Interim report
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Report Q3 2026 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 – Third quarter 2026Axactor – Third quarter 2026 22 Highlights Key figures Operations Financials APM Glossary Highlights Key figures Operations Financials APM Glossary
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/ Highlights Third quarter 2026 • NPL collection performance broadly aligned with expectations at 104% (98%), with positive contribution from strong secured collections • Repaid the expensive ACR04 bond in full, utilizing significantly cheaper sources of funds. The repayment was partially funded through a successful EUR 75 million tap issue of the ACR06 bond • Gross revenue of EUR 74.3 million (78.0) and total revenue of EUR 56.9 million (61.7) • EBITDA ended at EUR 26.2 million (32.6), while cash EBITDA was EUR 43.9 million (49.4) • External servicing revenue ended at EUR 16.3 million, up 7% from the third quarter last year (15.2). Capital light servicing revenue expected to increase further as more investments are made through the co-investment vehicle • NPL investments of EUR 19.5 million (2.2), taking investments so far in 2026 up to EUR 74.8 million (34.6) and expected to pick up further going forward. The average gross IRR for the total NPL stock per the end of the third quarter was 21%, up from 19% at the end of the third quarter 2025 • Continued focus on efficiency improvements through automation and increased use of artificial intelligence. Key focus area in the quarter has been back-office tasks such as automated handling of legal documents and debt restructuring processes • Long-term issuer credit rating from S&P upgraded to “B” with stable outlook. The decision to upgrade came as a response to the balance sheet strengthening after the share issues and seed portfolio sale in the second quarter • Segment reporting updated to visualize uplift in capital light revenue from servicing of claims owned through the seed portfolio SPV and the co-investment SPV Axactor – Third quarter 2026Axactor – Third quarter 2026 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 Sep 2026 30 Sep 2025 30 Sep 2026 30 Sep 2025 Full year 2025 Gross revenue 74 78 227 236 335 Total revenue 57 62 -148 190 258 EBITDA 26 33 -241 97 133 Cash EBITDA 44 49 135 146 213 Net profit/(loss) after tax 3 10 -310 27 36 EBITDA margin 46% 53% na 51% 51% Return on equity to shareholders, annualized 2% 11% n.a. 10% 10% Equity ratio 39% 28% 39% 28% 29% Acquired NPL portfolios 20 2 75 35 59 Book value of NPL portfolios 787 1,081 787 1,081 1,076 Estimated remaining collections (ERC) 1,672 2,278 1,672 2,278 2,245 Number of employees (FTEs) 1,123 1,236 1,123 1,236 1,237 Price per share, last day of period (NOK)1 4.72 7.56 4.72 7.56 7.78 Market capitalization (NOK million) 3,803 2,284 3,803 2,284 2,351 1 The nominal value per share was reduced from EUR 5.07 to EUR 2.50, and 503,528,838 new shares were issued in the second quarter 2026 Gross revenue EUR million 74 -5% y/y ERC, NPL EUR million 1,672 -27% y/y Return on equity 2% to shareholders, annualized EBITDA EUR million 26 46% margin Cash EBITDA EUR million 44 -11% y/y Equity ratio 39% Axactor – Third quarter 2026Axactor – Third quarter 2026 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 NPL collection performance ended at 104%, with NPL Investments gross revenue of EUR 59.8 million in the seasonally slow third quarter. The Servicing segment delivered a solid quarter with a total revenue of EUR 28.8 million, of which 16.3 million was external servicing revenue. This represents a 7% increase in capital light revenues compared to the corresponding quarter last year. The revaluation of the NPL portfolios booked in the second quarter of 2026 lowered the NPL performance targets. The NPL collection performance of 104% for the third quarter of 2026 was broadly aligned with expectations, with the outperformance coming from strong collections on the secured portfolios. Axactor continues to work with debtors to establish realistic payment plans, increasing cash flow visibility and reducing fluctuations. The first investments in the new co-investment vehicle were made in the quarter, with the acquisition of two unsecured portfolios in Spain. The portfolios had a total outstanding balance of EUR 404 million across 13,500 cases and Axactor Spain acts as an exclusive servicer. The new co-investment strategy will lift both the NPL investment capacity and contribute positively to external servicing revenue going forward. Efficiency improvements continuing across all markets The Spanish 3PC division has delivered strong results for many years and has during the last 12 months made substantial innovations with the use of digital collection and advanced analytics. This has resulted in improved collections on behalf of clients, and also a reduction of 125 FTEs in the front-line departments within operations. Most of the efficiency gains have come in the call centers, where more targeted calling and a new and more advanced omni-channel system is having great effects. All countries have implemented the new omni-channel system, and new automation and artificial intelligence (AI) functionality is rolled out on a monthly basis. The main AI functionality utilized is call transcriptions and summarizations, a specialized copilot for assisting case handlers during calls, quality assessments of calls and autonomous voice bots. Increased usage is expected going forward as the preliminary results are very promising. New AI solutions within back-office processing are also used to automate handling of legal documents and debt restructuring processes. The solutions yield high efficiency gains and improved quality, as manual data entry is no longer required. The solutions are currently applied in three markets, with an aim to roll out to all markets. Improved information security awareness Axactor has a continued focus on information security awareness, with long-running initiatives to educate the employees of the potential threats facing the Group. Currently there are monthly campaigns with security articles, interactive video trainings and internal phishing attempts to test the effectiveness of the training. Further, Axactor Spain has successfully renewed the ISO 27001 Information Security certification during the quarter, with zero non-conformities identified. During the third quarter of 2026 the Axactor employees have had significantly better results on spotting the internal simulated phishing attempts than in previous campaigns. An improvement of 90% compared to 2025 was achieved, documenting the positive results of consistent training and high management focus. The message will continue to be repeated going forward, with even more proactive engagement with employees planned for the fourth quarter of 2026 and for 2027. Regulatory developments and compliance The debt collection industry continues to be shaped by regulatory developments across Europe, with increased focus on consumer Axactor – Third quarter 2026Axactor – Third quarter 2026 55 Highlights Key figures Operations Financials APM Glossary Highlights Key figures Operations Financials APM Glossary OperationsOperations Operations
