creditshelf continues to grow sustainably in Q3

• 49% revenue growth over 9M 2019, driven by successful Q3
• EBIT slightly improved to kEUR ‒4,149.1 despite strengthening of marketing infrastructure (9M 2019: kEUR ‒4,188.6)
• No significant, corona-related loan defaults as a result of strict risk standards adapted to the current situation
• Revenue forecast withdrawn in light of renewed tightening of contact restrictions, while EBIT forecast remains unchanged

Frankfurt am Main, Germany, November 12, 2020 ‒ creditshelf Aktiengesellschaft, the leading credit platform for digital SME finance in Germany, published its results for the first nine months of 2020 today. In the period under review, the company has grown sustainably despite the challenges of the corona crisis. Q3 contributed significantly to this positive development with an arranged loan volume of EUR 24.7 million, a 55% growth over the same quarter of the previous year. Accordingly, revenues increased by 49% to kEUR 3,674.5 compared to 9M 2019. Against the backdrop of an again worsening corona pandemic and harsher measures by the German government, strict risk standards adapted to the current situation remain top priority for creditshelf.

Dr. Tim Thabe, CEO of creditshelf, explains the current situation: "The harsher contact restrictions that have been in place since the beginning of November are a challenge for German SMEs and for creditshelf alike. Adhering to our strict risk standards in lending and responding to the crisis with situation-specific adjustments to our risk models has proven its worth. Our top priority is to ensure stable returns for our institutional investors. This is the only way we can ensure access to debt capital in order to provide German SMEs with the liquidity they need during a mid-term economic recovery. This way we grow together on a sustainable basis."

Details of the business development in the first nine months of 2020:

Driven by constant demand from SME borrowers, the arranged loan volume in 9M 2020 increased to kEUR 70,320 (prior-year period: kEUR 51,700). As a result, revenues from borrower and investor fees in the reporting period increased to kEUR 2,496.4 (9M 2019: kEUR 1,528.6) and kEUR 1,131.3 (9M 2019: kEUR 931.7), respectively. In addition to fundamental growth, this was mainly driven by an improvement in the margin on borrower fees. Overall, creditshelf achieved consolidated group revenues of kEUR 3,674.5, 49.4% above 9M 2019 (kEUR 2,460.3).

Earnings before interest and taxes (EBIT) for 9M 2020 amounted to kEUR ‒4,149.1 (9M 2019: kEUR ‒4,188.6) against the backdrop of higher personnel expenses and selective measures to strengthen the marketing infrastructure in order to take advantage of upcoming financing opportunities arising from the economic recovery in the German SME sector. A key driver of expenses was the increase in the number of employees in H1 2020. At the end of 9M 2020, creditshelf had 57 permanent employees (September 30, 2019: 41). Accordingly, personnel expenses increased to kEUR 4,467.1 (prior-year period: kEUR 3,136.3). Despite a profound enhancement of the company's marketing infrastructure, marketing expenses of kEUR 1,128.5 in 9M 2020 were lower than in the corresponding prior-year period (kEUR 1,653.9). These developments reflect prudent cost management while continuing the company's strategic investment plan.

Expenses for sales commissions in connection with loan origination via partners amounted to kEUR 188.0 (prior-year period: kEUR 30.1) and can be attributed to the significant contribution of the creditshelf partner network, including Commerzbank. High risk standards adapted to the situation are reflected in a waiver of receivables of only kEUR 25.8 (prior-year period: kEUR 40.5). This demonstrates the resilience of the creditshelf loan portfolio, which did not experience any significant corona-related defaults in the reporting period.

On November 11, 2020, the Management Board exercised the option granted by the German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht, short "BaFin") in connection with the corona pandemic and withdrew the original revenue forecast. This was done in light of the recent renewed tightening of contact restrictions in the context of the Corona pandemic (second lockdown) and the resulting noticeably weaker short-term demand for SME loans from alternative lenders. Based on the historically strong dependency of the creditshelf business model on the final quarter of the fiscal year and the continued application of strict risk standards adapted to the current situation, the Management Board decided to withdraw the revenue forecast. The EBIT forecast remains unchanged. As a result of a timely initiated, prudent cost management, the Management Board expects a negative EBIT of between EUR 4.0 million and EUR 5.5 million.

The full quarterly statement for Q3 2020 is available for download effective today from the company's investor relations website, .

Investor Relations:
creditshelf Aktiengesellschaft
Fabian Brügmann (CFO)
Maximilian Franz (Investor Relations Manager)
Mainzer Landstraße 33a
60329 Frankfurt
Tel.: 113

Corporate Communications:
creditshelf Aktiengesellschaft
Jan Stechele (CPO)
Birgit Hass (Leiterin PR)
Mainzer Landstraße 33a
60329 Frankfurt
Tel.: +49 (69) 348 77 2413

About creditshelf

creditshelf is the leading credit platform for digital SME finance in Germany. Founded in 2014 and headquartered in Frankfurt am Main, the company arranges bank-independent, flexible financing solutions via a constantly growing network. creditshelf combines complementary needs: While SME entrepreneurs can easily access attractive financing alternatives, institutional investors can invest directly in German SMEs and partners can support their clients as innovative providers of new credit solutions. The core of creditshelf's business model are a unique, data-driven risk analysis and unbureaucratic, fast and digital processes. Thereby, creditshelf covers the entire value chain: its platform is used to select suitable credit projects, analyze the creditworthiness of potential borrowers, and provide credit scoring as well as risk-adequate pricing. For these services creditshelf receives fees from both borrowers and investors.

creditshelf has been listed in the Prime Standard Segment of the Frankfurt Stock Exchange since 2018. The experts in the creditshelf team offer many years of experience in SME financing and are trusted partners and visionaries for the entrepreneurship of tomorrow.