Axactor SE

Investor Presentation • Aug 14, 2025

Financial update

Outlook

Financial highlights for the quarter

RCF and majority of ACR03 successfully refinanced

• The ACR05 bond placed at more than 3 percentage points lower total interest rate compared to ACR04
• Well positioned to shift strategic focus from refinancing to investments and growth

Collection performance of 102%

• Beating collection forecast second quarter in a row
• Affirming updated forecast based on current portfolio performance

Healthy gross revenue of EUR 81m

• 1% reduction y-o-y ¹ driven by low investments recent quarters
• 3PC total revenue increasing by 14% y-o-y and well positioned for further growth

Annualized return on equity to shareholders of 8% (12% excluding NRIs² )

• YTD return on equity to shareholders of 10% (12% excluding NRIs² )

3 ¹ Excluding divested portfolios in Spain ² Excluding non-recurring items (NRI) related to legal proceedings, IT infrastructure migration and refinancing activities

Beating collection forecast

Collection performance

• Collection performance of 102% in Q2'25
• Supported by Q4'24 revaluation
• Expect collection in line with forecast going forward

3PC revenue ramping up to double-digit growth

3PC total revenue¹

EURm

• +14% 3PC segment with continued momentum
  • Growth in all markets
  • Norway and Spain primary growth drivers
  • Breakthrough in Norwegian 3PC market for banks and financial institutions
    • Expect to more than double 3PC revenues in Norway from 2025 to 2027
    • New landmark agreement with estimated start Q4'25
  • Growing pipeline with solid prospects providing foundation for continued growth

RCF and majority of ACR03 successfully refinanced

- Well positioned with no major maturities next two years

Successful refinancing initiatives

Debt structure as of Q2 2025²

Financial update

Outlook

Group: Healthy gross revenue of EUR 81m

Gross revenue

• Gross revenue down 9% y-o-y, driven by sale of Spanish portfolios last year
  • 1% decrease excl. divested portfolios in Spain
• NPL gross revenue decreasing by 14% y-o-y
  • 4% decrease excl. divested portfolios in Spain – driven by low investments recent quarters
• Strong 3PC revenue growth of 14% y-o-y

NPL segment: Total revenue increasing 6% y-o-y with stable margins

NPL Total revenue and CM%

• Total revenue increasing 6% y-o-y
  • Reduced effective NPL amortization rate following Q4'24 revaluations
• Stable contribution margin
• Collection performance of 102% for the quarter
  • Affirming new active forecast post Q4 revaluation

3PC segment: Ramping up to double-digit growth

3PC Total revenue and CM%¹

• 3PC total revenue increasing by 14% y-o-y
  • All markets delivering healthy revenue growth
  • Particularly good results in Norway and Spain
• Decline in margin y-o-y related to implementation and build-up phase of new contracts

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

- Cash EBITDA decline reflecting Spanish portfolio sale last year

Total revenue

EBITDA and EBITDA-margin¹ Cash EBITDA

11 ¹ Q2'25 EBITDA margin of 54% excluding NRIs

Double-digit annualized ROE YTD - All-time high H1 ROE

Return on equity to shareholders¹

Financial update

Outlook

Financial update

Outlook

Supporting information

NPL investment commitments of EUR 6m next 12 months

Quarterly NPL investments

ERC down 13% y-o-y due to portfolio sale and revaluation

ERC development

Forward ERC profile by year

3PC volumes by geographic region

• Spain accounting for 53% of total revenue on 3PC
• Norway with increasing share of total revenue

Bond covenants (1/2)

Leverage ratio - covenant ≤4.0x¹

Net interest-bearing debt divided by LTM Pro-forma adjusted cash EBITDA Pro-forma adjusted cash EBITDA divided by net interest expenses 3.8x Q2 '23 3.8x Q3 '23 3.9x Q4 '23 Q1 '24 3.9x Q2 '24 Q4 '24 4.0x 2.7x 2.8x 4.0x 2.7x¹ Q3 '24 Q1 '25 2.6x 3.8x Q2 '25 Covenant NIBD / Pro-forma Cash EBITDA

Interest coverage ratio - covenant ≥3.0x

20 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 (1/2)

Loan-to-value - covenant ≤80%¹

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