Eleving Group (UNIFIED REGISTRATION NUMBER B 174.457)

Unaudited interim condensed consolidated financial statements

for the period ended 30 June 2024

PREPARED IN ACCORDANCE WITH IAS34 Luxembourg, 2023 2024

General Information	3
Management Board's report	4
Consolidated Condensed Interim Financial Statements	7
Consolidated Statement of Comprehensive Income	7
Consolidated Statement of Financial Position	8
Consolidated Statement of Changes in Equity	10
Consolidated Statement of Cash Flows	11
Notes to the Consolidated Condensed Interim Financial Statements	12

General Information

Name of the Parent Company Legal status of the Parent Company Unified registration number, place and date of registration Eleving Group Société Anonyme Luxembourg, 18 December 2012 8-10 Avenue de la Gare, L-1610, Luxembourg

TOTAL	100.00%
Other shareholders	12.65%
AS Obelo Capital (Latvia)	14.56%
AS Novo Holdings (Latvia)	14.56%
SIA EMK Ventures (Latvia)	14.56%
AS ALPPES Capital (Latvia)	43.67%
	30.06.2024.

Members of the Management Board

Māris Kreics (type A), from 06.06.2024 Modestas Sudnius (type A), from 06.06.2024 Sébastien Jean-Jacques J. François (type B), from 06.06.2024 Delphine Glessinger (type B), from 06.06.2024

Registered office

Major shareholders

Financial period 1 January - 30 June 2024

Management Board's Interim report

Operational and Strategic Highlights

Eleving Group ended the first half of 2024 with excellent consolidated results, recording revenues of EUR 102.0 mln, up by 21% compared to the corresponding reporting period a year ago.
A diversified portfolio alongside a well-balanced revenue stream from all key business segments:
- Flexible lease and subscription-based products contributed EUR 19.9 mln to the revenues. -
- Traditional lease and leaseback products contributed EUR 36.3 mln to the revenues. -
- The consumer loan segment contributed EUR 45.8 mln to the revenues. -
The Group's adjusted EBITDA reached the historically strongest six-month results of EUR 43.6 mln, an impressive leap of around 28% compared to the corresponding reporting period a year ago.
The net portfolio increased to EUR 342.5 mln at the end of the first half of 2024, up by 21% compared to the EUR 283.8 mln for the first 6M 2023.
Net profit before FX and discontinued operations reached EUR 16.9 mln during the first six months of 2024, a formidable increase of over 36% compared to the corresponding reporting period a year ago (6M 2023: EUR 12.4 mln).
Net profit after FX from continuing operations reached EUR 14.6 mln, a solid increase of 28% compared to the corresponding reporting period a year ago (6M 2023: EUR 11.4 mln).
- The improved net profit during the first half of 2024 was primarily driven by the quality of the loan portfolio, with impairment expenses decreasing by 5% to EUR 15.8 million (6M 2023: EUR 16.6 million) while revenues increased by 21% compared to the corresponding reporting period -

Growth

Loan issuance volumes increased to EUR 167.0 mln, an improvement of 29% (6M 2023: EUR 129.3m). The main drivers have been an increased organic demand for our products, further expansion of sales channels, and weakening local competition in certain markets.
Eleving Group saw a significant increase in customer activity in the Vehicle Finance segment. The loan application count during Q2 2024 grew by nearly 29% compared to Q1 2024, and the six-month figures leaped by more than 71% compared to the corresponding reporting period a year ago. Impressive growth in applications has been recorded across most of the markets, with the Latvian and Romanian car financing segment and East Africa's motorcycle segment standing out the most. The number of vehicles financed also noticeably increased during Q2 2024, stimulating 17% growth compared to Q1 2024, with the Group maintaining prudent underwriting standards and keeping the conversion rate at a stable level of 8.1% during Q2 2024.
The Group's Consumer Finance business line continues setting new loan issuance volume records each quarter, reaching a new milestone of EUR 44.8 mln worth of loans issued in Q2 2024, an increase of 6.5% compared to Q1 2024.

In its mature Consumer Finance European markets, the Group continued to demonstrate consistent performance, maintaining a stable net portfolio size, while the growth stems from scaling up the business in the Sub-Saharan region, where the loan issuance volume reached EUR 15.7 mln during Q2 2024, up by EUR 3.4 mln compared to Q1 2024. The African Consumer Finance operations also set a new record in the number of loans issued, reaching a 55,250 loan milestone and surpassing the Q1 2024 result by 20.7%. This was achieved while keeping prudent underwriting standards, and the conversion rates for all Consumer Finance business lines only marginally increased by 3.5% p.p. to 34.4% in Q2 2024 (Q1 2024: 30.9%).

Despite significant growth in applications received and loans issued, the company managed to maintain excellent marketing expense discipline, as the ratio of the Group's marketing expenses against the revenue over the first six months of 2024 dropped by 0.3% p.p. to 3.4% (6M 2023: 3.7%). Overall, marketing expenses have remained unchanged, having increased by only EUR 0.4 mln to EUR 3.5 mln during the first half of 2024, compared to the corresponding reporting period a year ago (6M 2023: EUR 3.1 mln), yet brand awareness among customers is improving.

Operational Milestones

In June, Eleving Group received Kenya's digital credit provider license. This achievement allows the company to reach a larger customer base, expand its financing product range, and more efficiently serve the underbanked population. The Group also anticipates that the digital credit provider license will help improve local currency funding conditions for further regional business funding efforts.
In May, the Group rolled out an electric motorcycle (e-boda) product in Uganda, and already during the first months, issuance volumes have outperformed Kenya's initial figures. Eleving Group continues to see an insatiable demand for green mobility products in Kenya and Uganda, where it is a front-runner in the e-boda financing segment. African Vehicle Finance operations currently record around 280 e-boda loan issuances per month and aim to reach a new milestone of 500 issued loans per month in the following quarters.
A new generation 2.0 digital solution (customer self-service platform) has been successfully rolled out in Romania, with over 7,000 registered users as at June 30, 2024. The solution is planned to be launched in all Eleving Vehicle Finance European markets by the end of the year.
In Q2 2024, Eleving Group appointed an international Supervisory Board consisting of three investment and start-up ecosystem experts from the Baltics and the USA. The Group expects further improvements in the company's corporate governance standards and strong support for management in strategic business decisions.
On 30 July 2024, the recently established Supervisory Board and the Group's Management Board approved a new Eleving Group dividend policy. Dividend distribution is based on capital structure (namely, the equity ratio), and the target dividend payout ratio is 50%+ of the yearly net profit. Dividends are planned to be distributed to the shareholders two times a year.

Financial Highlights and Progress

Consistent profitability as evidenced by the strongest-ever business financials:
- Adjusted EBITDA of EUR 43.6 mln (6M 2023: EUR 34.1 mln). -
- Net profit before FX of EUR 16.9 mln (6M 2023: EUR 12.4 mln). -
- Net profit after FX from continuing operations of EUR 14.6 mln (6M 2023: EUR 11.4 mln). -
- Total net loan and pre-owned vehicle rent portfolio of EUR 342.5 mln (6M 2023: EUR 283.8 mln). -
- 6M 2024 ended with a healthy financial position, supported by the capitalization ratio of 26.0% (31 December 2023: 26.1%), ICR ratio of 2.4 (31 December 2023: 2.3), and net leverage of 3.3 (31 December 2023: 3.7), providing an adequate and stable headroom for Eurobond covenants. -
During Q2 2024, Eleving Group continued to explore potential external equity-raise opportunities, with an IPO in the Baltics remaining as one of the likely avenues. The company aims to raise additional equity to facilitate further business growth, including but not limited to launching new products and markets.
The international credit ratings agency Fitch Ratings acknowledged the Group's improved balance sheet structure and consistent profitability. During Q2 2024, the Group's credit rating was upgraded from B- to B (stable outlook). This is a further testament to Eleving Group's improvements in fundraising and capital allocation, execution of its long-term strategy, and strengthened corporate governance.
Eleving Group remains focused on its strategic direction of further diversifying its debt profile and funding through various channels, primarily in local currencies, and optimizing funding costs in the EUR and USD currencies:
- The Group continues pragmatically tapping into Mintos, the marketplace for loans. The weighted average annual funding cost for Mintos was substantially reduced from 9.7% to 8.7% over Q2 2024, significantly reducing the Group's interest expense and further improving its profitability. The weighted average annual funding cost stood at 12.6% at the end of the corresponding reporting period a year ago. As at the end of Q2 2024, Eleving Group had outstanding loans of EUR 62.7 mln on Mintos (compared to EUR 71.7 mln as at 31 March 2024), a decrease of EUR 9.0 mln. -
- Outstanding investments raised through the Kenyan local notes program increased by around 23% from EUR 13.0 mln to EUR 16.0 mln during Q2 2024. Most of this funding is secured in the local currency. -
- Eleving Group is also in the late negotiation stages with a local bank in Uganda to raise the local currency equivalent of around USD 5 mln to support its capital structure in the country further. -
During Q2 2024, the Group increased its equity to EUR 87.4 mln (EUR 86.9 mln as at 31 March 2024), further solidifying its capital base for future growth.

Modestas Sudnius, CEO of Eleving Group, commented:

"Second quarter has been historically strong, with exceptional performance in all key business areas, recording outstanding organic growth rate and portfolio quality results. The current growth pace has already kept up for the second consecutive quarter, which aligns with our 2023-end promise to return to a more rapid growth vector in 2024 by targeting a significant double-digit growth rate. In Q2, compared to Q1 of this year, we saw a significant increase in sales volumes in the vehicle financing segment, and the majority of our markets reached six-month budget goals early. Also, the number of applications received doubled, compared to Q2 a year ago, while we maintained the marketing costs and conversion rates across all markets at a conservative level. Even more than in other quarters, for this period, I would like to emphasize that our unit economics continue to strengthen; the EBITDA grows faster than the revenue, leading to growth that does not come at the expense of the profit.

During the quarter, we also reached several notable operational milestones, including receiving the digital credit provider license in Kenya. We are one of the first asset financiers to obtain this license, which confirms that Mogo Kenya meets the expected governance, transparency, responsibility, and business ethics standards. We have also finished Romania's digitalization and digital customer portal project. In the first half of the year, it has already brought significant value in issuance volumes and reduced customer delays as it helps

streamline customer onboarding and handling the entire credit cycle. Following the success in Romania, similar upgrades of the system will be introduced in other European markets as well.

In Q2, we appointed an international Supervisory Board consisting of experienced experts from the investment community and start-up ecosystem in the Baltics and USA. The functions of the newly appointed governance structure will include strengthening the company's corporate governance, advising management on business decisions, overseeing a potential IPO or external equity raise, and contributing to the company's future strategy. At the end of July, the new Supervisory Board and the Group's Director's board approved the new Eleving Group dividend policy as one of the first major joint decisions.

