Provides non-banking credit services.
Opal Balance enters 2026 with a sharply larger book, very strong profitability, and almost negligible credit-loss charges, but also with negative operating cash flow and a more visible dependence on external funding.
Opal Balance’s 2025 provision line improved sharply, but it still does not look like a new normalized run rate that can simply be carried forward. The improvement combines better collections and operational tightening with a friendlier macro-model input and a meaningful fourth-q…
Opal Balance's mortgage book does reduce part of the possible loss severity through real-estate collateral, but it does not remove risk. It shifts risk into longer duration, higher concentration, and heavier dependence on collateral realization and real-estate exposure.
Opal Balance finished 2025 with strong reported earnings, but those earnings mainly acted as support capital for a rapidly expanding credit book rather than as free cash. As long as the book grows faster than operating cash flow, the company remains dependent on external funding…
