Axactor SE — Investor Presentation 2025

Oct 29, 2025

Presentation

Q3 2025

Highlights

Financial update

Outlook

Financial highlights for the quarter

Double-digit revenue growth with solid contribution from both segments

• Gross revenue growth of 11% y-o-y 1
• Total revenue growth of 12% y-o-y in combination with a contribution margin expansion of 2%-points

Solid EBITDA of EUR 33m, up from EUR 27m last year

• 23% EBITDA growth driven by revenue growth and strict cost control

Annualized return on equity to shareholders of 11%

• Net financial expenses down 23% y-o-y, lower IBOR³ elevates financial performance

Secured the option to utilize the RCF to refinance the residual outstanding balance of ACR03

• Ensures flexibility with regards to refinancing of the only maturity in 2026

Collection as expected in line with active forecast YTD

Collection performance

• 101% 102% 98% Collection performance of 98% for the quarter and 100% YTD
• Supported by Q4'24 revaluation
• Expect collection in line with forecast going forward

Continued double-digit growth on 3PC

3PC total revenue¹

EURm

• 3PC segment with continued momentum
• Growth in all markets
• Norway and Spain primary growth drivers
• Spain growth fueled by successful partnership with major investment fund
• On track to onboard previously announced landmark agreement in Norway
• Solid pipeline providing foundation for continued growth

Well positioned with no major maturities next two years

Successful refinancing initiatives

• In Q2 the company successfully extended the RCF at compelling terms and issued a new 4year EUR 125m bond (ACR05)
• In this quarter the company secured the option to utilize the RCF to refinance the residual outstanding balance of ACR03 of EUR 65m
• Axactor now has full flexibility with regards to refinancing the 2026 maturity of EUR 65m

Debt structure as of Q3 2025¹

Highlights

Financial update

Outlook

Group: Gross revenue back to growth¹

Gross revenue

• Gross revenue down 9% y-o-y, driven by sale of Spanish portfolios last year
• Underlying growth of 11% y-o-y 1
• NPL gross revenue decreasing by 14% y-o-y
• Underlying growth of 9% y-o-y ¹ driven by improved collection performance
• Strong 3PC revenue growth of 19% y-o-y

NPL segment: Total revenue increasing 10% y-o-y with improved margin

NPL Total revenue and CM%

• Total revenue increasing 10% y-o-y
• Reduced effective NPL amortization rate following Q4'24 revaluations
• Improved contribution margin of 3pp
• Collection performance fluctuating around 100% and ended up at 98% for the quarter
• YTD collection performance of 100%

3PC segment: Continued double-digit growth

3PC Total revenue and CM%¹

• 3PC total revenue increasing by 19% y-o-y
• All markets delivering healthy revenue growth
• Particularly good results in Norway and Spain
• Spain growth fueled by successful partnership with major investment fund
• Stable margin despite start-up phase for major contracts
• On-boarding of landmark contract in Norway on track and started first deliveries in Q4'25

Group: Double-digit revenue growth and EBITDA-margin expansion. Cash EBITDA reflecting Spanish portfolio sale

Total revenue

EBITDA and EBITDA-margin¹ Cash EBITDA

Double-digit annualized ROE YTD

- Increasing to 11% excluding NRIs

Return on equity to shareholders¹

Highlights

Financial update

Outlook

Outlook

Refinancing

• Well positioned with no major maturities next two years

Solid collection

• ~100% collection performance

NPL Investments

• Shifting strategic focus from refinancing to accretive NPL investments
• Expect NPL investments of EUR 50m to 100m in 2025

• Several large new 3PC agreements secured which is expected to ensure continued double-digit growth for the next 12 months Growth

Portfolio sale

• In advanced discussions with regards to a smaller sized backbook sale

Highlights

Financial update

Outlook

Supporting information

ERC down 12% y-o-y due to portfolio sale and revaluation

ERC development

Forward ERC profile by year

3PC volumes by geographic region

3PC Total revenue split by geographic region

• Spain accounting for 51% of total revenue 3PC
• Norway with increasing share of total revenue

Bond covenants (1/2)

Leverage ratio - covenant ≤4.0x

Interest coverage ratio - covenant ≥3.0x

Bond covenants (1/2)

Loan-to-value - covenant ≤80%

Secured Loan-to-value - covenant ≤60%