Slide 1: Presentation Q3 2025
AXACTOR Presentation Q3 2025
Slide 2: Agenda
Agenda Highlights Financial update Outlook Q&A
Slide 3: Financial highlights for the quarter
Financial highlights for the quarter Double-digit revenue growth with solid contribution from both segments • Gross revenue growth of 11% y-o-y1 • Total revenue growth of 12% y-o-y in combination with a contribution margin expansion of 2%-points Solid EBITDA of EUR 33m, up from EUR 27m last year • 2
Slide 4: Collection as expected in line with active forecast YTD
Collection as expected in line with active forecast YTD Collection performance Comments 98% 99% 101% 102% 98% • Collection performance of 98% for the quarter 92% 93% 94% 90% and 100% YTD • Supported by Q4’24 revaluation • Expect collection in line with forecast going forward Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
Slide 5: Continued double-digit growth on 3PC
Continued double-digit growth on 3PC 3PC total revenue1 Comments EURm • 3PC segment with continued momentum +19% • Growth in all markets +6% 16 • Norway and Spain primary growth drivers 15 15 15 15 13 13 12 12 • Spain growth fueled by successful partnership with major investment fund • On track to o
Slide 6: Well positioned with no major maturities next two years
Well positioned with no major maturities next two years Successful refinancing initiatives Debt structure as of Q3 20251 EURm 125 884 • In Q2 the company successfully extended the 498 RCF at compelling terms and issued a new 4- year EUR 125m bond (ACR05) • In this quarter the company secured the opt
Slide 7: Agenda
Agenda Highlights Financial update Outlook Q&A
Slide 8: Group: Gross revenue back to growth
Group: Gross revenue back to growth1 Gross revenue Comments EURm -9% 161 (+11% adj.1) 16 • Gross revenue down 9% y-o-y, driven by sale of Spanish portfolios last year • Underlying growth of 11% y-o-y1 84 85 89 86 79 77 81 78 13 15 13 13 12 144 15 15 15 • NPL gross revenue decreasing by 14% y-o-y • U
Slide 9: NPL segment: Total revenue increasing 10% y-o-y with improved margin
NPL segment: Total revenue increasing 10% y-o-y with improved margin NPL Total revenue and CM% Comments EURm and % +10% 52 50 50 48 46 45 46 42 • Total revenue increasing 10% y-o-y 78% 75% 75% 78% 76% 77% 77% 79% • Reduced effective NPL amortization rate following Q4’24 revaluations • Improved contr
Slide 10: 3PC segment: Continued double-digit growth
3PC segment: Continued double-digit growth 3PC Total revenue and CM%1 Comments EURm and % +19% 16 15 15 15 15 • 3PC total revenue increasing by 19% y-o-y 13 13 13 • All markets delivering healthy revenue growth 12 • Particularly good results in Norway and Spain 46% 44% • Spain growth fueled by succe
Slide 11: Group: Double-digit revenue growth and EBITDA-margin expansion
Group: Double-digit revenue growth and EBITDA-margin expansion. Cash EBITDA reflecting Spanish portfolio sale Total revenue EBITDA and EBITDA-margin1 Cash EBITDA EURm EURm and % EURm -16% +12% 130 64 65 65 64 62 59 +23% 57 55 34 34 32 33 33 30 61 27 59 26 55 55 49 50 49 54% 53% 47 51% 50% 51% 53% 46
Slide 12: Double-digit annualized ROE YTD
Double-digit annualized ROE YTD - Increasing to 11% excluding NRIs Return on equity to shareholders1 10% 9% 7% 6% 1% 2% -6% -6% -9% -19% 2016 2017 2018 2019 2020 2021 2022 2023 2024 YTD Q3’25 12 1 Annualized
Slide 13: Agenda
Agenda Highlights Financial update Outlook Q&A
Slide 14: Outlook
Outlook Refinancing • Well positioned with no major maturities next two years Solid • ~100% collection performance collection NPL • Shifting strategic focus from refinancing to accretive NPL investments Investments • Expect NPL investments of EUR 50m to 100m in 2025 • Several large new 3PC agreement
Slide 15: Agenda
Agenda Highlights Financial update Outlook Q&A
Slide 16: Supporting information
Supporting information
Slide 17: ERC down 12% y-o-y due to portfolio sale and revaluation
ERC down 12% y-o-y due to portfolio sale and revaluation ERC development Forward ERC profile by year EURm EURm -12% 2,586 2,620 2,555 2,664 2,602 266 278 264 2,340 2,346 2,320 2,278 238 200 169 152 136 121 100 88 79 69 61 55 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Y1 Y2 Y3 Y4 Y5 Y6 Y7 Y8 Y9 Y10 Y11 Y12 Y13 Y14 Y
Slide 18: 3PC volumes by geographic region
3PC volumes by geographic region 3PC Total revenue split by geographic region Comments 12% • Spain accounting for 51% of total revenue 3PC Q3’25 21% Total revenue 51% EUR 15.2m • Norway with increasing share of total revenue 16% DEU ITA NOR ESP 18
Slide 19: 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 3.8x 3.9x 4.0x 2.7x1 3.8x 3.7x 3.8x 3.5x
Slide 20: Bond covenants (1/2)
Bond covenants (1/2) 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% 74% 73% 73% 73% 43%1 43% 42% 40% 35% 37% 37% 3
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