As we reflect on the third quarter of 2025, I want to express my sincere appreciation for your continued trust and support. Your confidence empowers us to pursue disciplined portfolio growth, implement advanced recovery strategies, and navigate the evolving Spanish credit landscape with resilience and focus.
I am pleased to share that Q3 marked another significant milestone for Spanda Capital. We successfully invested €4.1 million in new assets, reinforcing our commitment to expanding our portfolio with high-quality opportunities. This achievement underscores the strength of our acquisition strategy and positions us for sustained long-term value creation.
Our team’s dedication remains at the heart of these results. Their expertise and operational excellence have been instrumental in integrating new portfolios, optimizing recoveries, and strengthening our market position.
Macroeconomic and Credit Environment – Q3 2025
Spain’s economy continued to demonstrate resilience in Q3, supported by steady domestic demand and ongoing investment under the national Recovery and Resilience Plan. Inflation remained contained, and recent monetary policy adjustments by the European Central Bank sustained favourable credit conditions. While non-performing loans remain stable overall, early stress signals persist in certain sectors, reinforcing the importance of proactive recovery strategies and disciplined portfolio selection.
Portfolio Performance Highlights
New Acquisitions: €4.1 million invested in assets in Q3, adding to investments of €8.6 million in Q2. While Q2 reflected a peak in acquisition activity, Q3 maintained strong momentum despite seasonal slowdown in August.
Estimated Remaining Collections (ERC):Q3 ERC stands at €36 million, representing continued growth and embedded value in our portfolio.
Cash Collections: Q3 collections totalled €2,086,727, compared to €481,980 in Q3 2024, representing an impressive +333% YoY growth. This surge highlights the effectiveness of our recovery strategies and integration of newly acquired assets.
Operational Scale
Active partnerships with third-party servicers, ensuring flexibility and scalability across jurisdictions.
Outstanding balance under management remains at €636 million reflecting the trust and confidence we have built in the market.
Over 86,000 active cases under management, demonstrating both depth and complexity of our operations.
Outlook for Q4 and Beyond
Operational excellence will remain our top priority, with a focus on integrating assets and accelerating recovery actions to deliver strong, sustainable returns.
Our long-term strategy remains unchanged: disciplined portfolio acquisition, operational rigor, and responsible recovery practices. We will continue to operate with transparency, integrity, and a data-driven mindset, ensuring alignment with the interests of our investors, partners, and the communities we serve.
Thank you for your continued trust and support as we move forward with confidence and clarity.