Note 1\tCorporate information
The parent company Axactor ASA (\u201cAxactor\u201d) is a Norwegian public limited liability company (Allmennaksjeselskap), domiciled in Norway. The registered address is Karenslyst all\u00e9 8A, 0278 Oslo. The company\u2019s shares are traded in Norway on Oslo B\u00f8rs.
The principal activities of the Company and its subsidiaries (the Group) are debt management, specializing in both purchasing and collection on own loan portfolios and providing collection services for third-party owned portfolios. The activities are further described in note 5.
The Annual Report and Parent Company Report for Axactor ASA were adopted by the Board of Directors on 9 April 2026 and will be submitted for approval to the Annual General Meeting on 6 May 2026.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300P5VT8OMA17TJ33", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__6__6": { "value": "Axactor ASA ", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:549300P5VT8OMA17TJ33", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__6__7": { "value": "public limited liability company ", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:549300P5VT8OMA17TJ33", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__6__8": { "value": "Karenslyst all\u00e9 8A, 0278 Oslo. ", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:549300P5VT8OMA17TJ33", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__6__9": { "value": "Norway ", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:549300P5VT8OMA17TJ33", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__6__10": { "value": "Norway ", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:549300P5VT8OMA17TJ33", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__6__11": { "value": "Norway ", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:549300P5VT8OMA17TJ33", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__6__12": { "value": "debt management, specializing in both purchasing and collection on own loan portfolios and providing collection services for third-party owned portfolios. ", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:549300P5VT8OMA17TJ33", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__6__13": { "value": "The Annual Report and Parent Company Report for Axactor ASA were adopted by the Board of Directors on 9 April 2026 and will be submitted for approval to the Annual General Meeting on 6 May 2026.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300P5VT8OMA17TJ33", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__6__14": { "value": "Note 2\tMaterial accounting policies
2.1\tBasis for preparation
The consolidated financial statements have been prepared in accordance with IFRS\u00ae Accounting Standards as adopted by the EU and effective as of 31 December 2025. Axactor also provides additional disclosures in accordance with requirements in the Norwegian Accounting Act. The Group has prepared the financial statements on the basis that it will continue to operate as a going concern.
The Group\u2019s consolidated financial statements comprise Axactor ASA and entities in which Axactor ASA has control. All amounts in the financial reports are stated in EUR thousand unless otherwise specified.
As a result of rounding adjustments, the figures in one or more columns may not add up to the total of that column.
Preparation of financial statements including note disclosures requires management to make estimates and assumptions that affect amounts reported. Actual outcomes may deviate from management\u2019s estimates. Accounting policies that are material to the Group are described below. These policies have been applied consistently for all years presented, unless otherwise specified.
2.2\tFunctional currencies and presentation currency
The financial statements are presented in EUR, which is also the functional currency of Axactor ASA. For the purposes of presenting this consolidated
financial statement, the assets, and liabilities of the Group\u2019s non-euro operations (in Sweden and Norway) are translated to euro using exchange rates prevailing at the end of each reporting period. Revenue and expense items are translated at the average exchange rates for each month.
2.3\tSegment reporting
The Group derives its revenues from the following two operating segments: Non-performing loans (NPL) and Third-party collection (3PC). The Group reports its business through reporting segments which correspond to the operating segments. Segment profitability and country profitability are the two most important dimensions when making strategic priorities and deciding where to allocate the Group\u2019s resources. For management purposes, the Group is additionally organized into business units based on geographical locations.
The internal reporting provided to the Group executive management, which is the Group\u2019s chief decision makers, is in accordance with this structure.
2.4\tRevenue and revenue recognition
Revenue from purchased loan portfolios is recognized according to IFRS\u00a09 Financial Instruments using the effective interest rate method, while revenue from 3PC is recognized according to IFRS 15 Revenue from Contracts with Customers.
The recognition of revenues from purchased loan portfolios is described in detail in 2.10.1.
Revenue from Contracts with Customers is recognized according to the five-step model in IFRS 15 at an amount which reflects the consideration to which the Group expects to be entitled in exchange for transferring goods or services to a customer. Revenue is measured at the fair value of the consideration received or receivable, considering contractually defined terms of payment and excluding taxes and duties. Revenue from contracts with customers are mainly revenue from external collection (3PC) and is a combination of fixed fees paid by Axactor\u2019s customers for services provided and commissions for solved cases and/ or fees paid by the debtors to an Axactor entity. Revenue from 3PC is recognized in \u2018Other operating revenue\u2019 in the consolidated statement of profit or loss.
Revenue from repossessed assets is recognized at the point in time where the ownership of the property has been transferred to an external buyer. Revenue from repossessed assets is recognized in line item \u2018Revenue from sale of repossessed assets\u2019 in the consolidated statement of profit or loss.
2.5\tShare-based compensation
The group operates an equity-settled compensation plan, under which the entity receives services from employees as consideration for equity instruments (options) of the Group. The fair value of the employee services received in exchange for the grant of the option is recognized as an expense (payroll expenses) over the vesting period. The total amount to be expensed is determined by reference to the fair value of the options granted:
\u2022Including any market performance conditions (e.g., an entity\u2019s share price)
\u2022Excluding the impact of any service and non-market performance vesting conditions
\u2022Including the impact of any non-vesting conditions
At the end of each reporting period, the Group revises its estimates of the number of options that are expected to vest based on the non-market vesting conditions and service conditions. It recognizes the impact of the revision to original estimates, if any, in profit or loss, with a corresponding adjustment to equity. The fair value of the options has been estimated at grant date and is not subsequently changed. When the options are exercised, and the company elects to issue new shares, the proceeds received net of any directly attributable transaction costs are credited to share capital (par value) and share premium.
2.6\tTaxes
Income taxes consist of current tax and deferred tax.
Current income tax assets and liabilities for the current and prior periods are measured at the amount expected to be recovered from, or paid to, the tax authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted at the reporting date.
Deferred income tax is provided using the liability method on temporary differences at the reporting date between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes.
Deferred tax liabilities are recognized for all taxable temporary differences, except where the deferred tax liability arises from the initial recognition of goodwill or of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss.
A deferred tax asset is recognized to the extent that it is probable that future taxable profit will be available, or which unused tax losses and unused tax credits can be utilized. A deferred tax asset arising from unused tax losses or tax credit is only recognized to the extent that the entity has sufficient taxable temporary differences or that there is other convincing evidence supporting the utilization of the tax losses and tax
credits, including the impact of time restriction by local tax authorities. The carrying amount of deferred tax assets are reviewed at the end of each reporting period. Unrecognized deferred tax assets are reassessed at each reporting date. Deferred income tax assets and deferred tax liabilities are offset only when a legally enforceable right exists to set off tax assets against income tax liabilities and the deferred income taxes relate to the same taxable entity or taxation authority.
2.7\tGoodwill
Goodwill represents the excess of the cost of an acquisition over the fair value of the net identifiable assets acquired and liabilities assumed at the acquisition date. This includes the aggregate of the consideration transferred, the amount recognized for non-controlling interests, and any previous interests held. If purchase price exceeds the net fair value of the identifiable assets, liabilities and contingent liabilities, the difference is recognised as goodwill.
After initial recognition, goodwill is measured at cost less any accumulated impairment losses. Goodwill arising from the acquisition of subsidiaries is classified as an intangible asset and allocated to the cash-generating units (CGUs) expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units.
Goodwill is tested for impairment annually or more frequently if there are indications that it may be impaired. Impairment is determined by assessing the recoverable amount of the lowest identifiable CGU to which the goodwill relates. If the recoverable amount of a CGU is less than its carrying amount, an impairment loss is recognized in profit or loss. Impairment losses relating to goodwill cannot be reversed in future periods.
When a portion of an operation within a CGU, or a group of CGUs to which goodwill has been allocated, is disposed of, the goodwill associated with the disposed operation is included in the carrying amount of the
operation when determining the gain or loss on disposal. The portion of goodwill allocated is measured based on the relative values of the disposed operation and the portion of the CGU retained at the date of disposal, unless another method better reflects the goodwill associated with the disposed operation. This principle is also applied when the Group reorganizes its business.
2.8\tOther intangible assets
Expenditures for software development that can be attributed to identifiable assets under the Group\u2019s control and with anticipated future economic benefits are capitalized and recognized as intangible assets, in accordance with IAS 38 Intangible Assets. These capitalized expenses can include staff expenses if the resource has been taken out of its ordinary course of work for a longer period to work on the development project, which has been recognized as having future economic benefits.
Other intangible assets relate to internally developed assets that are amortized on a straight-line basis over their estimated period of use. Development costs on an individual project are recognized as an intangible asset only when there is an identifiable asset that will generate expected future economic benefits and when the cost of such an asset can be measured reliably, otherwise development costs are recognized as an expense when incurred.
If there is an indication that an asset is impaired, the recoverable amount of the asset is calculated in accordance with IAS 36 Impairment of Assets. For intangible assets not yet ready for use, the recoverable amount is assessed annually.
2.9\tRight of use assets and lease liabilities
The Group applies IFRS 16 Leases and recognizes a lease liability and corresponding right of use asset for all lease agreements in which it is the lessee, except for the following exemptions applied:
\u2022Short-term leases (defined as 12 months or less)
\u2022Low value assets
For these leases, the Group recognizes the lease payments as other operating expenses in profit or loss when they incur.
The Group presents its lease liabilities and right of use assets as separate line items in the statement of financial position.
The Group applies the depreciation requirements in IAS 16 Property, Plant and Equipment for depreciating the right of use asset, except that the right of use asset is depreciated from the commencement date to the earlier of the lease term and the remaining useful life of the right of use asset. The Group applies IAS 36 Impairment of Assets to determine whether the right of use asset is impaired and to account for any impairment loss identified.
2.10\tFinancial instruments
Financial instruments reported as assets in the consolidated statement of financial position are included in the line items purchased loan portfolios, other non-current assets, accounts receivable, other current assets, restricted cash and cash and cash equivalents. The majority of the Group\u2019s financial assets are classified as measured at amortized cost, with the exception of derivatives which are classified as measured at fair value through profit or loss.
Financial instruments reported as liabilities in the consolidated statement of financial position are included in the line items interest-bearing debt, accounts payable, lease liabilities and other current and non-current liabilities. The Group\u2019s debt and other financial liabilities are, with the exception of derivatives, initially recognized at fair value, including transaction costs directly attributable to the transaction, and are subsequently measured at amortized cost. Derivative liabilities are, as derivative assets, measured at fair value through profit or loss.
2.10.1\tPurchased loan portfolios
Purchased loan portfolios consists of portfolios of delinquent consumer debts purchased significantly below nominal value, reflecting incurred and expected credit losses, and thus defined as credit impaired.
For purchased loan portfolios, timely collection of principal and interest is no longer reasonably assured at the date of purchase. Purchased loan portfolios are recognized at fair value at the date of purchase.
Since the loans are measured at fair value, which includes an estimate of future credit losses, no allowance for credit losses is recorded on the day of acquisition of the loans. The loans are subsequently measured at amortized cost according to a credit adjusted effective interest rate. Since the delinquent consumer debts are a homogenous group, the future cash flows are projected on a portfolio basis except for secured portfolios, for which cash flows are projected on a collateral asset basis.
The carrying amount of each portfolio is determined by projecting future cash flows discounted to present value using the credit adjusted effective interest rate at the date the portfolio was acquired. The total cash flows (both principal and interest) expected to be collected on purchased credit impaired loans are regularly reviewed. Changes in expected cash flows are adjusted in the carrying amount and are recognized in profit or loss as revenue or expense in \u2018Net gain/(loss) purchased loan portfolios\u2019.
Interest revenue is recognized using a credit adjusted effective interest rate, included in \u2018Interest revenue from purchased loan portfolios\u2019. All non-performing loans are classified as non-current assets.
Purchased loan portfolios that are secured by a property may have the securing property repossessed as part of the recovery strategy for the purpose of being divested within the Group's operations to maximize the value of recoveries. Such assets are classified as inventories and
recognized in the balance sheet at the lowest of cost and net realizable value in accordance with IAS 2 Inventories.
2.10.2\tForward flow agreements
The Group has entered into several forward flow agreements to purchase future non-performing loan portfolios. These are agreements whereby Axactor agrees to buy and the counterparty agrees to sell future periods\u2019 financial assets (loans) that fulfils a set of specified criteria (past due status etc.) in a number of batches over a specified time period. The price at which Axactor buys the loans is agreed when the contract is signed and can be segmented by types of claims or size bands. The value of a forward flow agreement reflects fair value.
Any significant changes to the expected future cash flow will lead to a revaluation of the portfolio. If external factors assumed directly or implicitly in the business case valuation change significantly before the acquisition date of one or more batches in a portfolio, so that it will impact the value of the batch(es) through a change in the expected future cash flow from the batch(es), the change in value is recorded as a fair value adjustment with immediate effect. The fair value adjustment is recognized in the consolidated statement of profit or loss as \u2018Other operating revenue\u2019.
2.10.3\tDerivatives
Derivatives are recognized at fair value on the date the contract is entered into and are subsequently measured at fair value. Derivatives that are designated as hedging instruments in cash flow hedge relationships are recognized as described in note 2.11.
2.10.4\tAccounts receivable and Other current assets
Accounts receivable and other current assets are recognized when the Group has performed and there is a contractual obligation on the counterparty to pay, even if an invoice has not yet been received. Accounts receivables are recognized when an invoice has been sent. Accounts
receivables are recognized at the transaction price, nominal amount unless containing a significant financing component and subsequently measured at amortized cost less any loss allowance. The loss allowance is based on a lifetime credit loss. The anticipated maturity of these receivables is short, so their carrying values are not discounted.
2.10.5\tClient funds
Client funds arise from cash received on collections on behalf of a client. Collections are kept on separate restricted bank accounts and are reflected simultaneously as a liability. The funds are reported as \u2018Restricted cash\u2019 and \u2018Other current liabilities\u2019 in the consolidated statement of financial position and shown on a separate line in note 22and note28.
2.10.6\tCash
Cash and cash equivalents consist of cash and short-term deposits as well as immediately available balances with banks and similar institutions. Short-term deposits are easily and readily convertible to a known amount of cash and have a maturity of not more than three months.
2.11\tHedge accounting
The Group has elected to apply the hedge accounting rules in IFRS 9. Hedge accounting is applied when a hedging relationship meets the specified criteria in IFRS 9, and it is aligned with the Group\u2019s overall risk management strategy. Currently, the Group applies cash flow hedge accounting to mitigate variability in future cash flows attributable to changes in floating interest rates, primarily through the use of interest rate swaps as hedging instruments.
At the inception of a hedge, the Group formally documents the relationship between the hedged item and the hedging instrument, including the risk management objective, strategy for undertaking the hedge, and the hedge ratio, which reflects both the risk management strategy, and the actual hedges performed. The Group also assesses and documents the existence
of an economic relationship between the hedged item and the hedging instrument, ensuring that credit risk does not dominate changes in value arising from this relationship. The Group\u2019s qualifying hedging instruments are designated in their entirety.
For designated and qualifying cash flow hedges, the effective portion of the cumulative gain or loss on the hedging instrument is recognized in other comprehensive income (OCI) under the cash flow hedge reserve. The ineffective portion of the gain or loss is recognized immediately in profit or loss as a financial revenue or expense. When the hedged cash flow subsequently affects profit or loss, the effective portion of the gain or loss on the hedging instrument is reclassified to the corresponding revenue or expense line in the statement of profit or loss. Fair value is measured based on input from third parties and the utilization of valuation reports from derivative counterparty bank and is the present value sum of the difference between the fixed payments and floating payments based on market projections at year end until maturity.
Hedge effectiveness is tested by comparing changes in the fair value of the hedging instruments against changes in the fair value or cash flows of the hedged items attributable to the hedged risk. These assessments ensure that the hedging relationship remains effective throughout its duration.
When a hedging instrument expires, is sold, terminated, or no longer qualifies for hedge accounting, or if the risk management objectives change, the cumulative gain or loss previously recognized in OCI remains in equity until the forecasted transaction occurs. If the forecasted transaction is no longer expected to occur, the cumulative amount in OCI is reclassified immediately to profit or loss. Further quantitative disclosures, including notional amounts, maturities, and the fair values of hedging instruments, are provided in note19.
2.12\tInterest-bearing debt
Interest bearing debt is initially recognized at the fair value of the consideration received less directly attributable transaction costs. After initial recognition, interest-bearing loans are subsequently measured at amortized cost using the effective interest method and included in net financial items. The upfront fees and discounts are a part of the borrowing cost and are recognized as part of the interest expense in accordance with the effective interest method. Due to their short-term nature, other loans and borrowings are recognized at nominal value and are subsequently measured at amortized cost.
2.13\tChanges in accounting policies and disclosures implemented in 2025
Axactor has not implemented any new accounting standards during 2025.
2.14\tChanges in accounting policies and disclosures for 2025 or thereafter
The Group has not early adopted new and revised IFRS standards which are not yet mandatory or effective.
IFRS 18 'Presentation and Disclosure in Financial Statements' will replace IAS 1 'Presentation of Financial Statements' with effect from 1 January 2027. The purpose of IFRS 18 is to improve how entities communicate financial performance in financial statements, focusing on the income statement and the reporting of financial performance. Axactor is considering the classification of the items in the income statement into the three new categories introduced by IFRS 18 and expects to include the majority of the items in the operating category, while a few items are still being assessed. The standard is not expected to have any material financial effects for Axactor, as IFRS 18 focuses on presentation and disclosure in financial statements.
2.1\tBasis for preparation
The consolidated financial statements have been prepared in accordance with IFRS\u00ae Accounting Standards as adopted by the EU and effective as of 31 December 2025. Axactor also provides additional disclosures in accordance with requirements in the Norwegian Accounting Act. The Group has prepared the financial statements on the basis that it will continue to operate as a going concern.
The Group\u2019s consolidated financial statements comprise Axactor ASA and entities in which Axactor ASA has control. All amounts in the financial reports are stated in EUR thousand unless otherwise specified.
As a result of rounding adjustments, the figures in one or more columns may not add up to the total of that column.
Preparation of financial statements including note disclosures requires management to make estimates and assumptions that affect amounts reported. Actual outcomes may deviate from management\u2019s estimates. Accounting policies that are material to the Group are described below. These policies have been applied consistently for all years presented, unless otherwise specified.
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:549300P5VT8OMA17TJ33", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__6__16": { "value": "2.1\tBasis for preparation
The consolidated financial statements have been prepared in accordance with IFRS\u00ae Accounting Standards as adopted by the EU and effective as of 31 December 2025. Axactor also provides additional disclosures in accordance with requirements in the Norwegian Accounting Act. The Group has prepared the financial statements on the basis that it will continue to operate as a going concern.
The Group\u2019s consolidated financial statements comprise Axactor ASA and entities in which Axactor ASA has control. All amounts in the financial reports are stated in EUR thousand unless otherwise specified.
As a result of rounding adjustments, the figures in one or more columns may not add up to the total of that column.
Preparation of financial statements including note disclosures requires management to make estimates and assumptions that affect amounts reported. Actual outcomes may deviate from management\u2019s estimates. Accounting policies that are material to the Group are described below. These policies have been applied consistently for all years presented, unless otherwise specified.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300P5VT8OMA17TJ33", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__6__17": { "value": "The Group has prepared the financial statements on the basis that it will continue to operate as a going concern.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:549300P5VT8OMA17TJ33", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__6__18": { "value": "2.2\tFunctional currencies and presentation currency
The financial statements are presented in EUR, which is also the functional currency of Axactor ASA. For the purposes of presenting this consolidated
financial statement, the assets, and liabilities of the Group\u2019s non-euro operations (in Sweden and Norway) are translated to euro using exchange rates prevailing at the end of each reporting period. Revenue and expense items are translated at the average exchange rates for each month.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:549300P5VT8OMA17TJ33", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__6__19": { "value": "2.2\tFunctional currencies and presentation currency
The financial statements are presented in EUR, which is also the functional currency of Axactor ASA. For the purposes of presenting this consolidated
financial statement, the assets, and liabilities of the Group\u2019s non-euro operations (in Sweden and Norway) are translated to euro using exchange rates prevailing at the end of each reporting period. Revenue and expense items are translated at the average exchange rates for each month.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:549300P5VT8OMA17TJ33", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__6__20": { "value": "2.3\tSegment reporting
The Group derives its revenues from the following two operating segments: Non-performing loans (NPL) and Third-party collection (3PC). The Group reports its business through reporting segments which correspond to the operating segments. Segment profitability and country profitability are the two most important dimensions when making strategic priorities and deciding where to allocate the Group\u2019s resources. For management purposes, the Group is additionally organized into business units based on geographical locations.
The internal reporting provided to the Group executive management, which is the Group\u2019s chief decision makers, is in accordance with this structure.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:549300P5VT8OMA17TJ33", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__6__21": { "value": "2.4\tRevenue and revenue recognition
Revenue from purchased loan portfolios is recognized according to IFRS\u00a09 Financial Instruments using the effective interest rate method, while revenue from 3PC is recognized according to IFRS 15 Revenue from Contracts with Customers.
The recognition of revenues from purchased loan portfolios is described in detail in 2.10.1.
Revenue from Contracts with Customers is recognized according to the five-step model in IFRS 15 at an amount which reflects the consideration to which the Group expects to be entitled in exchange for transferring goods or services to a customer. Revenue is measured at the fair value of the consideration received or receivable, considering contractually defined terms of payment and excluding taxes and duties. Revenue from contracts with customers are mainly revenue from external collection (3PC) and is a combination of fixed fees paid by Axactor\u2019s customers for services provided and commissions for solved cases and/ or fees paid by the debtors to an Axactor entity. Revenue from 3PC is recognized in \u2018Other operating revenue\u2019 in the consolidated statement of profit or loss.
Revenue from repossessed assets is recognized at the point in time where the ownership of the property has been transferred to an external buyer. Revenue from repossessed assets is recognized in line item \u2018Revenue from sale of repossessed assets\u2019 in the consolidated statement of profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:549300P5VT8OMA17TJ33", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__6__22": { "value": "2.5\tShare-based compensation
The group operates an equity-settled compensation plan, under which the entity receives services from employees as consideration for equity instruments (options) of the Group. The fair value of the employee services received in exchange for the grant of the option is recognized as an expense (payroll expenses) over the vesting period. The total amount to be expensed is determined by reference to the fair value of the options granted:
\u2022Including any market performance conditions (e.g., an entity\u2019s share price)
\u2022Excluding the impact of any service and non-market performance vesting conditions
\u2022Including the impact of any non-vesting conditions
At the end of each reporting period, the Group revises its estimates of the number of options that are expected to vest based on the non-market vesting conditions and service conditions. It recognizes the impact of the revision to original estimates, if any, in profit or loss, with a corresponding adjustment to equity. The fair value of the options has been estimated at grant date and is not subsequently changed. When the options are exercised, and the company elects to issue new shares, the proceeds received net of any directly attributable transaction costs are credited to share capital (par value) and share premium.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:549300P5VT8OMA17TJ33", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__6__23": { "value": "2.6\tTaxes
Income taxes consist of current tax and deferred tax.
Current income tax assets and liabilities for the current and prior periods are measured at the amount expected to be recovered from, or paid to, the tax authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted at the reporting date.
Deferred income tax is provided using the liability method on temporary differences at the reporting date between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes.
Deferred tax liabilities are recognized for all taxable temporary differences, except where the deferred tax liability arises from the initial recognition of goodwill or of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss.
A deferred tax asset is recognized to the extent that it is probable that future taxable profit will be available, or which unused tax losses and unused tax credits can be utilized. A deferred tax asset arising from unused tax losses or tax credit is only recognized to the extent that the entity has sufficient taxable temporary differences or that there is other convincing evidence supporting the utilization of the tax losses and tax
credits, including the impact of time restriction by local tax authorities. The carrying amount of deferred tax assets are reviewed at the end of each reporting period. Unrecognized deferred tax assets are reassessed at each reporting date. Deferred income tax assets and deferred tax liabilities are offset only when a legally enforceable right exists to set off tax assets against income tax liabilities and the deferred income taxes relate to the same taxable entity or taxation authority.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300P5VT8OMA17TJ33", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__6__24": { "value": "Deferred income tax is provided using the liability method on temporary differences at the reporting date between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes.
Deferred tax liabilities are recognized for all taxable temporary differences, except where the deferred tax liability arises from the initial recognition of goodwill or of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss.
A deferred tax asset is recognized to the extent that it is probable that future taxable profit will be available, or which unused tax losses and unused tax credits can be utilized. A deferred tax asset arising from unused tax losses or tax credit is only recognized to the extent that the entity has sufficient taxable temporary differences or that there is other convincing evidence supporting the utilization of the tax losses and tax
credits, including the impact of time restriction by local tax authorities. The carrying amount of deferred tax assets are reviewed at the end of each reporting period. Unrecognized deferred tax assets are reassessed at each reporting date. Deferred income tax assets and deferred tax liabilities are offset only when a legally enforceable right exists to set off tax assets against income tax liabilities and the deferred income taxes relate to the same taxable entity or taxation authority.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300P5VT8OMA17TJ33", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__6__25": { "value": "2.7\tGoodwill
Goodwill represents the excess of the cost of an acquisition over the fair value of the net identifiable assets acquired and liabilities assumed at the acquisition date. This includes the aggregate of the consideration transferred, the amount recognized for non-controlling interests, and any previous interests held. If purchase price exceeds the net fair value of the identifiable assets, liabilities and contingent liabilities, the difference is recognised as goodwill.
After initial recognition, goodwill is measured at cost less any accumulated impairment losses. Goodwill arising from the acquisition of subsidiaries is classified as an intangible asset and allocated to the cash-generating units (CGUs) expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units.
Goodwill is tested for impairment annually or more frequently if there are indications that it may be impaired. Impairment is determined by assessing the recoverable amount of the lowest identifiable CGU to which the goodwill relates. If the recoverable amount of a CGU is less than its carrying amount, an impairment loss is recognized in profit or loss. Impairment losses relating to goodwill cannot be reversed in future periods.
When a portion of an operation within a CGU, or a group of CGUs to which goodwill has been allocated, is disposed of, the goodwill associated with the disposed operation is included in the carrying amount of the
operation when determining the gain or loss on disposal. The portion of goodwill allocated is measured based on the relative values of the disposed operation and the portion of the CGU retained at the date of disposal, unless another method better reflects the goodwill associated with the disposed operation. This principle is also applied when the Group reorganizes its business.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300P5VT8OMA17TJ33", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__6__26": { "value": "2.8\tOther intangible assets
Expenditures for software development that can be attributed to identifiable assets under the Group\u2019s control and with anticipated future economic benefits are capitalized and recognized as intangible assets, in accordance with IAS 38 Intangible Assets. These capitalized expenses can include staff expenses if the resource has been taken out of its ordinary course of work for a longer period to work on the development project, which has been recognized as having future economic benefits.
Other intangible assets relate to internally developed assets that are amortized on a straight-line basis over their estimated period of use. Development costs on an individual project are recognized as an intangible asset only when there is an identifiable asset that will generate expected future economic benefits and when the cost of such an asset can be measured reliably, otherwise development costs are recognized as an expense when incurred.
If there is an indication that an asset is impaired, the recoverable amount of the asset is calculated in accordance with IAS 36 Impairment of Assets. For intangible assets not yet ready for use, the recoverable amount is assessed annually.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:549300P5VT8OMA17TJ33", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__6__27": { "value": "Expenditures for software development that can be attributed to identifiable assets under the Group\u2019s control and with anticipated future economic benefits are capitalized and recognized as intangible assets, in accordance with IAS 38 Intangible Assets. These capitalized expenses can include staff expenses if the resource has been taken out of its ordinary course of work for a longer period to work on the development project, which has been recognized as having future economic benefits.
Other intangible assets relate to internally developed assets that are amortized on a straight-line basis over their estimated period of use. Development costs on an individual project are recognized as an intangible asset only when there is an identifiable asset that will generate expected future economic benefits and when the cost of such an asset can be measured reliably, otherwise development costs are recognized as an expense when incurred.
If there is an indication that an asset is impaired, the recoverable amount of the asset is calculated in accordance with IAS 36 Impairment of Assets. For intangible assets not yet ready for use, the recoverable amount is assessed annually.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300P5VT8OMA17TJ33", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__6__28": { "value": "2.9\tRight of use assets and lease liabilities
The Group applies IFRS 16 Leases and recognizes a lease liability and corresponding right of use asset for all lease agreements in which it is the lessee, except for the following exemptions applied:
\u2022Short-term leases (defined as 12 months or less)
\u2022Low value assets
For these leases, the Group recognizes the lease payments as other operating expenses in profit or loss when they incur.
