Axactor (ACR) Q2 2026 earnings summary

Executive summary

• Raised EUR 215 million in new equity, including a private placement and subsequent offering, with Fortress becoming a major shareholder and Geveran holding 34%.

• Established a co-investment structure and new SPVs with Fortress, with initial investments already closed, enhancing capital-light revenue streams.

• Completed a significant negative revaluation of the unsecured NPL book, resulting in a EUR 320 million write-down in Q2, mainly impacting older vintages and certain geographies.

• Net debt reduced to EUR 559 million from EUR 837 million at the end of Q1, with leverage ratio down to 2.3x (adjusted).

• Implemented restructuring and cost-saving initiatives in Spain and the Nordics, and launched new digital solutions for clients.

Financial highlights

• Q2 gross revenue was EUR 78 million, down 4% year-over-year due to prior portfolio sales and limited NPL investments.

• NPL segment reported gross revenue of EUR 62 million; total revenue was EUR -274 million due to EUR 320 million negative revaluation.

• 3PC segment revenue grew 3% to EUR 16 million, with underlying growth of 5% after adjusting for one-off impacts; contribution margin improved to 36%.

• Group total revenue was EUR -258 million and EBITDA EUR -290 million, both heavily impacted by the negative revaluation.

• Cash EBITDA remained strong at EUR 46 million for the quarter.

Outlook and guidance

• Focus on building an attractive NPL investment pipeline, ramping up investments via new co-investment setup, and acquiring new large bank and finance customers in 3PC.

• Plans to refinance ACR04 bond in September, aiming for improved funding costs.

• New financial targets: EUR 200–400 million annual NPL investments, 10% average 3PC revenue growth, ROE >15%, leverage ratio 2.25–2.75x, and minimum 50% of adjusted net profit distributed to shareholders.

• First possible dividend payment expected in June–July 2027, subject to bond refinancing and covenants.

• Continued investment in automation and AI to drive efficiency and maintain a strong cost position.