Axactor reported a solid Q2 with continued 3PC growth and collection performance at 102%. Cash EBITDA was slightly below our forecast at EUR 49.9m, down 18% y-o-y, but total income was helped by a lower-than-expected amortisation rate. Financial expenses were higher due to refinancing-related items, leading to a miss on PBT. Operational momentum remains intact, and with refinancing now concluded, the strategic focus is shifting to NPL investments. Management reiterated that the 3PC expansion is ....