The Group presents its lease liabilities and right of use assets as separate line items in the statement of financial position.
The Group applies the depreciation requirements in IAS 16 Property, Plant and Equipment for depreciating the right of use asset, except that the right of use asset is depreciated from the commencement date to the earlier of the lease term and the remaining useful life of the right of use asset. The Group applies IAS 36 Impairment of Assets to determine whether the right of use asset is impaired and to account for any impairment loss identified.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:549300P5VT8OMA17TJ33", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__6__29": { "value": "2.10\tFinancial instruments
Financial instruments reported as assets in the consolidated statement of financial position are included in the line items purchased loan portfolios, other non-current assets, accounts receivable, other current assets, restricted cash and cash and cash equivalents. The majority of the Group\u2019s financial assets are classified as measured at amortized cost, with the exception of derivatives which are classified as measured at fair value through profit or loss.
Financial instruments reported as liabilities in the consolidated statement of financial position are included in the line items interest-bearing debt, accounts payable, lease liabilities and other current and non-current liabilities. The Group\u2019s debt and other financial liabilities are, with the exception of derivatives, initially recognized at fair value, including transaction costs directly attributable to the transaction, and are subsequently measured at amortized cost. Derivative liabilities are, as derivative assets, measured at fair value through profit or loss.
2.10.1\tPurchased loan portfolios
Purchased loan portfolios consists of portfolios of delinquent consumer debts purchased significantly below nominal value, reflecting incurred and expected credit losses, and thus defined as credit impaired.
For purchased loan portfolios, timely collection of principal and interest is no longer reasonably assured at the date of purchase. Purchased loan portfolios are recognized at fair value at the date of purchase.
Since the loans are measured at fair value, which includes an estimate of future credit losses, no allowance for credit losses is recorded on the day of acquisition of the loans. The loans are subsequently measured at amortized cost according to a credit adjusted effective interest rate. Since the delinquent consumer debts are a homogenous group, the future cash flows are projected on a portfolio basis except for secured portfolios, for which cash flows are projected on a collateral asset basis.
The carrying amount of each portfolio is determined by projecting future cash flows discounted to present value using the credit adjusted effective interest rate at the date the portfolio was acquired. The total cash flows (both principal and interest) expected to be collected on purchased credit impaired loans are regularly reviewed. Changes in expected cash flows are adjusted in the carrying amount and are recognized in profit or loss as revenue or expense in \u2018Net gain/(loss) purchased loan portfolios\u2019.
Interest revenue is recognized using a credit adjusted effective interest rate, included in \u2018Interest revenue from purchased loan portfolios\u2019. All non-performing loans are classified as non-current assets.
Purchased loan portfolios that are secured by a property may have the securing property repossessed as part of the recovery strategy for the purpose of being divested within the Group's operations to maximize the value of recoveries. Such assets are classified as inventories and
recognized in the balance sheet at the lowest of cost and net realizable value in accordance with IAS 2 Inventories.
2.10.2\tForward flow agreements
The Group has entered into several forward flow agreements to purchase future non-performing loan portfolios. These are agreements whereby Axactor agrees to buy and the counterparty agrees to sell future periods\u2019 financial assets (loans) that fulfils a set of specified criteria (past due status etc.) in a number of batches over a specified time period. The price at which Axactor buys the loans is agreed when the contract is signed and can be segmented by types of claims or size bands. The value of a forward flow agreement reflects fair value.
Any significant changes to the expected future cash flow will lead to a revaluation of the portfolio. If external factors assumed directly or implicitly in the business case valuation change significantly before the acquisition date of one or more batches in a portfolio, so that it will impact the value of the batch(es) through a change in the expected future cash flow from the batch(es), the change in value is recorded as a fair value adjustment with immediate effect. The fair value adjustment is recognized in the consolidated statement of profit or loss as \u2018Other operating revenue\u2019.
2.10.3\tDerivatives
Derivatives are recognized at fair value on the date the contract is entered into and are subsequently measured at fair value. Derivatives that are designated as hedging instruments in cash flow hedge relationships are recognized as described in note 2.11.
2.10.4\tAccounts receivable and Other current assets
Accounts receivable and other current assets are recognized when the Group has performed and there is a contractual obligation on the counterparty to pay, even if an invoice has not yet been received. Accounts receivables are recognized when an invoice has been sent. Accounts
receivables are recognized at the transaction price, nominal amount unless containing a significant financing component and subsequently measured at amortized cost less any loss allowance. The loss allowance is based on a lifetime credit loss. The anticipated maturity of these receivables is short, so their carrying values are not discounted.
2.10.5\tClient funds
Client funds arise from cash received on collections on behalf of a client. Collections are kept on separate restricted bank accounts and are reflected simultaneously as a liability. The funds are reported as \u2018Restricted cash\u2019 and \u2018Other current liabilities\u2019 in the consolidated statement of financial position and shown on a separate line in note 22and note28.
2.10.6\tCash
Cash and cash equivalents consist of cash and short-term deposits as well as immediately available balances with banks and similar institutions. Short-term deposits are easily and readily convertible to a known amount of cash and have a maturity of not more than three months.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300P5VT8OMA17TJ33", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__6__30": { "value": "2.10.1\tPurchased loan portfolios
Purchased loan portfolios consists of portfolios of delinquent consumer debts purchased significantly below nominal value, reflecting incurred and expected credit losses, and thus defined as credit impaired.
For purchased loan portfolios, timely collection of principal and interest is no longer reasonably assured at the date of purchase. Purchased loan portfolios are recognized at fair value at the date of purchase.
Since the loans are measured at fair value, which includes an estimate of future credit losses, no allowance for credit losses is recorded on the day of acquisition of the loans. The loans are subsequently measured at amortized cost according to a credit adjusted effective interest rate. Since the delinquent consumer debts are a homogenous group, the future cash flows are projected on a portfolio basis except for secured portfolios, for which cash flows are projected on a collateral asset basis.
The carrying amount of each portfolio is determined by projecting future cash flows discounted to present value using the credit adjusted effective interest rate at the date the portfolio was acquired. The total cash flows (both principal and interest) expected to be collected on purchased credit impaired loans are regularly reviewed. Changes in expected cash flows are adjusted in the carrying amount and are recognized in profit or loss as revenue or expense in \u2018Net gain/(loss) purchased loan portfolios\u2019.
Interest revenue is recognized using a credit adjusted effective interest rate, included in \u2018Interest revenue from purchased loan portfolios\u2019. All non-performing loans are classified as non-current assets.
Purchased loan portfolios that are secured by a property may have the securing property repossessed as part of the recovery strategy for the purpose of being divested within the Group's operations to maximize the value of recoveries. Such assets are classified as inventories and
recognized in the balance sheet at the lowest of cost and net realizable value in accordance with IAS 2 Inventories.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300P5VT8OMA17TJ33", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__6__31": { "value": "The carrying amount of each portfolio is determined by projecting future cash flows discounted to present value using the credit adjusted effective interest rate at the date the portfolio was acquired. The total cash flows (both principal and interest) expected to be collected on purchased credit impaired loans are regularly reviewed. Changes in expected cash flows are adjusted in the carrying amount and are recognized in profit or loss as revenue or expense in \u2018Net gain/(loss) purchased loan portfolios\u2019.
Interest revenue is recognized using a credit adjusted effective interest rate, included in \u2018Interest revenue from purchased loan portfolios\u2019. All non-performing loans are classified as non-current assets.
Purchased loan portfolios that are secured by a property may have the securing property repossessed as part of the recovery strategy for the purpose of being divested within the Group's operations to maximize the value of recoveries. Such assets are classified as inventories and
recognized in the balance sheet at the lowest of cost and net realizable value in accordance with IAS 2 Inventories.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:549300P5VT8OMA17TJ33", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__6__32": { "value": "2.10.3\tDerivatives
Derivatives are recognized at fair value on the date the contract is entered into and are subsequently measured at fair value. Derivatives that are designated as hedging instruments in cash flow hedge relationships are recognized as described in note 2.11.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300P5VT8OMA17TJ33", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__6__33-1": { "value": "2.10.3\tDerivatives
Derivatives are recognized at fair value on the date the contract is entered into and are subsequently measured at fair value. Derivatives that are designated as hedging instruments in cash flow hedge relationships are recognized as described in note 2.11.
2.11\tHedge accounting
The Group has elected to apply the hedge accounting rules in IFRS 9. Hedge accounting is applied when a hedging relationship meets the specified criteria in IFRS 9, and it is aligned with the Group\u2019s overall risk management strategy. Currently, the Group applies cash flow hedge accounting to mitigate variability in future cash flows attributable to changes in floating interest rates, primarily through the use of interest rate swaps as hedging instruments.
At the inception of a hedge, the Group formally documents the relationship between the hedged item and the hedging instrument, including the risk management objective, strategy for undertaking the hedge, and the hedge ratio, which reflects both the risk management strategy, and the actual hedges performed. The Group also assesses and documents the existence
of an economic relationship between the hedged item and the hedging instrument, ensuring that credit risk does not dominate changes in value arising from this relationship. The Group\u2019s qualifying hedging instruments are designated in their entirety.
For designated and qualifying cash flow hedges, the effective portion of the cumulative gain or loss on the hedging instrument is recognized in other comprehensive income (OCI) under the cash flow hedge reserve. The ineffective portion of the gain or loss is recognized immediately in profit or loss as a financial revenue or expense. When the hedged cash flow subsequently affects profit or loss, the effective portion of the gain or loss on the hedging instrument is reclassified to the corresponding revenue or expense line in the statement of profit or loss. Fair value is measured based on input from third parties and the utilization of valuation reports from derivative counterparty bank and is the present value sum of the difference between the fixed payments and floating payments based on market projections at year end until maturity.
Hedge effectiveness is tested by comparing changes in the fair value of the hedging instruments against changes in the fair value or cash flows of the hedged items attributable to the hedged risk. These assessments ensure that the hedging relationship remains effective throughout its duration.
When a hedging instrument expires, is sold, terminated, or no longer qualifies for hedge accounting, or if the risk management objectives change, the cumulative gain or loss previously recognized in OCI remains in equity until the forecasted transaction occurs. If the forecasted transaction is no longer expected to occur, the cumulative amount in OCI is reclassified immediately to profit or loss. Further quantitative disclosures, including notional amounts, maturities, and the fair values of hedging instruments, are provided in note19.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:549300P5VT8OMA17TJ33", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__6__35": { "value": "2.10.5\tClient funds
Client funds arise from cash received on collections on behalf of a client. Collections are kept on separate restricted bank accounts and are reflected simultaneously as a liability. The funds are reported as \u2018Restricted cash\u2019 and \u2018Other current liabilities\u2019 in the consolidated statement of financial position and shown on a separate line in note 22and note28.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:549300P5VT8OMA17TJ33", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__6__34-1": { "value": "Client funds arise from cash received on collections on behalf of a client. Collections are kept on separate restricted bank accounts and are reflected simultaneously as a liability. The funds are reported as \u2018Restricted cash\u2019 and \u2018Other current liabilities\u2019 in the consolidated statement of financial position and shown on a separate line in note 22and note28.Cash and cash equivalents consist of cash and short-term deposits as well as immediately available balances with banks and similar institutions. Short-term deposits are easily and readily convertible to a known amount of cash and have a maturity of not more than three months.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:549300P5VT8OMA17TJ33", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__6__38": { "value": "2.11\tHedge accounting
The Group has elected to apply the hedge accounting rules in IFRS 9. Hedge accounting is applied when a hedging relationship meets the specified criteria in IFRS 9, and it is aligned with the Group\u2019s overall risk management strategy. Currently, the Group applies cash flow hedge accounting to mitigate variability in future cash flows attributable to changes in floating interest rates, primarily through the use of interest rate swaps as hedging instruments.
At the inception of a hedge, the Group formally documents the relationship between the hedged item and the hedging instrument, including the risk management objective, strategy for undertaking the hedge, and the hedge ratio, which reflects both the risk management strategy, and the actual hedges performed. The Group also assesses and documents the existence
of an economic relationship between the hedged item and the hedging instrument, ensuring that credit risk does not dominate changes in value arising from this relationship. The Group\u2019s qualifying hedging instruments are designated in their entirety.
For designated and qualifying cash flow hedges, the effective portion of the cumulative gain or loss on the hedging instrument is recognized in other comprehensive income (OCI) under the cash flow hedge reserve. The ineffective portion of the gain or loss is recognized immediately in profit or loss as a financial revenue or expense. When the hedged cash flow subsequently affects profit or loss, the effective portion of the gain or loss on the hedging instrument is reclassified to the corresponding revenue or expense line in the statement of profit or loss. Fair value is measured based on input from third parties and the utilization of valuation reports from derivative counterparty bank and is the present value sum of the difference between the fixed payments and floating payments based on market projections at year end until maturity.
Hedge effectiveness is tested by comparing changes in the fair value of the hedging instruments against changes in the fair value or cash flows of the hedged items attributable to the hedged risk. These assessments ensure that the hedging relationship remains effective throughout its duration.
When a hedging instrument expires, is sold, terminated, or no longer qualifies for hedge accounting, or if the risk management objectives change, the cumulative gain or loss previously recognized in OCI remains in equity until the forecasted transaction occurs. If the forecasted transaction is no longer expected to occur, the cumulative amount in OCI is reclassified immediately to profit or loss. Further quantitative disclosures, including notional amounts, maturities, and the fair values of hedging instruments, are provided in note19.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:549300P5VT8OMA17TJ33", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__6__39": { "value": "2.12\tInterest-bearing debt
Interest bearing debt is initially recognized at the fair value of the consideration received less directly attributable transaction costs. After initial recognition, interest-bearing loans are subsequently measured at amortized cost using the effective interest method and included in net financial items. The upfront fees and discounts are a part of the borrowing cost and are recognized as part of the interest expense in accordance with the effective interest method. Due to their short-term nature, other loans and borrowings are recognized at nominal value and are subsequently measured at amortized cost.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:549300P5VT8OMA17TJ33", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__6__40-1": { "value": "2.13\tChanges in accounting policies and disclosures implemented in 2025
Axactor has not implemented any new accounting standards during 2025.
2.14\tChanges in accounting policies and disclosures for 2025 or thereafter
The Group has not early adopted new and revised IFRS standards which are not yet mandatory or effective.
IFRS 18 'Presentation and Disclosure in Financial Statements' will replace IAS 1 'Presentation of Financial Statements' with effect from 1 January 2027. The purpose of IFRS 18 is to improve how entities communicate financial performance in financial statements, focusing on the income statement and the reporting of financial performance. Axactor is considering the classification of the items in the income statement into the three new categories introduced by IFRS 18 and expects to include the majority of the items in the operating category, while a few items are still being assessed. The standard is not expected to have any material financial effects for Axactor, as IFRS 18 focuses on presentation and disclosure in financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:549300P5VT8OMA17TJ33", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__6__42": { "value": "Note 3\tRisk management
Axactor defines risk as all factors which could have a negative impact on the ability of the Group to achieve its business objectives. All economic activities are associated with risk. Axactor\u2019s risks are managed within the Group in accordance with the policies established by the Board. Axactor conducts risk management at both a group and company level, where risks are evaluated and monitored in a systematic manner. Risk management and internal control are an integral part of management responsibility. Key risks are monitored through monthly business reviews with the Group executive management, and through quarterly reporting to the Board. The Group has assessed risks in the corporate governance report as well as in the Group's sustainability statement statement which are both part of the report of Board of Directors. Financial risk and non-financial risk in relation to the financial statements are presented separately below.
Financial risk management
Axactor\u2019s financing and financial risks are managed within the Group in accordance with the treasury policy established by the Board. The treasury policy contains rules for managing financial activities, delegating responsibility, measuring, and identifying financial risks and limiting these risks. The main categories of financials risks identified are market risk, credit risk and liquidity risk.
Market risk
Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. For Axactor, market risk compromises interest rate risk and currency risk.
Interest rate risk
Interest rate risk is related to the risk the Group is exposed to from changes in the market\u2019s interest rate which can affect the net profit negatively. The Group\u2019s main interest rate risk arises from long-term borrowings with variable rates. The nominal value of interest-bearing debt (less treasury
bonds) was EUR 850.3 million on 31 December 2025 (2024: 896.7 million). The loans carry a variable interest rate based on the interbank rate in each currency with a margin.
The Group\u00b4s interest rate risk management objective is to hedge interest rate risk to mitigate the effect of increasing interest rates on issued loans and therefore limit the impact on the Group\u00b4s interest expenses. The Group\u2019s long-term strategy is to hedge between 50% and 70% of interest-bearing debt with a duration of three to five years. The Group intends to gradually implement the strategy in line with new portfolio investments. The details of the Group\u2019s hedge relationships are described in note 2.10.3, note 2.11and note19.
The average interest rate in 2025 was 8.6% (2024: 8.7%). An increase by 100 basis point would have reduced the Group\u2019s profit before tax for 2025 by EUR 8.7 million (2024: EUR 7.6 million). The equity would change with the same amount less tax and impact in OCI which is insignificant.
Currency risk
Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates. The Group\u2019s exposure to the risk of changes in foreign exchange rates relates primarily to the Group\u2019s operating activities, borrowings, and net investments in foreign subsidiaries. The Group is exposed to foreign currency risk to the extent that there is a mismatch between the currencies in which sales, purchases, receivables and borrowings are denominated and the respective functional currencies of Group companies. The functional currencies of Group companies are primarily euro, whereas some companies use Norwegian kroner (NOK) and Swedish kroner (SEK). The Group reduces its exposure to fluctuations in foreign exchange rates by using currency swaps and by keeping interest-bearing debt in the same currencies as the Group\u2019s assets.
The Group\u2019s exposure to currency risk as reported to the management of the Group consists of outstanding foreign currency denominated monetary items, including currency derivatives. The net exposure includes external loans as well as loans to foreign operations within the group where the denomination of the loan is in a currency other than the currency of the lender or the borrower. On 31 December 2025, the Group\u2019s net exposure to NOK and SEK was EUR -1.6 million (2024 EUR 2.3 million). The Group\u2019s exposure to foreign currency changes for all other currencies is not considered material.
The Group has performed a foreign currency sensitivity analysis for changes in NOK and SEK exchange rates, with all other variables held constant, based on the net exposure as reported above. The sensitivity analysis shows that if NOK and SEK strengthen by 10%, profit before tax would increase by EUR 0.1 million. Similarly, profit before tax would increase by EUR 0.3 million if NOK and SEK weaken by 10%.
Credit risk
Credit risk is the risk that the counterparty will not meet its obligations under a financial contract or customer contract, leading to a financial loss. The Group is exposed to credit risk from its operating activities, primarily related to purchased loan portfolios, trade receivables and from its financing activities, including deposits with banks. Customer credit risk is managed subject to established policies, procedures and controls relating to credit risk management. The maximum exposure to credit risk at the reporting date is the carrying value of each class of financial assets.
Credit risk from balances with banks and financial institutions is managed by the Group\u2019s treasury department in accordance with the Group\u2019s policy. The credit risk (excluding purchased loan portfolios) is not considered to be a material risk for the Group.
Credit risk inherent in purchased loan portfolios
Axactor invests in non-performing loans which consist of portfolios of delinquent consumer debt. The portfolios are purchased significantly below nominal value, and the purchase price reflects both incurred and expected credit losses. The portfolios are thus defined as credit impaired at acquisition. Even though the portfolios are credit impaired at acquisition, there is still inherent credit risk in the purchased loans. To mitigate this risk, the Group places high yield requirements on purchased loan portfolios and before every acquisition a careful assessment is made with a projection of future cash flows from the portfolio. Axactor applies scoring models (where the debtors\u2019 payment capacities are assessed through statistical analysis) and historical data in the calculations. In addition, Axactor uses specialized industry consultants to get a second opinion on contemplated loan portfolio purchases. This reduces the credit risk in the Group\u2019s purchased loan portfolios.
Liquidity risk
Liquidity risk is the potential loss arising from the Group\u2019s inability to meet its contractual obligations when due. Axactor is exposed to liquidity risk related to its operations and financing activities. The Group manages the liquidity risk by continuously monitoring the liquidity status and the monthly rolling consolidated result- and cash flow forecasts. The Group had positive cash flow from operating activities before NPL investments of EUR 202.9 million in 2025, as shown in the consolidated statement of cash flows (2024: 267.8 million). For 2025, the cash flows from operating activities ended at EUR 143.5 million (2024: EUR 139.2 million).
The table of contractual maturities analyses non-derivative financial liabilities of the Group into relevant maturity groupings based on the remaining period from the balance sheet date to the contractual maturity date. The contractual maturity is based on the earliest date on which
the Group may be required to pay. The amounts disclosed in the table are the contractual undiscounted cash flows of liabilities except for NPL investment commitments, where expected cash flows are presented.
The maturity calculation is made under the assumption that Axactor has a constant revolving credit facility draw in the period. The table includes both interest and principal cash flows. The loan repayment amounts presented are subject to change dependent on changes in variable interest rates. To the extent that interest flows are floating rate, the undiscounted amount is derived from the interest rate curves at the end of the reporting period.
The Group\u2019s estimated remaining collections for purchased loan portfolios for the next 15 years is presented below the table of contractual maturities (see also note 18).
Contractual maturities per 31 December 2025 | Contractual maturities per 31 December 2024 | |||||||||
EUR thousand | 1 year | 1-2 years | 2-4 years | 4+ years | Total | 1 year | 1-2 years | 2-4 years | 4+ years | Total |
NPL investment commitments, non-cancellable1 | 6,509 | 210 | - | - | 6,719 | 1,614 | - | - | - | 1,614 |
NPL investment commitments, cancellable1 | 2,200 | 991 | - | - | 3,191 | 1,661 | - | - | - | 1,661 |
Revolving credit facility (RCF) | 26,181 | 26,584 | 511,090 | - | 563,856 | 25,860 | 484,156 | - | - | 510,016 |
Bond ACR03 (ISIN NO0011093718) | 68,850 | - | - | - | 68,850 | 18,023 | 243,338 | - | - | 261,360 |
Bond ACR04 (ISIN NO0013005264) | 22,675 | 209,600 | - | - | 232,275 | 23,627 | 23,330 | 218,209 | - | 265,166 |
Bond ACR05 (ISIN NO0013583229) | 12,099 | 12,164 | 143,247 | - | 167,510 | - | - | - | - | - |
Other non-current liabilities | - | 607 | 4,635 | 2,254 | 7,496 | - | - | - | 4,570 | 4,570 |
Accounts payable | 5,991 | - | - | - | 5,991 | 3,915 | - | - | - | 3,915 |
Lease liabilities | 3,768 | 1,158 | 968 | 590 | 6,484 | 3,892 | 3,683 | 2,534 | 1,672 | 11,781 |
Other current liabilities | 23,199 | - | - | - | 23,199 | 26,165 | - | - | - | 26,165 |
Total contractual maturities | 171,472 | 251,315 | 659,940 | 2,844 | 1,085,571 | 104,756 | 754,506 | 220,743 | 6,243 | 1,086,248 |
1Expected cash flows based on the last three months\u2019 actual deliveries and future deliveries on new agreements confirmed at the balance sheet date. Per 31 December 2025, cash flows are limited to EUR 14.2 million (2024: EUR 9.6 million) by contracted capex limits. The NPL commitments that are cancellable are cancellable with one to three months\u2019 notice.
ERC per 31 December 2025 | ERC per 31 December 2024 | |||||||||
EUR thousand | 1 year | 1-2 years | 2-4 years | 4+ years | Total | 1 year | 1-2 years | 2-4 years | 4+ years | Total |
Estimated remaining collections (ERC) | 261,016 | 287,042 | 497,390 | 1,199,946 | 2,245,394 | 258,370 | 267,437 | 499,937 | 1,313,985 | 2,339,729 |
Securing long-term financing at competitive terms is an important part of the Group\u2019s liquidity planning. On 31 December 2025 the Group had an unused part of the revolving credit facility (RCF) agreement of EUR 77.4 million (2024: EUR 73.5 million), in addition to unrestricted cash and cash equivalents of EUR 35.6 million (2024: EUR 33.0 million). In 2025 the Group issued an EUR 125 million bond which combined with re-purchases of outstanding bond loans with a nominal value of EUR 51.7 million position the Group well for its upcoming debt maturity in 2026. Extension options for the RCF agreement were exercised during 2025, extending the maturity to mid-2028. An agreement has been reached with the lending banks to utilize the RCF to repay the remaining outstanding balance of the ACR03 bond loan.
Capital management
The primary objective of the Group\u2019s capital management is to ensure the Group maintains a solid capital structure enabling it to develop and build its business to maximize shareholder value. The Group\u2019s objective is to maintain a balance of financial assets that reflects the cash requirement of its operations and investments for the next 12\u201324 months.
Non-financial risk
Geopolitical risk, regulatory risk and climate risk in relation to the financial statements are described below.
Geopolitical risk
Geopolitical developments continue to shape the operating environment for European-based companies. Ongoing conflicts, including the war in Ukraine, and tensions between major global powers have contributed to heightened political and economic uncertainty. These dynamics can affect trade flows, energy prices, supply chain stability, and access to key markets.
Geopolitical tensions and ongoing global trade frictions, continue to create economic and regulatory uncertainty across Europe. Although Axactor\u2019s operations are not directly impacted, such developments may indirectly affect Axactor\u2019s operations through slower economic growth, rising insolvencies, and increased payment delays in certain markets. Policy shifts within the European Union and at national levels, including sanctions regimes, consumer protection rules, and cross-border enforcement frameworks, may also impact portfolio valuations, compliance requirements, and recovery processes. The company monitors geopolitical developments closely and mitigates associated risks through geographic diversification, disciplined portfolio selection, and robust compliance and risk management frameworks.
Regulatory risks
Increased regulatory scrutiny from the authorities continues to be a risk to Axactor such as but not limited to MAR (market abuse regulation), AML (anti-money laundering), GDPR (general data protection regulation), the NPL directive, DORA (Digital Operational Resilience Act), the EU Pay Transparency Directive, EU taxonomy regulation, CSRD (corporate sustainability reporting directive), CS3D (corporate sustainability due diligence directive), SFRD (sustainable finance disclosure regulation) and BEPS (base erosion and profit shifting). These regulatory initiatives stipulate stricter and more comprehensive disclosure- and reporting requirements resulting in increased administrative cost but do also offer opportunities in terms of standardization and comparability to peers. This trend is coupled with more consumer-friendly debt collection legislations and practices across the EU Member States in which Axactor operates, having various consequences such as lower (regulatory) collection fees and more lenient debt forgiveness arrangements.
The cumulated effects for Axactor are not currently expected to have any material financial impact, but Axactor is still actively working to identify and mitigate potential negative effects of regulatory changes and developments, and to promote the interests of the debt management industry through its various dialogues with the authorities. However, in the event that Axactor fails to comply with applicable regulations in relevant jurisdictions, this may materially adversely affect the financial position due to severe fines, or inability to operate due to loss of license in respective jurisdictions.
Climate risk
The Group has considered the impact of climate change and no material impact on the financial reporting judgments and estimates have been identified.
The Group has not identified any material impact on the financial reporting from transitional risks, which are the risks associated to shifting to a low-carbon economy, or to physical risks arising from projected climate changes. The Group\u2019s assets mainly consist of unsecured non-performing loans. Approximately 1% of the Group\u2019s assets are tangible, whereas approximately 11% of the Group\u2019s purchased loan portfolios are secured by collateral in property objects, mainly in Spain.
The climate risk assessment of Axactor\u2019s locations shows limited climate-related risks associated with its locations. Operational resilience is secured through business continuity processes and procedures, with the ability to move locations and leverage home office solutions if necessary.
Note 3\tRisk management
Axactor defines risk as all factors which could have a negative impact on the ability of the Group to achieve its business objectives. All economic activities are associated with risk. Axactor\u2019s risks are managed within the Group in accordance with the policies established by the Board. Axactor conducts risk management at both a group and company level, where risks are evaluated and monitored in a systematic manner. Risk management and internal control are an integral part of management responsibility. Key risks are monitored through monthly business reviews with the Group executive management, and through quarterly reporting to the Board. The Group has assessed risks in the corporate governance report as well as in the Group's sustainability statement statement which are both part of the report of Board of Directors. Financial risk and non-financial risk in relation to the financial statements are presented separately below.
