Slide 1: Presentation Q2 2026
AXACTOR Presentation Q2 2026
Slide 2: Agenda
Agenda Highlights Financial update Focus areas Q&A
Slide 3: All major milestones in transformational project successfully completed
All major milestones in transformational project sucessfully completed Successfully completed EUR ~215m equity issue1 Equity • Private placement EUR ~200m • Subsequent offering EUR ~15m ✓ Co-investment Co-investment partnership with Fortress successfully established • Legal structure established, fi
Slide 4: Net debt significantly reduced from Q1, next step is to refinance ACR04
Net debt significantly reduced from Q1, next step is to refinance ACR04 Debt structure as of Q2 2026 Comments EURm • Net debt reduced from EUR 837m in Q1’26 to EUR 559m in Q2’26 • Proceeds from equity issue and seed portfolio sale 100 75 used to call ACR03 and reduce RCF draw 125 559 • EUR 100m ACR0
Slide 5: Revised underlying assumptions supported by improved forecast model results in new curve shape
Revised underlying assumptions supported by improved forecast model results in new curve shape… Collection and ERC for unsecured NPL portfolios1 Comments EURm • Unsecured active forecast per year-end‘25 relied Active forecast per 31.12.2025 on an assessment that certain relevant 60 Actual collection
Slide 6: … and negative revaluation for the unsecured NPL book
… and negative revaluation for the unsecured NPL book Comments Revaluation by country • Total negative revaluation of EUR ~320m 9% • Corresponding to 33% of unsecured NPL book value 33% 13% • ~10% lower than Fortress’ pricing assumption in Finland Norway relation to the private placement 6% Germany
Slide 7: Agenda
Agenda Highlights Financial update Focus areas Q&A
Slide 8: Group: Stable gross revenue adjusted for divested portfolios
Group: Stable gross revenue adjusted for divested portfolios Gross revenue Comments EURm (-2% adj.1) • Gross revenue down 4% y-o-y, driven by sold -4% portfolios last year and limited NPL portfolio 992 investments 19 • 2% decline y-o-y adjusted for the divested 81 78 78 75 portfolios 15 15 16 16 • N
Slide 9: NPL segment: Negative total revenue driven by revaluations
NPL segment: Negative total revenue driven by revaluations NPL Total revenue and CM% Comments EURm and % 48 49 46 37 • Total revenue heavily impacted by negative 77% 79% 74% 71% revaluations of EUR 320m in the quarter • Q2 collection performance of 93% • Updated curves with effect from June • Contin
Slide 10: 3PC segment: Continued growth and margin expansion
3PC segment: Continued growth and margin expansion 3PC Total revenue and CM% Comments EURm and % (+5% adj.1) +3% • 3PC total revenue increasing by 3% y-o-y 19 • Y-o-y growth of 5% adjusted for positive one- 16 16 15 15 off impacts on a contract in Spain in Q2’25 • Growth driven by new contracts in N
Slide 11: Group: Total revenue and EBITDA impacted by revaluations, while cash EBITDA upheld
Group: Total revenue and EBITDA impacted by revaluations, while cash EBITDA upheld at good level Total revenue EBITDA and EBITDA-margin Cash EBITDA EURm EURm and % EURm 671 68 64 62 35 53 33 33 50 49 45 46 22 51% 53% 52% 42% -258 -290 Q2 Q3 Q4 Q1 Q2 Q2 Q3 Q4 Q1 Q2 Q2 Q3 Q4 Q1 Q2 ’25 ’25 ’25 ’26 ’26
Slide 12: Agenda
Agenda Highlights Financial update Focus areas Q&A
Slide 13: Key focus going forward is to secure growth and improved profitability
Key focus going forward is to secure growth and improved profitability Leverage new co-investment Secure top-line growth through setup to ramp-up NPL collection excellence and new investments 3PC contract wins Continue to improve cost of Increased efficiency through funding, starting with refinancin
Slide 14: Agenda
Agenda Highlights Financial update Focus areas Q&A
Slide 15: Supporting information
Supporting information
Slide 16: Financial targets for 2027 and onwards
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 3PC rev
Slide 17: ERC down 28% y-o-y due to revaluations
ERC down 28% y-o-y due to revaluations ERC development Forward ERC profile by year EURm EURm -28% 2,320 2,278 2,282 242 2,245 221 189 1,672 154 127 108 98 90 82 74 67 62 57 53 49 Q2 Q3 Q4 Q1 Q2 Y1 Y2 Y3 Y4 Y5 Y6 Y7 Y8 Y9 Y10 Y11 Y12 Y13 Y14 Y15 ’25 ’25 ’25 ’26 ’26 FIN DEU ITA NOR ESP SWE FIN DEU ITA
Slide 18: 3PC volumes by geographic region
3PC volumes by geographic region 3PC Total revenue split by geographic region Comments DEU DEU 12% 13% ITA NOR ESP • Continued strong performance in Norway and Germany ITA 18% 16% Q2’26 ESP 48% Total revenue 51% • Y-o-y growth limited by extraordinary strong Q2’25 EUR 15.7m driven by positive one-of
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 3.7x 2.6x 3.9x 4.0x 3.6x 3.2x 3.3x 3.2x 2.8x 2.9x 2.3x1 Q2 Q
Slide 20: Bond covenants (2/2)
Bond covenants (2/2) Loan-to-value - covenant ≤80%1 Secured Loan-to-value - covenant ≤60%2 Net interest-bearing debt divided by total portfolio book value Secured net interest-bearing debt divided by total portfolio book value 78% 80% 77% 75% 76% 71% 60% 43% 42% 40% 40% 65%3 21% 15%3 Q2 Q3 Q4 Q1 Q2
Slide 21: Legal organization per 30 June 2026
Legal organization per 30 June 2026 Axactor ASA (Norway) Axactor Investment Axactor Platform Holding AB Axactor Portfolio Holding AB Reolux Holding S.à r.l. Holding AB (Sweden) (Sweden) (Luxembourg) (Sweden) Beta Properties 50.1% Axactor Seed Axactor Capital AS Investments S.L.U Investment Ireland A
Slide 22: 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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