As we look back on the first quarter of 2026, I would like to extend my sincere gratitude for your continued support and confidence. Your trust allows us to maintain a disciplined approach to portfolio expansion, strengthen our recovery capabilities, and operate with consistency and focus in the dynamic Spanish credit market.
Macroeconomic and credit environment
In early 2026, Spain’s economy remained stable, supported by solid consumption and ongoing investment programs. Inflation stayed moderate, and ECB policy supported a more balanced credit environment.
Non-performing loans remained broadly stable, though some sector-specific risks persist, reinforcing the need for active portfolio management and focused recovery efforts.
Portfolio performance highlights
Q1 2026 focused on execution within the existing portfolio, alongside selective investments of €240,000.
Collections remained a priority, with total recoveries of €1.2 million during the quarter, supporting strong cash flow generation.
Estimated Remaining Collections (ERC) stood at approximately €34 million at quarter end, reflecting the portfolio’s scale and embedded value.
Payments to Esketit users
Returning capital to investors remained a key priority in the first quarter of 2026.
During Q1 2026:
Total interest paid amounted to €471K
Total principal repaid amounted to €2.7 million
These payments were supported by steady cash inflows from portfolio recoveries and reflect our continued focus on disciplined capital management and delivering consistent returns to investors
Operational scale
Our platform remained stable and well‑positioned in Q1 2026, supported by disciplined servicing and a strong operational foundation:
Outstanding balance under management remained at €600+ million, reflecting continued market trust and strong sourcing visibility
Over 85+ thousand active cases under management, highlighting the scale and complexity of operations
Active partnerships with third‑party servicers, ensuring flexibility and operational scalability
A diversified asset base, supporting long‑term recovery visibility and risk management
Our operational discipline and servicing expertise continue to support efficient management at scale and the consistent execution of our strategy.
Outlook for Q2 2026 and beyond
Looking ahead, our focus in Q2 2026 remains firmly on execution and cash performance, with continued emphasis on accelerating recoveries and strengthening portfolio returns.
Our strategic priorities remain unchanged: robust operational execution and responsible recovery practices. We will continue to engage with our investors transparently and with a long‑term perspective, ensuring alignment and consistency across all stakeholders.
We value your continued support and look forward to the months ahead.