Interim report
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Report Q2 2025 Highlights Key figures Operations Financials APM Glossary
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We are passionate, proactive and act with integrity Axactor helps people and society to a better future Axactor – Second quarter 2025Axactor – Second quarter 2025 22 Highlights Key figures Operations Financials APM Glossary Highlights Key figures Operations Financials APM Glossary
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/ Highlights Second quarter 2025 • Annualized return on equity of 8%, increasing to 12% excluding non-recurring cost items related to legal proceedings, new IT infrastructure provider, and refinancing activities (4%) • Continued 3PC growth with total revenue increasing 14% to EUR 15.3 million (13.4). Two largest contracts in Spain and Germany renewed for additional two years, and landmark agreement in Norway with start during fourth quarter 2025 • Total revenue growth of 8%, ending at EUR 63.8 million (59.1), with upheld NPL collection performance at a healthy level of 102% (93%) • Solid EBITDA margin of 51%, or 54% excluding non-recurring cost items related to legal proceedings and migration to new IT infrastructure provider (51%) • Gross revenue of EUR 80.8 million (89.2) and Cash EBITDA of EUR 49.9 million (61.1). The decline compared to the second quarter 2024 was mainly due to the NPL portfolio divestments in 2024 • Significantly reduced refinancing risk with a two-year maturity extension on the multi- currency revolving credit facility (RCF) and a EUR 125 million bond placement • NPL investments of EUR 27.2 million (70.4), with a stable average gross IRR for the total NPL stock of 19%, same as per the end of the second quarter 2024 • Successfully completed full-scale migration of the IT infrastructure platform, delivering the project on time and under budget. This milestone transition enhances Axactor’s operational resilience, scalability, and cost efficiency, and positions the company for continued growth and improved service delivery across all markets First half year 2025 • Strong improvement in profitability with annualized return on equity to shareholders of 10% (2%) and an EBITDA margin of 50% (49%). Excluding non-recurring items, the return on equity to shareholders was 12%, while the EBITDA margin was 52% • Total revenue growth of 11% to EUR 128.8 million (115.6) and EBITDA growth of 15% to EUR 64.9 million (56.6) • Stabilized NPL collection performance above expectations, landing at 101% for the first six months of 2025 (93%) • Landed several major 3PC contracts, contributing to 21% segment revenue growth for the first half year and a solid outlook for the coming quarters • Gross revenue of EUR 158.2 million (168.3) and Cash EBITDA of EUR 96.6 million (110.1), with the main reason for the decline being the portfolio divestments in 2024 • Invested EUR 32.4 million in NPL portfolios (81.2), with an uptick in investment level expected for the second half of the year • Extension options for the RCF agreement exercised, extending the maturity to mid-2028 • Successful new bond placement of EUR 125 million combined with re-purchases of outstanding bond loans with a nominal value of EUR 51.7 million positions the Group well for its upcoming debt maturity in 2026. The bond re-purchases were made at sub-par prices, resulting in a EUR 1.3 million gain Axactor – Second quarter 2025Axactor – Second quarter 2025 33 Highlights Key figures Operations Financials APM Glossary Highlights Key figures Operations Financials APM Glossary HighlightsHighlights Highlights
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/ Key figures Key figures that cannot be directly found in the Group’s consolidated statements are reconciled in the APM tables. For the quarter end Year to date EUR million 30 Jun 2025 30 Jun 2024 30 Jun 2025 30 Jun 2024 Full year 2024 Gross revenue 81 89 158 168 415 Total revenue 64 59 129 116 128 EBITDA 33 30 65 57 9 Cash EBITDA 50 61 97 110 298 Net profit/(loss) after tax 7 4 17 5 -79 EBITDA margin 51% 51% 50% 49% 7% Return on equity to shareholders, annualized 8% 4% 10% 2% -19% Equity ratio 27% 29% 27% 29% 26% Acquired NPL portfolios 27 70 32 81 128 Book value of NPL portfolios 1,092 1,284 1,092 1,284 1,087 Estimated remaining collections (ERC) 2,320 2,664 2,320 2,664 2,340 Number of employees (FTEs) 1,207 1,228 1,207 1,228 1,174 Price per share, last day of period (NOK) 7.44 4.11 7.44 4.11 3.69 Market capitalization (NOK million) 2,248 1,242 2,248 1,242 1,115 Gross revenue EUR million 81 -9% y/y ERC, NPL EUR million 2,320 -13% y/y Return on equity 8% to shareholders, annualized EBITDA EUR million 33 51% margin Cash EBITDA EUR million 50 -18% y/y Equity ratio 27% Axactor – Second quarter 2025Axactor – Second quarter 2025 44 Highlights Key figures Operations Financials APM Glossary Highlights Key figures Operations Financials APM Glossary Key figuresKey figures Key figures
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/ Operations The second quarter of 2025 was commercially very successful for Axactor with the largest 3PC contract in Spain and the largest 3PC contract in Germany both prolonged for two years, as well as the pre-announced milestone 3PC agreement with a leading financial institution in Norway. The 3PC segment saw continued growth momentum in the quarter with a total revenue of EUR 15.3 million. The NPL segment gross revenue ended at EUR 65.5 million with an NPL performance of 102% for the quarter. The pre-announced milestone 3PC agreement in Norway will entail debt collection services within a wide range of products, including but not limited to, credit cards, consumer loans, car loans, leasing products and house mortgages. The preparatory work to onboard the new customer has already started, with both system integrations and organizational changes underway to support the volume growth. A substantial recruitment campaign has been initiated to ensure high-quality services are delivered from day-one. The Norwegian 3PC market has been active during the spring and early summer, with Axactor continuously increasing its market share within the bank & finance segment. Combined with the continuation of the largest 3PC contract in both Spain and Germany, the segment is set for further growth in 2026 and 2027. The Secured NPL sub-segment in Spain has delivered outstanding performance over the past quarters. During the second quarter Axactor acquired a new secured portfolio from a tier-A bank. The portfolio had an outstanding balance of more than EUR 100 million and consisted of more than 1,200 collaterals. This acquisition ensures further growth within the secured sub-segment, taking advantage of the high-quality processes and competent team that have been established. The development of a new tailor-made system for the special requirements within the secured segment is making good progress, and the system is expected to be fully operational during the second half of 2025. Exploring adjacent sub-segments within 3PC The strong collaboration between the commercial teams and operational delivery teams continues to give benefits both in terms of topline and profitability throughout the Axactor group. A new strategic choice of offering 3PC services to investment funds acquiring both secured and unsecured non-performing loans in Spain was made in 2024. The services are mainly directed towards portfolios that are out-of-scope for Axactor’s NPL investments, and the new offering has been a significant success. Axactor’s extensive experience in handling NPL portfolios ensure superior services can be provided to the investor. Focus on improving efficiency At the end of the second quarter of 2025 Axactor had approximately 904,000 NPL cases under management, with an average outstanding balance of approximately EUR 16,000. A key element in efficient management of the portfolios is automation and directing activities towards the cases with the highest likelihood of payment. Good development is observed on the key performance indicator payer-to-payer, meaning debtors making payments in consecutive months. On average, 77% of debtors that paid in one month also made a payment in the following month. This is a testimony to Axactors focus on sustainable payment plans, ensuring debtors are given realistic timelines for settling their debt and providing Axactor with stable cash flow. Completion of strategic IT infrastructure migration In May, Axactor successfully completed the full-scale migration of the IT infrastructure platform, delivering the project on time and under budget. This strategic initiative included all business units and markets, and demanded close collaboration between IT and the business teams, as well as with a wide range of external vendors. Axactor – Second quarter 2025Axactor – Second quarter 2025 55 Highlights Key figures Operations Financials APM Glossary Highlights Key figures Operations Financials APM Glossary OperationsOperations Operations
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The final transition to the new infrastructure provider was executed seamlessly, with no major disruptions during the cutover phase. This milestone transition enhances Axactor’s operational resilience, scalability, and cost efficiency, and positions the company for continued growth and improved service delivery across all markets. Human- and workers’ rights The results of the human rights due diligence assessment, confirming compliance with fundamental human rights and decent working conditions, was updated and published on the company’s websites during the second quarter. Through this assessment, Axactor has not found evidence of any adverse human rights impacts caused by, or contributed to by Axactor. At the same time, this is not something which can be taken for granted and Axactor will continue to work towards improving its human rights impact assessment. Axactor has been a signatory of the UN Global Compact since June 2021. The communication of progress was submitted 20 May 2025. Axactor discloses its continuous efforts to integrate the Ten Principles into its business strategy, culture, and daily operations. Axactor contributes to the United Nations goals, with a particular focus on the Sustainable Development Goals, and reaffirms its support of the Ten Principles of the United Nations Global Compact in the areas of Human Rights, Labor, Environment, and Anti-Corruption. The annual general meeting Axactor held its annual general meeting 6 May 2025. All the proposals from the Board of Directors were approved, including the 2024 annual report. No changes to the composition of the Board of Directors were proposed. Long-term incentive programs Axactor utilizes long-term incentive programs designed to align and incentivize senior management in the Group to create shareholder value, and to retain key employees. In June, the long-term incentive program “ESOP2022” ended with a positive payoff for the participants. The Board of Directors has decided in accordance with the terms and conditions of the long-term incentive program, on a cash settlement of the share options. A total of 1,650,004 share options were vested, of which 1,183,337 options were exercised on 1 July 2025. The 466,667 options not exercised on 1 July 2025 remain vested. A new long-term incentive program, “ESOP2025”, went into effect 6 May 2025. The program is based on performance share units and reflects the Group’s long-term performance. The options will vest after three years. Vesting of share options presumes that the individual is an employee of Axactor group. Update on the NPL directive During the quarter, the NPL directive entered into force in Finland, and Axactor submitted its application for the new license to the Finnish Financial Supervisory Authority during May. In Norway and Spain, the implementation continues to face delays and are expected to enter into force early 2026. Axactor – Second quarter 2025Axactor – Second quarter 2025 66 Highlights Key figures Operations Financials APM Glossary Highlights Key figures Operations Financials APM Glossary OperationsOperations Operations
