Hoist Finance — Call Transcript 2026

Welcome to Hoist Finance Q4 report for 2025. For the first part of the conference call, the participants will be in listen-only mode. During the questions-and-answers session, participants are able to ask questions by pound key five on their telephone keypad. Now I will hand the conference over to CEO Harry Vranjes and CFO Magnus Söderlund, please go ahead. Thank you very much. Good morning, everyone, and welcome to this Hoist Finance earnings call for the fourth quarter and full year of 2025. With me, well, so I'm Harry Vranjes, CEO of Hoist Finance, and with me in the room here is Magnus Söderlund, our CFO, and Karin Tyche, our Chief Investor Relations Officer. So thank you again then for logging on this morning and showing your interest in Hoist Finance. We will try to run through the presentation in some 30 minutes to leave ample room for any questions you may have. But before we get going on the quarter and the year itself, just want to take a minute on some perspectives on 2025. 2025 was an action-packed year, again, with lots of activity on the funding side of the business in the beginning of the year. But when it came to investments, we started the year slowly, with a sleepy first quarter, with a pipeline that then gradually grew and eventually culminated in Q4, and especially in December. So we booked about SEK 4 billion in the quarter, which is 40% of our 2025 volumes, and most of that in December. So this has been a drag on the interest income development in 2025, but will give us a great start in 2026, especially if we have already, as we have already secured about SEK 1.4 billion for the first half of the year. But I guess in quarter four, our core business really, really delivered. 108% collection performance is a new record, certainly for the time I've been here. Just to put those percentages in perspective, so the fact that we collected 108% instead of 104%, which we had done Q1 to Q3, added SEK 105 million profit to the quarter. A big thank you to the whole organization for an incredible finish of the year. We also launched our new internal HoistSpar platform in Germany in Q4, in November. The reception and the uptake has been significantly above our expectations. In the first three months, we've onboarded more than 4,000 new customers who've deposited the equivalent of SEK 1.5 billion. We're very happy about that. This will help bring our funding costs down over time. On top of this, as we announced two days ago, we are now a specialized debt restructurer, and we will now have a larger addressable market. We will become more competitive on the margin, and especially for unsecured. We will also have more firepower going forward. Now let's go through the highlights. Some parts here might be a little bit repetitive. I apologize for that in that case. Profit before tax came in at a strong SEK 492 compared to SEK 281 last year. The main driver of the result, as I just mentioned, comes from the very strong collection performance in unsecured as well as secured. Yeah, both came in higher than ever in the quarter. That brought a return on equity to a record 21.8%, driven by stable IRRs, very strong collection performance, and good cost control. On the investment side, we closed, as I mentioned, SEK 4 billion at good returns. And yeah, as we talked about basically all of 2025, it has been a very backloaded year, with sellers waiting almost until Christmas to close the transactions and transfer the portfolios. Q4 was a mostly unsecured quarter, with only smaller investments in secured, great geographical spread, and our German colleagues can now claim the largest portfolio in Hoist, beating Italy by a few million. I'm sure they are happy about that. After the quarter closing, we have signed an additional SEK 1.4 billion, which we aim to close in Q1 or Q2. So our portfolio now stands at SEK 33.4 billion. Compared to last year, that's a growth of 9%. But if we adjust for currency, which has had significant movements, the growth is underlying 15%. So we are inching ever closer to our ambition of having a SEK 36 billion portfolio by the end of 2026. I think the real driver, again, operations, very strong collection performance, 108%, and the SEK 105 million I've already spoken about. Now, on the SDR, we are now a specialized debt restructurer as of the 4th of February. With that, we release SEK 1.2 billion backstop reservation. And after deducting the SEK 6 total dividend, our performance CET ratio is then 13.5%, which leaves us plenty of firepower to invest for 2026 and beyond. I think as a well-capitalized SDR, we will now strive to increase our market share further in Europe. If we look at the full year, nice growth there as well. Profit before tax, SEK 1.5 billion compared to SEK 1.3 billion in 2024. 14% growth or 16%, excluding FX. And I mean, this is despite taking increased cost to qualify as SDR compared to 2024 when we had a significantly smaller liquidity buffer. Now, return on equity for the full year, 17.6%, well above our externally communicated targets compared to 16.8% last year. It is the underlying business that is driving this profitability. Now, continued high investment pace with 9.9, a little bit irritating that we couldn't get that to a 10, invested in new portfolios in a very, very backloaded year. And the portfolio is SEK 34 billion, as I already SEK 33.4 billion. For the year, we had a strong and stable annual collection performance at 105%. That is now two years in a row. We're very happy about that level, although it fluctuates between quarters. Cost control, solid. They were, of course, helped by the FX, so they dropped 6%. But if we exclude the FX effect, it's still a drop of 4%. Earnings per share for the year, EPS SEK 11.59 compared to SEK 10.1. This gives us a growth of 15% against tough comparables. Finishing the year, strong capital and liquidity positions, well above regulatory requirements. Also earlier in the year, in July, Moody's adjusted the outlook for our rating to positive from stable. This year, we entered Finland through a co-investment to strengthen the footprint in Northern Europe. In 2024, we opened Portugal, and they've had a fantastic development now in 2025. With that, I will hand over to Magnus to take us through the quarter in more detail. Thank you, Harry. Good morning, all, and thanks for calling in. So we concluded the year with a very strong fourth quarter, both in terms of earnings as well as in the new investment volumes and collection performance. A profit before tax at SEK 492 million, so that's a 76% increase year-over-year. An annualized ROE of 21.8% compared to last year's 15.5%. So starting with the interest income, including the co-investments, we see a 2% growth year-over-year. Since the income from co-investments gradually impacts the P&L more and more, we should note that this is a netted income. So this means that the SEK 55 million we see as interest income is coming from SEK 91 million of interest income and SEK 36 million of costs. This is obviously also true for the SEK 28 million we see from last year, but the cost part has grown by SEK 29 million year on year delta. So considering this, we have an underlying growth of 9%, which is more in line with our portfolio growth. We do also have an impact from the majority of the investments coming in during December, meaning we don't see the full impact in interest income coming from these new volumes in the quarter, whereas Q4 of last year was more front-loaded. We also see the full cost of the NSFR requirements, where we had a lesser impact in Q4 of 2024. The net interest margins overall remain stable and aligned with the previous three quarters of this year or 2025. Looking at the net interest income adjusting for the built-in costs coming from the co-investments and the FX, the growth is positive by 1%. This is not taking the timing impact from later investments into consideration. We are seeing favorable returns in the market and very good return levels in the SEK 4 billion of new volumes we acquired during the quarter. As Harry mentioned, we saw a record strong collection performance in the quarter at 108%. This combined with the positive revaluation triggered by the good health of the book brings a strong impairment gain for the quarter. Furthermore, we sold two portfolios, bringing a net gain of SEK 64 million in the other income line. If and when we see an opportunity to sell certain segments of our book with a favorable outcome, we will obviously explore it. It is part of our everyday business. This was two very successful transactions for us. In other income, we also see gains from real estate sales in Spain and a small portion of servicing revenue in Germany. Looking at the costs, the direct costs are flat year-on-year but are also impacted by a provision coming from an OVAT case related to Poland. That's SEK 65 million. Excluding for this and FX, we see a 6% drop in the direct costs, which we are very happy with. For the indirect costs, Q4 of last year included SEK 57 million of restructuring costs related to Spain. Adjusting for this, the costs remain flat-ish year-on-year. All in all, we are very happy to conclude that our efforts in controlling the costs remain successful. All of this leads up to profit before tax of SEK 492 million. We are obviously very happy with the strong outcome of this quarter. Move to the next slide. Looking at our investment portfolio acquisition. So after a slow start of the year, we see a sharp bump in the last quarter. As mentioned, we closed these deals at attractive return levels and a healthy geographical spread. No single market represents more than 22% out of the new investments in the quarter. Considering the somewhat slow start of the year, we end up at a strong SEK 10 billion for the full year. This, in combination with the favorable returns we have seen over the years, is a clear result of the quality of our investment organization and acquisition capabilities. All in all, a very strong investment year. We are well on track to reach our ambition of a SEK 36 billion portfolio book value during 2026. Moving to the asset class mix. So as we're growing, we're also improving our geographical spread, no market representing more than 16%. The split of unsecured and secured remains similar to previous quarters, where we do see a gradual increase of secured over the last couple of years. And this is something we are happy with as both asset classes offer great opportunities and bring us a diversified risk spread. We can move to the next slide. Looking at our funding, the mix remains similar. We have a competitively priced and stable funding base, which is supporting our growth. The average cost is going down, and we are now at an average 3.4%, where the funding cost in relation to our NPL book value remains at around 4.4%. And this is clearly an edge for us. We issued one senior preferred bond for the quarter, and our own deposit platform in Germany is off to a flying start with roughly EUR 150 million of deposits since the start in November. Over time, this will improve our funding costs even further, and we are now in the planning phase of setting up the next one. Looking at the five quarters cost trend, we continue to deliver on our ambitions of having the direct costs move in line with collection and the indirects to stay flat. The non-recurring part indirect costs in Q4 is coming from the VAT case I mentioned. Underlying, we remain at the same level of cost to collect as the previous quarters. We see an uptick in legal costs as the courts in our southern markets become more active after the Q3 summer vacation period. All in all, we are very pleased with the developments. Our capital position. The movement from last quarter's 12.2% to the 10.8% now in Q4 is mainly driven by the large volume of new investments and also the 6 SEK per share dividend. The performance section shows the sharp impact coming from the backstop release, providing a very solid base to keep growing the business. We basically see the 2.5%-ish increase that we have guided for in earlier calls. Can move to the next. Yes. LCR and NSFR at stable levels compared to previous quarters. NSFR of 143% with a good margin to the regulatory required 130%. The size of our liquidity reserve in comparison to the portfolio book value, the NPL portfolio book value, remains at lower levels than before. The increased use of our own platforms will enable us to keep tightening this ratio over time. Then if we look at the full year of 2025, so in short, we're achieving roughly SEK 1.5 billion profit before tax to be compared to the SEK 1.3 billion in 2024, a 16% growth excluding FX. If we include the impact from the increased underlying costs in the interest income from co-investments, this means a 20% growth year-on-year. This is with a full year of SDR costs where the interest expense increase is mainly driven by the SDR qualification and then obviously the growth of the NPL portfolio. Return on equity of 17.6% compared to last year's 16.8%. All in all, a very strong year. We managed to reach a collection performance of 105% and demonstrated a strong cost