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protection, transparency and responsible collection practices. Supervisory authorities are increasing scrutiny of collection activities and operational compliance. Axactor has been subject to supervisory reviews in several jurisdictions in 2026, without any material findings reported. In Norway, preparations for the implementation of the new Debt Collection Act continue across the industry. Work on supplementary regulations and regulatory guidance remains ongoing ahead of the expected entry into force in 2027. During the quarter, the Norwegian Financial Supervisory Authority clarified its interpretation of certain VAT-related debt collection rules and updated a previously issued supervisory report accordingly. Furthermore, a new consolidated wage garnishment framework is still being gradually rolled out as part of the digitalization program “Fremtidens innkreving”. Axactor has ongoing internal controls and internal audits throughout the year, to support compliance with its various legal obligations. During the quarter, an extra focus has been directed towards internal controls within HR, Operations and IT and information security. Corporate sustainability reporting In preparation for the upcoming sustainability reporting period, Axactor has discussed its previously completed double materiality assessment (DMA) with key stakeholders, reviewed the data points and KPIs under the EUs Corporate Sustainability Reporting Directive (CSRD), and intends to continue with substantially similar reporting as for prior years. Axactor continuously focuses on material sustainability matters relating to its own workforce, including gender equality and equal pay, secure employment and mental health. EU member states were required to implement the EU Pay Transparency Directive by 7 June 2026, however, among the countries in which Axactor operates, only Italy has implemented the directive. Axactor has started internal preparations by reviewing and analyzing the different types of salaries, incentive models, benefits, titles, role descriptions, procedures for recruitment, performance management etc. across the group, and is further developing internal reporting to improve pay gap monitoring, to understand their underlying causes and to initiate appropriate corrective measures. The turnover rate so far in 2026 has improved compared to last year, from 22% to 18%, with voluntary turnover reduced from 11% to 10%. Operating in the debt collection industry, Axactor recognizes that both employees and debtors face unique emotional challenges. For employees, managing sensitive conversations, navigating financial distress, and maintaining empathy under pressure can take a toll. That is why Axactor has made mental health a key focus area, fostering a supportive culture built on respect, openness, and balance. Leaders are encouraged to lead with empathy, creating an environment where it’s safe to speak up and seek help when needed. Equally important is Axactor’s commitment to the mental wellbeing of vulnerable debtors. The company trains its professionals to handle each case with understanding and dignity, recognizing that behind every overdue account is a person facing real-life challenges. By combining ethical collection practices with compassion and active listening, Axactor aims to reduce the emotional stress often associated with debt recovery. Data privacy remains a material sustainability matter for Axactor, given the substantial amounts of personal data processed in its debt collection activities. Ethical business conduct Trust is one of Axactor’s core values and a prerequisite to succeed in a highly regulated market. This is why Axactor places a significant and continuous focus on compliance and ethical business conduct. During the quarter, all employees have been required to review and re-affirm their commitment to the Code of Conduct and its principles. Annual compliance training courses have also been conducted during the quarter, focusing on data privacy, anti-fraud and anti-corruption, conflict of interest, working with debtors, and gifts and invitations. Axactor – Third quarter 2026Axactor – Third quarter 2026 66 Highlights Key figures Operations Financials APM Glossary Highlights Key figures Operations Financials APM Glossary OperationsOperations Operations
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/ Financials To better visualize the impact of the seed portfolio sale and the new co-investment structure on Axactor’s revenue, a new segment structure has been implemented in the third quarter 2026. The main change is that the internal servicing sub-segment is now reported alongside servicing of third-party claims (3PC) in the “Servicing” segment. The “NPL Investments” segment is thus a pure investment entity, paying direct expenses associated with owning the portfolios, as well as an internal servicing fee paid to the “Servicing” segment for collection activities and other services provided. This internal servicing fee is eliminated in the total figures. Further, the term “external servicing revenue” is introduced to describe the sum of servicing revenue from third-party clients and servicing revenue from NCIs share of own claims. Axactor will continue to report on this new structure going forward and believes this gives the best representation of where the results are generated and how the segments are governed in the daily management of the business. Previous period figures have been restated in accordance with the new structure. For more information, please refer to Note 3 Operating Segments. Revenue Total revenue for the third quarter was EUR 56.9 million (61.7). The negative growth comes as a result of a modest investment level in NPL portfolios over the past twelve months, portfolio divestments in the fourth quarter 2025, and reduced interest revenue from purchased loan portfolios following the negative revaluations booked in the second quarter 2026. Total NPL amortization and revaluation for the quarter was EUR -17.4 million, compared to EUR -16.3 million in the third quarter last year. The gross revenue was thus EUR 74.3 million for the quarter (78.0). NPL collection performance ended at 104% (98%), up from 94% and 93% in respectively the first and second quarter of 2026. The improvement comes as a direct result of the revised collection estimates put in place in the previous quarter, as well as strong collections from the secured portfolios. The NPL Investments segment delivered a total revenue of EUR 42.4 million for the quarter (46.5), and a gross revenue of EUR 59.8 million (62.8). The reduction in gross revenue is mainly due to the modest investment level over the past twelve months, and a portfolio divestment in the fourth quarter 2025. The effective NPL amortization rate was 30%, up from 22% in the third quarter last year, further weighing down on total revenue compared to last year. Positive NPL revaluations of EUR 0.7 million were booked in the quarter (negative 2.4).-150 -100 -50 0 50 100 Q3-26Q2-26Q1-26Q4-25Q3-25 Total revenue and gross revenue Total revenue Gross revenue EUR million 78 62 7875 53 74 57 99 68 -258 Servicing1 19% NPL Investments 81% % Gross revenue mix Q3 2026 Total revenue mix Q3 2026 Servicing1 25% NPL Investments 75% % 1 Excluding revenue from servicing of own claims Axactor – Third quarter 2026Axactor – Third quarter 2026 77 Highlights Key figures Operations Financials APM Glossary Highlights Key figures Operations Financials APM Glossary FinancialsFinancials Financials
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The Servicing segment total revenue ended at EUR 28.8 million for the quarter (27.2). EUR 14.5 million of the revenue comes from servicing claims owned by third-parties (15.2), while EUR 1.8 million comes from servicing claims associated with non-controlling interests (0.0). The combined external revenue was thus EUR 16.3 million, up 7% from the third quarter 2025. The growth was partially offset by reduced delinquency rates in the Spanish market, meaning the banks have less volumes available for servicing. With a majority of future NPL investments planned to be made through the co-Investment SPV, the uplift in external servicing revenue is expected to increase significantly over time. Operating expenses Total operating expenses before depreciation and amortization for the quarter were EUR 30.7 million, up 5% compared to the third quarter 2025 (29.1). The increase is partly related to non-recurring costs in connection with the share issues, seed portfolio sale and co-investment partnership announced in the second quarter. Furthermore, Axactor is working to increase automation and to better utilize artificial intelligence in the daily operations. This work requires upfront spending on IT development and software but is expected to reduce the future cost-to-collect level. The total operating expenses as percentage of gross revenue ended at 41% for the quarter, up from 37% in the third quarter 2025. Depreciation and amortization – excluding amortization of NPL portfolios – was EUR 2.1 million for the quarter, up from EUR 1.9 million in the corresponding quarter last year. Operating results Total contribution margin from the business segments for the quarter was EUR 37.2 million, compared to EUR 42.2 million in the third quarter last year. The reduction was mainly due to the lower total revenue. The NPL Investments segment delivered a contribution margin of EUR 25.8 million in the quarter, down from EUR 31.9 million in the corresponding quarter last year. The reduction was driven