Axactor
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Axactor (ACR) investor relations material

Axactor Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary12 Feb, 2026

Executive summary

  • Q4 saw revenue growth in both NPL and 3PC segments, with NPL gross revenue up 3% year-over-year and 3PC revenue up 16% year-over-year, supported by double-digit growth in Norway, Spain, and Germany.

  • Cash EBITDA increased to EUR 54 million from EUR 51 million, with margin up to 64% from 63%.

  • Portfolio sales in Germany and Spain at over 20% premium to book value generated EUR 15 million in proceeds and strengthened the balance sheet.

  • Annualized return on equity reached 14% (excluding non-recurring items), with reported ROE at 10%.

  • Strong operational performance included onboarding new 3PC customers and successful IT and AI-driven system rollouts.

Financial highlights

  • Q4 gross revenue was EUR 99 million, down 39% year-over-year due to portfolio sales, but underlying like-for-like growth was 6%.

  • NPL segment gross revenue was EUR 80 million, with 3% underlying growth after adjusting for sales.

  • 3PC segment revenue hit EUR 19 million, up 16% year-over-year, with Spain accounting for 60% of total 3PC revenue.

  • Reported EBITDA was EUR 35 million with a 52% margin; cash EBITDA was EUR 67 million, down from EUR 130 million due to prior year divestments.

  • Collection performance was 106% for Q4 and 102% for the year, excluding portfolio sales.

Outlook and guidance

  • NPL investments for 2025 were EUR 59 million, below the EUR 100–200 million annual target, due to delayed investments pending refinancing.

  • Targeting minimum 12% ROE and maximum leverage ratio of 3.5x by end of 2026.

  • No dividend will be paid for 2025 to prioritize deleveraging and improve funding costs.

  • Strong 3PC growth expected to continue in 2026, supported by new large agreements and a landmark contract in Norway.

  • Market for NPL portfolio sales remains active, with growth in book value anticipated.

How will NPL investment strategy adapt to aggressive competition?
Quantify deleveraging impact of no 2025 dividend.
When will Norway's landmark 3PC contract fully ramp up?
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Frequently asked questions

Axactor, through its subsidiaries, operates as a debt management company in Sweden, Finland, Germany, Italy, Norway, and Spain. It offers services to financial institutions related to their non-performing unsecured consumer loan portfolios; and solutions for the acquisition and servicing of sub-performing accounts receivables.

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