discipline throughout the year. We collected almost SEK 1 billion more in 2025 versus 2024 at lower cost. Our operational capabilities have become more flexible and hybrid between insourced/outsourced collection activities, and this will continue to be a benefit for us also during 2026. So in short, we have established a cost base and structure that will create a strong operating leverage as we continue to grow the business. And despite the slow start of the year, we aimed strongly to reach the SEK 10 billion invested. And now we move into this year with a strong pipeline and many interesting opportunities and also ample capital and a bigger addressable market. So all in all, a really, really strong year with an exciting 2026 ahead of us. So with that, I hand back to you, Harry. Thank you, Magnus. Let's see if I'm there. Yes. So how are we tracking against our financial targets? Well, if we look at our core target on which we are all measured on, the ROE is at 18% for the full year, driven by the underlying business, as you can see in the graph here. In terms of capitalization, with a 13.5% CET1 ratio post-SDR or as SDR, we will have ample purchasing power for this year and beyond. Over time, we will, of course, strive to get back down into the gold corridor. With the regulatory stability that the SDR gives us and the growing size, we will be able to use the capital more efficiently going forward. Looking then at earnings per share, CAGR over the last three years, 28%, but also very, very proud of the fact that we managed to do 15% growth year-over-year against really tough comps. And finally, as communicated, SEK 6 per share dividend, out of which SEK 3.26 is the ordinary and SEK 2.74 the extraordinary on the back of the SDR status. So doing well against the targets. So then key takeaways, as you've heard many times during this presentation already, the core business is really delivering solid investments, solid collections for the quarter, but also throughout the full year. Continued profitability improvements, increasing the ROE. And then in terms of the market, we do see rising NPL ratios across Europe, especially in France, Germany. We also see certain asset classes in Spain. We expect that the NPL market in 2026 to be at least the same or larger than 2025. With all these benefits that we get with the SDR status, we will strive to take market share, as always, though, provided that it is at attractive and accretive returns. With that, it's time to open up for questions. If you wish to ask a question, please dial pound key five on your telephone keypad to enter the queue. If you wish to withdraw your question, please dial pound key six on your telephone keypad. The next question comes from Björn Ölsen from SEB. Please go ahead. Good morning, guys. With the CMD in Q3 next year, can we still expect you to target the 36% by year-end next year and for investments to be sort of in a similar fashion as this year? Or should we view the sort of momentum you're into now, including the SDR capital addition, as an upgrade on investment pace for this year? I think I mean, we're indicating that we want to increase our market share. So I think we will try to beat the investment level of last year, obviously. And we expect to reach the SEK 36 billion ambition at the latest by the end of the year and hopefully before. Great. On the funding side, could you give some flavor on the inflow in the German deposit platform and how that, in combination with sort of possible trimming of the NSFR, might impact your funding costs? Yeah, I can take that. So hi, Björn. So as I said, we have taken in roughly EUR 150 million of deposits so far, which is an amazing start with the platform. And I mean, the core purpose of this is obviously to make us more NSFR efficient. So we will be able to attract a wider range of products and still keep a very high NSFR efficiency. And it will definitely help us tighten all of the metrics related to the funding of the company. So yes. And also, we are soon going into the Spanish market to further increase this capability. Great. And just final question on costs. A non-named Swedish peer of yours recently talked about cost savings as a potential to improve margins, including in the collection side of business. You talk about keeping the indirect costs flat and the direct costs going upwards. Do you think that this is maybe even a bit a cost area where you could find improvements? Or do you differ in your view of how costs develop? No, I think we've spent many years now working to get the cost base down, and we can now see that we are delivering on this. And we have behaved in a very disciplined way also in 2025. Could we be more efficient? Potentially, yes. But keep in mind that we are collecting SEK 1 billion more in 2025 versus 2024 at a lower direct cost. So I think we are at a pretty decent efficiency level as of today. Great. Thanks, guys. The next question comes from Marcus Sandgren from Kepler Cheuvreux. Please go ahead. Good morning, guys, and congrats to a good result. I was thinking about your collection performance. Is that just natural volatility between quarters, or is it related to that it's easier to collect in certain markets that you've gone into and what do you expect going forward, basically? So that's the first one. Hi, Marcus. I would say Q4 is sort of traditionally a strong collection quarter. We have the activities in all of the southern markets sort of coming back to life after a vacation period. And then in some markets, we have an additional salary, etc. So we have some upside coming from that as well. But the 108% is an exceptionally strong outcome, and we're obviously very pleased with this. But I would say Q4 is normally a strong quarter. I don't know if that answers your question, Marcus. Sort of, yeah. Okay. And then moving on to costs, the VAT thing you had in the quarter, is there anything else that might be coming in the coming quarters in terms of extraordinary costs? Not that we expect at this point. We have a provisional amount for ongoing cases, and we have contingent liabilities to the tune of SEK 60 million roughly, I think, now. So no, nothing of this size that we anticipate at this point in time or in the near-term future. Okay, great. And then lastly, at least I expected some buybacks, and apparently, you didn't announce anything about that. Is that related to that you need or want the money for growing the business, or is there anything about that the capital buffer has not yet been on the higher-performer level that we will see in Q1? Hi, Marcus. No, this is obviously, and as we've communicated before, we want to keep as much capital as possible for growth. The board is proposing this extra dividend now on the back of the SDR and the one-time release. If and when we decide to complement that with share buybacks, we will let you know. But prime target. Okay, very good. That's. Is growth. Okay. Yeah, very good. Thanks. That's all from me. Thank you. The next question comes from Ulrik Zürcher from Nordea. Please go ahead. Yeah, thank you. So two questions. I would just have one clarification or thoughts about how long you can keep indirect expenses roughly flat, basically how many years, or is it constrained by portfolio size at all? Secondly, just if you could tell us a little bit about your win rate because obviously, you can run at a very high leverage and very low funding cost compared to basically all other peers. So are there any threats you're seeing with other players becoming SDR-approved or thoughts on the competitive environment, basically? Thank you. Maybe I can answer the competitive environment question. Well, win rate is not something we typically communicate. But with the outcome of the fourth quarter, I think it's clear that we had a high share of wins during this quarter. There will be other SDRs popping up. Will they be able to address our asset classes and our geographies? Well, I guess time will tell. So far, we continue operating as we operate and like the asset classes that we like. And we will continue to compete in those areas. And the other question was, sorry? Oh, yeah, on the indirect costs. Yeah, yeah. There is obviously a limit to how much you can handle. I mean, if we grow the book radically in the coming years, the indirect costs will probably move up a bit. But we don't foresee any sort of sudden upticks in the near-term future, not for 2026. Got it. Thank you. The next question comes from Eivind Garvik from Carnegie Investment Bank. Please go ahead. Good morning. Thanks. Maybe continuing on Ulrik's question to some extent, you mentioned that in Q4, you mainly acquired in unsecured. Was that mainly a coincidence? Do you have more appetite for unsecured now that you're in SDR, or do you expect it to be kind of in line with your overall book mix the coming years when you think about your acquisitions? I think it is not intentional. Let's say we still have the same appetite for secured. It was just that what was out there on the market was a very high share of unsecured portfolios. The secured portfolio market, let's say, has opened up actually during Q4, but then for, let's say, Q1, Q2 transactions. So I expect we will see more secured in the first three quarters of next year. Typically, that's what we've seen in the last years in terms of split. But no sort of bias towards unsecured in any way. We like them both. Got it. Then I know SDR, that's not an application process, but have you had any feedback from the SFSA on your actual notification? Well, I think we have, during the year, kept a very close dialogue with the SFSA. So after each quarterly report, we have discussed sort of we've showed how we live up to the criteria. We did so also for the fourth. And so we feel comfortable that what we have notified is also valid. Nice. The last is just on your capital range. Clearly, you want to use most of the excess capital to grow more. Could you provide any sort of timeline for when you expect to be within your range or how we should think about it? Yeah, I think what we can say is that I'm sure you've done the math. We expect to have a strong investment year, or at least that's our ambition for 2026 as well. That is, of course, the first priority. We want to make sure that we also have capacity left for 2027, 2028. Should we see that there is capacity or, let's say, excess capital, we will trim it down to the goal period. I cannot say if this is going to be 2026 or 2027. Fair enough. Thank you very much. Thank you. Thank you, Eivind. As a reminder, if you wish to ask a question, please dial pound key five on your telephone keypad. There are no more phone questions at this time, so I hand the conference back to the speakers for any written questions or closing comments. Okay, so we have a written question here around AI and how we are using that across the organization. Yes. Let me try to answer that one. So I think we are using AI actually most well, first of all, in the portfolio onboardings, etc. We're using a lot of AI tools to sort of find what belongs to what, basically, right, so that we have the data as good as possible, as complete as possible before we start collecting on a portfolio. So there, we use various tools out in the markets to make sure that we start off the work with a portfolio in a good way. Very, very valuable contribution. And then I would say during this year or, let's say, 2025, we have been starting using it more, actually, in the support functions or at head office, where we see a lot of opportunity, right, in legal compliance, in, yeah, basically sort of checking on various items and efficiency improvements through Copilot and so on, right? So I think that's where we are now. We are not in a stage where we will be rolling out large-scale any agents to talk to our client base. I think so far, the complexity we have a little bit larger cases than most competitors, and they are simply too complex for the agents at the moment. I'm sure they will improve over time. Okay. Another question here is where we see the biggest opportunities for efficiency gains or value creation going forward. I think that was the AI. I think it's the next one, Bloomberg. Well, I think biggest opportunity. For value creation going forward in investments, I guess? Yes, absolutely. Investments across Europe? Yes, in portfolios, absolutely. Okay, good. And then there is a question here on our tax rate. What we see will be our tax rate going forward. It's a bit high in this quarter. Yeah, I think excluding, sorry, the SEK 13 million extra we booked, I think we ended up at 24%, which is perhaps a bit on the high side. But there are also impacts coming from where we do our business. We have some, I mean, it's a blended tax rate, right? And I would still say we're fairly consistent now when we apply DTAs and DTLs. So I would expect the tax rate to be at around 22%-23%. That's the best guidance I can give. As it has been the previous years as well? Yeah, yeah. Very good. That's all the questions we have. Excellent. Then thank you all for listening in at this earnings call, and have a great Friday and weekend when you get there. Thanks.

