DF Capital reports a record breaking 2025 performance
On 23 March 2026, we announced our 2025 financial results, reporting our best year to date and strengthening our position across specialist lending niches and deepening existing dealer and manufacturer partnership. With double-digital growth across lending, revenue and profitability, we continue to invest in new products and capabilities to support our medium-term expansion.
Outstanding growth
Our loan book grew by 27% to £846m (FY24: £666m), achieved through a diversified portfolio of inventory finance, structured finance and asset finance product segments, across industrial, marine and specialist automotive sectors. This growth translated into revenues of £90.9m up 19% (FY24: £76.7 million), reflecting the growing momentum across the business. Profitability also improved, with adjusted profit before tax increasing 26% to £18.1m (FY24: adjusted PBT £14.4m), driven by increasing net income and strong cost control.
We achieved a record number of borrowers, up c.14% to 1,522, and now work with 109 manufacturers across the leisure, marine, specialist automotive, industrial, and transport sectors, with total dealer loan facilities reaching £1.83 billion.
Overall, we delivered a strong 2025 performance, completing our fourth year of profitability, highlighting the strength of the growth strategy and ongoing commitment to supporting our dealer and manufacturer partners.
Launch of consumer lending
A key driver of future growth is the Bank’s new digital asset finance proposition, DFRNT, launched following regulatory approval in 2025.
Initially focused on motorhome and caravan dealers, the platform has since expanded into wider sectors including industrial, marine and specialist automotive. The product contributed £15m of lending in its first year and targets a market significantly larger than our core inventory finance offering.
Clear pathway to medium term growth
We remain confident in our medium‑term strategy and are on track to deliver our previously stated targets through to 2028, while also progressing toward our recently announced 2030 ambitions of:
- A loan book of over £1.5bn
- A cost-to-income ratio of 45%–48%
- A return on required equity of around 20%
We expect to fund this growth from retained earnings, without the need for an equity raise, and to grow tangible net assets by 10%–15% per annum.
Strong new loan momentum has continued into 2026, supporting further growth in the loan book, and we expect to continue building market share in core inventory finance while accelerating momentum in asset finance as rollout broadens across additional markets.
We remain well positioned to deliver sustainable growth in lending and earnings, with the FY26 closing loan book expected to exceed £900 million.
Carl D’Ammassa, Chief Executive Officer, commented: “I’m proud of these outstanding results, undoubtedly our best year so far. We have delivered on our financial targets, exceeding expectations in almost all areas; launched new products and services; continued to invest in technology and delivered record breaking results. We’ve launched our new asset finance product through our “DFRNT” brand, built from the ground up to provide customers with a first-class digital experience. Momentum will build in this new area through 2026 as we tap into annual sales of over £10bn across our existing manufacturer and dealer base.
“The market opportunities ahead of us as a multi-product lender, whilst always being committed to the niche segments in which we operate, are significant. We have all the tools in our armoury to deliver on our ambitious medium-term objectives through to 2030, building on these exceptional 2025 results. The foundations are all in place and I’m excited for the Group’s future prospects.”