Axactor (ACR) Q3 2026 earnings summary

Executive summary

• Q3 gross revenue was EUR 74.3m, down 5% YoY reported and 3% excluding Q4'25 divestments.

• Collection performance reached 104%, versus 98% YoY, in line with expectations and driven by secured portfolios.

• ACR04 refinancing at a tighter margin and lower debt reduced external-loan interest expense YoY and QoQ.

Financial highlights

• Total revenue was EUR 56.9m versus EUR 61.7m in Q3 2025.

• EBITDA was EUR 26.2m versus EUR 32.6m, with a 46% margin; cash EBITDA was EUR 43.9m versus EUR 49.4m.

• EBIT was EUR 24.1m versus EUR 30.7m; net profit was EUR 2.9m versus EUR 9.6m, and EPS was EUR 0.001 versus EUR 0.032.

• External-loan interest expense fell 17% YoY and 19% QoQ; Q4 expense was expected at EUR 12m, assuming a EUR 235m RCF draw and other stated conditions.

• Operating cash flow including NPL investments was EUR 73.3m versus EUR 36.7m; cash flow before NPL investments was EUR 92.8m versus EUR 39.1m.

Outlook and guidance

• FY 2026 NPL investment range is EUR 100–150m; the annual target from 2027 is EUR 200–400m, subject to return requirements and portfolio availability.

• Targets from 2027 include external servicing revenue growth of 10% annually, ROE above 15%, and net debt / cash EBITDA leverage of 2.25–2.75x.

• Target distribution is at least 50% of adjusted net profit through dividends and/or buybacks; first shareholder distribution is targeted for June 2027, subject to stated assumptions.

• Q4 is typically the busiest acquisition period, with a healthy pipeline; investment volumes depend on portfolio wins and attractive risk-return.

• Priorities include scaling co-investments, winning 3PC contracts, refinancing ACR05 in June 2027, and improving efficiency through automation and AI.