ESTO Holdings Reaches Full-Year 2023 Profit Level in First Half of 2024, Marking a Record-Breaking Performance

Link to the full report: https://lnkd.in/dgFSZw4J

Mikk Metsa, Founder and CEO of ESTO, commented: 

"We are thrilled to announce that the first half of 2024 has been a period of remarkable growth and achievement for ESTO. Our highest-ever revenue of EUR 14.8 million and net profit of EUR 2.9 million highlight our strong financial health and execution. Every month, we continue to set new monthly net profit records, with the latest reaching EUR 0.6 million in June alone.

In parallel with this significant increase in profitability, we are pleased to see rapid growth across all Baltic states. The notable user growth, particularly with 49% of our quarter-to-quarter consumer base growth coming from Lithuania and 41% from Latvia, along with the expansion of our merchant network, underscores our successful international expansion and robust market presence.

Our ongoing efforts in the capital markets have also been fruitful, raising an additional EUR 41.7 million, including an extended facility with Multitude Bank. This, combined with an annualized return-on-equity (ROE) of 59% for the first half of the year, is well above industry benchmarks. As ESTO continues to grow and innovate, I am confident in our ability to maintain this momentum and deliver even greater value to our stakeholders."

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'sleading 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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