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/ Financials Revenue Total revenue for the second quarter ended at EUR 63.8 million (59.1), supported by growth in both business segments. The NPL amortization and revaluation ended at EUR -17.0 million, an improvement from EUR -30.1 million in the second quarter 2024. The gross revenue fell from EUR 89.2 million in the second quarter 2024 to EUR 80.8 million. The main reason for the decline in gross revenue is the portfolio divestments last year. The NPL collection performance was 102% for the quarter, an improvement from 93% in the second quarter last year and affirming the updated collection curves put in place in the fourth quarter 2024. The NPL segment delivered a total revenue of EUR 48.5 million in the second quarter, up from EUR 45.7 million in the second quarter 2024. The improvement is mainly caused by a lower effective NPL amortization rate of 23% (34%), and net NPL revaluations of EUR -1.9 million compared to -4.6 million in the second quarter 2024. Gross revenue for the NPL segment ended at EUR 65.5 million, down 14% compared to the second quarter last year (75.8). The decline comes mainly as a result of the portfolio divestments last year. The 3PC segment total revenue ended at EUR 15.3 million, up 14% from the corresponding quarter last year (13.4). All the four countries with an active 3PC segment delivered solid growth, with Norway and Spain being the main growth contributors. A landmark 3PC agreement was reached with a leading financial institution in Norway during the quarter, expected to contribute to significant growth for the Norwegian 3PC revenue when fully operational. The on-boarding will start in the fourth quarter 2025, with a gradual ramp-up going into 2026. Further expansion in the 3PC segment is expected across geographies, with a strong pipeline for new business. For the first half year, the Group delivered total revenue of EUR 128.8 million (115.6) and a gross revenue of EUR 158.2 million (168.3). The NPL segment total revenue was EUR 98.3 million for the first half year (90.4), up 9% from the first half of 2024. The increase is primarily explained by lower amortizations and net NPL revaluations. The NPL gross revenue fell 11% compared to the same period last year, to EUR 127.7 million (143.0). The decline comes mainly as a result of the large portfolio divestment in the fourth quarter 2024. 3PC total revenue for the first half year was EUR 30.5 million (25.2), up 21% from the first half year 2024, supported by solid growth in all of the four countries having an active 3PC segment. -40 0 40 80 120 160 Q2-25Q1-25Q4-24Q3-24Q2-24 Total revenue and gross revenue 89 Total revenue Gross revenue EUR million 59 86 55 81 64 77 65 161 -43 3PC 19% NPL 81% % Gross revenue mix Q2 2025 Total revenue mix Q2 2025 3PC 24% NPL 76% % Axactor – Second quarter 2025Axactor – Second quarter 2025 77 Highlights Key figures Operations Financials APM Glossary Highlights Key figures Operations Financials APM Glossary FinancialsFinancials Financials
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Operating expenses Total operating expenses before depreciation and amortization for the quarter were EUR 31.3 million. This compares to EUR 28.7 million in the second quarter 2024. The increase is primarily driven by non-recurring cost items in the quarter of EUR 2.2 million. The items mainly relate to a true-up of court fees in Spain, covering the period 2021-2024 and expenses related to the migration to a new IT infrastructure provider. The direct operating expenses for the 3PC segment increased 24%, driven by the increased volume and implementation of new customers. The total operating expenses as percentage of gross revenue thus increased to 36% (excluding the non-recurring cost items) for the second quarter (32%). Depreciation and amortization – excluding amortization of NPL portfolios – was EUR 2.0 million for the quarter, down from EUR 2.4 million in the corresponding quarter last year. For the first half year, total operating expenses before depreciation and amortization ended at EUR 63.9 million (59.1), or 40% of gross revenue (35%). The main reason for the increase was the increasing share of the 3PC segment, higher cost of sale for repossessed assets, and non-recurring cost items recognized during the first half year 2025. Depreciation and amortization – excluding amortization of NPL portfolios – ended at EUR 4.0 million, down from EUR 4.5 in the first half year 2024. Operating results Total contribution margin from the business segments in the quarter was EUR 42.2 million, up from EUR 40.3 million in the second quarter last year. The main improvement driver was the total revenue growth. The NPL segment delivered a contribution margin of EUR 37.5 million in the quarter, up from EUR 35.5 million in the corresponding quarter last year. The total operating expenses for the NPL segment increased 8% to EUR 11.0 million (10.2), primarily due to non-recurring legal costs of EUR 1.9 million. The contribution margin over total revenue was 77% (78%). The contribution margin for the 3PC segment was EUR 4.7 million (4.9). The contribution margin over segment revenue was 31% for the quarter, down from 36% in the second quarter 2024. The main reason for the lower contribution margin compared to last year is costs related to the implementation of new business. Total contribution from the business segments for the first half year ended at EUR 85.4 million (77.8), of which NPL contributed EUR 75.6 million (69.2) and 3PC contributed EUR 9.8 million (8.6). EBITDA for the quarter ended at EUR 32.5 million, up from EUR 30.3 million in the second quarter 2024. The margin over total revenue was at a solid level of 51%, the same level as the second quarter last year. For the first half year, EBITDA was EUR 64.9 million (56.6), resulting in a healthy EBITDA margin of 50% (49%). The difference between contribution margin and EBITDA is comprised of unallocated SG&A and IT costs, which amounted to EUR 9.7 million for the quarter. This represents a decrease from EUR 10.0 million in the corresponding quarter 2024. For the first half year, unallocated SG&A and IT cost amounted to EUR 20.5 million (21.3). Cash EBITDA ended at EUR 49.9 million for the quarter, down from EUR 61.1 million in the second quarter last year. The reduction was primarily driven by the portfolio sales in 2024. For the first half year 2025 the cash EBITDA ended at 96.6 million (110.1). Operating profit (EBIT) was EUR 30.6 million for the second quarter, compared to EUR 28.0 million in the second quarter last year. For the first half year, operating profit was EUR 60.9 million (52.0). Net financial items Total net financial items for the quarter were negative EUR 21.7 million (negative 22.1). The main part of the financial items was made up of interest expense on borrowings of EUR 19.2 million, compared to EUR 22.4 million in the second quarter last year. Other financial expenses ended at EUR 1.8 million for the quarter (0.5), including EUR 1.5 million of roll-over fees associated with bond re-financing activities in the quarter. The net foreign exchange impact for the quarter was negative EUR 1.1 million, compared to -80 -60 -40 -20 0 20 40 60 80 Q2-25Q1-25Q4-24Q3-24Q2-24 EBITDA and EBITDA margin EUR million and % 30 51% 27 48% 50% 51% 32 33-74 N/A Axactor – Second quarter 2025Axactor – Second quarter 2025 88 Highlights Key figures Operations Financials APM Glossary Highlights Key figures Operations Financials APM Glossary FinancialsFinancials Financials
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positive EUR 0.7 million in the second quarter last year. Axactor continued to re-purchase bond loans for sub-par values in the second quarter, acquiring a total of EUR 2.9 million in nominal value resulting in an insignificant gain. For the first half year, total net financial items were negative EUR 38.5 million (negative 45.1), of which interest expenses on borrowings amounted to EUR 38.5 million (44.8). A gain related to repurchase of treasury bonds of EUR 1.3 million was recognized in the first half of 2025, offset by a roll-over fee of EUR 1.5m in connection with bond refinancing activities. The net foreign exchange impact for the first half of 2025 was close to zero, compared to positive EUR 0.3 million for the first half of last year. Earnings and taxes Profit before tax ended at EUR 8.9 million for the second quarter (5.9), while net profit ended at EUR 6.9 million (4.3). The effective tax rate was thus 22% for the quarter (27%). During the first quarter 2025, Axactor acquired full ownership in Reolux Holding S.a.r.l., and consequently there are no non-controlling interests from this date. The profit to the shareholders of the parent company for the second quarter 2025 was thus EUR 6.9 million (4.2), The resulting earnings per share was EUR 0.023 for the second quarter 2025 both on a reported basis and fully diluted (0.014). For the first half year, profit before tax ended at EUR 22.3 million (6.9), while the net profit ended at EUR 17.0 million (5.0). The effective average tax rate for the period was 24%, compared to 27% in the first half year of 2024. EUR 17.0 million of the net profit was attributable to shareholders of the parent company (4.9). Cash flow Net cash flow from operating activities, including NPL investments, amounted to EUR -13.9 million (-18.0) for the quarter, of which the amount paid for NPL portfolios was EUR 27.3 million (71.0). The deviation between the investment in NPL portfolios and the cash paid for NPL portfolios in the period relates to deferred payments on certain portfolios. The total cash flow from operations excluding investments in NPL portfolios ended at EUR 13.4 million (53.0). In addition to the reduction in cash EBITDA, the decrease was driven by a reduction in net working capital of EUR 32.4 million (5.3), which is mostly related to bond-repurchases that were closed at the end of the first quarter but paid for in April. Taxes paid increased to EUR 4.1 million compared to EUR 2.8 million in the second quarter last year. For the first half year, net cash flow from operating activities was EUR 61.8 million (11.1), including NPL investments of EUR 32.2 million (84.3), cash EBITDA of EUR 96.6 million (110.1), taxes