Axactor ASA (FRA:2LJ)

Q2 2026 Axactor ASA Earnings Call Transcript

Aug 13, 2026 / 08:00 AM GMT

Release Date Price: €0.4705 (+3.41%)

Transcript

Key Points

Positve

Successfully raised EUR215 million in new equity, with the subsequent offering fully subscribed and oversubscribed, demonstrating strong shareholder confidence.
Net debt significantly reduced to EUR559 million from EUR837 million in Q1, with leverage ratio down to 2.3x, improving financial flexibility.
Placed a new EUR100 million bond at a record-low margin (Euribor + 390bps), reflecting improved market confidence and lower funding costs.
The co-investment structure with Fortress is operational, with first investments closed in July, enhancing investment capacity for future NPL acquisitions.
The 3PC segment delivered solid growth, with underlying year-over-year revenue up 5% (excluding one-offs) and contribution margin improving to 36% from 31%.
Secured portfolios continue to overperform, and the new collection curves are aligned with market decay rates, with unsecured collection performance improving to 102% in June after adjustments.
The company retains exclusive servicing rights for both the co-investment vehicle and the seed portfolio sale, providing recurring revenue streams.
Management expects to refinance the remaining ACR04 bond in September, potentially lowering funding costs further.
The Norwegian landmark deal is performing better than expected on volumes, with additional portfolios transferred, despite minor onboarding delays.
The company is focused on automation and AI to improve efficiency, with a new dialer system implemented and AI being tested in various functions.

Negative

Book value assessment resulted in a significant negative revaluation of EUR320 million, representing a 33% write-down of the unsecured NPL book.
Unsecured NPL collections continued to underperform, falling to 81% of active forecast in Q2 before curve adjustments, indicating persistent operational challenges.
Pre-2021 vintages and the German 2021 vintage account for 92% of the total revaluation, highlighting legacy portfolio issues.
Norway and Sweden experienced the largest adjustments in both nominal and relative terms, reflecting weak market conditions in these regions.
Gross revenue declined 4% year-over-year, largely due to portfolio sales in Spain and Germany and limited new investments.
The Norwegian landmark deal faces delays in onboarding key segments, pushing full transfer to January 2027, which will delay expected growth.
The company did not recognize any tax benefits from the revaluation, indicating a conservative approach that may limit near-term earnings support.
High competition in the NPL market, particularly from SDR banks, is pressuring pricing, though the company maintains a disciplined approach.
The company's investment capacity is contingent on successful bond market refinancing; if not achieved, it could constrain growth.
Management declined to disclose specific macroeconomic assumptions, leaving uncertainty about the balance of risks in the revised forecasts.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

ACR.OL - Axactor ASA
Q2 2026 Axactor ASA Earnings Call
Aug 13, 2026 / 08:00AM GMT

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Presentation
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Unidentified_1 [1]
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Hello, everyone.

Thank you for joining us and welcome to the ActSactor ASA presentation of second quarter 2026 results. After today's prepared remarks, we will host a question-and-answer session. If you would like to ask a question, please press star one to raise your hand. To withdraw your question, press star one again. If you have logged in via the webcast, please use the Q&A button to submit your questions.

I will now hand the conference over to Joni Tsalis, CEO at Axactor. Please go ahead.

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Unidentified_2 [2]
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Good morning and welcome to Axactor

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