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Our fiscal year
2023/24

Strong performance in challenging times

The EOS Group looks back on a demanding and successful financial year 2023/24. Despite the challenges in a difficult macroeconomic environment, the EOS Group achieved excellent earnings.

Thanks to investments in receivables portfolios from previous years, we managed to keep revenue at a high level of EUR 997.3 million
The EOS Group is in good financial condition. Although EBITDA was lower in fiscal 2023/24 than in the remarkably good previous year, it is still high
At EUR 583.5 million, investments in Non-Performing Loans (NPLs) were significantly below those in the exceptional year 2022/23

Our financial year in brief

Earnings (EBITDA)

in EUR million

Consolidated revenue

in EUR million

Investment volume

in receivables portfolios in EUR million

Three questions for our new CFO

Eva Griewel, CFO of the EOS Group since August 2024, on leading by example, her expectations for the current fiscal year and the anticipation of re-joining the dynamic EOS family

Insights into fiscal 2023/24

Revenue development and earnings

Stable development: Despite a difficult market environment, EOS Consolidated achieved an excellent result in fiscal 2023/24, validating the previous year’s high revenue level.

Revenue development and earnings

In fiscal 2023/24, the revenue of EOS Consolidated increased slightly by 2.1 percent, confirming the strong operational performance of the past few years. By successfully processing receivables portfolios purchased in previous years, EOS Consolidated managed to maintain its revenue level. Earnings (EBITDA) declined moderately (–7.4 percent) compared to the previous year. The decline can be attributed to negative one-time effects and to inflation-related operational expenses. GRI 201-1

Revenue development

in EUR million

792.5

2020/21

804.9

2021/22

977.1

2022/23

997.3

2023/24

Earnings development (EBITDA)

in EUR million

312.4

2020/21

282.5

2021/22

445.9

2022/23

412.9

2023/24

Consolidated revenue by region

In fiscal 2023/24 EOS Consolidated achieved high revenue in all regions.

EOS Consolidated maintained or slightly increased the previous year’s high revenue level in all operational regions, largely owing to the strong performance of the EOS companies in the processing of receivables portfolios purchased in past years. With a share of 41.9 percent, Eastern Europe remains the strongest performing region within EOS Consolidated. Significant revenue increases were recorded especially by the companies in Bosnia and Herzegovina, Bulgaria, Greece, and Poland. Together, the Western European EOS companies achieved 32.4 percent of the total revenue in fiscal 2023/24. Here revenue climbed most significantly (+ 6.9 percent) compared to the other regions. One reason for the positive development was successful processing of existing receivables portfolios, especially in France. At 25.5 percent, the share of total revenue in Germany nearly matched the previous year’s level. Solid revenue was achieved in receivables processing, even though the competitive situation remained challenging, and the company purchased fewer receivables portfolios than in 2022/23.

Figures in MEUR

Total

997.3

Eastern Europe

418.3

Western Europe

323.4

Germany

253.8

North America

1.8

Financial performance in 2023/24

Revenue by region

In EUR thousand

With an increase of 2.1 percent to a total of EUR 997.3 million, the revenue of EOS Consolidated in fiscal 2023/24 was slightly above the previous year’s level (EUR 977.1 million). The largest revenue share at EUR 418.3 million was recorded by the companies in Eastern Europe. The region thus exceeded by one percent the previous year’s extraordinarily high revenue level. In Western Europe, revenue climbed 6.9 percent to EUR 323.4 million. At EUR 253.8 million and a share of 25.5 percent of the Group total, revenue in Germany was on a par with the previous year. Revenue earned in North America came from receivables portfolios acquired until 2021 which remained in the EOS Group after the divestment of subsidiaries there. The buyer processes those portfolios in a fiduciary capacity. GRI 201-1

	2023/24	2022/23	Change on the previous year (%)
Eastern Europe	418,284	414,125	+1.0
Western Europe	323,408	302,508	+6.9
Germany	253,828	252,953	+0.3
North Amerika	1,759	7,525	-76.6
EOS Consolidated	997,280	977,110	+2.1

Consolidated income statement (summary)