paid of EUR 6.7 million (11.6) and a decrease in net working capital of EUR 4.4 million (increase of 3.2). Total net cash flow from investing activities, not including investments in NPL portfolios, was EUR -0.9 million for the second quarter, compared to EUR -0.7 million for the second quarter 2024. The net cash flow from investments for the first half year was EUR -1.7 million, compared to EUR -1.5 million in the first half year 2024. Total net cash flow from financing activities was EUR 26.3 million for the quarter (18.0), with net proceeds from credit facilities of EUR 53.1 million (41.2). Loan fees paid in relation to the extension of the multi-currency revolving credit facility (RCF) and the issuance of the new ACR05 bond was EUR 9.0 million in the second quarter (0.0). Interests paid decreased from EUR 22.5 million in the second quarter last year, to EUR 17.9 million in the second quarter 2025. The decrease is partly related to reduced reference rates (EURIBOR, NIBOR and STIBOR) during the period, as well as reduced outstanding debt. For the first half year, total net cash flow from financing activities was EUR -46.3 million (-6.1), with interests paid of EUR 36.2 million (44.2), and a net repayment on credit facilities of EUR 0.7 million (net drawdown of 39.8). Total net cash flow was thus EUR 11.4 million for the quarter (-0.8) and EUR 13.8 million for the first half year (3.5), leaving total cash and cash equivalents at EUR 46.8 million at the end of the period (35.2). This does not include EUR 1.9 million in restricted cash (1.9). Equity position and balance sheet considerations Total equity for the Group was EUR 347.3 million at the end of the first half year 2025, up from EUR 331.7 million at the end of last year (422.9). The increase during the first half year is due to the results recognized during the period. The resulting equity ratio at the end of the quarter was 27% (29%). Return on equity Driven by the improvements in total revenue and lower financial expenses, the annualized return on equity for the second quarter ended at 8% (4%). Adjusted for non-recurring costs in the quarter Axactor – Second quarter 2025Axactor – Second quarter 2025 99 Highlights Key figures Operations Financials APM Glossary Highlights Key figures Operations Financials APM Glossary FinancialsFinancials Financials
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the return on equity was 12%. The return on equity for the first half year was 10%, or 12% excluding non-recurring items, compared to 2% for the first half of 2024. With lower interest rates, improved NPL collection performance, strong 3PC growth and a continued focus on cost, Axactor expects to continue to deliver a return on equity at a healthy level throughout 2025. Capital expenditure and funding Axactor invested EUR 27.2 million in NPL portfolios during the second quarter, primarily in Spain (70.4). The moderate investment level is expected to pick up later in 2025. The book value of NPL portfolios ended at EUR 1,092.3 million, up from EUR 1,087.5 at year-end 2024 (1,283.9), while the estimated remaining collections ended at EUR 2,320.1 million (2,664.0). Estimated future NPL investment commitments stand at EUR 5.9 million per the end of the first half year, EUR 4.3 million of which is related to the remainder of 2025. Adding the investments made during the first quarter, the total NPL investments for the first half year was EUR 32.4 million (81.2). Axactor placed a new EUR 125 million bond during the second quarter, with a four-year maturity. The bond is expected to be listed before year-end, with the ticker ACR05. The proceeds from the bond issuance were used to refinance parts of the ACR03 bond. With this new bond issuance, Axactor has a total of three outstanding bond loans. The EUR 300 million bond with ticker ACR03 matures in September 2026. A total face value of EUR 234.8 million has been re-purchased and cancelled, and the nominal value of the bond is EUR 65.2 million per the end of the first half of 2025. The NOK 2,300 million bond with ticker ACR04 was placed during the third quarter 2023, with maturity in September 2027. A total face value of EUR 1.7 million was re-purchased during the first quarter, and consequently the outstanding face value of the bond at the end of the first half year was EUR 194.4 million. Axactor’s RCF has a total size of EUR 545 million, of which EUR 516.6 million was drawn per the end of the first half (509.0). Additionally, the agreement has a EUR 275 million accordion option, contingent on separate credit approval. The maturity of the RCF agreement was extended to June 2028 during the second quarter 2025. Total interest-bearing debt including capitalized loan fees and accrued interest amounted to EUR 883.0 million at the end of the first half of 2025 (975.8). Axactor is in compliance with all loan covenants as per the end of the first half of 2025. Outlook With the issuance of a new EUR 125 million bond loan and the extension of the RCF in the second quarter of 2025, the refinancing risk for the Group has been significantly reduced. Axactor have no maturities in 2025 and the 2026 maturity is reduced to EUR 65.2 million. Investments in attractive NPL portfolios is expected to pick up during the second half of 2025, and the current investment guiding of EUR 100 – 200 million per year for the period 2024- 2026 is reiterated. The estimated replacement capex for 2025 is EUR 66.0 million. The 3PC segment continue to show strong momentum, with further growth expected across all four countries where Axactor offer the product. The continued growth for the segment is supported by the Norwegian landmark agreement announced in the second quarter, together with numerous other significant contracts signed during the first half year. Additionally, the pipeline remains very healthy, further enhancing the segment outlook. NPL collection performance has been stabilized at a level of more than 100% during the first half year, and Axactor expect to continue to deliver stable performance through 2025. Although the collections will still be impacted by macroeconomic conditions, legislative changes and geopolitical uncertainty, there are upsides from falling interest rates and an expected improvement in both the market for refinancing unsecured loans and in debtor’s real disposable income. Falling interest rates will also benefit Axactor in terms of reduced interest expenses. Furthermore, Axactor are accelerating its operational optimization program to enhance efficiency and reduce structural costs. Axactor – Second quarter 2025Axactor – Second quarter 2025 1010 Highlights Key figures Operations Financials APM Glossary Highlights Key figures Operations Financials APM Glossary FinancialsFinancials Financials
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/ Responsibility statement from the Board and the CEO We confirm that, to the best of our knowledge, that the condensed set of interim consolidated financial statements for the first half of 2025 has been prepared in accordance with IAS 34 Interim Financial Reporting and gives a true and fair view of the assets, liabilities, financial position and profit or loss for the Group and the company taken as whole. We also confirm that, to the best of our knowledge, that the half-yearly report gives a fair overview of important events that have occurred during the first six months of the financial year and their impact on the half-yearly financial report, any significant related party transactions, and a description of the principal risks and uncertainties for the remaining six months of the financial year. Oslo, 13 August 2025 Terje Mjøs Chair Brita Eilertsen Board member Lars Erich Nilsen Board member Kjersti Høklingen Board member Ørjan Svanevik Board member Johnny Tsolis CEO Axactor – Second quarter 2025Axactor – Second quarter 2025 1111 Highlights Key figures Operations Financials APM Glossary Highlights Key figures Operations Financials APM Glossary FinancialsFinancials Financials
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/ Interim condensed consolidated financial statements Interim condensed consolidated statement of profit or loss 13 Interim condensed consolidated statement of comprehensive income 14 Interim condensed consolidated statement of financial position 15 Interim condensed consolidated statement of cash flows 16 Interim condensed consolidated statement of changes in equity 17 Notes to the interim condensed consolidated financial statements 18 Note 1 Reporting entity and accounting principles 18 Note 2 Financial risks 18 Note 3 Operating segments 20 Note 4 Financial items 23 Note 5 Revenue 24 Note 6 Purchased loan portfolios 26 Note 7 Interest-bearing loans and borrowings 29 Note 8 Leases 32 Note 9 Fair value of forward flow commitments 33 Note 10 Issued shares and share capital 34 Axactor – Second quarter 2025Axactor – Second quarter 2025 1212 Highlights Key figures Operations Financials APM Glossary Highlights Key figures Operations Financials APM Glossary FinancialsFinancials | Interim condensed consolidated financial statementsFinancials | Interim condensed consolidated financial statements
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Interim condensed consolidated statement of profit or loss For the quarter end Year to date EUR thousand Note 30 Jun 2025 30 Jun 2024 30 Jun 2025 30 Jun 2024 Full year 2024 Interest revenue from purchased loan portfolios 5, 6 49,809 54,839 99,554 109,076 222,038 Net gain/(loss) purchased loan portfolios 5, 6 -1,880 -10,249 -3,653 -20,149 -152,269 Revenue from sale of repossessed assets 5 557 1,085 2,422 1,584 3,968 Other operating revenue 15,285 13,377 30,457 25,107 54,200 Total revenue 3, 5 63,786 59,051 128,791 115,619 127,937 Cost of repossessed assets sold, incl impairment 5 -309 -538 -2,166 -690 -1,599 Personnel expenses -15,880 -15,459 -32,375 -32,568 -63,541 Other operating expenses -15,093 -12,709 -29,387 -25,792 -53,518 Total operating expenses -31,283 -28,706 -63,928 -59,050 -118,658 EBITDA 32,504 30,345 64,862 56,568 9,279 Depreciation and amortization -1,952 -2,358 -4,011 -4,521 -11,557 Operating profit /(loss) 30,551 27,988 60,851 52,047 -2,278 Financial revenue 4 831 803 2,421 459 8,437 Financial expenses 4 -22,490 -22,862 -40,928 -45,591 -91,238 Net financial items -21,660 -22,059 -38,507 -45,132 -82,801 Profit/(loss) before tax 8,892 5,929 22,345 6,916 -85,079 Income tax expense -1,998 -1,601 -5,361 -1,867 6,019 Net profit/(loss) after tax 6,894 4,328 16,983 5,049 -79,060 For the quarter end Year to date EUR thousand Note 30 Jun 2025 30 Jun 2024 30 Jun 2025 30 Jun 2024 Full year 2024 Attributable to: Non-controlling interests: Net profit/(loss) after tax - 95 - 140 466 Shareholders of the parent company: Net profit/(loss) after tax 6,894 4,233 16,983 4,908 -79,526 Earnings per share: Basic and diluted 0.023 0.014 0.056 0.016 -0.263 Axactor – Second quarter 2025Axactor – Second quarter 2025 1313 Highlights Key figures Operations Financials APM Glossary Highlights Key figures Operations Financials APM Glossary FinancialsFinancials | Interim condensed consolidated financial statementsFinancials | Interim condensed consolidated financial statements
