Original News Release
goeasy Ltd. Reports Results for the Third Quarter
goeasy Ltd. Reports Results for the Third Quarter
Canada NewsWire
MISSISSAUGA, ON, Nov. 5, 2025
Loan Originations of $946 million, up 13% from $839 million
Loan Growth of $336 million, up 32% from $255 million
Loan Portfolio of $5.44 billion, up 24% from $4.39 billion
Revenue of $440 million, up 15% from $383 million
Net Charge Off Rate of 8.9%, down 30 bps from 9.2%
Diluted EPS of $1.98; Adjusted Diluted EPS1 of $4.12, down 5% from $4.32
MISSISSAUGA, ON, Nov. 5, 2025 /CNW/ - goeasy Ltd. (TSX: GSY), ("goeasy" or the "Company"), one of Canada's leading consumer lenders focused on delivering a full suite of financial services to Canadians with near to non-prime credit scores, today reported results for the third quarter ended September 30, 2025.
Third Quarter Results
During the quarter, the Company generated $946 million in loan originations, up 13% compared to $839 million produced in the third quarter of 2024. The increase in lending was driven by a robust volume of applications for credit, which were up 22% over the prior year. The Company experienced strong performance across all our product and acquisition channels, including unsecured lending, home equity lending, automotive financing and point-of-sale financing.
The increase in loan originations during the quarter led to growth in the loan portfolio of $336 million, in line with the Company's outlook range of between $325 million and $350 million. At quarter end, the consumer loan portfolio was $5.44 billion, up 24% from $4.39 billion in the third quarter of 2024. Total annualized yield (including ancillary products) realized on average consumer loans receivable was 31.4% in the quarter, down 180 bps from the same period in 2024. The growth in consumer loans led to an increase in revenue, which was a record $440 million, up 15% from $383 million in the third quarter of last year.
During the quarter, the annualized net charge off rate was 8.9%, down 30 bps from 9.2% in the third quarter of 2024 primarily due to an increase in secured loans in the product mix and ongoing optimization of credit, underwriting and collection practices. The Company's allowance for future credit losses increased to 8.13%, compared to 7.92% in the second quarter of 2025 in response to elevated use of borrower assistance programs and higher early-stage delinquencies attributable to persistent weak macroeconomic conditions.
Operating income for the third quarter of 2025 was $166 million, up 4% from $160 million in the third quarter of 2024. Operating margin for the third quarter was 37.8%, down from 41.7% in the same period last year. After adjusting for unusual and non-recurring items, the Company reported adjusted operating income2 of $170 million, an increase of 4% compared to $163 million in the third quarter of 2024. Adjusted operating margin1 for the third quarter was 38.6%, down from 42.6% in the same period in 2024. The efficiency ratio1 for the third quarter of 2025 was 23.4%, a slight increase from 23.1% in the third quarter of 2024.
The third quarter was impacted by a $43.1 million non-cash fair value change on prepayment options related to notes payable, resulting in net income of $33.1 million, down 61% from $84.9 million in the same period of 2024, and diluted earnings per share of $1.98, down 59% from the $4.88 reported in the third quarter of 2024. Adjusted net income2 was $68.9 million, down 8% from $75.1 million in the third quarter of 2024. Adjusted diluted earnings per share1 was $4.12, down 5% from $4.32 in the third quarter of 2024. Return on equity during the quarter was 10.8%, compared to 29.1% in the third quarter of 2024. Adjusted return on equity1 was 22.6% in the quarter, compared to 25.7% in the same period of 2024.
"Carrying forward our momentum from the second quarter, strong consumer appetite for credit continued in Q3 with application volumes up 22% over last year. This translated into loan receivable growth of $336 million and quarter ending consumer loans receivable of $5.44 billion. However, as we had been anticipating, the economic climate continued to be challenging and this was reflected in our early-stage delinquencies." said Dan Rees, goeasy's Chief Executive Officer. "Our customers are resilient and have been managing through a protracted period of stress and ongoing uncertainty. We have supported them by optimizing our borrower assistance tools while remaining highly focused on cash collections. We have increased provisions for the quarter accordingly." Mr. Rees continued. "With the strong progress through the first nine months of the year, we remain confident in the long-term potential of the business."
Other Key Third Quarter Highlights
(Third quarter 2025 relative to third quarter 2024, where applicable)
easyfinancial
Record revenue of $403 million, up 17%
48% of the loan portfolio secured, up from 45%
Strong volume of applications for credit, up 22%
New customer volume at 54,600, up 13%
73% of net loan advances1 in the quarter were issued to new customers, up from 72%
Strong volume of originations in automotive financing, up 19%
Average loan book per branch3 improved to a record $8.0 million, an increase of 22%
Weighted average interest rate3 on consumer loans of 27.7%, down from 29.3%
Operating income of $177 million, up 2%
easyhome
Revenue of $37.5 million, down slightly from $37.7 million
Consumer loan portfolio within easyhome stores increased to $150.8 million, up 34%
Financial revenue2 from consumer lending increased to $15.1 million, up 17%
Operating income of $8.7 million, down 24%
Overall
97th consecutive quarter of positive net income
2025 marks the 21st consecutive year of paying dividends and the 11th consecutive year with a dividend increase
62nd consecutive quarter of same store revenue growth
Over 1.6 million total customers served since easyfinancial's inception
Acquired and organically originated approximately $18.5 billion in loans since easyfinancial's inception
Adjusted return on equity1 of 22.6%, down from 25.7%
Fully drawn weighted average cost of borrowing at 6.1%, down from 6.6%
Debt to adjusted tangible equity4 of 3.97x on September 30, 2025
Nine Months Results
For the first nine months of 2025, the Company funded $2.53 billion in loan originations, up 7% from $2.35 billion in the same period of 2024. The consumer loans receivable portfolio finished at $5.44 billion, up 24% from $4.39 billion as of September 30, 2024. The annualized net charge off rate for the first nine months of 2025 was 8.8%, down 40 bps from 9.2% in the same period of 2024.
For the first nine months of 2025, the Company produced record revenues of $1.25 billion, up 12% compared to $1.12 billion in the same period of 2024. Operating income for the period was a record $472 million compared with $445 million in the first nine months of 2024, an increase of $28 million or 6%. Adjusted operating income2 for the first nine months of 2025 was a record $483 million, 5% higher compared to $460 million in the same period of 2024. Efficiency ratio1 for the first nine months of 2025 was 25.0%, an improvement of 80 bps from 25.8% in the same period of 2024.