Financial risk management
Axactor\u2019s financing and financial risks are managed within the Group in accordance with the treasury policy established by the Board. The treasury policy contains rules for managing financial activities, delegating responsibility, measuring, and identifying financial risks and limiting these risks. The main categories of financials risks identified are market risk, credit risk and liquidity risk.
Market risk
Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. For Axactor, market risk compromises interest rate risk and currency risk.
Interest rate risk
Interest rate risk is related to the risk the Group is exposed to from changes in the market\u2019s interest rate which can affect the net profit negatively. The Group\u2019s main interest rate risk arises from long-term borrowings with variable rates. The nominal value of interest-bearing debt (less treasury
bonds) was EUR 850.3 million on 31 December 2025 (2024: 896.7 million). The loans carry a variable interest rate based on the interbank rate in each currency with a margin.
The Group\u00b4s interest rate risk management objective is to hedge interest rate risk to mitigate the effect of increasing interest rates on issued loans and therefore limit the impact on the Group\u00b4s interest expenses. The Group\u2019s long-term strategy is to hedge between 50% and 70% of interest-bearing debt with a duration of three to five years. The Group intends to gradually implement the strategy in line with new portfolio investments. The details of the Group\u2019s hedge relationships are described in note 2.10.3, note 2.11and note19.
The average interest rate in 2025 was 8.6% (2024: 8.7%). An increase by 100 basis point would have reduced the Group\u2019s profit before tax for 2025 by EUR 8.7 million (2024: EUR 7.6 million). The equity would change with the same amount less tax and impact in OCI which is insignificant.
Currency risk
Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates. The Group\u2019s exposure to the risk of changes in foreign exchange rates relates primarily to the Group\u2019s operating activities, borrowings, and net investments in foreign subsidiaries. The Group is exposed to foreign currency risk to the extent that there is a mismatch between the currencies in which sales, purchases, receivables and borrowings are denominated and the respective functional currencies of Group companies. The functional currencies of Group companies are primarily euro, whereas some companies use Norwegian kroner (NOK) and Swedish kroner (SEK). The Group reduces its exposure to fluctuations in foreign exchange rates by using currency swaps and by keeping interest-bearing debt in the same currencies as the Group\u2019s assets.
The Group\u2019s exposure to currency risk as reported to the management of the Group consists of outstanding foreign currency denominated monetary items, including currency derivatives. The net exposure includes external loans as well as loans to foreign operations within the group where the denomination of the loan is in a currency other than the currency of the lender or the borrower. On 31 December 2025, the Group\u2019s net exposure to NOK and SEK was EUR -1.6 million (2024 EUR 2.3 million). The Group\u2019s exposure to foreign currency changes for all other currencies is not considered material.
The Group has performed a foreign currency sensitivity analysis for changes in NOK and SEK exchange rates, with all other variables held constant, based on the net exposure as reported above. The sensitivity analysis shows that if NOK and SEK strengthen by 10%, profit before tax would increase by EUR 0.1 million. Similarly, profit before tax would increase by EUR 0.3 million if NOK and SEK weaken by 10%.
Credit risk
Credit risk is the risk that the counterparty will not meet its obligations under a financial contract or customer contract, leading to a financial loss. The Group is exposed to credit risk from its operating activities, primarily related to purchased loan portfolios, trade receivables and from its financing activities, including deposits with banks. Customer credit risk is managed subject to established policies, procedures and controls relating to credit risk management. The maximum exposure to credit risk at the reporting date is the carrying value of each class of financial assets.
Credit risk from balances with banks and financial institutions is managed by the Group\u2019s treasury department in accordance with the Group\u2019s policy. The credit risk (excluding purchased loan portfolios) is not considered to be a material risk for the Group.
Credit risk inherent in purchased loan portfolios
Axactor invests in non-performing loans which consist of portfolios of delinquent consumer debt. The portfolios are purchased significantly below nominal value, and the purchase price reflects both incurred and expected credit losses. The portfolios are thus defined as credit impaired at acquisition. Even though the portfolios are credit impaired at acquisition, there is still inherent credit risk in the purchased loans. To mitigate this risk, the Group places high yield requirements on purchased loan portfolios and before every acquisition a careful assessment is made with a projection of future cash flows from the portfolio. Axactor applies scoring models (where the debtors\u2019 payment capacities are assessed through statistical analysis) and historical data in the calculations. In addition, Axactor uses specialized industry consultants to get a second opinion on contemplated loan portfolio purchases. This reduces the credit risk in the Group\u2019s purchased loan portfolios.
Liquidity risk
Liquidity risk is the potential loss arising from the Group\u2019s inability to meet its contractual obligations when due. Axactor is exposed to liquidity risk related to its operations and financing activities. The Group manages the liquidity risk by continuously monitoring the liquidity status and the monthly rolling consolidated result- and cash flow forecasts. The Group had positive cash flow from operating activities before NPL investments of EUR 202.9 million in 2025, as shown in the consolidated statement of cash flows (2024: 267.8 million). For 2025, the cash flows from operating activities ended at EUR 143.5 million (2024: EUR 139.2 million).
The table of contractual maturities analyses non-derivative financial liabilities of the Group into relevant maturity groupings based on the remaining period from the balance sheet date to the contractual maturity date. The contractual maturity is based on the earliest date on which
the Group may be required to pay. The amounts disclosed in the table are the contractual undiscounted cash flows of liabilities except for NPL investment commitments, where expected cash flows are presented.
The maturity calculation is made under the assumption that Axactor has a constant revolving credit facility draw in the period. The table includes both interest and principal cash flows. The loan repayment amounts presented are subject to change dependent on changes in variable interest rates. To the extent that interest flows are floating rate, the undiscounted amount is derived from the interest rate curves at the end of the reporting period.
The Group\u2019s estimated remaining collections for purchased loan portfolios for the next 15 years is presented below the table of contractual maturities (see also note 18).
Contractual maturities per 31 December 2025 | Contractual maturities per 31 December 2024 | |||||||||
EUR thousand | 1 year | 1-2 years | 2-4 years | 4+ years | Total | 1 year | 1-2 years | 2-4 years | 4+ years | Total |
NPL investment commitments, non-cancellable1 | 6,509 | 210 | - | - | 6,719 | 1,614 | - | - | - | 1,614 |
NPL investment commitments, cancellable1 | 2,200 | 991 | - | - | 3,191 | 1,661 | - | - | - | 1,661 |
Revolving credit facility (RCF) | 26,181 | 26,584 | 511,090 | - | 563,856 | 25,860 | 484,156 | - | - | 510,016 |
Bond ACR03 (ISIN NO0011093718) | 68,850 | - | - | - | 68,850 | 18,023 | 243,338 | - | - | 261,360 |
Bond ACR04 (ISIN NO0013005264) | 22,675 | 209,600 | - | - | 232,275 | 23,627 | 23,330 | 218,209 | - | 265,166 |
Bond ACR05 (ISIN NO0013583229) | 12,099 | 12,164 | 143,247 | - | 167,510 | - | - | - | - | - |
Other non-current liabilities | - | 607 | 4,635 | 2,254 | 7,496 | - | - | - | 4,570 | 4,570 |
Accounts payable | 5,991 | - | - | - | 5,991 | 3,915 | - | - | - | 3,915 |
Lease liabilities | 3,768 | 1,158 | 968 | 590 | 6,484 | 3,892 | 3,683 | 2,534 | 1,672 | 11,781 |
Other current liabilities | 23,199 | - | - | - | 23,199 | 26,165 | - | - | - | 26,165 |
Total contractual maturities | 171,472 | 251,315 | 659,940 | 2,844 | 1,085,571 | 104,756 | 754,506 | 220,743 | 6,243 | 1,086,248 |
1Expected cash flows based on the last three months\u2019 actual deliveries and future deliveries on new agreements confirmed at the balance sheet date. Per 31 December 2025, cash flows are limited to EUR 14.2 million (2024: EUR 9.6 million) by contracted capex limits. The NPL commitments that are cancellable are cancellable with one to three months\u2019 notice.
ERC per 31 December 2025 | ERC per 31 December 2024 | |||||||||
EUR thousand | 1 year | 1-2 years | 2-4 years | 4+ years | Total | 1 year | 1-2 years | 2-4 years | 4+ years | Total |
Estimated remaining collections (ERC) | 261,016 | 287,042 | 497,390 | 1,199,946 | 2,245,394 | 258,370 | 267,437 | 499,937 | 1,313,985 | 2,339,729 |
Securing long-term financing at competitive terms is an important part of the Group\u2019s liquidity planning. On 31 December 2025 the Group had an unused part of the revolving credit facility (RCF) agreement of EUR 77.4 million (2024: EUR 73.5 million), in addition to unrestricted cash and cash equivalents of EUR 35.6 million (2024: EUR 33.0 million). In 2025 the Group issued an EUR 125 million bond which combined with re-purchases of outstanding bond loans with a nominal value of EUR 51.7 million position the Group well for its upcoming debt maturity in 2026. Extension options for the RCF agreement were exercised during 2025, extending the maturity to mid-2028. An agreement has been reached with the lending banks to utilize the RCF to repay the remaining outstanding balance of the ACR03 bond loan.
Capital management
The primary objective of the Group\u2019s capital management is to ensure the Group maintains a solid capital structure enabling it to develop and build its business to maximize shareholder value. The Group\u2019s objective is to maintain a balance of financial assets that reflects the cash requirement of its operations and investments for the next 12\u201324 months.
Non-financial risk
Geopolitical risk, regulatory risk and climate risk in relation to the financial statements are described below.
Geopolitical risk
Geopolitical developments continue to shape the operating environment for European-based companies. Ongoing conflicts, including the war in Ukraine, and tensions between major global powers have contributed to heightened political and economic uncertainty. These dynamics can affect trade flows, energy prices, supply chain stability, and access to key markets.
Geopolitical tensions and ongoing global trade frictions, continue to create economic and regulatory uncertainty across Europe. Although Axactor\u2019s operations are not directly impacted, such developments may indirectly affect Axactor\u2019s operations through slower economic growth, rising insolvencies, and increased payment delays in certain markets. Policy shifts within the European Union and at national levels, including sanctions regimes, consumer protection rules, and cross-border enforcement frameworks, may also impact portfolio valuations, compliance requirements, and recovery processes. The company monitors geopolitical developments closely and mitigates associated risks through geographic diversification, disciplined portfolio selection, and robust compliance and risk management frameworks.
Regulatory risks
Increased regulatory scrutiny from the authorities continues to be a risk to Axactor such as but not limited to MAR (market abuse regulation), AML (anti-money laundering), GDPR (general data protection regulation), the NPL directive, DORA (Digital Operational Resilience Act), the EU Pay Transparency Directive, EU taxonomy regulation, CSRD (corporate sustainability reporting directive), CS3D (corporate sustainability due diligence directive), SFRD (sustainable finance disclosure regulation) and BEPS (base erosion and profit shifting). These regulatory initiatives stipulate stricter and more comprehensive disclosure- and reporting requirements resulting in increased administrative cost but do also offer opportunities in terms of standardization and comparability to peers. This trend is coupled with more consumer-friendly debt collection legislations and practices across the EU Member States in which Axactor operates, having various consequences such as lower (regulatory) collection fees and more lenient debt forgiveness arrangements.
The cumulated effects for Axactor are not currently expected to have any material financial impact, but Axactor is still actively working to identify and mitigate potential negative effects of regulatory changes and developments, and to promote the interests of the debt management industry through its various dialogues with the authorities. However, in the event that Axactor fails to comply with applicable regulations in relevant jurisdictions, this may materially adversely affect the financial position due to severe fines, or inability to operate due to loss of license in respective jurisdictions.
Climate risk
The Group has considered the impact of climate change and no material impact on the financial reporting judgments and estimates have been identified.
The Group has not identified any material impact on the financial reporting from transitional risks, which are the risks associated to shifting to a low-carbon economy, or to physical risks arising from projected climate changes. The Group\u2019s assets mainly consist of unsecured non-performing loans. Approximately 1% of the Group\u2019s assets are tangible, whereas approximately 11% of the Group\u2019s purchased loan portfolios are secured by collateral in property objects, mainly in Spain.
The climate risk assessment of Axactor\u2019s locations shows limited climate-related risks associated with its locations. Operational resilience is secured through business continuity processes and procedures, with the ability to move locations and leverage home office solutions if necessary.
Note 17\tFair value measurement
The Group\u2019s financial assets consist of purchased loan portfolios, derivatives, accounts receivable and other non-current assets, restricted cash and cash and cash equivalents. The majority of the Group\u2019s financial assets are classified, at initial recognition, as subsequently measured at amortized cost, with the exception of derivatives which are classified as subsequently measured at fair value through profit or loss. The Group\u2019s debt and other financial liabilities are, with the exception of derivatives, initially recognized at fair value, including transaction costs directly attributable to the transaction, and are subsequently measured at amortized cost. Derivative liabilities are, as derivative assets, measured at fair value through profit or loss.
The Group uses the following hierarchy for determining and disclosing the fair value of financial instruments by the inputs used in the valuation techniques:
Level 1: Quoted prices in active markets for identical assets or liabilities
Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly
Level 3: Inputs for the asset or liability that are not based on observable market data (unobservable input)
The level in this fair value hierarchy within which the measurements are categorized is determined based on the lowest level input that is significant to the fair value measurement.
The following table shows the carrying amounts and fair values of financial assets and financial liabilities, including their levels in the fair value hierarchy. It does not include fair value information for financial assets and financial liabilities not measured at fair value if the carrying amount is a reasonable approximation of fair value.
Carrying amount | Fair value | ||||||
EUR thousand | Fair value through profit or loss | Amortised cost | Total | Level 1 | Level 2 | Level 3 | Total |
2025 | |||||||
Financial assets | |||||||
Purchased loan portfolios (Note18) | - | 1,076,478 | 1,076,478 | - | - | 1,241,266 | 1,241,266 |
Derivatives (Other non-current assets) | 952 | - | 952 | - | 952 | - | 952 |
Other non-current assets | - | 661 | 661 | - | - | - | - |
Accounts receivables (Note21) | - | 6,196 | 6,196 | - | - | - | - |
Restricted cash (Note22) | - | 1,967 | 1,967 | ||||
Cash and cash equivalent (Note22) | - | 35,593 | 35,593 | - | - | - | - |
Financial liabilities | |||||||
Interest-bearing debt (Note25) | - | 837,014 | 837,014 | 398,148 | 467,625 | - | 865,773 |
Derivatives (Note27) | 2,916 | - | 2,916 | - | 2,916 | - | 2,916 |
2024 | |||||||
Financial assets | |||||||
Purchased loan portfolios (Note18) | - | 1,087,472 | 1,087,472 | - | - | 1,221,552 | 1,221,552 |
Derivatives (Other non-current assets) | 659 | - | 659 | - | 659 | - | 659 |
Other non-current assets | - | 772 | 772 | - | - | - | - |
Accounts receivables (Note21) | - | 7,730 | 7,730 | - | - | - | - |
Restricted cash (Note22) | - | 1,882 | 1,882 | - | - | - | - |
Cash and cash equivalent (Note22) | - | 32,991 | 32,991 | - | - | - | - |
Financial liabilities | |||||||
Interest-bearing debt (Note25) | - | 884,728 | 884,728 | 405,469 | 471,544 | - | 877,012 |
Derivatives (Note27) | 3,347 | - | 3,347 | - | 3,347 | - | 3,347 |
Fair value estimation of interest-bearing loans
The fair value of the bond loans was determined using the quoted market values for the bond loans from the Norwegian Verdipapirforetakenes Forbund. The fair value of the other interest-bearing loans is equal to the nominal value.
Fair value estimation of purchased loan portfolios
The fair value of purchased loan portfolios is calculated as the net present value of estimated net cash flows after tax for the next 15 years. The estimated net cash flows from portfolios are the assumed future collections, less assumed collection costs per portfolio and tax. The estimated net cash flows are for existing portfolios only, no cash flows from future investments are included. Collection costs consist of operational costs in the portfolio segment, i.e. commission to debt collection, payroll expenses, premises, communication costs, and other costs directly and indirectly attributable to the debt purchasing segment. The Group\u2019s estimated average tax rate has been applied to the cash flows.
The weighted average cost of capital after tax for the portfolio segment is estimated to 6.9% on 31 December 2025 (2024: 7.7%). Most of the Group\u2019s portfolio cash flows are in EUR, although some part of the Group\u2019s portfolio cash flows are in NOK and SEK. Calculating a currency specific WACC, the risk-free rate element would have increased the WACC slightly compared to the WACC estimated for the Group. A sensitivity analysis of the cash flow estimates is presented in the table to the right.
Fair value sensitivity table
Performance | |||||
EUR million | 90% | 95% | 100% | 105% | 110% |
WACC | |||||
3.9% | 1,281 | 1,350 | 1,419 | 1,489 | 1,558 |
4.9% | 1,223 | 1,289 | 1,355 | 1,421 | 1,488 |
5.9% | 1,169 | 1,233 | 1,296 | 1,359 | 1,423 |
6.9% | 1,120 | 1,181 | 1,241 | 1,302 | 1,363 |
7.9% | 1,074 | 1,132 | 1,191 | 1,249 | 1,307 |
8.9% | 1,032 | 1,088 | 1,144 | 1,200 | 1,256 |
9.9% | 992 | 1,046 | 1,100 | 1,154 | 1,208 |
Fair value of forward flow commitments, balance movements
EUR thousand | 2025 | 2024 |
Balance on 1 Jan | - | 311 |
Value change | - | -120 |
Deliveries | - | -185 |
Currency translation differences | - | -5 |
Balance on 31 Dec | - | - |
Note 18\tPurchased loan portfolios
Purchased loan portfolios consists of portfolios of delinquent consumer debts purchased significantly below nominal value, reflecting incurred and expected credit losses, and thus defined as credit impaired. For purchased loan portfolios, timely collection of principal and interest is no longer reasonably assured at the date of purchase. Purchased loan portfolios are recognized at fair value at the date of purchase. Since the loans are measured at fair value, which includes an estimate of future credit losses, no allowance for credit losses is recorded on the day of acquisition of the loans. The loans are subsequently measured at amortized cost according to a credit adjusted effective interest rate.
Since the delinquent consumer debts are a homogeneous group, the future cash flows are projected on a portfolio basis except for secured portfolios, for which cash flows are projected on a collateral asset basis. The majority of the purchased loan portfolios are unsecured, whereas approximately 11% of the book value of the loans are secured by a property object per 31 December 2025 (2024: 10%).
The carrying amount of each portfolio is determined by projecting future cash flows discounted to present value using the credit adjusted effective interest rate as at the date the portfolio was acquired. The total cash flows (both principal and interest) expected to be collected on purchased credit impaired loans are regularly reviewed. Changes in expected cash flows are adjusted in the carrying amount and are recognized in the profit or loss as revenue or expense in \u2018Net gain/ (loss) purchased loan portfolios\u2019. Interest revenue is recognized using a credit adjusted effective interest rate, included in \u2018Interest revenue from purchased loan portfolios\u2019.
The estimation of future cash flows is affected by several factors, including general macro factors, market specific factors, portfolio specific factors and internal factors. Axactor has incorporated into the estimated remaining collections the effect of the economic factors and conditions that is expected to influence collections going forward. Scenarios have been used to consider possible non-linear relationships between macroeconomic factors and collections.
For more information on accounting principles and a description of significant accounting judgments, estimates and assumptions related to purchased loan portfolios, see note 2.10.1and note 4.
EUR thousand | 2025 | 2024 |
Balance on 1 Jan | 1,087,472 | 1,265,327 |
Acquisitions during the year | 59,296 | 127,757 |
Collections | -266,344 | -356,667 |
Interest revenue from purchased loan portfolios | 199,301 | 222,038 |
Net gain/(loss) purchased loan portfolios | -9,213 | -152,269 |
Repossessions | -2,922 | -3,077 |
Deliveries on forward flow contracts | - | 185 |
Currency translation differences | 8,888 | -15,822 |
Balance on 31 Dec | 1,076,478 | 1,087,472 |
Acquisitions during the year can be split into nominal value of the acquired portfolios and expected credit losses at acquisition as follows:
EUR thousand | 2025 | 2024 |
Nominal value purchased loan portfolios | 1,922,754 | 3,780,879 |
Expected credit losses at acquisition | -1,863,459 | -3,653,122 |
Acquisitions during the year | 59,296 | 127,757 |
The payments during the period for investments in loan portfolios presented in the consolidated statement of cash flow will not correspond to acquisitions during the period due to deferred payments.
The book value of purchased loan portfolios per market is presented in the table below:
31.12.2025 | 31.12.2024 | |||
EUR thousand | Book value | % of total | Book value | % of total |
Finland | 96,700 | 9% | 102,351 | 9% |
Germany | 137,251 | 13% | 152,474 | 14% |
Italy | 144,158 | 13% | 158,001 | 15% |
Norway | 208,374 | 19% | 212,450 | 20% |
Spain | 315,691 | 29% | 297,245 | 27% |
Sweden | 174,305 | 16% | 164,951 | 15% |
Total book value | 1,076,478 | 100% | 1,087,472 | 100% |
The ERC represents the estimated gross collections on the purchased loan portfolios. ERC, amortization, and interest revenue from purchased loan portfolios per year are specified below (year 1 means the first 12 months from the reporting date):
EUR thousand | Estimated remaining collections (ERC), amortization and interest revenue from purchased loan portfolios per year | |||||||||||||||
Year | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | Total ERC |
2025 | ||||||||||||||||
ERC | 261,016 | 287,042 | 265,399 | 231,991 | 193,690 | 166,225 | 148,803 | 133,258 | 116,328 | 98,024 | 86,162 | 76,975 | 67,212 | 59,442 | 53,827 | 2,245,394 |
Amortization | 71,178 | 116,913 | 119,944 | 109,823 | 90,311 | 77,096 | 71,911 | 67,678 | 61,315 | 52,254 | 48,842 | 47,798 | 46,072 | 46,292 | 49,052 | 1,076,478 |
Interest revenue | 189,838 | 170,129 | 145,454 | 122,168 | 103,379 | 89,130 | 76,892 | 65,580 | 55,013 | 45,770 | 37,320 | 29,178 | 21,141 | 13,150 | 4,775 | 1,168,916 |
2024 | ||||||||||||||||
ERC | 258,370 | 267,437 | 261,253 | 238,684 | 211,405 | 181,386 | 160,781 | 144,227 | 129,412 | 113,140 | 95,242 | 83,210 | 73,814 | 64,402 | 56,964 | 2,339,729 |
Amortization | 65,964 | 90,888 | 105,702 | 104,680 | 97,594 | 83,769 | 76,451 | 71,981 | 68,481 | 62,940 | 54,624 | 51,536 | 50,846 | 50,235 | 51,778 | 1,087,472 |
Interest revenue | 192,406 | 176,549 | 155,550 | 134,004 | 113,811 | 97,618 | 84,330 | 72,245 | 60,932 | 50,200 | 40,618 | 31,674 | 22,968 | 14,167 | 5,186 | 1,252,257 |
Note 19\tHedge accounting
The Group\u00b4s risk management objective is to mitigate the effect of interest rate changes related to its floating rate instruments. To achieve the objective, the Group\u00b4s strategy is to use derivatives to limit the impact of changes in interest rates on the Group\u00b4s interest expenses. The Group\u2019s long-term strategy is to hedge between 50% and 70% of interest-bearing debt with a duration of three to five years. The Group intends to gradually implement the strategy in line with new portfolio investments.
Cash flow hedges
Interest risk is mitigated by hedging exposures (interest rate swaps). The Group has implemented cash flow hedge accounting to reduce the impact of changing interest rates on the Group's interest expenses in the profit and loss. The hedged items include a portion of issued floating-rate loans in EUR and NOK. The cash flow hedges of interest rate risk on loans are expected to be highly effective. Potential sources of ineffectiveness have been identified as differences in the timing of cash flows between hedged items and hedging instruments, derivatives used as hedging instruments having a non-zero fair value at the time of designation, and the effect of changes in counterparties\u2019 credit risk on the fair values of hedging instruments or hedged items.
The effective portion of changes in the fair value on the hedging instrument that are designated and qualify as cash flow hedges is recognized in other comprehensive income and accumulated in the cash flow hedge reserve. Hedge ineffectiveness is, if applicable, recorded as part of financial expenses or financial revenue. There was no material ineffectiveness in 2025.
The critical terms of the hedging instruments and the hedged items are closely aligned and credit risk does not dominate the hedging relationship.
The financial instruments designated as hedged items in the cash flow hedge relationships
EUR thousand | Nominal amount designated for hedge accounting 31.12.2025 | Nominal amount designated for hedge accounting 31.12.2024 |
Interest rate risk related to issued bonds 1 | ||
Floating rate issued loans (EUR) | 130,000 | 80,000 |
Floating rate issued loans (NOK) | 25,331 | 25,435 |
Total | 155,331 | 105,435 |
1See note 25for overview of issued bonds.
Hedge instruments (Interets rate swaps)
Notional amount | Notional amount EUR thousand | Fix | Floating 3M IBOR | Start date | Maturity date | Fair value 31.12.2025EUR thousand | Fair value 31.12.2024EUR thousand |
EUR 25 million | 25,000 | 2.9880% | 2.03% | 16.09.24 | 15.09.27 | -373 | -581 |
EUR 25 million | 25,000 | 2.9930% | 2.03% | 16.09.24 | 15.09.27 | -375 | -599 |
EUR 15 million | 15,000 | 1.9450% | 2.03% | 17.03.25 | 15.03.28 | 70 | 53 |
EUR 15 million | 15,000 | 1.9600% | 2.03% | 17.03.25 | 15.03.28 | 65 | 38 |
EUR 25 million | 25,000 | 2.1840% | 2.03% | 16.06.25 | 17.06.30 | 217 | - |
EUR 25 million | 25,000 | 2.2070% | 2.03% | 16.06.25 | 17.06.30 | 191 | - |
NOK 150 million | 12,666 | 3.3975% | 4.00% | 09.09.24 | 07.09.29 | 200 | 278 |
NOK 150 million | 12,666 | 3.3740% | 4.00% | 09.09.24 | 07.09.29 | 210 | 290 |
Total | 155,331 | 203 | -521 |
The fair value of the hedge instruments are included in Other non-current assets with EUR 1.0 million (2024: 0.7 million) and in Other non-current liabilities with EUR 0.8 million (2024: EUR 1.2 million).
Cash flow hedge reserve
EUR thousand | Fair value of hedge instruments net of tax (22%) | Accumulated amount related to discontinued hedge 1 | Total |
Balance on 31 Dec 2023 | - | 5,832 | 5,832 |
Change in the year | -407 | -3,185 | -3,592 |
Balance on 31 Dec 2024 | -407 | 2,646 | 2,240 |
Change in the year | 565 | -2,646 | -2,081 |
Balance on 31 Dec 2025 | 158 | - | 158 |
1The remaining fair value of derivatives recorded in other comprehensive income related to discontinued cash flow hedges have been released into profit and loss over the period when the Group\u2019s earnings were affected by the variability in cash flows of the originally underlying floating rate loan of EUR 200 million (until December 2025). In 2025, EUR 2.6 million (2024: EUR 3.2 million) has been reclassified from the cash flows hedge reserve (OCI) into profit or loss and EUR 0.7 million (2024: EUR 0.9 million) has been reclassified from the deferred tax liability, reducing the interest rate expenses on borrowings reported in note 11with EUR 3.4 million (2024: EUR 4.1 million).The remaining cash flow hedge reserve and deferred tax related to the diconstinued hedge as at 31 December 2025 is EUR 0 million; hence there will be no impact on the interest expense in 2026.
Market risk
Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. For Axactor, market risk compromises interest rate risk and currency risk.
Interest rate risk
Interest rate risk is related to the risk the Group is exposed to from changes in the market\u2019s interest rate which can affect the net profit negatively. The Group\u2019s main interest rate risk arises from long-term borrowings with variable rates. The nominal value of interest-bearing debt (less treasury
bonds) was EUR 850.3 million on 31 December 2025 (2024: 896.7 million). The loans carry a variable interest rate based on the interbank rate in each currency with a margin.
The Group\u00b4s interest rate risk management objective is to hedge interest rate risk to mitigate the effect of increasing interest rates on issued loans and therefore limit the impact on the Group\u00b4s interest expenses. The Group\u2019s long-term strategy is to hedge between 50% and 70% of interest-bearing debt with a duration of three to five years. The Group intends to gradually implement the strategy in line with new portfolio investments. The details of the Group\u2019s hedge relationships are described in note 2.10.3, note 2.11and note19.