On a different note, we have also maintained our sustainable mobility course. In Q2, we significantly increased our EV financing in Kenya and Uganda, and by the end of the quarter, we had financed around 700 e-motorcycles. It is four times the number financed in the last year. Seeing the increasing demand and improved logistics, we will soon overachieve our initial goals for the year, and a 1000 e-motorcycle benchmark will be reached already within the next few months. As for the following quarters, we plan to strengthen our position in promoting the transition to electric mobility in our Eastern African region markets."

Maris Kreics, CFO of Eleving Group, commented:

"Second quarter of 2024 has proven to be highly successful, showcasing healthy long-term development patterns for our business. The Group reported revenues of EUR 102.0 mln for the first six months of the year, reflecting a 21% increase over the same period last year. Our net portfolio expanded to EUR 342.5 mln, representing a 21% growth compared to one year ago. Additionally, the adjusted EBITDA climbed to EUR 43.6 mln for the first six months of the year, while the net profit after FX from continuing operations

was EUR 14.6 mln respectively, a 28% rise from the six months in 2023. These figures demonstrate the stability and capacity of the business to achieve profitable growth.

The international credit rating agency Fitch Ratings has positively assessed the Group's latest achievements from the financial results perspective and has upgraded Eleving Group's credit rating from 'B-' to 'B,' with a stable outlook. The rating upgrade marks a significant milestone for the company and

is a validation of the Group's recent achievements in the following areas – execution of the strategy, financial results, corporate governance, and successful performance in the capital markets.

During Q2, we continued to explore external equity raise options that could potentially result in a pan-Baltic IPO. This would make Eleving Group one of the most globally oriented companies on the Baltic stock exchange, potentially drawing significant international interest and providing new opportunities for Baltic and global investors. It could also result in one of the largest IPOs in the Baltics in recent years.

Entering Q3, Eleving Group holds an even stronger market position and more robust balance sheet, demonstrating that we are prepared for the various decisions associated with capital markets and strong enough to ensure long-term growth that brings additional value to the company's investors and its clients."

To the best of our knowledge, the condensed set of consolidated interim financial statements which have been prepared in accordance with the applicable set of accounting standards give a true and fair view of the assets, liabilities, financial position and profit or loss of the issuer, or the undertakings included in the consolidation as a whole as required by the Laws and that the interim management report includes a fair review of the information required under paragraph (4).

Signed on behalf of the Group on 6 September 2024 by:

Maris Kreics, Category A Member of the Management Board

Delphine Glessinger Category B Member of the Management Board

Consolidated Condensed Interim Financial Statements

Consolidated Condensed Interim Statement of Profit or Loss and Other Comprehensive Income

Continuing operations	Note	01.01.2024 - 30.06.2024	01.01.2023 - 30.06.2023
		EUR	EUR
		(unaudited)	(unaudited)
Interest revenue	3	95 088 113	78 452 290
Interest expense	4	(20 606 040)	(17 286 891)
Net interest income		74 482 073	61 165 399
Fee and commission income related to financing activities	5	5 121 892	3 708 308
Impairment expense	6	(16 770 385)	(16 296 534)
Net gain/(loss) from de-recognition of financial assets measured at amortized cost		946 490	(326 211)
Expenses related to peer-to-peer platform services		(468 639)	(462 376)
Revenue from leases	7	1 769 109	2 249 934
Revenue from car sales	8	2 787 650	454 120
Expenses from car sales	8	(2 551 678)	(462 840)
Selling expense		(3 468 723)	(3 130 275)
Administrative expense	9	(36 186 642)	(28 407 746)
Other operating income		948 449	761 920
Other operating expense	10	(5 309 128)	(4 159 917)
Net foreign exchange result		(2 258 871)	(993 468)
Profit before tax		19 041 597	14 100 314
Corporate income tax	11	(4 774 221)	(5 271 817)
Deferred corporate income tax	11	346 089	2 531 586
Profit from continuing operations		14 613 465	11 360 083

Discontinued operations
Profit/(loss) from discontinued operation, net of tax		793 680	889 922
Profit for the period		15 407 145	12 250 005

Other comprehensive income/(loss):
Items that may be reclassified subsequently to profit or loss:
Translation of financial information of foreign operations to presentation currency		1 885 498	(2 459 768)
Other comprehensive income/(loss)		1 885 498	(2 459 768)
Total comprehensive income for the period		17 292 643	9 790 237

Profit is attributable to:
Equity holders of the Parent Company		12 131 778	9 820 531
Non-controlling interests		3 275 367	2 429 474
Net profit for the period		15 407 145	12 250 005

Other comprehensive income/(loss) is attributable to:
Equity holders of the Parent Company		1 637 008	(2 366 800)
Non-controlling interests		248 490	(92 968)
Other comprehensive income/(loss) for the period		1 885 498	(2 459 768)
Earnings per share fro profit for the period attributable to the owners of the parent during the year		0.12	0.10

Continuing operations

The accompanying selected explanatory notes are an integral part of these Consolidated Condensed Interim Financial Statements.

Signed on behalf of the Group on 6 September 2024 by:

Māris Kreics Type A director

Type B director Delphine Glessinger

0.15

0.11

Consolidated Condensed Interim Statement of Financial Position

ASSETS
	Note	30.06.2024	31.12.2023
		EUR	EUR
		(unaudited)

Intangible assets
Goodwill		6 807 055	6 807 055
Internally generated intangible assets		11 018 232	10 263 919
Other intangible assets		5 443 295	5 393 463
Total intangible assets	12	23 268 582	22 464 437
Tangible assets
Right-of-use assets		11 568 932	10 559 286
Rental fleet		6 310 172	7 085 928
Property, plant and equipment		2 333 298	2 089 283
Leasehold improvements		869 574	782 859
Total tangible assets	13	21 081 976	20 517 356
Non-current financial assets
Loans and advances to customers	14	172 153 421	154 854 453
Equity‑accounted investees		223 071	580 714
Other loans and receivables		2 533	175 783
Deferred tax asset		10 250 518	8 877 839
Total non-current financial assets		182 629 543	164 488 789
TOTAL NON-CURRENT ASSETS		226 980 101	207 470 582
CURRENT ASSETS
Inventories
Finished goods and goods for resale	15	2 891 462	4 818 099
Total inventories		2 891 462	4 818 099
Receivables and other current assets
Loans and advances to customers	14	164 059 825	158 349 702
Other loans and receivables		186 856	198 574
Prepaid expense		3 483 583	3 124 744
Trade receivables		1 161 077	1 606 770
Other receivables	16	8 795 542	8 267 676
Cash and cash equivalents		27 621 499	27 470 468
Total receivables and other current assets		205 308 382	199 017 934
Assets of subsidiary held for liquidation	17	54 752	9 556 863
Assets held for sale	18	837 193	452 055
Total assets held for sale		891 945	10 008 918
TOTAL CURRENT ASSETS		209 091 789	213 844 951
TOTAL ASSETS		436 071 890	421 315 533

The accompanying selected explanatory notes are an integral part of these Consolidated Condensed Interim Financial Statements.

Signed on behalf of the Group on 6 September 2024 by:

Māris Kreics

Type A director Type B director Delphine Glessinger

Consolidated Condensed Interim Statement of Financial Position

EQUITY AND LIABILITIES

EUR (unaudited) 19 1 000 500 Share capital 4 131 457 Reserve 25 Share-based payments 93 647 Foreign currency translation reserve 2 169 770 Retained earnings 52 585 991 40 454 213 brought forward 12 131 778 for the period Total equity attributable to equity holders of the Parent Company 59 981 365 Non-controlling interests 14 999 256 TOTAL EQUITY 74 980 621 LIABILITIES Non-current liabilities 20 Borrowings 246 708 006 20 12 423 328 Subordinated borrowings Total non-current liabilities 259 131 334 Provisions 27 610 Total provisions for liabilities and charges 27 610 Current liabilities 20 76 243 679 Borrowings 3 835 Liabilities of subsidiary held for liquidation 1 007 834 Prepayments and other payments received from customers 1 921 570 Trade payable 2 407 928 Corporate income tax payable 4 034 317 Taxes payable 21 10 268 777 Other liabilities 5 903 351 Accrued liabilities 141 034 Other current financial liabilities Total current liabilities 101 932 325 TOTAL LIABILITIES 361 091 269 TOTAL EQUITY AND LIABILITIES 436 071 890		30.06.2024	31.12.2023
	Note		EUR

			1 000 500
			4 287 631
			-
			532 762
			47 773 110
			27 674 445
			20 098 665
			53 594 003
			11 841 222
			65 435 225



			225 944 140
			16 462 354
			242 406 494
			157 316
			157 316


			96 180 026
			2 045 004
			1 083 554
			2 224 874
			729 149
			3 374 002
			1 902 392
			5 777 497
			-
			113 316 498
			355 880 308
			421 315 533

The accompanying selected explanatory notes are an integral part of these Consolidated Condensed Interim Financial Statements.

Signed on behalf of the Group on 6 September 2024 by:

Māris Kreics Type A director

Delphine Glessinger Type B director

Consolidated Condensed Interim Statement of Changes in Equity

		Foreign currency				Total equity attributable to Equity holders of
		translation	Retained		Share-based	the Parent	Non controlling	Total
	Share capital EUR	reserve EUR	earnings EUR	Reserve EUR	payments EUR	Company EUR	interest EUR	EUR
Balance at 01.01.2023	1 000 500	4 888 658	38 167 599	1 122 204	-	45 178 961	8 894 339	54 073 300
Share capital decrease	-	-	-	-	-	-	(147 239)	(147 239)
Change in NCI without change in control interests	-	-	(978 846)	-	-	(978 846)	695 962	(282 884)
Obtaining of subsidiary	-	-	-	1 927 058	-	1 927 058	-	1 927 058
Reserve	-	-	(1 238 369)	1 238 369	-	-	-	-
Dividends distribution	-	-	(8 275 939)	-	-	(8 275 939)	(1 731 792)	(10 007 731)
Profit for the period	-	-	20 098 665	-	-	20 098 665	4 356 389	24 455 054
Other comprehensive income	-	(4 355 896)	-	-	-	(4 355 896)	(226 437)	(4 582 333)
Total comprehensive income	-	(4 355 896)	9 605 511	3 165 427	-	8 415 042	2 946 883	11 361 925
Balance at 31.12.2023.	1 000 500	532 762	47 773 110	4 287 631	-	53 594 003	11 841 222	65 435 225

Balance at 01.01.2024	1 000 500	532 762	47 773 110	4 287 631	-	53 594 003	11 841 222	65 435 225
Share capital increase	-	-	-	-	-	-	388	388
Change in NCI without change in control interests	-	-	(1 001 526)	-	-	(1 001 526)	759 752	(241 774)
Reserve	-	-	(153 462)	(156 174)	-	(309 636)	-	(309 636)
Share-based payments			(93 647)		93 647	-		-
Dividends distribution	-	-	(6 070 262)	-	-	(6 070 262)	(1 125 963)	(7 196 225)
Profit for the reporting period	-	-	12 131 778	-	-	12 131 778	3 275 367	15 407 145
Other comprehensive income	-	1 637 008	-	-	-	1 637 008	248 490	1 885 498
Total comprehensive income	-	1 637 008	4 812 881	(156 174)	93 647	6 387 362	3 158 034	9 545 396
Balance at 30.06.2024	1 000 500	2 169 770	52 585 991	4 131 457	93 647	59 981 365	14 999 256	74 980 621

The accompanying selected explanatory notes are an integral part of these Consolidated Condensed Interim Financial Statements.

