Slide 1: Presentation Q2 2025
Presentation Q2 2025
Slide 2: Agenda
Agenda Highlights Financial update Outlook Q&A
Slide 3: Financial highlights for the quarter
Financial highlights for the quarter RCF and majority of ACR03 successfully refinanced • The ACR05 bond placed at more than 3 percentage points lower total interest rate compared to ACR04 • Well positioned to shift strategic focus from refinancing to investments and growth Collection performance of
Slide 4: Beating collection forecast
Beating collection forecast Collection performance Comments 102% 99% 101% 102% 98% 94% 92% 93% 90% • Collection performance of 102% in Q2’25 • Supported by Q4’24 revaluation • Expect collection in line with forecast going forward Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 ’23 ’23 ’23 ’24 ’24 ’24 ’24 ’25 ’25 4
Slide 5: 3PC revenue ramping up to double-digit growth
3PC revenue ramping up to double-digit growth 3PC total revenue1 Comments EURm +14% • 3PC segment with continued momentum +8% • Growth in all markets 16 15 15 15 • Norway and Spain primary growth drivers 13 12 13 • Breakthrough in Norwegian 3PC market for 12 12 banks and financial institutions • Exp
Slide 6: RCF and majority of ACR03 successfully refinanced
RCF and majority of ACR03 successfully refinanced - Well positioned with no major maturities next two years Successful refinancing initiatives Debt structure as of Q2 20252 EURm 125 899 • RCF extended two years at existing 517 compelling terms RCF • Continued strong support from RCF banks 193 • Succ
Slide 7: Agenda
Agenda Highlights Financial update Outlook Q&A
Slide 8: Group: Healthy gross revenue of EUR 81m
Group: Healthy gross revenue of EUR 81m Gross revenue Comments EURm -9% (-1% adj.1) 161 16 • Gross revenue down 9% y-o-y, driven by sale of Spanish portfolios last year 91 89 84 85 86 13 79 13 77 81 • 1% decrease excl. divested portfolios in Spain 13 15 13 12 144 15 15 • NPL gross revenue decreasing
Slide 9: NPL segment: Total revenue increasing 6% y-o-y with stable margins
NPL segment: Total revenue increasing 6% y-o-y with stable margins NPL Total revenue and CM% Comments EURm and % -12% +6% 52 52 50 50 48 45 46 42 76% 78% 75% 75% 78% 77% 77% • Total revenue increasing 6% y-o-y 76% • Reduced effective NPL amortization rate following Q4’24 revaluations • Stable contri
Slide 10: 3PC segment: Ramping up to double-digit growth
3PC segment: Ramping up to double-digit growth 3PC Total revenue and CM%1 Comments EURm and % +14% +2% 16 15 15 15 13 13 13 13 12 • 3PC total revenue increasing by 14% y-o-y 46% 44% • All markets delivering healthy revenue growth 36% 37% • Particularly good results in Norway and Spain 33% 33% 32% 33
Slide 11: Group: Solid growth y-o-y on total revenue and EBITDA
Group: Solid growth y-o-y on total revenue and EBITDA - Cash EBITDA decline reflecting Spanish portfolio sale last year Total revenue EBITDA and EBITDA-margin1 Cash EBITDA EURm EURm and % EURm 130 65 64 65 65 64 59 57 55 34 34 33 32 33 30 61 60 59 26 27 55 55 49 50 54% 53% 47 50% 51% 50% 51% 46% 48%
Slide 12: Double-digit annualized ROE YTD
Double-digit annualized ROE YTD - All-time high H1 ROE Return on equity to shareholders1 9% 10% 7% 6% 1% 2% -6% -6% -9% -19% 2016 2017 2018 2019 2020 2021 2022 2023 2024 YTD Q2’252 12 1 YTD Q2’25 annualized ROE of 12% excluding NRIs 2 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 • Several large new 3PC agreements secured during the quarter will Growth ensure cont
Slide 15: Agenda
Agenda Highlights Financial update Outlook Q&A
Slide 16: Supporting information
Supporting information
Slide 17: NPL investment commitments of EUR 6m next 12 months
NPL investment commitments of EUR 6m next 12 months Quarterly NPL investments EURm 70 40 34 27 24 19 11 13 Additional forward 5 flow agreements and 2 2 1 1 one-off acquisitions Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 expected to further ’23 ’23 ’23 ’24 ’24 ’24 ’24 ’25 ’25 ’25 ’25 ’26 ’26 increase NPL
Slide 18: ERC down 13% y-o-y due to portfolio sale and revaluation
ERC down 13% y-o-y due to portfolio sale and revaluation ERC development Forward ERC profile by year EURm EURm -13% 276 268 265 2,664 2,602 246 2,563 2,586 2,620 2,555 2,340 2,346 2,320 209 176 154 138 124 104 90 80 71 61 56 Y1 Y2 Y3 Y4 Y5 Y6 Y7 Y8 Y9 Y10 Y11 Y12 Y13 Y14 Y15 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
Slide 19: 3PC volumes by geographic region
3PC volumes by geographic region 3PC Total revenue split by geographic region Comments 11% 18% • Spain accounting for 53% of total revenue on 3PC Q2’25 Total revenue 53% EUR 15.3m • Norway with increasing share of total revenue 17% DEU ITA NOR ESP 19
Slide 20: Bond covenants (1/2)
Bond covenants (1/2) Leverage ratio - covenant ≤4.0x1 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 3.8x 4.2x 2.7x1 3.8x 3.7x 3.8x 3.9
Slide 21: Bond covenants (1/2)
Bond covenants (1/2) Loan-to-value - covenant ≤80%1 Secured Loan-to-value - covenant ≤60%1 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% 60% 75% 74% 73% 73% 73% 73% 43%1 43% 39% 40% 35% 37% 37%
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