The average interest rate in 2025 was 8.6% (2024: 8.7%). An increase by 100 basis point would have reduced the Group\u2019s profit before tax for 2025 by EUR 8.7 million (2024: EUR 7.6 million). The equity would change with the same amount less tax and impact in OCI which is insignificant.
Currency risk
Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates. The Group\u2019s exposure to the risk of changes in foreign exchange rates relates primarily to the Group\u2019s operating activities, borrowings, and net investments in foreign subsidiaries. The Group is exposed to foreign currency risk to the extent that there is a mismatch between the currencies in which sales, purchases, receivables and borrowings are denominated and the respective functional currencies of Group companies. The functional currencies of Group companies are primarily euro, whereas some companies use Norwegian kroner (NOK) and Swedish kroner (SEK). The Group reduces its exposure to fluctuations in foreign exchange rates by using currency swaps and by keeping interest-bearing debt in the same currencies as the Group\u2019s assets.
The Group\u2019s exposure to currency risk as reported to the management of the Group consists of outstanding foreign currency denominated monetary items, including currency derivatives. The net exposure includes external loans as well as loans to foreign operations within the group where the denomination of the loan is in a currency other than the currency of the lender or the borrower. On 31 December 2025, the Group\u2019s net exposure to NOK and SEK was EUR -1.6 million (2024 EUR 2.3 million). The Group\u2019s exposure to foreign currency changes for all other currencies is not considered material.
The Group has performed a foreign currency sensitivity analysis for changes in NOK and SEK exchange rates, with all other variables held constant, based on the net exposure as reported above. The sensitivity analysis shows that if NOK and SEK strengthen by 10%, profit before tax would increase by EUR 0.1 million. Similarly, profit before tax would increase by EUR 0.3 million if NOK and SEK weaken by 10%.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:549300P5VT8OMA17TJ33", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__6__47": { "value": "Credit risk
Credit risk is the risk that the counterparty will not meet its obligations under a financial contract or customer contract, leading to a financial loss. The Group is exposed to credit risk from its operating activities, primarily related to purchased loan portfolios, trade receivables and from its financing activities, including deposits with banks. Customer credit risk is managed subject to established policies, procedures and controls relating to credit risk management. The maximum exposure to credit risk at the reporting date is the carrying value of each class of financial assets.
Credit risk from balances with banks and financial institutions is managed by the Group\u2019s treasury department in accordance with the Group\u2019s policy. The credit risk (excluding purchased loan portfolios) is not considered to be a material risk for the Group.
Credit risk inherent in purchased loan portfolios
Axactor invests in non-performing loans which consist of portfolios of delinquent consumer debt. The portfolios are purchased significantly below nominal value, and the purchase price reflects both incurred and expected credit losses. The portfolios are thus defined as credit impaired at acquisition. Even though the portfolios are credit impaired at acquisition, there is still inherent credit risk in the purchased loans. To mitigate this risk, the Group places high yield requirements on purchased loan portfolios and before every acquisition a careful assessment is made with a projection of future cash flows from the portfolio. Axactor applies scoring models (where the debtors\u2019 payment capacities are assessed through statistical analysis) and historical data in the calculations. In addition, Axactor uses specialized industry consultants to get a second opinion on contemplated loan portfolio purchases. This reduces the credit risk in the Group\u2019s purchased loan portfolios.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:549300P5VT8OMA17TJ33", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__6__48": { "value": "Liquidity risk
Liquidity risk is the potential loss arising from the Group\u2019s inability to meet its contractual obligations when due. Axactor is exposed to liquidity risk related to its operations and financing activities. The Group manages the liquidity risk by continuously monitoring the liquidity status and the monthly rolling consolidated result- and cash flow forecasts. The Group had positive cash flow from operating activities before NPL investments of EUR 202.9 million in 2025, as shown in the consolidated statement of cash flows (2024: 267.8 million). For 2025, the cash flows from operating activities ended at EUR 143.5 million (2024: EUR 139.2 million).
The table of contractual maturities analyses non-derivative financial liabilities of the Group into relevant maturity groupings based on the remaining period from the balance sheet date to the contractual maturity date. The contractual maturity is based on the earliest date on which
the Group may be required to pay. The amounts disclosed in the table are the contractual undiscounted cash flows of liabilities except for NPL investment commitments, where expected cash flows are presented.
The maturity calculation is made under the assumption that Axactor has a constant revolving credit facility draw in the period. The table includes both interest and principal cash flows. The loan repayment amounts presented are subject to change dependent on changes in variable interest rates. To the extent that interest flows are floating rate, the undiscounted amount is derived from the interest rate curves at the end of the reporting period.
The Group\u2019s estimated remaining collections for purchased loan portfolios for the next 15 years is presented below the table of contractual maturities (see also note 18).
Contractual maturities per 31 December 2025 | Contractual maturities per 31 December 2024 | |||||||||
EUR thousand | 1 year | 1-2 years | 2-4 years | 4+ years | Total | 1 year | 1-2 years | 2-4 years | 4+ years | Total |
NPL investment commitments, non-cancellable1 | 6,509 | 210 | - | - | 6,719 | 1,614 | - | - | - | 1,614 |
NPL investment commitments, cancellable1 | 2,200 | 991 | - | - | 3,191 | 1,661 | - | - | - | 1,661 |
Revolving credit facility (RCF) | 26,181 | 26,584 | 511,090 | - | 563,856 | 25,860 | 484,156 | - | - | 510,016 |
Bond ACR03 (ISIN NO0011093718) | 68,850 | - | - | - | 68,850 | 18,023 | 243,338 | - | - | 261,360 |
Bond ACR04 (ISIN NO0013005264) | 22,675 | 209,600 | - | - | 232,275 | 23,627 | 23,330 | 218,209 | - | 265,166 |
Bond ACR05 (ISIN NO0013583229) | 12,099 | 12,164 | 143,247 | - | 167,510 | - | - | - | - | - |
Other non-current liabilities | - | 607 | 4,635 | 2,254 | 7,496 | - | - | - | 4,570 | 4,570 |
Accounts payable | 5,991 | - | - | - | 5,991 | 3,915 | - | - | - | 3,915 |
Lease liabilities | 3,768 | 1,158 | 968 | 590 | 6,484 | 3,892 | 3,683 | 2,534 | 1,672 | 11,781 |
Other current liabilities | 23,199 | - | - | - | 23,199 | 26,165 | - | - | - | 26,165 |
Total contractual maturities | 171,472 | 251,315 | 659,940 | 2,844 | 1,085,571 | 104,756 | 754,506 | 220,743 | 6,243 | 1,086,248 |
1Expected cash flows based on the last three months\u2019 actual deliveries and future deliveries on new agreements confirmed at the balance sheet date. Per 31 December 2025, cash flows are limited to EUR 14.2 million (2024: EUR 9.6 million) by contracted capex limits. The NPL commitments that are cancellable are cancellable with one to three months\u2019 notice.
ERC per 31 December 2025 | ERC per 31 December 2024 | |||||||||
EUR thousand | 1 year | 1-2 years | 2-4 years | 4+ years | Total | 1 year | 1-2 years | 2-4 years | 4+ years | Total |
Estimated remaining collections (ERC) | 261,016 | 287,042 | 497,390 | 1,199,946 | 2,245,394 | 258,370 | 267,437 | 499,937 | 1,313,985 | 2,339,729 |
Securing long-term financing at competitive terms is an important part of the Group\u2019s liquidity planning. On 31 December 2025 the Group had an unused part of the revolving credit facility (RCF) agreement of EUR 77.4 million (2024: EUR 73.5 million), in addition to unrestricted cash and cash equivalents of EUR 35.6 million (2024: EUR 33.0 million). In 2025 the Group issued an EUR 125 million bond which combined with re-purchases of outstanding bond loans with a nominal value of EUR 51.7 million position the Group well for its upcoming debt maturity in 2026. Extension options for the RCF agreement were exercised during 2025, extending the maturity to mid-2028. An agreement has been reached with the lending banks to utilize the RCF to repay the remaining outstanding balance of the ACR03 bond loan.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:549300P5VT8OMA17TJ33", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__6__49": { "value": "Note 4\tSignificant accounting judgements, estimates and assumptions
The preparation of the Group\u2019s consolidated financial statements requires management to make judgments, estimates and assumptions that affect the reported amounts of revenue, expenses, assets and liabilities, and the accompanying disclosures. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in future periods. Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date, which have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are described below. The Group based its assumptions and estimates on parameters available when the consolidated financial statements were prepared. Existing circumstances and assumptions about future developments, however, may change due to market changes or circumstances arising that are beyond the control of the Group. Such changes are reflected in the assumptions when they occur.
Purchased loan portfolios
Purchased loan portfolios consist of acquired non-performing (credit impaired) loans. The carrying amount of each portfolio is determined by projecting future cash flows discounted to present value using the credit adjusted effective interest rate as at the date the portfolio was acquired. Changes in expected cash flows are adjusted in the carrying amount and
are recognized in the consolidated statement of profit or loss in \u2018Net gain/ (loss) purchased loan portfolios\u2019. Interest revenue is recognized using a credit adjusted effective interest rate, included in \u2018Interest revenue from purchased loan portfolios\u2019.
Estimating the timing and amount of cash flows, which forms the basis of the carrying amount and revenue recognition, requires significant professional judgment regarding the key assumptions. The estimation of future cash flows is affected by several factors, including general macro factors, market specific factors, portfolio specific factors and internal factors. Axactor has incorporated into the estimated remaining collections (ERC) the effect of the economic factors and conditions that is expected to influence collections going forward. Scenarios have been used to consider possible non-linear relationships between macroeconomic factors and collection. The fact that the claims are credit impaired reduces the presence of non-linear effects on credit losses.
Estimated future cash flows from the portfolios are assessed and updated regularly. Each quarter the ERC is reviewed, and the Group\u2019s actual collection is compared to the forecasted collection over time. The review considers several factors that may impact collection, some of which may be inherently subjective. Changes in the assumptions used to estimate the expected cash flows can result in significant changes to the carrying amount of the portfolios.
For more details, see note 2.10.1and note18.
Goodwill
Goodwill is tested for impairment annually and when circumstances indicate that the carrying value may be impaired. The recoverable amount of cash-generating units has been determined based on value in use calculations. These calculations require the use of estimates. The value in use calculation is based on a discounted cash flow model. The cash flows are based on management\u2019s best estimate, reflecting the Group\u2019s strategy plan. The recoverable amount is most sensitive to the discount rate used for the discounted cash flow model, as well as the expected future cash-inflows (sensitive to estimates of sales and cost levels) and the growth rate used for extrapolation purposes. Further details about goodwill and impairment reviews are included in 2.7and note15.
Deferred tax assets
Deferred tax assets are recognized for unused tax losses only to the extent that it is probable that taxable profit will be available against which the losses can be utilized. Significant management judgment is required to determine the amount of deferred tax assets that can be recognized, based upon the likely timing and the level of future taxable profits, and deferred tax assets have been recognized in the balance sheet. The recognized amount is most sensitive to expected future taxable profits. Information on deferred tax assets is disclosed in note 2.6and note12.
Purchased loan portfolios
Purchased loan portfolios consist of acquired non-performing (credit impaired) loans. The carrying amount of each portfolio is determined by projecting future cash flows discounted to present value using the credit adjusted effective interest rate as at the date the portfolio was acquired. Changes in expected cash flows are adjusted in the carrying amount and
are recognized in the consolidated statement of profit or loss in \u2018Net gain/ (loss) purchased loan portfolios\u2019. Interest revenue is recognized using a credit adjusted effective interest rate, included in \u2018Interest revenue from purchased loan portfolios\u2019.
Estimating the timing and amount of cash flows, which forms the basis of the carrying amount and revenue recognition, requires significant professional judgment regarding the key assumptions. The estimation of future cash flows is affected by several factors, including general macro factors, market specific factors, portfolio specific factors and internal factors. Axactor has incorporated into the estimated remaining collections (ERC) the effect of the economic factors and conditions that is expected to influence collections going forward. Scenarios have been used to consider possible non-linear relationships between macroeconomic factors and collection. The fact that the claims are credit impaired reduces the presence of non-linear effects on credit losses.
Estimated future cash flows from the portfolios are assessed and updated regularly. Each quarter the ERC is reviewed, and the Group\u2019s actual collection is compared to the forecasted collection over time. The review considers several factors that may impact collection, some of which may be inherently subjective. Changes in the assumptions used to estimate the expected cash flows can result in significant changes to the carrying amount of the portfolios.
For more details, see note 2.10.1and note18.
Goodwill
Goodwill is tested for impairment annually and when circumstances indicate that the carrying value may be impaired. The recoverable amount of cash-generating units has been determined based on value in use calculations. These calculations require the use of estimates. The value in use calculation is based on a discounted cash flow model. The cash flows are based on management\u2019s best estimate, reflecting the Group\u2019s strategy plan. The recoverable amount is most sensitive to the discount rate used for the discounted cash flow model, as well as the expected future cash-inflows (sensitive to estimates of sales and cost levels) and the growth rate used for extrapolation purposes. Further details about goodwill and impairment reviews are included in 2.7and note15.
Deferred tax assets
Deferred tax assets are recognized for unused tax losses only to the extent that it is probable that taxable profit will be available against which the losses can be utilized. Significant management judgment is required to determine the amount of deferred tax assets that can be recognized, based upon the likely timing and the level of future taxable profits, and deferred tax assets have been recognized in the balance sheet. The recognized amount is most sensitive to expected future taxable profits. Information on deferred tax assets is disclosed in note 2.6and note12.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAssetsAndLiabilitiesWithSignificantRiskOfMaterialAdjustmentExplanatory", "language": "en", "entity": "scheme:549300P5VT8OMA17TJ33", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__6__52": { "value": "Note 5\tOperating segments
Axactor delivers credit management services and the Group\u2019s revenue is derived from the following two operating segments:
\u2022Non-performing loans (NPL)
\u2022Third-party collection (3PC)
The NPL segment invests in portfolios of non-performing loans, presented as \u2018Purchased loan portfolios\u2019 in the consolidated statement of financial position. Subsequently, the outstanding loans are collected through either amicable or legal proceedings.
The 3PC segment\u2019s focus is to perform debt collection services on behalf of third-party clients. The operating segment applies both amicable and legal proceedings to collect the non-performing loans, and normally receive a commission for these services. Other services provided include, amongst others, helping creditors to prepare documentation for future legal proceedings against debtors, handling of invoices between the invoice date and the default date and sending out reminders. For these latter services, Axactor normally receives a fixed fee.
Axactor reports its business through reporting segments which correspond to the operating segments. Segment profitability and country profitability are the two most important dimensions when making strategic priorities and deciding where to allocate the Group\u2019s resources. Segment revenue reported represents revenue generated from external customers.
The accounting policies of the reportable segments are the same as the Group\u2019s accounting policies described in note 2. Segment contribution margin represents contribution margin earned by each segment. The measurement basis of the performance of the segment is the segment\u2019s contribution margin.
2025
EUR thousand | NPL | 3PC | Eliminations/Not allocated | Total |
Collections on own portfolios | 266,344 | - | - | 266,344 |
Portfolio amortization and revaluation | -76,257 | - | - | -76,257 |
Revenue from sale of repossessed assets | 3,662 | - | - | 3,662 |
Other operating revenue: | ||||
Other operating revenue | - | 64,643 | - | 64,643 |
Total revenue | 193,750 | 64,643 | - | 258,393 |
Cost of repossessed assets sold | -3,208 | - | - | -3,208 |
Direct operating expenses | -41,822 | -40,282 | - | -82,104 |
Contribution margin | 148,719 | 24,361 | - | 173,080 |
SG&A, IT and corporate cost | -40,259 | -40,259 | ||
EBITDA | 132,821 | |||
Depreciation and amortization | -7,572 | -7,572 | ||
Operating result | 125,248 | |||
Total operating expenses | -45,030 | -40,282 | -40,259 | -125,572 |
Contribution margin (%) | 76.8% | 37.7% | na | 67.0% |
EBITDA margin (%) | 51.4% | |||
Opex ex SG&A, IT and corporate cost / Gross revenue | 16.7% | 62.3% | na | 25.5% |
SG&A, IT and corporate cost / Gross revenue | 12.0% |
2024
EUR thousand | NPL | 3PC | Eliminations/Not allocated | Total |
Collections on own portfolios | 356,667 | - | - | 356,667 |
Portfolio amortization and revaluation | -286,898 | - | - | -286,898 |
Revenue from sale of repossessed assets | 3,968 | - | - | 3,968 |
Other operating revenue: | ||||
Change in fair value forward flow commitments | -120 | - | - | -120 |
Other operating revenue | - | 54,320 | - | 54,320 |
Total revenue | 73,617 | 54,320 | - | 127,937 |
Cost of repossessed assets sold | -1,599 | - | - | -1,599 |
Direct operating expenses | -41,143 | -33,818 | - | -74,961 |
Contribution margin | 30,875 | 20,503 | - | 51,377 |
SG&A, IT and corporate cost | -42,098 | -42,098 | ||
EBITDA | 9,279 | |||
Depreciation and amortization | -11,557 | -11,557 | ||
Operating result | -2,278 | |||
Total operating expenses | -42,742 | -33,818 | -42,098 | -118,658 |
Contribution margin (%) | 41.9% | 37.7% | na | 40.2% |
EBITDA margin (%) | 7.3% | |||
Opex ex SG&A, IT and corporate cost / Gross revenue | 11.9% | 62.3% | na | 18.5% |
SG&A, IT and corporate cost / Gross revenue | 10.1% |
Note 6\tRevenue
The Group delivers credit management services in six European countries: Finland, Germany, Italy, Norway, Spain and Sweden. Axactor also owns some portfolios through an entity based in Luxembourg.
The Group\u2019s revenue from external customers by location of operations, as well as information about its non-current assets by location of assets, are detailed below. The information in the table presented is based on the location of the debtors and the country of the company performing the collection (which correspond). This is not necessarily the same as the country owning the portfolio. The same principle is used for the allocation of the non-current assets. Non-current assets presented in the table consist of intangible assets, goodwill, property, plant and equipment and right of use assets.
Total revenue | Non-current assets | |||
EUR thousand | 2025 | 2024 | 31.12.2025 | 31.12.2024 |
Finland | 11,087 | 4,236 | 2,848 | 3,036 |
Germany | 31,403 | 6,618 | 11,570 | 13,530 |
Italy | 34,601 | 25,493 | 16,132 | 15,317 |
Norway | 39,950 | 15,845 | 24,938 | 27,221 |
Spain | 126,201 | 85,999 | 18,975 | 19,388 |
Sweden | 15,149 | -10,254 | 1,620 | 2,041 |
Total | 258,393 | 127,937 | 76,083 | 80,533 |
Portfolio revenue
Portfolio revenue consists of interest revenue from purchased loan portfolios, net gain/(loss) from purchased loan portfolios and revenue from sale of repossessed assets. Net gain/(loss) from purchased loan portfolios is split into collections above/(below) collection forecasts and net present value of changes in collection forecasts.
EUR thousand | Finland | Germany | Italy | Norway | Spain | Sweden | 2025 |
Interest revenue from purchased loan portfolios | 13,117 | 28,489 | 28,798 | 35,406 | 71,057 | 22,433 | 199,301 |
Collections above/(below) forecasts | -925 | -132 | -2,049 | -2,546 | 10,926 | -3,016 | 2,259 |
NPV of changes in collection forecasts | -1,107 | -4,141 | -4,037 | -3,219 | 5,300 | -4,268 | -11,472 |
Net gain/(loss) purchased loan portfolios | -2,031 | -4,272 | -6,086 | -5,765 | 16,226 | -7,284 | -9,213 |
Sale of repossessed assets | 3,662 | 3,662 | |||||
Total portfolio revenue | 11,085 | 24,217 | 22,712 | 29,640 | 90,945 | 15,149 | 193,750 |
EUR thousand | Finland | Germany | Italy | Norway | Spain | Sweden | 2024 |
Interest revenue from purchased loan portfolios | 14,813 | 35,214 | 30,212 | 38,375 | 78,405 | 25,020 | 222,038 |
Collections above/(below) forecasts | -2,080 | -9,775 | -3,204 | -6,691 | -7,457 | -2,808 | -32,016 |
NPV of changes in collection forecasts | -8,534 | -25,029 | -12,864 | -22,815 | -18,546 | -32,465 | -120,253 |
Net gain/(loss) purchased loan portfolios | -10,614 | -34,805 | -16,068 | -29,506 | -26,002 | -35,274 | -152,269 |
Sale of repossessed assets | 3,968 | 3,968 | |||||
Total portfolio revenue | 4,199 | 409 | 14,144 | 8,869 | 56,371 | -10,254 | 73,737 |
Note 7\tEmployee remuneration
Personnel expenses
EUR thousand | 2025 | 2024 |
Salaries | 43,757 | 43,937 |
Bonus | 3,730 | 2,519 |
Commissions | 2,532 | 2,359 |
Social security tax | 11,791 | 11,081 |
Pension | 863 | 928 |
Share-based payment | 319 | 382 |
Other benefits | 1,621 | 2,335 |
Total personnel expenses | 64,612 | 63,541 |
Average number of FTEs
2025 | 2024 | |
Number of FTEs, 1 Jan | 1,174 | 1,255 |
Number of FTEs, 31 Dec | 1,237 | 1,174 |
Average number of FTEs | 1,205 | 1,214 |
Number of FTEs at end of year, per country
2025 | 2024 | |
Finland | 14 | 15 |
Germany | 97 | 108 |
Italy\u200c | 257 | 255 |
Norway | 130 | 109 |
Spain | 731 | 674 |
Sweden | 9 | 12 |
Total number of FTEs | 1,237 | 1,174 |
Axactor Group is compliant with the different local mandatory occupational pension requirements. For information on the country specific pension schemes, see note26.
Note 26\tPost-employment benefits
Axactor operates defined contribution retirement benefit plans for all qualifying employees of its subsidiaries in Sweden and Norway. The Group\u2019s legal obligation for these plans is limited to the contributions. Members of the Group executive management, employed in Axactor ASA, have an additional contribution plan entitling them to pension rights for salary above 12G (Norwegian Grunnbel\u00f8p).
The employees of the Finnish, German and Spanish subsidiaries are member of a state managed retirement benefit plan operated by the government of Finland, Germany and Spain respectively. The subsidiaries are required to contribute a specified percentage of payroll costs to the retirement benefit scheme to fund the benefits. The Group\u2019s legal obligation for these plans is limited to the contributions. Axactor meets the different local mandatory occupational pension requirements in the countries where Axactor operates.
In Italy all employees are entitled to a termination indemnity (TFR) upon termination of employment for any reason. This TFR is considered a defined benefit obligation to be accounted for in accordance with IAS 19. Axactor funds defined benefit plans for the qualifying employees.
Pension liabilities are recognized in the consolidated statement of financial position as other non-current liabilities (note 27). The total pension expenses recognized in profit or loss amount to EUR 0.9 million (2024: EUR 0.9 million) and represent contributions payable to these plans by Axactor at rates specified in the rules of the plans.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:549300P5VT8OMA17TJ33", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__6__56-1": { "value": "Personnel expenses
EUR thousand | 2025 | 2024 |
Salaries | 43,757 | 43,937 |
Bonus | 3,730 | 2,519 |
Commissions | 2,532 | 2,359 |
Social security tax | 11,791 | 11,081 |
Pension | 863 | 928 |
Share-based payment | 319 | 382 |
Other benefits | 1,621 | 2,335 |
Total personnel expenses | 64,612 | 63,541 |
Note 9\tOther operating expenses
Other operating expenses
EUR thousand | 2025 | 2024 |
Direct operating expenses | 5,442 | 7,346 |
External services | 32,508 | 27,205 |
IT expenses | 13,178 | 12,355 |
Other expenses | 6,623 | 6,613 |
Total other operating expenses | 57,752 | 53,518 |
Auditor\u2019s remuneration
Ernst & Young (EY) is the auditor of Axactor group. The following table shows fees to the appointed auditor. The reported fees are the recognized expenses for the year. During the financial year 2024, the company changed its auditor. The previous auditor, PricewaterhouseCoopers AS (PwC), was replaced by Ernst & Young (EY). Total remuneration paid to PwC for their services in 2024 amounted to EUR 0.6 million.
EUR thousand | 2025 | 2024 |
Auditing | 1,011 | 1,214 |
Tax related services | 32 | 102 |
Other services | 112 | 115 |
Total auditor\u2019s remuneration | 1,155 | 1,431 |
EUR thousand | 2025 | 2024 |
Financial revenue | ||
Interest on bank deposits\u200c | 1,635 | 5,451 |
Net foreign exchange gain\u200c 1 | 345 | 352 |
Gain on purchase of treasury bonds (note25) | 1,264 | 2,554 |
Other financial revenue | 218 | 79 |
Total financial revenue | 3,462 | 8,437 |
Financial expenses | ||
Interest expense on borrowings\u200c | -75,564 | -89,141 |
Other financial expenses\u200c 2 | -5,738 | -2,097 |
Total financial expenses | -81,302 | -91,238 |
Net financial items | -77,840 | -82,801 |
1Foreign exchange gains and losses are presented net as either financial revenue or financial expenses, depending on the net position. The amount includes changes in fair value of currency derivatives.
2Other financial expenses include EUR 3.4 million related to a deferred payment for an NPL portfolio which has been triggered by high performance on the portfolio.
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:549300P5VT8OMA17TJ33", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__6__55": { "value": "Average number of FTEs
2025 | 2024 | |
Number of FTEs, 1 Jan | 1,174 | 1,255 |
Number of FTEs, 31 Dec | 1,237 | 1,174 |
Average number of FTEs | 1,205 | 1,214 |
Number of FTEs at end of year, per country
2025 | 2024 | |
Finland | 14 | 15 |
Germany | 97 | 108 |
Italy\u200c | 257 | 255 |
Norway | 130 | 109 |
Spain | 731 | 674 |
Sweden | 9 | 12 |
Total number of FTEs | 1,237 | 1,174 |
Axactor Group is compliant with the different local mandatory occupational pension requirements. For information on the country specific pension schemes, see note26.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:549300P5VT8OMA17TJ33", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__6__57": { "value": "Note 8\tExecutive remuneration
Board of Directors remuneration
The following remuneration has been made to the members of the Board of Directors during the year. Remuneration presented includes remuneration for participation in Board committees.
EUR thousand | 2025 | 2024 |
Current members of the Board | ||
Terje Mj\u00f8s, Chair | 98 | 88 |
Brita Eilertsen | 37 | 48 |
Lars Erich Nilsen | 50 | 46 |
Kjersti H\u00f8klingen | 50 | 46 |
\u00d8rjan Svanevik | 57 | 52 |
Total remuneration | 293 | 280 |
Nomination committee
The following remuneration has been made to the members of the nomination committee during the year:
EUR thousand | 2025 | 2024 |
Anne Lise Ellingsen Gryte | 8 | 8 |
Peder Strand 1 | 5 | - |
Magnus Tvenge 1 | - | 5 |
Total remuneration | 13 | 13 |
1Peder Strand replaced Magnus Tvenge on AGM 8thof May 2024. Remuneration is paid first quarter of the year.
Group executive management remuneration
EUR thousand | Salary | Bonus\u200c 1 | Pension | Share options\u200c 2 | Other\u200c 3 | 2025 |
Johnny Tsolis, CEO | 454 | - | 37 | 102 | 42 | 635 |
Nina Mortensen, CFO | 239 | 75 | 17 | 18 | 12 | 362 |
Arnt Andre Dullum, COO | 212 | 64 | 15 | 18 | 12 | 320 |
Vibeke Ly, Chief of Staff | 209 | 68 | 15 | 18 | 12 | 322 |
Kyrre Svae, Deputy CEO and Chief Strategy Officer | 276 | 106 | 21 | 22 | 12 | 438 |
Karl Mamelund, Chief Investment Officer | 235 | 70 | 17 | 23 | 1 | 346 |
Total remuneration | 1,626 | 384 | 123 | 199 | 92 | 2,423 |
EUR thousand | Salary | Bonus\u200c 1 | Pension | Share options\u200c 2 | Other | 2024 |
Johnny Tsolis, CEO | 420 | 288 | 38 | 89 | 1 | 836 |
Nina Mortensen, CFO | 229 | 52 | 18 | 18 | 1 | 319 |
Arnt Andre Dullum, COO | 199 | 17 | 15 | 18 | 1 | 250 |
Vibeke Ly, Chief of Staff | 201 | 49 | 15 | 18 | 2 | 284 |
Kyrre Svae, Chief of Strategy and IR | 217 | 52 | 17 | 20 | 1 | 307 |
Karl Mamelund, Chief Investment Officer | 211 | 48 | 14 | 19 | 1 | 293 |
Total remuneration | 1,478 | 506 | 117 | 182 | 7 | 2,289 |
1Accrued bonus for the financial year
2Cost in relation to share option program, not exercised
3Includes the value of exercised share options under the longterm incentive program, ESOP2022
Members of the Group executive management, employed in Axactor ASA, have an additional contribution plan entitling them to pension rights for salary above 12G (Norwegian Grunnbel\u00f8p).