Signed on behalf of the Group on 6 September 2024 by:

Māris Kreics Type A director

Delphine Glessinger Type B director

Consolidated Condensed Interim Statement of Cash Flows

	01.01.2024 - 30.06.2024	01.01.2023 - 30.06.2023
	EUR	EUR
	(unaudited)	(unaudited)
Profit before tax from continuing operations	19 041 597	14 100 314
Profit from discontinued operation, net of tax	793 680	889 922
Adjustments for:
Amortization and depreciation	4 926 943	4 165 637
Interest expense	20 606 040	17 286 891
Interest income	(95 088 113)	(78 452 290)
Loss on disposal of property, plant and equipment	568 738	556 866
Impairment expense	16 313 996	16 622 745
Loss from fluctuations of currency exchange rates	373 373	3 453 236
Operating profit before working capital changes	(32 463 746)	(21 376 679)
Decrease/(increase) in inventories	1 926 637	(4 794 107)
Increase in loans and advances to customers and other	(23 387 948)	(27 709 207)
current assets
Increase/(decrease) in accrued liabilities	(3 852)	(469 292)
Increase/(decrease) in trade payable, taxes payable and other liabilities	6 437 906	3 129 146

Cash generated to/from operations	(47 491 003)	(51 220 139)
Interest received	95 088 113	78 452 290
Interest paid	(21 389 674)	(15 390 732)
Corporate income tax paid	(2 761 095)	(2 734 228)
Net cash flows to/from operating activities	23 446 341	9 107 191
Cash flows to/from investing activities
Purchase of property, plant and equipment and intangible assets	(3 565 227)	(2 426 452)
Purchase of rental fleet	(358 822)	(2 962 408)
Payments for acquisition of non-controlling interests	(241 774)	-
Loan repayments received	187 159	122 245
Loans issued	-	-

Net cash flows to/from investing activities	(3 978 664)	(5 266 615)
Cash flows to/from financing activities
Proceeds from borrowings	137 997 836	81 573 943
Repayments for borrowings	(148 485 285)	(74 467 611)
Repayment of liabilities for right-of-use assets	(1 633 360)	(1 622 314)
Paid in share capital	388	-
Dividends paid	(7 196 225)	(5 321 739)
Net cash flows to/from financing activities	(19 316 646)	162 279

Change in cash	151 031	4 002 855
Cash at 1 January 2024	27 470 468	13 834 837
Cash at 30 June 2024	27 621 499	17 837 692

The accompanying selected explanatory notes are an integral part of these Consolidated Condensed Interim Financial Statements.

Signed on behalf of the Group on 6 September 2024 by:

Māris Kreics Type A director

Delphine Glessinger Type B director

Selected explanatory notes to the Consolidated Condensed Interim Financial Statements

1. Corporate information

Eleving Group S.A. (hereinafter "the Parent Company") is a Luxembourg company incorporated on December 18, 2012 as a Société Anonyme for an unlimited duration, subject to the law of August 10, 1915 on Commercial Companies (as amended).

The Consolidated Condensed Interim Financial Statements of the Group include:

	Country of incorporation	Registration number	Principal activities	% equity interest
Subsidiary name				30.06.2024	31.12.2023
Mogo Balkans and Central Asia AS	Latvia	40203150045	Management services	100.00%	100.00%
Eleving Vehicle Finance AS	Latvia	42103088260	Management services	98.97%	98.86%
Mogo Peru S.A.C.	Peru	20609973618	Financing	98.97%	98.86%
Mogo UCO LLC	Armenia	42	Financing	98.97%	98.86%
Eleving Finance AS	Latvia	40203150030	Management services	98.70%	98.70%
SIA EC Finance Group	Latvia	40203082656	Management services	94.09%	87.00%
EC finance branch in Botswana	Botswana	BW00004103567	Management services	94.09%	87.00%
AS ExpressCredit Holding	Latvia	40203169911	Management services	94.09%	87.00%
YesCash Group Ltd	Mauritius	137426 C1/GBL	Financing	94.09%	87.00%
ExpressCredit Ltd	Lesotho	TRMBS:68483	Financing	94.09%	87.00%
ExpressCredit Proprietary Ltd	Botswana	BW00000115487	Financing	94.09%	87.00%
Primero Finance OU	Estonia	12401448	Financing	89.36%	91.19%
Mogo LLC	Georgia	404468688	Financing	89.36%	91.19%
Eleving Georgia LLC	Georgia	402095166	Retail of motor vehicles	89.36%	91.19%
Eleving AM LLC (Longo LLC)	Armenia	286.110.1015848	Retail of motor vehicles	89.36%	91.19%
Mogo OY	Finland	3263702-2	Financing	89.36%	91.19%
Mogo IFN SA	Romania	35917970	Financing	89.36%	91.19%
Eleving Stella AS	Latvia	40103964830	Management services	89.36%	91.19%
Eleving Stella LT UAB	Lithuania	305018069	Management services	89.36%	91.19%
Rocket Leasing OOO	Belarus	193553071	Financing	89.36%	91.19%
Renti AS	Latvia	40203174147	Rent services	89.36%	89.37%
Mogo AS	Latvia	50103541751	Financing	89.36%	89.37%
MOGO FINANCE LLC JE	Uzbekistan	310380440	Financing	87.57%	89.37%
Mogo Loans SRL	Moldova	10086000260223	Financing	86.23%	88.40%
Mogo LT UAB	Lithuania	302943102	Financing	85.96%	88.28%
Renti UAB	Lithuania	305653232	Financing	85.96%	88.28%
Eleving Solis AS	Latvia	40203182962	Management services	84.94%	84.84%
Eleving Solis UAB	Lithuania	304991028	Management services	84.94%	84.84%
MOGO LOANS SMC LIMITED	Uganda	80020001522601	Financing	84.94%	84.84%
Mogo Auto Ltd	Kenya	PVT-AJUR7BX	Financing	84.94%	84.84%
Green Power Trading LTD (Mogo Kenya Ltd)	Kenya	PVT-BEU3ZKD	Financing	84.94%	84.84%
Mogo Lend LTD	Uzbekistan	305723654	Financing	82.48%	82.38%
Eleving Consumer Finance Holding, AS	Latvia	40203249386	Management services	81.75%	81.74%
Eleving Consumer Finance AS	Latvia	54103145421	Management services	78.13%	78.12%
Insta Finance LLC	Ukraine	43449827	Financing	78.13%	78.12%
Next Fin LLC	Ukraine	42273138	Financing	78.13%	78.12%
Kredo Finance SHPK	Albania	L71610009A	Financing	78.02%	78.16%
OCN SE Finance SRL	Moldova	1020600028773	Financing	77.55%	77.54%
FINTEK DOO Skopje (TIGO Finance DOOEL)	North Macedonia	7229712	Financing	77.38%	79.41%
OCN Sebo Credit SRL	Moldova	1017600000371	Financing	77.12%	77.30%
SIA Spaceship	Latvia	40203300224	Car sharing services	59.23%	59.16%
ExpressCredit Cash Advance Ltd	Namibia	2016/0767	Financing	46.10%	42.63%
YesCash Zambia LTD	Zambia	120180003452	Financing	45.83%	43.50%
Mogo Leasing d.o.o. (liquidated)	Bosnia	4202540500009	Financing	0.00%	100.00%
ExpressCredit Ltd (liquidated)	Eswatini	R7/55063	Financing	0.00%	87.00%
Autotrade OOO (sold)	Belarus	192846476	Other services	0.00%	87.18%
MOGO Kredit LLC (sold)	Belarus	192981714	Financing	0.00%	87.18%

2. Summary of material accounting policies

Basis of preparation

The consolidated condensed interim financial statements of the Group is, to the best of the Management Board's knowledge, prepared in accordance with the applicable set of accounting standards and gives a true and fair view of the assets, liabilities, financial position and profit or loss of the Group and the undertakings included in the consolidation taken as a whole. The Group has applied the same accounting policies and methods of computation in its consolidated condensed interim financial statements as in its 2023 consolidated annual financial statements.

The half-yearly management board's interim report of the Group includes a fair review of the development and performance of the business and the position of the Group and the undertakings included in the consolidation taken as whole, together with a description of the principal risks and uncertainties that they face.

These consolidated condensed interim financial statements for the period ended 30 June 2024 are prepared in accordance with IAS34. They do not include all disclosures that would otherwise be required in a complete set of financial statements and should be read in conjunction with the 2023 annual report.

The Group's consolidated condensed interim financial statements and its financial result are affected by accounting policies, assumptions, estimates and management judgement, which necessarily have to be made in the course of preparation of the consolidated condensed interim financial statements.

The Group makes estimates and assumptions that affect the reported amounts of assets and liabilities within the current and next financial period. All estimates and assumptions required in conformity with IFRS are best estimates undertaken in accordance with the applicable standard. Estimates and judgements are evaluated on a continuous basis, and are based on past experience and other factors, including expectations with regard to future events. Accounting policies and management's judgements for certain items are especially critical for the Group's results and financial situation due to their materiality. Future events occur which cause the assumptions used in arriving at the estimates to change. The effect of any changes in estimates will be recorded in the interim financial statements, when determinable.

The consolidated condensed interim financial statements are prepared on a historical cost basis as modified by the recognition of financial instruments measured at fair value, except for inventory which is accounted in net realizable value and contingent consideration that has been measured at fair value.

Intercompany transactions, balances and unrealized gains on transactions between group companies are eliminated. Unrealized losses are also eliminated. When necessary amounts reported by subsidiaries have been adjusted to conform to the Group's accounting policies.

The Group's presentation currency is euro (EUR). The consolidated condensed interim financial statements cover the period from 1 January 2024 till 30 June 2024. Accounting policies and methods are consistent with those applied in the previous years.

