A resilient and flexible business model resulted in a solid performance in a year hit by the COVID-19 pandemic The year 2020 was highly characterised by the impact of the COVID-19 pandemic which also affected Ferratum’s business activities. In a year unlike any other during the past century, Ferratum’s business model showed its resilience and flexibility: Ferratum managed to protect its business model as well as to successfully reduce its cost base and navigate through the year with a substantial reduction in both operating expenses and risk appetite. These reductions helped contribute to a solid business performance in the business year 2020.