Achilles Capital delivers continued strategic progress in Q3 2025
PRESS RELEASE
28 November 2025 – 17:30 CET
Achilles Capital delivers continued strategic progress in Q3 2025
Achilles Capital AB (publ) (“Achilles” or “the Group”) continues to execute its strategic transformation, delivering strong growth in invested assets, a strengthened capital position, and value creation across both AxFina and Omnio during the third quarter of 2025.
Total Assets Under Management (“AUM”) increased to 499.5 MEUR at 30 September 2025, up from 415.0 MEUR at year-end 2024, driven by the full consolidation of AxFina and increased ownership in Omnio.
Estimated Remaining Collections (“ERC”) and NPL book value rose significantly, supported by improved operational performance within AxFina.
Omnio delivered continued positive contribution to earnings following commercial expansion and strengthened capital structure.
Highlights third quarter 2025
- AUM at the end of September 2025 was 499,5 MEUR (415,0 on December 31, 2024)
- NPL ERC at the end of September 2025 was 239,1 MEUR (139,1 on September 30, 2024)
- NPL Book Value at the end of September 2025 was 125,6 MEUR (86,7 on September 30, 2024)
- Adjusted Gross collections amounted to 10,4 MEUR (13,8)*
- Adjusted Net collections amounted to 8,6 MEUR (11,0)*
- Adjusted Cash EBITDA amounted to 4,3 MEUR (8,3)*
Strategic and operational progress
AxFina — full consolidation driving material value creation
Following the acquisition of EBRD’s minority stake, Achilles now holds more than 99% of AxFina, enabling full control over operations and value capture.
This has:
• Strengthened governance and alignment
• Unlocked ERC and book value uplift through enhanced servicing performance
• Delivered early operational improvements
• Increased long-term recurring cash generation potential
AxFina now represents a core platform for earnings and asset value enhancement.
Omnio — diversified earnings engine with growing commercial traction
Omnio continues to strengthen its contribution to Group profitability through:
• Commercial growth in embedded finance
• Improved margins and platform efficiency
• Strengthened balance sheet
Capital structure strengthening underway
Achilles has appointed ABG Sundal Collier and Arctic Securities to lead refinancing and equity measures aimed at extending maturities and bolstering liquidity resilience.
The equity ratio improved to 36.5% in Q3 2025 (15.5% in Q3 2024).
CEO Comment
“The third quarter reflects strong momentum across the Group. The full consolidation of AxFina gives us complete alignment and control to drive further operational improvements, with immediate positive impact already visible across our servicing operations, while Omnio continues to expand its commercial impact and performance.
Together, these developments enhance recurring cash generation, strengthen the underlying quality of our portfolio, and create meaningful value potential for the future.”
— Matthew Doerner, CEO
Outlook
As Achilles enters Q4 2025, focus remains on:
• Completing refinancing and equity initiatives
• Extracting full value from AxFina integration
• Strengthening recurring cash generation
• Maintaining disciplined operational performance
Publication
The Q3 2025 Interim Report is available at:
www.achillescap.com
Regulatory disclosure
This information is information that Achilles Capital AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation (MAR) and the Swedish Securities Markets Act. The information was submitted for publication on 28 November 2025 at 17:30 CET.
For further information
Investor Relations
Achilles Capital AB (publ)
Jakobsbergsgatan 24, 111 44 Stockholm, Sweden
Email: info@achillescap.com
Website: www.achillescap.com
About Achilles Capital
Achilles Capital is a specialized multinational investor focused on value creation in the European financial services sector, leveraging extensive expertise in credit underwriting, restructuring, and operational transformation.