Speaker 7: Welcome to Hoist Finance Q4 report for 2025. For the first part of the conference call, the participants will be in listen-only mode. During the questions-and-answers session, participants are able to ask questions by pound key five on their telephone keypad. Now I will hand the conference over to CEO Harry Vranjes and CFO Magnus Söderlund, please go ahead. Welcome to Hoist Finance Q4 report for 2025. welcome to hoist finance q4 report for 2025 For the first part of the conference call, the participants will be in listen-only mode. for the first part of the conference call the participants will be in listen-only mode During the questions-and-answers session, participants are able to ask questions by pound key five on their telephone keypad. during the questions-and-answers session participants are able to ask questions by pound key five on their telephone keypad Now I will hand the conference over to CEO Harry Vranjes and CFO Magnus Söderlund, please go ahead. now i will hand the conference over to ceo harry vranjes and cfo magnus söderlund please go ahead

Speaker 3: Thank you very much. Good morning, everyone, and welcome to this Hoist Finance earnings call for the fourth quarter and full year of 2025. With me, well, so I'm Harry Vranjes, CEO of Hoist Finance, and with me in the room here is Magnus Söderlund, our CFO, and Karin Tyche, our Chief Investor Relations Officer. So thank you again then for logging on this morning and showing your interest in Hoist Finance. We will try to run through the presentation in some 30 minutes to leave ample room for any questions you may have. But before we get going on the quarter and the year itself, just want to take a minute on some perspectives on 2025. 2025 was an action-packed year, again, with lots of activity on the funding side of the business in the beginning of the year. Thank you very much. thank you very much Good morning, everyone, and welcome to this Hoist Finance earnings call for the fourth quarter and full year of 2025. good morning everyone and welcome to this hoist finance earnings call for the fourth quarter and full year of 2025 With me, well, so I'm Harry Vranjes, CEO of Hoist Finance, and with me in the room here is Magnus Söderlund, our CFO, and Karin Tyche, our Chief Investor Relations Officer. with me well so i'm harry vranjes ceo of hoist finance and with me in the room here is magnus söderlund our cfo and karin tyche our chief investor relations officer So thank you again then for logging on this morning and showing your interest in Hoist Finance. so thank you again then for logging on this morning and showing your interest in hoist finance We will try to run through the presentation in some 30 minutes to leave ample room for any questions you may have. we will try to run through the presentation in some 30 minutes to leave ample room for any questions you may have But before we get going on the quarter and the year itself, just want to take a minute on some perspectives on 2025. 2025 was an action-packed year, again, with lots of activity on the funding side of the business in the beginning of the year. but before we get going on the quarter and the year itself just want to take a minute on some perspectives on 2025 2025 was an action-packed year again with lots of activity on the funding side of the business in the beginning of the year But when it came to investments, we started the year slowly, with a sleepy first quarter, with a pipeline that then gradually grew and eventually culminated in Q4, and especially in December. So we booked about SEK 4 billion in the quarter, which is 40% of our 2025 volumes, and most of that in December. So this has been a drag on the interest income development in 2025, but will give us a great start in 2026, especially if we have already, as we have already secured about SEK 1.4 billion for the first half of the year. But I guess in quarter four, our core business really, really delivered. 108% collection performance is a new record, certainly for the time I've been here. But when it came to investments, we started the year slowly, with a sleepy first quarter, with a pipeline that then gradually grew and eventually culminated in Q4, and especially in December. but when it came to investments we started the year slowly with a sleepy first quarter with a pipeline that then gradually grew and eventually culminated in q4 and especially in december So we booked about SEK 4 billion in the quarter, which is 40% of our 2025 volumes, and most of that in December. so we booked about sek 4 billion in the quarter which is 40% of our 2025 volumes and most of that in december So this has been a drag on the interest income development in 2025, but will give us a great start in 2026, especially if we have already, as we have already secured about SEK 1.4 billion for the first half of the year. so this has been a drag on the interest income development in 2025 but will give us a great start in 2026 especially if we have already as we have already secured about sek 1.4 billion for the first half of the year But I guess in quarter four, our core business really, really delivered. 108% collection performance is a new record, certainly for the time I've been here. but i guess in quarter four our core business really really delivered 108% collection performance is a new record certainly for the time i've been here Just to put those percentages in perspective, so the fact that we collected 108% instead of 104%, which we had done Q1 to Q3, added SEK 105 million profit to the quarter. A big thank you to the whole organization for an incredible finish of the year. We also launched our new internal HoistSpar platform in Germany in Q4, in November. The reception and the uptake has been significantly above our expectations. In the first three months, we've onboarded more than 4,000 new customers who've deposited the equivalent of SEK 1.5 billion. We're very happy about that. This will help bring our funding costs down over time. On top of this, as we announced two days ago, we are now a specialized debt restructurer, and we will now have a larger addressable market. We will become more competitive on the margin, and especially for unsecured. Just to put those percentages in perspective, so the fact that we collected 108% instead of 104%, which we had done Q1 to Q3, added SEK 105 million profit to the quarter. just to put those percentages in perspective so the fact that we collected 108% instead of 104% which we had done q1 to q3 added sek 105 million profit to the quarter A big thank you to the whole organization for an incredible finish of the year. a big thank you to the whole organization for an incredible finish of the year We also launched our new internal HoistSpar platform in Germany in Q4, in November. we also launched our new internal hoistspar platform in germany in q4 in november The reception and the uptake has been significantly above our expectations. the reception and the uptake has been significantly above our expectations In the first three months, we've onboarded more than 4,000 new customers who've deposited the equivalent of SEK 1.5 billion. in the first three months we've onboarded more than 4,000 new customers who've deposited the equivalent of sek 1.5 billion We're very happy about that. we're very happy about that This will help bring our funding costs down over time. this will help bring our funding costs down over time On top of this, as we announced two days ago, we are now a specialized debt restructurer, and we will now have a larger addressable market. on top of this as we announced two days ago we are now a specialized debt restructurer and we will now have a larger addressable market We will become more competitive on the margin, and especially for unsecured. we will become more competitive on the margin and especially for unsecured We will also have more firepower going forward. Now let's go through the highlights. Some parts here might be a little bit repetitive. I apologize for that in that case. Profit before tax came in at a strong SEK 492 compared to SEK 281 last year. The main driver of the result, as I just mentioned, comes from the very strong collection performance in unsecured as well as secured. Yeah, both came in higher than ever in the quarter. That brought a return on equity to a record 21.8%, driven by stable IRRs, very strong collection performance, and good cost control. On the investment side, we closed, as I mentioned, SEK 4 billion at good returns. And yeah, as we talked about basically all of 2025, it has been a very backloaded year, with sellers waiting almost until Christmas to close the transactions and transfer the portfolios. We will also have more firepower going forward. we will also have more firepower going forward Now let's go through the highlights. now let's go through the highlights Some parts here might be a little bit repetitive. some parts here might be a little bit repetitive I apologize for that in that case. i apologize for that in that case Profit before tax came in at a strong SEK 492 compared to SEK 281 last year. profit before tax came in at a strong sek 492 compared to sek 281 last year The main driver of the result, as I just mentioned, comes from the very strong collection performance in unsecured as well as secured. the main driver of the result as i just mentioned comes from the very strong collection performance in unsecured as well as secured Yeah, both came in higher than ever in the quarter. yeah both came in higher than ever in the quarter That brought a return on equity to a record 21.8%, driven by stable IRRs, very strong collection performance, and good cost control. that brought a return on equity to a record 21.8% driven by stable irrs very strong collection performance and good cost control On the investment side, we closed, as I mentioned, SEK 4 billion at good returns. on the investment side we closed as i mentioned sek 4 billion at good returns And yeah, as we talked about basically all of 2025, it has been a very backloaded year, with sellers waiting almost until Christmas to close the transactions and transfer the portfolios. and yeah as we talked about basically all of 2025 it has been a very backloaded year with sellers waiting almost until christmas to close the transactions and transfer the portfolios Q4 was a mostly unsecured quarter, with only smaller investments in secured, great geographical spread, and our German colleagues can now claim the largest portfolio in Hoist, beating Italy by a few million. I'm sure they are happy about that. After the quarter closing, we have signed an additional SEK 1.4 billion, which we aim to close in Q1 or Q2. So our portfolio now stands at SEK 33.4 billion. Compared to last year, that's a growth of 9%. But if we adjust for currency, which has had significant movements, the growth is underlying 15%. So we are inching ever closer to our ambition of having a SEK 36 billion portfolio by the end of 2026. I think the real driver, again, operations, very strong collection performance, 108%, and the SEK 105 million I've already spoken about. Q4 was a mostly unsecured quarter, with only smaller investments in secured, great geographical spread, and our German colleagues can now claim the largest portfolio in Hoist, beating Italy by a few million. q4 was a mostly unsecured quarter with only smaller investments in secured great geographical spread and our german colleagues can now claim the largest portfolio in hoist beating italy by a few million I'm sure they are happy about that. i'm sure they are happy about that After the quarter closing, we have signed an additional SEK 1.4 billion, which we aim to close in Q1 or Q2. after the quarter closing we have signed an additional sek 1.4 billion which we aim to close in q1 or q2 So our portfolio now stands at SEK 33.4 billion. so our portfolio now stands at sek 33.4 billion Compared to last year, that's a growth of 9%. compared to last year that's a growth of 9% But if we adjust for currency, which has had significant movements, the growth is underlying 15%. but if we adjust for currency which has had significant movements the growth is underlying 15% So we are inching ever closer to our ambition of having a SEK 36 billion portfolio by the end of 2026. so we are inching ever closer to our ambition of having a sek 36 billion portfolio by the end of 2026 I think the real driver, again, operations, very strong collection performance, 108%, and the SEK 105 million I've already spoken about. i think the real driver again operations very strong collection performance 108% and the sek 105 million i've already spoken about Now, on the SDR, we are now a specialized debt restructurer as of the 4th of February. With that, we release SEK 1.2 billion backstop reservation. And after deducting the SEK 6 total dividend, our performance CET ratio is then 13.5%, which leaves us plenty of firepower to invest for 2026 and beyond. I think as a well-capitalized SDR, we will now strive to increase our market share further in Europe. If we look at the full year, nice growth there as well. Profit before tax, SEK 1.5 billion compared to SEK 1.3 billion in 2024. 14% growth or 16%, excluding FX. And I mean, this is despite taking increased cost to qualify as SDR compared to 2024 when we had a significantly smaller liquidity buffer. Now, return on equity for the full year, 17.6%, well above our externally communicated targets compared to 16.8% last year. Now, on the SDR, we are now a specialized debt restructurer as of the 4th of February. now on the sdr we are now a specialized debt restructurer as of the 4th of february With that, we release SEK 1.2 billion backstop reservation. with that we release sek 1.2 billion backstop reservation And after deducting the SEK 6 total dividend, our performance CET ratio is then 13.5%, which leaves us plenty of firepower to invest for 2026 and beyond. and after deducting the sek 6 total dividend our performance cet ratio is then 13.5% which leaves us plenty of firepower to invest for 2026 and beyond I think as a well-capitalized SDR, we will now strive to increase our market share further in Europe. i think as a well-capitalized sdr we will now strive to increase our market share further in europe If we look at the full year, nice growth there as well. if we look at the full year nice growth there as well Profit before tax, SEK 1.5 billion compared to SEK 1.3 billion in 2024. 14% growth or 16%, excluding FX. profit before tax, sek 1.5 billion compared to sek 1.3 billion in 2024 14% growth or 16% excluding fx And I mean, this is despite taking increased cost to qualify as SDR compared to 2024 when we had a significantly smaller liquidity buffer. and i mean this is despite taking increased cost to qualify as sdr compared to 2024 when we had a significantly smaller liquidity buffer Now, return on equity for the full year, 17.6%, well above our externally communicated targets compared to 16.8% last year. now return on equity for the full year 17.6% well above our externally communicated targets compared to 16.8% last year It is the underlying business that is driving this profitability. Now, continued high investment pace with 9.9, a little bit irritating that we couldn't get that to a 10, invested in new portfolios in a very, very backloaded year. And the portfolio is SEK 34 billion, as I already SEK 33.4 billion. For the year, we had a strong and stable annual collection performance at 105%. That is now two years in a row. We're very happy about that level, although it fluctuates between quarters. Cost control, solid. They were, of course, helped by the FX, so they dropped 6%. But if we exclude the FX effect, it's still a drop of 4%. Earnings per share for the year, EPS SEK 11.59 compared to SEK 10.1. This gives us a growth of 15% against tough comparables. Finishing the year, strong capital and liquidity positions, well above regulatory requirements. It is the underlying business that is driving this profitability. it is the underlying business that is driving this profitability Now, continued high investment pace with 9.9, a little bit irritating that we couldn't get that to a 10, invested in new portfolios in a very, very backloaded year. now continued high investment pace with 9.9 a little bit irritating that we couldn't get that to a 10 invested in new portfolios in a very very backloaded year And the portfolio is SEK 34 billion, as I already SEK 33.4 billion. and the portfolio is sek 34 billion as i already sek 33.4 billion For the year, we had a strong and stable annual collection performance at 105%. for the year we had a strong and stable annual collection performance at 105% That is now two years in a row. that is now two years in a row We're very happy about that level, although it fluctuates between quarters. we're very happy about that level although it fluctuates between quarters Cost control, solid. cost control solid They were, of course, helped by the FX, so they dropped 6%. they were of course helped by the fx so they dropped 6% But if we exclude the FX effect, it's still a drop of 4%. but if we exclude the fx effect it's still a drop of 4% Earnings per share for the year, EPS SEK 11.59 compared to SEK 10.1. earnings per share for the year, eps sek 11.59 compared to sek 10.1 This gives us a growth of 15% against tough comparables. this gives us a growth of 15% against tough comparables Finishing the year, strong capital and liquidity positions, well above regulatory requirements. finishing the year strong capital and liquidity positions well above regulatory requirements Also earlier in the year, in July, Moody's adjusted the outlook for our rating to positive from stable. This year, we entered Finland through a co-investment to strengthen the footprint in Northern Europe. In 2024, we opened Portugal, and they've had a fantastic development now in 2025. With that, I will hand over to Magnus to take us through the quarter in more detail. Also earlier in the year, in July, Moody's adjusted the outlook for our rating to positive from stable. also earlier in the year in july moody's adjusted the outlook for our rating to positive from stable This year, we entered Finland through a co-investment to strengthen the footprint in Northern Europe. this year we entered finland through a co-investment to strengthen the footprint in northern europe In 2024, we opened Portugal, and they've had a fantastic development now in 2025. in 2024 we opened portugal and they've had a fantastic development now in 2025 With that, I will hand over to Magnus to take us through the quarter in more detail. with that i will hand over to magnus to take us through the quarter in more detail

