Axactor Asa · OSL:ACR
Axactor Asa — Q3 2026 Earnings Presentation
26 slides from Axactor Asa's earnings presentation, October 2026
Slide 1: Presentation Q3 2026
AXACTOR Presentation Q3 2026
Slide 2: Agenda
Agenda Highlights Financial update Focus areas Q&A
Slide 3: Financial highlights for the quarter
Financial highlights for the quarter Gross revenue of EUR 74m, down 3%1 y-o-y • NPL gross revenue decline of 3% y-o-y1 • External servicing revenue growth of 7% y-o-y2 Collection performance back on track at 104% • Overperformance driven by secured portfolios ACR04 successfully refinanced at substan
Slide 4: Collection performance in line with expectations
Collection performance in line with expectations Collection performance Comments 102% 106%1 104% 101% 98% 94% 93% • Collection performance improved significantly following update of unsecured ERC in Q2’26 • Overperformance driven by secured portfolios Q1 Q2 Q3 Q4 Q1 Q2 Q3 ’25 ’25 ’25 ’25 ’26 ’26 ’26
Slide 5: ACR04 successfully refinanced, further decreasing funding cost
ACR04 successfully refinanced, further decreasing funding cost Debt structure as of Q3 2026 Comments EURm • ACR04 repurchased at 103.35% of par • Early redemption-fee partly offset by realization of 175 80 related cross-currency swap 505 125 • EUR 75m tap on ACR06 to support ACR04 repurchase 285 • R
Slide 6: Interest expenses declining rapidly with less debt at lower margins
Interest expenses declining rapidly with less debt at lower margins Interest expense on external loans Comments -19% 19 18 19 19 -23% 15 • Interest expenses on external loans decreased 19% from previous quarter and 17% from same 12 quarter last year • Assuming EUR 235m in RCF draw, and everything el
Slide 7: Earnings growth drivers on track
Earnings growth drivers on track 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 • Optimised cost of revenu
Slide 8: Company structure including new co-investment entities
Company structure including new co-investment entities Axactor ASA Portfolio holding Repossessed assets Co-investment Servicing platforms entities holding entities holding entity 75% 50% Co-investment SPV Seed portfolio SPV 8 Listed entity Restricted group, RCF funding Realized collaterals Co-invest
Slide 9: Agenda
Agenda Highlights Financial update Focus areas Q&A
Slide 10: New segment reporting to visualize capital light revenue
New segment reporting to visualize capital light revenue OLD segment reporting structure NEW segment reporting structure NPL NPL Investments • NPL servicing platform moved from NPL segment and bundled with 3PC in new Servicing segment Portfolio acquisitions Portfolio acquisitions Collection revenues
Slide 11: Group: Gross revenue of EUR 74m, down 3% adjusted for divested portfolios
Group: Gross revenue of EUR 74m, down 3% adjusted for divested portfolios Gross revenue Comments EURm (-3% adj.1) • Gross revenue down 5% y-o-y, driven by sold -5% 992 portfolios last year and limited NPL portfolio investments 78 78 75 74 • 3% decline y-o-y adjusted for the divested portfolios • NPL
Slide 12: NPL Investments: Total revenue decline reflecting limited investments
NPL Investments: Total revenue decline reflecting limited investments NPL Total revenue and CM% Comments EURm and % 49 46 42 • Q3 collection performance of 104% 37 69% • Overperformance driven by strong collections 60% 61% 59% from secured portfolios • NPL amortization rate increased from 22% in Q3’
Slide 13: Servicing segment: Growth driven by servicing of Seed portfolio
Servicing segment: Growth driven by servicing of Seed portfolio External servicing total revenue and CM% Comments EURm and % +7% 19 16 16 16 15 2 • External servicing growth of 7% 48% • Uplift from servicing of Seed portfolio 38% 35% 34% 40% • Delays in implementation of volumes in 14 Norway, and re
Slide 14: Group: Stable cash EBITDA, total revenue and EBITDA under pressure
Group: Stable cash EBITDA, total revenue and EBITDA under pressure from increased NPL amortization rate Total revenue EBITDA and EBITDA-margin Cash EBITDA EURm EURm and % EURm 671 68 62 35 57 33 53 49 45 46 26 44 22 53% 52% 46% 42% -258 -290 Q3 Q4 Q1 Q2 Q3 Q3 Q4 Q1 Q2 Q3 Q3 Q4 Q1 Q2 Q3 ’25 ’25 ’26 ’
Slide 15: Agenda
Agenda Highlights Financial update Focus areas Q&A
Slide 16: 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 Increased efficiency through Optimize debt funding structure, further automation with supp
Slide 17: Agenda
Agenda Highlights Financial update Focus areas Q&A
Slide 18: Supporting information
Supporting information
Slide 19: Financial targets for 2027 and onwards
Financial targets for 2027 and onwards Total shareholder Growth ROE Leverage distribution Investments of Focus on moderate EUR 200-400m annually leverage to create an Minimum 50% of optimal capital structure adj. net profit, distributed Annual ROE exceeding 15% Average external servicing through cas
Slide 20: ERC down 27% y-o-y due to Q2'26 revaluations
ERC down 27% y-o-y due to Q2’26 revaluations ERC development Forward ERC profile by year EURm EURm -27% 2,278 2,245 2,282 249 222 1,672 1,672 187 150 125 109 99 90 81 73 67 61 57 53 49 Q3 Q4 Q1 Q2 Q3 Y1 Y2 Y3 Y4 Y5 Y6 Y7 Y8 Y9 Y10 Y11 Y12 Y13 Y14 Y15 ’25 ’25 ’26 ’26 ’26 FIN DEU ITA NOR ESP SWE FIN D
Slide 21: External servicing volumes by geographic region
External servicing volumes by geographic region External servicing revenue split by geography Comments DEU DEU 1% 14% 15% ITA NOR • Growth driven by servicing of Seed portfolio ESP SWE • Continued strong 3PC performance in Norway and ESP 46% Q3’26 Germany Total revenue 18% ITA 16% 48% EUR 16.3m • Y-
Slide 22: Bond covenants (1/2)
Bond covenants (1/2) Leverage ratio - covenant ≤4.0x Interest coverage ratio - covenant ≥2.75x2 Net interest-bearing debt divided by LTM Pro-forma adjusted cash EBITDA Pro-forma adjusted cash EBITDA divided by net interest expenses 4.0x 2.8x 3.7x 2.6x 4.0x 3.6x 3.2x 3.3x 3.2x 3.3x 2.9x 2.3x1 2.4x Q3
Slide 23: 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 80% 77% 75% 76% 71% 60% 64% 42% 40% 40% 26% 65%3 21% 15%3 Q3 Q4 Q1 Q2 Q3
Slide 24: Legal organization per 30 September 2026
Legal organization per 30 September 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 Irel
Slide 25: 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
Slide 26: Slide 26