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Interim condensed consolidated statement of comprehensive income For the quarter end Year to date EUR thousand 30 Jun 2025 30 Jun 2024 30 Jun 2025 30 Jun 2024 Full year 2024 Net profit/(loss) after tax 6,894 4,328 16,983 5,049 -79,060 Items that will not be reclassified subsequently to profit or loss Remeasurement of pension plans - - - - -6 Items that may be reclassified subsequently to profit or loss Currency translation differences - foreign operations -5,821 4,274 232 -4,125 -9,419 Fair value net gain/(loss) on cash flow hedges during the period -578 -216 -1,240 -216 -407 Cumulative net gain/(loss) on cash flow hedges reclassified to profit or loss -684 -796 -600 -1,593 -3,185 Other comprehensive income/(loss) after tax -7,083 3,261 -1,608 -5,934 -13,018 Total comprehensive income/(loss) for the period -189 7,589 15,375 -885 -92,077 Attributable to: Non-controlling interests - 95 - 140 466 Shareholders of the parent company -189 7,494 15,375 -1,025 -92,544 Axactor – Second quarter 2025Axactor – Second quarter 2025 1414 Highlights Key figures Operations Financials APM Glossary Highlights Key figures Operations Financials APM Glossary FinancialsFinancials | Interim condensed consolidated financial statementsFinancials | Interim condensed consolidated financial statements
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Interim condensed consolidated statement of financial position EUR thousand Note 30 Jun 2025 30 Jun 2024 Full year 2024 Assets Non-current assets Intangible assets Goodwill 58,840 59,498 58,871 Deferred tax assets 7,617 7,036 12,320 Other intangible assets 10,524 14,049 12,003 Tangible assets Property, plant and equipment 2,393 1,806 1,839 Right of use assets 8 7,285 9,364 7,820 Financial assets Purchased loan portfolios 6 1,092,342 1,283,894 1,087,472 Other non-current assets 952 1,548 1,431 Total non-current assets 1,179,954 1,377,196 1,181,757 Current assets Repossessed assets 4,144 4,076 4,180 Accounts receivable 4,530 6,991 7,730 Other current assets 40,588 32,582 37,151 Restricted cash 1,929 1,945 1,882 Cash and cash equivalents 46,842 35,167 32,991 Total current assets 98,034 80,761 83,934 Total assets 1,277,987 1,457,958 1,265,691 EUR thousand Note 30 Jun 2025 30 Jun 2024 Full year 2024 Equity and liabilities Equity Share capital 10 158,369 158,369 158,369 Other paid-in equity 271,264 271,063 271,048 Retained earnings -44,667 31,991 -52,450 Other components of equity -37,700 -29,014 -36,092 Non-controlling interests - -9,527 -9,201 Total equity 347,266 422,881 331,674 Non-current liabilities Interest-bearing debt 7 883,039 975,805 884,728 Deferred tax liabilities 1,429 10,106 1,802 Lease liabilities 8 6,286 7,442 7,083 Other non-current liabilities 4,794 1,943 4,570 Total non-current liabilities 895,548 995,296 898,183 Current liabilities Accounts payable 4,853 4,663 3,915 Taxes payable 1,760 5,370 2,406 Lease liabilities 8 3,289 3,264 3,348 Other current liabilities 25,271 26,484 26,165 Total current liabilities 35,173 39,781 35,834 Total liabilities 930,721 1,035,077 934,017 Total equity and liabilities 1,277,987 1,457,958 1,265,691 Axactor – Second quarter 2025Axactor – Second quarter 2025 1515 Highlights Key figures Operations Financials APM Glossary Highlights Key figures Operations Financials APM Glossary FinancialsFinancials | Interim condensed consolidated financial statementsFinancials | Interim condensed consolidated financial statements
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Interim condensed consolidated statement of cash flows For the quarter end Year to date EUR thousand Note 30 Jun 2025 30 Jun 2024 30 Jun 2025 30 Jun 2024 Full year 2024 Operating activities Profit/(loss) before tax 8,892 5,929 22,345 6,916 -85,079 Taxes paid -4,081 -2,800 -6,691 -11,593 -23,584 Adjustments to reconcile profit before tax to net cash flows: Net financial items 4 21,660 22,059 38,507 45,132 82,801 Portfolio amortization and revaluation 16,982 30,149 29,381 52,537 286,898 Change in fair value of forward flow commitments - - - 120 120 Cost of repossessed assets sold, incl impairment 309 538 2,166 690 1,599 Depreciation and amortization 1,952 2,358 4,011 4,521 11,557 Calculated cost of employee share options 121 110 217 232 382 Change in working capital -32,428 -5,299 4,114 -3,162 -4,394 Cash flow from operating activities before NPL investments 13,407 53,043 94,049 95,393 270,300 Purchase of loan portfolios 6 -27,284 -71,020 -32,205 -84,266 -131,022 Purchases related to repossessed assets -63 -57 -79 -74 -104 Net cash flow from operating activities -13,940 -18,034 61,765 11,053 -139,174 For the quarter end Year to date EUR thousand Note 30 Jun 2025 30 Jun 2024 30 Jun 2025 30 Jun 2024 Full year 2024 Investing activities Purchase of intangible and tangible assets -936 -734 -1,696 -1,455 -3,071 Net cash flow from investing activities -936 -734 -1,696 -1,455 -3,071 Financing activities Proceeds from borrowings 7 171,000 41,205 171,000 41,205 42,000 Repayment of debt 7 -117,900 - -171,715 -1,430 -89,321 Interest paid -17,945 -22,464 -36,198 -44,210 -87,467 Interest received 359 81 666 116 5,451 Loan fees paid 7 -9,015 - -9,015 -117 -117 Lease payments, principal amount 8 -173 -820 -1,019 -1,619 -3,731 Net cash flow from financing activities 26,326 18,001 -46,281 -6,056 -133,185 Net change in cash and cash equivalents 11,450 -768 13,788 3,542 2,918 Cash and cash equivalents at the beginning of period 36,145 35,333 32,991 31,826 31,826 Currency translation -752 600 63 -201 -1,753 Cash and cash equivalents at end of period 46,842 35,167 46,842 35,167 32,991 Axactor – Second quarter 2025Axactor – Second quarter 2025 1616 Highlights Key figures Operations Financials APM Glossary Highlights Key figures Operations Financials APM Glossary FinancialsFinancials | Interim condensed consolidated financial statementsFinancials | Interim condensed consolidated financial statements
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Interim condensed consolidated statement of changes in equity Equity attributable to the shareholders of the parent company Restricted Non-restricted EUR thousand Share capital Other paid in equity Retained earnings Translation reserve Cash flow hedge reserve Total Non-controlling interests 1 Total equity Balance on 31 Dec 2023 158,369 270,831 27,082 -28,912 5,832 433,202 -9,667 423,534 Result of the period 4,908 4,908 140 5,049 Other comprehensive income of the period - -4,125 -1,809 -5,934 -5,934 Total comprehensive income for the period - - 4,908 -4,125 -1,809 -1,026 140 -885 Repayments to non-controlling interests - - - Share-based payment 232 232 232 Balance on 30 Jun 2024 158,369 - 271,063 31,991 -33,037 4,023 432,408 -9,527 422,881 Balance on 31 Dec 2024 158,369 271,048 -52,450 -38,332 2,240 340,875 -9,201 331,674 Result of the period 16,983 16,983 - 16,983 Other comprehensive income of the period 232 -1,840 -1,608 -1,608 Total comprehensive income for the period - - 16,983 232 -1,840 15,375 - 15,375 Acquisition of non-controlling interests 1 -9,201 -9,201 9,201 - Share-based payment 217 217 217 Balance on 30 Jun 2025 158,369 - 271,264 -44,667 -38,100 400 347,266 - 347,266 1 Axactor ASA acquired the remaining 50 percent of the shares in Reolux Holding S.à r.l in the first quarter 2025 Axactor – Second quarter 2025Axactor – Second quarter 2025 1717 Highlights Key figures Operations Financials APM Glossary Highlights Key figures Operations Financials APM Glossary FinancialsFinancials | Interim condensed consolidated financial statementsFinancials | Interim condensed consolidated financial statements
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Notes to the interim condensed consolidated financial statements Note 1 Reporting entity and accounting principles The parent company Axactor ASA (the Company) is a company domiciled in Norway. These condensed consolidated interim statements (“interim financial statements”) comprise the Company and its subsidiaries (together referred to as “the Group”). The Group is primarily involved in debt management, specializing in both purchasing and collection on own portfolios and providing collection services for third-party owned portfolios. The activities are further described in note 3. This unaudited interim report has been prepared in accordance with IAS 34. The accounting policies applied correspond to those described in the annual report 2024. This interim report does not contain all the information and disclosures available in the annual report and the interim report should be read together with the annual report 2024. In preparing these interim financial statements, management has made judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, revenue and expenses. Actual results may differ from these estimates. Accounting policies and significant judgements, estimates and assumptions are more comprehensively discussed in the annual report 2024. The significant judgements made by management applying the Group’s accounting policies and the key sources of estimation uncertainty were the same as those described in the last annual financial statements. Management continues to assess the data and information available at the reporting date. All prior year figures presented are for continuing operations, unless otherwise stated. Note 2 Financial risks All economic activities are associated with risk. Axactor’s risks are managed within the Group in accordance with the policies established by the Board. For more information on financial risks and risk management, one is referred to note 3 of the Group’s financial statements in the annual report 2024. Interest rate and currency risk The Group’s long-term strategy is to hedge between 50% and 70% of interest-bearing debt with a duration of three to five years. The Group is gradually implementing the strategy in line with new portfolio investments by entering into hedgeinstruments / derivatives agreements. These instruments are recognized as hedge instruments to reduce the interest volatility in the statement of profit or loss. The Group aims to reduce currency risk by keeping interest-bearing debt in the same currencies as the Group’s assets. The Group also holds cross currency interest rate swaps to reduce currency risk. Liquidity risk The Group monitors its risk of a shortage of funds using cash flow forecasts regularly. On 30 Jun 2025, the Group had an unused part of the RCF agreement of EUR 28.4 million, in addition to unrestricted cash and cash equivalents of EUR 46.8 million. The Group had positive cash flow from operating activities before NPL investments of EUR 13.4 million in the second quarter 2025, and cash flows from operating activities amounted to EUR -13.9 million. The table of contractual maturities analyses non-derivative financial liabilities of the Group into relevant maturity groupings based on the remaining period from the balance sheet date to the contractual maturity date. The contractual maturity is based on the earliest date on which the Group may be required to pay. The amounts disclosed in the table are the contractual undiscounted cash flows of liabilities. For NPL investment commitments, expected cash flows are presented. The maturity calculation is made under the assumption that Axactor has a constant revolving credit facility draw in the period. The table includes both interest and principal cash flows. The loan repayment amounts presented are subject to change dependent on changes in variable interest rates. To the extent that interest rates are floating, the undiscounted payable interest is derived from the interest rate curves at the end of the reporting period. Axactor – Second quarter 2025Axactor – Second quarter 2025 1818 Highlights Key figures Operations Financials APM Glossary Highlights Key figures Operations Financials APM Glossary FinancialsFinancials | Interim condensed consolidated financial statementsFinancials | Interim condensed consolidated financial statements