by the lower total revenues, and increased servicing fee paid to the Servicing segment. Total operating expenses for the NPL Investments segment ended at EUR 16.6 million (14.5). The contribution margin over segment revenue was thus 61%, compared to 69% in the third quarter 2025. The contribution margin for the Servicing segment ended at EUR 11.4 million in the third quarter, up from EUR 10.3 million in the corresponding quarter last year. Operating expenses for the Servicing segment came in at EUR 17.4 million (16.9), resulting in a margin over total revenue expansion to 40% (38%). Scale benefits are gradually materializing in the Norwegian operation as the 3PC revenue continues to grow. Simultaneously the impact of the cost improvement initiatives implemented in Spain earlier this year is starting to show in the financial results. EBITDA for the third quarter 2026 ended at EUR 26.2 million (32.6), driven by the total revenue decline and the slightly higher operational expenses. The difference between contribution margin and EBITDA is comprised of unallocated SG&A and IT costs, which amounted to EUR 11.0 million for the quarter, up from EUR 9.6 million in the corresponding quarter 2025. The increase is partly related to non-recurring costs in connection with the share issues, seed portfolio sale and co-investment partnership announced in the second quarter. Furthermore, Axactor is working to increase automation and to better utilize artificial intelligence in the daily operations. This work requires upfront spending on IT development and software but is expected to reduce the future cost-to-collect level. Cash EBITDA ended at EUR 43.9 million for the quarter, down from EUR 49.4 million in the third quarter last year. The reduction was mainly driven by the reduced gross revenue in the NPL Investments segment.-100 -80 -60 -40 -20 0 20 40 Q3-26Q2-26Q1-26Q4-25Q3-25 EBITDA and EBITDA margin EUR million and % 53% 46% 33 42% -290 22 52% 35 26 Axactor – Third quarter 2026Axactor – Third quarter 2026 88 Highlights Key figures Operations Financials APM Glossary Highlights Key figures Operations Financials APM Glossary FinancialsFinancials Financials
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Operating profit (EBIT) came in at EUR 24.1 million for the third quarter 2026 (30.7). Net financial items Total net financial items for the quarter were negative EUR 18.9 million, slightly up from the third quarter last year (-18.1) due to non-recurring costs associated with refinancing activities. The main part of the financial items was made up of interest expense on borrowings of EUR 15.4 million, compared to EUR 18.6 million in the third quarter last year. The reduction comes as a result of the reduced outstanding debt following the share issues in the second quarter, as well as a lower margin on the new ACR06 bond compared to the now fully repaid ACR03 bond. The positive impact on interest expenses from repaying the expensive ACR04 bond is limited to a few days in the third quarter, but will have full impact for the next quarters. Other financial expenses for the quarter was EUR 4.6 million, up from EUR 0.4 million in the third quarter 2025. This includes an early redemption fee of EUR 5.8 million related to the refinancing of the ACR04 bond. Additionally, a EUR 0.9 million positive impact of reduced expected profit share on two specific portfolios was registered in the third quarter, following the negative curve revisions in the previous quarter. The third quarter saw a positive net FX impact of EUR 0.6 million, compared to a positive impact of EUR 0.4 million in the third quarter last year. Earnings and taxes The profit before tax ended at EUR 5.2 million for the third quarter (12.6), while net profit ended at EUR 2.9 million (9.6). The resulting earnings per share were EUR 0.001 both on a reported and on a fully diluted basis (0.032). Cash flow Net cash flow from operating activities, including NPL investments, amounted to EUR 73.3 million (36.7) for the quarter, of which the amount paid for NPL portfolios was EUR 19.5 million (2.2). The total cash flow from operations excluding investments in NPL portfolios ended at EUR 92.8 million, compared to EUR 39.1 million in the third quarter last year. The root cause for the improvement compared to last year was a EUR 52.1 million decrease in net working capital (increase of 8.3), mainly due to the settlement of notes subscription in the seed portfolio SPV. The cash EBITDA was reduced by EUR 5.4 million to EUR 43.9 million (49.4), while taxes paid increased to EUR 3.2 million (1.9). Total net cash flow from investing activities, not including investments in NPL portfolios, was EUR -0.5 million for the third quarter (-0.6). Total net cash flow from financing activities was EUR -67.8 million for the quarter (-38.4), with a net debt repayment of EUR 54.3 million (20.0). Interest paid continue to decrease, ending at EUR 14.7 million for the quarter compared to EUR 17.9 million in the third quarter last year. The improvement is mainly related to reduced outstanding debt, as well as a lower margin on the new ACR06 bond compared to the ACR03 bond that was repaid in full in the second quarter. Additionally, a total of EUR 0.8 million was paid in loan fees related to the bond tap issue in the quarter. This compares to EUR 0.4 million paid in loan fees in the third quarter 2025. Total net cash flow was thus EUR 5.0 million for the quarter (-2.4), leaving total cash and cash equivalents at EUR 79.7 million at the end of the period (44.8). This does not include EUR 3.7 million in restricted cash (1.6). Equity position and balance sheet considerations Total equity for the Group was EUR 391.3 million at the end of the third quarter 2026, up from EUR 358.6 million at the end of the corresponding quarter 2025, and from EUR 367.8 million at the end of 2025. The main reason for the increase is the share issues and the seed portfolio sale to an SPV with non-controlling interests conducted in the second quarter 2026, partly offset by the negative result year to date. Axactor – Third quarter 2026Axactor – Third quarter 2026 99 Highlights Key figures Operations Financials APM Glossary Highlights Key figures Operations Financials APM Glossary FinancialsFinancials Financials
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Axactor has two entities with non-controlling interests. The first is an SPV holding the Seed portfolio, which was sold from various Axactor companies to this entity in the second quarter. Axactor holds a 50.1% ownership share, while Fortress and Geveran hold the rest. The second is a co-investment SPV owned 75% by Axactor and 25% by Fortress. The value in this vehicle is still limited but is expected to increase significantly as new investments are made. The total amount of non-controlling interests per the end of the third quarter 2026 was EUR 114.7 million (0.0). The equity ratio at the end of the period was 39% (28%). Capital expenditure and funding Axactor invested EUR 19.5 million in NPL portfolios in the third quarter of the year (2.2), of which the majority was invested in Spain. This takes the investments for the first nine months of 2026 up to EUR 74.8 million (34.6). The book value of NPL portfolios at the end of the third quarter was EUR 787.0 million (1,081.3), while the estimated remaining collections were EUR 1,672.3 million (2,278.0). The reason for the decline in book value and estimated remaining collections is primarily the large negative NPL revaluation booked in the second quarter 2026. Estimated future NPL investment commitments stand at EUR 3.1 million at the end of the third quarter of 2026, of which EUR 1.3 million are related to the remainder of 2026. Axactor has two outstanding bond loans at the end of the third quarter 2026. The EUR 125 million bond loan with ticker ACR05 matures in June 2029, and carries a coupon of 3m EURIBOR + 750 bps. A EUR 75 million tap issue of the ACR06 bond loan was conducted during the quarter. After the tap, the total outstanding balance for this bond loan is EUR 175 million, with a coupon of 3m EURIBOR + 390 bps, and the maturity is August 2030. The proceeds from the tap issue were, together with other funds, used to repay the remaining outstanding balance of the ACR04 bond loan. The shift from the expensive ACR04 bond (3m NIBOR + 825 bps) to the ACR06 bond will contribute to a reduction in the average effective