Speaker 5: Thank you, Harry. Good morning, all, and thanks for calling in. So we concluded the year with a very strong fourth quarter, both in terms of earnings as well as in the new investment volumes and collection performance. A profit before tax at SEK 492 million, so that's a 76% increase year-over-year. An annualized ROE of 21.8% compared to last year's 15.5%. So starting with the interest income, including the co-investments, we see a 2% growth year-over-year. Since the income from co-investments gradually impacts the P&L more and more, we should note that this is a netted income. So this means that the SEK 55 million we see as interest income is coming from SEK 91 million of interest income and SEK 36 million of costs. Thank you, Harry. thank you harry Good morning, all, and thanks for calling in. good morning all and thanks for calling in So we concluded the year with a very strong fourth quarter, both in terms of earnings as well as in the new investment volumes and collection performance. so we concluded the year with a very strong fourth quarter both in terms of earnings as well as in the new investment volumes and collection performance A profit before tax at SEK 492 million, so that's a 76% increase year-over-year. a profit before tax at sek 492 million so that's a 76% increase year-over-year An annualized ROE of 21.8% compared to last year's 15.5%. an annualized roe of 21.8% compared to last year's 15.5% So starting with the interest income, including the co-investments, we see a 2% growth year-over-year. so starting with the interest income including the co-investments we see a 2% growth year-over-year Since the income from co-investments gradually impacts the P&L more and more, we should note that this is a netted income. since the income from co-investments gradually impacts the p&l more and more we should note that this is a netted income So this means that the SEK 55 million we see as interest income is coming from SEK 91 million of interest income and SEK 36 million of costs. so this means that the sek 55 million we see as interest income is coming from sek 91 million of interest income and sek 36 million of costs This is obviously also true for the SEK 28 million we see from last year, but the cost part has grown by SEK 29 million year on year delta. So considering this, we have an underlying growth of 9%, which is more in line with our portfolio growth. We do also have an impact from the majority of the investments coming in during December, meaning we don't see the full impact in interest income coming from these new volumes in the quarter, whereas Q4 of last year was more front-loaded. We also see the full cost of the NSFR requirements, where we had a lesser impact in Q4 of 2024. The net interest margins overall remain stable and aligned with the previous three quarters of this year or 2025. This is obviously also true for the SEK 28 million we see from last year, but the cost part has grown by SEK 29 million year on year delta. this is obviously also true for the sek 28 million we see from last year but the cost part has grown by sek 29 million year on year delta So considering this, we have an underlying growth of 9%, which is more in line with our portfolio growth. so considering this we have an underlying growth of 9% which is more in line with our portfolio growth We do also have an impact from the majority of the investments coming in during December, meaning we don't see the full impact in interest income coming from these new volumes in the quarter, whereas Q4 of last year was more front-loaded. we do also have an impact from the majority of the investments coming in during december meaning we don't see the full impact in interest income coming from these new volumes in the quarter whereas q4 of last year was more front-loaded We also see the full cost of the NSFR requirements, where we had a lesser impact in Q4 of 2024. we also see the full cost of the nsfr requirements where we had a lesser impact in q4 of 2024 The net interest margins overall remain stable and aligned with the previous three quarters of this year or 2025. the net interest margins overall remain stable and aligned with the previous three quarters of this year or 2025 Looking at the net interest income adjusting for the built-in costs coming from the co-investments and the FX, the growth is positive by 1%. This is not taking the timing impact from later investments into consideration. We are seeing favorable returns in the market and very good return levels in the SEK 4 billion of new volumes we acquired during the quarter. As Harry mentioned, we saw a record strong collection performance in the quarter at 108%. This combined with the positive revaluation triggered by the good health of the book brings a strong impairment gain for the quarter. Furthermore, we sold two portfolios, bringing a net gain of SEK 64 million in the other income line. If and when we see an opportunity to sell certain segments of our book with a favorable outcome, we will obviously explore it. It is part of our everyday business. Looking at the net interest income adjusting for the built-in costs coming from the co-investments and the FX, the growth is positive by 1%. looking at the net interest income adjusting for the built-in costs coming from the co-investments and the fx the growth is positive by 1% This is not taking the timing impact from later investments into consideration. this is not taking the timing impact from later investments into consideration We are seeing favorable returns in the market and very good return levels in the SEK 4 billion of new volumes we acquired during the quarter. we are seeing favorable returns in the market and very good return levels in the sek 4 billion of new volumes we acquired during the quarter As Harry mentioned, we saw a record strong collection performance in the quarter at 108%. as harry mentioned we saw a record strong collection performance in the quarter at 108% This combined with the positive revaluation triggered by the good health of the book brings a strong impairment gain for the quarter. this combined with the positive revaluation triggered by the good health of the book brings a strong impairment gain for the quarter Furthermore, we sold two portfolios, bringing a net gain of SEK 64 million in the other income line. furthermore we sold two portfolios bringing a net gain of sek 64 million in the other income line If and when we see an opportunity to sell certain segments of our book with a favorable outcome, we will obviously explore it. if and when we see an opportunity to sell certain segments of our book with a favorable outcome we will obviously explore it It is part of our everyday business. it is part of our everyday business This was two very successful transactions for us. In other income, we also see gains from real estate sales in Spain and a small portion of servicing revenue in Germany. Looking at the costs, the direct costs are flat year-on-year but are also impacted by a provision coming from an OVAT case related to Poland. That's SEK 65 million. Excluding for this and FX, we see a 6% drop in the direct costs, which we are very happy with. For the indirect costs, Q4 of last year included SEK 57 million of restructuring costs related to Spain. Adjusting for this, the costs remain flat-ish year-on-year. All in all, we are very happy to conclude that our efforts in controlling the costs remain successful. All of this leads up to profit before tax of SEK 492 million. This was two very successful transactions for us. this was two very successful transactions for us In other income, we also see gains from real estate sales in Spain and a small portion of servicing revenue in Germany. in other income we also see gains from real estate sales in spain and a small portion of servicing revenue in germany Looking at the costs, the direct costs are flat year-on-year but are also impacted by a provision coming from an OVAT case related to Poland. looking at the costs the direct costs are flat year-on-year but are also impacted by a provision coming from an ovat case related to poland That's SEK 65 million. that's sek 65 million Excluding for this and FX, we see a 6% drop in the direct costs, which we are very happy with. excluding for this and fx we see a 6% drop in the direct costs which we are very happy with For the indirect costs, Q4 of last year included SEK 57 million of restructuring costs related to Spain. for the indirect costs q4 of last year included sek 57 million of restructuring costs related to spain Adjusting for this, the costs remain flat-ish year-on-year. adjusting for this the costs remain flat-ish year-on-year All in all, we are very happy to conclude that our efforts in controlling the costs remain successful. all in all we are very happy to conclude that our efforts in controlling the costs remain successful All of this leads up to profit before tax of SEK 492 million. all of this leads up to profit before tax of sek 492 million We are obviously very happy with the strong outcome of this quarter. Move to the next slide. Looking at our investment portfolio acquisition. So after a slow start of the year, we see a sharp bump in the last quarter. As mentioned, we closed these deals at attractive return levels and a healthy geographical spread. No single market represents more than 22% out of the new investments in the quarter. Considering the somewhat slow start of the year, we end up at a strong SEK 10 billion for the full year. This, in combination with the favorable returns we have seen over the years, is a clear result of the quality of our investment organization and acquisition capabilities. All in all, a very strong investment year. We are well on track to reach our ambition of a SEK 36 billion portfolio book value during 2026. We are obviously very happy with the strong outcome of this quarter. we are obviously very happy with the strong outcome of this quarter Move to the next slide. move to the next slide Looking at our investment portfolio acquisition. looking at our investment portfolio acquisition So after a slow start of the year, we see a sharp bump in the last quarter. so after a slow start of the year we see a sharp bump in the last quarter As mentioned, we closed these deals at attractive return levels and a healthy geographical spread. as mentioned we closed these deals at attractive return levels and a healthy geographical spread No single market represents more than 22% out of the new investments in the quarter. no single market represents more than 22% out of the new investments in the quarter Considering the somewhat slow start of the year, we end up at a strong SEK 10 billion for the full year. considering the somewhat slow start of the year we end up at a strong sek 10 billion for the full year This, in combination with the favorable returns we have seen over the years, is a clear result of the quality of our investment organization and acquisition capabilities. this in combination with the favorable returns we have seen over the years is a clear result of the quality of our investment organization and acquisition capabilities All in all, a very strong investment year. all in all a very strong investment year We are well on track to reach our ambition of a SEK 36 billion portfolio book value during 2026. we are well on track to reach our ambition of a sek 36 billion portfolio book value during 2026 Moving to the asset class mix. So as we're growing, we're also improving our geographical spread, no market representing more than 16%. The split of unsecured and secured remains similar to previous quarters, where we do see a gradual increase of secured over the last couple of years. And this is something we are happy with as both asset classes offer great opportunities and bring us a diversified risk spread. We can move to the next slide. Looking at our funding, the mix remains similar. We have a competitively priced and stable funding base, which is supporting our growth. The average cost is going down, and we are now at an average 3.4%, where the funding cost in relation to our NPL book value remains at around 4.4%. And this is clearly an edge for us. Moving to the asset class mix. moving to the asset class mix So as we're growing, we're also improving our geographical spread, no market representing more than 16%. so as we're growing we're also improving our geographical spread no market representing more than 16% The split of unsecured and secured remains similar to previous quarters, where we do see a gradual increase of secured over the last couple of years. the split of unsecured and secured remains similar to previous quarters where we do see a gradual increase of secured over the last couple of years And this is something we are happy with as both asset classes offer great opportunities and bring us a diversified risk spread. and this is something we are happy with as both asset classes offer great opportunities and bring us a diversified risk spread We can move to the next slide. we can move to the next slide Looking at our funding, the mix remains similar. looking at our funding the mix remains similar We have a competitively priced and stable funding base, which is supporting our growth. we have a competitively priced and stable funding base which is supporting our growth The average cost is going down, and we are now at an average 3.4%, where the funding cost in relation to our NPL book value remains at around 4.4%. the average cost is going down and we are now at an average 3.4% where the funding cost in relation to our npl book value remains at around 4.4% And this is clearly an edge for us. and this is clearly an edge for us We issued one senior preferred bond for the quarter, and our own deposit platform in Germany is off to a flying start with roughly EUR 150 million of deposits since the start in November. Over time, this will improve our funding costs even further, and we are now in the planning phase of setting up the next one. Looking at the five quarters cost trend, we continue to deliver on our ambitions of having the direct costs move in line with collection and the indirects to stay flat. The non-recurring part indirect costs in Q4 is coming from the VAT case I mentioned. Underlying, we remain at the same level of cost to collect as the previous quarters. We see an uptick in legal costs as the courts in our southern markets become more active after the Q3 summer vacation period. We issued one senior preferred bond for the quarter, and our own deposit platform in Germany is off to a flying start with roughly EUR 150 million of deposits since the start in November. we issued one senior preferred bond for the quarter and our own deposit platform in germany is off to a flying start with roughly eur 150 million of deposits since the start in november Over time, this will improve our funding costs even further, and we are now in the planning phase of setting up the next one. over time this will improve our funding costs even further and we are now in the planning phase of setting up the next one Looking at the five quarters cost trend, we continue to deliver on our ambitions of having the direct costs move in line with collection and the indirects to stay flat. looking at the five quarters cost trend we continue to deliver on our ambitions of having the direct costs move in line with collection and the indirects to stay flat The non-recurring part indirect costs in Q4 is coming from the VAT case I mentioned. the non-recurring part indirect costs in q4 is coming from the vat case i mentioned Underlying, we remain at the same level of cost to collect as the previous quarters. underlying we remain at the same level of cost to collect as the previous quarters We see an uptick in legal costs as the courts in our southern markets become more active after the Q3 summer vacation period. we see an uptick in legal costs as the courts in our southern markets become more active after the q3 summer vacation period All in all, we are very pleased with the developments. Our capital position. The movement from last quarter's 12.2% to the 10.8% now in Q4 is mainly driven by the large volume of new investments and also the 6 SEK per share dividend. The performance section shows the sharp impact coming from the backstop release, providing a very solid base to keep growing the business. We basically see the 2.5%-ish increase that we have guided for in earlier calls. Can move to the next. Yes. LCR and NSFR at stable levels compared to previous quarters. NSFR of 143% with a good margin to the regulatory required 130%. The size of our liquidity reserve in comparison to the portfolio book value, the NPL portfolio book value, remains at lower levels than before. All in all, we are very pleased with the developments. all in all we are very pleased with the developments Our capital position. our capital position The movement from last quarter's 12.2% to the 10.8% now in Q4 is mainly driven by the large volume of new investments and also the 6 SEK per share dividend. the movement from last quarter's 12.2% to the 10.8% now in q4 is mainly driven by the large volume of new investments and also the 6 sek per share dividend The performance section shows the sharp impact coming from the backstop release, providing a very solid base to keep growing the business. the performance section shows the sharp impact coming from the backstop release providing a very solid base to keep growing the business We basically see the 2.5%-ish increase that we have guided for in earlier calls. we basically see the 2.5%-ish increase that we have guided for in earlier calls Can move to the next. can move to the next Yes. yes LCR and NSFR at stable levels compared to previous quarters. lcr and nsfr at stable levels compared to previous quarters NSFR of 143% with a good margin to the regulatory required 130%. nsfr of 143% with a good margin to the regulatory required 130% The size of our liquidity reserve in comparison to the portfolio book value, the NPL portfolio book value, remains at lower levels than before. the size of our liquidity reserve in comparison to the portfolio book value the npl portfolio book value remains at lower levels than before The increased use of our own platforms will enable us to keep tightening this ratio over time. Then if we look at the full year of 2025, so in short, we're achieving roughly SEK 1.5 billion profit before tax to be compared to the SEK 1.3 billion in 2024, a 16% growth excluding FX. If we include the impact from the increased underlying costs in the interest income from co-investments, this means a 20% growth year-on-year. This is with a full year of SDR costs where the interest expense increase is mainly driven by the SDR qualification and then obviously the growth of the NPL portfolio. Return on equity of 17.6% compared to last year's 16.8%. All in all, a very strong year. We managed to reach a collection performance of 105% and demonstrated a strong cost discipline throughout the year. The increased use of our own platforms will enable us to keep tightening this ratio over time. the increased use of our own platforms will enable us to keep tightening this ratio over time Then if we look at the full year of 2025, so in short, we're achieving roughly SEK 1.5 billion profit before tax to be compared to the SEK 1.3 billion in 2024, a 16% growth excluding FX. then if we look at the full year of 2025 so in short we're achieving roughly sek 1.5 billion profit before tax to be compared to the sek 1.3 billion in 2024 a 16% growth excluding fx If we include the impact from the increased underlying costs in the interest income from co-investments, this means a 20% growth year-on-year. if we include the impact from the increased underlying costs in the interest income from co-investments this means a 20% growth year-on-year This is with a full year of SDR costs where the interest expense increase is mainly driven by the SDR qualification and then obviously the growth of the NPL portfolio. this is with a full year of sdr costs where the interest expense increase is mainly driven by the sdr qualification and then obviously the growth of the npl portfolio Return on equity of 17.6% compared to last year's 16.8%. return on equity of 17.6% compared to last year's 16.8% All in all, a very strong year. all in all a very strong year We managed to reach a collection performance of 105% and demonstrated a strong cost discipline throughout the year. we managed to reach a collection performance of 105% and demonstrated a strong cost discipline throughout the year We collected almost SEK 1 billion more in 2025 versus 2024 at lower cost. Our operational capabilities have become more flexible and hybrid between insourced/outsourced collection activities, and this will continue to be a benefit for us also during 2026. So in short, we have established a cost base and structure that will create a strong operating leverage as we continue to grow the business. And despite the slow start of the year, we aimed strongly to reach the SEK 10 billion invested. And now we move into this year with a strong pipeline and many interesting opportunities and also ample capital and a bigger addressable market. So all in all, a really, really strong year with an exciting 2026 ahead of us. So with that, I hand back to you, Harry. We collected almost SEK 1 billion more in 2025 versus 2024 at lower cost. we collected almost sek 1 billion more in 2025 versus 2024 at lower cost Our operational capabilities have become more flexible and hybrid between insourced/outsourced collection activities, and this will continue to be a benefit for us also during 2026. our operational capabilities have become more flexible and hybrid between insourced/outsourced collection activities and this will continue to be a benefit for us also during 2026 So in short, we have established a cost base and structure that will create a strong operating leverage as we continue to grow the business. so in short we have established a cost base and structure that will create a strong operating leverage as we continue to grow the business And despite the slow start of the year, we aimed strongly to reach the SEK 10 billion invested. and despite the slow start of the year we aimed strongly to reach the sek 10 billion invested And now we move into this year with a strong pipeline and many interesting opportunities and also ample capital and a bigger addressable market. and now we move into this year with a strong pipeline and many interesting opportunities and also ample capital and a bigger addressable market So all in all, a really, really strong year with an exciting 2026 ahead of us. so all in all a really really strong year with an exciting 2026 ahead of us So with that, I hand back to you, Harry. so with that i hand back to you harry