In EUR thousand

In fiscal 2023/24, EOS Consolidated achieved Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) in the amount of EUR 412.9 million (previous year: EUR 445.9 million). Compared to the previous year, revenue climbed slightly by 2.1 percent or approximately EUR 20.2 million. The revenue level was maintained due to the extraordinarily high investments made in previous years. GRI 201-1

	2023/24	2022/23
Revenue	997,280	977,110
Total operating income	1,008,484	991,251
Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA)	412,919	445,943
Earnings Before Tax (EBT)	312,921	380,072
Net income	244,349	297,270

Assets situation

In EUR thousand

Total assets of EOS Consolidated grew 6.1 percent to a total of EUR 3.2 billion compared with the previous year. Of the total assets, purchased portfolios account for 76.1 percent (previous year: 79.4 percent) and real estate in inventories for 9.0 percent (previous year: 8.7 percent). GRI 201-1

^{*Financial presentation}

	2/29/2024	in %	2/28/2023	in %
Fixed assets	174,247	5.4	200,620	6.6
Purchased receivables and real estate in inventories*	2,739,113	85.1	2,670,136	88.0
Receivables	70,565	2.2	40,181	1.3
Cash and cash equivalents	174,217	5.4	66,255	2.2
Other assets	61,168	1.9	55,608	1.8
Total assets	3,219,310	100.0	3,032,800	100.0

Equity and financing

In EUR thousand

In the past financial year, total financing increased by EUR 186.5 million to EUR 3.2 billion compared with the previous year.

The company’s equity increased by about EUR 0.2 billion to EUR 1.3 billion by means of a partial profit retention. The equity-to-assets ratio increased to 39.9 percent (previous year: 36.6 percent), which, relatively speaking, constitutes a very high level for a financial services provider.

The financial needs of EOS Consolidated are covered by loans from banks and the parent company. Most of this financing with short-term maturity increased slightly from 84 percent to 88 percent of debt financing compared with the previous year. GRI 201-1

^{For accounting reasons, tables and text may contain rounding differences.}

	2/29/2024	in %	2/28/2023	in %
Equity	1,284.506	39.9	1,110,654	36.6
Provisions	69,485	2.2	58,452	1.9
Liabilities with banks	87,665	2.7	132,387	4.4
Liabilities with related parties and companies	1,411,266	43.8	1,482,754	48.9
Trade payables	142,459	4.4	47,247	1.6
Other liabilities	223,930	7.0	201,306	6.6
Total financing	3,219,310	100.0	3,032,800	100.0

Two decades of successful collaboration

For more than 20 years, the IT service provider Konica Minolta has transferred receivables to EOS in Germany, which allows the company to fully focus on its core business. This video shows us how EOS has helped optimize Konica Minolta’s receivables management.

How the purchase of NPLs strengthens the economy and why EOS is the right partner

When customers can no longer pay back their debts, lending banks too face serious difficulties. After all, too many Non-Performing Loans (NPLs) drive creditors into distress. Creditors solve this problem by selling their receivables to specialized companies, such as the EOS Group. Banks thereby lower their NPL ratio while companies reduce their default risk and transform outstanding receivables into liquidity.

EOS has decades of experience and expertise in debt purchase, that is, in secured (backed by a material countervalue such as real estate) and unsecured debts (such as consumer loans). After purchasing NPLs, EOS strives to find an amicable solution with the borrowers. When successful, liquidity for banks and companies is ensured and capital for new investments is freed up so that the economic cycle can get going again. GRI 2-6

‘Despite the tense macroeconomic environment, our investments in NPLs remain at a high level.’

Marwin Ramcke, CEO of the EOS Group

As EOS Group, we benefit from the fact that we are not dependent on individual markets and have established an excellent reputation as investor over the years. Not least because we value long-term investments and base our calculations on realistic forecasts. This gives us and the sellers the security we need to succeed today and in the future.