interest rate going forward. Axactor’s RCF has a total size of EUR 545 million, of which EUR 284.9 million was drawn per the end of the third quarter 2026 (497.8). The reason for the large decline compared to last year was use of proceeds from the share issues in the second quarter to repay debt. The RCF agreement has a EUR 275 million accordion option, contingent on separate credit approval. The maturity of the RCF agreement is 28 June 2028. Total interest-bearing debt including capitalized loan fees and accrued interest amounted to EUR 574.9 million at the end of the third quarter (867.3). Axactor is in compliance with all loan covenants as per the end of the third quarter 2026. Financial targets In connection with the announcement of the equity raise in the second quarter, Axactor also announced new financial targets for 2027 and onwards: 1. Annual NPL investments of EUR 200-400 million and 10% average external servicing revenue growth annually 2. Annual return on equity exceeding 15% 3. Leverage ratio as defined in the bond covenants in the range of 2.25x-2.75x 4. Minimum annual distribution of 50% of adjusted net profit Outlook Axactor delivered a collection performance of 104% in the third quarter, and expect to continue to deliver in accordance with the ERC curves going forward. New portfolio investments are expected to pick up, with a significantly improved investment capacity following the share issues earlier in the year. Axactor will however not compromise on its required return and if sufficiently attractive prices cannot be obtained Axactor will refrain from investing. The target level for investments remains EUR 200-400 million per year, from 2027 onwards. The fourth quarter of the year is usually the busiest part of the year when it comes to portfolio acquisitions. Axactor sees a healthy pipeline but the final investment amount will be dependent on whether one-off transactions are closed or not. The expected investment range for 2026 is EUR 100 - 150 million. Axactor – Third quarter 2026Axactor – Third quarter 2026 1010 Highlights Key figures Operations Financials APM Glossary Highlights Key figures Operations Financials APM Glossary FinancialsFinancials Financials
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Capital light servicing benefits from both the co-investment vehicle and the seed portfolio, as Axactor retains exclusive servicing rights for both vehicles. This revenue uplift was EUR 1.8 million for the third quarter, a number expected to increase in line with new investments made through the co-investment vehicle. For servicing of third-party claims, the pipeline for new contracts remains healthy. The Norwegian landmark contract is still onboarding new products on a running basis and will continue to drive growth for the coming quarters. At the same time the growth potential is limited by declining delinquency rates in Spain, which remains Axactor’s largest market. The funding cost will continue to improve over the coming quarters. The expensive ACR04 bond was refinanced with substantially cheaper sources of funds towards the end of the third quarter. The full impact of this refinancing transaction will be visible in the fourth quarter. Axactor aims to also replace the ACR05 bond with more attractive funding in June 2027. Axactor – Third quarter 2026Axactor – Third quarter 2026 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 policies 18 Note 2 Financial risks 19 Note 3 Operating segments 21 Note 4 Financial items 24 Note 5 Revenue 25 Note 6 Purchased loan portfolios 27 Note 7 Interest-bearing loans and borrowings 30 Note 8 Leases 33 Note 9 Issued shares and share capital 34 Axactor – Third quarter 2026Axactor – Third quarter 2026 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 Sep 2026 30 Sep 2025 30 Sep 2026 30 Sep 2025 Full year 2025 Interest revenue from purchased loan portfolios 5, 6 39,075 49,897 140,305 149,451 199,301 Net gain/(loss) purchased loan portfolios 5, 6 3,001 -3,867 -335,496 -7,520 -9,213 Revenue from sale of repossessed assets 5 323 448 1,375 2,870 3,662 Other operating revenue 14,468 15,202 46,064 45,671 64,643 Total revenue 3, 5 56,868 61,681 -147,751 190,471 258,393 Cost of repossessed assets sold, incl impairment 5 -217 -407 -895 -2,573 -3,208 Personnel expenses -16,743 -16,374 -49,989 -48,749 -64,612 Other operating expenses -13,701 -12,287 -42,735 -41,674 -57,752 Total operating expenses -30,661 -29,068 -93,620 -92,996 -125,572 EBITDA 26,207 32,613 -241,371 97,475 132,821 Depreciation and amortization -2,090 -1,930 -6,818 -5,941 -7,572 Operating profit /(loss) 24,117 30,683 -248,189 91,534 125,248 Financial revenue 4 1,148 899 3,756 2,904 3,462 Financial expenses 4 -20,022 -18,988 -60,947 -59,499 -81,302 Net financial items -18,874 -18,089 -57,191 -56,595 -77,840 Profit/(loss) before tax 5,243 12,594 -305,380 34,939 47,408 Income tax expense -2,317 -3,024 -4,878 -8,385 -11,378 Net profit/(loss) after tax 2,927 9,570 -310,258 26,553 36,030 For the quarter end Year to date EUR thousand Note 30 Sep 2026 30 Sep 2025 30 Sep 2026 30 Sep 2025 Full year 2025 Attributable to: Non-controlling interests: Net profit/(loss) after tax 1,882 - 1,882 - - Shareholders of the parent company: Net profit/(loss) after tax 1,045 9,570 -312,140 26,553 36,030 Earnings per share: Basic and diluted 0.001 0.032 -0.387 0.088 0.119 Axactor – Third quarter 2026Axactor – Third quarter 2026 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 Sep 2026 30 Sep 2025 30 Sep 2026 30 Sep 2025 Full year 2025 Net profit/(loss) after tax 2,927 9,570 -310,258 26,553 36,030 Items that will not be reclassified subsequently to profit or loss Remeasurement of pension plans - - - - -84 Items that may be reclassified subsequently to profit or loss Currency translation differences - foreign operations 3,155 1,816 10,886 2,048 2,088 Fair value net gain/(loss) on cash flow hedges during the period 5,369 - 5,350 -1,240 565 Cumulative net gain/(loss) on cash flow hedges reclassified to profit or loss - 33 - -567 -2,646 Other comprehensive income/(loss) after tax 8,524 1,849 16,236 241 -78 Total comprehensive income/(loss) for the period 11,451 11,419 -294,023 26,794 35,953 Attributable to: Non-controlling interests 1,882 - 1,882 - - Shareholders of the parent company 9,569 11,419 -295,904 26,794 35,953 Axactor – Third quarter 2026Axactor – Third quarter 2026 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 Sep 2026 30 Sep 2025 Full year 2025 Assets Non-current assets Intangible assets Goodwill 60,356 59,014 58,859 Deferred tax assets 8,205 10,613 13,855 Other intangible assets 7,411 9,952 9,981 Tangible assets Property, plant and equipment 2,259 2,356 2,284 Right of use assets 8 7,347 6,927 4,959 Financial assets Purchased loan portfolios 6 786,990 1,081,259 1,076,478 Other non-current assets 7,642 1,381 1,613 Total non-current assets 880,209 1,171,502 1,168,028 Current assets Repossessed assets 5,192 4,142 4,146 Accounts receivable 6,790 5,702 6,196 Other current assets 37,485 46,191 36,477 Restricted cash 3,742 1,644 1,967 Cash and cash equivalents 79,652 44,768 35,593 Total current assets 132,860 102,447 84,380 Total assets 1,013,069 1,273,949 1,252,407 EUR thousand Note 30 Sep 2026 30 Sep 2025 Full year 2025 Equity and liabilities Equity Share capital 9 202,238 158,369 158,369 Other paid-in equity 369,828 271,142 271,179 Retained earnings -278,898 -35,098 -25,706 Other components of equity -16,525 -35,850 -36,085 Non-controlling interests 114,680 - - Total equity 391,324 358,563 367,758 Non-current liabilities Interest-bearing debt 7 574,868 802,083 772,090 Deferred tax liabilities 1,440 1,243 29 Lease liabilities 8 5,632 5,626 2,345 Other non-current liabilities 3,809 3,235 7,496 Total non-current liabilities 585,749 812,186 781,961 Current liabilities Accounts payable 5,788 3,764 5,991 Taxes payable 3,515 7,487 5,083 Lease liabilities 8 2,103 3,438 3,492 Interest bearing debt 7 - 65,190 64,924 Other current liabilities 24,590 23,321 23,199 Total current liabilities 35,996 103,200 102,688 Total liabilities 621,745 915,386 884,649 Total equity and liabilities 1,013,069 1,273,949 1,252,407 Axactor – Third quarter 2026Axactor – Third quarter 2026 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 Full year 2025 EUR thousand Note 30 Sep 2026 30 Sep 2025 30 Sep 2026 30 Sep 2025 31 Dec 2025 Operating activities Profit/(loss) before tax 5,243 12,594 -305,380 34,939 47,408 