Speaker 3: Thank you, Magnus. Let's see if I'm there. Yes. So how are we tracking against our financial targets? Well, if we look at our core target on which we are all measured on, the ROE is at 18% for the full year, driven by the underlying business, as you can see in the graph here. In terms of capitalization, with a 13.5% CET1 ratio post-SDR or as SDR, we will have ample purchasing power for this year and beyond. Over time, we will, of course, strive to get back down into the gold corridor. With the regulatory stability that the SDR gives us and the growing size, we will be able to use the capital more efficiently going forward. Thank you, Magnus. thank you magnus Let's see if I'm there. let's see if i'm there Yes. yes So how are we tracking against our financial targets? so how are we tracking against our financial targets Well, if we look at our core target on which we are all measured on, the ROE is at 18% for the full year, driven by the underlying business, as you can see in the graph here. well if we look at our core target on which we are all measured on the roe is at 18% for the full year driven by the underlying business as you can see in the graph here In terms of capitalization, with a 13.5% CET1 ratio post-SDR or as SDR, we will have ample purchasing power for this year and beyond. in terms of capitalization with a 13.5% cet1 ratio post-sdr or as sdr we will have ample purchasing power for this year and beyond Over time, we will, of course, strive to get back down into the gold corridor. over time we will of course strive to get back down into the gold corridor With the regulatory stability that the SDR gives us and the growing size, we will be able to use the capital more efficiently going forward. with the regulatory stability that the sdr gives us and the growing size we will be able to use the capital more efficiently going forward Looking then at earnings per share, CAGR over the last three years, 28%, but also very, very proud of the fact that we managed to do 15% growth year-over-year against really tough comps. And finally, as communicated, SEK 6 per share dividend, out of which SEK 3.26 is the ordinary and SEK 2.74 the extraordinary on the back of the SDR status. So doing well against the targets. So then key takeaways, as you've heard many times during this presentation already, the core business is really delivering solid investments, solid collections for the quarter, but also throughout the full year. Continued profitability improvements, increasing the ROE. And then in terms of the market, we do see rising NPL ratios across Europe, especially in France, Germany. We also see certain asset classes in Spain. Looking then at earnings per share, CAGR over the last three years, 28%, but also very, very proud of the fact that we managed to do 15% growth year-over-year against really tough comps. looking then at earnings per share cagr over the last three years 28% but also very very proud of the fact that we managed to do 15% growth year-over-year against really tough comps And finally, as communicated, SEK 6 per share dividend, out of which SEK 3.26 is the ordinary and SEK 2.74 the extraordinary on the back of the SDR status. and finally as communicated sek 6 per share dividend out of which sek 3.26 is the ordinary and sek 2.74 the extraordinary on the back of the sdr status So doing well against the targets. so doing well against the targets So then key takeaways, as you've heard many times during this presentation already, the core business is really delivering solid investments, solid collections for the quarter, but also throughout the full year. so then key takeaways as you've heard many times during this presentation already the core business is really delivering solid investments solid collections for the quarter but also throughout the full year Continued profitability improvements, increasing the ROE. continued profitability improvements increasing the roe And then in terms of the market, we do see rising NPL ratios across Europe, especially in France, Germany. and then in terms of the market we do see rising npl ratios across europe especially in france germany We also see certain asset classes in Spain. we also see certain asset classes in spain We expect that the NPL market in 2026 to be at least the same or larger than 2025. With all these benefits that we get with the SDR status, we will strive to take market share, as always, though, provided that it is at attractive and accretive returns. With that, it's time to open up for questions. We expect that the NPL market in 2026 to be at least the same or larger than 2025. we expect that the npl market in 2026 to be at least the same or larger than 2025 With all these benefits that we get with the SDR status, we will strive to take market share, as always, though, provided that it is at attractive and accretive returns. with all these benefits that we get with the sdr status we will strive to take market share as always though provided that it is at attractive and accretive returns With that, it's time to open up for questions. with that it's time to open up for questions