The CEO, Johnny Tsolis, has a six-month notice period and is entitled to a severance pay of six months in case of termination by the company. In addition, there is a non-compete and non-solicitation clause in the employment agreement.
The share-based option program is presented in note 24. Bonus stated in the tables above reflect the accrued amounts during the year. At the end of 2025, no loan or prepayments were granted to members of the Board nor Group executive management.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:549300P5VT8OMA17TJ33", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__6__58": { "value": "Note 9\tOther operating expenses
Other operating expenses
EUR thousand | 2025 | 2024 |
Direct operating expenses | 5,442 | 7,346 |
External services | 32,508 | 27,205 |
IT expenses | 13,178 | 12,355 |
Other expenses | 6,623 | 6,613 |
Total other operating expenses | 57,752 | 53,518 |
Auditor\u2019s remuneration
Ernst & Young (EY) is the auditor of Axactor group. The following table shows fees to the appointed auditor. The reported fees are the recognized expenses for the year. During the financial year 2024, the company changed its auditor. The previous auditor, PricewaterhouseCoopers AS (PwC), was replaced by Ernst & Young (EY). Total remuneration paid to PwC for their services in 2024 amounted to EUR 0.6 million.
EUR thousand | 2025 | 2024 |
Auditing | 1,011 | 1,214 |
Tax related services | 32 | 102 |
Other services | 112 | 115 |
Total auditor\u2019s remuneration | 1,155 | 1,431 |
Note 9\tOther operating expenses
Other operating expenses
EUR thousand | 2025 | 2024 |
Direct operating expenses | 5,442 | 7,346 |
External services | 32,508 | 27,205 |
IT expenses | 13,178 | 12,355 |
Other expenses | 6,623 | 6,613 |
Total other operating expenses | 57,752 | 53,518 |
Auditor\u2019s remuneration
Ernst & Young (EY) is the auditor of Axactor group. The following table shows fees to the appointed auditor. The reported fees are the recognized expenses for the year. During the financial year 2024, the company changed its auditor. The previous auditor, PricewaterhouseCoopers AS (PwC), was replaced by Ernst & Young (EY). Total remuneration paid to PwC for their services in 2024 amounted to EUR 0.6 million.
EUR thousand | 2025 | 2024 |
Auditing | 1,011 | 1,214 |
Tax related services | 32 | 102 |
Other services | 112 | 115 |
Total auditor\u2019s remuneration | 1,155 | 1,431 |
Note 9\tOther operating expenses
Other operating expenses
EUR thousand | 2025 | 2024 |
Direct operating expenses | 5,442 | 7,346 |
External services | 32,508 | 27,205 |
IT expenses | 13,178 | 12,355 |
Other expenses | 6,623 | 6,613 |
Total other operating expenses | 57,752 | 53,518 |
Auditor\u2019s remuneration
Ernst & Young (EY) is the auditor of Axactor group. The following table shows fees to the appointed auditor. The reported fees are the recognized expenses for the year. During the financial year 2024, the company changed its auditor. The previous auditor, PricewaterhouseCoopers AS (PwC), was replaced by Ernst & Young (EY). Total remuneration paid to PwC for their services in 2024 amounted to EUR 0.6 million.
EUR thousand | 2025 | 2024 |
Auditing | 1,011 | 1,214 |
Tax related services | 32 | 102 |
Other services | 112 | 115 |
Total auditor\u2019s remuneration | 1,155 | 1,431 |
Auditor\u2019s remuneration
Ernst & Young (EY) is the auditor of Axactor group. The following table shows fees to the appointed auditor. The reported fees are the recognized expenses for the year. During the financial year 2024, the company changed its auditor. The previous auditor, PricewaterhouseCoopers AS (PwC), was replaced by Ernst & Young (EY). Total remuneration paid to PwC for their services in 2024 amounted to EUR 0.6 million.
EUR thousand | 2025 | 2024 |
Auditing | 1,011 | 1,214 |
Tax related services | 32 | 102 |
Other services | 112 | 115 |
Total auditor\u2019s remuneration | 1,155 | 1,431 |
Note 10\tLeases
The Group leases premises, office equipment and vehicles under non-cancellable lease agreements. The lease terms are between 1 and 7 years and the majority of the lease agreements are renewable after the end of the lease period. Extension of the lease period are included in the lease term when it is probably that the option will be utilised.
Leasing contracts are classified as lease liabilities and right of use assets under IFRS 16, see note 2, section 2.9.
Right of use assets
EUR thousand | Buildings | Vehicles | Other | Total |
Right of use assets on 31 Dec 2023 | 10,711 | 792 | 101 | 11,604 |
Additions | 1,906 | 271 | - | 2,177 |
Depreciation | -3,175 | -445 | -50 | -3,670 |
Impairment 1 | -1,559 | - | - | -1,559 |
Disposals | -585 | -22 | - | -608 |
Currency translation differences | -122 | -3 | - | -125 |
Right of use assets on 31 Dec 2024 | 7,176 | 594 | 50 | 7,820 |
Additions | 1,733 | 289 | 7 | 2,028 |
Depreciation | -1,881 | -421 | -39 | -2,342 |
Disposals | -2,520 | -67 | - | -2,588 |
Currency translation differences | 38 | 3 | - | 41 |
Right of use assets on 31 Dec 2025 | 4,544 | 397 | 17 | 4,959 |
Remaining lease term | 1-7 years | 1-4 years | 1-3 years | |
Depreciation method | Linear | Linear | Linear |
1The impairment in 2024 was related to unused office spaces on leased offices in Germany, Sweden and Norway.
The interest costs relating to IFRS 16 leases during the year are reflected in the consolidated statement of profit or loss with EUR 142 thousand (2024: EUR 881 thousand). The interest rate used for discounting the lease liability is based on the interest rate on the Group\u2019s external financing.
Lease liabilities
EUR thousand | 2025 | 2024 |
Lease liabilities on 1 Jan | 10,430 | 12,163 |
Net new leases | -384 | 2,153 |
Lease payments, principal amount | -4,279 | -3,731 |
Currency translation differences | 71 | -155 |
Lease liabilities on 31 Dec | 5,837 | 10,430 |
Current | 3,492 | 3,348 |
Non-current | 2,345 | 7,083 |
The future aggregated minimum lease payments under lease liabilities are as follows:
EUR thousand | 2025 | 2024 |
Undiscounted lease liabilities and maturity of cash outflows | ||
< 1 year | 3,768 | 3,892 |
1\u20132 years | 1,158 | 3,683 |
2\u20133 years | 630 | 1,575 |
3\u20134 years | 338 | 959 |
4\u20135 years | 200 | 696 |
> 5 years | 390 | 977 |
Total undiscounted lease liabilities | 6,484 | 11,781 |
Discounting element | -647 | -1,350 |
Total lease liabilities | 5,837 | 10,430 |
Note 10\tLeases
The Group leases premises, office equipment and vehicles under non-cancellable lease agreements. The lease terms are between 1 and 7 years and the majority of the lease agreements are renewable after the end of the lease period. Extension of the lease period are included in the lease term when it is probably that the option will be utilised.
Leasing contracts are classified as lease liabilities and right of use assets under IFRS 16, see note 2, section 2.9.
Right of use assets
EUR thousand | Buildings | Vehicles | Other | Total |
Right of use assets on 31 Dec 2023 | 10,711 | 792 | 101 | 11,604 |
Additions | 1,906 | 271 | - | 2,177 |
Depreciation | -3,175 | -445 | -50 | -3,670 |
Impairment 1 | -1,559 | - | - | -1,559 |
Disposals | -585 | -22 | - | -608 |
Currency translation differences | -122 | -3 | - | -125 |
Right of use assets on 31 Dec 2024 | 7,176 | 594 | 50 | 7,820 |
Additions | 1,733 | 289 | 7 | 2,028 |
Depreciation | -1,881 | -421 | -39 | -2,342 |
Disposals | -2,520 | -67 | - | -2,588 |
Currency translation differences | 38 | 3 | - | 41 |
Right of use assets on 31 Dec 2025 | 4,544 | 397 | 17 | 4,959 |
Remaining lease term | 1-7 years | 1-4 years | 1-3 years | |
Depreciation method | Linear | Linear | Linear |
1The impairment in 2024 was related to unused office spaces on leased offices in Germany, Sweden and Norway.
The interest costs relating to IFRS 16 leases during the year are reflected in the consolidated statement of profit or loss with EUR 142 thousand (2024: EUR 881 thousand). The interest rate used for discounting the lease liability is based on the interest rate on the Group\u2019s external financing.
Lease liabilities
EUR thousand | 2025 | 2024 |
Lease liabilities on 1 Jan | 10,430 | 12,163 |
Net new leases | -384 | 2,153 |
Lease payments, principal amount | -4,279 | -3,731 |
Currency translation differences | 71 | -155 |
Lease liabilities on 31 Dec | 5,837 | 10,430 |
Current | 3,492 | 3,348 |
Non-current | 2,345 | 7,083 |
The future aggregated minimum lease payments under lease liabilities are as follows:
EUR thousand | 2025 | 2024 |
Undiscounted lease liabilities and maturity of cash outflows | ||
< 1 year | 3,768 | 3,892 |
1\u20132 years | 1,158 | 3,683 |
2\u20133 years | 630 | 1,575 |
3\u20134 years | 338 | 959 |
4\u20135 years | 200 | 696 |
> 5 years | 390 | 977 |
Total undiscounted lease liabilities | 6,484 | 11,781 |
Discounting element | -647 | -1,350 |
Total lease liabilities | 5,837 | 10,430 |
Note 14\tIntangible assets
EUR thousand | Goodwill | Software and other intangibles | Total |
Cost price | |||
Cost price on 31 Dec 2023 | 59,799 | 39,282 | 99,081 |
Acquisitions | - | 2,559 | 2,559 |
Disposals at cost price | - | -2 | -2 |
Currency translation differences | -928 | -406 | -1,334 |
Cost price on 31 Dec 2024 | 58,871 | 41,434 | 100,305 |
Acquisitions | - | 2,572 | 2,572 |
Disposals at cost price | - | -9 | -9 |
Currency translation differences | -12 | -29 | -40 |
Cost price on 31 Dec 2025 | 58,859 | 43,969 | 102,828 |
Amortization | |||
Accumulated amortizations on 31 Dec 2023 | - | -24,165 | -24,165 |
Amortization and impairment of the year | - | -5,730 | -5,730 |
Currency translation differences | - | 464 | 464 |
Accumulated amortizations on 31 Dec 2024 | - | -29,431 | -29,431 |
Amortization and impairment of the year | - | -4,595 | -4,595 |
Disposals accumulated amortizations | 8 | 8 | |
Currency translation differences | - | 30 | 30 |
Accumulated amortizations on 31 Dec 2025 | - | -33,988 | -33,988 |
Carrying amount on 31 Dec 2025 | 58,859 | 9,981 | 68,840 |
Useful life | na | 1-10 yr |
For impairment testing of goodwill see note15.
Note 16\tProperty, plant and equipment
EUR thousand | Furniture, fittings and equipment |
Cost price | |
Cost price on 31 Dec 2023 | 7,236 |
Acquisitions | 511 |
Disposals at cost price | -319 |
Currency translation differences | -46 |
Cost price on 31 Dec 2024 | 7,382 |
Acquisitions | 1,093 |
Disposals at cost price | -333 |
Currency translation differences | 23 |
Cost price on 31 Dec 2025 | 8,165 |
Depreciation | |
Accumulated depreciations on 31 Dec 2023 | -5,199 |
Depreciation | -599 |
Disposals accumulated depreciations | 219 |
Currency translation differences | 36 |
Accumulated depreciations on 31 Dec 2024 | -5,542 |
Depreciation | -635 |
Disposals accumulated depreciations | 318 |
Currency translation differences | -22 |
Accumulated depreciations on 31 Dec 2025 | -5,881 |
Carrying amount on 31 Dec 2025 | 2,284 |
Useful life | 3-6 yr |
Note 10\tLeases
The Group leases premises, office equipment and vehicles under non-cancellable lease agreements. The lease terms are between 1 and 7 years and the majority of the lease agreements are renewable after the end of the lease period. Extension of the lease period are included in the lease term when it is probably that the option will be utilised.
Leasing contracts are classified as lease liabilities and right of use assets under IFRS 16, see note 2, section 2.9.
Right of use assets
EUR thousand | Buildings | Vehicles | Other | Total |
Right of use assets on 31 Dec 2023 | 10,711 | 792 | 101 | 11,604 |
Additions | 1,906 | 271 | - | 2,177 |
Depreciation | -3,175 | -445 | -50 | -3,670 |
Impairment 1 | -1,559 | - | - | -1,559 |
Disposals | -585 | -22 | - | -608 |
Currency translation differences | -122 | -3 | - | -125 |
Right of use assets on 31 Dec 2024 | 7,176 | 594 | 50 | 7,820 |
Additions | 1,733 | 289 | 7 | 2,028 |
Depreciation | -1,881 | -421 | -39 | -2,342 |
Disposals | -2,520 | -67 | - | -2,588 |
Currency translation differences | 38 | 3 | - | 41 |
Right of use assets on 31 Dec 2025 | 4,544 | 397 | 17 | 4,959 |
Remaining lease term | 1-7 years | 1-4 years | 1-3 years | |
Depreciation method | Linear | Linear | Linear |
1The impairment in 2024 was related to unused office spaces on leased offices in Germany, Sweden and Norway.
The interest costs relating to IFRS 16 leases during the year are reflected in the consolidated statement of profit or loss with EUR 142 thousand (2024: EUR 881 thousand). The interest rate used for discounting the lease liability is based on the interest rate on the Group\u2019s external financing.
Lease liabilities
EUR thousand | 2025 | 2024 |
Lease liabilities on 1 Jan | 10,430 | 12,163 |
Net new leases | -384 | 2,153 |
Lease payments, principal amount | -4,279 | -3,731 |
Currency translation differences | 71 | -155 |
Lease liabilities on 31 Dec | 5,837 | 10,430 |
Current | 3,492 | 3,348 |
Non-current | 2,345 | 7,083 |
The future aggregated minimum lease payments under lease liabilities are as follows:
EUR thousand | 2025 | 2024 |
Undiscounted lease liabilities and maturity of cash outflows | ||
< 1 year | 3,768 | 3,892 |
1\u20132 years | 1,158 | 3,683 |
2\u20133 years | 630 | 1,575 |
3\u20134 years | 338 | 959 |
4\u20135 years | 200 | 696 |
> 5 years | 390 | 977 |
Total undiscounted lease liabilities | 6,484 | 11,781 |
Discounting element | -647 | -1,350 |
Total lease liabilities | 5,837 | 10,430 |
Note 14\tIntangible assets
EUR thousand | Goodwill | Software and other intangibles | Total |
Cost price | |||
Cost price on 31 Dec 2023 | 59,799 | 39,282 | 99,081 |
Acquisitions | - | 2,559 | 2,559 |
Disposals at cost price | - | -2 | -2 |
Currency translation differences | -928 | -406 | -1,334 |
Cost price on 31 Dec 2024 | 58,871 | 41,434 | 100,305 |
Acquisitions | - | 2,572 | 2,572 |
Disposals at cost price | - | -9 | -9 |
Currency translation differences | -12 | -29 | -40 |
Cost price on 31 Dec 2025 | 58,859 | 43,969 | 102,828 |
Amortization | |||
Accumulated amortizations on 31 Dec 2023 | - | -24,165 | -24,165 |
Amortization and impairment of the year | - | -5,730 | -5,730 |
Currency translation differences | - | 464 | 464 |
Accumulated amortizations on 31 Dec 2024 | - | -29,431 | -29,431 |
Amortization and impairment of the year | - | -4,595 | -4,595 |
Disposals accumulated amortizations | 8 | 8 | |
Currency translation differences | - | 30 | 30 |
Accumulated amortizations on 31 Dec 2025 | - | -33,988 | -33,988 |
Carrying amount on 31 Dec 2025 | 58,859 | 9,981 | 68,840 |
Useful life | na | 1-10 yr |
For impairment testing of goodwill see note15.
Note 16\tProperty, plant and equipment
EUR thousand | Furniture, fittings and equipment |
Cost price | |
Cost price on 31 Dec 2023 | 7,236 |
Acquisitions | 511 |
Disposals at cost price | -319 |
Currency translation differences | -46 |
Cost price on 31 Dec 2024 | 7,382 |
Acquisitions | 1,093 |
Disposals at cost price | -333 |
Currency translation differences | 23 |
Cost price on 31 Dec 2025 | 8,165 |
Depreciation | |
Accumulated depreciations on 31 Dec 2023 | -5,199 |
Depreciation | -599 |
Disposals accumulated depreciations | 219 |
Currency translation differences | 36 |
Accumulated depreciations on 31 Dec 2024 | -5,542 |
Depreciation | -635 |
Disposals accumulated depreciations | 318 |
Currency translation differences | -22 |
Accumulated depreciations on 31 Dec 2025 | -5,881 |
Carrying amount on 31 Dec 2025 | 2,284 |
Useful life | 3-6 yr |
Note 11\tFinancial items
EUR thousand | 2025 | 2024 |
Financial revenue | ||
Interest on bank deposits\u200c | 1,635 | 5,451 |
Net foreign exchange gain\u200c 1 | 345 | 352 |
Gain on purchase of treasury bonds (note25) | 1,264 | 2,554 |
Other financial revenue | 218 | 79 |
Total financial revenue | 3,462 | 8,437 |
Financial expenses | ||
Interest expense on borrowings\u200c | -75,564 | -89,141 |
Other financial expenses\u200c 2 | -5,738 | -2,097 |
Total financial expenses | -81,302 | -91,238 |
Net financial items | -77,840 | -82,801 |
1Foreign exchange gains and losses are presented net as either financial revenue or financial expenses, depending on the net position. The amount includes changes in fair value of currency derivatives.
2Other financial expenses include EUR 3.4 million related to a deferred payment for an NPL portfolio which has been triggered by high performance on the portfolio.
Note 11\tFinancial items
EUR thousand | 2025 | 2024 |
Financial revenue | ||
Interest on bank deposits\u200c | 1,635 | 5,451 |
Net foreign exchange gain\u200c 1 | 345 | 352 |
Gain on purchase of treasury bonds (note25) | 1,264 | 2,554 |
Other financial revenue | 218 | 79 |
Total financial revenue | 3,462 | 8,437 |
Financial expenses | ||
Interest expense on borrowings\u200c | -75,564 | -89,141 |
Other financial expenses\u200c 2 | -5,738 | -2,097 |
Total financial expenses | -81,302 | -91,238 |
Net financial items | -77,840 | -82,801 |
1Foreign exchange gains and losses are presented net as either financial revenue or financial expenses, depending on the net position. The amount includes changes in fair value of currency derivatives.
2Other financial expenses include EUR 3.4 million related to a deferred payment for an NPL portfolio which has been triggered by high performance on the portfolio.
Note 11\tFinancial items
EUR thousand | 2025 | 2024 |
Financial revenue | ||
Interest on bank deposits\u200c | 1,635 | 5,451 |
Net foreign exchange gain\u200c 1 | 345 | 352 |
Gain on purchase of treasury bonds (note25) | 1,264 | 2,554 |
Other financial revenue | 218 | 79 |
Total financial revenue | 3,462 | 8,437 |
Financial expenses | ||
Interest expense on borrowings\u200c | -75,564 | -89,141 |
Other financial expenses\u200c 2 | -5,738 | -2,097 |
Total financial expenses | -81,302 | -91,238 |
Net financial items | -77,840 | -82,801 |
1Foreign exchange gains and losses are presented net as either financial revenue or financial expenses, depending on the net position. The amount includes changes in fair value of currency derivatives.
2Other financial expenses include EUR 3.4 million related to a deferred payment for an NPL portfolio which has been triggered by high performance on the portfolio.
Note 11\tFinancial items
EUR thousand | 2025 | 2024 |
Financial revenue | ||
Interest on bank deposits\u200c | 1,635 | 5,451 |
Net foreign exchange gain\u200c 1 | 345 | 352 |
Gain on purchase of treasury bonds (note25) | 1,264 | 2,554 |
Other financial revenue | 218 | 79 |
Total financial revenue | 3,462 | 8,437 |
Financial expenses | ||
Interest expense on borrowings\u200c | -75,564 | -89,141 |
Other financial expenses\u200c 2 | -5,738 | -2,097 |
Total financial expenses | -81,302 | -91,238 |
Net financial items | -77,840 | -82,801 |
1Foreign exchange gains and losses are presented net as either financial revenue or financial expenses, depending on the net position. The amount includes changes in fair value of currency derivatives.
2Other financial expenses include EUR 3.4 million related to a deferred payment for an NPL portfolio which has been triggered by high performance on the portfolio.
Note 11\tFinancial items
EUR thousand | 2025 | 2024 |
Financial revenue | ||
Interest on bank deposits\u200c | 1,635 | 5,451 |
Net foreign exchange gain\u200c 1 | 345 | 352 |
Gain on purchase of treasury bonds (note25) | 1,264 | 2,554 |
Other financial revenue | 218 | 79 |
Total financial revenue | 3,462 | 8,437 |
Financial expenses | ||
Interest expense on borrowings\u200c | -75,564 | -89,141 |
Other financial expenses\u200c 2 | -5,738 | -2,097 |
Total financial expenses | -81,302 | -91,238 |
Net financial items | -77,840 | -82,801 |
1Foreign exchange gains and losses are presented net as either financial revenue or financial expenses, depending on the net position. The amount includes changes in fair value of currency derivatives.
2Other financial expenses include EUR 3.4 million related to a deferred payment for an NPL portfolio which has been triggered by high performance on the portfolio.
Note 11\tFinancial items
EUR thousand | 2025 | 2024 |
Financial revenue | ||
Interest on bank deposits\u200c | 1,635 | 5,451 |
Net foreign exchange gain\u200c 1 | 345 | 352 |
Gain on purchase of treasury bonds (note25) | 1,264 | 2,554 |
Other financial revenue | 218 | 79 |
Total financial revenue | 3,462 | 8,437 |
Financial expenses | ||
Interest expense on borrowings\u200c | -75,564 | -89,141 |
Other financial expenses\u200c 2 | -5,738 | -2,097 |
Total financial expenses | -81,302 | -91,238 |
Net financial items | -77,840 | -82,801 |
1Foreign exchange gains and losses are presented net as either financial revenue or financial expenses, depending on the net position. The amount includes changes in fair value of currency derivatives.
2Other financial expenses include EUR 3.4 million related to a deferred payment for an NPL portfolio which has been triggered by high performance on the portfolio.
Note 12\tIncome tax
Income tax calculation
The Group\u2019s tax expense is affected by several factors, where the most important are limitation of interest deduction, unrecognized tax losses carried forward, currency effects and local GAAP/IFRS-differences for calculation of taxable profit.
Tax expense in consolidated profit or loss
EUR thousand | 2025 | 2024 |
Profit/(loss) before tax | 47,408 | -85,079 |
Income tax calculated at 25% on profit | -11,852 | 21,270 |
Tax effect on permanent difference | -154 | -2,780 |
Adjustment for previous years | -198 | -2,245 |
Tax assets, previously not recognized | 3,738 | |
Tax loss and interest carryforwards for which no deferred tax asset was recognised | -2,912 | -10,225 |
Income tax expense | -11,378 | 6,019 |
Effective tax rate | 24% | 7% |
Tax included in consolidated other comprehensive income
EUR thousand | 2025 | 2024 |
Opening balance deferred tax liability in OCI | -632 | -1,644 |
Fair value net gain/(loss) on cash flow hedges | -159 | 115 |
Cumulative (gain)/loss on cash flow hedges reclassified to profit or loss | 746 | 898 |
Deferred tax charged to OCI | -45 | -632 |
Deferred taxes
EUR thousand | 31.12.2025 | 31.12.2024 |
Purchased loan portfolios | 3,571 | 3,356 |
Non-current intangible assets/liabilities | 75 | -411 |
Current assets | -14 | 1,862 |
Tax loss and interest carryforwards | 10,239 | 6,342 |
Hedge over OCI | -45 | -632 |
Net deferred tax | 13,826 | 10,518 |
Deferred tax asset | 13,855 | 12,320 |
Deferred tax liability | -29 | -1,802 |
Net deferred tax | 13,826 | 10,518 |
Unrecognized deferred tax assets
A deferred tax asset is recognized only to the extent that it is probable that future taxable profits will be available against which the asset can be utilized. Tax losses carried forward, not recognized, mainly relates to companies in Luxembourg, Spain (Real estate company) and Sweden. Limitation of interest deduction, not recognized, relates to Sweden and Norway.
EUR thousand | 31.12.2025 | 31.12.2024 |
Tax losses carried forward, not recognized | 23,168 | 25,827 |
Limitation of interest deduction, not recognized | 11,829 | 8,590 |
Net unrecognized deferred tax asset | 34,998 | 34,418 |
Deferred taxes
EUR thousand | 31.12.2025 | 31.12.2024 |
Purchased loan portfolios | 3,571 | 3,356 |
Non-current intangible assets/liabilities | 75 | -411 |
Current assets | -14 | 1,862 |
Tax loss and interest carryforwards | 10,239 | 6,342 |
Hedge over OCI | -45 | -632 |
Net deferred tax | 13,826 | 10,518 |
Deferred tax asset | 13,855 | 12,320 |
Deferred tax liability | -29 | -1,802 |
Net deferred tax | 13,826 | 10,518 |
Unrecognized deferred tax assets
A deferred tax asset is recognized only to the extent that it is probable that future taxable profits will be available against which the asset can be utilized. Tax losses carried forward, not recognized, mainly relates to companies in Luxembourg, Spain (Real estate company) and Sweden. Limitation of interest deduction, not recognized, relates to Sweden and Norway.
EUR thousand | 31.12.2025 | 31.12.2024 |
Tax losses carried forward, not recognized | 23,168 | 25,827 |
Limitation of interest deduction, not recognized | 11,829 | 8,590 |
Net unrecognized deferred tax asset | 34,998 | 34,418 |
Note 13\tEarnings per share
Basic earnings per share (EPS) is calculated by dividing the profit attributable to shareholders of the parent company by the weighted average number of ordinary shares outstanding during the year.
Diluted earnings per share (EPS) is calculated by dividing the profit attributable to shareholders of the parent company by the weighted average number of ordinary shares outstanding, adjusted for dilutive shares related to Axactor's current employee share-based compensation programs. See note 24for an overview of outstanding instruments in the share option plans.
The following table reflects the net profit/(loss) and share data used in the basic and diluted EPS calculations:
Total | ||
EUR thousand | 2025 | 2024 |
Net profit/(loss) to shareholders of the parent company | 36,030 | -79,526 |
Number of shares (in thousands) | ||
Weighted average number of ordinary shares | 302,145 | 302,145 |
Effects of dilution from share options | 634 | - |
Weighted average number of shares adjusted for the effect of dilution | 302,780 | 302,145 |
Basic and diluted earnings per share (EPS) | 0.119 | -0.263 |
The weighted average number of shares for calculation of diluted earnings per share are adjusted for potential ordinary shares from employee share options that are in the money/dilutive.
