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This analysis is based on the audited individual financial statements of Hedge Capital Company SIA (NordCard) for 2025. The main highlights are:
- In 2025, NordCard continued to expand its activities, with total assets reaching €6.96M, compared to €5.32M at the end of 2024 (+30.9%). The main contribution to this growth was made by the loan portfolio, the gross value of which increased to €7.12M, compared to €5.20M a year earlier (+36.9%). Net receivables on loans granted reached €6.51M (+31.8%).
- The expansion of lending activities was accompanied by a significant growth in revenues, which reached €2.03M, compared to €1.36M in 2024 (+49.0%). Interest income increased by 23.7%, while commission income increased by 137.0%, reflecting the increased volume of activity and the development of the main sources of income.
- As the loan portfolio grew, impairment losses on receivables also increased. Accumulated impairment losses reached €606k, compared to €259k a year earlier, with their share in the gross portfolio increasing from 5.0% to 8.5%. During the year, NordCard continued to develop the processes of credit risk management and collection of overdue receivables, including through more active use of legal procedures.
- The financial result improved significantly. NordCard ends 2025 with a net profit of €230k, compared to a revised net loss of €367k in 2024. The improvement is driven by higher revenues and a decrease in interest expenses on borrowed funds to €609k, compared to €749k a year earlier (−18.8%), despite increased impairment charges.
- Equity increases to €1.62M, compared to €1.39M at the end of 2024 (+16.6%), supported by the realized profit. The expansion of lending activity is also accompanied by an increase in borrowed funds, with total liabilities reaching €5.34M (+36.0%). The share of equity in assets amounts to 23.2%, compared to 26.1% a year earlier.
- Overall, the results for 2025 show positive dynamics in the development of NordCard. The company reported significant growth in its loan portfolio and revenues and restored positive financial results. At the same time, the increase in impairments and attracted financing highlights the importance of effective credit risk management and maintaining a balanced capital structure for the sustainable development of the company.
Note: The comparative data for 2024 are presented according to the adjustments in the audited financial statements for 2025, related to the reporting of interest expenses and liabilities for attracted financing. As a result, the initially reported profit of €16k for 2024 was revised to a loss of €367k.
Read the full audited report HERE.