New standards and amendments effective for annual reporting periods beginning on 1 January 2024 and therefore relevant to these interim financial statements.

IFRS Accounting Standard / amendment	IASB Effective Date	EU Endorsement status
Supplier finance arrangements (Amendments to: IAS 7 Statement of Cash Flows IFRS 7 Financial Instruments: Disclosure)	1 January 2024	Endorsed
Lease liability in a Sale and Leaseback (Amendment to IFRS 16 Leases)	1 January 2024	Endorsed
Classification of Liabilities as Current or Non-current (including Classification of Liabilities as Current or Non-current – Deferral of Effective Date) (Amendment to IAS 1 Presentation of Financial Statements)	1 January 2024	Endorsed
Non-current Liabilities with Covenants (Amendment to IAS 1 Presentation of Financial Statements)	1 January 2024	Endorsed

In addition to the above pronouncement, the IFRS Interpretations Committee (the Committee) has issued a number of agenda decisions in the first half of 2024. These agenda decisions do not represent authoritative guidance. However, agenda decisions do set out the Committee's rationale for not taking an issue onto its agenda (or referring it to the IASB) and how the requirements of applicable IFRS Accounting Standards should be applied. It is noted on the IFRS Foundation's website that they 'should be seen as helpful, informative and persuasive'. In practice, it is expected that entities reporting in accordance with IFRS Accounting Standards will take account of and follow the agenda decisions and this is the approach which is followed by securities regulators worldwide.

Since 31 December 2023, agenda decisions have been finalised on the following topics:

Accounting Standard IAS 27 Separate Financial Statements Merger between a Parent and Its Subsidiary in Separate Financial Statements IFRS 3 Business Combinations Payments Contingent on Continued Employment during Handover Periods IAS 37 Provisions, Contingent Liabilities and Contingent Assets Climate-related Commitments

Early adoption of Standards and Amendments

Accounting Standard Topic

The table below lists all pronouncements with a mandatory effective date in future accounting periods. Entities intending to voluntarily apply any of these pronouncements in annual financial statements of earlier period would also need to apply them in interim financial statements beginning on or after the same date as those next annual financial statements.

Mandatorily effective for periods beginning on or after 1 January 2025

Lack of exchangeability (Amendment to IAS 21 The Effects of Changes in Foreign Exchange Rates)

Mandatorily effective for periods beginning on or after 1 January 2026

Amendments to the Classification and Measurement of Financial Instruments (Amendments to IFRS 9 Financial Instruments)

Mandatorily effective for periods beginning on or after 1 January 2027

IFRS 18 Presentation and Disclosure in Financial Statements

IFRS 19 Subsidiaries without Public Accountability: Disclosures

Going concern

As the global economy is entering a third year of non-zero key interest rates environment, the Group has managed to post its strongest ever financial results for year 2023 as well as 6 months 2024.

The Group's product structure allows a significant equity build up during the periods of stable growth. Although the Group largely operates with borrowed capital, the interest expense forms only 21.7% (in 6M 2023: 22.0%) from its interest revenue. As at 30 June 2024, the principal of Group's total borrowings amounted to EUR 323.0 million of which EUR 76.2 million is due for renewal over the following 12 months. The Group's current assets are EUR 209.1 million, effectively exceeding the principal of borrowings due next 12 months by almost three times. The Group has a track record of successful cash generation and ability to access funding from debt capital markets as well as other sources during protracted periods of economic uncertainty (tested in both 2020, 2022 and onwards), hence the Group is expected to meet its funding requirements for the foreseeable future.

Although exposed to external economic environment and indicators, the Group's portfolio quality is substantially at the control of Group itself as it has the ability to adjust the underwriting standards on a local basis by geographies and individual products. The result of that is evidenced by substantially improved cost of risk expenses during 6 months of 2024 indicated by decreasing in the total of impairment expense and net gain/(loss) from de-recognition of financial assets measured at amortized cost by 4.8% if compared against 6 months 2023 results and that has been achieved despite having higher portfolio by 22.9% in 6 months 2024 versus 6 months 2023.

Given the regional diversification of the Group's business across three continents and Eastern European region being one of them, it is important to highlight that the Group is not a sanctions target and does not maintain business relations with sanctioned entities. Additionally, two its subsidiary in Ukraine has been substantially scaled down without a substantial impact on the overall Group results and its subsidiary in Belarus has not been fully divested without negative impact on Group's financial results.

1) In Ukraine the Group is focused on collection activities only. The collected funds are being partially repatriated with remainder temporarily being housed in the country. The funds collected as well as temporarily housed in country are not material for the Group and its going concern operations.

2) In April 2024, the Group has finished the sale of Belarus entities coupled with a full refinance of Group's liabilities.

Additionally during June 2024 the Group received a credit rating upgrade from Fitch Ratings upgrading Group from 'B-' to 'B' with a stable outlook. As stated in Fitch's report, the key drivers for the rating update were improvements in the Group's performance in the last 24 months, including lower leverage, a longer record of business model stability, and access to debt capital markets. In Fitch's view, Eleving Group's progress in corporate governance and initiatives in preparation for a possible IPO, announced in April 2024, are credit-positive because they could further strengthen creditor rights. Eleving Group has already established an international supervisory board and has published new dividend policy which is available on the Group`s website – eleving.com. Fitch believes this builds on previous progress following the bond listing in Frankfurt and Riga.

These consolidated condensed interim financial statements are prepared on a going concern basis.

3. Interest revenue

	01.01.2024 - 30.06.2024	01.01.2023 - 30.06.2023
	EUR	EUR
Interest income from loans and advances to customers	94 796 851	78 083 750
Other interest income	291 262	368 540
TOTAL:	95 088 113	78 452 290

In July 2023 the Group acquired a new company EC Finance Group SIA. The Company and its subsidiaries have contributed almost 13 million EUR of revenue increase compared to the same period of 2023.

4. Interest expense

	01.01.2024 - 30.06.2024	01.01.2023 - 30.06.2023
	EUR	EUR
Interest expense on issued bonds	13 245 074	11 511 079
Interest expenses for loans from P2P platform investors	3 688 858	4 757 951
Interest expenses for bank liabilities and related parties	2 640 610	668 212
Interest expenses for lease liabilities	406 889	349 649
Interest expenses for other borrowings	624 609	-
TOTAL:	20 606 040	17 286 891

The increase in interest expenses for bank liabilities and related parties is mainly driven from increase of liabilites incured as a result of acquistion of EC Finance Group SIA. Additional cost incurred consists of 1.3 million EUR.

Increase in other interest expenses is driven by organic growth of the Group.

5. Fee and commission income related to financing activities

	01.01.2024 - 30.06.2024	01.01.2023 - 30.06.2023
Revenue from contracts with customers recognized point in time:	EUR	EUR
Income from penalties received	4 519 663	3 534 158
Income from commissions	2 125 488	1 396 533
TOTAL:	6 645 151	4 930 691

Revenue from contracts with customers recognized point in time where the Group	01.01.2024 - 30.06.2024	01.01.2023 - 30.06.2023
acted as an agent:	EUR	EUR
Gross income from debt collection activities	965 406	1 147 484

Gross income from debt collection activities	965 406	1 147 484
Gross expenses from debt collection activities	(2 488 665)	(2 369 867)
TOTAL:	(1 523 259)	(1 222 383)
Total fees and commissions income:	5 121 892	3 708 308

6. Impairment expense

	01.01.2024 - 30.06.2024	01.01.2023 - 30.06.2023
	EUR	EUR
Change in impairment in loans and advances to customers	8 942 048	8 221 557
Change in impairment in other receivables and written off debts	7 828 337	8 074 977
TOTAL:	16 770 385	16 296 534

Eleving Group S.A. Consolidated Condensed Interim Financial Statements for the period ended 30 June 2024 Unified registration number: B 174.457

01.01.2024 - 30.06.2024	01.01.2023 - 30.06.2023
EUR	EUR
1 769 109	2 249 934
1 769 109	2 249 934

8. Revenue from car sales

	01.01.2024 - 30.06.2024	01.01.2023 - 30.06.2023
	EUR	EUR
Income from sale of vehicles	2 787 650	454 120
TOTAL:	2 787 650	454 120

	01.01.2024 - 30.06.2024	01.01.2023 - 30.06.2023
	EUR	EUR
Expenses from sale of vehicles	(2 551 678)	(462 840)

TOTAL: (2 551 678) (462 840)

Total Net revenue from contracts with customers recognized point in time 235 972 (8 720)

The amount of income and corresponding expenses have increased in 2024 due to the Group's efforts to expand this business line in Africa region.

9. Administrative expense

Increase in administrative expense is mainly due to acquisition of EC Finance Group SIA company in July of 2023. EC Finance Group SIA has contributed 4.1 million EUR in administrative expense in 2024.

Key management personnel compensation

	01.01.2024 - 30.06.2024	01.01.2023 - 30.06.2023
Members of the Management	EUR	EUR
Remuneration*	2 211 727	2 039 966
Social security contribution expenses	539 161	409 136
TOTAL:	2 750 888	2 449 102

Key management personnel is considered to be all Group top management employees, regional management employees and country managers.

* - Including vacation accruals.

There are no amounts receivable or payable as of 30 June 2024 with members of the Group's Management (none at 31 December 2023) for any past transactions. There are no emoluments granted for current and for former members of the management and commitments in respect of retirement pensions for former members of the management.

10. Other operating expense

Increase in other operating expense is mainly driven by increase of expenses for non-deductible VAT from management services due to acquisition of EC Finance Group SIA company in July of 2023. Also withholding tax expenses have increased due to payout of dividends in several jurisdictions in larger amount than in comparative period.

11. Corporate income tax

Corporate income tax charged to the income statement:	4 428 132	2 740 231
Deferred corporate income tax due to changes in temporary differences	(346 089)	(2 531 586)
Current corporate income tax charge for the reporting year	4 774 221	5 271 817
	EUR	EUR
	01.01.2024 - 30.06.2024	01.01.2023 - 30.06.2023

12. Intangible assets

	Goodwill	Internally generated intangible assets	Trademarks	Other intangible assets	TOTAL
As at 1 January 2023	4 659 049	8 641 438	2 151 085	260 173	15 711 745

2023
Additions	-	2 474 926	-	1 060 536	3 535 462
Acquisition of a subsidiary through business combination	2 148 006	7 798 508	1 072 000	1 860 778	12 879 292
Acquisition of a subsidiary through business combination (amortization)	-	(6 096 372)	-	(26 298)	(6 122 670)
Disposals (cost)	-	(75 263)	-	(37 423)	(112 686)
Amortization charge	-	(3 081 502)	-	(55 817)	(3 137 319)
Impairment	-	(65 640)	-	-	(65 640)
Other changes	-	667 824	-	(891 571)	(223 747)
As at 31 December 2023	6 807 055	10 263 919	3 223 085	2 170 378	22 464 437
2024
Additions	-	1 379 153	-	1 088 010	2 467 163
Disposals (cost)	-	(12 608)	-	-	(12 608)
Amortization charge	-	(1 661 457)	-	(20 550)	(1 682 007)
Other changes	-	1 049 225	-	(1 017 628)	31 597
As at 30 June 2024	6 807 055	11 018 232	3 223 085	2 220 210	23 268 582

Split of goodwill per cash generating unit:	30.06.2024	31.12.2023
Name	EUR	EUR
TIGO Finance DOOEL Skopje (North Macedonia)	3 000 276	3 000 276
EC Finance Group SIA	2 148 006	2 148 006
UAB mogo (Lithuania)	646 063	646 063
OU mogo (Estonia)	451 894	451 894
AS mogo (Latvia)	298 738	298 738
Mogo UCO (Armenia)	182 028	182 028
Mogo LLC (Georgia)	80 050	80 050
	6 807 055	6 807 055

Each cash generating unit represents a subsidiary of the Group.

