As we reflect on the fourth quarter and conclude 2025, I would like to express my sincere appreciation for your continued trust and support. Your confidence enables us to pursue disciplined portfolio growth, implement advanced recovery strategies, and navigate the evolving Spanish credit landscape with focus and resilience.
Macroeconomic and credit environment
Spain’s economy continued to demonstrate resilience through year‑end, supported by steady domestic demand and ongoing investment under the national Recovery and Resilience Plan. Inflation remained broadly contained, and monetary policy adjustments by the European Central Bank over the course of the year contributed to a gradually improving credit environment.
While non‑performing loan levels remained stable overall, early and localized stress signals persisted in certain sectors. This backdrop reinforces the importance of proactive recovery strategies and disciplined portfolio selection, both of which remain central to our investment approach.
Portfolio performance
The fourth quarter marked a period of execution and consolidation following an active year of deployment. During Q4, we invested more than €340 thousands in new assets, bringing total investments to over €20 million since the start of the business. While acquisition activity moderated toward year‑end, this reflects continued discipline in underwriting and selectivity in capital deployment.
By the end of Q4 2025, Estimated Remaining Collections (ERC) exceeded €35 million, representing continued portfolio growth and meaningful embedded value.
Cash collections and recoveries
Operational performance strengthened as portfolios matured and recovery strategies progressed.
Total recoveries in 2025 reached €5.4 million. This reflects improved asset mix, operational execution, and integration of newly acquired portfolios. The focus remains clear: Convert value into cash. Do it consistently. Do it responsibly.
Payments to investors
Returning capital remained a core focus throughout the year.
During 2025:
The total interest paid exceeded €1.5 million
The total principal repaid exceeded €4 million
These payments reflect steady cash generation and disciplined capital management across the portfolio.
Operational scale and platform strength
The platform continued to scale in a controlled and deliberate way.
At year’s end:
Outstanding balance under management stood at €625 million
More than 85,000 active cases were managed across portfolios
Multiple third-party servicers supported flexibility and oversight
A diversified asset base strengthened long-term recovery visibility
This reflects the trust and confidence we have built with sellers, servicers, and counterparties across the market.
Managing this level of complexity requires structure, data, and experience. Strong governance and performance monitoring remain central to how we operate.
Outlook for 2026
Looking ahead, the focus remains unchanged. Execution first. Cash performance second to none.
Our strategic direction remains consistent: selective capital deployment, strong operational discipline, and responsible recovery execution. We will continue to engage with our investors with transparency, discipline, and a long‑term mindset, ensuring alignment across all stakeholders.