Taxes paid -3,152 -1,943 1,675 -8,634 -9,169 Adjustments to reconcile profit before tax to net cash flows: Net financial items 4 18,874 18,089 57,191 56,595 77,840 Portfolio amortization and revaluation 17,431 16,291 374,908 45,673 76,257 Cost of repossessed assets sold, incl impairment 217 407 895 2,573 3,208 Depreciation and amortization 2,090 1,930 6,818 5,941 7,572 Calculated cost of employee share options 61 69 237 286 319 Change in working capital 52,084 -8,301 -1,402 -4,188 -498 Cash flow from operating activities before NPL investments 92,849 39,136 134,942 133,185 202,938 Purchase of loan portfolios 6 -19,531 -2,236 -74,831 -34,441 -59,139 Purchases related to repossessed assets -39 -189 -115 -269 -340 Net cash flow from operating activities 73,280 36,711 59,996 98,476 143,458 For the quarter end Year to date Full year 2025 EUR thousand Note 30 Sep 2026 30 Sep 2025 30 Sep 2026 30 Sep 2025 31 Dec 2025 Investing activities Purchase of intangible and tangible assets -504 -642 -1,629 -2,338 -3,665 Net cash flow from investing activities -504 -642 -1,629 -2,338 -3,665 Financing activities Proceeds from borrowings 7 476,952 - 789,023 171,000 171,000 Repayment of debt 7 -531,275 -20,000 -1,067,093 -191,715 -225,144 Interest paid -14,659 -17,893 -48,960 -54,091 -71,156 Interest received 588 459 1,468 1,125 1,635 Loan fees paid 7 -825 -417 -2,255 -9,432 -9,432 Lease payments, principal amount 8 -1,207 -577 -3,078 -1,596 -4,279 Net proceeds from share issues and notes subscription 2,660 - 317,352 - - Net cash flow from financing activities -67,765 -38,428 -13,542 -84,709 -137,376 Net change in cash and cash equivalents 5,011 -2,359 44,825 11,429 2,417 Cash and cash equivalents at the beginning of period 75,372 46,842 35,593 32,991 32,991 Currency translation -730 285 -766 348 186 Cash and cash equivalents at end of period 79,652 44,768 79,652 44,768 35,594 Axactor – Third quarter 2026Axactor – Third quarter 2026 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 2024 158,369 271,048 -52,450 -38,332 2,240 340,874 -9,201 331,674 Result of the period 26,553 26,553 - 26,553 Other comprehensive income of the period 2,048 -1,806 241 241 Total comprehensive income for the period - - 26,553 2,048 -1,806 26,794 - 26,794 Acquisition of non-controlling interests1 -9,201 -9,201 9,201 - Share-based payment 94 94 94 Balance on 30 Sep 2025 158,369 271,142 -35,098 -36,284 434 358,563 - 358,563 Balance on 31 Dec 2025 158,369 271,179 -25,706 -36,243 158 367,758 - 367,758 Result of the period -312,140 -312,140 1,882 -310,258 Other comprehensive income of the period - 10,886 5,350 16,236 - 16,236 Total comprehensive income for the period - - -312,140 10,886 5,350 -295,904 1,882 -294,023 Reclassification -3,324 3,324 - - Share issues 43,869 98,412 72,536 - - 214,818 - 214,818 Transactions with non-controlling interests1 - - -10,264 - - -10,264 112,798 102,534 Share-based payment 237 237 237 Balance on 30 Sep 2026 202,238 369,828 -278,898 -22,033 5,508 276,644 114,680 391,324 1 Axactor ASA acquired the remaining 50 percent of the shares in Reolux Holding S.à r.l. in the first quarter 2025. Effective from 30 June 2026 Axactor has two entities with non-controlling interests. Axactor Seed Investment Ireland DAC where Axactor holds a 50.1% ownership share, while Fortress and Geveran hold the rest, and Axactor Investments Ireland DAC held 75% by Axactor and 25% by Fortress. Axactor – Third quarter 2026Axactor – Third quarter 2026 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 policies 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 invests in non-performing loans and delivers credit management services. Effective from 1 July 2026, Axactor changed its segment reporting. The segments previously named Non-performing loans (NPL) and Third-party collections (3PC) have been renamed NPL Investments and Servicing, respectively. As part of the change, servicing revenue related to the Group’s own claims is reported gross in the Servicing segment, with a corresponding expense recognized in NPL Investments. Previously, these amounts were reported on a net basis. As a result, NPL Investments is presented as a pure investment segment, including direct expenses associated with portfolio ownership and servicing fee to the Servicing segment. Internal servicing revenue and the corresponding expense are eliminated at Group consolidated level, and comparative figures have been restated accordingly. 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 2025. 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 2025. 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 2025. 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. Axactor – Third quarter 2026Axactor – Third quarter 2026 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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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 2025. 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. During the third quarter, a new tap of EUR 75 million on the ACR06 senior unsecured 4.25-year EUR 100 million bond issued in the second quarter was made. In addition, the Group called the NOK 172.6 million outstanding under the ACR04 bond loan. Liquidity risk The Group monitors its risk of a shortage of funds using cash flow forecasts regularly. On 30 September 2026, the Group had an unused part of the RCF agreement of EUR 260.1 million, in addition to unrestricted cash and cash equivalents of EUR 79.7 million. The Group had positive cash flow from operating activities before NPL investments of EUR 92.8 million in the third quarter 2026, and cash flows from operating activities amounted to EUR 73.3 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 – Third quarter 2026Axactor – Third quarter 2026 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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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 Sep 2026 EUR thousand 1 year 1-2 years 2-4 years 4+ years Total NPL investment commitments, non-cancellable 1 1,320 - - - 1,320 NPL investment commitments, cancellable 1 1,757 42 - - 1,799 Revolving credit facility (RCF) 12,388 292,928 - 305,316 Bond ACR05 (ISIN NO0013583229) 12,986 13,361 145,042 - 171,389 Bond ACR06 (ISIN NO0013750778) 12,140 12,634 200,267 225,041 Other non-current liabilities - 486 1,382 1,941 3,809 Accounts payable 5,788 - - - 5,788 Lease liabilities 2,813 2,214 2,996 1,394 9,417 Other current liabilities 24,589 - - - 24,589 Total contractual maturities 73,783 321,666 349,687 3,335 748,470 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 September 2026, cash flows are limited to EUR 8.6 million due to contracted capex limits. The NPL commitments are cancellable with one to three months’ notice. ERC per 30 Sep 2026 EUR thousand 1 year 1-2 years 2-4 years 4+ years Total Estimated remaining collections (ERC) 248,970 222,362 337,067 863,926 1,672,324 Axactor – Third quarter 2026Axactor – Third quarter 2026 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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Note 3 Operating segments Axactor invests in non-performing loans and provides credit management services. The Group’s revenue is derived from the following two operating segments1: • NPL Investments • Servicing The NPL Investments segment invests in portfolios of non-performing loans, presented as ‘Purchased loan portfolios’ in the consolidated statement of financial position. The administration of these loans is outsourced to the Servicing segment, for which the NPL Investments segment is charged a fee. The Servicing segment performs services on behalf of third-party clients and on behalf of the NPL Investments segment. 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. 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 includes inter-segment transactions in the form of a servicing fee paid by the NPL Investments segment to the Servicing segment for the services provided. This transaction is eliminated in the total consolidated figures. The accounting policies applied by the reportable segments are consistent with the Group’s accounting policies described in note 1. Segment contribution margin represents the contribution margin earned by each segment and is the measure used to assess segment performance. 