13. Property, plant and equipment and Right-of-use assets

	Right-of-use premises EUR	Right-of-use motor vehicles EUR	SUBTOTAL Right-of-use assets EUR	Car sharing rental fleet EUR	Long term rental fleet EUR	SUBTOTAL Rental fleet EUR	Other property, plant and equipment EUR	TOTAL EUR
As at 1 January 2023	9 690 182	244 447	9 934 629	725 354	9 283 141	10 008 495	2 777 755	22 720 879
2023
Additions	4 976 220	15 508	4 991 728	3 013 359	1 108 735	4 122 094	1 407 939	10 521 761
Disposals (cost)	(2 485 573)	(48 757)	(2 534 330)	(38 651)	(7 640 331)	(7 678 982)	(478 011)	(10 691 323)
Acquisition of a subsidiary through business combination	1 850 387	-	1 850 387	-	-	-	1 600 186	3 450 573
Depreciation charge Acquisition of a subsidiary through business combination	(2 341 327)	(84 902)	(2 426 229)	(179 198)	(1 299 276)	(1 478 474)	(1 213 667)	(5 118 370)
(depreciation)	(1 149 316)	-	(1 149 316)	-	-	-	(1 179 191)	(2 328 507)
Impairment	-	-	-	-	61 895	61 895	-	61 895
Other changes	(127 255)	19 672	(107 583)	5 236	2 045 664	2 050 900	(42 869)	1 900 448
As at 31 December 2023	10 413 318	145 968	10 559 286	3 526 100	3 559 828	7 085 928	2 872 142	20 517 356
2024
Additions	2 101 033	24 942	2 125 975	136 793	358 822	495 615	961 271	3 582 861
Disposals (cost)	(800 952)	(13 874)	(814 826)	(3 900)	(1 368 081)	(1 371 981)	(265 614)	(2 452 421)
Depreciation charge	(1 442 923)	(36 753)	(1 479 676)	(106 141)	(439 494)	(545 635)	(682 618)	(2 707 929)
Impairment	-	-	-	-	(3 885)	(3 885)	-	(3 885)
Other changes	1 166 284	11 889	1 178 173	7 207	642 923	650 130	317 691	2 145 994
As at 30 June 2024	11 436 760	132 172	11 568 932	3 560 059	2 750 113	6 310 172	3 202 872	21 081 976

In 2024 the Group has signed several new rental agreements for office spaces and branches. Therefore there is an increase in Right-of-use premises amount.

14. Loans and advances to customers

	Non-Current	Current	Non-Current	Current
	30.06.2024	30.06.2024	31.12.2023	31.12.2023
	EUR	EUR	EUR	EUR
Loans and advances to customers (secured)	118 966 377	103 254 937	123 487 542	89 282 439
Impairment allowance for secured loans	(4 931 127)	(34 366 577)	(4 853 057)	(25 155 457)
Loans and advances to customers (unsecured)	68 165 756	113 221 083	43 858 190	118 615 693
Impairment allowance for unsecured loans	(9 216 877)	(51 980 091)	(6 830 011)	(54 714 099)
Accrued interest	-	34 891 445	-	31 615 709
Fees paid and received upon loan disbursement	(830 708)	(960 972)	(808 211)	(1 294 583)
TOTAL:	172 153 421	164 059 825	154 854 453	158 349 702

To further improve the readability of the Group's Consolidated Condensed Interim Financial Statements, the Group has decided to merge two items of its statement of financial position into one. Previously the Group split its receivables related to customer financing in two separate items based on legal framework. The Group has recognized that such split of receivables does not show desired information, therefore it has decided to merge those receivables into one and disclose more significant information in Notes, respectfully showing the segragation of its financing receivables according to their risk profile and showing them in secured and unsecured portions.

As a result, the Group has restated the balances as at 31 December 2023.

Statement of financial position - Assets	Balance at 31.12.2023 in annual report for 2023	Restatements	Balance at 31.12.2023 after restatement
NON-CURRENT ASSETS
Finance lease receivables	59 798 508	(59 798 508)	-
Loans and advances to customers	95 055 945	59 798 508	154 854 453
CURRENT ASSETS
Finance lease receivables	52 204 095	(52 204 095)
Loans and advances to customers	106 145 607	52 204 095	158 349 702
TOTAL:	313 204 155	-	313 204 155

15. Finished goods and goods for resale

	30.06.2024	31.12.2023
	EUR	EUR
Advance payments to vehicle dealerships	1 585 662	2 517 439
Acquired vehicles for purpose of selling them to customers	1 460 718	2 220 088
Other inventory	488 403	377 779
Impairment allowance	(643 321)	(297 207)
TOTAL:	2 891 462	4 818 099

In late 2023 the Group increased its advance payments to vehicle dealerships to reserve the vehicles at fixed price in anticipation of price increase in 2024. In 2024 the balances have been reduced to optimize the cashflow and keep lower amount of vehicle reservations.

16. Other receivables

	30.06.2024	31.12.2023
	EUR	EUR
CIT paid in advance*	2 725 229	1 610 554
Deposits paid for currency hedging transactions in Africa region	970 784	-
Disputed tax audit measurement in Georgia**	911 322	911 322
Accrued income from currency hedging transactions	530 818	1 960 166
Receivables for payments received from customers through online payment systems	524 273	320 394
Overpaid VAT	457 773	566 688
Security deposit for office lease	440 947	358 706
Advance payments for other taxes	302 892	287 472
Advances to employees	19 986	34 454
Receivables from P2P platform for attracted funding	-	1 016 629
Other debtors	2 528 951	1 376 598
Impairment allowance for 'Other debtors'	(617 433)	(175 307)
TOTAL:	8 795 542	8 267 676

* - increase in CIT is mainly driven by advance tax payments of subsidiary in Albania. Local legislation requires to make advance payments during the year which are then used at year end to settle calculated year end tax liabilities.

** - The Georgian tax administration has initiated a transfer pricing audit for Mogo LLC (Georgia). The audit covers the financial years 2016, 2017 and 2018. Additional audit has been initiated for financial years 2019 and 2020. Audit decisions have been issued for respective year. The Georgian tax administration has challenged that interest rate applied by Eleving Group S.A. on loan issued to Mogo LLC complies with arm's lengths principle. According to the decisions additional tax amount of EUR 911 322 has been assessed. The amount has been withheld by the Georgian tax administration from a tax overpayment of Mogo LLC, and part of the amount has been transferred to the Georgian state budget by Mogo LLC.

Mogo LLC has appealed the decisions.

The tax audit decisions for have been appealed within Tbilisi City Court.

Group's management has made a decision to apply for a mutual agreement procedure according to the double tax treaty concluded between Georgia and Luxembourg. In 2022 the Group has submitted the application within the Luxembourg tax administration to initiate mutual agreement procedure. The tax administration is assessing the application.

The management of the Group considers that the interest rate applied by Eleving Group S.A. on loans issued to related parties fully complies with the arm's length principle. The applied interest rate is justified by transfer pricing policies held by the Group. The management of the Group considers that the approach of the Georgian tax administration does not comply with basic loan pricing principles and international guidelines. In order to determine the market interest rate for the Eleving Group S.A. loan issued to the Mogo LLC, Georgian tax administration has used coupon rate of bonds issued by credit institutions as a comparable source. The coupon rates of such bonds are not comparable as represents lower risk market comparing with that where the Group operates. Additionally, when issuing the decision Georgian tax administration has not considered borrowing costs of Eleving Group S.A. The interest rate applied by the Georgian tax administration in the decisions is significantly lower than the borrowing costs of Eleving Group S.A.

The Group is in a position to use all available local and international measures to justify its transfer pricing policies and to achieve the result that the decisions are fully cancelled. According to management's best estimate no significant economical outflows in relation to the transfer pricing audit is expected in the future as the possibility of such has been assessed as remote.

Eleving Group S.A. Consolidated Condensed Interim Financial Statements for the period ended 30 June 2024 Unified registration number: B 174.457

17. Disposal groups held for liquidation

The balance in disposal groups held for liquidation has considerably reduced compared to 31 December 2023 because in first half of 2024 the Group succesfully completed the sale of its two entities registered in Belarus - Mogo Kredit LLC and Autotrade OOO. The remaining subsidiary in Belarus - Rocket Leasing OOO is inactive and under liquidation process. With this sale the Group has fully exited Belarus market and has no asset exposure in this country. As at 30 June 2024 only two companies remain as disposal Groups - Rocket Leasing OOO, Belarus and Mogo Leasing d.o.o., Bosnia&Herzegovina.

18. Assets held for sale

	30.06.2024	31.12.2023
	EUR	EUR
Repossessed collateral	837 193	452 055
	837 193	452 055

Repossessed collaterals are vehicles taken over by the Group in case of default by the Group's clients on the related lease agreements. After the default of the client, the Group has the right to repossess the vehicle and sell it to third parties. The Group does not have the right to repossess, sell or pledge the vehicle in the absence of default by Group's clients. The Group usually sells the repossessed vehicles within 90 days after repossession. There are no balances left unsold from previous reporting period.

19. Share capital

The subscribed share capital of the Group amounts to EUR 1 000 500 and is divided into 100 050 000 shares fully paid up.

On 6 June 2024 it was resolved to convert the existing (i) one Class A preferred share, with a nominal value of EUR 0.01 into one ordinary share, with a nominal value of EUR 0.01 and (ii) one Class B preferred share, with a nominal value of EUR 0.01 into one ordinary share, with a nominal value of EUR 0.01, each vested with the same rights and obligations as the existing ordinary shares of the Company and allocated to its respective existing holder.