Speaker 7: If you wish to ask a question, please dial pound key five on your telephone keypad to enter the queue. If you wish to withdraw your question, please dial pound key six on your telephone keypad. The next question comes from Björn Ölsen from SEB. Please go ahead. If you wish to ask a question, please dial pound key five on your telephone keypad to enter the queue. if you wish to ask a question please dial pound key five on your telephone keypad to enter the queue If you wish to withdraw your question, please dial pound key six on your telephone keypad. if you wish to withdraw your question please dial pound key six on your telephone keypad The next question comes from Björn Ölsen from SEB. the next question comes from björn ölsen from seb Please go ahead. please go ahead

Speaker 1: Good morning, guys. With the CMD in Q3 next year, can we still expect you to target the 36% by year-end next year and for investments to be sort of in a similar fashion as this year? Or should we view the sort of momentum you're into now, including the SDR capital addition, as an upgrade on investment pace for this year? Good morning, guys. good morning guys With the CMD in Q3 next year, can we still expect you to target the 36% by year-end next year and for investments to be sort of in a similar fashion as this year? with the cmd in q3 next year can we still expect you to target the 36% by year-end next year and for investments to be sort of in a similar fashion as this year Or should we view the sort of momentum you're into now, including the SDR capital addition, as an upgrade on investment pace for this year? or should we view the sort of momentum you're into now including the sdr capital addition as an upgrade on investment pace for this year

Speaker 3: I think I mean, we're indicating that we want to increase our market share. So I think we will try to beat the investment level of last year, obviously. And we expect to reach the SEK 36 billion ambition at the latest by the end of the year and hopefully before. I think I mean, we're indicating that we want to increase our market share. i think i mean we're indicating that we want to increase our market share So I think we will try to beat the investment level of last year, obviously. so i think we will try to beat the investment level of last year obviously And we expect to reach the SEK 36 billion ambition at the latest by the end of the year and hopefully before. and we expect to reach the sek 36 billion ambition at the latest by the end of the year and hopefully before