Net income for the first nine months of 2025 was $159 million and diluted earnings per share was $9.47 compared with $209 million or $12.06 per share. Adjusted net income2 for the first nine months of 2025 was $197 million and adjusted diluted earnings per share1 was $11.76, compared with $213 million or $12.26 per share, decreases of 7% and 4%, respectively. Reported return on equity was 17.7%, while adjusted return on equity1 was 22.0%, down from 25.2% in the same period of 2024.
Balance Sheet and Liquidity
Total assets were $6.20 billion as of September 30, 2025, an increase of 27% from $4.89 billion as of September 30, 2024, primarily driven by growth in consumer loans receivable.
On August 20, 2025, the Company issued US$450 million of 6.875% senior unsecured notes due February 2031 (the "USD Notes"). Concurrent with the issuance, the Company entered into cross-currency swaps to hedge the USD Notes at a CAD interest rate of 6.106%. Additionally, the Company issued $175 million of 6.000% senior unsecured notes due May 2030 (the "CAD Notes"), increasing the Company's total outstanding May 2030 CAD Notes to $325 million. Total gross proceeds from the USD Notes and CAD Notes offerings was $796 million. The Company used the net proceeds to partially repay indebtedness under its secured facilities and for general corporate purposes.
Subsequent to quarter-end, the Company renewed its revolving securitization warehouse facility collateralized by consumer loans (the "Securitization Warehouse Facility"). Capacity under the Securitization Warehouse Facility was maintained at $1.4 billion on substantially similar terms. The new maturity date for the Securitization Warehouse Facility is October 30, 2026.
Free cash flow from operations before net growth in gross consumer loans receivable2 in the quarter was $142 million compared to $126 million in the third quarter of 2024. Based on the cash on hand at the end of the quarter and the borrowing capacity under the Company's existing revolving credit facilities, the Company has approximately $2.31 billion in total funding capacity as of November 1, 2025 and a debt to adjusted tangible equity ratio of 3.97x as of September 30, 2025. The debt to adjusted tangible equity ratio is elevated relative to the prior quarter primarily due to higher levels of cash and liquidity on the balance sheet following the August 2025 offerings of USD Notes and CAD Notes. The Company remains confident that the capacity available under its existing funding facilities, and its ability to raise additional debt financing, is sufficient to fund its organic growth forecast.
At quarter-end, the Company's weighted average cost of borrowing was 6.6%, and the fully drawn weighted average cost of borrowing was 6.1%. The Company estimates that it could currently grow the consumer loan portfolio by approximately $350 million per year solely from internal cash flows, without utilizing external debt. The Company also estimates that once its existing and available sources of debt are fully utilized, it could continue to grow the loan portfolio by approximately $500 million per year solely from internal cash flows.
Dividend
The Board of Directors has approved a quarterly dividend of $1.46 per share payable on January 9, 2026 to the holders of common shares of record as at the close of business on December 26, 2025.
Forward-Looking Statements
All figures reported above with respect to outlook are targets established by the Company and are subject to change as plans and business conditions vary. Accordingly, investors are cautioned not to place undue reliance on the foregoing guidance. Actual results may differ materially.
This press release includes forward-looking statements about goeasy, including, but not limited to, its business operations, strategy and expected financial performance and condition. Forward-looking statements include, but are not limited to, statements with respect to forecasts for growth of the consumer loans receivable, annual revenue growth forecasts, strategic initiatives, new product offerings and new delivery channels, anticipated cost savings, planned capital expenditures, anticipated capital requirements and the Company's ability to secure sufficient capital, liquidity of the Company, plans and references to future operations and results, critical accounting estimates, expected future yields and net charge off rates on loans, the dealer relationships, the size and characteristics of the Canadian non-prime lending market and the continued development of the type and size of competitors in the market. In certain cases, forward-looking statements that are predictive in nature, depend upon or refer to future events or conditions, and/or can be identified by the use of words such as "expect", "continue", "anticipate", "intend", "aim", "plan", "believe", "budget", "estimate", "forecast", "foresee", "target" or negative versions thereof and similar expressions, and/or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved.
Forward-looking statements are based on certain factors and assumptions, including expected growth, results of operations and business prospects and are inherently subject to, among other things, risks, uncertainties and assumptions about the Company's operations, economic factors and the industry generally. There can be no assurance that forward-looking statements will prove to be accurate as actual results and future events could differ materially from those expressed or implied by forward-looking statements made by the Company. Some important factors that could cause actual results to differ materially from those expressed in the forward-looking statements include, but are not limited to, goeasy's ability to enter into new lease and/or financing agreements, collect on existing lease and/or financing agreements, open new locations on favourable terms, offer products which appeal to customers at a competitive rate, respond to changes in legislation, react to uncertainties related to regulatory action, raise capital under favourable terms, compete, manage the impact of litigation (including shareholder litigation), control costs at all levels of the organization and maintain and enhance the system of internal controls.
The Company cautions that the foregoing list is not exhaustive. These and other factors could cause actual results to differ materially from our expectations expressed in the forward-looking statements, and further details and descriptions of these and other factors are disclosed in the Company's Management's Discussion and Analysis ("MD&A"), including under the section entitled "Risk Factors".
The reader is cautioned to consider these, and other factors carefully and not to place undue reliance on forward-looking statements, which may not be appropriate for other purposes. The Company is under no obligation (and expressly disclaims any such obligation) to update or alter the forward-looking statements whether as a result of new information, future events or otherwise, unless required by law.
About goeasy
goeasy Ltd. is a Canadian company, headquartered in Mississauga, Ontario, that provides non-prime leasing and lending services through its easyhome, easyfinancial and LendCare brands. Supported by over 2,600 employees, the Company offers a wide variety of financial products and services including unsecured and secured instalment loans, merchant financing through a variety of verticals and lease-to-own merchandise. Customers can transact seamlessly through an omni-channel model that includes online and mobile platforms, over 400 locations across Canada, and point-of-sale financing offered in the retail, powersports, automotive, home improvement and healthcare verticals, through approximately 11,300 merchant partners across Canada. Throughout the Company's history, it has acquired and organically served over 1.6 million Canadians and originated approximately $18.5 billion in loans.
