Slide 1: Presentation Q4 2025
AXACTOR Presentation Q4 2025
Slide 2: Agenda
Agenda Highlights Financial update Focus areas Q&A
Slide 3: Financial highlights for the quarter
Financial highlights for the quarter Continued gross revenue growth of 6%1 • NPL gross revenue growth of 3% y-o-y1 • 3PC delivering another strong quarter, with 16% revenue growth y-o-y Cash EBITDA of EUR 54m, up from EUR 51m last year1,2 • Cash EBITDA margin increasing from 63% to 64%1,2 Annualized
Slide 4: Collection in line with active forecast
Collection in line with active forecast Collection performance Comments 106% 99% 101% 102% 98% 92% 93% 94% • Collection performance of 106% for the quarter 90% and 102% for the full year • Collection performance of 102% for the quarter and 101% for the full year, excluding sale of portfolios in Germ
Slide 5: Smaller-sized portfolios sold to strengthen the balance sheet and renew the NPL stock
Smaller-sized portfolios sold to strengthen the balance sheet and renew the NPL stock During Q4 2025, Axactor entered into binding agreements to sell smaller-sized portfolios in Germany and Spain Oldest remaining vintages Total proceeds approximately EUR 15 million Premium of more than 20% over book
Slide 6: Continued double-digit growth on 3PC
Continued double-digit growth on 3PC 3PC total revenue1 Comments EURm +16% 19 • 3PC segment with continued momentum 16 • Double digit growth in Norway, Spain and 15 15 15 15 Germany 13 13 12 • Spain growth fueled by successful partnership with major investment fund • Landmark agreement in Norway wit
Slide 7: Key highlights for the year
Key highlights for the year Healthy organic 3PC revenue growth1 Collection performance up EURm +19% 99% 102% 93% 65 51 54 2023 2024 2025 2023 2024 2025 Diversified maturity profile achieved Migrated to a new cost-efficient IT infrastructure EURm 125 850 468 193 65 ACR03 ACR04 RCF ACR05 Total debt Ye
Slide 8: Status on financial targets for 2026
Status on financial targets for 2026 Growth Profit Returns Leverage2 NPL investments of Minimum 12% ROE1 20 - 50% dividend Maximum leverage of Target EUR 100-200m in 2026 pay-out ratio 3.5x in 2026 EUR 59m invested in Leverage of 3.6x at year-end 2025 2025 10% ROE in 2025, Status 12% adjusted for Re
Slide 9: Agenda
Agenda Highlights Financial update Focus areas Q&A
Slide 10: Group: Gross revenue growth in both segments
Group: Gross revenue growth in both segments1 Gross revenue Comments EURm -39% 161 (+6% adj.1) 16 • Gross revenue down 39% y-o-y, due to sale of Spanish portfolios last year 99 85 89 86 • Underlying growth of 6% y-o-y1 79 77 81 78 19 15 13 13 12 144 15 15 15 • NPL gross revenue decreasing by 45% y-o
Slide 11: NPL segment: Total revenue improved to EUR 49m
NPL segment: Total revenue improved to EUR 49m NPL Total revenue and CM% Comments EURm and % 50 50 48 49 46 46 45 42 • Large improvement from last year due to 75% 75% 78% 76% 77% 77% 79% significant negative revaluation in Q4’24 74% • Contribution margin negatively impacted by higher legal activatio
Slide 12: 3PC segment: Continued double-digit growth
3PC segment: Continued double-digit growth 3PC Total revenue and CM%1 Comments EURm and % +16% 19 15 16 • 3PC total revenue increasing by 16% y-o-y 15 15 15 13 • All time high total revenue for the quarter 13 12 • Double digit growth in Norway, Spain and 46% 48% 44% Germany 36% 37% 36% 32% 33% 31% •
Slide 13: Group: Key metrics positively affected by portfolio sales in the quarter
Group: Key metrics positively affected by portfolio sales in the quarter Total revenue EBITDA and EBITDA-margin Cash EBITDA EURm EURm and % EURm 130 68 65 65 64 62 35 57 59 34 55 32 33 33 30 27 67 26 61 59 55 53% 51% 48% 50% 51% 53%52% 49 47 50 49 46% -43 -74 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q4 Q1 Q2 Q3 Q
Slide 14: ROE of 10% in 2025
ROE of 10% in 2025 - 12% adjusted for NRIs1 Return on equity to shareholders 9% 10% 7% 6% 1% 2% -6% -6% -9% -19% 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 14 1 Excluding non-recurring cost items
Slide 15: Agenda
Agenda Highlights Financial update Focus areas Q&A
Slide 16: Key focus going forward is to secure accretive growth
Key focus going forward is to secure accretive growth Build larger NPL investment Win additional new large bank and pipeline finance clients NPL 3PC Target to place an EUR 100m bond during the year to refinance Ensure operational excellence on ACR03 and secure additional all clients, despite rapid g
Slide 17: Agenda
Agenda Highlights Financial update Focus areas Q&A
Slide 18: Supporting information
Supporting information
Slide 19: ERC down 4% y-o-y driven by portfolio sales
ERC down 4% y-o-y driven by portfolio sales ERC development Forward ERC profile by year EURm EURm 2,620 2,555 2,664 2,602 -4% 287 261 265 2,340 2,346 2,320 2,278 2,245 232 194 166 149 133 116 98 86 77 67 59 54 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Y1 Y2 Y3 Y4 Y5 Y6 Y7 Y8 Y9 Y10 Y11 Y12 Y13 Y14 Y15 ’23 ’24 ’24
Slide 20: 3PC volumes by geographic region
3PC volumes by geographic region 3PC Total revenue split by geographic region Comments 10% • Double digit growth in Norway, Spain and 15% Germany Q4’25 Total revenue EUR 19.0m • Spain growth fueled by successful partnership with 60% major investment fund 14% • Spain accounting for 60% of total reven
Slide 21: Bond covenants (1/2)
Bond covenants (1/2) Leverage ratio - covenant ≤4.0x Interest coverage ratio - covenant ≥3.0x Net interest-bearing debt divided by LTM Pro-forma adjusted cash EBITDA Pro-forma adjusted cash EBITDA divided by net interest expenses 4.0x 3.0x 3.9x 4.0x 3.9x 3.8x 3.9x 4.0x 2.7x1 3.6x 3.7x 3.8x 3.5x 3.2x
Slide 22: Bond covenants (2/2)
Bond covenants (2/2) Loan-to-value - covenant ≤80% Secured Loan-to-value - covenant ≤60% Net interest-bearing debt divided by total portfolio book value Secured net interest-bearing debt divided by total portfolio book value 79% 80% 77%1 78% 77% 60% 75% 75% 74% 73% 73% 43%1 43% 42% 40% 40% 37% 37% 3
Slide 23: Disclaimer
Disclaimer Cautionary note regarding forward-looking statements. The statements contained in this presentation may include forward-looking statements, such as statements of future expectations. These statements are based on the management’s current views and assumptions and involve both known and un
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