Axactor (ACR) investor relations material

Executive summary

• Announced a transformational transaction with Fortress, including a EUR 200 million private placement at NOK 4.70, with EUR 175 million pre-committed by Fortress and Geveran, and a subsequent offering of up to EUR 20 million to existing shareholders.

• Established a co-investment partnership with Fortress, enhancing investment capacity, underwriting capabilities, and enabling asset-light 3PC revenue growth.

• Sold a EUR 200 million seed portfolio, generating EUR 100 million in proceeds, with 50.1% ownership retained and consolidation of the entity.

• Issued a new EUR 100 million bond at 3m EURIBOR + 3.90%, over 50% lower than the cost of the largest outstanding bond, and 2x oversubscribed.

• Transaction unlocks significant earnings growth potential through deleveraging, refinancing, and higher investment capacity.

Financial highlights

• Gross revenue for Q1 2026 was EUR 75.1 million, down 3% year-over-year due to prior portfolio sales and low 2025 investment.

• Group total revenue was EUR 53.4 million, down from EUR 65 million in Q1 2025, impacted by negative NPL revaluations.

• Reported EBITDA was EUR 22.2 million (42% margin), with cash EBITDA at EUR 44.7 million.

• Net profit after tax was EUR 1.3 million, compared to EUR 10.1 million in Q1 2025.

• Operating expenses decreased by 5% year-over-year, with operating expenses as a percentage of gross revenue at 41%.

Outlook and guidance

• Targets annual NPL portfolio investments of EUR 200–400 million.

• Aims for 10% annual average growth in 3PC segment and ROE above 15%.

• Plans to maintain leverage ratio between 2.25x and 2.75x.

• Intends to distribute at least 50% of adjusted net profits to shareholders starting June 2027.

• A thorough IFRS review of the NPL book is underway, with results expected by end of Q2 2026.