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The Group’s estimated remaining collections from purchased loan portfolios for the next 15 years are presented below the table of contractual maturities (see also note 6). Contractual maturities per 30 Jun 2025 EUR thousand 1 year 1-2 years 2-4 years 4+ years Total NPL investment commitments, non-cancellable 1 4,994 - - - 4,994 NPL investment commitments, cancellable 1 896 - - - 896 Revolving credit facility (RCF) 28,332 27,811 544,178 600,320 Bond ACR03 (ISIN NO0011093718) 4,848 67,385 72,233 Bond ACR04 (ISIN NO0013005264) 22,582 22,033 199,854 244,469 Bond ACR05 (ISIN NO0013583229) 11,902 11,650 148,300 171,852 Other non-current liabilities - - 2,579 2,215 4,794 Accounts payable 4,853 - - - 4,853 Lease liabilities 3,841 2,895 2,307 1,995 11,037 Other current liabilities 25,271 - - - 25,271 Total contractual maturities 107,518 131,773 897,217 4,210 1,140,719 1 Expected cash flows based on the last three months’ actual deliveries and future deliveries on new agreements confirmed at the balance sheet date. Per 30 June 2025, cash flows are limited to EUR 13.3 million due to contracted capex limits. The NPL commitments that are cancellable with one to three months’ notice. ERC per 30 Jun 2025 EUR thousand 1 year 1-2 years 2-4 years 4+ years Total Estimated remaining collections (ERC) 265,272 276,367 514,454 1,263,987 2,320,079 Axactor – Second quarter 2025Axactor – Second quarter 2025 1919 Highlights Key figures Operations Financials APM Glossary Highlights Key figures Operations Financials APM Glossary FinancialsFinancials | Interim condensed consolidated financial statementsFinancials | Interim condensed consolidated financial statements
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Note 3 Operating segments Axactor delivers credit management services and the Group’s revenue is derived from the following two operating segments: • Non-performing loans (NPL) • Third-party collection (3PC) The NPL segment invests in portfolios of non-performing loans, presented as ‘Purchased loan portfolios’ in the consolidated statement of financial position. Subsequently, the outstanding loans are collected through either amicable or legal proceedings. The 3PC segment’s focus is to perform debt collection services on behalf of third-party clients. The operating segment applies both amicable and legal proceedings to collect the non-performing loans, and normally receive a commission for these services. Other services provided include, amongst others, helping creditors to prepare documentation for future legal proceedings against debtors, handling of invoices between the invoice date and the default date and sending out reminders. For these latter services, Axactor normally receives a fixed fee. Axactor reports its business through reporting segments which correspond to the operating segments. Segment profitability and country profitability are the two most important dimensions when making strategic priorities and deciding where to allocate the Group’s resources. Segment revenue reported represents revenue generated from external customers. The accounting policies of the reportable segments are the same as the Group’s accounting policies described in note 1. Segment contribution margin represents contribution margin earned by each segment. The measurement basis of the performance of the segment is the segment’s contribution margin. For the quarter end 30 Jun 2025 EUR thousand NPL 3PC Eliminations/ Not allocated Total Collections on own portfolios 64,912 - - 64,912 Portfolio amortization and revaluation -16,982 - - -16,982 Revenue from sale of repossessed assets 557 - - 557 Other operating revenue: Other operating revenue and other revenue - 15,284 15 15,300 Total revenue 48,487 15,284 15 63,786 Cost of repossessed assets sold -309 - - -309 Direct operating expenses -10,717 -10,576 - -21,293 Contribution margin 37,461 4,708 15 42,184 SG&A, IT and corporate cost -9,681 -9,681 EBITDA 32,504 Amortization and depreciation -1,952 -1,952 Operating result 30,551 Total operating expenses -11,026 -10,576 -9,681 -31,283 Contribution margin (%) 77.3% 30.8% na 66.1% EBITDA margin (%) 51.0% Opex ex SG&A, IT and corporate cost / Gross revenue 16.8% 69.2% na 26.7% SG&A, IT and corporate cost / Gross revenue 12.0% Axactor – Second quarter 2025Axactor – Second quarter 2025 2020 Highlights Key figures Operations Financials APM Glossary Highlights Key figures Operations Financials APM Glossary FinancialsFinancials | Interim condensed consolidated financial statementsFinancials | Interim condensed consolidated financial statements
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For the quarter end 30 Jun 2024 EUR thousand NPL 3PC Eliminations/ Not allocated Total Collections on own portfolios 74,738 - - 74,738 Portfolio amortization and revaluation -30,149 - - -30,149 Revenue from sale of repossessed assets 1,085 - - 1,085 Other operating revenue: Other operating revenue and other revenue - 13,377 - 13,377 Total revenue 45,675 13,377 - 59,051 Cost of repossessed assets sold -538 - - -538 Direct operating expenses -9,670 -8,506 - -18,176 Contribution margin 35,467 4,870 - 40,337 SG&A, IT and corporate cost -9,992 -9,992 EBITDA 30,345 Amortization and depreciation -2,358 -2,358 Operating result 27,988 Total operating expenses -10,208 -8,506 -9,992 -28,706 Contribution margin (%) 77.7% 36.4% na 68.3% EBITDA margin (%) 51.4% Opex ex SG&A, IT and corporate cost / Gross revenue 13.5% 63.6% na 21.0% SG&A, IT and corporate cost / Gross revenue 11.2% Year to date 30 Jun 2025 EUR thousand NPL 3PC Eliminations/ Not allocated Total Collections on own portfolios 125,282 - - 125,282 Portfolio amortization and revaluation -29,381 - - -29,381 Revenue from sale of repossessed assets 2,422 - - 2,422 Other operating revenue: Other operating revenue and other revenue - 30,457 12 30,468 Total revenue 98,322 30,457 12 128,791 Cost of repossessed assets sold -2,166 - - -2,166 Direct operating expenses -20,525 -20,695 - -41,236 Contribution margin 75,631 9,762 12 85,389 SG&A, IT and corporate cost -20,526 -20,526 EBITDA 64,862 Amortization and depreciation -4,011 -4,011 Operating result 60,851 Total operating expenses -22,691 -20,695 -20,526 -63,928 Contribution margin (%) 76.9% 32.1% na 66.3% EBITDA margin (%) 50.4% Opex ex SG&A, IT and corporate cost / Gross revenue 17.8% 67.9% na 27.4% SG&A, IT and corporate cost / Gross revenue 13.0% Axactor – Second quarter 2025Axactor – Second quarter 2025 2121 Highlights Key figures Operations Financials APM Glossary Highlights Key figures Operations Financials APM Glossary FinancialsFinancials | Interim condensed consolidated financial statementsFinancials | Interim condensed consolidated financial statements
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Year to date 30 Jun 2024 EUR thousand NPL 3PC Eliminations/ Not allocated Total Collections on own portfolios 141,464 - - 141,464 Portfolio amortization and revaluation -52,537 - - -52,537 Revenue from sale of repossessed assets 1,584 - - 1,584 Other operating revenue: Change in fair value forward flow commitments -120 - - -120 Other operating revenue and other revenue - 25,228 - 25,228 Total revenue 90,391 25,228 - 115,619 Cost of repossessed assets sold -690 - - -690 Direct operating expenses -20,516 -16,580 - -37,097 Contribution margin 69,184 8,647 - 77,832 SG&A, IT and corporate cost -21,263 -21,263 EBITDA 56,568 Amortization and depreciation -4,521 -4,521 Operating result 52,047 Total operating expenses -21,207 -16,580 -21,263 -59,050 Contribution margin (%) 76.5% 34.3% na 67.3% EBITDA margin (%) 48.9% Opex ex SG&A, IT and corporate cost / Gross revenue 14.8% 65.7% na 22.5% SG&A, IT and corporate cost / Gross revenue 12.6% Full year 2024 EUR thousand NPL 3PC Eliminations/ Not allocated Total Collections on own portfolios 356,667 - - 356,667 Portfolio amortization and revaluation -286,898 - - -286,898 Revenue from sale of repossessed assets 3,968 - - 3,968 Other operating revenue: Change in fair value forward flow commitments -120 - - -120 Other operating revenue and other revenue - 54,320 - 54,320 Total revenue 73,617 54,320 - 127,937 Cost of repossessed assets sold -1,599 - - -1,599 Direct operating expenses -41,143 -33,818 - -74,961 Contribution margin 30,875 20,502 - 51,377 SG&A, IT and corporate cost -42,098 -42,098 EBITDA 9,279 Amortization and depreciation -11,557 -11,557 Operating result -2,278 Total operating expenses -42,742 -33,818 -42,098 -118,658 Contribution margin (%) 41.9% 37.7% na 40.2% EBITDA margin (%) 7.3% Opex ex SG&A, IT and corporate cost / Gross revenue 11.9% 62.3% na 18.5% SG&A, IT and corporate cost / Gross revenue 10.1% Axactor – Second quarter 2025Axactor – Second quarter 2025 2222 Highlights Key figures Operations Financials APM Glossary Highlights Key figures Operations Financials APM Glossary FinancialsFinancials | Interim condensed consolidated financial statementsFinancials | Interim condensed consolidated financial statements
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Note 4 Financial items For the quarter end Year to date EUR thousand 30 Jun 2025 30 Jun 2024 30 Jun 2025 30 Jun 2024 Full year 2024 Financial revenue Interest on bank deposits 359 81 666 116 5,451 Net foreign exchange gain 1 - 716 48 328 352 Gain on purchase of treasury bonds (note 7) 50 - 1,264 - 2,554 Other financial revenue 5 6 26 15 79 Total financial revenue 413 803 2,005 459 8,437 Financial expenses Interest expense on borrowings -19,248 -22,375 -38,524 -44,799 -89,141 Net foreign exchange loss 1 -1,070 - - - - Other financial expenses 2 -1,756 -487 -1.987 -792 -2,097 Total financial expenses -22,073 -22,862 -40,511 -45,591 -91,238 Total net financial items -21,660 -22,059 -38,507 -45,132 -82,801 1 Foreign exchange gains and losses are presented net as either financial revenue or financial expenses, depending on the net position. The amount includes changes in fair value of currency derivatives. 2 Other financial expenses include EUR 1.5 million in rollover fee related to ACR05. Axactor – Second quarter 2025Axactor – Second quarter 2025 2323 Highlights Key figures Operations Financials APM Glossary Highlights Key figures Operations Financials APM Glossary FinancialsFinancials | Interim condensed consolidated financial statementsFinancials | Interim condensed consolidated financial statements
