Norway · Delayed Price · Currency is NOK Axactor ASA Earnings Call Transcripts
Fiscal Year 2026
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Equity raise and bond refinancing significantly reduced net debt and improved investment capacity. A EUR 320 million negative revaluation of the unsecured NPL book drove a large reported loss, but new collection models and segment growth initiatives support future recovery.
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Q1 2026 saw lower revenues and EBITDA due to prior portfolio sales and negative revaluations, but a major transaction with Fortress and new bond issuance significantly improved leverage and funding costs. Growth targets and shareholder distributions are set for the coming years.
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A major private placement and partnership with Fortress and Geveran will significantly deleverage the balance sheet, boost investment capacity to nearly EUR 600 million, and drive capital-light growth. Revised targets include higher NPL investments, 10% 3PC growth, and shareholder distributions from 2027.
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Debt collection sector leaders are prioritizing cost optimization, technology adoption, and disciplined capital deployment amid evolving regulatory frameworks and competitive dynamics. Strong collection performance, robust NPL supply, and strategic focus on efficiency and growth position the industry for continued evolution and profitability.
Fiscal Year 2025
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Q4 delivered revenue growth in both NPL and 3PC segments, with strong collection performance and improved margins. Portfolio sales and cost initiatives strengthened the balance sheet, while 2025 saw robust 3PC growth and successful refinancing. Deleveraging is prioritized over dividends.
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Double-digit revenue and EBITDA growth were achieved, driven by strong 3PC and NPL segment performance, cost control, and reduced financial expenses. Outlook remains positive with stable collections, increased NPL investments, and continued 3PC momentum.
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Refinancing completed and financial position strengthened, with collection performance above forecast and strong 3PC growth. NPL investments and further 3PC expansion are expected, while cost reductions and healthy ROE are guided for 2025.
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Collection performance reached 101% and EBITDA margin hit 50%, with strong 3PC growth and a record 12% return on equity. Bond refinancing and cost reductions are progressing, with further margin and interest expense improvements expected.
Fiscal Year 2024
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Gross revenue nearly doubled in Q4 2024 due to a Spanish portfolio sale, but adjusted revenue declined 4% year-over-year. A EUR 104 million negative revaluation led to a -19% ROE, though liquidity and leverage remain strong. Investments in 2025 are expected at the lower end of the target range.
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Gross revenue rose 2% year-over-year, but adjusted revenue declined 3% due to macro headwinds and moderate investments. Cash EBITDA increased 6% to €59 million, supported by cost reductions and a portfolio sale. Collection challenges persist, especially in older portfolios, with ongoing cost initiatives and cautious investment outlook.
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Gross revenue declined 2% year-over-year, but cash EBITDA rose 3% to EUR 61 million due to strict cost control. NPL income fell 12%, while 3PC revenue grew 8% (excluding closed operations). Investment levels are ramping up, with a solid Q4 pipeline expected.