Axactor (ACR) Q3 2025 earnings summary

Executive summary

• Delivered double-digit revenue growth in Q3 2025, with total revenue up 12% year-over-year and EBITDA rising 23% to EUR 33 million, driven by strong 3PC and NPL segment performance and cost control.

• Annualized return on equity reached 11%, supported by improved revenue and reduced financial expenses.

• EBITDA margin expanded to 53% from 48% year-over-year.

• Net profit after tax was EUR 9.6 million, up from EUR 0.6 million year-over-year.

• Successfully secured refinancing options and listed a new EUR 125 million bond on Oslo Børs.

Financial highlights

• Gross revenue for the group was EUR 78 million, down 9% year-over-year due to Spanish portfolio sales, but underlying like-for-like growth was 11%.

• Group total revenue was EUR 62 million, up 12% year-over-year.

• Cash EBITDA was EUR 49.4 million, down from EUR 58.5 million year-over-year.

• Operating profit (EBIT) was EUR 30.7 million, up from EUR 24.1 million year-over-year.

• Net financial expenses decreased 23% year-over-year due to lower net debt and interest rates.

Outlook and guidance

• Collection performance expected to remain around 100% going forward.

• NPL investments for 2025 guided at EUR 50–100 million, with a pickup expected after a cautious first half.

• 3PC segment expected to maintain double-digit growth over the next 12 months, especially in Norway following a new contract.

• Refinancing risk significantly reduced with new bond issuance and RCF extension.

• No major debt maturities expected in the next two years, providing financial flexibility.