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Note 5 Revenue The Group delivers credit management services in six European countries: Finland, Germany, Italy, Norway, Spain and Sweden. Axactor also owns some portfolios through an entity based in Luxembourg. The Group’s revenue from external customers by location of operations and information about its non-current assets by location of assets are detailed below. The information in the table presented is based on the location of the debtors and the country of the company performing the collection (which correspond). This is not necessarily the same as the country owning the portfolio. The same principle is used for the allocation of the non-current assets. Non-current assets presented in the table consists of intangible assets, goodwill, property, plant and equipment and right of use assets. Total revenue For the quarter end Year to date EUR thousand 30 Jun 2025 30 Jun 2024 30 Jun 2025 30 Jun 2024 Full year 2024 Finland 3,208 3,266 4,928 3,920 4,236 Germany 7,633 7,175 15,524 16,279 6,618 Italy 8,567 9,543 17,797 19,649 25,493 Norway 10,883 9,719 21,521 19,076 15,845 Spain 28,524 27,136 59,074 49,422 85,999 Sweden 4,971 2,211 9,947 7,274 -10,254 Total revenue 63,786 59,051 128,791 115,619 127,937 Non-current assets Book value EUR thousand 30 Jun 2025 30 Jun 2024 Full year 2024 Finland 2,944 2,876 3,036 Germany 13,230 15,411 13,530 Italy 16,068 15,658 15,317 Norway 25,927 28,227 27,221 Spain 19,029 19,696 19,388 Sweden 1,843 2,849 2,041 Total revenue 79,042 84,718 80,533 Axactor – Second quarter 2025Axactor – Second quarter 2025 2424 Highlights Key figures Operations Financials APM Glossary Highlights Key figures Operations Financials APM Glossary FinancialsFinancials | Interim condensed consolidated financial statementsFinancials | Interim condensed consolidated financial statements
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Portfolio revenue Portfolio revenue consists of interest revenue from purchased loan portfolios, net gain/(loss) from purchased loan portfolios and revenue from sale of repossessed assets. Net gain/(loss) from purchased loan portfolios is split into collections above/(below) collection forecasts and net present value of changes in collection forecasts. For the quarter end 30 Jun 2025 EUR thousand Finland Germany Italy Norway Spain Sweden Total Interest revenue from purchased loan portfolios 3,298 7,188 7,287 8,914 17,486 5,636 49,809 Collections above/(below) forecasts -90 -893 -394 -239 2,404 -720 68 NPV of changes in collection forecasts - -384 -1,111 -425 -83 54 -1,948 Net gain/(loss) purchased loan portfolios -90 -1,277 -1,504 -664 2,321 -665 -1,880 Sale of repossessed assets - - - - 557 - 557 Total portfolio revenue 3,208 5,911 5,782 8,250 20,364 4,971 48,487 For the quarter end 30 Jun 2024 EUR thousand Finland Germany Italy Norway Spain Sweden Total Interest revenue from purchased loan portfolios 3,759 8,926 7,456 9,689 18,807 6,202 54,839 Collections above/(below) forecasts -492 -1,816 -576 -2,386 -94 -322 -5,686 NPV of changes in collection forecasts -5 -1,300 6 537 -132 -3,668 -4,562 Net gain/(loss) purchased loan portfolios -498 -3,116 -570 -1,849 -226 -3,990 -10,249 Sale of repossessed assets 1,085 1,085 Total portfolio revenue 3,261 5,810 6,886 7,840 19,666 2,211 45,675 Year to date 30 Jun 2025 EUR thousand Finland Germany Italy Norway Spain Sweden Total Interest revenue from purchased loan portfolios 6,664 14,484 14,695 17,856 34,728 11,126 99,554 Collections above/(below) forecasts -631 -1,369 -1,018 -459 5,188 -1,445 266 NPV of changes in collection forecasts -1,107 -1,066 -1,684 -1,039 710 266 -3,919 Net gain/(loss) purchased loan portfolios -1,738 -2,435 -2,702 -1,498 5,898 -1,179 -3,653 Sale of repossessed assets 2,422 2,422 Total portfolio revenue 4,927 12,049 11,994 16,358 43,048 9,947 98,322 Year to date 30 Jun 2024 EUR thousand Finland Germany Italy Norway Spain Sweden Total Interest revenue from purchased loan portfolios 7,647 18,093 14,917 19,312 36,509 12,599 109,076 Collections above/(below) forecasts -1,329 -3,530 -470 -4,151 -624 -759 -10,863 NPV of changes in collection forecasts -2,409 -1,195 -9 584 -1,691 -4,566 -9,286 Net gain/(loss) purchased loan portfolios -3,738 -4,725 -479 -3,567 -2,315 -5,325 -20,149 Sale of repossessed assets 1,584 1,584 Total portfolio revenue 3,909 13,368 14,438 15,745 35,778 7,274 90,511 Axactor – Second quarter 2025Axactor – Second quarter 2025 2525 Highlights Key figures Operations Financials APM Glossary Highlights Key figures Operations Financials APM Glossary FinancialsFinancials | Interim condensed consolidated financial statementsFinancials | Interim condensed consolidated financial statements
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Full year 2024 EUR thousand Finland Germany Italy Norway Spain Sweden Total Interest revenue from purchased loan portfolios 14,813 35,214 30,212 38,375 78,405 25,020 222,038 Collections above/(below) forecasts -2,080 -9,775 -3,204 -6,691 -7,457 -2,808 -32,016 NPV of changes in collection forecasts -8,534 -25,029 -12,864 -22,815 -18,546 -32,465 -120,253 Net gain/(loss) purchased loan portfolios -10,614 -34,805 -16,068 -29,506 -26,002 -35,274 -152,269 Sale of repossessed assets 3,968 3,968 Total 4,199 409 14,144 8,869 56,371 -10,254 73,737 Note 6 Purchased loan portfolios Purchased loan portfolios consists of portfolios of delinquent consumer debts purchased significantly below nominal value, reflecting incurred and expected credit losses, and thus defined as credit impaired. For purchased loan portfolios, timely collection of principal and interest is no longer reasonably assured at the date of purchase. Purchased loan portfolios are recognized at fair value at the date of purchase. Since the loans are measured at fair value, which includes an estimate of future credit losses, no allowance for credit losses is recorded on the day of acquisition of the loans. The loans are subsequently measured at amortized cost according to a credit adjusted effective interest rate. Since the delinquent consumer debts are a homogenous group, the future cash flows are projected on a portfolio basis except for secured portfolios, for which cash flows are projected on a collateral asset basis. The majority of the purchased loan portfolios are unsecured, whereas approximately 11% of the book value of the loans are secured by a property object per 30 June 2025 (2024: 6%). The carrying amount of each portfolio is determined by projecting future cash flows discounted to present value using the credit adjusted effective interest rate as at the date the portfolio was acquired. The total cash flows (both principal and interest) expected to be collected on purchased credit impaired loans are regularly reviewed. Changes in expected cash flows are adjusted in the carrying amount and are recognized in the profit or loss as revenue or expense in ‘Net gain/ (loss) purchased loan portfolios’. Interest revenue is recognized using a credit adjusted effective interest rate, included in ‘Interest revenue from purchased loan portfolios’. The estimation of future cash flows is affected by several factors, including general macro factors, market specific factors, portfolio specific factors and internal factors. Axactor has incorporated into the estimated remaining collections the effect of the economic factors and conditions that is expected to influence collections going forward. Scenarios have been used to consider possible non-linear relationships between macroeconomic factors and collections. For more information on accounting principles and a description of significant accounting judgments, estimates and assumptions related to purchased loan portfolios, see note 2.10.1 and note 4 in the Group’s annual report 2024. Axactor – Second quarter 2025Axactor – Second quarter 2025 2626 Highlights Key figures Operations Financials APM Glossary Highlights Key figures Operations Financials APM Glossary FinancialsFinancials | Interim condensed consolidated financial statementsFinancials | Interim condensed consolidated financial statements
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Change in book value of purchased loan portfolios; For the quarter end Year to date EUR thousand 30 Jun 2025 30 Jun 2024 30 Jun 2025 30 Jun 2024 Full year 2024 Balance at start of period 1,095,322 1,235,256 1,087,472 1,265,327 1,265,327 Acquisitions during the period 27,199 70,438 32,354 81,202 127,757 Collections -64,912 -74,738 -125,282 -141,464 -356,667 Interest revenue from purchased loan portfolios 49,809 54,839 99,554 109,076 222,038 Net gain/(loss) purchased loan portfolios -1,880 -10,249 -3,653 -20,149 -152,269 Repossessions -693 -321 -2,050 -2,028 -3,077 Deliveries on forward flow contracts - - - 185 185 Currency translation differences -12,503 8,670 3,948 -8,255 -15,822 Balance at end of period 1,092,342 1,283,894 1,092,342 1,283,894 1,087,472 Acquisitions during the period can be split into nominal value of the acquired portfolios and expected credit losses at acquisition as follows: For the quarter end Year to date EUR thousand 30 Jun 2025 30 Jun 2024 30 Jun 2025 30 Jun 2024 Full year 2024 Nominal value acquired portfolios 107,020 2,001,445 113,963 2,483,893 3,780,879 Expected credit losses at acquisition -79,822 -1,931,007 -81,609 -2,402,690 -3,653,122 Acquisitions during the period 27,199 70,438 32,354 81,202 127,757 Purchase of loan portfolios presented in the consolidated statement of cash flows will not correspond to acquisitions during the period due to deferred payments. The book value of purchased loan portfolios per market is presented in the table below: 30 Jun 2025 30 Jun 2024 31 Dec 2024 EUR thousand Book value % of total Book value % of total Book value % of total Finland 99,035 9% 112,035 9% 102,351 9% Germany 148,478 14% 181,438 14% 152,474 14% Italy 151,249 14% 161,589 13% 158,001 15% Norway 211,793 19% 242,364 19% 212,450 20% Spain 311,651 29% 394,403 31% 297,245 27% Sweden 170,136 16% 192,066 15% 164,951 15% Total book value 1,092,342 100% 1,283,894 100% 1,087,472 100% Axactor – Second quarter 2025Axactor – Second quarter 2025 2727 Highlights Key figures Operations Financials APM Glossary Highlights Key figures Operations Financials APM Glossary FinancialsFinancials | Interim condensed consolidated financial statementsFinancials | Interim condensed consolidated financial statements
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The ERC represents the estimated gross collections on the purchased loan portfolios. ERC, amortization, and interest revenue from purchased loan portfolios per year are specified below (year 1 means the first 12 months from the reporting date): EUR thousand Estimated remaining collections (ERC), amortization and interest revenue from purchased loan portfolios per year Year 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Total ERC 30 Jun 2025 ERC 265,272 276,367 268,002 246,451 208,660 176,195 154,324 138,387 124,059 103,819 90,226 80,259 70,984 61,452 55,621 2,320,079 Amortization 70,069 98,715 113,632 115,537 99,022 82,770 73,669 69,363 65,967 55,777 51,096 49,609 48,789 47,709 50,620 1,092,342 Interest revenue 195,203 177,652 154,370 130,914 109,638 93,425 80,656 69,024 58,092 48,042 39,130 30,651 22,195 13,744 5,001 1,227,737 30 Jun 2024 ERC 333,611 322,721 299,774 263,399 229,823 196,013 175,431 157,718 141,788 127,279 106,772 92,858 81,561 72,229 63,063 2,664,038 Amortization 113,702 126,812 129,516 118,419 105,984 89,545 83,167 78,469 74,768 71,924 62,324 58,310 56,564 56,832 57,557 1,283,894 Interest revenue 219,909 195,909 170,258 144,979 123,839 106,467 92,264 79,249 67,020 55,355 44,448 34,547 24,997 15,397 5,507 1,380,144 Full year 2024 ERC 258,370 267,437 261,253 238,684 211,405 181,386 160,781 144,227 129,412 113,140 95,242 83,210 73,814 64,402 56,964 2,339,729 Amortization 65,964 90,888 105,702 104,680 97,594 83,769 76,451 71,981 68,481 62,940 54,624 51,536 50,846 50,235 51,778 1,087,472 Interest revenue 192,406 176,549 155,550 134,004 113,811 97,618 84,330 72,245 60,932 50,200 40,618 31,674 22,968 14,167 5,186 1,252,257 Axactor – Second quarter 2025Axactor – Second quarter 2025 2828 Highlights Key figures Operations Financials APM Glossary Highlights Key figures Operations Financials APM Glossary FinancialsFinancials | Interim condensed consolidated financial statementsFinancials | Interim condensed consolidated financial statements
