ESTO Holdings (ESTO Group) announces results for Q3 and 9 months of 2024 underlined by 28% revenue growth

TALLINN, Estonia, Oct. 24, 2024 /PRNewswire/ — ESTO Group, headquartered in Tallinn, Estonia, providing a range of e-commerce and consumer financing services in the Baltics, has ended Q3 2024 with a strong note recording €8.1m (+27.8% YoY) in revenue and a quarterly profit of €2.2m (+192.7% YoY) with a solid net profit margin of 27%. The results are driven by implemented operational efficiencies, robust cost management, and strong partnerships throughout the ESTO e-commerce ecosystem.

• By the end of September, ESTO Group’s consolidated assets stood at €79.3m. Over the quarter, the asset volume increased by 5% to €3.8m. The Equity-to-Assets ratio stands at 25.66%, up 2.2pp from the previous quarter and up 5.3pp from last year’s September.
• Third-quarter results show ESTO Group exceeded its full-year 2023 net profit by €2.2m (+78%), bringing the company well in line with the 2024 financial plan. As ESTO heads into the high season in Q4, we are excited to continue building an e-commerce ecosystem and strengthen our value proposition to customers across the Baltics, further solidifying our market position.
• ESTO’s customers and loan book quality has remained robust and enhanced through continuous improvement in risk models and the ability to identify and quickly adapt to market conditions and trends. In Q3, the company grew the loan portfolio by €1.8m (+3% QoQ), hardening its strong position in the Estonian market as the biggest non-bank credit provider. Latvian and Lithuanian loan book performance converges to the level of Estonia, with a confidence that more profitable growth will be achieved from the pan-Baltic approach of ESTO Group.
• ESTO Group has already repaid one-third of the existing €16 million bond maturing in November 2024, well ahead of schedule. The company actively engages with investors and has seen a strong response during the ongoing roadshow and book-building process, reflecting the high demand for the new issuance. Additionally, ESTO has signed a term sheet and completed due diligence for a significant credit facility with a major capital markets player, pursuing constant strengthening of its balance sheet and liabilities structure.

Full report: ESTO GROUP Unaudited Financial Results 2024 9M.

Mikk Metsa, Founder and CEO of ESTO, commented: 

“2024 Q3 has been a milestone quarter for ESTO, achieving record-high performance across all our core business and financial metrics. We have generated the highest quarterly revenue, EBITDA, and net profit to date and expanded our loan book to its largest size ever. Our past nine-month results represent the best nine-month cumulative performance in the company’s history, setting us up for a strong finish as we head into the year-end peak season.

Our sustained momentum and solid financial results are further strengthened by our continued success in capital markets, where we have maintained liquidity and successfully refinanced key maturities—a notable accomplishment considering the current challenges in the Baltic debt markets.

With profitable growth across Estonia, Latvia, and Lithuania, we are confident that our strategy and disciplined execution will keep us on the path to delivering record-breaking results for the full year.”

About ESTO:

ESTO is a dynamic, forward-thinking company that aims to revolutionize the shopping experience by simplifying the complex shopping ecosystem. Leveraging its multi-year expertise and position as Estonia’s leading non-bank consumer credit institute, ESTO is positioned to reshape the e-commerce landscape in the Baltics and beyond. With a strong emphasis on technology and customer loyalty, ESTO aims to provide a seamless, tailored, and omnichannel shopping experience for both consumers and retailers.

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