Kredinor AS: Result for the fourth quarter 2024

03 Feb 2025 10:00 CET

(Oslo, February 3, 2025) The positive development seen in Kredinor AS during the
second and third quarters continued into the fourth quarter of 2024. Total
revenues, adjusted for revaluation, were higher than in Q4 2023, and the trend
of increasing CMS revenues persisted, with a 16% increase compared to the same
quarter the previous year.

Total revenues for Q4 amounted to MNOK 313 (MNOK 367 in Q4 2023). The actual
decline is due to a revaluation of portfolios totaling MNOK 61.

- Swedish authorities have amended the regulations regarding tax deductions on
interest for consumer loans. Our calculations indicate that this legislative
change has a negative impact on our portfolios, which is why we made a
substantial write-down of our portfolios in Sweden, says Kredinor CEO Rolf
Eek-Johansen.

- When we look at our actual performance in the fourth quarter, I am very
pleased with the company’s development. Collection performance reached 101% in
Q4, marking the fifth consecutive quarter of positive collection performance,
says Eek-Johansen.

Key figures for Q4 and full year 2024

Collection performance was 101% in Q4, compared to 103% in Q4 2023. In the CMS
business area, revenues amounted to MNOK 195 in Q4, up from MNOK 168 in Q4 2023.

Key figures for Q4:

Total revenues: MNOK 313 (MNOK 367 in Q4 2023)
EBITDA: MNOK 51 (MNOK 26)
Cash EBITDA: MNOK 286 (MNOK 236)
EBT: MNOK –59 (MNOK –127)

Key figures for full year 2024:

Total revenues: MNOK 1 467 (MNOK 1 187 in 2023)
EBITDA: MNOK 385 (MNOK 46)
Cash EBITDA: MNOK 1 168 (MNOK 1 158)
EBT: MNOK –202 (MNOK –501)

Looking ahead

- The Q4 figures confirm that we are following our financial plan, which will
return the company to profitability at a level expected for this type of
business. While 2024 has shown strong progress, there is still significant work
ahead before Kredinor is fully stabilized. Nevertheless, we enter 2025 as a
stronger company than we were at the previous year-end, says CEO Rolf
Eek-Johansen.

Report and presentation:

The Q4 2024 report is attached to this release and published on Kredinor’s
website, along with a written presentation. There will be no joint quarterly
presentation this time, but a dedicated Q&A session regarding the results will
be available with CFO Bjørn Ove Ottosen and CEO Rolf Eek-Johansen between 11:00
and 12:00 on February 3. For individual meeting bookings, please contact
jon.berge@kredinor.no.

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 18 percent of new cases for debt collection.
(Finanstilsynet, 2024).

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

637588_Kredinor Q4 2024.pdf