20. Borrowings

Non-current

Subordinated borrowings	Interest rate per annum (%)	Maturity	30.06.2024 EUR	31.12.2023 EUR
Eleving Group S.A. subordinated bonds nominal value*	12%+6m Euribor	29.12.2031	12 748 000	16 850 000
Bonds acquisition costs			(324 672)	(387 646)
		TOTAL:	12 423 328	16 462 354

Bonds	Interest rate per annum (%)	Maturity	30.06.2024	31.12.2023
			EUR	EUR
Eleving Group S.A. bonds nominal value*	9.5%	18.10.2026	136 359 361	144 916 000
Eleving Group S.A. bonds nominal value*	13.0%	31.10.2028	50 000 000	46 667 200
Bond additional interest accrual			-	171 461
Bonds acquisition costs			(4 449 964)	(5 538 601)
		TOTAL:	181 909 397	186 216 060

Other borrowings	Interest rate per	Maturity	30.06.2024	31.12.2023
	annum (%)		EUR	EUR
Financing received from P2P investors*	4.5% - 15.5%	up to June 2033	27 457 309	21 077 011
Long term loans from non related parties*	9.5% - 18.75%	up to 31.12.2026	3 022 747	-
Long term borrowings in Romania**	10.8%-11.6%	04.01.2029	10 000 000	-
Lease liabilities for rent of premises	2%-12%	up to 10 years	7 590 536	6 466 463
Long term borrowings in Kenya	9.5%-15.5%	21.06.2027	6 529 200	6 302 336
Long term loans from banks	6%-16%	up to December 2026	4 774 353	3 054 777
Lease liabilities for rent of vehicles	2%-12%	up to 3 years	576 337	780 696
Lease liabilities for acquired rental fleet	2.9%-6.852%	31.03.2028	15 274	-
Other borrowings	8.3%-15.5%	up to December 2026	5 296 055	2 198 621
Loan acquisition costs			(463 202)	(151 824)
		TOTAL:	64 798 609	39 728 080

TOTAL NON CURRENT BORROWINGS:		259 131 334	242 406 494

20. Borrowings (continued)

Current

	Interest rate per
Other borrowings	annum (%)	Maturity	30.06.2024 EUR	31.12.2023 EUR
Financing received from P2P investors*	4.5% - 15.5%	up to June 2033	34 093 065	42 798 405
Short term loans from non related parties*	9.5%-20%	up to December 2024	12 752 839	12 428 261
Short term borrowings in Kenya	8%-18%	August 2024	11 344 567	11 244 485
Short term loans from banks	7.5% - 14%	October 2024	5 423 251	3 029 560
Lease liabilities for rent of premises	2%-12%	up to 10 years	3 877 833	3 763 479
Accrued interest for bonds			3 584 360	3 675 421
Short term borrowings in Albania***	13.5%	15.04.2027	2 990 729	-
Accrued interest for financing received from P2P investors			1 108 703	312 643
Lease liabilities for rent of vehicles	2%-12%	up to 3 years	484 761	790 450
Lease liabilities for acquired rental fleet	10%	up to 5 years	231 659	-
Accrued interest for short term borrowings in Kenya			302 414	375 424
Accrued interest for loans from non related parties			32 200	264 992
Accrued interest for loans from banks			9 238	15 906
Mogo AS 30m bonds nominal value****			-	17 481 000
Other borrowings	8.3%-15.5%	up to December 2024	8 060	-
		TOTAL:	76 243 679	96 180 026

* - In order to better manage Group's liquidity and optimize borrowing costs of the Group such liabilities as bonds or P2P funding are regularly being partly repurchased. Such finance instruments allow the Group to flexibly reduce or increase liabilities to a necessary level to maintain good liquidity and reduce cost of funding.

** - In January 2024, the Group attracted a new loan in Romania market from the credit institution "ACP credit" for total amount of EUR 10 million. The loan was used to partially repay P2P financing liabilities and further develop business operations in Romania.

*** - On April 15, 2024, a subsidiary operating in Albania under the Kredo brand, issued an unsecured private bond to First Investment Bank. The bond carries a fixed interest rate of 13.5%, payable semi-annually, and has a maturity date of April 15, 2027.

**** - On April 2, 2024 the Group fully settled its liabilities for Mogo AS bonds listed in Latvia. The Group made a cash settlement to cover all remaining liabilities.

21. Other liabilities

	30.06.2024	31.12.2023
	EUR	EUR
Accrued expenses from currency hedging transactions*	6 767 819	-
Payables to P2P platform for attracted funding	1 174 279	-
Liabilities against employees for salaries	915 127	664 049
Deferred income	545 547	643 591
Other liabilities	866 005	594 752
	10 268 777	1 902 392

* - liabilities that the Group has incurred but not yet paid in connection with its currency hedging activities. These expenses arise from hedging contracts (in our case Non-Deliverable-Forwards) designed to protect the Group against currency exchange rate fluctuations, and are recorded on the balance sheet as they accumulate, even if the payment has not yet been made. The Group uses non-deliverable-forward contracts to manage its currency risk in Africa region.

22. Related party disclosures

The income and expense items with related parties for 2024 were as follows:

Related party	Shareholder controlled companies	Other related parties
	EUR	EUR
Management services provided to associated entities	-	142 271

The income and expense items with related parties for 2023 were as follows:

Related party	Shareholder controlled companies	Other related parties

	EUR	EUR
Interest income	169 235	-
Sale of finance lease receivables to associated entities	-	1 008 330
Management services provided to associated entities	-	137 685

	30.06.2024	31.12.2023
	EUR	EUR
Amounts owed by related parties
Trade receivables	55 816	424 589
Amounts owed to related parties
Payables to related parties	193 203	275 584

22. Related party disclosures (continued)

	Amounts owed by related parties
Movement in amounts owed by related parties	EUR
Amounts owed by related parties as of 01 January 2023	3 334 516
Receivables covered in period	(2 909 927)
Amounts owed by related parties as of 31 December 2023	424 589

Amounts owed by related parties as of 01 January 2024	424 589
Receivables covered in period	(368 773)
Amounts owed by related parties as of 30 June 2024	55 816

Movement in amounts owed to related parties	Amounts owed to related parties
	EUR

Amounts owed to related parties as of 01 January 2023	444 894
Change in other payables	(75 041)
Dividends calculated	10 007 731
Dividends paid	(10 102 000)
Amounts owed to related parties as of 31 December 2023	275 584

Amounts owed to related parties as of 01 January 2024	275 584
Change in other payables	(82 381)
Dividends calculated	7 196 225
Dividends paid	(7 196 225)
Amounts owed to related parties as of 30 June 2024	193 203

23. Commitments and contingencies

On 21 February 2024 FI Bank JSC (Albania) and financial company Kredo Finance Shpk (Albania) concluded a Loan Agreement, under which the bank made funds available to Kredo amounting to 100'000'000 Albanian Lek. In order to secure the loan obligations, a security was placed over Kredo's loan portfolio (loans receivables) for the minimum value of 130'000'000.00 ALL or 130% of the loan value. The respective security was registered in the Albanian Pledge Registry according to the provisions stipulated in the Security Agreement.

There are no other new commitments or contingencies incurred in 2024.

24. Fair value of financial assets and liabilities

The table below summarizes the carrying amounts and fair values of those financial assets and liabilities not presented on the Group's statement of financial position at their fair value:

	Carrying value	Fair value	Carrying value	Fair value
	30.06.2024	30.06.2024	31.12.2023	31.12.2023
	EUR	EUR	EUR	EUR
Assets for which fair value is disclosed
Loans and advances to customers*	336 213 246	-	313 204 155	463 826 143
Other loans and receivables	189 389	189 389	374 357	374 357
Trade receivables	1 161 077	1 161 077	1 606 770	1 606 770
Other receivables	8 795 542	8 795 542	8 267 676	8 267 676
Cash and cash equivalents	27 621 499	27 621 499	27 470 468	27 470 468
Total assets for which fair value is disclosed	373 980 753	37 767 507	350 923 426	501 545 414
Liabilities for which fair value is disclosed
Borrowings
Eleving Group S.A. bonds	185 493 757	180 818 056	189 720 020	177 572 764
Mogo AS bonds	-	-	17 652 461	17 470 317
Lease liabilities for right-of-use assets	12 776 400	12 776 400	11 801 088	11 801 088
Long term loan from banks	10 206 842	10 206 842	6 084 337	6 084 337
Financing received from P2P investors	62 659 077	62 659 077	63 723 592	63 723 592
Subordinated borrowings	12 423 328	14 079 293	16 462 354	16 462 354
Other borrowings	51 815 609	51 815 609	33 142 668	33 142 668
Trade payables	1 921 570	1 921 570	2 224 874	2 224 874
Other liabilities	10 268 777	10 268 777	1 902 392	1 902 392
Total liabilities for which fair value is disclosed	347 565 360	344 545 624	342 713 786	330 384 386
Liabilities measured at fair value
Other financial liabilities	141 034	141 034	-	-
Total liabilities measured at fair value and liabilities for which fair value is disclosed	347 706 394	344 686 658	342 713 786	330 384 386

* - The magnitude of excess of the fair value over the carrying value of finance lease receivables and loans and advances to customers is consistent as at 30.06.2024 and as at 31.12.2023. The precise quantification of fair value of finance lease receivables as at 30.06.2024 has not been estimated as considered impracticable due to fair value estimation being a resource-intensive task and thus bearing high costs.

24. Fair value of financial assets and liabilities (continued)

The table below specified analysis by fair value levels as at 30 June 2024 (based on their fair values):

	Level 1	Level 2	Level 3	Level 1	Level 2	Level 3
	30.06.2024	30.06.2024	30.06.2024	31.12.2023	31.12.2023	31.12.2023
	EUR	EUR	EUR	EUR	EUR	EUR
Assets for which fair value is disclosed
Loans and advances to customers*	-	-	-	-	-	463 826 143
Other loans and receivables	-	-	189 389	-	-	374 357
Trade receivables	-	-	1 161 077	-	-	1 606 770
Other receivables	-	-	8 795 542	-	-	8 267 676
Cash and cash equivalents	27 621 499	-	-	27 470 468	-	-
Total assets for which fair value is disclosed	27 621 499	-	10 146 008	27 470 468	-	474 074 946

Liabilities for which fair value is disclosed
Borrowings
Mogo Finance S.A. bonds	-	180 818 056	-	-	177 572 764	-
Mogo AS bonds	-	-	-	-	-	17 470 317
Lease liabilities for right-of-use assets	-	-	12 776 400	-	-	11 801 088
Long term loan from banks	-	-	10 206 842	-	-	6 084 337
Financing received from P2P investors	-	-	62 659 077	-	-	63 723 592
Subordinated borrowings	-	-	14 079 293	-	-	16 462 354
Other borrowings	-	-	51 815 609	-	-	33 142 668

Trade payables	-	-	1 921 570	-	-	2 224 874
Other liabilities	-	-	10 268 777	-	-	1 902 392
Total liabilities for which fair value is disclosed	-	180 818 056	163 727 568	-	177 572 764	152 811 622
Liabilities measured at fair value
Other financial liabilities	-	-	141 034	-	-	-
Total liabilities measured at fair value and liabilities for which fair value is disclosed	-	180 818 056	163 868 602	-	177 572 764	152 811 622

Bonds issued by Eleving Group S.A. have been classified as Level 2 fair value measurement given that there are observable market quotations in markets. The market for Mogo AS bonds is not assessed as an active market thus classified as Level 3. Fair value of the bonds has been determined based on observable quotes.