Accredited by the Better Business Bureau, goeasy is the proud recipient of several awards in recognition of its exceptional culture and continued business growth including inclusion in TIME Magazine's inaugural list of Canada's Best Companies, 2024 Best Workplaces™ in Financial Services & Insurance, Waterstone Canada's Most Admired Corporate Cultures, ranking on the 2022 Report on Business Women Lead Here executive gender diversity benchmark, placing on the 2024 Report on Business ranking of Canada's Top Growing Companies, ranking on the TSX30, Greater Toronto Top Employers Award and has been certified as a Great Place to Work®. The Company is represented by a diverse group of team members from over 90 nationalities who believe strongly in giving back to communities in which it operates. To date, goeasy has raised and donated over $6.7 million to support its long-standing partnerships with BGC Canada and many other local charities.
goeasy Ltd.'s. common shares are listed on the TSX under the trading symbol "GSY". goeasy is rated BB- with a stable trend from S&P and Ba3 with a stable trend from Moody's.
For more information about goeasy and our business units, visit www.goeasy.com, www.easyfinancial.com, www.lendcare.ca, www.easyhome.ca.
For further information contact:
James Obright
Senior Vice President, Investor Relations & Capital Markets
(905) 272-2788
Notes:
1 These are non-IFRS ratios. Refer to "Non-IFRS Measures and Other Financial Measures" section in this press release.
2 These are non-IFRS measures. Refer to "Non-IFRS Measures and Other Financial Measures" section in this press release.
3 These are supplementary financial measures. Refer to "Non-IFRS Measures and Other Financial Measures" section in this press release.
4 These are capital management measures. Refer to "Non-IFRS Measures and Other Financial Measures" section in this press release.
5 Non-IFRS ratios, non-IFRS measures, supplementary financial measures and capital management measures are not determined in accordance with IFRS, do not have standardized meanings and may not be comparable to similar financial measures presented by other companies.
goeasy Ltd.
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(Unaudited)
(Expressed in thousands of Canadian dollars)
As At
As At
September 30,
December 31,
2025
2024
ASSETS
Cash
501,914
251,381
Accounts receivable
44,910
42,438
Prepaid expenses
10,646
9,488
Income taxes recoverable
3,116
-
Consumer loans receivable, net
5,169,753
4,366,533
Investments
40,118
41,918
Lease assets
36,121
40,973
Derivative financial assets
20,656
60,675
Deferred income tax assets, net
10,474
-
Property and equipment, net
31,271
35,004
Right-of-use assets, net
50,698
54,224
Intangible assets, net
103,740
110,979
Goodwill
180,923
180,923
TOTAL ASSETS
6,204,340
5,194,536
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Revolving credit facility
(2,264)
21,797
Accounts payable and other liabilities
80,597
156,903
Income taxes payable
-
24,567
Dividends payable
23,478
19,519
Unearned revenue
29,715
25,864
Accrued interest payable
84,675
49,003
Deferred income tax liabilities, net
-
4,184
Lease liabilities
57,835
62,164
Secured borrowings
91,625
120,335
Revolving securitization warehouse facilities
857,239
1,073,876
Derivative financial liabilities
30,689
21,466
Notes payable
3,719,872
2,413,795
TOTAL LIABILITIES
4,973,461
3,993,473
Shareholders' equity
Share capital
427,498
438,302
Contributed surplus
37,464
26,942
Accumulated other comprehensive loss
(32,133)
(56,938)
Retained earnings
798,050
792,757
TOTAL SHAREHOLDERS' EQUITY
1,230,879
1,201,063
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
6,204,340
5,194,536
goeasy Ltd.
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(Expressed in thousands of Canadian dollars, except earnings per share)
Three Months Ended
Nine Months Ended
September 30,
September 30,
September 30,
September 30,
2025
2024
2025
2024
REVENUE
Interest income
328,045
282,665
939,359
817,459
Lease revenue
21,250
23,439
65,314
72,194
Commissions earned
79,372
69,703
221,180
204,634
Charges and fees
11,548
7,388
24,534
23,817
440,215
383,195
1,250,387
1,118,104
OPERATING EXPENSES
BAD DEBTS
157,162
121,092
424,568
338,786
OTHER OPERATING EXPENSES
Salaries and benefits
51,455
44,311
153,030
151,330
Share-based compensation
3,594
3,894
13,741
12,484
Technology costs
10,943
9,960
35,746
28,290
Underwriting and collections
9,891
4,944
25,724
14,835
Advertising and promotion
7,132
6,768
24,156
23,708
Occupancy
5,388
5,078
16,390
15,572
Other expenses
7,866
6,249
23,114
25,399
96,269
81,204
291,901
271,618
DEPRECIATION AND AMORTIZATION
Depreciation of lease assets
6,957
7,538
20,887
21,860
Amortization of intangible assets
5,638
5,693
16,939
17,420
Depreciation of right-of-use assets
5,332
5,342
15,921
16,096
Depreciation of property and equipment
2,666
2,645
7,928
7,722
20,593
21,218
61,675
63,098
TOTAL OPERATING EXPENSES
274,024
223,514
778,144
673,502
OPERATING INCOME
166,191
159,681
472,243
444,602
OTHER (LOSS) INCOME
(1,800)
4,165
(1,800)
(2,973)
FINANCE COSTS
(118,767)
(47,850)
(251,451)
(153,847)
INCOME BEFORE INCOME TAXES
45,624
115,996
218,992
287,782
INCOME TAX EXPENSE (RECOVERY)
Current
18,915
31,288
82,867
83,622
Deferred
(6,381)
(232)
(22,907)
(5,125)
12,534
31,056
59,960
78,497
NET INCOME
33,090
84,940
159,032
209,285
BASIC EARNINGS PER SHARE
2.01
4.95
9.59
12.25
DILUTED EARNINGS PER SHARE
1.98
4.88
9.47
12.06
SUMMARY OF FINANCIAL RESULTS BY REPORTABLE SEGMENT
(Expressed in thousands of Canadian dollars, except earnings per share)
Three Months Ended September 30, 2025
easyfinancial
easyhome
Corporate
Total
