Global vendor finance company DLL published its Annual Report 2025, reporting resilient underlying performance in a year shaped by macroeconomic and geopolitical uncertainty. Despite pressure on reported results, DLL continued to demonstrate the strength of its business model, long-standing partnerships and customer-focused approach.
DLL’s net income remained stable at EUR 1.9 billion (USD $2.1 billion). Net profit for the year amounted to EUR 312 million (USD $353 million), reflecting the impact of higher risk costs and increased operating expenses. The company’s portfolio ended at EUR 45.7 billion (USD $53.6 billion) in 2025, representing a 3% decrease compared to 2024, primarily driven by appreciation of the euro against other currencies. Excluding currency movements, the portfolio grew by 2%.
Geopolitical uncertainty, including the introduction of import tariffs in several countries, weighed on global economic growth and moderated DLL’s growth momentum. DLL Chief Financial Officer and Member of the Executive Board, Alp Sivrioglu, commented: “Performance varied across regions, with solid results in Europe, Canada and Asia-Pacific, while volumes declined in the U.S. and Latin America. In Brazil, operations were affected by a combination of persistent adverse macroeconomic circumstances in 2025 as well as the after-effects of climate events in 2024.”
Partner trust, engagement and impact
Throughout the year, DLL focused on deepening relationships with partners and customers while delivering long-term value. Partner trust remained high, with the annual Net Promoter Score (NPS) increasing for the second consecutive year, supported by the commitment of DLL’s global workforce of more than 6,000 members. Despite 2025 headwinds, DLL expanded its partner base by onboarding more than 30 new partners across a range of industries and marked the 35th anniversary of its long-standing partnership with AGCO Corporation.
Strengthening the foundation for the future
In 2025, DLL continued to invest in strengthening its operational foundation through simplified processes and enhanced digital capabilities. In response to the accelerating impact of digitalization and artificial intelligence on the financial services industry, the company reinforced its digital focus with the appointment of Jasper van Tongeren as its first Chief Digital Officer, joining the Executive Board.
Outlook
Looking ahead, DLL expects volatility to remain a defining feature of the global landscape. “At the same time, financing the real economy presents significant opportunity,” said Lara Yocarini, Chief Executive Officer and Chair of DLL’s Executive Board. “Amid volatility, we strive to be a constant and consistent factor for our partners and customers. With a strong foundation, together, we continue to connect beyond; navigating uncertainty, strengthening partnerships and creating meaningful impact.”