There have been no transfers between fair value hierarchy levels during 2024 and 2023.

25. Share-based payments

General Employee Share Option Plan

The Group may grant share options of Subsidiaries to its employees. Share options are generally awarded on the first day of employment. The share options vest within four years time with front loaded vesting of 25% of the granted shares after one year of employment. The maximum term of options granted is 4 years.

Fair value of the respective share options

The fair value of share options granted is estimated at the date of grant. Group's management has assessed that the fair value of the respective share options as at reporting period end is EUR 93 647.

The exercise price of the share options under typical circumstances is equal to the nominal price of the underlying shares. There are cash settlement alternatives. The Group does not have a past practice of cash settlement for these awards and the Group does not have a present obligation to settle in cash.

The main purpose of both share option plans is to attract and retain highly experienced employees for extensive period of time and build strong management team.

26. Segment information

Segment information for the period ended on 30 June 2024 is presented below:
Operating segment	Interest income	Interest expenses	Impairment expense*	Other operating income/ (expense)	Corporate income tax	Segment profit/(loss) for the period	Total assets	Total liabilities
Eleving Stella	26 488 127	(6 957 391)	(4 779 947)	(10 698 622)	(692 430)	3 359 737	191 208 027	152 591 371
Eleving Solis	25 028 995	(7 860 828)	(2 341 558)	(14 235 607)	(527 303)	63 699	116 126 291	116 857 256
Entities performing consumer loan financing	42 090 105	(4 275 609)	(8 641 549)	(13 192 667)	(2 909 373)	13 070 907	127 589 473	70 636 943
Discontinued operations	900 623	(275 319)	(40 405)	(189 933)	(270 622)	124 344	54 752	3 835
Other segments	120 282	(716 571)	(28 493)	1 650 398	(1 049)	1 024 567	32 202 095	25 593 432
Total segments	94 628 132	(20 085 718)	(15 831 952)	(36 666 431)	(4 400 777)	17 643 254	467 180 638	365 682 837
Other	11 579 084	(11 602 360)	(61 200)	2 863 965	(27 355)	2 752 134	206 965 901	202 941 100
Adjustments and eliminations	(11 119 103)	11 082 038	69 257	(5 814 115)	-	(5 781 923)	(238 074 649)	(207 532 668)
Consolidated	95 088 113	(20 606 040)	(15 823 895)	(39 616 581)	(4 428 132)	14 613 465	436 071 890	361 091 269

* - includes net gain/(loss) from de-recognition of financial assets measured at amortized cost.

Revenue	6 months 2024
	EUR 78 154 895
External customers (interest income and other income)	16 933 218
Inter-segment (interest income and other income)
TOTAL:	95 088 113
Reconciliation of profit	6 months 2024 EUR
Segment profit	17 643 254
Profit from other	2 752 134
Elimination of inter-segment revenue	(20 272 754)
Elimination of intragroup interest income	(11 119 103)
Elimination of intragroup income from dividends	(5 839 211)
Elimination of intragroup management services	(3 457 215)
Elimination of intragroup other income/(expenses)	194 435
Elimination of intragroup income from dealership commissions	(51 660)
Elimination of inter-segment expenses	14 490 831
Elimination of intragroup interest expenses	11 082 038
Elimination of impairment expenses	69 257
Elimination of intragroup management services	3 339 536
Consolidated profit for the period	14 613 465
Reconciliation of assets	30.06.2024 EUR
Segment operating assets	467 180 638
Assets of Other	206 965 901
Elimination of intragroup loans	(196 586 605)
Elimination of other intragroup receivables	(41 488 044)
Total assets	436 071 890
Reconciliation of liabilities	30.06.2024
	EUR

Segment operating liabilities	365 682 837
Liabilities of Other	202 941 100
Elimination of intragroup borrowings	(191 985 394)
Elimination of other intragroup accounts payable	(15 547 274)
Total liabilities	361 091 269

26. Segment information (continued)

Segment information for the period ended on 30 June 2023 is presented below:
Operating segment	Interest income	Interest expenses	Impairment expense*	Other operating income/ (expense)	Corporate income tax	Segment profit/(loss) for the period	Total assets	Total liabilities
Eleving Luna	9 600 009	(1 823 588)	(1 432 555)	(2 272 364)	(306 685)	3 764 817	61 089 872	33 502 161
Eleving Stella	15 388 568	(5 445 089)	(2 320 430)	(6 091 969)	(353 240)	1 177 840	126 334 199	96 040 470
Eleving Solis	27 312 762	(6 541 301)	(4 311 566)	(15 416 503)	(592 016)	451 376	116 100 811	117 163 540
Entities performing consumer loan financing	27 636 576	(3 218 876)	(8 558 193)	(6 222 928)	(1 416 280)	8 220 299	89 658 976	49 093 181
Discontinued operations	20 697	(14 708)	(20 850)	(140 549)	-	(155 410)	299 279	1 090 548
Other segments	3 791	(1 693 909)	(11 170 402)	482 262	(213)	(12 378 471)	33 174 558	46 780 796
Total segments	79 962 403	(18 737 471)	(27 813 996)	(29 662 051)	(2 668 434)	1 080 451	426 657 695	343 670 696
Other	8 978 181	(9 059 202)	(186 747)	(122 496)	(71 797)	(462 061)	164 942 714	170 076 272
Adjustments and eliminations	(10 488 294)	10 509 782	11 377 998	(657 793)	-	10 741 693	(212 940 988)	(193 795 781)
Consolidated	78 452 290	(17 286 891)	(16 622 745)	(30 442 340)	(2 740 231)	11 360 083	378 659 421	319 951 187

* - includes net gain/(loss) from de-recognition of financial assets measured at amortized cost.

Revenue	6 months 2023
	EUR
External customers (interest income and other income)	67 306 203
Inter-segment (interest income and other income)	11 146 087
TOTAL:	78 452 290

Reconciliation of profit	30.06.2023
	EUR
Segment profit	1 080 451
Profit from other	(462 061)
Elimination of inter-segment revenue	(15 460 904)
Elimination of intragroup interest income	(10 488 295)
Elimination of intragroup income from dividends	(592 200)
Elimination of intragroup management services	(4 332 830)
Elimination of intragroup other income/(expenses)	(47 579)
Elimination of inter-segment expenses	26 202 597
Elimination of intragroup interest expenses	10 509 782
Elimination of impairment expenses	11 377 998
Elimination of intragroup management services	4 314 817
Consolidated profit for the period	11 360 083

Reconciliation of assets	30.06.2023
	EUR
Segment operating assets	426 657 695
Assets of Other	164 942 714
Elimination of intragroup loans	(194 030 434)
Elimination of other intragroup receivables	(18 910 554)
Total assets	378 659 421

Reconciliation of liabilities	30.06.2023
	EUR
Segment operating liabilities	343 670 696
Other liabilities	170 076 272
Elimination of intragroup borrowings	(194 034 778)
Elimination of other intragroup accounts payable	238 997
Total liabilities	319 951 187

27. Events after balance sheet date

On 23 July 2024 the Management Board of Eleving Group resolved to distribute interim dividends for a total amount of EUR 2,950,000 to its shareholders.

On 30 July 2024 the Supervisory Board of Eleving Group

(i) resolved to approve the Supervisory Board Charter (Rules of Procedure) and related Reserved Matters List,
(ii) established Remuneration and Nomination Committee, appointed its members and approved its charter,
(iii) appointed new members for the Risk and Audit Commitee and approved its updated charter, (iv) approved the Remuneration Policy, Market Abuse Prevention Policy, Whisleblowing Policy and Dividend Policy.

On 8 August 2024 the General Meeting of Shareholders of Eleving Group

(i) resolved on the conversion of the existing registered 100,050,000 shares with a nominal value of EUR 0.01 each, into dematerialized 100,050,000 shares with a nominal value of EUR 0.01,

(ii) approved a new employee stock option programme and

(iii) resolved on the creation of a special authorised share capital of Eleving Group of an amount of up to EUR 370,000, represented by up to 37,000,000 Ordinary Shares in dematerialised form, each having a nominal value of EUR 0.01, to be issued as follows (a) an amount of up to EUR 350,000 represented by 35,000,000 Ordinary Shares in dematerisalised form, each having a nominal value of EUR 0.01 to be used for the purpose of any initial public offering of shares in Eleving Group, and (b) an amount of up to EUR 20,000 represented by up to 2,000,000 Ordinary Shares in dematerisalised form, each having a nominal value of EUR 0.01, to be issued for the purpose of the new employee stock option programme or any other incentive scheme of Eleving Group.

As of the last day of the reporting period until the date of signing these Consolidated Condensed Interim Financial Statements there have been no other events requiring adjustment of or disclosure in the Consolidated Condensed Interim Financial Statements or Notes thereto.

Unaudited alternative performance measures

These consolidated condensed interim financial statements provide alternative performance measures (APMs) which are not defined or specified under the requirements of International Financial Reporting Standards as adopted by the EU. We believe these APMs provide readers with important additional information on our business. To support this, we have included, a reconciliation of the APMs we use where relevant and a glossary indicating the APMs that we use, an explanation of how they are calculated.