Speaker 1: Great. On the funding side, could you give some flavor on the inflow in the German deposit platform and how that, in combination with sort of possible trimming of the NSFR, might impact your funding costs? Great. great On the funding side, could you give some flavor on the inflow in the German deposit platform and how that, in combination with sort of possible trimming of the NSFR, might impact your funding costs? on the funding side could you give some flavor on the inflow in the german deposit platform and how that in combination with sort of possible trimming of the nsfr might impact your funding costs

Speaker 5: Yeah, I can take that. So hi, Björn. So as I said, we have taken in roughly EUR 150 million of deposits so far, which is an amazing start with the platform. And I mean, the core purpose of this is obviously to make us more NSFR efficient. So we will be able to attract a wider range of products and still keep a very high NSFR efficiency. And it will definitely help us tighten all of the metrics related to the funding of the company. So yes. And also, we are soon going into the Spanish market to further increase this capability. Yeah, I can take that. yeah i can take that So hi, Björn. so hi björn So as I said, we have taken in roughly EUR 150 million of deposits so far, which is an amazing start with the platform. so as i said we have taken in roughly eur 150 million of deposits so far which is an amazing start with the platform And I mean, the core purpose of this is obviously to make us more NSFR efficient. and i mean the core purpose of this is obviously to make us more nsfr efficient So we will be able to attract a wider range of products and still keep a very high NSFR efficiency. so we will be able to attract a wider range of products and still keep a very high nsfr efficiency And it will definitely help us tighten all of the metrics related to the funding of the company. and it will definitely help us tighten all of the metrics related to the funding of the company So yes. so yes And also, we are soon going into the Spanish market to further increase this capability. and also we are soon going into the spanish market to further increase this capability

Speaker 1: Great. And just final question on costs. A non-named Swedish peer of yours recently talked about cost savings as a potential to improve margins, including in the collection side of business. You talk about keeping the indirect costs flat and the direct costs going upwards. Do you think that this is maybe even a bit a cost area where you could find improvements? Or do you differ in your view of how costs develop? Great. great And just final question on costs. and just final question on costs A non-named Swedish peer of yours recently talked about cost savings as a potential to improve margins, including in the collection side of business. a non-named swedish peer of yours recently talked about cost savings as a potential to improve margins including in the collection side of business You talk about keeping the indirect costs flat and the direct costs going upwards. you talk about keeping the indirect costs flat and the direct costs going upwards Do you think that this is maybe even a bit a cost area where you could find improvements? do you think that this is maybe even a bit a cost area where you could find improvements Or do you differ in your view of how costs develop? or do you differ in your view of how costs develop

Speaker 3: No, I think we've spent many years now working to get the cost base down, and we can now see that we are delivering on this. And we have behaved in a very disciplined way also in 2025. Could we be more efficient? Potentially, yes. But keep in mind that we are collecting SEK 1 billion more in 2025 versus 2024 at a lower direct cost. So I think we are at a pretty decent efficiency level as of today. No, I think we've spent many years now working to get the cost base down, and we can now see that we are delivering on this. no i think we've spent many years now working to get the cost base down and we can now see that we are delivering on this And we have behaved in a very disciplined way also in 2025. and we have behaved in a very disciplined way also in 2025 Could we be more efficient? could we be more efficient Potentially, yes. potentially yes But keep in mind that we are collecting SEK 1 billion more in 2025 versus 2024 at a lower direct cost. but keep in mind that we are collecting sek 1 billion more in 2025 versus 2024 at a lower direct cost So I think we are at a pretty decent efficiency level as of today. so i think we are at a pretty decent efficiency level as of today

Speaker 1: Great. Thanks, guys. Great. great Thanks, guys. thanks guys

Speaker 7: The next question comes from Marcus Sandgren from Kepler Cheuvreux. Please go ahead. The next question comes from Marcus Sandgren from Kepler Cheuvreux. the next question comes from marcus sandgren from kepler cheuvreux Please go ahead. please go ahead

Speaker 6: Good morning, guys, and congrats to a good result. I was thinking about your collection performance. Is that just natural volatility between quarters, or is it related to that it's easier to collect in certain markets that you've gone into and what do you expect going forward, basically? So that's the first one. Good morning, guys, and congrats to a good result. good morning guys and congrats to a good result I was thinking about your collection performance. i was thinking about your collection performance Is that just natural volatility between quarters, or is it related to that it's easier to collect in certain markets that you've gone into and what do you expect going forward, basically? is that just natural volatility between quarters or is it related to that it's easier to collect in certain markets that you've gone into and what do you expect going forward basically So that's the first one. so that's the first one

Speaker 5: Hi, Marcus. I would say Q4 is sort of traditionally a strong collection quarter. We have the activities in all of the southern markets sort of coming back to life after a vacation period. And then in some markets, we have an additional salary, etc. So we have some upside coming from that as well. But the 108% is an exceptionally strong outcome, and we're obviously very pleased with this. But I would say Q4 is normally a strong quarter. I don't know if that answers your question, Marcus. Hi, Marcus. hi marcus I would say Q4 is sort of traditionally a strong collection quarter. i would say q4 is sort of traditionally a strong collection quarter We have the activities in all of the southern markets sort of coming back to life after a vacation period. we have the activities in all of the southern markets sort of coming back to life after a vacation period And then in some markets, we have an additional salary, etc. So we have some upside coming from that as well. and then in some markets we have an additional salary etc so we have some upside coming from that as well But the 108% is an exceptionally strong outcome, and we're obviously very pleased with this. but the 108% is an exceptionally strong outcome and we're obviously very pleased with this But I would say Q4 is normally a strong quarter. but i would say q4 is normally a strong quarter I don't know if that answers your question, Marcus. i don't know if that answers your question marcus

Speaker 6: Sort of, yeah. Okay. And then moving on to costs, the VAT thing you had in the quarter, is there anything else that might be coming in the coming quarters in terms of extraordinary costs? Sort of, yeah. sort of yeah Okay. okay And then moving on to costs, the VAT thing you had in the quarter, is there anything else that might be coming in the coming quarters in terms of extraordinary costs? and then moving on to costs the vat thing you had in the quarter is there anything else that might be coming in the coming quarters in terms of extraordinary costs

Speaker 3: Not that we expect at this point. We have a provisional amount for ongoing cases, and we have contingent liabilities to the tune of SEK 60 million roughly, I think, now. So no, nothing of this size that we anticipate at this point in time or in the near-term future. Not that we expect at this point. not that we expect at this point We have a provisional amount for ongoing cases, and we have contingent liabilities to the tune of SEK 60 million roughly, I think, now. we have a provisional amount for ongoing cases and we have contingent liabilities to the tune of sek 60 million roughly i think now So no, nothing of this size that we anticipate at this point in time or in the near-term future. so no nothing of this size that we anticipate at this point in time or in the near-term future

Speaker 6: Okay, great. And then lastly, at least I expected some buybacks, and apparently, you didn't announce anything about that. Is that related to that you need or want the money for growing the business, or is there anything about that the capital buffer has not yet been on the higher-performer level that we will see in Q1? Okay, great. okay great And then lastly, at least I expected some buybacks, and apparently, you didn't announce anything about that. and then lastly at least i expected some buybacks and apparently you didn't announce anything about that Is that related to that you need or want the money for growing the business, or is there anything about that the capital buffer has not yet been on the higher-performer level that we will see in Q1? is that related to that you need or want the money for growing the business or is there anything about that the capital buffer has not yet been on the higher-performer level that we will see in q1

Speaker 3: Hi, Marcus. No, this is obviously, and as we've communicated before, we want to keep as much capital as possible for growth. The board is proposing this extra dividend now on the back of the SDR and the one-time release. If and when we decide to complement that with share buybacks, we will let you know. But prime target. Hi, Marcus. hi marcus No, this is obviously, and as we've communicated before, we want to keep as much capital as possible for growth. no this is obviously and as we've communicated before we want to keep as much capital as possible for growth The board is proposing this extra dividend now on the back of the SDR and the one-time release. the board is proposing this extra dividend now on the back of the sdr and the one-time release If and when we decide to complement that with share buybacks, we will let you know. if and when we decide to complement that with share buybacks we will let you know But prime target. but prime target

Speaker 6: Okay, very good. That's. Okay, very good. okay very good That's. that's

Speaker 3: Is growth. Is growth. is growth

Speaker 6: Okay. Yeah, very good. Thanks. That's all from me. Okay. okay Yeah, very good. yeah very good Thanks. thanks That's all from me. that's all from me

Speaker 3: Thank you. Thank you. thank you

Speaker 7: The next question comes from Ulrik Zürcher from Nordea. Please go ahead. The next question comes from Ulrik Zürcher from Nordea. the next question comes from ulrik zürcher from nordea Please go ahead. please go ahead

Speaker 8: Yeah, thank you. So two questions. I would just have one clarification or thoughts about how long you can keep indirect expenses roughly flat, basically how many years, or is it constrained by portfolio size at all? Secondly, just if you could tell us a little bit about your win rate because obviously, you can run at a very high leverage and very low funding cost compared to basically all other peers. So are there any threats you're seeing with other players becoming SDR-approved or thoughts on the competitive environment, basically? Thank you. Yeah, thank you. yeah thank you So two questions. so two questions I would just have one clarification or thoughts about how long you can keep indirect expenses roughly flat, basically how many years, or is it constrained by portfolio size at all? i would just have one clarification or thoughts about how long you can keep indirect expenses roughly flat basically how many years or is it constrained by portfolio size at all Secondly, just if you could tell us a little bit about your win rate because obviously, you can run at a very high leverage and very low funding cost compared to basically all other peers. secondly just if you could tell us a little bit about your win rate because obviously you can run at a very high leverage and very low funding cost compared to basically all other peers So are there any threats you're seeing with other players becoming SDR-approved or thoughts on the competitive environment, basically? so are there any threats you're seeing with other players becoming sdr-approved or thoughts on the competitive environment basically Thank you. thank you