Πορτρέτο του Marwin Ramcke, Προέδρου του Διοικητικού Συμβουλίου του Ομίλου EOS, σε ένα φωτεινό δωμάτιο φορώντας ένα σκούρο σακάκι

Investments in debt purchases and real estate in 2023/24

In fiscal 2023/24, EOS Consolidated invested a total of EUR 583.5 million in the purchase of unsecured and secured receivables and in real estate. This is a significant decline compared with the previous year’s extraordinarily high investments. EOS purchased most of the NPL portfolios on the Western European market in financial year 2023/24, when it invested EUR 238.6 million. Major transactions were conducted in France, Belgium and Portugal. In Eastern Europe, EOS Consolidated invested EUR 212.5 million in receivables portfolios, for the most part in the Polish, Greek, and Croatian markets. In Germany, the market remained challenging as a result of great competitive pressure. Here EOS Consolidated invested EUR 132.2 million in receivables and real estate.

^{For accounting reasons, tables and text may contain rounding differences.}

In EUR million

Total

583.5

Eastern Europe

212.5

Western Europe

238.6

Germany

132.2

Central

0.2

Unsecured

414.9

Eastern Europe

67.1

Western Europe

221.9

Germany

125.7

Central

0.2

Secured / bridge loans / Real estate

168.5

Eastern Europe

145.4

Western Europe

16.7

Germany

6.5

Purchased receivables in 2023/24

The carrying value of the portfolios at the end of the financial year was EUR 2.7 billion, which is an increase of about EUR 69.0 million compared with the previous year.

The value of unsecured receivables climbed by EUR 91.4 million compared to the previous year, while the value of secured portfolios and real estate declined slightly by EUR 22.4 million. The companies in Western Europe recorded the highest carrying value Group-wide, followed by Eastern Europe and Germany.

^{For accounting reasons, tables and text may contain rounding differences.}

In EUR million

Total

2,739.1

Eastern Europe

967

Western Europe

1,127.4

Germany

595.2

Central

49.6

Unsecured

1,751.5

Eastern Europe

474.2

Western Europe

822.1

Germany

405.6

Central

49.6

Secured / Real estate

987.6

Eastern Europe

492.8

Western Europe

305.2

Germany

189.6

Sustainable investments in Poland

Collaboration with the International Finance Corporation (IFC) is expanding. Since fiscal year 2023/24, EOS and IFC have invested in Non-Performing Loans (NPLs) and real estate owned by financial institutes in Poland. When they help banks to settle NPLs, capital is freed up for granting new loans. “Poland is one of the largest and most active NPL markets in Eastern Europe. In addition to the positive contribution to the country’s economy, we consider environmental, social and governance aspects in selecting and processing NPLs,” says Carsten Tidow, Member of the Board of Directors of the EOS Group who is responsible for the Eastern European market. “The collaboration strengthens our position as one of the leading players in the Polish market,” adds Borys Drajczyk, Member of the Management Board and Chief Investment and Technology Officer at EOS Poland.

Εκπρόσωποι της IFC επισκέφθηκαν την EOS στο Αμβούργο για να γιορτάσουν τη συνεργασία στην πολωνική αγορά και να επιβεβαιώσουν τη δέσμευση για βιώσιμες επενδύσεις (από αριστερά προς τα δεξιά: Borys Drajczyk, Chief Investment and Technology Officer στην EOS Πολωνία, Marcos Gomez Sierra, Industry Specialist - Distressed Assets Investing στην IFC - International Finance Corporation, Dariusz Petynka, Managing Director EOS Πολωνία, Ariane di Iorio, Global Head of Distressed Assets Investments στην IFC, Marwin Ramcke, CEO της EOS Group, Carsten Tidow, Managing Director της EOS Group, υπεύθυνος για την περιοχή της Ανατολικής Ευρώπης)

Faster and more precise with software robots

Reliably digital: EOS advances the use of Robotic Process Automation (RPA). RPA handles digital tasks, such as preparing statistics, checking court announcements, and filing correspondence in the central debt collection system. Automation boosts the quality and efficiency in receivables management and relieves employees of tiresome routine tasks. During a test phase in Poland, the software robot achieved a success rate of 99% error-free cases. At least 90 robot solutions are being used in the EOS Group (e.g., in Bulgaria, Croatia, and Spain)—and the number keeps climbing. “RPA demonstrates the digital strength of EOS. It allows our employees to focus on more complex tasks that require human judgment,” says Dobrin Mirevski, Chief Digital Officer and founder of RPA at EOS in Bulgaria.