1 See note 1 for description of changes in the reporting of operating segments, effective from 1 July 2026 For the quarter end 30 Sep 2026 EUR thousand NPL investments Servicing Eliminations/ not allocated Total consolidated Collections own portfolios 59,508 59,508 Portfolio amortization and revaluation -17,431 -17,431 Revenue from sale of repossessed assets 323 323 Revenue from servicing of third-party claims 14,468 - 14,468 Revenue from servicing of own claims - NCI share1 1,801 -1,801 - Revenue from servicing of own claims - Axactor share2 12,543 -12,543 - Total revenue 42,399 28,812 -14,344 56,868 Cost of repossessed assets sold -217 - -217 Internal servicing fee -14,344 14,344 - Other direct operating expenses -2,068 -17,421 - -19,489 Total direct operating expenses -16,629 -17,421 14,344 -19,706 Contribution margin 25,770 11,391 - 37,162 SG&A, IT and corporate cost -10,955 -10,955 EBITDA 26,207 Depreciation and amortization -2,090 -2,090 EBIT 24,117 Total operating expenses -16,629 -17,421 3,389 -30,661 Contribution margin (%) 60.8% 39.5% na 65.3% EBITDA margin (%) 46.1% Opex ex SG&A, IT and corporate cost / Gross revenue 27.8% 60.5% na 26.5% SG&A, IT and corporate cost / Gross revenue 14.7% 1 Servicing of the non-controlling interests’ share of portfolios owned through the Seed and Co-Investment SPVs 2 Servicing of portfolios owned 100% by Axactor, and Axactor’s share of portfolios owned through the Seed and Co-Investment SPVs Axactor – Third quarter 2026Axactor – Third quarter 2026 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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For the quarter end 30 Sep 2025 EUR thousand NPL investments Servicing Eliminations/ not allocated Total consolidated Collections own portfolios 62,321 62,321 Portfolio amortization and revaluation -16,291 -16,291 Revenue from sale of repossessed assets 448 448 Revenue from servicing of third-party claims 15,202 - 15,202 Revenue from servicing of own claims 12,024 -12,024 - Total revenue 46,478 27,227 -12,025 61,681 Cost of repossessed assets sold -407 - -407 Internal servicing fee -12,024 12,024 - Other direct operating expenses -2,102 -16,935 - -19,037 Total direct operating expenses -14,534 -16,935 12,024 -19,444 Contribution margin 31,945 10,292 - 42,236 SG&A, IT and corporate cost -9,623 -9,623 EBITDA 32,613 Depreciation and amortization -1,930 -1,930 EBIT 30,683 Total operating expenses -14,534 -16,935 2,401 -29,068 Contribution margin (%) 68.7% 37.8% na 68.5% EBITDA margin (%) 52.9% Opex ex SG&A, IT and corporate cost / Gross revenue 23.2% 62.2% na 24.9% SG&A, IT and corporate cost / Gross revenue 12.3% Year to date 30 Sep 2026 EUR thousand NPL investments Servicing Eliminations/ not allocated Total consolidated Collections own portfolios 179,718 179,718 Portfolio amortization and revaluation -374,908 -374,908 Revenue from sale of repossessed assets 1,375 1,375 Revenue from servicing of third-party claims 46,064 - 46,064 Revenue from servicing of own claims - NCI share1 1,801 -1,801 - Revenue from servicing of own claims - Axactor share2 37,670 -37,670 - Total revenue -193,816 85,535 -39,471 -147,751 Cost of repossessed assets sold -895 - -895 Internal servicing fee -39,471 39,471 - Other direct operating expenses -6,224 -54,353 - -60,577 Total direct operating expenses -46,591 -54,353 39,471 -61,473 Contribution margin -240,407 31,183 - -209,224 SG&A, IT and corporate cost -32,148 -32,148 EBITDA -241,371 Depreciation and amortization -6,818 -6,818 EBIT -248,189 Total operating expenses -46,591 -54,353 7,323 -93,620 Contribution margin (%) na 36.5% na na EBITDA margin (%) na Opex ex SG&A, IT and corporate cost / Gross revenue 25.7% 63.5% na 27.1% SG&A, IT and corporate cost / Gross revenue 14.2% 1 Servicing of the non-controlling interests’ share of portfolios owned through the Seed and Co-Investment SPVs 2 Servicing of portfolios owned 100% by Axactor, and Axactor’s share of portfolios owned through the Seed and Co-Investment SPVs Axactor – Third quarter 2026Axactor – Third quarter 2026 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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Year to date 30 Sep 2025 EUR thousand NPL investments Servicing Eliminations/ not allocated Total consolidated Collections own portfolios 187,603 187,603 Portfolio amortization and revaluation -45,673 -45,673 Revenue from sale of repossessed assets 2,870 2,870 Revenue from servicing of third-party claims 45,671 - 45,671 Revenue from servicing of own claims 36,994 -36,994 - Total revenue 144,801 82,664 -36,994 190,471 Cost of repossessed assets sold -2,573 - -2,573 Internal servicing fee -36,994 36,994 - Other direct operating expenses -7,170 -53,103 - -60,274 Total direct operating expenses -46,737 -53,103 36,994 -62,847 Contribution margin 98,064 29,561 - 127,625 SG&A, IT and corporate cost -30,150 -30,150 EBITDA 97,475 Depreciation and amortization -5,941 -5,941 EBIT - - 91,534 Total operating expenses -46,737 -53,103 6,844 -92,996 Contribution margin (%) 67.7% 35.8% na 67.0% EBITDA margin (%) 51.2% Opex ex SG&A, IT and corporate cost / Gross revenue 24.5% 64.2% na 26.6% SG&A, IT and corporate cost / Gross revenue 12.8% Full year 2025 EUR thousand NPL investments Servicing Eliminations/ not allocated Total consolidated Collections own portfolios 266,344 266,344 Portfolio amortization and revaluation -76,257 -76,257 Revenue from sale of repossessed assets 3,662 3,662 Revenue from servicing of third-party claims 64,643 - 64,643 Revenue from servicing of own claims 52,832 -52,833 - Total revenue 193,750 117,475 -52,833 258,393 Cost of repossessed assets sold -3,208 - -3,208 Internal servicing fee -52,832 52,832 - Other direct operating expenses -10,938 -71,166 - -82,104 Total direct operating expenses -66,978 -71,166 52,832 -85,312 Contribution margin 126,772 46,309 - 173,080 SG&A, IT and corporate cost -40,259 -40,259 EBITDA 132,821 Depreciation and amortization -7,572 -7,572 EBIT 125,248 Total operating expenses -66,978 -71,166 12,573 -125,572 Contribution margin (%) 65.4% 39.4% na 67.0% EBITDA margin (%) 51.4% Opex ex SG&A, IT and corporate cost / Gross revenue 24.8% 60.6% na 25.5% SG&A, IT and corporate cost / Gross revenue 12.0% Axactor – Third quarter 2026Axactor – Third quarter 2026 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 4 Financial items For the quarter end Year to date EUR thousand 30 Sep 2026 30 Sep 2025 30 Sep 2026 30 Sep 2025 Full year 2025 Financial revenue Interest on bank deposits 588 459 1,468 1,125 1,635 Net foreign exchange gain 1 555 429 2,001 478 345 Gain on purchase of treasury bonds (note 7) - - - 1,264 1,264 Other financial revenue 5 12 287 37 218 Total financial revenue 1,148 899 3,756 2,904 3,462 Financial expenses Interest expense on borrowings -15,440 -18,592 -53,469 -57,116 -75,564 Net foreign exchange loss 1 - - - - - Other financial expenses -4,582 -396 -7,478 -2,383 -5,738 Total financial expenses -20,022 -18,988 -60,947 -59,499 -81,302 Net financial items -18,874 -18,089 -57,191 -56,595 -77,840 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. Axactor – Third quarter 2026Axactor – Third quarter 2026 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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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 entities based in Luxembourg and Ireland. The Group’s revenue from external customers by location of operations, as well as 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 consist 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 Sep 2026 30 Sep 2025 30 Sep 2026 30 Sep 2025 Full year 2025 Finland 1,894 3,210 -29,681 8,137 11,087 Germany 6,247 7,930 -20,401 23,454 31,403 Italy 8,118 8,427 5,086 26,223 34,601 Norway 9,548 9,041 -68,229 30,562 39,950 Spain 28,719 28,556 61,069 87,629 126,201 Sweden 2,342 4,517 -95,595 14,465 15,149 Total revenue 56,868 61,681 -147,751 190,471 258,393 Non-current assets Book value EUR thousand 30 Sep 2026 30 Sep 2025 Full year 2025 Finland 2,714 2,895 2,848 Germany 10,673 13,045 11,570 Italy 16,268 16,148 16,132 Norway 25,801 25,729 24,938 Spain 20,731 18,706 18,975 Sweden 1,187 1,726 1,620 Total non-current assets 77,373 78,248 76,083 Axactor – Third quarter 2026Axactor – Third quarter 2026 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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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 Sep 2026 EUR thousand Finland Germany Italy Norway Spain Sweden Total Interest revenue from purchased loan portfolios 1,936 4,075 5,467 5,742 19,579 2,275 39,075 Collections above/(below) forecasts -42 -119 -76 326 2,284 -89 2,283 NPV of changes in collection forecasts - 214 148 350 -142 148 718 Net gain/(loss) purchased loan portfolios -42 94 73 676 2,142 59 3,001 Sale of repossessed assets - - - - 323 - 323 Total portfolio revenue 1,894 4,170 5,540 6,418 22,044 2,334 42,399 For the quarter end 30 Sep 2025 EUR thousand Finland Germany Italy Norway Spain Sweden Total Interest revenue from purchased loan portfolios 3,253 7,124 7,116 8,801 18,033 5,571 49,897 Collections above/(below) forecasts -43 -1,017 -650 -498 1,833 -1,064 -1,439 NPV of changes in collection forecasts - 39 -1,203 -1,744 469 11 -2,428 Net gain/(loss) purchased loan portfolios -43 -978 -1,853 -2,242 2,302 -1,053 -3,867 Sale of repossessed assets - - - - 448 - 448 Total portfolio revenue 3,209 6,146 5,263 6,559 20,784 4,517 46,478 Year to date 30 Sep 2026 EUR thousand Finland Germany Italy Norway Spain Sweden Total Interest revenue from purchased loan portfolios 7,865 16,403 19,019 24,474 58,771 13,772 140,305 - Collections above/(below) forecasts -2,048 -2,331 -2,252 -2,375 3,902 -2,190 -7,295 NPV of changes in collection forecasts -35,498 -40,517 -19,662 -99,949 -25,390 -107,185 -328,202 Net gain/(loss) purchased loan portfolios -37,547 -42,849 -21,914 -102,324 -21,488 -109,375 -335,496 Sale of repossessed assets 1,375 1,375 Total portfolio revenue -29,681 -26,445 -2,896 -77,849 38,658 -95,603 -193,816 Year to date 30 Sep 2025 EUR thousand Finland Germany Italy Norway Spain Sweden Total Interest revenue from purchased loan portfolios 9,917 21,608 21,811 26,656 52,762 16,697 149,451 Collections above/(below) forecasts -674 -2,387 -1,668 -1,026 7,021 -2,509 -1,242 NPV of changes in collection forecasts -1,107 -1,026 -2,887 -2,714 1,179 277 -6,278 Net gain/(loss) purchased loan portfolios -1,781 -3,413 -4,555 -3,739 8,200 -2,232 -7,520 Sale of repossessed assets 2,870 2,870 Total portfolio revenue 8,136 18,195 17,256 22,917 63,832 14,465 144,801 Axactor – Third quarter 2026Axactor – Third quarter 2026 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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Full year 2025 EUR thousand Finland Germany Italy Norway Spain Sweden Total Interest revenue from purchased loan portfolios 13,117 28,489 28,798 35,406 71,057 22,433 199,301 Collections above/(below) forecasts -925 -132 -2,049 -2,546 10,926 -3,016 2,259 NPV of changes in collection forecasts -1,107 -4,141 -4,037 -3,219 5,300 -4,268 -11,472 Net gain/(loss) purchased loan portfolios -2,031 -4,272 -6,086 -5,765 16,226 -7,284 -9,213 Sale of repossessed assets 3,662 3,662 Total portfolio revenue 11,085 24,217 22,712 29,640 90,945 15,149 193,750 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 homogeneous 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 17% of the book value of the loans are secured by a property object per 30 September 2026 (2025: 11%). 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 2025. Axactor – Third quarter 2026Axactor – Third quarter 2026 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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Change in book value of purchased loan portfolios; For the quarter end Year to date EUR thousand 30 Sep 2026 30 Sep 2025 30 Sep 2026 30 Sep 2025 Full year 2025 Balance at start of period 782,314 1,092,342 1,076,478 1,087,472 1,087,472 Acquisitions during the period 19,531 2,244 74,831 34,598 59,296 Collections -59,508 -62,321 -179,718 -187,603 -266,344 Interest revenue from purchased loan portfolios 39,075 49,897 140,305 149,451 199,301 Net gain/(loss) purchased loan portfolios 3,001 -3,867 -335,496 -7,520 -9,213 Repossessions -536 -303 -1,825 -2,353 -2,922 Currency translation differences 3,113 3,267 12,415 7,215 8,888 Balance at end of period 786,990 1,081,259 786,990 1,081,259 1,076,478 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 Sep 2026 30 Sep 2025 30 Sep 2026 30 Sep 2025 Full year 2025 Nominal value acquired portfolios 457,199 270,904 4,980,828 384,867 1,922,754 Expected credit losses at acquisition -437,668 -268,661 -4,905,997 -350,269 -1,863,459 Acquisitions during the period 19,531 2,244 74,831 34,598 59,296 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 Sep 2026 30 Sep 2025 31 Dec 2025 EUR thousand Book value % of total Book value % of total Book value % of total Finland 56,085 7% 97,499 9% 96,700 9% Germany 92,427 12% 146,824 14% 137,251 13% Italy 115,656 15% 147,781 14% 144,158 13% Norway 126,478 16% 211,757 20% 208,374 19% Spain 331,776 42% 304,118 28% 315,691 29% Sweden 64,568 8% 173,280 16% 174,305 16% Total book value 786,990 100% 1,081,259 100% 1,076,478 100% Axactor – Third quarter 2026Axactor – Third quarter 2026 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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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 Sep 2026 ERC 248,970 222,362 187,341 149,726 125,200 108,982 98,594 89,749 81,271 73,122 66,583 61,392 56,859 52,926 49,247 1,672,324 Amortization 104,607 100,174 85,840 64,036 50,656 43,145 40,110 38,153 36,140 34,232 33,773 34,800 36,829 40,090 44,404 786,990 Interest revenue 144,363 122,188 101,500 85,690 74,543 65,837 58,483 51,596 45,131 38,890 32,810 26,592 20,030 12,836 4,776 885,334 30 Sep 2025 ERC 266,203 278,334 264,462 238,361 199,939 169,179 151,561 135,953 121,013 100,440 88,294 78,975 69,462 60,922 54,905 2,278,002 Amortization 75,370 105,639 114,867 112,012 93,519 77,814 72,571 68,393 64,212 53,279 49,822 48,833 47,620 47,342 49,964 1,081,259 Interest revenue 190,832 172,694 149,595 126,348 106,420 91,365 78,989 67,559 56,802 47,161 38,471 30,142 21,842 13,580 4,941 1,196,743 Full year 2025 ERC 261,016 287,042 265,399 231,991 193,690 166,225 148,803 133,258 116,328 98,024 86,162 76,975 67,212 59,442 53,827 2,245,394 Amortization 71,178 116,913 119,944 109,823 90,311 77,096 71,911 67,678 61,315 52,254 48,842 47,798 46,072 46,292 49,052 1,076,478 Interest income 189,838 170,129 145,454 122,168 103,379 89,130 76,892 65,580 55,013 45,770 37,320 29,178 21,141 13,150 4,775 1,168,916 Axactor – Third quarter 2026Axactor – Third quarter 2026 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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Note 7 Interest-bearing loans and borrowings EUR thousand Currency 1 Facility limit Nominal value Carrying amount Interest coupon Maturity Facility Bond ACR05 (ISIN NO0013583229) EUR 125,000 124,055 3m EURIBOR + 750bps 13.06.29 Bond ACR06 (ISIN NO0013750778) EUR 175,000 172,882 3m EURIBOR + 390bps 22.08.30 Total bond loans 300,000 296,937 Revolving credit facility (multi currency) EUR 174,000 167,007 EURIBOR + margin 28.06.28 Revolving credit facility (multi currency) SEK 57,629 57,629 STIBOR + margin 28.06.28 Revolving credit facility (multi currency) NOK 53,295 53,295 NIBOR + margin 28.06.28 Total credit facilities 545,000 284,925 277,932 Total interest-bearing loans and borrowings at end of period 584,925 574,868 1 All reported figures shown as EUR equivalent values Axactor – Third quarter 2026Axactor – Third quarter 2026 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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Change in loans and borrowings from financial activities EUR thousand Bond loan Credit facilities Total borrowings Balance on 1 Jan 380,356 456,658 837,014 Proceeds from loans and borrowings 182,603 606,419 789,023 Repayment of loans and borrowings -284,505 -782,588 -1,067,093 Loan fees -2,255 - -2,255 Total changes in financial cash flow -104,156 -176,169 -280,325 Amortization of capitalized loan fees 1,544 3,974 5,518 Currency translation differences 19,193 -6,532 12,661 Total interest-bearing loans and borrowings at end of period 296,937 277,932 574,868 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 ACR05 (ISIN NO0013583229) EUR 124,055 171,389 6,488 6,499 13,361 145,042 Bond ACR06 (ISIN NO0013750778) EUR 172,882 225,041 5,898 6,242 12,634 200,267 Total bond loan 296,937 396,431 12,386 12,741 25,995 345,309 Revolving credit facility (multi-currency facility) EUR/SEK/NOK 277,932 305,316 6,731 5,657 292,928 - Total credit facilities 277,932 305,316 6,731 5,657 292,928 - Total interest-bearing loans and borrowings at end of period 574,868 701,747 19,117 18,399 318,923 345,309 Axactor – Third quarter 2026Axactor – Third quarter 2026 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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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 28 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, and Axactor Investment Holding AB 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 ACR05 (ISIN NO0013583229) The bond was placed at 3m EURIBOR + 7.50% interest, with maturity date 13 June 2029. The bond was listed on Oslo Børs from 8 October 2025. ACR06 (ISIN NO0013750778) The bond was placed at 3m EURIBOR + 3.90% interest, with maturity date 22 August 2030. The bond was listed on Oslo Børs from 6 July 2026. The following financial covenants apply to the bond loans: • Interest coverage ratio: ≥ 2.75x for ACR06 (up to and including 31.12.2026) and ACR05 (Pro-forma adjusted Cash EBITDA to net interest expenses) and ≥ 3.0x for ACR06 from and including 01.01.2027 • Leverage ratio: ≤ 4.0x (NIBD to pro-forma adjusted cash EBITDA) • Net loan to value: ≤ 80% for ACR05 (NIBD to total book value all loan portfolios and repossessed assets) • Net secured loan to value: ≤ 60% for ACR05, and ≤ 65% for ACR06 (secured loans less cash to total book value all loan portfolios and repossessed assets) Axactor is compliant with all covenants. Trustee: Nordic Trustee Axactor – Third quarter 2026Axactor – Third quarter 2026 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 8 Leases Right of use assets EUR thousand Buildings Vehicles Other Total Right of use assets on 31 Dec 2024 7,176 594 50 7,820 Additions 1,330 264 7 1,601 Depreciation -1,722 -324 -33 -2,080 Disposals -428 -23 - -451 Currency translation differences 33 3 - 36 Right of use assets on 30 Sep 2025 6,389 514 24 6,927 Right of use assets on 31 Dec 2025 4,546 397 17 4,959 Additions 4,824 502 - 5,326 Depreciation -2,145 -293 -12 -2,450 Disposals -635 -20 - -655 Currency translation differences 166 1 - 166 Right of use assets on 30 Sep 2026 6,755 587 5 7,347 Remaining lease term 1-7 years 1-3 years 1-2 years Depreciation method Linear Linear Linear Lease liabilities EUR thousand 30 Sep 2026 30 Sep 2025 Full year 2025 Lease liabilities on 1 Jan 5,837 10,430 10,430 Net new leases 4,849 167 -384 Lease payments, principal amount -3,078 -1,596 -4,279 Currency translation differences 126 62 71 Lease liabilities at period end 7,734 9,064 5,837 Current 2,103 3,438 3,492 Non-current 5,632 5,626 2,345 The future aggregated minimum lease payments under lease liabilities are as follows: EUR thousand 30 Sep 2026 30 Sep 2025 Full year 2025 Undiscounted lease liabilities and maturity of cash outflows < 1 year 2,813 3,958 3,768 1-2 years 2,214 2,425 1,158 2-3 years 1,847 1,293 630 3-4 years 1,148 948 338 4-5 years 801 784 200 > 5 years 593 997 390 Total undiscounted lease liabilities 9,417 10,404 6,484 Discounting element -1,683 -1,341 -647 Total lease liabilities 7,734 9,064 5,837 Axactor – Third quarter 2026Axactor – Third quarter 2026 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 9 Issued shares and share capital Issued shares and share capital Number of shares Share capital (EUR) On 31 Dec 2024 302,145,464 158,368,902 On 31 Dec 2025 302,145,464 158,368,902 Share capital reduction, Jun - -72,536,195 New share issues, Jun 466,063,829 108,000,144 New share issues, Jun 37,465,009 8,405,503 On 30 Sep 2026 805,674,302 202,238,355 Shares owned by the Board and Group executive management on 30 Sep 2026 Name Shareholding Share % Latino Invest AS/Johnny Tsolis 1 2,170,000 0.3% Terje Mjøs, through Awe Invest AS 2 1,750,000 0.2% Karl Mamelund 3 382,947 < 0.1% Vibeke Ly 3 333,140 < 0.1% Arnt Andre Dullum 3 200,000 < 0.1% Nina Mortensen 3 221,310 < 0.1% Brita Eilertsen 2 41,192 < 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 Sep 2026 Name Shareholding Share % Geveran Trading Company LTd 272,148,436 33.8% Brown Brothers Harriman & Co. 235,703,836 29.3% Skandinaviska Enskilda Banken AB 36,314,106 4.5% SB1 Markets AS 24,483,573 3.0% DNB Markets Aksjehandel/-analyse 17,159,161 2.1% Borea Nordisk Utbytte Verdipapirfond 10,753,838 1.3% Stavern Helse Og Forvaltning AS 8,000,000 1.0% Songa Capital AS 7,000,000 0.9% Torstein Ingvald Tvenge 5,500,000 0.7% Skandinaviska Enskilda Banken AB 5,279,467 0.7% Nordnet Livsforsikring AS 5,221,210 0.6% Spectatio Finans AS 5,021,178 0.6% Stiftelsen Kistefos-Museets Driftsfond 5,000,000 0.6% Verdipapirfondet DNB SMB 4,502,863 0.6% J.P. Morgan SE 4,454,162 0.6% Borea Høyrente Spesialfond 3,860,217 0.5% Folketrygdfondet 2,979,516 0.4% Dukat AS 2,500,000 0.3% Valset Invest AS 2,000,000 0.2% Fitzroy Norge AS 1,832,659 0.2% Total 20 largest shareholders 659,714,222 81.9% Other shareholders 145,960,080 18.1% Total number of shares 805,674,302 100% Total number of shareholders 7,132 Axactor – Third quarter 2026Axactor – Third quarter 2026 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 tax from the consolidated statement of profit or loss divided by average total equity from the consolidated statement of changes in equity Axactor – Third quarter 2026Axactor – Third quarter 2026 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 Sep 2026 30 Sep 2025 30 Sep 2026 30 Sep 2025 Full year 2025 Total revenue 56,868 61,681 -147,751 190,471 258,393 Portfolio amortization and revaluation 17,431 16,291 374,908 45,673 76,257 Gross revenue 74,299 77,972 227,157 236,144 334,649 EBITDA and Cash EBITDA For the quarter end Year to date EUR thousand 30 Sep 2026 30 Sep 2025 30 Sep 2026 30 Sep 2025 Full year 2025 Total revenue 56,868 61,681 -147,751 190,471 258,393 Total operating expenses -30,661 -29,068 -93,620 -92,996 -125,572 EBITDA 26,207 32,613 -241,371 97,475 132,821 Calculated cost of share option program 62 69 237 286 319 Portfolio amortization and revaluation 17,431 16,291 374,908 45,673 76,257 Cost of repossessed assets sold, incl. impairment 217 407 895 2,573 3,208 Cash EBITDA 43,917 49,380 134,670 146,006 212,605 Taxes paid -3,152 -1,943 1,675 -8,634 -9,169 Change in working capital 52,084 -8,301 -1,402 -4,188 -498 Cash flow from operating activities before NPL investments 92,849 39,136 134,942 133,184 202,938 Estimated remaining collections (ERC) For the quarter end Year to date EUR thousand 30 Sep 2026 30 Sep 2025 30 Sep 2026 30 Sep 2025 Full year 2025 Purchased loan portfolios 786,990 1,081,259 786,990 1,081,259 1,076,478 Estimated opex for future collections at time of acquisition 291,128 310,916 291,128 310,916 291,128 Estimated discounted gain 594,206 885,827 594,206 885,827 877,788 Estimated remaining collections (ERC) 1,672,324 2,278,002 1,672,324 2,278,002 2,245,394 Net interest-bearing debt (NIBD) For the quarter end Year to date EUR thousand 30 Sep 2026 30 Sep 2025 30 Sep 2026 30 Sep 2025 Full year 2025 Non current interest-bearing debt from financial position 574,868 802,083 574,868 802,083 772,090 Current interest-bearing debt from financial position - 65,190 - 65,190 64,924 Total interest-bearing debt 574,868 867,273 574,868 867,273 837,014 Capitalized loan fees and other adjustments 10,056 15,147 10,056 15,147 13,320 Cash and cash equivalents from financial position -79,652 -44,768 -79,652 -44,768 -35,593 Net interest-bearing debt (NIBD) 505,273 837,652 505,273 837,652 814,741 Axactor – Third quarter 2026Axactor – Third quarter 2026 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 Sep 2026 30 Sep 2025 30 Sep 2026 30 Sep 2025 Full year 2025 Net profit/(loss) after tax attributable to shareholders of the parent company 1,045 9,570 -312,140 26,553 36,030 Average equity for the period related to shareholders of the parent company 269,550 352,915 321,108 348,510 352,359 Return on equity to shareholders, annualized 1.5% 10.8% -130.0% 10.2% 10.2% Return on equity, annualized For the quarter end Year to date EUR thousand 30 Sep 2026 30 Sep 2025 30 Sep 2026 30 Sep 2025 Full year 2025 Net profit/(loss) after tax 2,927 9,570 -310,258 26,553 36,030 Average total equity for the period 384,238 352,915 378,452 346,210 350,519 Return on equity, annualized 3.0% 10.8% -109.6% 10.3% 10.3% Axactor – Third quarter 2026Axactor – Third quarter 2026 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 revenue less 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 External servicing revenue The sum of revenue from servicing of third-party claims and the revenue from servicing own claims - NCI share 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 – Third quarter 2026Axactor – Third quarter 2026 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 – Third quarter 2026Axactor – Third quarter 2026 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