Revenue
Interest income
316,463
11,582
-
328,045
Lease revenue
-
21,250
-
21,250
Commissions earned
75,383
3,989
-
79,372
Charges and fees
10,822
726
-
11,548
402,668
37,547
-
440,215
Operating expenses
Bad debts
150,428
6,734
-
157,162
Other operating expenses
65,330
13,154
17,785
96,269
Depreciation and amortization
9,953
8,998
1,642
20,593
225,711
28,886
19,427
274,024
Operating income (loss)
176,957
8,661
(19,427)
166,191
Other loss
(1,800)
Finance costs
(118,767)
Income before income taxes
45,624
Income taxes
12,534
Net income
33,090
Diluted earnings per share
1.98
Three Months Ended September 30, 2024
easyfinancial
easyhome
Corporate
Total
Revenue
Interest income
272,755
9,910
-
282,665
Lease revenue
-
23,439
-
23,439
Commissions earned
66,220
3,483
-
69,703
Charges and fees
6,528
860
-
7,388
345,503
37,692
-
383,195
Operating expenses
Bad debts
117,391
3,701
-
121,092
Other operating expenses
45,762
12,924
22,518
81,204
Depreciation and amortization
9,840
9,690
1,688
21,218
172,993
26,315
24,206
223,514
Operating income (loss)
172,510
11,377
(24,206)
159,681
Other income
4,165
Finance costs
(47,850)
Income before income taxes
115,996
Income taxes
31,056
Net income
84,940
Diluted earnings per share
4.88
Nine Months Ended September 30, 2025
easyfinancial
easyhome
Corporate
Total
Revenue
Interest income
906,167
33,192
-
939,359
Lease revenue
-
65,314
-
65,314
Commissions earned
209,820
11,360
-
221,180
Charges and fees
22,354
2,180
-
24,534
1,138,341
112,046
-
1,250,387
Operating expenses
Bad debts
407,965
16,603
-
424,568
Other operating expenses
191,034
40,331
60,536
291,901
Depreciation and amortization
29,643
27,028
5,004
61,675
628,642
83,962
65,540
778,144
Operating income (loss)
509,699
28,084
(65,540)
472,243
Other loss
(1,800)
Finance costs
(251,451)
Income before income taxes
218,992
Income taxes
59,960
Net income
159,032
Diluted earnings per share
9.47
Nine Months Ended September 30, 2024
easyfinancial
easyhome
Corporate
Total
Revenue
Interest income
787,693
29,766
-
817,459
Lease revenue
-
72,194
-
72,194
Commissions earned
194,132
10,502
-
204,634
Charges and fees
21,245
2,572
-
23,817
1,003,070
115,034
-
1,118,104
Operating expenses
Bad debts
328,224
10,562
-
338,786
Other operating expenses
153,038
41,488
77,092
271,618
Depreciation and amortization
29,587
28,399
5,112
63,098
510,849
80,449
82,204
673,502
Operating income (loss)
492,221
34,585
(82,204)
444,602
Other loss
(2,973)
(153,847)
Income before income taxes
287,782
78,497
Net income
209,285
Diluted earnings per share
12.06
SUMMARY OF FINANCIAL RESULTS AND KEY PERFORMANCE INDICATORS
(Expressed in thousands of Canadian dollars, except earnings per share and percentages)
Three Months Ended
September 30,
September 30,
Variance
Variance
2025
2024
$ / bps
% change
Summary Financial Results
Revenue
440,215
383,195
57,020
14.9 %
Bad debts
157,162
121,092
36,070
29.8 %
Other operating expenses
96,269
81,204
15,065
18.6 %
EBITDA1
178,027
177,526
501
0.3 %
EBITDA margin1
40.4 %
46.3 %
(590 bps)
(12.7 %)
Depreciation and amortization
20,593
21,218
(625)
(2.9 %)
Operating income
166,191
159,681
6,510
4.1 %
Operating margin
37.8 %
41.7 %
(390 bps)
(9.4 %)
Other (loss) income
(1,800)
4,165
(5,965)
(143.2 %)
Finance costs
118,767
47,850
70,917
148.2 %
Effective income tax rate
27.5 %
26.8 %
70 bps
2.6 %
Net income
33,090
84,940
(51,850)
(61.0 %)
Diluted earnings per share
1.98
4.88
(2.90)
(59.4 %)
Return on receivables
2.5 %
7.9 %
(540 bps)
(68.4 %)
Return on assets
2.2 %
7.1 %
(490 bps)
(69.0 %)
Return on equity
10.8 %
29.1 %
(1,830 bps)
(62.9 %)
Return on tangible common equity1
14.4 %
37.8 %
(2,340 bps)
(61.9 %)
Adjusted Financial Results1
Other operating expenses
102,961
88,640
14,321
16.2 %
Efficiency ratio
23.4 %
23.1 %
30 bps
1.3 %
Operating income
169,731
163,058
6,673
4.1 %
Operating margin
38.6 %
42.6 %
(400 bps)
(9.3 %)
Net income
68,926
75,123
(6,197)
(8.2 %)
Diluted earnings per share
4.12
4.32
(0.20)
(4.6 %)
Return on receivables
5.2 %
7.0 %
(180 bps)
(25.7 %)
Return on assets
4.7 %
6.3 %
(160 bps)
(25.4 %)
Return on equity
22.6 %
25.7 %
(310 bps)
(12.1 %)
Return on tangible common equity
28.0 %
32.5 %
(450 bps)
(13.8 %)
Key Performance Indicators
Segment Financials
easyfinancial revenue
402,668
345,503
57,165
16.5 %
easyfinancial operating margin
43.9 %
49.9 %
(600 bps)
(12.0 %)
easyhome revenue
37,547
37,692
(145)
(0.4 %)
easyhome operating margin
23.1 %
30.2 %
(710 bps)
(23.5 %)
Portfolio Indicators
Gross consumer loans receivable
5,435,477
4,393,353
1,042,124
23.7 %
Growth in consumer loans receivable
335,751
255,198
80,553
31.6 %
Gross loan originations
945,730
839,446
106,284
12.7 %
Total yield on consumer loans (including ancillary products)1
31.4 %
33.2 %
(180 bps)
(5.4 %)
Net charge offs as a percentage of average gross consumer loans receivable
8.9 %
9.2 %
(30 bps)
(3.3 %)
Free cash flows from operations before net growth in gross consumer loans receivable1
141,575
126,064
15,511
12.3 %
Potential monthly leasing revenue1
6,292
6,989
(697)
(10.0 %)
1 EBITDA, adjusted other operating expenses, adjusted operating income, adjusted net income and free cash flows from operations before net growth in gross consumer loans receivable are non-IFRS measures. EBITDA margin, efficiency ratio, adjusted operating margin, adjusted diluted earnings per share, adjusted return on receivables, adjusted return on equity, adjusted return on assets, reported and adjusted return on tangible common equity and total yield on consumer loans (including ancillary products) are non-IFRS ratios. Refer to "Non-IFRS Measures and Other Financial Measures" section in this press release.
