{"id":457,"date":"2025-08-13T17:47:01","date_gmt":"2025-08-13T17:47:01","guid":{"rendered":"https:\/\/modena.capital\/?p=457"},"modified":"2025-12-10T08:22:21","modified_gmt":"2025-12-10T08:22:21","slug":"your-questions-answered-insights-from-the-2024-annual-report","status":"publish","type":"post","link":"https:\/\/modena.capital\/de\/your-questions-answered-insights-from-the-2024-annual-report\/","title":{"rendered":"Your Questions Answered: Insights from the 2024 Annual Report"},"content":{"rendered":"\n<h1 class=\"wp-block-heading\"><\/h1>\n\n\n\n<p>A recent investor conversation \u2014 and broader discussion in the P2P lending space \u2014 prompted us to publish clear answers about our 2024 annual report and our outlook for 2025\u20132026. Below we explain the negative working capital line, share portfolio quality metrics, and outline what we expect next.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Why the 2024 Annual Report Shows Negative Working Capital<\/h2>\n\n\n\n<p>The negative working capital figure does&nbsp;<strong>not<\/strong>&nbsp;signal liquidity stress. It stems from a&nbsp;<strong>strategic refinancing decision<\/strong>&nbsp;that improves our funding costs.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>In early 2025, declining EURIBOR and better market terms became available.<\/li>\n\n\n\n<li>We chose to&nbsp;<strong>repay \u20ac1.4&nbsp;million ahead of schedule<\/strong>&nbsp;to lock in more favorable financing.<\/li>\n\n\n\n<li>Because this repayment occurred within 12 months after year-end, our auditor required it to be classified as&nbsp;<em>short-term<\/em>&nbsp;debt, which made short-term liabilities exceed short-term assets in the report.<\/li>\n<\/ul>\n\n\n\n<p>In practice, our liquidity is the strongest it\u2019s ever been: we have reduced our average financing cost by&nbsp;<strong>more than 2.5 percentage points<\/strong>, and in the&nbsp;<strong>first half of 2025<\/strong>&nbsp;we also raised&nbsp;<strong>\u20ac0.5&nbsp;million in equity<\/strong>&nbsp;to further strengthen the capital structure.<\/p>\n\n\n\n<p><strong>On recent market commentary:<\/strong>&nbsp;Some summaries have mentioned \u201chigher debt\u201d at Modena. The reclassification above explains the optics \u2014 it reflects&nbsp;<em>timing and classification<\/em>&nbsp;under audit, not a deterioration in liquidity or leverage quality.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Credit Quality: Conservative and Stable<\/h2>\n\n\n\n<p>Our underwriting remains conservative; we do not operate in the sub-prime segment. Loan quality improved in 2024 versus prior years and has continued to improve through 2025.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Key figures (as of July 2025)<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Approximately&nbsp;<strong>4%<\/strong>&nbsp;of the outstanding portfolio is &gt;30 days past due.<\/li>\n\n\n\n<li><strong>Lifetime default rate \u2264 9%<\/strong>; with about&nbsp;<strong>75%<\/strong>&nbsp;recovery, the net credit loss is roughly&nbsp;<strong>2.25%<\/strong>&nbsp;of issued principal.<\/li>\n\n\n\n<li>BNPL: ~<strong>0.7%<\/strong>&nbsp;lifetime default; with about&nbsp;<strong>80%<\/strong>&nbsp;recovery, losses are effectively negligible.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Portfolio growth vs. credit losses<\/h3>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th><\/th><th>2024<\/th><th>2023<\/th><\/tr><\/thead><tbody><tr><td><strong>Total issued financing<\/strong><\/td><td>20&nbsp;845k&nbsp;EUR<\/td><td>13&nbsp;064k&nbsp;EUR<\/td><\/tr><tr><td><strong>Credit loss<\/strong><\/td><td>171k&nbsp;EUR<\/td><td>102k&nbsp;EUR<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p>The increase in credit losses is primarily a function of a larger portfolio, not a decline in credit quality.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Outlook for 2025 and Beyond<\/h2>\n\n\n\n<p>We see no material risks related to working capital or underwriting. The main uncertainty is&nbsp;<em>pace<\/em>: how quickly we can execute on our growth plans amid a volatile macro backdrop.<\/p>\n\n\n\n<p>Even so, we remain optimistic. With a strong capital structure and prudent risk management, we are positioned to deliver&nbsp;<strong>stable, sustainable results<\/strong>&nbsp;in 2025\u20132026.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p><strong>Final note.<\/strong>&nbsp;Modena\u2019s 2024 results show that strategic refinancing and conservative risk discipline can go hand in hand with growth. Liquidity is at a record high, and we are ready to capture the opportunities ahead.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A recent investor conversation \u2014 and broader discussion in the P2P lending space \u2014 prompted us to publish clear answers about our 2024 annual report and our outlook for 2025\u20132026. Below we explain the negative working capital line, share portfolio quality metrics, and outline what we expect next. Why the 2024 Annual Report Shows Negative [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":458,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[24],"tags":[],"class_list":["post-457","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investor-insights"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Your Questions Answered: Insights from the 2024 Annual Report - Modena Capital<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/modena.capital\/your-questions-answered-insights-from-the-2024-annual-report\/\" \/>\n<meta property=\"og:locale\" content=\"de_DE\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Your Questions Answered: Insights from the 2024 Annual Report - Modena Capital\" \/>\n<meta property=\"og:description\" content=\"A recent investor conversation \u2014 and broader discussion in the P2P lending space \u2014 prompted us to publish clear answers about our 2024 annual report and our outlook for 2025\u20132026. 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