APM	Definition
Capitalization ratio	Total equity (incl. subordinated loans/bonds)/net loan portfolio (excl. rental fleet)
EBITDA	Profit from continuing operations for the period before corporate income tax and deferred corporate income tax, interest expense, amortization and depreciation, and net foreign exchange result
Interest coverage ratio	Last twelve-month Adjusted EBITDA/interest expense less Eurobonds acquisitions costs and subordinated loans/bonds interest expense
Net leverage	Sum of non-current and current borrowings (excl. lease liabilities for rent of vehicles and premises and subordinated debt/bonds) less cash and cash equivalents / last twelve-month Adjusted EBITDA
Net loan portfolio	Sum of rental fleet, non-current and current finance lease receivables and loans and advances to customers
Net profit before FX	Net profit for the period before net foreign exchange result
Revenue	Sum of interest revenue, fee and commission income related to financing activities and revenue from leases

Total Equity	74 980 621
		58 708 234	65 435 225	54 073 300
Subordinated loans/bonds	12 423 328	18 386 794	16 462 353	18 477 014
Net loan portfolio	336 213 246	273 535 860	313 204 155	282 954 694
Capitalization ratio	26.0%	28.2%	26.1%	25.6%

EBITDA	6M 2024	6M 2023	2023	2022
Profit from continuing operations	14 613 465	11 360 083	21 916 100	14 608 552
Corporate income tax	(4 774 221)	(5 271 817)	(8 324 461)	(9 004 133)
Deferred corporate income tax	346 089	2 531 586	1 758 559	2 151 290
Net foreign exchange result	(2 258 871)	(993 468)	(6 385 833)	(7 422 727)
Amortization and depreciation	4 926 943	4 165 637	9 442 554	8 063 484
Interest expense	(20 606 040)	(17 286 891)	(37 499 444)	(31 131 649)
EBITDA	46 833 451	36 546 310	81 809 833	68 079 255
(Gain)/Loss from subsidiary sale	-	-	-	805 957
Non-controlling interests	(3 275 367)	(2 429 474)	(4 356 389)	(3 311 445)
Adjusted EBITDA	43 558 084	34 116 836	77 453 444	65 573 767

LTM Adjusted EBITDA	6M 2024	6M 2023	2023	2022
LTM Adjusted EBITDA	86 894 692	70 421 038	77 453 444	65 573 767

LTM Financing costs	6M 2024	6M 2023	2023	2022
LTM Financing costs	36 549 883	30 564 067	33 464 745	27 818 464

Interest coverage ratio	6M 2024	6M 2023	2023	2022
Interest expense	20 606 040	17 286 891	37 499 444	31 131 649
Interest expense from subordinated loans/bonds	1 132 424	1 319 191	2 774 925	2 233 276
Bonds issuance costs	1 020 097	599 319	1 259 773	1 079 908
Interest coverage ratio	2.4	2.3	2.3	2.4

Net leverage	6M 2024	6M 2023	2023	2022
Non-current borrowings, less:	259 131 334	228 600 045	242 406 494	231 194 120
Subordinated loans/bonds	12 423 328	18 386 794	16 462 353	18 477 014
Non-current lease liabilities for rent of premises	7 590 536	7 117 414	6 466 463	7 115 543
Non-current lease liabilities for rent of vehicles	576 337	17 459	780 696	178 449
Current borrowings, less:	76 243 679	70 507 027	96 180 026	60 114 233
Current lease liabilities for rent of premises	3 877 833	3 036 032	3 763 479	2 659 706
Current lease liabilities for rent of vehicles	484 761	369 250	790 450	142 794
Cash and cash equivalents	27 621 499	17 988 759	27 470 468	13 834 837
Net leverage	3.3	3.6	3.7	3.8

Net loan portfolio	6M 2024	6M 2023	2023	2022
Rental fleet	6 310 172	10 312 211	7 085 928	10 008 495
Non-current loans and advances to customers	172 153 421	141 093 659	154 854 453	139 934 850
Current loans and advances to customers	164 059 825	132 442 201	158 349 702	143 019 844
Net loan portfolio	342 523 418	283 848 071	320 290 083	292 963 189

Net profit after FX	6M 2024	6M 2023	2023	2022
Profit from continuing operations	14 613 465	11 360 083	21 916 100	14 608 552

Net profit after FX	14 613 465	11 360 083	21 916 100	14 608 552
(Gain)/Loss from subsidiary sale	-	-	-	805 957
One off solidarity tax payment in North Macedonia	-	-	1 151 000	-
Adjusted Net profit after FX	14 613 465	11 360 083	23 067 100	15 414 509

Eleving Group S.A. Consolidated Condensed Interim Financial Statements for the period ended 30 June 2024 Unified registration number: B 174.457

Unaudited alternative performance measures (continued)

Net profit before FX	6M 2024	6M 2023	2023	2022
Profit from continuing operations	14 613 465	11 360 083	21 916 100	14 608 552
Net foreign exchange result	(2 258 871)	(993 468)	(6 385 833)	(7 422 727)
Net profit before FX	16 872 336	12 353 551	28 301 933	22 031 279
(Gain)/Loss from subsidiary sale	-	-	-	805 957
One off solidarity tax payment in North Macedonia	-	-	1 151 000	-
Adjusted Net profit before FX	16 872 336	12 353 551	29 452 933	22 837 236

Revenue	6M 2024	6M 2023	2023	2022
Interest revenue	95 088 113	78 452 290	176 297 775	162 516 856
Fee and commission income related to financing activities	5 121 892	3 708 308	8 968 142	7 743 433
Revenue from leases	1 769 109	2 249 934	4 067 111	5 421 567
Revenue	101 979 114	84 410 532	189 333 028	175 681 856

Signed on behalf of the Group on 6 September 2024 by:

Māris Kreics Delphine Glessinger

Type A director Type B director

Tel. +352 45 123-1 1, rue Jean www.bdo.lu

Piret Boite Postale 351L-2013 LuxembourgBoîteL-2013Luxembourg

REPORTON REVIEWOF INTERIMFINANCIALINFORMATIONREPORTREVIEWINTERIM

To the Management BoardofEleving Group Société Anonyme 8-10, Avenue de la Gare L-1610 Luxembourg ToGare

IntroductionIntroduction

We have reviewed the accompanyingconsolidated condensed interim financial statements of Eleving Group ("the Company") comprising the consolidated condensed statement of financialposition as at 30 June 2024, and the consolidated condensed statement of profit or loss andother comprehensive income, consolidated condensed statement of changes in equity and consolidated condensed statement of cash flows for the period from 1 January 2024 to 30 June 2024, and selected explanatory notes to the consolidated condensedinterim financialstatements, including a summary of material accounting policies. Wehavereviewedthe accompanyingconsolidatedcondensedinterimfinancialof2024,profit other comprehensiveincome, consolidated condensedchangesin equity andconsolidated condensedstatement of cashflows for the period from 1 January 2024tothe for and consolidated

The Management Board is responsible for the preparation and fair presentation of this consolidated condensed interim financial statements in accordance with IAS 34 "Interim Financial Reporting" as adopted by the European Union. Our responsibility is to express a conclusion on these consolidated condensed interim financial statements based on our review. condensed interim financial statements in accordance with IAS 34 "Interim FinancialReporting"adoptedbythe EuropeanUnion.responsibilityis conclusion on these consolidated condensedinterim financialstatements based on our review.

Scope of Review

We conducted our review in accordance with the International Standard on Review Engagements (ISRE) 2410, Review of Interim Financial Information Performed by the Independent Auditor of the Entity as published by the International Federation of Accountants("IFAC") and as adopted for Luxembourg by the "Institut des réviseurs d'entreprises". A reviewof interim financial information consists of making inquiries, primarily of persons responsiblefor financial and accounting matters, and applying analytical procedures and other review procedures. A review is substantially less in scope than an audit conducted in accordance withInternational Standards on Auditing and consequently does not enable us to obtain assurancethat we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. Weconductedreviewin accordancewith the InternationalReviewasfor Luxembourgby the "Institutdesd'entreprises". reviewinterim consistsof personsÀ become of all significant that identified in expressan

Other informationOther information

The Management Board is responsible for the other information. The other information comprises the information included in the management board's interim report and the alternative performance measures but does not include the consolidated condensedinterimfinancial statements and our report on review of interim financial information thereon. is responsible other information. The other

Our report on review of the consolidated condensedinterim financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our review of the consolidated condensed interim financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the consolidated condensed interim financial statements, or our knowledge obtained in the review or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report this fact. We have nothing to report in this regard.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the accompanying consolidated condensed interim financial statements do not give a true and fair view of the interim financial position of the Company as at 30 June 2024, and of its financial performance and cash flows for the 6-month period then ended, in accordance with IAS 34 "Interim Financial Reporting" as adopted by the European Union.

Luxembourg, 12 September 2024

BDO Audit Cabinet de révision agréé represented by

This review report is intended for Eleving Group and shall not be used for the purposes of legal publication with the Luxembourg trade register or any similar organization.

We do not in giving this conclusion, accept or assume any responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save when expressly agreed by our prior consent in writing. It may not be translated, summarised, disclosed to any other party other than those named above, published or transmitted electronically without our prior consent.

Our report is for internal information purposes only and is not intended to disclose or to fulfill any other legal obligation in Luxembourg and therefore may not be used or distributed in Luxembourg for such purposes.

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Eleving Group S.A.

8206_ir_2024-09-26_42c28113-6462-47a0-bf60-9d906ecc55a9.pdf

Unaudited interim condensed consolidated financial statements

Contents

General Information

Management Board's Interim report

Operational and Strategic Highlights

Growth

Operational Milestones

Financial Highlights and Progress

Consolidated Condensed Interim Financial Statements

Consolidated Condensed Interim Statement of Profit or Loss and Other Comprehensive Income

Consolidated Condensed Interim Statement of Financial Position

Consolidated Condensed Interim Statement of Financial Position

EQUITY AND LIABILITIES

Consolidated Condensed Interim Statement of Changes in Equity

Consolidated Condensed Interim Statement of Cash Flows

Selected explanatory notes to the Consolidated Condensed Interim Financial Statements

1. Corporate information

2. Summary of material accounting policies

Basis of preparation

Early adoption of Standards and Amendments

Mandatorily effective for periods beginning on or after 1 January 2026

Mandatorily effective for periods beginning on or after 1 January 2027

Going concern

3. Interest revenue

4. Interest expense

5. Fee and commission income related to financing activities

6. Impairment expense

8. Revenue from car sales

9. Administrative expense

Key management personnel compensation

10. Other operating expense

11. Corporate income tax

12. Intangible assets

14. Loans and advances to customers

15. Finished goods and goods for resale

16. Other receivables

Mogo LLC has appealed the decisions.

17. Disposal groups held for liquidation

18. Assets held for sale

19. Share capital

20. Borrowings

Non-current

20. Borrowings (continued)

21. Other liabilities

22. Related party disclosures

22. Related party disclosures (continued)

23. Commitments and contingencies

24. Fair value of financial assets and liabilities

24. Fair value of financial assets and liabilities (continued)

25. Share-based payments

General Employee Share Option Plan

Fair value of the respective share options

26. Segment information

26. Segment information (continued)

27. Events after balance sheet date

Unaudited alternative performance measures

Eleving Group S.A. Consolidated Condensed Interim Financial Statements for the period ended 30 June 2024 Unified registration number: B 174.457

REPORTON REVIEWOF INTERIMFINANCIALINFORMATIONREPORTREVIEWINTERIM

IntroductionIntroduction

Scope of Review

Other informationOther information

Conclusion

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