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Note 7 Interest-bearing loans and borrowings EUR thousand Currency Facility limit Nominal value Treasury bonds Carrying amount, EUR Interest coupon Maturity Facility Bond ACR03 (ISIN NO0011093718) EUR 65,190 64,758 3m EURIBOR + 535bps 15.09.2026 Bond ACR04 (ISIN NO0013005264) NOK 194,372 -1,715 191,530 3m NIBOR + 825bps 07.09.2027 Bond ACR05 (ISIN NO0013583229) EUR 125,000 123,627 3m EURIBOR + 750bps 13.09.2029 Total bond loans 384,562 -1,715 379,915 Revolving credit facility EUR 368,294 354,830 EURIBOR + margin 28.06.2028 (multi-currency facility) SEK 148,294 148,294 STIBOR + margin 28.06.2028 Total credit facilities 545,000 516,588 503,124 Total interest-bearing loans and borrowings at end of period 901,149 -1,715 883,039 Axactor – Second quarter 2025Axactor – Second quarter 2025 2929 Highlights Key figures Operations Financials APM Glossary Highlights Key figures Operations Financials APM Glossary FinancialsFinancials | Interim condensed consolidated financial statementsFinancials | Interim condensed consolidated financial statements
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Change in loans and borrowings from financial activities EUR thousand Bond loan Credit facilities Total borrowings Balance on 1 Jan 421,764 462,964 884,728 Proceeds from loans and borrowings 125,000 46,000 171,000 Repayment of loans and borrowings -166,715 -5,000 -171,715 Loan fees -1,385 -7,630 -9,015 Total changes in financial cash flow -43,099 33,370 -9,729 Amortization of capitalized loan fees 1,877 2,746 4,623 Currency translation differences -626 4,044 3,418 Other non-cash movements - - Total interest-bearing loans and borrowings at end of period 379,915 503,124 883,039 Maturity The maturity calculation is made under the assumption that no new portfolios are acquired, and the revolving credit facility draw is constant to maturity date Estimated future cash flow within EUR thousand Currency Carrying amount Total estimated future cash flow 6 months or less 6-12 months 1-2 years 2-5 years Bond ACR03 (ISIN NO0011093718) EUR 64,758 72,233 2,467 2,381 67,385 - Bond ACR04 (ISIN NO0013005264) NOK 191,530 244,470 11,587 10,996 22,033 199,854 Bond ACR05 (ISIN NO0013583229) EUR 123,627 160,203 6,054 5,849 11,650 136,650 Total bond loan 379,915 476,906 20,109 19,226 101,068 336,504 Revolving credit facility (multi-currency facility) EUR/SEK 503,124 600,320 14,475 13,857 27,811 544,178 Total credit facilities 503,124 600,320 14,475 13,857 27,811 544,178 Total interest-bearing loans and borrowings at end of period 883,039 1,077,227 34,584 33,083 128,879 880,681 Axactor – Second quarter 2025Axactor – Second quarter 2025 3030 Highlights Key figures Operations Financials APM Glossary Highlights Key figures Operations Financials APM Glossary FinancialsFinancials | Interim condensed consolidated financial statementsFinancials | Interim condensed consolidated financial statements
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Revolving credit facility DNB/Nordea The revolving credit facility consists of EUR 545 million in a multi-currency facility. The loan carries a variable interest rate based on the interbank rate in each currency with a margin. The maturity date for the facility is 30 June 2028. The following financial covenants apply: • NIBD ratio to pro-forma adjusted cash EBITDA ≤ 3:1 (secured loans (RCF) less cash to pro-forma adjusted cash EBITDA L12M) • Portfolio loan to value ratio ≤ 60% (NIBD to total book value of loan portfolios) • Portfolio collection performance ≥ 90% (actual portfolio performance L6M to active forecast L6M) • Parent loan to value ≤ 80% (total loans for the Group less cash to total book value of all loan portfolios and repossessed assets) Axactor is compliant with all covenants. All subsidiaries of the Group, except Reolux Holding S.à r.l. and its subsidiaries, are part of the security package for this facility. The subsidiaries that are part of the security package are guarantors and have granted a share pledge and a bank account pledge with the exception of Axactor Italy S.p.A. and the subsidiaries of Axactor Portfolio Holding AB where there is only granted a share pledge. Bond loans ACR03 (ISIN NO0011093718) The bond was placed at 3m EURIBOR + 5.35% interest, with maturity date 15 September 2026. The bond is listed on Oslo Børs. ACR04 (ISIN NO0013005264) The bond was placed at 3m NIBOR + 8.25% interest, with maturity date 7 September 2027. The bond is listed on Oslo Børs. ACR05 (ISIN NO0013583229) The bond was placed at 3m EURIBOR + 7.50% interest, with maturity date 13 June 2029. An application will be made for the bonds to be listed on Oslo Børs. The following financial covenants apply to the bond loans: • Interest coverage ratio: ≥ 3.0x for ACR03 and ACR04 and ≥ 2.75x for ACR05 (Pro-forma adjusted Cash EBITDA to net interest expenses) • Leverage ratio: ≤ 4.0x (NIBD to pro-forma adjusted cash EBITDA) • Net loan to value: ≤ 80% (NIBD to total book value all loan portfolios and repossessed assets) • Net secured loan to value: ≤ 60% (secured loans less cash to total book value all loan portfolios and repossessed assets) Axactor is compliant with all covenants. Trustee: Nordic Trustee Axactor – Second quarter 2025Axactor – Second quarter 2025 3131 Highlights Key figures Operations Financials APM Glossary Highlights Key figures Operations Financials APM Glossary FinancialsFinancials | Interim condensed consolidated financial statementsFinancials | Interim condensed consolidated financial statements
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Note 8 Leases Right of use assets EUR thousand Buildings Vehicles Other Total Right of use assets on 31 Dec 2023 10,711 792 101 11,604 Additions 172 150 - 323 Depreciation -1,423 -208 -25 -1,656 Disposals -810 -18 - -828 Currency translation differences -77 -2 - -79 Right of use assets on 30 Jun 2024 8,574 714 75 9,364 Right of use assets on 31 Dec 2024 7,176 594 50 7,820 Additions 1,142 113 7 1,262 Depreciation -1,158 -219 -23 -1,400 Disposals -417 -6 - -423 Currency translation differences 24 2 - 26 Right of use assets on 30 Jun 2025 6,767 484 34 7,285 Remaining lease term 1-8 years 1-3 years 1-2 years Depreciation method Linear Linear Linear Lease liabilities EUR thousand 30 Jun 2025 30 Jun 2024 Full year 2024 Lease liabilities on 1 Jan 10,430 12,163 12,163 Net new leases 120 242 2,153 Lease payments, principal amount -1,019 -1,619 -3,731 Currency translation differences 43 -80 -155 Lease liabilities at period end 9,575 10,706 10,430 Current 3,289 3,264 3,348 Non-current 6,286 7,442 7,083 The future aggregated minimum lease payments under lease liabilities are as follows: EUR thousand 30 Jun 2025 30 Jun 2024 31 Dec 2024 Undiscounted lease liabilities and maturity of cash outflows < 1 year 3,841 3,817 3,892 1-2 years 2,895 3,420 3,683 2-3 years 1,306 2,366 1,575 3-4 years 1,001 877 959 4-5 years 815 566 696 > 5 years 1,180 1,036 977 Total undiscounted lease liabilities 11,037 12,082 11,781 Discounting element -1,462 -1,376 -1,350 Total lease liabilities 9,575 10,706 10,430 Axactor – Second quarter 2025Axactor – Second quarter 2025 3232 Highlights Key figures Operations Financials APM Glossary Highlights Key figures Operations Financials APM Glossary FinancialsFinancials | Interim condensed consolidated financial statementsFinancials | Interim condensed consolidated financial statements
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Note 9 Fair value of forward flow commitments Changes in the fair value of forward flow commitments are shown below. For additional information, see note 2.10.2 in the Group’s annual report 2024. EUR thousand 30 Jun 2025 30 Jun 2024 Full year 2024 Balance on 1 Jan - 311 311 Value change - -120 -120 Deliveries - -185 -185 Currency translation differences - -5 -5 Balance at period end - - - Axactor – Second quarter 2025Axactor – Second quarter 2025 3333 Highlights Key figures Operations Financials APM Glossary Highlights Key figures Operations Financials APM Glossary FinancialsFinancials | Interim condensed consolidated financial statementsFinancials | Interim condensed consolidated financial statements
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Note 10 Issued shares and share capital Issued shares and share capital Number of shares Share capital (EUR) On 31 Dec 2023 302,145,464 158,368,902 On 31 Dec 2024 302,145,464 158,368,902 On 30 Jun 2025 302,145,464 158,368,902 Shares owned by the Board and Group executive management on 30 Jun 2025 Name Shareholding Share % Latino Invest AS/Johnny Tsolis 1 2,170,000 0.7% Terje Mjøs Holding AS 2 750,000 0.2% Karl Mamelund 3 276,858 0.1% Vibeke Ly 3 240,850 0.1% Arnt Andre Dullum 3 200,000 0.1% Nina Mortensen 3 160,000 0.1% Kyrre Svae 3 80,000 < 0.1% Kjersti Høklingen 2 21,000 < 0.1% Brita Eilertsen 2 19,892 < 0.1% Ørjan Svanevik, through Oavik Capital AS 2 13,000 < 0.1% 1 CEO/related to the CEO of Axactor ASA 2 Member of the Board/controlled by member of the Board 3 Member of the Group executive management 20 largest shareholders on 30 Jun 2025 Name Shareholding Share % Geveran Trading Company Ltd 150,385,439 49.8% Skandinaviska Enskilda Banken AB 12,436,250 4.1% DNB Markets Aksjehandel/-Analyse 10,006,000 3.3% Skandinaviska Enskilda Banken AB (Lateral Technology) 5,279,467 1.7% Siljan Industrier AS 5,138,001 1.7% J.P. Morgan SE 4,454,162 1.5% Spectatio Finans AS 3,786,728 1.3% Nordnet Livsforsikring AS 3,065,830 1.0% Nordnet Bank AB 3,021,486 1.0% Stiftelsen Kistefos 3,000,000 1.0% Stavern Helse og Forvaltning AS 3,000,000 1.0% Latino Invest AS/Johnny Tsolis 2,170,000 0.7% Trapesa AS 1,615,381 0.5% Gvepseborg AS 1,332,826 0.4% Andres Lopez Sanchez 1,177,525 0.4% David Martin Ibeas 1,177,525 0.4% Skandinaviska Enskilda Banken AB (Equities) 1,111,016 0.4% Øen Holding AS 1,000,000 0.3% Jan Erik Andersen 1,000,000 0.3% Ragnar Flak Thomassen 992,090 0.3% Total 20 largest shareholders 215,149,726 71.2% Other shareholders 86,995,738 28.8% Total number of shares 302,145,464 100% Total number of shareholders 7,485 Axactor – Second quarter 2025Axactor – Second quarter 2025 3434 Highlights Key figures Operations Financials APM Glossary Highlights Key figures Operations Financials APM Glossary FinancialsFinancials | Interim condensed consolidated financial statementsFinancials | Interim condensed consolidated financial statements
