Kredinor AS: Result for the second quarter 2024

05 Aug 2024 10:30 CEST

(Oslo, August 5, 2024) Kredinor AS today published its quarterly report for the
second quarter of 2024. The positive trend from the first quarter continues,
with improvements in all areas.

During this period, the company has been working on further enhancements in core
business to return to good profitability and stable operations.
- This work will continue throughout the third quarter, in close collaboration
with the company's board. We now have good control over costs and solid revenue
growth, but we still have some way to go before we are fully prepared for the
future, says Kredinor CEO Rolf Eek-Johansen, adding:

- Nevertheless, it is satisfying to see the first positive bottom line since the
merger in 2022.

Key figures for the second quarter:
One of the reasons for the progress on the revenue side is that the important
indicator collection performance remains strong. It was 106.2% in the second
quarter of 2024, compared to 96.3% in the second quarter of 2023 (105.1% in the
first quarter of 2024). Portfolios were written up by NOK 19.1 million, and
Kredinor also sees growth in the CMS business area.

- Total revenue was NOK 406.5 million (NOK 335.2 million in Q2 2023)
- EBITDA was NOK 128.6 million (NOK 60.7 million in Q2 2023)
- Cash EBITDA was NOK 318.8 million (NOK 353 million in Q2 2023)
- EBT was NOK 1.7 million (NOK -54.1 million in Q2 2023)

The ownership structure in Kredinor was finalized in the second quarter, with
SpareBank 1 Gruppen holding 68.64% and Kredinorstiftelsen holding 31.36%. This
also means that all obligations under the subordinated loan have been fulfilled,
and the loan has been terminated.

Investments
On April 11, 2024, at the very start of the second quarter, Kredinor signed its
first Capital Light agreement, thus beginning to realize the group's Capital
Light strategy. The agreement for the securitization of an NPL (Non-Performing
Loans) portfolio in Sweden has a gross volume of approximately 700 MSEK.
- During this quarter, we have further strengthened our investment capacity and
are now in the market to invest in more portfolios, says Rolf Eek-Johansen.

- This also means that we have a satisfactory buffer for our loan terms, says
Bjørn Ove Ottosen, CFO of Kredinor.

Assessment of Kan AS
In line with the company's strategy of renewed focus on core business, Kredinor
is considering making structural changes in its subsidiary Kan AS. Kan is a
digital financial advisory service purchased by companies to offer to their
employees.
- We have developed a good service that already helps many individuals gain
control over their finances. However, because it extends beyond our defined core
business, it is beneficial to open up to a broader perspective to develop the
service in the best possible way. Work on this will continue in the third
quarter, says Eek-Johansen.

An important societal role
Kredinor continues its work on digitalization, cost-cutting, and a comprehensive
review of the company to work more efficiently in today's market.
- In this context, it is important for us to highlight the crucial societal role
that Kredinor and other full-service debt collection companies play. We
contribute to good liquidity in the business sector, which in turn provides job
security, and we contribute to financial stability through our portfolio
purchases, among other things, says CEO Rolf Eek-Johansen.

- Together with players such as our industry organization Finance Norway, we
invite politicians and other decision-makers to dialogue to raise greater
awareness around this.

Presentations:
The report for the second quarter of 2024 is attached to this release and
published on Kredinor's website. There will not be a joint quarterly
presentation this quarter, but time has been allocated for questions about the
results with CFO Bjørn Ove Ottosen and CEO Rolf Eek-Johansen between 12:00 and
13:00 on August 5th. Please contact jon.berge@kredinor.no to book an individual
appointment.

For more information, please contact:
Jon Berge, Director of Communications
Phone: +47 905 98 680 / Email: jon.berge@kredinor.no

About Kredinor:
Kredinor is Norway’s leading debt collection agency. Our market share in Norway
continues to be high, with a volume of 30 percent of the total outstanding debt
collection mass and 15 percent of new cases for debt collection. The market
share can also be measured by 22 percent of the collected funds (Finanstilsynet,
2023).
Kredinor will continue to be a market leader in the industry, and we will have
the most satisfied clients. We are at the forefront of developing new digital
solutions that make it easier for customers to pay and faster for clients to
receive payment for goods or services.
Kredinor is a full-service debt collection company that offers services in two
main categories, Credit Management Services (CMS) and Portfolio Investments
(PI). Today we have offices in Norway, Sweden, Denmark, and Finland. Our
ambition is to become a leading debt collection company in the Nordics.
Kredinor’s owners are SpareBank 1 Gruppen (68.64%) and Kredinorstiftelsen
(31.36%).

More information:
Access the news on Oslo Bors NewsWeb site

624485_Kredinor Q2 2024.pdf