2025 | 2024 | |
Employee share options | 8,450,000 | 15,083,333 |
whereof dilutive | 634,463 | - |
whereof not dilutive | 7,815,537 | 15,083,333 |
Note 14\tIntangible assets
EUR thousand | Goodwill | Software and other intangibles | Total |
Cost price | |||
Cost price on 31 Dec 2023 | 59,799 | 39,282 | 99,081 |
Acquisitions | - | 2,559 | 2,559 |
Disposals at cost price | - | -2 | -2 |
Currency translation differences | -928 | -406 | -1,334 |
Cost price on 31 Dec 2024 | 58,871 | 41,434 | 100,305 |
Acquisitions | - | 2,572 | 2,572 |
Disposals at cost price | - | -9 | -9 |
Currency translation differences | -12 | -29 | -40 |
Cost price on 31 Dec 2025 | 58,859 | 43,969 | 102,828 |
Amortization | |||
Accumulated amortizations on 31 Dec 2023 | - | -24,165 | -24,165 |
Amortization and impairment of the year | - | -5,730 | -5,730 |
Currency translation differences | - | 464 | 464 |
Accumulated amortizations on 31 Dec 2024 | - | -29,431 | -29,431 |
Amortization and impairment of the year | - | -4,595 | -4,595 |
Disposals accumulated amortizations | 8 | 8 | |
Currency translation differences | - | 30 | 30 |
Accumulated amortizations on 31 Dec 2025 | - | -33,988 | -33,988 |
Carrying amount on 31 Dec 2025 | 58,859 | 9,981 | 68,840 |
Useful life | na | 1-10 yr |
For impairment testing of goodwill see note15.
Note 15\tGoodwill and intangible assets with indefinite useful lives
Goodwill stated in the consolidated financial position is derived from excess values following the acquisitions of ALD Abagados in Spain (2015), IKAS Group in Norway (2016), CS Union in Italy (2016), Altor Group in Germany (2016), Profact in Sweden (2017), SPT Group in Finland (2018) and CRS in Italy (2022). Recognized goodwill amounts to EUR 58.9 million on 31 December 2025 (2024: EUR 58.9 million).
Only goodwill has an indefinite lifetime, all other intangible assets are amortized in accordance with their useful life, see note14.
Goodwill is tested for impairment for each cash generating unit (CGU) prior to preparation of the annual accounts. The test is performed annually, and more frequently if there are indications of impairment.
The recoverable amount for each CGU has been determined estimating their value in use (VIU) and comparing that to the carrying amount of the specific CGU. The calculation of VIU has been based on management\u2019s best estimate, reflecting the Group\u2019s strategy plan. The discount rates are derived as the weighted average cost of capital (WACC) for a similar business in the same business environment.
Goodwill has been allocated for impairment testing purposes to the CGU \u201ccollection services\u201d for the following CGU \u201ccountries\u201d.
EUR thousand | 2025 | 2024 |
Finland | 2,592 | 2,592 |
Germany | 9,301 | 9,301 |
Italy | 13,636 | 13,636 |
Norway | 17,906 | 17,978 |
Spain | 14,328 | 14,328 |
Sweden | 1,096 | 1,035 |
Total goodwill on 31 Dec | 58,859 | 58,871 |
Cash flow projections and assumptions
A five-year forecast of discounted cash flows plus a terminal value has been used to determine the net present value of the CGU. Discounted cash flows related to the third-party collection business were calculated pre-tax and by applying a pre-tax country specific WACC. The pre-tax WACC was derived by back-solving based on the estimated value using the post-tax WACC and the post-tax cash flow. The terminal value is based on the estimated pre-tax net cash flow in year five, using a standard perpetuity formula with a long-term growth rate.
Key assumptions for the value in use calculations
The calculation of VIU for the CGUs is most sensitive when it comes to the following assumptions:
Discount rate
The input data for the WACC is gathered from representative sources, peer groups etc., and this is used to determine the best estimate. The WACC was calculated after tax, and then back solved to arrive at a pre-tax WACC. All parameters were set to reflect the forecast period of the cash flows.
Key inputs for the WACC:
EUR | NOK | SEK | |
Risk-free rate | 2.4% | 3.9% | 2.4% |
Market risk premium | 4.2%-7.5% | 4.2% | 4.2% |
Beta | 0.87 | 0.87 | 0.87 |
Small cap premium | 2.0% | 2.0% | 2.0% |
Cost of equity before tax | 8.1%-10.9% | 9.6% | 8.1% |
Cost of debt | 8.6% | 8.6% | 8.6% |
Equity ratio | 29.3% | 29.3% | 29.3% |
Corporate income tax rate | 20.0% | 22.0% | 20.6% |
WACC | 6.6%-8.8% | 7.5% | 7.2% |
\u2022Risk free rate: Five year risk free bond per currency
\u2022Market risk premium: The market risk premium per country is based on empirical data for risk premium (Damodaran)
\u2022Beta: Observed monthly levered beta for Axactor for the last five years
\u2022Small cap premium/company specific premium: Based on the market cap of Axactor, Ibbotson research 2014, similar sized companies and industry peers
\u2022Cost of debt: Applied cost of debt of 8.6% based on company estimated forecasts
\u2022Capital structure: Applied equity ratio based on company estimates for 2025
\u2022Corporate income tax rate: Country specific tax rate
Growth rate
The growth rate in the forecast period is based on management\u2019s expectation for the development in the different markets, and management\u2019s strategic plan. The terminal growth rate applied in 2025 is 2.0% (2024: 2.0%).
Cash flow
The calculation includes cash flows for five years, in addition to a terminal value. Cash flow estimates are based on the Board approved 2026 budget and a projection for the next four years.
Impairment \u2013 test results and conclusion
The impairment test concluded that the VIU exceeded the carrying amount for each of the CGUs. Hence, no impairment was recognized in 2025 (2024: EUR 0 million). Based on a sensitivity analysis, the ceteris paribus impact of reducing the terminal growth rate by one percentage point would not result in any impairment of goodwill. Similarly, the ceteris paribus impact of increasing the WACC by one percentage point would not result in any impairment of goodwill. Management has considered and assessed reasonable possible changes for key assumptions and has not identified any instance that could cause the carrying amount of the goodwill to exceed its recoverable amount.
The lowest headroom was observed in Finland with headroom over the combined value of goodwill and net assets of 56%. Impairment would be triggered for this CGU if the terminal growth rate is reduced by 2 percentage point while simultaneously increasing the WACC by 2 percentage points.
The cash flow sensitivity to changes in the operating results were also measured, with all CGU\u2019s withstanding a 10% ceteris paribus haircut in their respective EBITDA.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300P5VT8OMA17TJ33", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__6__77-1": { "value": "Note 14\tIntangible assets
EUR thousand | Goodwill | Software and other intangibles | Total |
Cost price | |||
Cost price on 31 Dec 2023 | 59,799 | 39,282 | 99,081 |
Acquisitions | - | 2,559 | 2,559 |
Disposals at cost price | - | -2 | -2 |
Currency translation differences | -928 | -406 | -1,334 |
Cost price on 31 Dec 2024 | 58,871 | 41,434 | 100,305 |
Acquisitions | - | 2,572 | 2,572 |
Disposals at cost price | - | -9 | -9 |
Currency translation differences | -12 | -29 | -40 |
Cost price on 31 Dec 2025 | 58,859 | 43,969 | 102,828 |
Amortization | |||
Accumulated amortizations on 31 Dec 2023 | - | -24,165 | -24,165 |
Amortization and impairment of the year | - | -5,730 | -5,730 |
Currency translation differences | - | 464 | 464 |
Accumulated amortizations on 31 Dec 2024 | - | -29,431 | -29,431 |
Amortization and impairment of the year | - | -4,595 | -4,595 |
Disposals accumulated amortizations | 8 | 8 | |
Currency translation differences | - | 30 | 30 |
Accumulated amortizations on 31 Dec 2025 | - | -33,988 | -33,988 |
Carrying amount on 31 Dec 2025 | 58,859 | 9,981 | 68,840 |
Useful life | na | 1-10 yr |
For impairment testing of goodwill see note15.
Note 15\tGoodwill and intangible assets with indefinite useful lives
Goodwill stated in the consolidated financial position is derived from excess values following the acquisitions of ALD Abagados in Spain (2015), IKAS Group in Norway (2016), CS Union in Italy (2016), Altor Group in Germany (2016), Profact in Sweden (2017), SPT Group in Finland (2018) and CRS in Italy (2022). Recognized goodwill amounts to EUR 58.9 million on 31 December 2025 (2024: EUR 58.9 million).
Only goodwill has an indefinite lifetime, all other intangible assets are amortized in accordance with their useful life, see note14.
Goodwill is tested for impairment for each cash generating unit (CGU) prior to preparation of the annual accounts. The test is performed annually, and more frequently if there are indications of impairment.
The recoverable amount for each CGU has been determined estimating their value in use (VIU) and comparing that to the carrying amount of the specific CGU. The calculation of VIU has been based on management\u2019s best estimate, reflecting the Group\u2019s strategy plan. The discount rates are derived as the weighted average cost of capital (WACC) for a similar business in the same business environment.
Goodwill has been allocated for impairment testing purposes to the CGU \u201ccollection services\u201d for the following CGU \u201ccountries\u201d.
EUR thousand | 2025 | 2024 |
Finland | 2,592 | 2,592 |
Germany | 9,301 | 9,301 |
Italy | 13,636 | 13,636 |
Norway | 17,906 | 17,978 |
Spain | 14,328 | 14,328 |
Sweden | 1,096 | 1,035 |
Total goodwill on 31 Dec | 58,859 | 58,871 |
Cash flow projections and assumptions
A five-year forecast of discounted cash flows plus a terminal value has been used to determine the net present value of the CGU. Discounted cash flows related to the third-party collection business were calculated pre-tax and by applying a pre-tax country specific WACC. The pre-tax WACC was derived by back-solving based on the estimated value using the post-tax WACC and the post-tax cash flow. The terminal value is based on the estimated pre-tax net cash flow in year five, using a standard perpetuity formula with a long-term growth rate.
Key assumptions for the value in use calculations
The calculation of VIU for the CGUs is most sensitive when it comes to the following assumptions:
Discount rate
The input data for the WACC is gathered from representative sources, peer groups etc., and this is used to determine the best estimate. The WACC was calculated after tax, and then back solved to arrive at a pre-tax WACC. All parameters were set to reflect the forecast period of the cash flows.
Key inputs for the WACC:
EUR | NOK | SEK | |
Risk-free rate | 2.4% | 3.9% | 2.4% |
Market risk premium | 4.2%-7.5% | 4.2% | 4.2% |
Beta | 0.87 | 0.87 | 0.87 |
Small cap premium | 2.0% | 2.0% | 2.0% |
Cost of equity before tax | 8.1%-10.9% | 9.6% | 8.1% |
Cost of debt | 8.6% | 8.6% | 8.6% |
Equity ratio | 29.3% | 29.3% | 29.3% |
Corporate income tax rate | 20.0% | 22.0% | 20.6% |
WACC | 6.6%-8.8% | 7.5% | 7.2% |
\u2022Risk free rate: Five year risk free bond per currency
\u2022Market risk premium: The market risk premium per country is based on empirical data for risk premium (Damodaran)
\u2022Beta: Observed monthly levered beta for Axactor for the last five years
\u2022Small cap premium/company specific premium: Based on the market cap of Axactor, Ibbotson research 2014, similar sized companies and industry peers
\u2022Cost of debt: Applied cost of debt of 8.6% based on company estimated forecasts
\u2022Capital structure: Applied equity ratio based on company estimates for 2025
\u2022Corporate income tax rate: Country specific tax rate
Growth rate
The growth rate in the forecast period is based on management\u2019s expectation for the development in the different markets, and management\u2019s strategic plan. The terminal growth rate applied in 2025 is 2.0% (2024: 2.0%).
Cash flow
The calculation includes cash flows for five years, in addition to a terminal value. Cash flow estimates are based on the Board approved 2026 budget and a projection for the next four years.
Impairment \u2013 test results and conclusion
The impairment test concluded that the VIU exceeded the carrying amount for each of the CGUs. Hence, no impairment was recognized in 2025 (2024: EUR 0 million). Based on a sensitivity analysis, the ceteris paribus impact of reducing the terminal growth rate by one percentage point would not result in any impairment of goodwill. Similarly, the ceteris paribus impact of increasing the WACC by one percentage point would not result in any impairment of goodwill. Management has considered and assessed reasonable possible changes for key assumptions and has not identified any instance that could cause the carrying amount of the goodwill to exceed its recoverable amount.
The lowest headroom was observed in Finland with headroom over the combined value of goodwill and net assets of 56%. Impairment would be triggered for this CGU if the terminal growth rate is reduced by 2 percentage point while simultaneously increasing the WACC by 2 percentage points.
The cash flow sensitivity to changes in the operating results were also measured, with all CGU\u2019s withstanding a 10% ceteris paribus haircut in their respective EBITDA.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:549300P5VT8OMA17TJ33", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__6__82": { "value": "Note 16\tProperty, plant and equipment
EUR thousand | Furniture, fittings and equipment |
Cost price | |
Cost price on 31 Dec 2023 | 7,236 |
Acquisitions | 511 |
Disposals at cost price | -319 |
Currency translation differences | -46 |
Cost price on 31 Dec 2024 | 7,382 |
Acquisitions | 1,093 |
Disposals at cost price | -333 |
Currency translation differences | 23 |
Cost price on 31 Dec 2025 | 8,165 |
Depreciation | |
Accumulated depreciations on 31 Dec 2023 | -5,199 |
Depreciation | -599 |
Disposals accumulated depreciations | 219 |
Currency translation differences | 36 |
Accumulated depreciations on 31 Dec 2024 | -5,542 |
Depreciation | -635 |
Disposals accumulated depreciations | 318 |
Currency translation differences | -22 |
Accumulated depreciations on 31 Dec 2025 | -5,881 |
Carrying amount on 31 Dec 2025 | 2,284 |
Useful life | 3-6 yr |
Note 17\tFair value measurement
The Group\u2019s financial assets consist of purchased loan portfolios, derivatives, accounts receivable and other non-current assets, restricted cash and cash and cash equivalents. The majority of the Group\u2019s financial assets are classified, at initial recognition, as subsequently measured at amortized cost, with the exception of derivatives which are classified as subsequently measured at fair value through profit or loss. The Group\u2019s debt and other financial liabilities are, with the exception of derivatives, initially recognized at fair value, including transaction costs directly attributable to the transaction, and are subsequently measured at amortized cost. Derivative liabilities are, as derivative assets, measured at fair value through profit or loss.
The Group uses the following hierarchy for determining and disclosing the fair value of financial instruments by the inputs used in the valuation techniques:
Level 1: Quoted prices in active markets for identical assets or liabilities
Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly
Level 3: Inputs for the asset or liability that are not based on observable market data (unobservable input)
The level in this fair value hierarchy within which the measurements are categorized is determined based on the lowest level input that is significant to the fair value measurement.
The following table shows the carrying amounts and fair values of financial assets and financial liabilities, including their levels in the fair value hierarchy. It does not include fair value information for financial assets and financial liabilities not measured at fair value if the carrying amount is a reasonable approximation of fair value.
Carrying amount | Fair value | ||||||
EUR thousand | Fair value through profit or loss | Amortised cost | Total | Level 1 | Level 2 | Level 3 | Total |
2025 | |||||||
Financial assets | |||||||
Purchased loan portfolios (Note18) | - | 1,076,478 | 1,076,478 | - | - | 1,241,266 | 1,241,266 |
Derivatives (Other non-current assets) | 952 | - | 952 | - | 952 | - | 952 |
Other non-current assets | - | 661 | 661 | - | - | - | - |
Accounts receivables (Note21) | - | 6,196 | 6,196 | - | - | - | - |
Restricted cash (Note22) | - | 1,967 | 1,967 | ||||
Cash and cash equivalent (Note22) | - | 35,593 | 35,593 | - | - | - | - |
Financial liabilities | |||||||
Interest-bearing debt (Note25) | - | 837,014 | 837,014 | 398,148 | 467,625 | - | 865,773 |
Derivatives (Note27) | 2,916 | - | 2,916 | - | 2,916 | - | 2,916 |
2024 | |||||||
Financial assets | |||||||
Purchased loan portfolios (Note18) | - | 1,087,472 | 1,087,472 | - | - | 1,221,552 | 1,221,552 |
Derivatives (Other non-current assets) | 659 | - | 659 | - | 659 | - | 659 |
Other non-current assets | - | 772 | 772 | - | - | - | - |
Accounts receivables (Note21) | - | 7,730 | 7,730 | - | - | - | - |
Restricted cash (Note22) | - | 1,882 | 1,882 | - | - | - | - |
Cash and cash equivalent (Note22) | - | 32,991 | 32,991 | - | - | - | - |
Financial liabilities | |||||||
Interest-bearing debt (Note25) | - | 884,728 | 884,728 | 405,469 | 471,544 | - | 877,012 |
Derivatives (Note27) | 3,347 | - | 3,347 | - | 3,347 | - | 3,347 |
Fair value estimation of interest-bearing loans
The fair value of the bond loans was determined using the quoted market values for the bond loans from the Norwegian Verdipapirforetakenes Forbund. The fair value of the other interest-bearing loans is equal to the nominal value.
Fair value estimation of purchased loan portfolios
The fair value of purchased loan portfolios is calculated as the net present value of estimated net cash flows after tax for the next 15 years. The estimated net cash flows from portfolios are the assumed future collections, less assumed collection costs per portfolio and tax. The estimated net cash flows are for existing portfolios only, no cash flows from future investments are included. Collection costs consist of operational costs in the portfolio segment, i.e. commission to debt collection, payroll expenses, premises, communication costs, and other costs directly and indirectly attributable to the debt purchasing segment. The Group\u2019s estimated average tax rate has been applied to the cash flows.
The weighted average cost of capital after tax for the portfolio segment is estimated to 6.9% on 31 December 2025 (2024: 7.7%). Most of the Group\u2019s portfolio cash flows are in EUR, although some part of the Group\u2019s portfolio cash flows are in NOK and SEK. Calculating a currency specific WACC, the risk-free rate element would have increased the WACC slightly compared to the WACC estimated for the Group. A sensitivity analysis of the cash flow estimates is presented in the table to the right.
Fair value sensitivity table
Performance | |||||
EUR million | 90% | 95% | 100% | 105% | 110% |
WACC | |||||
3.9% | 1,281 | 1,350 | 1,419 | 1,489 | 1,558 |
4.9% | 1,223 | 1,289 | 1,355 | 1,421 | 1,488 |
5.9% | 1,169 | 1,233 | 1,296 | 1,359 | 1,423 |
6.9% | 1,120 | 1,181 | 1,241 | 1,302 | 1,363 |
7.9% | 1,074 | 1,132 | 1,191 | 1,249 | 1,307 |
8.9% | 1,032 | 1,088 | 1,144 | 1,200 | 1,256 |
9.9% | 992 | 1,046 | 1,100 | 1,154 | 1,208 |
Fair value of forward flow commitments, balance movements
EUR thousand | 2025 | 2024 |
Balance on 1 Jan | - | 311 |
Value change | - | -120 |
Deliveries | - | -185 |
Currency translation differences | - | -5 |
Balance on 31 Dec | - | - |
Note 17\tFair value measurement
The Group\u2019s financial assets consist of purchased loan portfolios, derivatives, accounts receivable and other non-current assets, restricted cash and cash and cash equivalents. The majority of the Group\u2019s financial assets are classified, at initial recognition, as subsequently measured at amortized cost, with the exception of derivatives which are classified as subsequently measured at fair value through profit or loss. The Group\u2019s debt and other financial liabilities are, with the exception of derivatives, initially recognized at fair value, including transaction costs directly attributable to the transaction, and are subsequently measured at amortized cost. Derivative liabilities are, as derivative assets, measured at fair value through profit or loss.
The Group uses the following hierarchy for determining and disclosing the fair value of financial instruments by the inputs used in the valuation techniques:
Level 1: Quoted prices in active markets for identical assets or liabilities
Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly
Level 3: Inputs for the asset or liability that are not based on observable market data (unobservable input)
The level in this fair value hierarchy within which the measurements are categorized is determined based on the lowest level input that is significant to the fair value measurement.
The following table shows the carrying amounts and fair values of financial assets and financial liabilities, including their levels in the fair value hierarchy. It does not include fair value information for financial assets and financial liabilities not measured at fair value if the carrying amount is a reasonable approximation of fair value.
Carrying amount | Fair value | ||||||
EUR thousand | Fair value through profit or loss | Amortised cost | Total | Level 1 | Level 2 | Level 3 | Total |
2025 | |||||||
Financial assets | |||||||
Purchased loan portfolios (Note18) | - | 1,076,478 | 1,076,478 | - | - | 1,241,266 | 1,241,266 |
Derivatives (Other non-current assets) | 952 | - | 952 | - | 952 | - | 952 |
Other non-current assets | - | 661 | 661 | - | - | - | - |
Accounts receivables (Note21) | - | 6,196 | 6,196 | - | - | - | - |
Restricted cash (Note22) | - | 1,967 | 1,967 | ||||
Cash and cash equivalent (Note22) | - | 35,593 | 35,593 | - | - | - | - |
Financial liabilities | |||||||
Interest-bearing debt (Note25) | - | 837,014 | 837,014 | 398,148 | 467,625 | - | 865,773 |
Derivatives (Note27) | 2,916 | - | 2,916 | - | 2,916 | - | 2,916 |
2024 | |||||||
Financial assets | |||||||
Purchased loan portfolios (Note18) | - | 1,087,472 | 1,087,472 | - | - | 1,221,552 | 1,221,552 |
Derivatives (Other non-current assets) | 659 | - | 659 | - | 659 | - | 659 |
Other non-current assets | - | 772 | 772 | - | - | - | - |
Accounts receivables (Note21) | - | 7,730 | 7,730 | - | - | - | - |
Restricted cash (Note22) | - | 1,882 | 1,882 | - | - | - | - |
Cash and cash equivalent (Note22) | - | 32,991 | 32,991 | - | - | - | - |
Financial liabilities | |||||||
Interest-bearing debt (Note25) | - | 884,728 | 884,728 | 405,469 | 471,544 | - | 877,012 |
Derivatives (Note27) | 3,347 | - | 3,347 | - | 3,347 | - | 3,347 |
Fair value estimation of interest-bearing loans
The fair value of the bond loans was determined using the quoted market values for the bond loans from the Norwegian Verdipapirforetakenes Forbund. The fair value of the other interest-bearing loans is equal to the nominal value.
Fair value estimation of purchased loan portfolios
The fair value of purchased loan portfolios is calculated as the net present value of estimated net cash flows after tax for the next 15 years. The estimated net cash flows from portfolios are the assumed future collections, less assumed collection costs per portfolio and tax. The estimated net cash flows are for existing portfolios only, no cash flows from future investments are included. Collection costs consist of operational costs in the portfolio segment, i.e. commission to debt collection, payroll expenses, premises, communication costs, and other costs directly and indirectly attributable to the debt purchasing segment. The Group\u2019s estimated average tax rate has been applied to the cash flows.
The weighted average cost of capital after tax for the portfolio segment is estimated to 6.9% on 31 December 2025 (2024: 7.7%). Most of the Group\u2019s portfolio cash flows are in EUR, although some part of the Group\u2019s portfolio cash flows are in NOK and SEK. Calculating a currency specific WACC, the risk-free rate element would have increased the WACC slightly compared to the WACC estimated for the Group. A sensitivity analysis of the cash flow estimates is presented in the table to the right.
Fair value sensitivity table
Performance | |||||
EUR million | 90% | 95% | 100% | 105% | 110% |
WACC | |||||
3.9% | 1,281 | 1,350 | 1,419 | 1,489 | 1,558 |
4.9% | 1,223 | 1,289 | 1,355 | 1,421 | 1,488 |
5.9% | 1,169 | 1,233 | 1,296 | 1,359 | 1,423 |
6.9% | 1,120 | 1,181 | 1,241 | 1,302 | 1,363 |
7.9% | 1,074 | 1,132 | 1,191 | 1,249 | 1,307 |
8.9% | 1,032 | 1,088 | 1,144 | 1,200 | 1,256 |
9.9% | 992 | 1,046 | 1,100 | 1,154 | 1,208 |
Fair value of forward flow commitments, balance movements
EUR thousand | 2025 | 2024 |
Balance on 1 Jan | - | 311 |
Value change | - | -120 |
Deliveries | - | -185 |
Currency translation differences | - | -5 |
Balance on 31 Dec | - | - |
Note 19\tHedge accounting
The Group\u00b4s risk management objective is to mitigate the effect of interest rate changes related to its floating rate instruments. To achieve the objective, the Group\u00b4s strategy is to use derivatives to limit the impact of changes in interest rates on the Group\u00b4s interest expenses. The Group\u2019s long-term strategy is to hedge between 50% and 70% of interest-bearing debt with a duration of three to five years. The Group intends to gradually implement the strategy in line with new portfolio investments.
Cash flow hedges
Interest risk is mitigated by hedging exposures (interest rate swaps). The Group has implemented cash flow hedge accounting to reduce the impact of changing interest rates on the Group's interest expenses in the profit and loss. The hedged items include a portion of issued floating-rate loans in EUR and NOK. The cash flow hedges of interest rate risk on loans are expected to be highly effective. Potential sources of ineffectiveness have been identified as differences in the timing of cash flows between hedged items and hedging instruments, derivatives used as hedging instruments having a non-zero fair value at the time of designation, and the effect of changes in counterparties\u2019 credit risk on the fair values of hedging instruments or hedged items.
The effective portion of changes in the fair value on the hedging instrument that are designated and qualify as cash flow hedges is recognized in other comprehensive income and accumulated in the cash flow hedge reserve. Hedge ineffectiveness is, if applicable, recorded as part of financial expenses or financial revenue. There was no material ineffectiveness in 2025.
The critical terms of the hedging instruments and the hedged items are closely aligned and credit risk does not dominate the hedging relationship.
The financial instruments designated as hedged items in the cash flow hedge relationships
EUR thousand | Nominal amount designated for hedge accounting 31.12.2025 | Nominal amount designated for hedge accounting 31.12.2024 |
Interest rate risk related to issued bonds 1 | ||
Floating rate issued loans (EUR) | 130,000 | 80,000 |
Floating rate issued loans (NOK) | 25,331 | 25,435 |
Total | 155,331 | 105,435 |
1See note 25for overview of issued bonds.
Hedge instruments (Interets rate swaps)
Notional amount | Notional amount EUR thousand | Fix | Floating 3M IBOR | Start date | Maturity date | Fair value 31.12.2025EUR thousand | Fair value 31.12.2024EUR thousand |
EUR 25 million | 25,000 | 2.9880% | 2.03% | 16.09.24 | 15.09.27 | -373 | -581 |
EUR 25 million | 25,000 | 2.9930% | 2.03% | 16.09.24 | 15.09.27 | -375 | -599 |
EUR 15 million | 15,000 | 1.9450% | 2.03% | 17.03.25 | 15.03.28 | 70 | 53 |
EUR 15 million | 15,000 | 1.9600% | 2.03% | 17.03.25 | 15.03.28 | 65 | 38 |
EUR 25 million | 25,000 | 2.1840% | 2.03% | 16.06.25 | 17.06.30 | 217 | - |
EUR 25 million | 25,000 | 2.2070% | 2.03% | 16.06.25 | 17.06.30 | 191 | - |
NOK 150 million | 12,666 | 3.3975% | 4.00% | 09.09.24 | 07.09.29 | 200 | 278 |
NOK 150 million | 12,666 | 3.3740% | 4.00% | 09.09.24 | 07.09.29 | 210 | 290 |
Total | 155,331 | 203 | -521 |
The fair value of the hedge instruments are included in Other non-current assets with EUR 1.0 million (2024: 0.7 million) and in Other non-current liabilities with EUR 0.8 million (2024: EUR 1.2 million).
Cash flow hedge reserve
EUR thousand | Fair value of hedge instruments net of tax (22%) | Accumulated amount related to discontinued hedge 1 | Total |
Balance on 31 Dec 2023 | - | 5,832 | 5,832 |
Change in the year | -407 | -3,185 | -3,592 |
Balance on 31 Dec 2024 | -407 | 2,646 | 2,240 |
Change in the year | 565 | -2,646 | -2,081 |
Balance on 31 Dec 2025 | 158 | - | 158 |
1The remaining fair value of derivatives recorded in other comprehensive income related to discontinued cash flow hedges have been released into profit and loss over the period when the Group\u2019s earnings were affected by the variability in cash flows of the originally underlying floating rate loan of EUR 200 million (until December 2025). In 2025, EUR 2.6 million (2024: EUR 3.2 million) has been reclassified from the cash flows hedge reserve (OCI) into profit or loss and EUR 0.7 million (2024: EUR 0.9 million) has been reclassified from the deferred tax liability, reducing the interest rate expenses on borrowings reported in note 11with EUR 3.4 million (2024: EUR 4.1 million).The remaining cash flow hedge reserve and deferred tax related to the diconstinued hedge as at 31 December 2025 is EUR 0 million; hence there will be no impact on the interest expense in 2026.