Nine Months Ended
September 30,
September 30,
Variance
Variance
2025
2024
$ / bps
% change
Summary Financial Results
Revenue
1,250,387
1,118,104
132,283
11.8 %
Bad debts
424,568
338,786
85,782
25.3 %
Other operating expenses
291,901
271,618
20,283
7.5 %
EBITDA1
511,231
482,867
28,364
5.9 %
EBITDA margin1
40.9 %
43.2 %
(230 bps)
(5.3 %)
Depreciation and amortization
61,675
63,098
(1,423)
(2.3 %)
Operating income
472,243
444,602
27,641
6.2 %
Operating margin
37.8 %
39.8 %
(200 bps)
(5.0 %)
Other loss
(1,800)
(2,973)
1,173
39.5 %
Finance costs
251,451
153,847
97,604
63.4 %
Effective income tax rate
27.4 %
27.3 %
10 bps
0.4 %
Net income
159,032
209,285
(50,253)
(24.0 %)
Diluted earnings per share
9.47
12.06
(2.59)
(21.5 %)
Return on receivables
4.2 %
6.9 %
(270 bps)
(39.1 %)
Return on assets
3.8 %
6.2 %
(240 bps)
(38.7 %)
Return on equity
17.7 %
24.8 %
(710 bps)
(28.6 %)
Return on tangible common equity1
23.1 %
33.0 %
(990 bps)
(30.0 %)
Adjusted Financial Results1
Other operating expenses
312,339
288,132
24,207
8.4 %
Efficiency ratio
25.0 %
25.8 %
(80 bps)
(3.1 %)
Operating income
482,517
459,773
22,744
4.9 %
Operating margin
38.6 %
41.1 %
(250 bps)
(6.1 %)
Net income
197,422
212,743
(15,321)
(7.2 %)
Diluted earnings per share
11.76
12.26
(0.50)
(4.1 %)
Return on receivables
5.3 %
7.0 %
(170 bps)
(24.3 %)
Return on assets
4.7 %
6.3 %
(160 bps)
(25.4 %)
Return on equity
22.0 %
25.2 %
(320 bps)
(12.7 %)
Return on tangible common equity
27.4 %
32.4 %
(500 bps)
(15.4 %)
Key Performance Indicators
Segment Financials
easyfinancial revenue
1,138,341
1,003,070
135,271
13.5 %
easyfinancial operating margin
44.8 %
49.1 %
(430 bps)
(8.8 %)
easyhome revenue
112,046
115,034
(2,988)
(2.6 %)
easyhome operating margin
25.1 %
30.1 %
(500 bps)
(16.6 %)
Portfolio Indicators
Gross consumer loans receivable
5,435,477
4,393,353
1,042,124
23.7 %
Growth in consumer loans receivable
839,362
748,151
91,211
12.2 %
Gross loan originations
2,526,218
2,352,538
173,680
7.4 %
Total yield on consumer loans (including ancillary products)1
31.5 %
34.3 %
(280 bps)
(8.2 %)
Net charge offs as a percentage of average gross consumer loans receivable
8.8 %
9.2 %
(40 bps)
(4.3 %)
Free cash flows from operations before net growth in gross consumer loans receivable1
207,563
296,290
(88,727)
(29.9 %)
Potential monthly leasing revenue1
6,292
6,989
(697)
(10.0 %)
1 EBITDA, adjusted other operating expenses, adjusted operating income, adjusted net income and free cash flows from operations before net growth in gross consumer loans receivable are non-IFRS measures. EBITDA margin, efficiency ratio, adjusted operating margin, adjusted diluted earnings per share, adjusted return on receivables, adjusted return on equity, adjusted return on assets, reported and adjusted return on tangible common equity and total yield on consumer loans (including ancillary products) are non-IFRS ratios. Refer to "Non-IFRS Measures and Other Financial Measures" section in this press release.
Non-IFRS Measures and Other Financial Measures
The Company uses a number of financial measures to assess its performance. Some of these measures are not calculated in accordance with International Financial Reporting Standards (IFRS) as issued by International Accounting Standards Board (IASB), are not identified by IFRS and do not have standardized meanings that would ensure consistency and comparability among companies using these measures. The Company believes that non-IFRS measures are useful in assessing ongoing business performance and provide readers with a better understanding of how management assesses performance. These non-IFRS measures are used throughout this press release and listed below. An explanation of the composition of non-IFRS measures and other financial measures can be found in the Company's MD&A, available on www.sedarplus.ca.
Adjusted Net Income and Adjusted Diluted Earnings Per Share
Adjusted net income is a non-IFRS measure and adjusted diluted earnings per share is a non-IFRS ratio. Refer to "Key Performance Indicators and Non-IFRS Measures" section on page 31 of the Company's MD&A for the three and nine-month periods ended September 30, 2025. Items used to calculate adjusted net income and adjusted earnings per share for the three and nine-month periods ended September 30, 2025 and 2024 include those indicated in the chart below:
Three Months Ended
Nine Months Ended
($ in 000's except earnings per share)
September 30,
2025
September 30,
2024
September 30,
2025
September 30,
2024
Net income as stated
33,090
84,940
159,032
209,285
Impact of adjusting items
Other operating expenses
Integration costs1
265
91
449
405
Advisory costs3
-
11
-
4,941
Depreciation and amortization
Amortization of acquired intangible assets2
3,275
3,275
9,825
9,825
Other loss (income) 4
1,800
(4,165)
1,800
2,973
Finance costs
Fair value change on prepayment options related to Notes Payable5
43,092
(11,819)
39,832
(13,977)
Total pre-tax impact of adjusting items
48,432
(12,607)
51,906
4,167
Income tax impact of above adjusting items
(12,596)
2,790
(13,516)
(709)
After-tax impact of adjusting items
35,836
(9,817)
38,390
3,458
Adjusted net income
68,926
75,123
197,422
212,743
Weighted average number of diluted shares outstanding
16,739
17,401
16,788
17,351
Diluted earnings per share as stated
1.98
4.88
9.47
12.06
Per share impact of adjusting items
2.14
(0.56)
2.29
0.20
Adjusted diluted earnings per share
4.12
4.32
11.76
12.26
Adjusting items related to the LendCare acquisition
1 Integration costs related to representation and warranty insurance costs, and other integration costs related to the acquisition of LendCare.
2 Amortization of the $131 million intangible asset related to the acquisition of LendCare, with an estimated useful life of ten years.
Adjusting items related to the advisory costs
3 Advisory costs for the three and nine-month periods ended September 30, 2024, were related to non-recurring advisory, consulting, and legal costs.
Adjusting item related to other income (loss)
4 For the three and nine-month periods ended September 30, 2025, and 2024, net investment income (loss) was due to fair value changes in the Company's investments.