Πορτρέτο του Dobrin Mirevski, όρθιος σε φωτεινό δωμάτιο μπροστά από ένα παράθυρο

Excellent ESG Risk Rating

Top score right from the start: The EOS Group has received its first external ESG Risk Rating. The renowned rating agency Morningstar Sustainalytics checks how companies manage crucial industry-specific sustainability risks. It gave EOS an excellent 9.9 rating (“negligible risk”)—on a rating scale of 0 to 40+. The rating puts the company in the top three of all rated companies in the Consumer Finance sector. EOS was assessed in categories such as Human Capital, Corporate Governance and Business Ethics. The strong result validates the sustainability strategy of the EOS Group. “We are very well positioned in many areas. However, the rating is an incentive to become a little better every day,” says CEO Marwin Ramcke.

Record portfolio in France

Largest portfolio ever purchased by an EOS company: In 2023 EOS France and Veld Capital purchased a portfolio of regulated French consumer debt from BNP Paribas. The total amount of the receivables is EUR 364 million. “The success is the result of a long-standing partnership and trust between BNP Paribas and EOS,” says Nathalie Lameyre, Managing Director of EOS France. At EOS, more than 50 employees from the fields of statistics, risk assessment, law, IT, sales and customer relations participated. With the transaction, EOS and Veld have solidified their collaboration after earlier joint investments in many European countries and asset types.

Nathalie Lameyre, Managing Director EOS France

Continuing on the road to success in Denmark

Impressive developments in the anniversary year: In 2023, EOS Danmark signed two major forward flow contracts with leading consumer credit banks. The timing coincided with the 10-year anniversary celebrated by EOS in Denmark that same year. EOS Danmark received the Gazelle Award for the third time after 2019 and 2020. The leading financial newspaper Borsen gives the award to the fastest growing, profitable companies. The main criterion for qualification is that the company must have doubled its net sales or gross profit over the past four years.

Εικόνα μιας υδρογείου σφαίρας στην οποία είναι καρφωμένες στυλιζαρισμένες καρφίτσες. Η μία από αυτές φαίνεται μέσα από έναν μεγεθυντικό φακό και βρίσκεται περίπου εκεί που θα βρισκόταν η Δανία.

Successful international receivables management

Unlimited service: When cross-border receivables were involved, more than 1,620 companies, including 679 new customers, relied on the international debt collection of EOS in fiscal 2023/24. Our strong network of local partners saves customers time and effort, ensures compliance with relevant legal regulations and shows respect for regional mentalities. The numbers show how successful the strategy has been. Ninety-six percent of all successful cross-border collections could be settled out of court, a procedure that speeds up the process and lowers costs. In 2023/24, EOS took on 109,805 cross-border cases in 199 countries; an average of 143 days passed until the first payment of a cross-border receivable was made. Some 500 employees work for EOS in cross-border debt collection.

Αναγράφεται η ένδειξη 109.805 διασυνοριακές υποθέσεις με κόκκινα γράμματα σε μαύρο φόντο

50 Years of EOS: We share memories

Fifty years of EOS. That’s 50 years of innovation, responsibility, and passion. In our review format we present people who have been part of our successful journey. They tell us what makes EOS special.

‘Kollecto+ proves that technology can drive both processes and corporate culture. We no longer think in silos but collaborate internationally.’

Cristian Musat, Managing Director of EOS Technology Solutions

International Collaboration with Kollecto+

Originally every EOS company had its own debt collection system. Then EOS Romania was asked to develop software that standardizes processes. The result was the web-based platform Kollecto+. The new system unifies processes, creates synergies and makes the debt collection process more efficient. To date, Kollecto+ has been implemented in 10 of the more than 20 EOS countries—more are being added at a steady rate. As a result, every country does not have to start from scratch with every new process—a prime example of cross-border collaboration. Kollecto+ is developed continuously, creating the basis for the further digitalization of processes.

Πορτρέτο του Cristian Musat, Διευθύνοντος Συμβούλου EOS Technology Solutions σε κόκκινο φόντο

‘I feel very comfortable in my team. For the next 50 years I wish EOS continued great success and exciting innovations!’

