Slide 1: Presentation Q1 2026
AXACTOR Presentation Q1 2026
Slide 2: Agenda
Agenda Highlights Financial update Financial targets Q&A
Slide 3: Transformational transaction backed by Fortress and Geveran to support next phase of growth
Transformational transaction backed by Fortress and Geveran to support next phase of growth Summary Successfully completed EUR 200m private placement, with EUR 175m pre-committed by Fortress1 and Geveran Equity • Offer price of NOK 4.70 per share • Subsequent offering of up to EUR 20m to existing sh
Slide 4: Transaction unlocks clear path to significant earnings growth
Transaction unlocks clear path to significant earnings growth Illustrative net profit growth drivers EUR 36m Net profit 2025A Deleveraging Refinancing Higher investments 3PC growth Mid-term net profit ✓ Step-change in investment capacity – generating higher ✓ Day-1 3PC revenue ✓ Reduced interest ✓ O
Slide 5: ACR06 bond issue confirming strong market confidence with oversubscription at record low margin
ACR06 bond issue confirming strong market confidence with oversubscription at record low margin Historical margins with Q1’26 IBOR fixings ACR06 bonds issue -52% 12.43% • On 7 May 2026 Axactor successfully completed a new 4.25-year senior unsecured floating rate bond issue of EUR 100m 9.60% 9.10% 9.
Slide 6: Latest bond pricing marks step-change in funding cost
Latest bond pricing marks step-change in funding cost - Illustrative example indicating pro-forma ~40% reduction in funding cost Q1’26 Proforma interest rate expenses Assumptions1 EURm • EUR 320m in proceeds generated from EUR 200m private placement, EUR 100m seed portfolio sale, and EUR 20m in ~-40
Slide 7: Ongoing subsequent offering
Ongoing subsequent offering - Please see the prospectus for further information and important disclosures Background • On the back of the EUR 200m private placement, Eligible Shareholders1 are invited to participate in a subsequent offering of up to 46,606,383 new shares (“Offer Shares”) to raise up
Slide 8: Agenda
Agenda Highlights Financial update Financial targets Q&A
Slide 9: Group: Gross revenue upheld at good levels
Group: Gross revenue upheld at good levels Gross revenue Comments EURm 161 • Gross revenue down 3% y-o-y, driven by sold 16 portfolios last year and limited NPL portfolio (-2% adj.1) investments -3% • 2% decline y-o-y adjusted for the divested 99 portfolios 89 86 79 77 81 78 19 13 13 75 12 144 15 15
Slide 10: NPL segment: Total revenue impacted by net negative revaluation
NPL segment: Total revenue impacted by net negative revaluation NPL Total revenue and CM% Comments EURm and % 50 48 49 45 46 46 42 37 • Total revenue impacted by net negative 75% 79% 78% 76% 77% 77% 74% 71% revaluations of EUR 9m and higher effective amortization rate • Collection performance of 94%
Slide 11: 3PC segment: Double-digit organic growth
3PC segment: Double-digit organic growth1 3PC Total revenue and CM% Comments EURm and % (+12% adj.1) +5% 19 16 16 15 15 15 13 • 3PC total revenue increasing by 5% y-o-y 13 12 • Y-o-y growth of 12% adjusted for positive one- 48% 44% off impacts on a contract in Spain in Q1’25 36% 37% 36% 37% 32% 33%
Slide 12: Group: Total revenue and EBITDA impacted by negative revaluation, while cash EBITDA upheld at good level
Group: Total revenue and EBITDA impacted by negative revaluation, while cash EBITDA upheld at good level Total revenue EBITDA and EBITDA-margin Cash EBITDA EURm EURm and % EURm 130 68 65 64 62 35 57 59 55 53 32 33 33 30 27 67 26 61 59 22 51% 48% 50% 51% 53% 52% 49 47 50 49 46% 45 42% -43 -74 Q1 Q2 Q
Slide 13: Agenda
Agenda Highlights Financial update Financial targets Q&A
Slide 14: Revised financial targets for 2027 and onwards
Revised financial targets for 2027 and onwards Total shareholder Growth ROE Leverage distribution Focus on moderate Investments of leverage to create an Minimum 50% of EUR 200-400m annually optimal capital structure adj. net profit, distributed Annual ROE exceeding 15% through cash dividends Average
Slide 15: Agenda
Agenda Highlights Financial update Financial targets Q&A
Slide 16: Supporting information
Supporting information
Slide 17: ERC down 3% y-o-y driven by portfolio sales
ERC down 3% y-o-y driven by portfolio sales ERC development Forward ERC profile by year EURm EURm 2,664 2,602 -3% 290 2,555 280 269 2,340 2,346 2,320 2,278 2,245 2,282 233 196 169 150 135 115 98 87 77 68 60 54 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Y1 Y2 Y3 Y4 Y5 Y6 Y7 Y8 Y9 Y10 Y11 Y12 Y13 Y14 Y15 ’24 ’24 ’24
Slide 18: 3PC volumes by geographic region
3PC volumes by geographic region 3PC Total revenue split by geographic region Comments DEU 12% ITA NOR ESP • Good performance in Norway and Germany 18% Q1’26 48% Total revenue • Y-o-y growth limited by extraordinary strong Q1’25 EUR 15.9m driven by positive one-off impacts on one contract in Spain •
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 4.0x 3.9x 3.8x 3.9x 4.0x 2.7x1 3.6x 3.7x 3.7x 3.8x 3.2x 3.1x
Slide 20: Bond covenants (2/2)
Bond covenants (2/2) Loan-to-value - covenant ≤80%2 Secured Loan-to-value - covenant ≤60%3 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% 76% 75% 74% 73% 43%1 43% 42% 40% 40% 40% 37%
Slide 21: 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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