Adjusting item related to prepayment options embedded in the Notes Payable
5 For the three and nine-month periods ended September 30, 2025, and 2024, the Company recognized a fair value change on the prepayment options related to Notes Payable.
Adjusted Other Operating Expenses and Efficiency Ratio
Adjusted other operating expenses is a non-IFRS measure and efficiency ratio is a non-IFRS ratio. Refer to "Key Performance Indicators and Non-IFRS Measures" section on page 31 of the Company's MD&A for the three and nine-month periods ended September 30, 2025. Items used to calculate adjusted other operating expenses and efficiency ratio for the three and nine-month periods ended September 30, 2025 and 2024 include those indicated in the chart below:
Three Months Ended
Nine Months Ended
($ in 000's except earnings per share)
September 30,
2025
September 30,
2024
September 30,
2025
September 30,
2024
Other operating expenses as stated
96,269
81,204
291,901
271,618
Impact of adjusting items1
Other operating expenses
Integration costs
(265)
(91)
(449)
(405)
Advisory costs
-
(11)
-
(4,941)
Depreciation and amortization
Depreciation of lease assets
6,957
7,538
20,887
21,860
Total impact of adjusting items
6,692
7,436
20,438
16,514
Adjusted other operating expenses
102,961
88,640
312,339
288,132
Total revenue
440,215
383,195
1,250,387
1,118,104
Efficiency ratio
23.4 %
23.1 %
25.0 %
25.8 %
1 For explanation of adjusting items, refer to the corresponding "Adjusted Net Income and Adjusted Diluted Earnings Per Share" section.
Adjusted Operating Margin
Adjusted operating income is a non-IFRS measure and adjusted operating margin is a non-IFRS ratio. Refer to "Key Performance Indicators and Non-IFRS Measures" section on page 31 of the Company's MD&A for the three and nine-month periods ended September 30, 2025. Items used to calculate adjusted operating income and adjusted operating margins for the three and nine-month periods ended September 30, 2025 and 2024 include those indicated in the chart below:
Three Months Ended
($ in 000's except percentages)
September 30,
2025
September 30,
2025 (adjusted)
September 30,
2024
September 30,
2024 (adjusted)
easyfinancial
Operating income
176,957
176,957
172,510
172,510
Divided by revenue
402,668
402,668
345,503
345,503
easyfinancial operating margin
43.9 %
43.9 %
49.9 %
49.9 %
easyhome
Operating income
8,661
8,661
11,377
11,377
Divided by revenue
37,547
37,547
37,692
37,692
easyhome operating margin
23.1 %
23.1 %
30.2 %
30.2 %
Total
Operating income
166,191
166,191
159,681
159,681
Other operating expenses1
Integration costs
-
265
-
91
Advisory costs
-
-
-
11
Depreciation and amortization1
Amortization of acquired intangible assets
-
3,275
-
3,275
Adjusted operating income
166,191
169,731
159,681
163,058
Divided by revenue
440,215
440,215
383,195
383,195
Total operating margin
37.8 %
38.6 %
41.7 %
42.6 %
1 For explanation of adjusting items, refer to the corresponding "Adjusted Net Income and Adjusted Diluted Earnings Per Share" section.
Nine Months Ended
($ in 000's except percentages)
September 30,
2025
September 30,
2025 (adjusted)
September 30,
2024
September 30,
2024 (adjusted)
easyfinancial
Operating income
509,699
509,699
492,221
492,221
Divided by revenue
1,138,341
1,138,341
1,003,070
1,003,070
easyfinancial operating margin
44.8 %
44.8 %
49.1 %
49.1 %
easyhome
Operating income
28,084
28,084
34,585
34,585
Divided by revenue
112,046
112,046
115,034
115,034
easyhome operating margin
25.1 %
25.1 %
30.1 %
30.1 %
Total
Operating income
472,243
472,243
444,602
444,602
Other operating expenses1
Integration costs
-
449
-
405
Advisory costs
-
-
-
4,941
Depreciation and amortization1
Amortization of acquired intangible assets
-
9,825
-
9,825
Adjusted operating income
472,243
482,517
444,602
459,773
Divided by revenue
1,250,387
1,250,387
1,118,104
1,118,104
Total operating margin
37.8 %
38.6 %
39.8 %
41.1 %
1 For explanation of adjusting items, refer to the corresponding "Adjusted Net Income and Adjusted Diluted Earnings Per Share" section.
Earnings before Interest, Taxes, Depreciation and Amortization ("EBITDA") and EBITDA Margin
EBITDA is a non-IFRS measure and EBITDA margin is a non-IFRS ratio. Refer to "Key Performance Indicators and Non-IFRS Measures" section on page 31 of the Company's MD&A for the three and nine-month periods ended September 30, 2025. Items used to calculate EBITDA and EBITDA margin for the three and nine-month periods ended September 30, 2025 and 2024 include those indicated in the chart below:
Three Months Ended
Nine Months Ended
($ in 000's except percentages)
September 30,
2025
September 30,
2024
September 30,
2025
September 30,
2024
Net income as stated
33,090
84,940
159,032
209,285
Finance cost
118,767
47,850
251,451
153,847
Income tax expense
12,534
31,056
59,960
78,497
Depreciation and amortization
20,593
21,218
61,675
63,098
Depreciation of lease assets
(6,957)
(7,538)
(20,887)
(21,860)
EBITDA
178,027
177,526
511,231
482,867
Divided by revenue
440,215
383,195
1,250,387
1,118,104
EBITDA margin
40.4 %
46.3 %
40.9 %
43.2 %
Free Cash Flow from Operations before Net Growth in Gross Consumer Loans Receivable
Free cash flow from operations before net growth in gross consumer loans receivable is a non-IFRS measure. Refer to "Key Performance Indicators and Non-IFRS Measures" section on page 31 of the Company's MD&A for the three and nine-month periods ended September 30, 2025. Items used to calculate free cash flow from operations before net growth in gross consumer loans receivable for the three and nine-month periods ended September 30, 2025 and 2024 include those indicated in the chart below:
Three Months Ended
Nine Months Ended
September 30,
2025
September 30,
2024
September 30,
2025
September 30,
2024
Cash used in operating activities
(194,176)
(129,134)
(631,799)
(451,861)
Net growth in gross consumer loans receivable during the period
335,751
255,198
839,362
748,151
Free cash flows from operations before net growth in gross consumer loans receivable
141,575
126,064
207,563
296,290
Adjusted Return on Receivables
Adjusted return on receivables is a non-IFRS ratio. Refer to "Key Performance Indicators and Non-IFRS Measures" section on page 31 of the Company's MD&A for the three and nine-month period ended September 30, 2025. Items used to calculate adjusted return on assets for the three and nine-month periods ended September 30, 2025 and 2024 include those indicated in the chart below:
Three Months Ended
($ in 000's except percentages)
September 30,
2025
September 30,
2025
(adjusted)
September 30,
2024
September 30,
2024
(adjusted)
Net income as stated
33,090
33,090
84,940
84,940
After-tax impact of adjusting items1
-
35,836
-
(9,817)
Adjusted net income
33,090
68,926
84,940
75,123
Multiplied by number of periods in a year
X 4
X 4
X 4
X 4
Divided by average gross consumer loans receivable
5,323,728
5,323,728
4,314,520
4,314,520
Return on receivables
2.5 %
5.2 %
7.9 %
7.0 %
1 For explanation of adjusting items, refer to the corresponding "Adjusted Net Income and Adjusted Diluted Earnings Per Share" section.
