Portfolio cargo e-bikes – Moby Bikes / Cargoroo — 9.5%/an · 48 mois

Plateforme · 23.0/25

A1 · Statut réglementaire 8.0/8✓ max

agrément AMF licence AMF currently valid, fonds propres-2022-2 licence verified
Maximum score

A2 · Track Record 6.0/6✓ max

Default rate 0.00% → 6/6
Delay rate 0.32% (<5%) → 6/6
Average realised return 7.95% compliant with announced renewable energy range (5-9%) → 6/6
A2 = (6×0.5 + 6×0.3 + 6×0.2) = 6/6

A3 · Rigueur de sélection 3.0/4bon

Documented selection process (published risk score 2/5, internal committee), but overall selection rate not explicitly published
Leading renewable energy platform in France since 2014, 537 projects financed

A4 · Santé financière 3.0/4bon

Independent profitable platform (net income approximately 600K€ 2022), more than 10 years in existence, 30-50 employees, consistent growth
Acquisition of Lumo end of 2025
No listed institutional shareholder → 3 points vs 4 points for group subsidiary

A5 · Protection investisseurs 3.0/3✓ max

agrément AMF licence → reflection period 4 days plus mandatory continuity plan (1 point)
Segregated accounts required by agrément AMF status (1 point)
Enerdeal secondary market operational since 2023 (1 point)

Projet · 36.0/75

B1 · Instrument & Structure 8.0/10bon

B1.1: 5/5 - Simple obligations fixed rate clear French law

B1.2: 2/3 - Direct issuance by Dutch entity, recognised EU law, no dedicated société dédiée (SPV)

B1.3: 1/2 - Senior declared, pledge in progress but formal ranking not registered at file date

B2 · Opérateur & Track record 7.0/15faible

B2.1: 3/4 - CEO Thomas O'Connell appointed, LinkedIn verifiable, photo present, function specified

B2.2: 2/5 - Group active 7 years micro-mobility, but issuing subsidiary Cargoroo restarting post-insolvency, limited history on this segment

B2.3: 0/3 - First transaction on Enerfip, no history

B2.4: 2/3 - Recurring losses (−1.57M€ 2025, −1.92M€ 2024), moderate gearing, no active collective insolvency proceeding identified on issuer

B3 · Garanties & Sûretés 9.0/15

B3.1: 6/9 - First ranking pledge on bike fleet (identified assets), DSRA 6 months debt service. Declared pledge not yet formally registered → 6 pts

B3.2: 1/4 - Moby Bikes fonds propres holding 4.9M€ but negative EBITDA, recurring losses, gearing ~0.6 but profitability absent → 1 pt

B3.3: 2/2 - Institutional shareholder Fairtree + Selenean Capital involved, operational entity licenced, SME-NBFI criterion satisfied

B4 · Structure financière 5.0/15faible

B4.1: 1/5 - taux de couverture de la dette not calculable; group EBITDA negative (−439K€ 2025), Cargoroo revenues 242K€ 2025 insufficient to cover debt service 1.1M€ → taux de couverture de la dette<1.0

B4.2: 1/4 - Equity contribution 300K€ i.e. ~21% of amount raised, weak

B4.3: 0/4 - No stress test presented, EBITDA already negative in normal conditions

B4.4: 0/2 - Group gross margin 40% but EBITDA negative, Cargoroo operating cash flows insufficient

B5 · Pré-commercialisation 3.0/10faible

SME-NBFI: fleet of 220 cargo bikes operational since August 2025 in Utrecht and The Hague
Cargoroo H1 2026 revenues: 399K€ cumulative
Portfolio client data poorly detailed, no documented firm municipal contracts, buyer letters of intent mentioned without detail

B6 · Permis & Maturité 3.0/5

Operational activity established (fleet active since August 2025), Cargoroo licences acquired on acquisition in June 2025
Activity <1 year under this structure, legal documents in order but recent entity → 3/5

B7 · Marché & Localisation 1.0/3faible

Shared cargo bike market Netherlands: very recent segment (2% share of shared mobility market NL), uncertain municipal subsidies, GDP growth NL >2% but non-contractualised B2C demand
Direct competitor Cargoroo failed in 2024 → unstable secondary market

Points forts

✓First ranking pledge on identified bike fleet + DSRA 6 months debt service.

✓Enerfip platform licenced PSFP AMF, excellent track record, zero defaults on portfolio.

✓Experienced management team (15 years mobility), institutional support from Selenean and Fairtree.

✓Cargoroo fleet operational since August 2025, real revenues recorded from H2 2025.

✓Simple obligations senior rank 1 declared, clear legal structure French law.

Risques identifiés

!Cargoroo declared insolvent in December 2024 - high execution risk on post-insolvency restart.

!Group EBITDA negative (−440K€ 2025), estimated DSCR <1.0 on current Cargoroo revenues.

!Issuer Moby Bikes Netherlands B.V. with capital of 100€ only, very limited financial solidity.

!50% of repayment planned via future refinancing - high structural refinancing risk.

!Shared cargo bike market Netherlands: municipal subsidies not contractualised, very young segment.