Doverie – 2025 Q3 – Continued strong performance in Q3

Continued strong performance in Q3

Q3 2025 Results

• Total revenues in Q3 increased by 12.1% year-on-year, reaching EUR 255.6 million. The only driver was the 24.8% growth in banking operation, which reached EUR 156.6mln. Insurance revenues ceased since the insurance company within the holding was sold to Generali with the deal finalized on 11 Feb 2025. Other business segments contribute 38.7% of total revenue, equivalent to EUR 99
• Moldindconbank, Doverie’s largest holding, will continue to be a key asset in the group’s portfolio. Although the current period may seem challenging for the business, it represents an investment in future growth and Doverie will benefit, especially after the removal of the profit retention requirement aimed at maintaining the stability of the country’s banking system.
• The 45.4% growth in net interest income in the first quarter, amounting to EUR 153.8 million, is impressive. This performance is the result of a 36.3% increase in interest income and a 10.4% decrease in interest expenses compared to the Q3 A clear growth in lending, where interest from loans increased over 43% YoY. In the same time, interest on deposits decreased 11.6%.
• Moldindconbank announced a 25.8% growth in its loan portfolio for the first nine months of 2025. As the end of Q3 2025, corporate loans increased by 21.5% and personal loans increased by 29.3% compared to 2024.
• Such significant growth is achievable by improving lending conditions, such as more competitive interest rates (which may lead to a decrease in the net interest margin) and higher loan-to-value ratios (e.g. lower down payments required for mortgages). The impact of these changes will lead to an increase in interest income, which is expected to be reflected further in 2025.
• The “Other income” category includes profits from five sectors: construction, wine production, DIY products under the Mr. Bricolage brand, medical services and detergent production. Mr. Bricolage sales dominate this category, contributing 82.3% of the total. These revenues plus medical services revenues are the drivers of growth in this category. Medical services revenues grew by 14.2% year-on-year to reach ЕUR 14.4 million, while Mr. Bricolage sales grew by 9.1% to EUR 81.5
• Sales of the non-banking business increased by 9.1% in the first nine months of 2025, reaching EUR 99.0 million. Among the other sectors, construction recorded an increase of 1.8% and wine production – an increase of 1.7%, while detergents decreased by 71.9%, but due to their small share, they did not have a major impact.
• The non-banking business, with the sale of the insurance company, now represent 38.7% of the portfolio revenue.
• Operating and administrative expenses increased by 5.2%, driven by a 12.1% increase in payroll costs, while administrative expenses decreased by 17.4%. As a result, earnings before interest and taxes (EBIT) increased by 103.6% to EUR 74.2 million, while EBITDA also increased by 79.3% to EUR 84.1 million. The net margin attributable to shareholders also increased by 10.9%, reaching 21.2%.

Full report can be downloaded here.