Patrizia Christen, Collection Specialist, EOS in Switzerland

EOS has changed since I joined the company in 1986, working in different departments over the years—from data collection to payment control and debt collection to customer service, where I currently work. What I particularly appreciate at EOS is the flexible working hours and the option of working from home. One of the most important innovations was the replacement of our debt collection system in 2020. I was given the opportunity to be part of the project and have learned a whole lot. As a power user, I can now help to further advance the system.

Πορτρέτο της Patrizia Christen, Ειδικού είσπραξης απαιτήσεων, EOS Switzerland, σε φωτεινό φόντο

‘EOS Spain has made some impressive changes in strategy and culture since I joined the company.’

Carlos Lorenzo, Managing Director, EOS Spain

Our incentive: continuous improvement

Always adapting to the needs of the market and preparing for the challenges of the future are absolutely necessary for any company. In Spain, EOS has mastered these changes extraordinarily well with a new operational direction and strategy, cultural change and advanced technology. All of this is based on joint growth—thanks to international collaboration, mastering challenges together and sharing successes as a team.

Πορτρέτο του Carlos Lorenzo, Διευθύνοντος Συμβούλου EOS Spain σε φωτεινό φόντο

‘We are proud to be part of an international community where people believe in us, trust us and give us a chance.’

A. Chromińska, Director Unsecured Receivables Department, EOS Poland

Being international is key

When I joined EOS in 2006, shortly after the move to our new office, conditions were austere. During the ongoing renovation work, we worked surrounded by dust and drilling noises. However, every one of us had a sense of building something valuable, of helping shape the company from the ground up. That inspired us—and the coffee we drank together tasted delicious. We had clear goals and a vision for the future.

Πορτρέτο της Agnieszka Chromińska, Διευθύντριας τμήματος Μη Εξασφαλισμένων Απαιτήσεων, EOS Poland, σε περιβάλλον γραφείου

Our 2023/24 Report in brief

Fair debt collection: How we find solutions for defaulting consumers

Overview of the Annual and Sustainability Report

To the overview

Our Report is available as a PDF download

You can download the summary of the Report as a PDF file.

Our Annual and Sustainability Report 2023/24 (8.8 MB)

Disclaimer

Reporting period: March 1, 2023, until February 29, 2024
Last revised: August 2024

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Our fiscal year 2023/24

Strong performance in challenging times

Our financial year in brief

Earnings (EBITDA)

Consolidated revenue

Investment volume

Three questions for our new CFO

Insights into fiscal 2023/24

Revenue development and earnings

Revenue development and earnings

Revenue development

Earnings development (EBITDA)

Consolidated revenue by region

Financial performance in 2023/24

Revenue by region

Consolidated income statement (summary)

Assets situation

Equity and financing

Two decades of successful collaboration

How the purchase of NPLs strengthens the economy and why EOS is the right partner

‘Despite the tense macroeconomic environment, our investments in NPLs remain at a high level.’

Investments in debt purchases and real estate in 2023/24

Unsecured

Secured / bridge loans / Real estate

Purchased receivables in 2023/24

Unsecured

Secured / Real estate

Sustainable investments in Poland

Faster and more precise with software robots

Excellent ESG Risk Rating

Record portfolio in France

Continuing on the road to success in Denmark

Successful international receivables management

50 Years of EOS: We share memories

‘Kollecto+ proves that technology can drive both processes and corporate culture. We no longer think in silos but collaborate internationally.’

‘I feel very comfortable in my team. For the next 50 years I wish EOS continued great success and exciting innovations!’

‘EOS Spain has made some impressive changes in strategy and culture since I joined the company.’

‘We are proud to be part of an international community where people believe in us, trust us and give us a chance.’

Our 2023/24 Report in brief

Our responsibility

An interview with the EOS Board

Three questions for our new CFO

Fair debt collection: How we find solutions for defaulting consumers

Overview of the Annual and Sustainability Report

Our Report is available as a PDF download

Necessary

Comfort

Statistics

Marketing

EOS Matrix S.A.

Our fiscal year
2023/24