Nine Months Ended
($ in 000's except percentages)
September 30,
2025
September 30,
2025
(adjusted)
September 30,
2024
September 30,
2024
(adjusted)
Net income as stated
159,032
159,032
209,285
209,285
After-tax impact of adjusting items1
-
38,390
-
3,458
Adjusted net income
159,032
197,422
209,285
212,743
Multiplied by number of periods in a year
X 4/3
X 4/3
X 4/3
X 4/3
Divided by average gross consumer loans receivable
5,003,743
5,003,743
4,044,904
4,044,904
Return on receivables
4.2 %
5.3 %
6.9 %
7.0 %
1 For explanation of adjusting items, refer to the corresponding "Adjusted Net Income and Adjusted Diluted Earnings Per Share" section.
Adjusted Return on Assets
Adjusted return on assets is a non-IFRS ratio. Refer to "Key Performance Indicators and Non-IFRS Measures" section on page 31 of the Company's MD&A for the three and ninw-month period ended September 30, 2025. Items used to calculate adjusted return on assets for the three and nine-month periods ended September 30, 2025 and 2024 include those indicated in the chart below:
Three Months Ended
($ in 000's except percentages)
September 30,
2025
September 30,
2025
(adjusted)
September 30,
2024
September 30,
2024
(adjusted)
Net income as stated
33,090
33,090
84,940
84,940
After-tax impact of adjusting items1
-
35,836
-
(9,817)
Adjusted net income
33,090
68,926
84,940
75,123
Multiplied by number of periods in a year
X 4
X 4
X 4
X 4
Divided by average total assets for the period
5,915,364
5,915,364
4,758,955
4,758,955
Return on assets
2.2 %
4.7 %
7.1 %
6.3 %
1 For explanation of adjusting items, refer to the corresponding "Adjusted Net Income and Adjusted Diluted Earnings Per Share" section.
Nine Months Ended
($ in 000's except percentages)
September 30,
2025
September 30,
2025
(adjusted)
September 30,
2024
September 30,
2024
(adjusted)
Net income as stated
159,032
159,032
209,285
209,285
After-tax impact of adjusting items1
-
38,390
-
3,458
Adjusted net income
159,032
197,422
209,285
212,743
Multiplied by number of periods in a year
X 4/3
X 4/3
X 4/3
X 4/3
Divided by average total assets for the period
5,588,698
5,588,698
4,524,526
4,524,526
Return on assets
3.8 %
4.7 %
6.2 %
6.3 %
1 For explanation of adjusting items, refer to the corresponding "Adjusted Net Income and Adjusted Diluted Earnings Per Share" section.
Adjusted Return on Equity
Adjusted return on equity is a non-IFRS ratio. Refer to "Key Performance Indicators and Non-IFRS Measures" section on page 31 of the Company's MD&A for the three and nine-month periods ended September 30, 2025. Items used to calculate adjusted return on equity for the three and nine-month periods ended September 30, 2025 and 2024 include those indicated in the chart below:
Three Months Ended
($ in 000's except percentages)
September 30,
2025
September 30,
2025
(adjusted)
September 30,
2024
September 30,
2024
(adjusted)
Net income as stated
33,090
33,090
84,940
84,940
After-tax impact of adjusting items1
-
35,836
-
(9,817)
Adjusted net income
33,090
68,926
84,940
75,123
Multiplied by number of periods in a year
X 4
X 4
X 4
X 4
Divided by average shareholders' equity for the period
1,221,594
1,221,594
1,168,802
1,168,802
Return on equity
10.8 %
22.6 %
29.1 %
25.7 %
1 For explanation of adjusting items, refer to the corresponding "Adjusted Net Income and Adjusted Diluted Earnings Per Share" section.
Nine Months Ended
($ in 000's except percentages)
September 30,
2025
September 30,
2025
(adjusted)
September 30,
2024
September 30,
2024
(adjusted)
Net income as stated
159,032
159,032
209,285
209,285
After-tax impact of adjusting items1
-
38,390
-
3,458
Adjusted net income
159,032
197,422
209,285
212,743
Multiplied by number of periods in a year
X 4/3
X 4/3
X 4/3
X 4/3
Divided by average shareholders' equity for the period
1,199,167
1,199,167
1,123,732
1,123,732
Return on equity
17.7 %
22.0 %
24.8 %
25.2 %
1 For explanation of adjusting items, refer to the corresponding "Adjusted Net Income and Adjusted Diluted Earnings Per Share" section.
Reported and Adjusted Return on Tangible Common Equity
Reported and adjusted return on tangible common equity are non-IFRS ratios. Refer to "Key Performance Indicators and Non-IFRS Measures" section on page 31 of the Company's MD&A for the three and nine-month periods ended September 30, 2025. Items used to calculate reported and adjusted return on tangible common equity for the three and nine-month periods ended September 30, 2025 and 2024 include those indicated in the chart below:
Three Months Ended
($ in 000's except percentages)
September 30,
2025
September 30,
2025
(adjusted)
September 30,
2024
September 30,
2024
(adjusted)
Net income as stated
33,090
33,090
84,940
84,940
Amortization of acquired intangible assets
3,275
3,275
3,275
3,275
Income tax impact of the above item
(868)
(868)
(868)
(868)
Net income before amortization of acquired intangible assets, net of income tax
35,497
35,497
87,347
83,347
Impact of adjusting items1
Other operating expenses
Integration costs
-
265
-
91
Advisory costs
-
-
-
11
Other loss (income)
-
1,800
-
(4,165)
Finance costs
Fair value change on prepayment options related to Notes Payable
-
43,092
-
(11,819)
Total pre-tax impact of adjusting items
-
45,157
-
(15,882)
Income tax impact of above adjusting items
-
(11,728)
-
3,658
After-tax impact of adjusting items
-
33,429
-
(12,224)
Adjusted net income
35,497
68,926
87,347
75,123
Multiplied by number of periods in a year
X 4
X 4
X 4
X 4
Average shareholders' equity
1,221,594
1,221,594
1,168,802
1,168,802
Average goodwill
(180,923)
(180,923)
(180,923)
(180,923)
Average acquired intangible assets2
(74,779)
(74,779)
(87,879)
(87,879)
Average related deferred tax liabilities
19,816
19,816
23,288
23,288
Divided by average tangible common equity
985,708
985,708
923,288
923,288
Return on tangible common equity
14.4 %
28.0 %
37.8 %
32.5 %
1 For explanation of adjusting items, refer to the corresponding "Adjusted Net Income and Adjusted Diluted Earnings Per Share" section.