Note 17\tFair value measurement
The Group\u2019s financial assets consist of purchased loan portfolios, derivatives, accounts receivable and other non-current assets, restricted cash and cash and cash equivalents. The majority of the Group\u2019s financial assets are classified, at initial recognition, as subsequently measured at amortized cost, with the exception of derivatives which are classified as subsequently measured at fair value through profit or loss. The Group\u2019s debt and other financial liabilities are, with the exception of derivatives, initially recognized at fair value, including transaction costs directly attributable to the transaction, and are subsequently measured at amortized cost. Derivative liabilities are, as derivative assets, measured at fair value through profit or loss.
The Group uses the following hierarchy for determining and disclosing the fair value of financial instruments by the inputs used in the valuation techniques:
Level 1: Quoted prices in active markets for identical assets or liabilities
Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly
Level 3: Inputs for the asset or liability that are not based on observable market data (unobservable input)
The level in this fair value hierarchy within which the measurements are categorized is determined based on the lowest level input that is significant to the fair value measurement.
The following table shows the carrying amounts and fair values of financial assets and financial liabilities, including their levels in the fair value hierarchy. It does not include fair value information for financial assets and financial liabilities not measured at fair value if the carrying amount is a reasonable approximation of fair value.
Carrying amount | Fair value | ||||||
EUR thousand | Fair value through profit or loss | Amortised cost | Total | Level 1 | Level 2 | Level 3 | Total |
2025 | |||||||
Financial assets | |||||||
Purchased loan portfolios (Note18) | - | 1,076,478 | 1,076,478 | - | - | 1,241,266 | 1,241,266 |
Derivatives (Other non-current assets) | 952 | - | 952 | - | 952 | - | 952 |
Other non-current assets | - | 661 | 661 | - | - | - | - |
Accounts receivables (Note21) | - | 6,196 | 6,196 | - | - | - | - |
Restricted cash (Note22) | - | 1,967 | 1,967 | ||||
Cash and cash equivalent (Note22) | - | 35,593 | 35,593 | - | - | - | - |
Financial liabilities | |||||||
Interest-bearing debt (Note25) | - | 837,014 | 837,014 | 398,148 | 467,625 | - | 865,773 |
Derivatives (Note27) | 2,916 | - | 2,916 | - | 2,916 | - | 2,916 |
2024 | |||||||
Financial assets | |||||||
Purchased loan portfolios (Note18) | - | 1,087,472 | 1,087,472 | - | - | 1,221,552 | 1,221,552 |
Derivatives (Other non-current assets) | 659 | - | 659 | - | 659 | - | 659 |
Other non-current assets | - | 772 | 772 | - | - | - | - |
Accounts receivables (Note21) | - | 7,730 | 7,730 | - | - | - | - |
Restricted cash (Note22) | - | 1,882 | 1,882 | - | - | - | - |
Cash and cash equivalent (Note22) | - | 32,991 | 32,991 | - | - | - | - |
Financial liabilities | |||||||
Interest-bearing debt (Note25) | - | 884,728 | 884,728 | 405,469 | 471,544 | - | 877,012 |
Derivatives (Note27) | 3,347 | - | 3,347 | - | 3,347 | - | 3,347 |
Fair value estimation of interest-bearing loans
The fair value of the bond loans was determined using the quoted market values for the bond loans from the Norwegian Verdipapirforetakenes Forbund. The fair value of the other interest-bearing loans is equal to the nominal value.
Fair value estimation of purchased loan portfolios
The fair value of purchased loan portfolios is calculated as the net present value of estimated net cash flows after tax for the next 15 years. The estimated net cash flows from portfolios are the assumed future collections, less assumed collection costs per portfolio and tax. The estimated net cash flows are for existing portfolios only, no cash flows from future investments are included. Collection costs consist of operational costs in the portfolio segment, i.e. commission to debt collection, payroll expenses, premises, communication costs, and other costs directly and indirectly attributable to the debt purchasing segment. The Group\u2019s estimated average tax rate has been applied to the cash flows.
The weighted average cost of capital after tax for the portfolio segment is estimated to 6.9% on 31 December 2025 (2024: 7.7%). Most of the Group\u2019s portfolio cash flows are in EUR, although some part of the Group\u2019s portfolio cash flows are in NOK and SEK. Calculating a currency specific WACC, the risk-free rate element would have increased the WACC slightly compared to the WACC estimated for the Group. A sensitivity analysis of the cash flow estimates is presented in the table to the right.
Fair value sensitivity table
Performance | |||||
EUR million | 90% | 95% | 100% | 105% | 110% |
WACC | |||||
3.9% | 1,281 | 1,350 | 1,419 | 1,489 | 1,558 |
4.9% | 1,223 | 1,289 | 1,355 | 1,421 | 1,488 |
5.9% | 1,169 | 1,233 | 1,296 | 1,359 | 1,423 |
6.9% | 1,120 | 1,181 | 1,241 | 1,302 | 1,363 |
7.9% | 1,074 | 1,132 | 1,191 | 1,249 | 1,307 |
8.9% | 1,032 | 1,088 | 1,144 | 1,200 | 1,256 |
9.9% | 992 | 1,046 | 1,100 | 1,154 | 1,208 |
Fair value of forward flow commitments, balance movements
EUR thousand | 2025 | 2024 |
Balance on 1 Jan | - | 311 |
Value change | - | -120 |
Deliveries | - | -185 |
Currency translation differences | - | -5 |
Balance on 31 Dec | - | - |
Note 17\tFair value measurement
The Group\u2019s financial assets consist of purchased loan portfolios, derivatives, accounts receivable and other non-current assets, restricted cash and cash and cash equivalents. The majority of the Group\u2019s financial assets are classified, at initial recognition, as subsequently measured at amortized cost, with the exception of derivatives which are classified as subsequently measured at fair value through profit or loss. The Group\u2019s debt and other financial liabilities are, with the exception of derivatives, initially recognized at fair value, including transaction costs directly attributable to the transaction, and are subsequently measured at amortized cost. Derivative liabilities are, as derivative assets, measured at fair value through profit or loss.
The Group uses the following hierarchy for determining and disclosing the fair value of financial instruments by the inputs used in the valuation techniques:
Level 1: Quoted prices in active markets for identical assets or liabilities
Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly
Level 3: Inputs for the asset or liability that are not based on observable market data (unobservable input)
The level in this fair value hierarchy within which the measurements are categorized is determined based on the lowest level input that is significant to the fair value measurement.
The following table shows the carrying amounts and fair values of financial assets and financial liabilities, including their levels in the fair value hierarchy. It does not include fair value information for financial assets and financial liabilities not measured at fair value if the carrying amount is a reasonable approximation of fair value.
Carrying amount | Fair value | ||||||
EUR thousand | Fair value through profit or loss | Amortised cost | Total | Level 1 | Level 2 | Level 3 | Total |
2025 | |||||||
Financial assets | |||||||
Purchased loan portfolios (Note18) | - | 1,076,478 | 1,076,478 | - | - | 1,241,266 | 1,241,266 |
Derivatives (Other non-current assets) | 952 | - | 952 | - | 952 | - | 952 |
Other non-current assets | - | 661 | 661 | - | - | - | - |
Accounts receivables (Note21) | - | 6,196 | 6,196 | - | - | - | - |
Restricted cash (Note22) | - | 1,967 | 1,967 | ||||
Cash and cash equivalent (Note22) | - | 35,593 | 35,593 | - | - | - | - |
Financial liabilities | |||||||
Interest-bearing debt (Note25) | - | 837,014 | 837,014 | 398,148 | 467,625 | - | 865,773 |
Derivatives (Note27) | 2,916 | - | 2,916 | - | 2,916 | - | 2,916 |
2024 | |||||||
Financial assets | |||||||
Purchased loan portfolios (Note18) | - | 1,087,472 | 1,087,472 | - | - | 1,221,552 | 1,221,552 |
Derivatives (Other non-current assets) | 659 | - | 659 | - | 659 | - | 659 |
Other non-current assets | - | 772 | 772 | - | - | - | - |
Accounts receivables (Note21) | - | 7,730 | 7,730 | - | - | - | - |
Restricted cash (Note22) | - | 1,882 | 1,882 | - | - | - | - |
Cash and cash equivalent (Note22) | - | 32,991 | 32,991 | - | - | - | - |
Financial liabilities | |||||||
Interest-bearing debt (Note25) | - | 884,728 | 884,728 | 405,469 | 471,544 | - | 877,012 |
Derivatives (Note27) | 3,347 | - | 3,347 | - | 3,347 | - | 3,347 |
Fair value estimation of interest-bearing loans
The fair value of the bond loans was determined using the quoted market values for the bond loans from the Norwegian Verdipapirforetakenes Forbund. The fair value of the other interest-bearing loans is equal to the nominal value.
Fair value estimation of purchased loan portfolios
The fair value of purchased loan portfolios is calculated as the net present value of estimated net cash flows after tax for the next 15 years. The estimated net cash flows from portfolios are the assumed future collections, less assumed collection costs per portfolio and tax. The estimated net cash flows are for existing portfolios only, no cash flows from future investments are included. Collection costs consist of operational costs in the portfolio segment, i.e. commission to debt collection, payroll expenses, premises, communication costs, and other costs directly and indirectly attributable to the debt purchasing segment. The Group\u2019s estimated average tax rate has been applied to the cash flows.
The weighted average cost of capital after tax for the portfolio segment is estimated to 6.9% on 31 December 2025 (2024: 7.7%). Most of the Group\u2019s portfolio cash flows are in EUR, although some part of the Group\u2019s portfolio cash flows are in NOK and SEK. Calculating a currency specific WACC, the risk-free rate element would have increased the WACC slightly compared to the WACC estimated for the Group. A sensitivity analysis of the cash flow estimates is presented in the table to the right.
Fair value sensitivity table
Performance | |||||
EUR million | 90% | 95% | 100% | 105% | 110% |
WACC | |||||
3.9% | 1,281 | 1,350 | 1,419 | 1,489 | 1,558 |
4.9% | 1,223 | 1,289 | 1,355 | 1,421 | 1,488 |
5.9% | 1,169 | 1,233 | 1,296 | 1,359 | 1,423 |
6.9% | 1,120 | 1,181 | 1,241 | 1,302 | 1,363 |
7.9% | 1,074 | 1,132 | 1,191 | 1,249 | 1,307 |
8.9% | 1,032 | 1,088 | 1,144 | 1,200 | 1,256 |
9.9% | 992 | 1,046 | 1,100 | 1,154 | 1,208 |
Fair value of forward flow commitments, balance movements
EUR thousand | 2025 | 2024 |
Balance on 1 Jan | - | 311 |
Value change | - | -120 |
Deliveries | - | -185 |
Currency translation differences | - | -5 |
Balance on 31 Dec | - | - |
Note 18\tPurchased loan portfolios
Purchased loan portfolios consists of portfolios of delinquent consumer debts purchased significantly below nominal value, reflecting incurred and expected credit losses, and thus defined as credit impaired. For purchased loan portfolios, timely collection of principal and interest is no longer reasonably assured at the date of purchase. Purchased loan portfolios are recognized at fair value at the date of purchase. Since the loans are measured at fair value, which includes an estimate of future credit losses, no allowance for credit losses is recorded on the day of acquisition of the loans. The loans are subsequently measured at amortized cost according to a credit adjusted effective interest rate.
Since the delinquent consumer debts are a homogeneous group, the future cash flows are projected on a portfolio basis except for secured portfolios, for which cash flows are projected on a collateral asset basis. The majority of the purchased loan portfolios are unsecured, whereas approximately 11% of the book value of the loans are secured by a property object per 31 December 2025 (2024: 10%).
The carrying amount of each portfolio is determined by projecting future cash flows discounted to present value using the credit adjusted effective interest rate as at the date the portfolio was acquired. The total cash flows (both principal and interest) expected to be collected on purchased credit impaired loans are regularly reviewed. Changes in expected cash flows are adjusted in the carrying amount and are recognized in the profit or loss as revenue or expense in \u2018Net gain/ (loss) purchased loan portfolios\u2019. Interest revenue is recognized using a credit adjusted effective interest rate, included in \u2018Interest revenue from purchased loan portfolios\u2019.
The estimation of future cash flows is affected by several factors, including general macro factors, market specific factors, portfolio specific factors and internal factors. Axactor has incorporated into the estimated remaining collections the effect of the economic factors and conditions that is expected to influence collections going forward. Scenarios have been used to consider possible non-linear relationships between macroeconomic factors and collections.
For more information on accounting principles and a description of significant accounting judgments, estimates and assumptions related to purchased loan portfolios, see note 2.10.1and note 4.
EUR thousand | 2025 | 2024 |
Balance on 1 Jan | 1,087,472 | 1,265,327 |
Acquisitions during the year | 59,296 | 127,757 |
Collections | -266,344 | -356,667 |
Interest revenue from purchased loan portfolios | 199,301 | 222,038 |
Net gain/(loss) purchased loan portfolios | -9,213 | -152,269 |
Repossessions | -2,922 | -3,077 |
Deliveries on forward flow contracts | - | 185 |
Currency translation differences | 8,888 | -15,822 |
Balance on 31 Dec | 1,076,478 | 1,087,472 |
Acquisitions during the year can be split into nominal value of the acquired portfolios and expected credit losses at acquisition as follows:
EUR thousand | 2025 | 2024 |
Nominal value purchased loan portfolios | 1,922,754 | 3,780,879 |
Expected credit losses at acquisition | -1,863,459 | -3,653,122 |
Acquisitions during the year | 59,296 | 127,757 |
The payments during the period for investments in loan portfolios presented in the consolidated statement of cash flow will not correspond to acquisitions during the period due to deferred payments.
The book value of purchased loan portfolios per market is presented in the table below:
31.12.2025 | 31.12.2024 | |||
EUR thousand | Book value | % of total | Book value | % of total |
Finland | 96,700 | 9% | 102,351 | 9% |
Germany | 137,251 | 13% | 152,474 | 14% |
Italy | 144,158 | 13% | 158,001 | 15% |
Norway | 208,374 | 19% | 212,450 | 20% |
Spain | 315,691 | 29% | 297,245 | 27% |
Sweden | 174,305 | 16% | 164,951 | 15% |
Total book value | 1,076,478 | 100% | 1,087,472 | 100% |
The ERC represents the estimated gross collections on the purchased loan portfolios. ERC, amortization, and interest revenue from purchased loan portfolios per year are specified below (year 1 means the first 12 months from the reporting date):
EUR thousand | Estimated remaining collections (ERC), amortization and interest revenue from purchased loan portfolios per year | |||||||||||||||
Year | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | Total ERC |
2025 | ||||||||||||||||
ERC | 261,016 | 287,042 | 265,399 | 231,991 | 193,690 | 166,225 | 148,803 | 133,258 | 116,328 | 98,024 | 86,162 | 76,975 | 67,212 | 59,442 | 53,827 | 2,245,394 |
Amortization | 71,178 | 116,913 | 119,944 | 109,823 | 90,311 | 77,096 | 71,911 | 67,678 | 61,315 | 52,254 | 48,842 | 47,798 | 46,072 | 46,292 | 49,052 | 1,076,478 |
Interest revenue | 189,838 | 170,129 | 145,454 | 122,168 | 103,379 | 89,130 | 76,892 | 65,580 | 55,013 | 45,770 | 37,320 | 29,178 | 21,141 | 13,150 | 4,775 | 1,168,916 |
2024 | ||||||||||||||||
ERC | 258,370 | 267,437 | 261,253 | 238,684 | 211,405 | 181,386 | 160,781 | 144,227 | 129,412 | 113,140 | 95,242 | 83,210 | 73,814 | 64,402 | 56,964 | 2,339,729 |
Amortization | 65,964 | 90,888 | 105,702 | 104,680 | 97,594 | 83,769 | 76,451 | 71,981 | 68,481 | 62,940 | 54,624 | 51,536 | 50,846 | 50,235 | 51,778 | 1,087,472 |
Interest revenue | 192,406 | 176,549 | 155,550 | 134,004 | 113,811 | 97,618 | 84,330 | 72,245 | 60,932 | 50,200 | 40,618 | 31,674 | 22,968 | 14,167 | 5,186 | 1,252,257 |
Purchased loan portfolios consists of portfolios of delinquent consumer debts purchased significantly below nominal value, reflecting incurred and expected credit losses, and thus defined as credit impaired. For purchased loan portfolios, timely collection of principal and interest is no longer reasonably assured at the date of purchase. Purchased loan portfolios are recognized at fair value at the date of purchase. Since the loans are measured at fair value, which includes an estimate of future credit losses, no allowance for credit losses is recorded on the day of acquisition of the loans. The loans are subsequently measured at amortized cost according to a credit adjusted effective interest rate.
Since the delinquent consumer debts are a homogeneous group, the future cash flows are projected on a portfolio basis except for secured portfolios, for which cash flows are projected on a collateral asset basis. The majority of the purchased loan portfolios are unsecured, whereas approximately 11% of the book value of the loans are secured by a property object per 31 December 2025 (2024: 10%).
The carrying amount of each portfolio is determined by projecting future cash flows discounted to present value using the credit adjusted effective interest rate as at the date the portfolio was acquired. The total cash flows (both principal and interest) expected to be collected on purchased credit impaired loans are regularly reviewed. Changes in expected cash flows are adjusted in the carrying amount and are recognized in the profit or loss as revenue or expense in \u2018Net gain/ (loss) purchased loan portfolios\u2019. Interest revenue is recognized using a credit adjusted effective interest rate, included in \u2018Interest revenue from purchased loan portfolios\u2019.
The estimation of future cash flows is affected by several factors, including general macro factors, market specific factors, portfolio specific factors and internal factors. Axactor has incorporated into the estimated remaining collections the effect of the economic factors and conditions that is expected to influence collections going forward. Scenarios have been used to consider possible non-linear relationships between macroeconomic factors and collections.
For more information on accounting principles and a description of significant accounting judgments, estimates and assumptions related to purchased loan portfolios, see note 2.10.1and note 4.
EUR thousand | 2025 | 2024 |
Balance on 1 Jan | 1,087,472 | 1,265,327 |
Acquisitions during the year | 59,296 | 127,757 |
Collections | -266,344 | -356,667 |
Interest revenue from purchased loan portfolios | 199,301 | 222,038 |
Net gain/(loss) purchased loan portfolios | -9,213 | -152,269 |
Repossessions | -2,922 | -3,077 |
Deliveries on forward flow contracts | - | 185 |
Currency translation differences | 8,888 | -15,822 |
Balance on 31 Dec | 1,076,478 | 1,087,472 |
Acquisitions during the year can be split into nominal value of the acquired portfolios and expected credit losses at acquisition as follows:
EUR thousand | 2025 | 2024 |
Nominal value purchased loan portfolios | 1,922,754 | 3,780,879 |
Expected credit losses at acquisition | -1,863,459 | -3,653,122 |
Acquisitions during the year | 59,296 | 127,757 |
The payments during the period for investments in loan portfolios presented in the consolidated statement of cash flow will not correspond to acquisitions during the period due to deferred payments.
The book value of purchased loan portfolios per market is presented in the table below:
31.12.2025 | 31.12.2024 | |||
EUR thousand | Book value | % of total | Book value | % of total |
Finland | 96,700 | 9% | 102,351 | 9% |
Germany | 137,251 | 13% | 152,474 | 14% |
Italy | 144,158 | 13% | 158,001 | 15% |
Norway | 208,374 | 19% | 212,450 | 20% |
Spain | 315,691 | 29% | 297,245 | 27% |
Sweden | 174,305 | 16% | 164,951 | 15% |
Total book value | 1,076,478 | 100% | 1,087,472 | 100% |
The ERC represents the estimated gross collections on the purchased loan portfolios. ERC, amortization, and interest revenue from purchased loan portfolios per year are specified below (year 1 means the first 12 months from the reporting date):
EUR thousand | Estimated remaining collections (ERC), amortization and interest revenue from purchased loan portfolios per year | |||||||||||||||
Year | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | Total ERC |
2025 | ||||||||||||||||
ERC | 261,016 | 287,042 | 265,399 | 231,991 | 193,690 | 166,225 | 148,803 | 133,258 | 116,328 | 98,024 | 86,162 | 76,975 | 67,212 | 59,442 | 53,827 | 2,245,394 |
Amortization | 71,178 | 116,913 | 119,944 | 109,823 | 90,311 | 77,096 | 71,911 | 67,678 | 61,315 | 52,254 | 48,842 | 47,798 | 46,072 | 46,292 | 49,052 | 1,076,478 |
Interest revenue | 189,838 | 170,129 | 145,454 | 122,168 | 103,379 | 89,130 | 76,892 | 65,580 | 55,013 | 45,770 | 37,320 | 29,178 | 21,141 | 13,150 | 4,775 | 1,168,916 |
2024 | ||||||||||||||||
ERC | 258,370 | 267,437 | 261,253 | 238,684 | 211,405 | 181,386 | 160,781 | 144,227 | 129,412 | 113,140 | 95,242 | 83,210 | 73,814 | 64,402 | 56,964 | 2,339,729 |
Amortization | 65,964 | 90,888 | 105,702 | 104,680 | 97,594 | 83,769 | 76,451 | 71,981 | 68,481 | 62,940 | 54,624 | 51,536 | 50,846 | 50,235 | 51,778 | 1,087,472 |
Interest revenue | 192,406 | 176,549 | 155,550 | 134,004 | 113,811 | 97,618 | 84,330 | 72,245 | 60,932 | 50,200 | 40,618 | 31,674 | 22,968 | 14,167 | 5,186 | 1,252,257 |
Accounts receivable
EUR thousand | 2025 | 2024 |
Accounts receivable | 6,196 | 7,730 |
Due to the nature of the business the amount of outstanding accounts receivable is low and shows an acceptable aging. Allowances for doubtful debts are recognized against account receivable on an individual basis. The allowance amount recognized is immaterial.
Other current assets
EUR thousand | 31.12.2025 | 31.12.2024 |
Prepaid taxes | 8,395 | 10,115 |
Prepaid expenses | 15,055 | 13,121 |
Accrued revenue\u200c 1 | 9,519 | 7,378 |
Public duties receivable | 788 | 788 |
Other | 2,720 | 5,749 |
Total other current assets | 36,477 | 37,151 |
1Accrued revenue relates to 3PC business
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:549300P5VT8OMA17TJ33", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__6__95": { "value": "Note 20\tShares in subsidiaries
The table is an overview of the subsidiaries included in the Axactor Group. The proportion of ownership interests held equals the voting rights held by the Group. The financial figures of the subsidiaries have been included in the consolidated financial statements of the Group from the date of acquisition.
EUR thousand | Ownership | Head office | Country |
Axactor Holding S.r.l. | 100.0% | Milan | Italy |
Axactor Italy S.p.A. | 100.0% | Milan | Italy |
Axactor Italy Servicing S.r.l. | 100.0% | Grosseto | Italy |
Axactor Portfolio Holding AB | 100.0% | Gothenburg | Sweden |
Axactor Platform Holding AB | 100.0% | Gothenburg | Sweden |
Axactor Sweden AB | 100.0% | Gothenburg | Sweden |
Axactor Capital AS | 100.0% | Oslo | Norway |
Axactor Norway AS | 100.0% | Drammen | Norway |
Reolux Holding S.\u00e0 r.l . | 100.0% | Luxembourg | Luxembourg |
Axactor Invest 1 S.\u00e0 r.l . | 100.0% | Luxembourg | Luxembourg |
Beta Properties SLU | 100.0% | Madrid | Spain |
Axactor Espana SLU | 100.0% | Madrid | Spain |
Axactor Espana Platform SA | 100.0% | Madrid | Spain |
Axactor Germany Holding GmbH | 100.0% | Heidelberg | Germany |
Axactor Germany GmbH | 100.0% | Heidelberg | Germany |
Heidelberger Forderingskauf GmbH | 100.0% | Heidelberg | Germany |
Heidelberger Forderungskaurf II GmbH | 100.0% | Heidelberg | Germany |
Axactor Finland OY | 100.0% | Helsinki | Finland |
Changes in ownership interest in 2025
Axactor ASA purchased the shares held by minority interest in Reloux S.\u00e0 r.l. in February 2025.
The table is an overview of the subsidiaries included in the Axactor Group. The proportion of ownership interests held equals the voting rights held by the Group. The financial figures of the subsidiaries have been included in the consolidated financial statements of the Group from the date of acquisition.
EUR thousand | Ownership | Head office | Country |
Axactor Holding S.r.l. | 100.0% | Milan | Italy |
Axactor Italy S.p.A. | 100.0% | Milan | Italy |
Axactor Italy Servicing S.r.l. | 100.0% | Grosseto | Italy |
Axactor Portfolio Holding AB | 100.0% | Gothenburg | Sweden |
Axactor Platform Holding AB | 100.0% | Gothenburg | Sweden |
Axactor Sweden AB | 100.0% | Gothenburg | Sweden |
Axactor Capital AS | 100.0% | Oslo | Norway |
Axactor Norway AS | 100.0% | Drammen | Norway |
Reolux Holding S.\u00e0 r.l . | 100.0% | Luxembourg | Luxembourg |
Axactor Invest 1 S.\u00e0 r.l . | 100.0% | Luxembourg | Luxembourg |
Beta Properties SLU | 100.0% | Madrid | Spain |
Axactor Espana SLU | 100.0% | Madrid | Spain |
Axactor Espana Platform SA | 100.0% | Madrid | Spain |
Axactor Germany Holding GmbH | 100.0% | Heidelberg | Germany |
Axactor Germany GmbH | 100.0% | Heidelberg | Germany |
Heidelberger Forderingskauf GmbH | 100.0% | Heidelberg | Germany |
Heidelberger Forderungskaurf II GmbH | 100.0% | Heidelberg | Germany |
Axactor Finland OY | 100.0% | Helsinki | Finland |
Changes in ownership interest in 2025
Axactor ASA purchased the shares held by minority interest in Reloux S.\u00e0 r.l. in February 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:549300P5VT8OMA17TJ33", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__6__97": { "value": "Note 21\tAccounts receivable and other current assets
Accounts receivable
EUR thousand | 2025 | 2024 |
Accounts receivable | 6,196 | 7,730 |
Due to the nature of the business the amount of outstanding accounts receivable is low and shows an acceptable aging. Allowances for doubtful debts are recognized against account receivable on an individual basis. The allowance amount recognized is immaterial.
Other current assets
EUR thousand | 31.12.2025 | 31.12.2024 |
Prepaid taxes | 8,395 | 10,115 |
Prepaid expenses | 15,055 | 13,121 |
Accrued revenue\u200c 1 | 9,519 | 7,378 |
Public duties receivable | 788 | 788 |
Other | 2,720 | 5,749 |
Total other current assets | 36,477 | 37,151 |
1Accrued revenue relates to 3PC business
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:549300P5VT8OMA17TJ33", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__6__99": { "value": "Note 21\tAccounts receivable and other current assets
Accounts receivable
EUR thousand | 2025 | 2024 |
Accounts receivable | 6,196 | 7,730 |
Due to the nature of the business the amount of outstanding accounts receivable is low and shows an acceptable aging. Allowances for doubtful debts are recognized against account receivable on an individual basis. The allowance amount recognized is immaterial.