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/ Alternative performance measures Alternative performance measures (APMs) used in Axactor APM Definition Purpose of use Reconciliation IFRS Gross revenue Total revenue plus portfolio amortizations and revaluation, and change in fair value of forward flow commitments To review the revenue before split into interest and amortization (for own portfolios) Total revenue from consolidated statement of profit or loss plus portfolio amortization and revaluation and change in fair value of forward flow commitments in the consolidated statement of cash flows Cash EBITDA EBITDA adjusted for calculated cost of share option program, portfolio amortization and revaluation, change in fair value of forward flow commitments and cost of sold repossessed assets and impairment To reflect cash from operating activities, excluding timing of taxes paid and movement in working capital EBITDA (total revenue minus total operating expenses) in consolidated statement of profit or loss adjusted for specified elements from the consolidated statement of cash flows Estimated remaining collections (ERC) Estimated remaining collections express the expected future cash collections on purchased loan portfolios in nominal values, over the next 180 months. The ERC does not include sale of repossessed assets if the assets are already repossessed ERC is a standard APM within the industry with the purpose to illustrate the future cash collections including estimated interest revenue and opex Purchased loan portfolios in the consolidated statement of financial position, plus estimated operating expenses for future collections at time of acquisition and estimated discounted gain Net interest-bearing debt (NIBD) Net interest-bearing debt reflects total interest-bearing debt less total amount of unrestricted cash and cash equivalents NIBD is used as an indication of the Group’s ability to pay off all of its debt Non-current and current portion of interest-bearing debt and cash and cash equivalents from the consolidated statement of financial position with adjustments to get to nominal value of the debt, less treasury bonds Return on equity to shareholders, annualized Net profit/(loss) after tax attributable to shareholders divided by average equity for the period attributable to shareholders, annualized Measures the profitability in relation to shareholders’ equity Net profit/(loss) after tax attributable to shareholders of the parent company from the consolidated statement of profit or loss divided by average equity attributable to shareholders from the consolidated statement of changes in equity Return on equity, annualized Net profit/(loss) after tax divided by average total equity for the period, annualized Measures the profitability in relation to total equity Net profit/(loss) after from the consolidated statement of profit or loss divided by average total equity from the consolidated statement of changes in equity Axactor – Second quarter 2025Axactor – Second quarter 2025 3535 Highlights Key figures Operations Financials APM Glossary Highlights Key figures Operations Financials APM Glossary APMAPM APM
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Gross revenue For the quarter end Year to date EUR thousand 30 Jun 2025 30 Jun 2024 30 Jun 2025 30 Jun 2024 Full year 2024 Total revenue 63,786 59,051 128,791 115,619 127,937 Portfolio amortization and revaluation 16,982 30,149 29,381 52,537 286,898 Change in fair value of forward flow commitments - - - 120 120 Gross revenue 80,769 89,200 158,172 168,276 414,956 EBITDA and Cash EBITDA For the quarter end Year to date EUR thousand 30 Jun 2025 30 Jun 2024 30 Jun 2025 30 Jun 2024 Full year 2024 Total revenue 63,786 59,051 128,791 115,619 127,937 Total operating expenses -31,283 -28,706 -63,928 -59,050 -118,658 EBITDA 32,504 30,345 64,862 56,568 9,279 Calculated cost of share option program 121 110 217 232 382 Portfolio amortization and revaluation 16,982 30,149 29,381 52,537 286,898 Change in fair value of forward flow commitments - - - 120 120 Cost of repossessed assets sold, incl. impairment 309 538 2,166 690 1,599 Cash EBITDA 49,915 61,142 96,626 110,149 298,278 Taxes paid -4,081 -2,800 -6,691 -11,593 -23,584 Change in working capital -32,428 -5,299 4,114 -3,162 -4,394 Cash flow from operating activities before NPL investments 13,407 53,043 94,049 95,394 270,300 Estimated remaining collections (ERC) For the quarter end Year to date EUR thousand 30 Jun 2025 30 Jun 2024 30 Jun 2025 30 Jun 2024 Full year 2024 Purchased loan portfolios 1,092,342 1,283,894 1,092,342 1,283,894 1,087,472 Estimated opex for future collections at time of acquisition 310,916 378,176 310,916 378,176 367,087 Estimated discounted gain 916,821 1,001,968 916,821 1,001,968 885,170 Estimated remaining collections (ERC) 2,320,079 2,664,038 2,320,079 2,664,038 2,339,729 Net interest-bearing debt (NIBD) For the quarter end Year to date EUR thousand 30 Jun 2025 30 Jun 2024 30 Jun 2025 30 Jun 2024 Full year 2024 Interest-bearing debt from financial position 883,039 975,805 883,039 975,805 884,728 Total interest-bearing debt 883,039 975,805 883,039 975,805 884,728 Capitalized loan fees and other adjustments 16,395 15,948 16,395 15,948 12,004 Cash and cash equivalents from financial position -46,842 -35,167 -46,842 -35,167 -32,991 Net interest-bearing debt (NIBD) 852,593 956,586 852,593 956,586 863,740 Axactor – Second quarter 2025Axactor – Second quarter 2025 3636 Highlights Key figures Operations Financials APM Glossary Highlights Key figures Operations Financials APM Glossary APMAPM APM
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Return on equity to shareholders, annualized For the quarter end Year to date EUR thousand 30 Jun 2025 30 Jun 2024 30 Jun 2025 30 Jun 2024 Full year 2024 Net profit/(loss) after tax attributable to shareholders of the parent company 6,894 4,233 16,983 4,908 -79,526 Average equity for the period related to shareholders of the parent company 347,300 428,606 345,159 430,138 411,687 Return on equity to shareholders, annualized 8.0% 4.0% 9.9% 2.3% -19.3% Return on equity, annualized For the quarter end Year to date EUR thousand 30 Jun 2025 30 Jun 2024 30 Jun 2025 30 Jun 2024 Full year 2024 Net profit/(loss) after tax 6,894 4,328 16,983 5,049 -79,060 Average total equity for the period 347,300 419,032 342,092 420,532 402,223 Return on equity, annualized 8.0% 4.2% 10.0% 2.4% -19.7% Axactor – Second quarter 2025Axactor – Second quarter 2025 3737 Highlights Key figures Operations Financials APM Glossary Highlights Key figures Operations Financials APM Glossary APMAPM APM
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/ Glossary Terms Active forecast Forecast of estimated remaining collections on purchased loan portfolios Board Board of Directors Cash EBITDA margin Cash EBITDA as a percentage of gross revenue Chair Chair of the Board of Directors Contribution margin (%) Total operating expenses (excluding SG&A, IT and corporate cost) as a percentage of total revenue Collection performance Gross collections on purchased loan portfolios in relation to active forecast, including sale of repossessed assets in relation to book value Cost-to-collect Cost to collect is calculated as segment operating expenses plus a pro rata allocation of unallocated operating expenses and unallocated depreciation and amortization. The segment operating expense is used as allocation key for the unallocated costs Equity ratio Total equity as a percentage of total equity and liabilities Forward flow agreement Agreement for future acquisitions of loan portfolios at agreed prices and delivery Gross IRR The credit adjusted interest rate that makes the net present value of ERC equal to the book value of purchased loan portfolios, calculated using monthly cash flows over a 180-months period Group Axactor ASA and all its subsidiaries NPL amortization rate Portfolio amortization divided by collections on own portfolios for the NPL segment NPL cost-to-collect ratio NPL cost to collect divided by NPL total revenue excluding NPV of changes in collection forecasts and change in fair value of forward flow commitments One off portfolio acquisition Acquisition of a single loan portfolio Opex Total operating expenses Recovery rate Portion of the original debt repaid Replacement capex Amount of acquisitions of new loan portfolios needed to keep the book value of purchased loan portfolios constant compared to last period Repossession Taking possession of property due to default on payment of loans secured by property Repossessed assets Property repossessed from secured loan portfolios SG&A, IT and corporate cost Total operating expenses for overhead functions, such as HR, finance and legal etc Solution rate Accumulated paid principal amount for the period divided by accumulated collectable principal amount for the period. Usually expressed on a monthly basis Axactor – Second quarter 2025Axactor – Second quarter 2025 3838 Highlights Key figures Operations Financials APM Glossary Highlights Key figures Operations Financials APM Glossary GlossaryGlossary Glossary
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Abbreviations 3PC Third-party collection AGM Annual general meeting APM Alternative performance measures ARM Accounts receivable management B2B Business to business B2C Business to consumer BoD Board of Directors BS Consolidated statement of financial position (balance sheet) BV Book value CF Consolidated statement of cash flows CGU Cash generating unit CM Contribution margin D&A Depreciation and amortization Dopex Direct operating expenses EBIT Operating profit/Earnings before interest and tax EBITDA Earnings before interest, tax, depreciation and amortization ECL Expected credit loss EGM Extraordinary general meeting EPS Earnings per share ERC Estimated remaining collections ESG Environmental, social and governance ESOP Employee stock ownership plan FSA The financial supervisory authority FTE Full time equivalent GHG Greenhouse gas emissions HQ Headquarters IFRS International financial reporting standards LTV Loan to value NCI Non-controlling interests NPL Non-performing loan OB Outstanding balance, the total amount Axactor can collect on claims under management, including outstanding principal, interest and fees OCI Consolidated statement of other comprehensive income P&L Consolidated statement of profit or loss PCI Purchased credit impaired PPA Purchase price allocations REO Real estate owned ROE Return on equity SDG Sustainable development goal SG&A Selling, general & administrative SPV Special purpose vehicle VIU Value in use VPS Verdipapirsentralen/Norwegian central securities depository WACC Weighted average cost of capital WAEP Weighted average exercise price Axactor – Second quarter 2025Axactor – Second quarter 2025 3939 Highlights Key figures Operations Financials APM Glossary Highlights Key figures Operations Financials APM Glossary GlossaryGlossary Glossary
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artbox.no Highlights Key figures Operations Financials APM Glossary Highlights Key figures Operations Financials APM Glossary