2 Excludes intangible assets relating to software.
Nine Months Ended
($ in 000's except percentages)
September 30,
2025
September 30,
2025
(adjusted)
September 30,
2024
September 30,
2024
(adjusted)
Net income as stated
159,032
159,032
209,285
209,285
Amortization of acquired intangible assets
9,825
9,825
9,825
9,825
Income tax impact of the above item
(2,604)
(2,604)
(2,604)
(2,604)
Net income before amortization of acquired intangible assets, net of income tax
166,253
166,253
216,506
216,506
Impact of adjusting items1
Other operating expenses
Integration costs
-
449
-
405
Advisory costs
-
-
-
4,941
Other loss
-
1,800
-
2,973
Finance costs
Fair value change on prepayment options related to Notes Payable
-
39,832
-
(13,977)
Total pre-tax impact of adjusting items
-
42,081
-
(5,658)
Income tax impact of above adjusting items
-
(10,912)
-
1,895
After-tax impact of adjusting items
-
31,170
-
(3,763)
Adjusted net income
166,253
197,422
216,506
212,743
Multiplied by number of periods in a year
X 4/3
X 4/3
X 4/3
X 4/3
Average shareholders' equity
1,199,167
1,199,167
1,123,732
1,123,732
Average goodwill
(180,923)
(180,923)
(180,923)
(180,923)
Average acquired intangible assets2
(78,054)
(78,054)
(91,154)
(91,154)
Average related deferred tax liabilities
20,684
20,684
24,156
24,156
Divided by average tangible common equity
960,874
960,874
875,811
875,811
Return on tangible common equity
23.1 %
27.4 %
33.0 %
32.4 %
1 For explanation of adjusting items, refer to the corresponding "Adjusted Net Income and Adjusted Diluted Earnings Per Share" section.
2 Excludes intangible assets relating to software.
easyhome Financial Revenue
easyhome financial revenue is a non-IFRS measure. It's calculated as total company revenue less easyfinancial revenue and leasing revenue. The Company believes that easyhome financial revenue is an important measure of the performance of the easyhome segment. Items used to calculate easyhome financial revenue for the three-month periods ended September 30, 2025 and 2024 include those indicated in the chart below:
($ in 000's)
Three Months Ended
September 30,
2025
September 30,
2024
Total company revenue
440,215
383,195
Less: easyfinancial revenue
(402,668)
(345,503)
Less: leasing revenue
(22,490)
(24,860)
easyhome financial revenue
15,057
12,832
Total Yield on Consumer Loans as a Percentage of Average Gross Consumer Loans Receivable
Total yield on consumer loans as a percentage of average gross consumer loans receivable is a non-IFRS ratio. See description in section "Portfolio Analysis" on page 20 of the Company's MD&A for the three and nine-month period ended September 30, 2025. Items used to calculate total yield on consumer loans as a percentage of average gross consumer loans receivable for the three and nine-month periods ended September 30, 2025 and 2024 include those indicated in the chart below:
Three Months Ended
Nine Months Ended
($ in 000's except percentages)
September 30,
2025
September 30,
2024
September 30,
2025
September 30,
2024
Total Company revenue
440,215
383,195
1,250,387
1,118,104
Less: Leasing revenue
(22,490)
(24,860)
(69,064)
(76,517)
Financial revenue
417,725
358,335
1,181,323
1,041,587
Multiplied by number of periods in a year
X 4
X 4
X 4/3
X 4/3
Divided by average gross consumer loans receivable
5,323,728
4,314,520
5,003,743
4,044,904
Total yield on consumer loans as a percentage of average gross consumer loans receivable (annualized)
31.4 %
33.2 %
31.5 %
34.3 %
Net Principal Written and Percentage Net Principal Written to New Customers
Net principal written (Net loan advances) is a non-IFRS measure. See description in section "Portfolio Analysis" on page 20 of the Company's MD&A for the three and nine-month period ended September 30, 2025. The percentage of net loan advances to new customers is a non-IFRS ratio. It is calculated as loan originations to new customers divided by the net principal written. The Company uses percentage of net loan advances to new customers, among other measures, to assess the operating performance of its lending business. Items used to calculate the percentage of net loan advances to new customers for the three and nine-month periods ended September 30, 2025 and 2024 include those indicated in the chart below:
Three Months Ended
Nine Months Ended
($ in 000's)
September 30,
2025
September 30,
2024
September 30,
2025
September 30,
2024
Gross loan originations
945,730
839,446
2,526,218
2,352,538
Loan originations to new customers
578,810
457,617
1,568,653
1,272,418
Loan originations to existing customers
366,920
381,829
957,565
1,080,120
Less: Proceeds applied to repay existing loans
(149,277)
(203,608)
(375,432)
(559,348)
Net advance to existing customers
217,643
178,221
582,133
520,772
Net principal written
796,453
635,838
2,150,786
1,793,190
Percentage net advances to new customers
72.67 %
71.97 %
72.93 %
70.96 %
Debt to Adjusted Tangible Equity
Debt to adjusted tangible equity is a capital management measure. Refer to "Financial Condition" section on page 43 of the Company's MD&A for the three and nine-month periods ended September 30, 2025.
Average Loan Book Per Branch
Average loan book per branch is a supplementary financial measure. It is calculated as gross consumer loans receivable held by easyfinancial branch locations divided by the number of total easyfinancial branch locations.
Weighted Average Interest Rate
Weighted average interest rate is a supplementary financial measure. It is calculated as the sum of individual loan balance multiplied by interest rate divided by gross consumer loans receivable.
SOURCE goeasy Ltd
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