Other current assets
EUR thousand | 31.12.2025 | 31.12.2024 |
Prepaid taxes | 8,395 | 10,115 |
Prepaid expenses | 15,055 | 13,121 |
Accrued revenue\u200c 1 | 9,519 | 7,378 |
Public duties receivable | 788 | 788 |
Other | 2,720 | 5,749 |
Total other current assets | 36,477 | 37,151 |
1Accrued revenue relates to 3PC business
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:549300P5VT8OMA17TJ33", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__6__98": { "value": "Due to the nature of the business the amount of outstanding accounts receivable is low and shows an acceptable aging. Allowances for doubtful debts are recognized against account receivable on an individual basis. The allowance amount recognized is immaterial.", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:549300P5VT8OMA17TJ33", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__6__101": { "value": "Note 22\tCash
EUR thousand | 2025 | 2024 |
EUR1 | -10,990 | 6,298 |
NOK | 36,611 | 22,942 |
SEK | 9,972 | 3,751 |
Total cash and cash equivalents by currency | 35,593 | 32,991 |
1The cash pool has a negative balance in EUR which is more than offset by positive balances in NOK and SEK
EUR thousand | 2025 | 2024 |
Restricted cash - client funds2 | 1,117 | 1,050 |
Restricted cash and bank deposits | 850 | 832 |
Total restricted cash | 1,967 | 1,882 |
2The corresponding client funds payable is reported as part of other current liabilities in note28.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:549300P5VT8OMA17TJ33", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__6__102": { "value": "Note 22\tCash
EUR thousand | 2025 | 2024 |
EUR1 | -10,990 | 6,298 |
NOK | 36,611 | 22,942 |
SEK | 9,972 | 3,751 |
Total cash and cash equivalents by currency | 35,593 | 32,991 |
1The cash pool has a negative balance in EUR which is more than offset by positive balances in NOK and SEK
EUR thousand | 2025 | 2024 |
Restricted cash - client funds2 | 1,117 | 1,050 |
Restricted cash and bank deposits | 850 | 832 |
Total restricted cash | 1,967 | 1,882 |
2The corresponding client funds payable is reported as part of other current liabilities in note28.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:549300P5VT8OMA17TJ33", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__6__103": { "value": "EUR thousand | 2025 | 2024 |
EUR1 | -10,990 | 6,298 |
NOK | 36,611 | 22,942 |
SEK | 9,972 | 3,751 |
Total cash and cash equivalents by currency | 35,593 | 32,991 |
1The cash pool has a negative balance in EUR which is more than offset by positive balances in NOK and SEK
EUR thousand | 2025 | 2024 |
Restricted cash - client funds2 | 1,117 | 1,050 |
Restricted cash and bank deposits | 850 | 832 |
Total restricted cash | 1,967 | 1,882 |
2The corresponding client funds payable is reported as part of other current liabilities in note28.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:549300P5VT8OMA17TJ33", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__6__104": { "value": "Note 23\tIssued shares and share capital
The share capital of Axactor ASA as of 31 December 2025 was NOK 1,537,920,412 (EUR 158,368,902) consisting of 302,145,464 ordinary shares at NOK 5.09 per share. Each share has the same rights, and all issued shares are fully paid.
Issued shares and share capital
Number of shares | Share capital (EUR) | |
On 31 Dec 2023 | 302,145,464 | 158,368,902 |
On 31 Dec 2024 | 302,145,464 | 158,368,902 |
On 31 Dec 2025 | 302,145,464 | 158,368,902 |
20 largest shareholders on 31 December 2025
Name | Shareholding | Share % |
Geveran Trading Company Ltd | 150,385,439 | 49.8% |
Skandinaviska Enskilda Banken AB | 11,037,106 | 3.7% |
DNB Markets Aksjehandel/-Analyse | 10,000,000 | 3.3% |
Skandinaviska Enskilda Banken AB (Lateral Technology) | 5,279,467 | 1.7% |
Siljan Industrier AS | 5,188,001 | 1.7% |
J.P. Morgan SE (Luxembourg) | 4,454,162 | 1.5% |
Spectatio Finans AS | 3,798,144 | 1.3% |
Verdipapirfondet DNB SMB | 3,437,726 | 1.1% |
Nordnet Livsforsikring AS | 3,233,195 | 1.1% |
Stiftelsen Kistefos | 3,000,000 | 1.0% |
Stavern Helse og Forvaltning AS | 3,000,000 | 1.0% |
Nordnet Bank AB | 2,987,010 | 1.0% |
Latino Invest AS/Johnny Tsolis | 2,170,000 | 0.7% |
J.P. Morgan SE (Sweden) | 2,096,153 | 0.7% |
Gvepseborg AS | 1,195,404 | 0.4% |
Andres Lopez Sanchez | 1,177,525 | 0.4% |
David Martin Ibeas | 1,177,525 | 0.4% |
Clearstream Banking S.A. | 1,100,927 | 0.4% |
Ragnar Flak Thomassen | 1,002,090 | 0.3% |
Jan Erik Andersen | 1,000,000 | 0.3% |
Total 20 largest shareholders | 216,719,874 | 71.7% |
Other shareholders | 85,425,590 | 28.3% |
Total number of shares | 302,145,464 | 100% |
Total number of shareholders | 7,162 |
Shares owned by the Board and Group executive management on 31 December 2025
Name | Shareholding | Share % |
Latino Invest AS /Johnny Tsolis\u200c 1 | 2,170,000 | 0.7% |
Terje Mj\u00f8s, through Awe Invest AS\u200c 2 | 750,000 | 0.2% |
Karl Mamelund\u200c 3 | 276,858 | 0.1% |
Vibeke Ly\u200c 3 | 240,850 | 0.1% |
Arnt Andre Dullum 3 | 200,000 | 0.1% |
Nina Mortensen 3 | 160,000 | 0.1% |
Kyrre Svae 3 | 80,000 | < 0.1% |
Kjersti H\u00f8klingen 2 | 21,000 | < 0.1% |
Brita Eilertsen 2 | 19,892 | < 0.1% |
\u00d8rjan Svanevik, through Oavik Capital AS 2 | 13,000 | < 0.1% |
1CEO/related to the CEO of Axactor ASA
2Member of the Board/controlled by member of the Board
3Member of the Group executive management
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:549300P5VT8OMA17TJ33", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__6__105": { "value": "Note 23\tIssued shares and share capital
The share capital of Axactor ASA as of 31 December 2025 was NOK 1,537,920,412 (EUR 158,368,902) consisting of 302,145,464 ordinary shares at NOK 5.09 per share. Each share has the same rights, and all issued shares are fully paid.
Issued shares and share capital
Number of shares | Share capital (EUR) | |
On 31 Dec 2023 | 302,145,464 | 158,368,902 |
On 31 Dec 2024 | 302,145,464 | 158,368,902 |
On 31 Dec 2025 | 302,145,464 | 158,368,902 |
20 largest shareholders on 31 December 2025
Name | Shareholding | Share % |
Geveran Trading Company Ltd | 150,385,439 | 49.8% |
Skandinaviska Enskilda Banken AB | 11,037,106 | 3.7% |
DNB Markets Aksjehandel/-Analyse | 10,000,000 | 3.3% |
Skandinaviska Enskilda Banken AB (Lateral Technology) | 5,279,467 | 1.7% |
Siljan Industrier AS | 5,188,001 | 1.7% |
J.P. Morgan SE (Luxembourg) | 4,454,162 | 1.5% |
Spectatio Finans AS | 3,798,144 | 1.3% |
Verdipapirfondet DNB SMB | 3,437,726 | 1.1% |
Nordnet Livsforsikring AS | 3,233,195 | 1.1% |
Stiftelsen Kistefos | 3,000,000 | 1.0% |
Stavern Helse og Forvaltning AS | 3,000,000 | 1.0% |
Nordnet Bank AB | 2,987,010 | 1.0% |
Latino Invest AS/Johnny Tsolis | 2,170,000 | 0.7% |
J.P. Morgan SE (Sweden) | 2,096,153 | 0.7% |
Gvepseborg AS | 1,195,404 | 0.4% |
Andres Lopez Sanchez | 1,177,525 | 0.4% |
David Martin Ibeas | 1,177,525 | 0.4% |
Clearstream Banking S.A. | 1,100,927 | 0.4% |
Ragnar Flak Thomassen | 1,002,090 | 0.3% |
Jan Erik Andersen | 1,000,000 | 0.3% |
Total 20 largest shareholders | 216,719,874 | 71.7% |
Other shareholders | 85,425,590 | 28.3% |
Total number of shares | 302,145,464 | 100% |
Total number of shareholders | 7,162 |
Shares owned by the Board and Group executive management on 31 December 2025
Name | Shareholding | Share % |
Latino Invest AS /Johnny Tsolis\u200c 1 | 2,170,000 | 0.7% |
Terje Mj\u00f8s, through Awe Invest AS\u200c 2 | 750,000 | 0.2% |
Karl Mamelund\u200c 3 | 276,858 | 0.1% |
Vibeke Ly\u200c 3 | 240,850 | 0.1% |
Arnt Andre Dullum 3 | 200,000 | 0.1% |
Nina Mortensen 3 | 160,000 | 0.1% |
Kyrre Svae 3 | 80,000 | < 0.1% |
Kjersti H\u00f8klingen 2 | 21,000 | < 0.1% |
Brita Eilertsen 2 | 19,892 | < 0.1% |
\u00d8rjan Svanevik, through Oavik Capital AS 2 | 13,000 | < 0.1% |
1CEO/related to the CEO of Axactor ASA
2Member of the Board/controlled by member of the Board
3Member of the Group executive management
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:549300P5VT8OMA17TJ33", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__6__106": { "value": "Note 24\tShare-based payments
The Group operates an equity-settled option program designed to incentivize and retain key employees. Each option entitles the holder to acquire one share in Axactor ASA upon exercise. Options do not confer dividend or voting rights prior to conversion into ordinary shares. Although certain share options under the ESOP2022 program were settled in cash in 2025, the Group does not intend to use cash settlement for future awards.
Share options granted 2022-2025
The share options granted in 2022 to 2025 vest annually in equal tranches over three years following the date of the grant. One third of the options vests subject to the option holder being employed at the vesting date, one third vests based on relative market performance in the performance period and one third vests based on the Group\u2019s return on equity in the performance period. The performance period is three years from the date of the grant, and the options expire five years after the grant date.
Measurement of fair values
The Black-Scholes-Merton Option Pricing Model is used for valuing the share options without performance criteria, whereas the Monte Carlo Valuation Model is used to estimate the fair value of the options subject to performance criteria.
Expected volatility has been based on an evaluation of the historical volatility of Axactor\u2019s share price equal to the expected lifetime of the options. The lifetime of the option is set to the shortest period of either one year after vesting or expiry. The expected lifetime is hence not always set to expiry. This is because it is reasonable to assume, and prior exercise behavior has shown, that participants tend to exercise early as the options are \u201cnon-transferable\u201d and the options\u2019 gains are taxed as personal income (higher) and gains on ordinary shares are taxed as capital gains (lower). It is only possible to exercise at structured exercise windows, which might not coincide with time of vesting. The shortest period of either one year after vesting or expiry is therefore used as the assumption for the life of the option. Exercise patterns are monitored frequently and expected option lifetime for future grants will reflect exercise behavior.
The inputs used in the measurement of the fair values at grant date of the equity settled share-based payment plans approved in 2025 were as follows (weighted average parameters at grant):
2025-grant | |
Strike price (NOK) | 4.28 |
Share price (NOK) | 5.15 |
Expected lifetime | 3.67 |
Volatility | 34.8% |
Interest rate | 3.6% |
Dividend | - |
Fair value per option | 1.83 |
Outstanding share options
The number and weighted-average exercise prices of share options outstanding during the year are as follows:
2025 | 2024 | |||
Activity | Number of options | Weighted average strike price (NOK) | Number of options | Weighted average strike price (NOK) |
Outstanding on 1 Jan | 15,083,333 | 11.32 | 15,942,100 | 13.92 |
Granted during the year | 3,000,000 | 4.28 | 2,750,000 | 4.30 |
Exercised | -1,450,004 | 6.07 | - | - |
Performance adjusted | -3,433,329 | 6.07 | - | - |
Terminated | - | - | -516,667 | 5.50 |
Expired during the year | -4,750,000 | 24.05 | -3,092,100 | 19.42 |
Outstanding on 31 Dec | 8,450,000 | 4.70 | 15,083,333 | 11.32 |
Vested on 31 Dec | 200,000 | 6.07 | 4,750,000 | 24.05 |
On 31 December 2025, the Group has options outstanding that were granted from 2022 to 2025. The exercise prices vary from NOK 4.28 to NOK 6.07 per option (2024: NOK 4.30 to NOK 28.00).
Outstanding options | Vested options | ||||
Strike price (NOK) | Number of options | Weighted average remaining contractual life | Weighted average strike price (NOK) | Vested options 31.12.2025 | Weighted average strike price (NOK) |
4.28 | 3,000,000 | 4.35 | 4.28 | - | - |
4.30 | 2,625,000 | 3.46 | 4.30 | - | - |
5.48 | 2,625,000 | 2.46 | 5.48 | - | - |
6.07 | 200,000 | 1.46 | 6.07 | 200,000 | 6.07 |
Total | 8,450,000 | 200,000 |
Expenses recognized in profit or loss and liabilities arising from share-based payment transactions
The total expenses recognized for the share-based programs during 2025 was EUR 0.4 million (2024: EUR 0.4 million). There are no liabilities related to share-based payment transactions on 31 December 2025 (2024: EUR 0 million), total social security tax provisions amount to EUR 0.1 million on 31 December 2025 (2024: EUR 0 million).
Note 25\tInterest-bearing loans and borrowings
The Group\u2019s total loans and borrowings are as follows:
EUR thousand | Currency1 | Facility limit | Nominal value | Treasury bonds | Carrying amount | Interest coupon | Maturity |
Facility | |||||||
Bond ACR03 (ISIN NO0011093718) | EUR | 65,190 | 64,924 | 3m EURIBOR + 535bps | 15.09.2026 | ||
Bond ACR04 (ISIN NO0013005264) | NOK | 194,233 | -1,715 | 191,594 | 3m NIBOR + 825bps | 07.09.2027 | |
Bond ACR05 (ISIN NO0013583229) | EUR | 125,000 | 123,838 | 3m EURIBOR + 750bps | 13.06.2029 | ||
Total bond loans | 384,423 | -1,715 | 380,356 | ||||
Revolving credit facility (RCF) | EUR | 342,596 | 331,629 | EURIBOR + margin | 28.06.2028 | ||
(multi-currency facility) | SEK | 125,029 | 125,029 | STIBOR + margin | 28.06.2028 | ||
Total credit facilities | 545,000 | 467,625 | 456,658 | ||||
Total interest-bearing loans and borrowings on 31 Dec 2025 | 852,049 | -1,715 | 837,014 | ||||
whereof: | |||||||
Non-current | NOK/SEK/EUR | 786,859 | -1,715 | 772,090 | See above | ||
Current | EUR | 65,190 | - | 64,924 | 15.09.2026 |
1All reported figures shown as EUR equivalent values.
Change in loans and borrowings from financial activities
EUR thousand | Bond loans | Credit facilities | Total Borrowings |
Total interest-bearing loans and borrowings on 31 Dec 2023 | 480,215 | 458,889 | 939,104 |
Proceeds from loans and borrowings | - | 42,000 | 42,000 |
Repayment of loans and borrowings | -50,860 | -38,461 | -89,321 |
Loan fees | -117 | - | -117 |
Total changes in financial cash flow | -50,977 | 3,539 | -47,438 |
Amortization of capitalized loan fees | 2,111 | 5,229 | 7,340 |
Currency translation differences | -9,702 | -4,693 | -14,395 |
Other non-cash movements | 117 | - | 117 |
Total interest-bearing loans and borrowings on 31 Dec 2024 | 421,764 | 462,964 | 884,728 |
Proceeds from loans and borrowings | 125,000 | 46,000 | 171,000 |
Repayment of loans and borrowings | -166,715 | -58,430 | -225,144 |
Loan fees | -1,298 | -8,134 | -9,432 |
Total changes in financial cash flow | -43,013 | -20,564 | -63,576 |
Amortization of capitalized loan fees | 2,369 | 5,605 | 7,974 |
Currency translation differences | -764 | 8,511 | 7,747 |
Other non-cash movements | - | 142 | 142 |
Total interest-bearing loans and borrowings on 31 Dec 2025 | 380,356 | 456,658 | 837,014 |
Change in lease liabilities are presented in note10.
Maturity
The maturity calculation is made under the assumption that no new portfolios are acquired, and the revolving credit facility draw is constant to maturity date.
Estimated future cash flow within | |||||||
Currency | Carrying amount | Total estimated future cash flow | 6 months or\u00a0less | 6\u201312 months | 1\u20132 years | 2\u20135 years | |
Bond ACR03 (ISIN NO0011093718) | EUR | 64,924 | 68,850 | 2,432 | 66,418 | - | - |
Bond ACR04 (ISIN NO0013005264) | NOK | 191,594 | 232,275 | 11,298 | 11,377 | 209,600 | - |
Bond ACR05 (ISIN NO0013583229) | EUR | 123,838 | 167,510 | 6,014 | 6,084 | 12,164 | 143,247 |
Total bond loan | 380,356 | 468,635 | 19,744 | 83,879 | 221,765 | 143,247 | |
Revolving credit facility (multi-currency facility) | EUR/SEK | 456,658 | 563,856 | 12,932 | 13,249 | 26,584 | 511,090 |
Total credit facilities | 456,658 | 563,856 | 12,932 | 13,249 | 26,584 | 511,090 | |
Total interest-bearing loans and borrowings at end of period | 837,014 | 1,032,491 | 32,677 | 97,128 | 248,349 | 654,337 |
Revolving credit facility DNB/Nordea
The revolving credit facility consists of EUR 545 million in a multi-currency facility. The loan carries a variable interest rate based on the interbank rate in each currency with a margin. The maturity date for the facility is 28 June 2028.
The following financial covenants apply:
\u2022NIBD ratio to pro-forma adjusted cash EBITDA \u2264 3:1 (secured loans (RCF) less cash to pro-forma adjusted cash EBITDA L12M)
\u2022Portfolio loan to value ratio \u2264 60% (NIBD to total book value of loan portfolios)
\u2022Portfolio collection performance \u2265 90% (actual portfolio performance L6M to active forecast L6M)
\u2022Parent loan to value \u2264 80% (total loans for the Group less cash to total book value of all loan portfolios and repossessed assets)
Axactor is compliant with all covenants.
All subsidiaries of the Group, except Reolux Holding S.\u00e0 r.l. and its subsidiaries, are part of the security package for this facility. The subsidiaries that are part of the security package are guarantors and have granted a share pledge and a bank account pledge with the exception of Axactor Italy S.p.A. and the subsidiaries of Axactor Portfolio Holding AB where there is only granted a share pledge.
Bond loans
ACR03 (ISIN NO0011093718)
The bond was placed at 3m EURIBOR + 5.35% interest, with maturity date 15 September 2026. The bond is listed on Oslo B\u00f8rs.
ACR04 (ISIN NO0013005264)
The bond was placed at 3m NIBOR + 8.25% interest, with maturity date 7 September 2027. The bond is listed on Oslo B\u00f8rs.
ACR05 (ISIN NO0013583229)
The bond was placed at 3m EURIBOR + 7.50% interest, with maturity date 13 June 2029. The bond was listed on Oslo B\u00f8rs from 8 October 2025.
The following financial covenants apply to all bond loans:
\u2022Interest coverage ratio: \u2265 3.0x for ACR03 and ACR04 and \u2265 2.75x for ACR05 (Pro-forma adjusted Cash EBITDA to net interest expenses)
\u2022Leverage ratio: \u2264 4.0x (NIBD to pro-forma adjusted cash EBITDA)
\u2022Net loan to value: \u2264 80% (NIBD to total book value all loan portfolios and repossessed assets)
\u2022Net secured loan to value: \u2264 60% (secured loans less cash to total book value all loan portfolios and repossessed assets)
Axactor is compliant with all covenants.
Trustee: Nordic Trustee
Note 25\tInterest-bearing loans and borrowings
The Group\u2019s total loans and borrowings are as follows:
EUR thousand | Currency1 | Facility limit | Nominal value | Treasury bonds | Carrying amount | Interest coupon | Maturity |
Facility | |||||||
Bond ACR03 (ISIN NO0011093718) | EUR | 65,190 | 64,924 | 3m EURIBOR + 535bps | 15.09.2026 | ||
Bond ACR04 (ISIN NO0013005264) | NOK | 194,233 | -1,715 | 191,594 | 3m NIBOR + 825bps | 07.09.2027 | |
Bond ACR05 (ISIN NO0013583229) | EUR | 125,000 | 123,838 | 3m EURIBOR + 750bps | 13.06.2029 | ||
Total bond loans | 384,423 | -1,715 | 380,356 | ||||
Revolving credit facility (RCF) | EUR | 342,596 | 331,629 | EURIBOR + margin | 28.06.2028 | ||
(multi-currency facility) | SEK | 125,029 | 125,029 | STIBOR + margin | 28.06.2028 | ||
Total credit facilities | 545,000 | 467,625 | 456,658 | ||||
Total interest-bearing loans and borrowings on 31 Dec 2025 | 852,049 | -1,715 | 837,014 | ||||
whereof: | |||||||
Non-current | NOK/SEK/EUR | 786,859 | -1,715 | 772,090 | See above | ||
Current | EUR | 65,190 | - | 64,924 | 15.09.2026 |
1All reported figures shown as EUR equivalent values.
Change in loans and borrowings from financial activities
EUR thousand | Bond loans | Credit facilities | Total Borrowings |
Total interest-bearing loans and borrowings on 31 Dec 2023 | 480,215 | 458,889 | 939,104 |
Proceeds from loans and borrowings | - | 42,000 | 42,000 |
Repayment of loans and borrowings | -50,860 | -38,461 | -89,321 |
Loan fees | -117 | - | -117 |
Total changes in financial cash flow | -50,977 | 3,539 | -47,438 |
Amortization of capitalized loan fees | 2,111 | 5,229 | 7,340 |
Currency translation differences | -9,702 | -4,693 | -14,395 |
Other non-cash movements | 117 | - | 117 |
Total interest-bearing loans and borrowings on 31 Dec 2024 | 421,764 | 462,964 | 884,728 |
Proceeds from loans and borrowings | 125,000 | 46,000 | 171,000 |
Repayment of loans and borrowings | -166,715 | -58,430 | -225,144 |
Loan fees | -1,298 | -8,134 | -9,432 |
Total changes in financial cash flow | -43,013 | -20,564 | -63,576 |
Amortization of capitalized loan fees | 2,369 | 5,605 | 7,974 |
Currency translation differences | -764 | 8,511 | 7,747 |
Other non-cash movements | - | 142 | 142 |
Total interest-bearing loans and borrowings on 31 Dec 2025 | 380,356 | 456,658 | 837,014 |
Change in lease liabilities are presented in note10.
Maturity
The maturity calculation is made under the assumption that no new portfolios are acquired, and the revolving credit facility draw is constant to maturity date.
Estimated future cash flow within | |||||||
Currency | Carrying amount | Total estimated future cash flow | 6 months or\u00a0less | 6\u201312 months | 1\u20132 years | 2\u20135 years | |
Bond ACR03 (ISIN NO0011093718) | EUR | 64,924 | 68,850 | 2,432 | 66,418 | - | - |
Bond ACR04 (ISIN NO0013005264) | NOK | 191,594 | 232,275 | 11,298 | 11,377 | 209,600 | - |
Bond ACR05 (ISIN NO0013583229) | EUR | 123,838 | 167,510 | 6,014 | 6,084 | 12,164 | 143,247 |
Total bond loan | 380,356 | 468,635 | 19,744 | 83,879 | 221,765 | 143,247 | |
Revolving credit facility (multi-currency facility) | EUR/SEK | 456,658 | 563,856 | 12,932 | 13,249 | 26,584 | 511,090 |
Total credit facilities | 456,658 | 563,856 | 12,932 | 13,249 | 26,584 | 511,090 | |
Total interest-bearing loans and borrowings at end of period | 837,014 | 1,032,491 | 32,677 | 97,128 | 248,349 | 654,337 |
Revolving credit facility DNB/Nordea
The revolving credit facility consists of EUR 545 million in a multi-currency facility. The loan carries a variable interest rate based on the interbank rate in each currency with a margin. The maturity date for the facility is 28 June 2028.
The following financial covenants apply:
\u2022NIBD ratio to pro-forma adjusted cash EBITDA \u2264 3:1 (secured loans (RCF) less cash to pro-forma adjusted cash EBITDA L12M)
\u2022Portfolio loan to value ratio \u2264 60% (NIBD to total book value of loan portfolios)
\u2022Portfolio collection performance \u2265 90% (actual portfolio performance L6M to active forecast L6M)
\u2022Parent loan to value \u2264 80% (total loans for the Group less cash to total book value of all loan portfolios and repossessed assets)
Axactor is compliant with all covenants.
All subsidiaries of the Group, except Reolux Holding S.\u00e0 r.l. and its subsidiaries, are part of the security package for this facility. The subsidiaries that are part of the security package are guarantors and have granted a share pledge and a bank account pledge with the exception of Axactor Italy S.p.A. and the subsidiaries of Axactor Portfolio Holding AB where there is only granted a share pledge.
Bond loans
ACR03 (ISIN NO0011093718)
The bond was placed at 3m EURIBOR + 5.35% interest, with maturity date 15 September 2026. The bond is listed on Oslo B\u00f8rs.
ACR04 (ISIN NO0013005264)
The bond was placed at 3m NIBOR + 8.25% interest, with maturity date 7 September 2027. The bond is listed on Oslo B\u00f8rs.
ACR05 (ISIN NO0013583229)
The bond was placed at 3m EURIBOR + 7.50% interest, with maturity date 13 June 2029. The bond was listed on Oslo B\u00f8rs from 8 October 2025.
The following financial covenants apply to all bond loans:
\u2022Interest coverage ratio: \u2265 3.0x for ACR03 and ACR04 and \u2265 2.75x for ACR05 (Pro-forma adjusted Cash EBITDA to net interest expenses)
\u2022Leverage ratio: \u2264 4.0x (NIBD to pro-forma adjusted cash EBITDA)
\u2022Net loan to value: \u2264 80% (NIBD to total book value all loan portfolios and repossessed assets)
\u2022Net secured loan to value: \u2264 60% (secured loans less cash to total book value all loan portfolios and repossessed assets)
Axactor is compliant with all covenants.
Trustee: Nordic Trustee
Note 27\tOther non-current liabilities
EUR thousand | 2025 | 2024 |
Post-employment liabilities (note26) | 942 | 1,163 |
Deferred payments relating to purchased loan portfolios | 3,638 | - |
Derivatives | 2,916 | 3,347 |
Other liabilities | 1 | 61 |
Total other non-current liabilities | 7,496 | 4,570 |
Note 28\tOther current liabilities
EUR thousand | 2025 | 2024 |
Public duties | 3,666 | 3,234 |
Personnel related liabilities | 5,270 | 4,796 |
Deferred payments relating to purchased loan portfolios | - | 2,500 |
Accrued interest | 2,282 | 2,400 |
Client funds payable1 | 1,117 | 1,050 |
Accrued expenses and other liabilities | 10,864 | 12,186 |
Total other current liabilities | 23,199 | 26,165 |
1The corresponding client funds cash balance is reported as part of restricted cash in note 22
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300P5VT8OMA17TJ33", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__6__112": { "value": "Note 28\tOther current liabilities
EUR thousand | 2025 | 2024 |
Public duties | 3,666 | 3,234 |
Personnel related liabilities | 5,270 | 4,796 |
Deferred payments relating to purchased loan portfolios | - | 2,500 |
Accrued interest | 2,282 | 2,400 |
Client funds payable1 | 1,117 | 1,050 |
Accrued expenses and other liabilities | 10,864 | 12,186 |
Total other current liabilities | 23,199 | 26,165 |
1The corresponding client funds cash balance is reported as part of restricted cash in note 22
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300P5VT8OMA17TJ33", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__6__113": { "value": "Note 29\tTransactions with related parties
EUR thousand | 2025 | 2024 |
Related party balances at 31 Dec | 58 | 41 |
Related party transactions during the year | 234 | 197 |
Axactor ASA has entered into a service agreement with Seatankers Management Co. Ltd., where Seatankers Management has agreed to provide the company with advisory and other support services upon request. Seatankers Management is a company controlled by Geveran. The agreement was entered into in February 2020 and amended in February 2025. The agreement is entered into on an arm\u2019s length basis and is not considered material (capped at EUR 250,000. All figures presented is related to the agreement with Seatankers Management Co. Ltd. For additional information on agreements entered with related parties, see corporate governance report.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:549300P5VT8OMA17TJ33", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__6__114": { "value": "Note 30\tPledged assets
EUR thousand | 2025 | 2024 |
Group | 1,231,299 | 1,244,496 |
Parent | 432,108 | 432,108 |
All subsidiaries of the Group, except Reolux Holding S.\u00e0 r.l. and its subsidiaries, are part of the security package for the revolving credit facility, see note 25. The subsidiaries that are part of the security package are guarantors and have granted a share pledge and a bank account pledge with the exception of Axactor Italy SpA and the subsidiaries of Axactor Portfolio Holding AB where there is only granted a share pledge.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCollateralExplanatory", "language": "en", "entity": "scheme:549300P5VT8OMA17TJ33", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__6__115": { "value": "Note 31\tEvents after the reporting period
There has been no material events after the reporting period for 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:549300P5VT8OMA17TJ33", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }