Axactor SE

Investor Presentation • May 7, 2025

Highlights

Financial update

Outlook

Q&A

Financial highlights for the quarter

Collection performance of 101%

• Affirming updated forecast based on current portfolio performance

Healthy gross revenue of EUR 77m in a seasonally slow quarter

• Up 7% y-o-y excluding divested portfolios in Spain
• 3PC total revenue increasing by 28% y-o-y combined with margin expansion

EBITDA increasing by 23% y-o-y

• Solid EBITDA margin of 50% driven by margin expansion and cost reductions

• Annualized return on equity to shareholders of 12%
  • All time high and on par with 2026 financial goal

Beating collection performance expectations

Collection performance Comments

• Collection performance of 101% in Q1'25
• Supported by Q4 '24 revaluation
• Expect collection in line with forecast going forward

3PC delivering high growth and margin expansion

3PC total revenue and contribution margin Comments

• 3PC segment experiencing good momentum
  • All markets growing double digit
• Customers more willing to pay for high quality collection services
• Growing pipeline with solid prospects providing foundation for continued growth

Refinancing progressing ahead of plan

- Successful extension of RCF and further significant bond buybacks at a discount

Debt structure as of Q1 2025 Successful ¹ l refinancing initiatives

6 ¹ Nominal values. EUR 31m repurchase of ACR03 was conducted end of Q1, with cash settlement in Q2, and will be financed using the RCF and existing cash 2 Includes 2-year extension agreed with RCF banks after Q1 2025 ³ Further EUR 3m of ACR03 has been repurchased after Q1 2025

Next step is to refinance ACR03 during 2025 – well ahead of maturity

• Significant flexibility on refinancing secured as the bond still has 16 months left to maturity
• The company aim to refinance EUR 183m³ (ACR03) in 2025 as follows
  • Place a EUR 100-150m bond
  • Remaining debt to be repaid by drawing on the RCF and cash generation⁴
• The plan is expected to further fuel reduced interest expenses from an additional reduction in total bond debt
• Comfortable headroom on all covenants, which further improved in Q1

Debt structure as of Q1 2025 Comments ¹

7 ¹ Nominal values. EUR 31m repurchase of ACR03 was conducted end of Q1, with cash settlement in Q2, and will be financed using the RCF and existing cash 2 Includes 2-year extension agreed with RCF banks after Q1 2025; ³ Further EUR 3m of ACR03 has been repurchased after Q1 2025

⁴ Contingent on approval from RCF banks

Interest expenses declining rapidly

- Double positive effect from declining IBOR rates and bond buybacks

Interest expense on external borrowings Comments

• Double positive effect on interest expenses
  • Reduced IBOR rates
  • Bond repurchased at discount, using cash and RCF with lower margin
• 15% reduction of interest expenses last two quarters
• 7% further reduction expected next two quarters from falling IBOR rates and repurchased bonds, given current amount of outstanding debt¹

8 ¹ Expected interest expenses given reported interest-bearing debt as of Q1, IBOR fixings for Q2 and forward rates as of 30.04.25 for Q3 which was 1.95%, 4.45% and 2.17% for EURIBOR, NIBOR and STIBOR respectively

Highlights

Financial update

Outlook

Q&A

Group: Healthy gross revenue of EUR 77m in a seasonally slow quarter, with 7% adjusted growth

Gross revenue Comments

• Gross revenue is down 2% y-o-y, while increasing 7% excluding divested portfolios in Spain
• NPL gross revenue decreasing by 7% y-o-y while growing 2% excluding divested portfolios in Spain
• 3PC gross revenue increasing by 28% y-o-y

NPL segment: Total revenue increasing 11% y-o-y with improved margins

NPL Total revenue and CM% Comments

• Total revenue increasing 11% y-o-y
• Contribution margin up 1pp y-o-y
• Collection performance of 101% for the quarter
  • Affirming new active forecast post Q4 revaluation

3PC segment: Strong development on the top line with improving margins

3PC Total revenue and CM% Comments

• 3PC total revenue increasing by 28% y-o-y
  • Double digit growth in all markets
  • Particularly good results in Norway and Spain
• Margins up from 32% to 33% y-o-y from healthy volume growth

Group: Solid growth y-o-y on total revenue and EBITDA

- Cash EBITDA reflecting Spanish portfolio sale last year

30 ^{33 34 34} 26 30 27 32 49% Q1 '23 50% Q2 '23 54% Q3 '23 53% Q4 '23 46% Q1 '24 51% Q2 '24 48% Q3 '24 Q4 '24 50% Q1 '25 -74

EBITDA and EBITDA-margin Cash EBITDA

Annualized ROE of 12% in Q1 2025

- All time high and on par with 2026 financial goal

Return on equity to shareholders

Highlights

Financial update

Outlook

Q&A

Highlights

Financial update

Outlook

Q&A

Supporting information

NPL investment commitments of EUR 7m next 12 months

Quarterly NPL investments

ERC down due to portfolio sale and revaluation

EURm Q1 '23 Q2 '23 Q3 '23 Q4 '23 Q1 '24 Q2 '24 Q3 '24 Q4 '24 Q1 '25 2,523 2,563 2,586 2,620 2,555 2,664 2,602 2,340 2,346 -8% FIN DEU ITA NOR ESP SWE

ERC development Forward ERC profile by year

3PC volumes by geographic region

3PC Total revenue split by geographic region Comments

• Spain accounting for 52% of total revenue on 3PC

Bond covenants (1/2)

Leverage ratio - covenant ≤4.0x¹

Interest coverage ratio - covenant ≥3.0x

Pro-forma adjusted cash EBITDA divided by net interest expenses

22 ¹ EUR 31m of ACR03 was repurchased at end of Q1 with cash settlement the following quarter which temporarily reclassified EUR 31m of NIBD into NWC. Adjusted for the delayed settlement, leverage was 2.7x for Q1

Bond covenants (2/2)

Net interest-bearing debt divided by total portfolio book value

Loan-to-value - covenant ≤80%¹ Secured Loan-to-value - covenant ≤60%¹

Secured net interest-bearing debt divided by total portfolio book value

23 ¹ EUR 31m of ACR03 was repurchased at end of Q1 with cash settlement the following quarter which temporarily reclassified EUR 31m of NIBD into NWC. Adjusted for the delayed settlement, LTV was 77% and secured LTV was 43%