Speaker 3: Maybe I can answer the competitive environment question. Well, win rate is not something we typically communicate. But with the outcome of the fourth quarter, I think it's clear that we had a high share of wins during this quarter. There will be other SDRs popping up. Will they be able to address our asset classes and our geographies? Well, I guess time will tell. So far, we continue operating as we operate and like the asset classes that we like. And we will continue to compete in those areas. And the other question was, sorry? Maybe I can answer the competitive environment question. maybe i can answer the competitive environment question Well, win rate is not something we typically communicate. well win rate is not something we typically communicate But with the outcome of the fourth quarter, I think it's clear that we had a high share of wins during this quarter. but with the outcome of the fourth quarter i think it's clear that we had a high share of wins during this quarter There will be other SDRs popping up. there will be other sdrs popping up Will they be able to address our asset classes and our geographies? will they be able to address our asset classes and our geographies Well, I guess time will tell. well i guess time will tell So far, we continue operating as we operate and like the asset classes that we like. so far we continue operating as we operate and like the asset classes that we like And we will continue to compete in those areas. and we will continue to compete in those areas And the other question was, sorry? and the other question was sorry

Speaker 5: Oh, yeah, on the indirect costs. Yeah, yeah. There is obviously a limit to how much you can handle. I mean, if we grow the book radically in the coming years, the indirect costs will probably move up a bit. But we don't foresee any sort of sudden upticks in the near-term future, not for 2026. Oh, yeah, on the indirect costs. oh yeah on the indirect costs Yeah, yeah. yeah yeah There is obviously a limit to how much you can handle. there is obviously a limit to how much you can handle I mean, if we grow the book radically in the coming years, the indirect costs will probably move up a bit. i mean if we grow the book radically in the coming years the indirect costs will probably move up a bit But we don't foresee any sort of sudden upticks in the near-term future, not for 2026. but we don't foresee any sort of sudden upticks in the near-term future not for 2026

Speaker 8: Got it. Thank you. Got it. got it Thank you. thank you

Speaker 7: The next question comes from Eivind Garvik from Carnegie Investment Bank. Please go ahead. The next question comes from Eivind Garvik from Carnegie Investment Bank. the next question comes from eivind garvik from carnegie investment bank Please go ahead. please go ahead

Speaker 2: Good morning. Thanks. Maybe continuing on Ulrik's question to some extent, you mentioned that in Q4, you mainly acquired in unsecured. Was that mainly a coincidence? Do you have more appetite for unsecured now that you're in SDR, or do you expect it to be kind of in line with your overall book mix the coming years when you think about your acquisitions? Good morning. good morning Thanks. thanks Maybe continuing on Ulrik's question to some extent, you mentioned that in Q4, you mainly acquired in unsecured. maybe continuing on ulrik's question to some extent you mentioned that in q4 you mainly acquired in unsecured Was that mainly a coincidence? was that mainly a coincidence Do you have more appetite for unsecured now that you're in SDR, or do you expect it to be kind of in line with your overall book mix the coming years when you think about your acquisitions? do you have more appetite for unsecured now that you're in sdr or do you expect it to be kind of in line with your overall book mix the coming years when you think about your acquisitions

Speaker 3: I think it is not intentional. Let's say we still have the same appetite for secured. It was just that what was out there on the market was a very high share of unsecured portfolios. The secured portfolio market, let's say, has opened up actually during Q4, but then for, let's say, Q1, Q2 transactions. So I expect we will see more secured in the first three quarters of next year. Typically, that's what we've seen in the last years in terms of split. But no sort of bias towards unsecured in any way. We like them both. I think it is not intentional. i think it is not intentional Let's say we still have the same appetite for secured. let's say we still have the same appetite for secured It was just that what was out there on the market was a very high share of unsecured portfolios. it was just that what was out there on the market was a very high share of unsecured portfolios The secured portfolio market, let's say, has opened up actually during Q4, but then for, let's say, Q1, Q2 transactions. the secured portfolio market let's say has opened up actually during q4 but then for let's say q1 q2 transactions So I expect we will see more secured in the first three quarters of next year. so i expect we will see more secured in the first three quarters of next year Typically, that's what we've seen in the last years in terms of split. typically that's what we've seen in the last years in terms of split But no sort of bias towards unsecured in any way. but no sort of bias towards unsecured in any way We like them both. we like them both

Speaker 2: Got it. Then I know SDR, that's not an application process, but have you had any feedback from the SFSA on your actual notification? Got it. got it Then I know SDR, that's not an application process, but have you had any feedback from the SFSA on your actual notification? then i know sdr that's not an application process but have you had any feedback from the sfsa on your actual notification

Speaker 3: Well, I think we have, during the year, kept a very close dialogue with the SFSA. So after each quarterly report, we have discussed sort of we've showed how we live up to the criteria. We did so also for the fourth. And so we feel comfortable that what we have notified is also valid. Well, I think we have, during the year, kept a very close dialogue with the SFSA. well i think we have during the year kept a very close dialogue with the sfsa So after each quarterly report, we have discussed sort of we've showed how we live up to the criteria. so after each quarterly report we have discussed sort of we've showed how we live up to the criteria We did so also for the fourth. we did so also for the fourth And so we feel comfortable that what we have notified is also valid. and so we feel comfortable that what we have notified is also valid

Speaker 2: Nice. The last is just on your capital range. Clearly, you want to use most of the excess capital to grow more. Could you provide any sort of timeline for when you expect to be within your range or how we should think about it? Nice. nice The last is just on your capital range. the last is just on your capital range Clearly, you want to use most of the excess capital to grow more. clearly you want to use most of the excess capital to grow more Could you provide any sort of timeline for when you expect to be within your range or how we should think about it? could you provide any sort of timeline for when you expect to be within your range or how we should think about it

Speaker 3: Yeah, I think what we can say is that I'm sure you've done the math. We expect to have a strong investment year, or at least that's our ambition for 2026 as well. That is, of course, the first priority. We want to make sure that we also have capacity left for 2027, 2028. Should we see that there is capacity or, let's say, excess capital, we will trim it down to the goal period. I cannot say if this is going to be 2026 or 2027. Yeah, I think what we can say is that I'm sure you've done the math. yeah i think what we can say is that i'm sure you've done the math We expect to have a strong investment year, or at least that's our ambition for 2026 as well. we expect to have a strong investment year or at least that's our ambition for 2026 as well That is, of course, the first priority. that is of course the first priority We want to make sure that we also have capacity left for 2027, 2028. we want to make sure that we also have capacity left for 2027 2028 Should we see that there is capacity or, let's say, excess capital, we will trim it down to the goal period. should we see that there is capacity or let's say excess capital we will trim it down to the goal period I cannot say if this is going to be 2026 or 2027. i cannot say if this is going to be 2026 or 2027

Speaker 2: Fair enough. Thank you very much. Fair enough. fair enough Thank you very much. thank you very much

Speaker 3: Thank you. Thank you, Eivind. Thank you. thank you Thank you, Eivind. thank you eivind

Speaker 7: As a reminder, if you wish to ask a question, please dial pound key five on your telephone keypad. There are no more phone questions at this time, so I hand the conference back to the speakers for any written questions or closing comments. As a reminder, if you wish to ask a question, please dial pound key five on your telephone keypad. as a reminder if you wish to ask a question please dial pound key five on your telephone keypad There are no more phone questions at this time, so I hand the conference back to the speakers for any written questions or closing comments. there are no more phone questions at this time so i hand the conference back to the speakers for any written questions or closing comments

Speaker 4: Okay, so we have a written question here around AI and how we are using that across the organization. Okay, so we have a written question here around AI and how we are using that across the organization. okay so we have a written question here around ai and how we are using that across the organization

Speaker 3: Yes. Let me try to answer that one. So I think we are using AI actually most well, first of all, in the portfolio onboardings, etc. We're using a lot of AI tools to sort of find what belongs to what, basically, right, so that we have the data as good as possible, as complete as possible before we start collecting on a portfolio. So there, we use various tools out in the markets to make sure that we start off the work with a portfolio in a good way. Very, very valuable contribution. Yes. yes Let me try to answer that one. let me try to answer that one So I think we are using AI actually most well, first of all, in the portfolio onboardings, etc. We're using a lot of AI tools to sort of find what belongs to what, basically, right, so that we have the data as good as possible, as complete as possible before we start collecting on a portfolio. so i think we are using ai actually most well first of all in the portfolio onboardings etc we're using a lot of ai tools to sort of find what belongs to what basically right so that we have the data as good as possible as complete as possible before we start collecting on a portfolio So there, we use various tools out in the markets to make sure that we start off the work with a portfolio in a good way. so there we use various tools out in the markets to make sure that we start off the work with a portfolio in a good way Very, very valuable contribution. very very valuable contribution And then I would say during this year or, let's say, 2025, we have been starting using it more, actually, in the support functions or at head office, where we see a lot of opportunity, right, in legal compliance, in, yeah, basically sort of checking on various items and efficiency improvements through Copilot and so on, right? So I think that's where we are now. We are not in a stage where we will be rolling out large-scale any agents to talk to our client base. I think so far, the complexity we have a little bit larger cases than most competitors, and they are simply too complex for the agents at the moment. I'm sure they will improve over time. And then I would say during this year or, let's say, 2025, we have been starting using it more, actually, in the support functions or at head office, where we see a lot of opportunity, right, in legal compliance, in, yeah, basically sort of checking on various items and efficiency improvements through Copilot and so on, right? and then i would say during this year or let's say 2025 we have been starting using it more actually in the support functions or at head office where we see a lot of opportunity right in legal compliance in yeah basically sort of checking on various items and efficiency improvements through copilot and so on right So I think that's where we are now. so i think that's where we are now We are not in a stage where we will be rolling out large-scale any agents to talk to our client base. we are not in a stage where we will be rolling out large-scale any agents to talk to our client base I think so far, the complexity we have a little bit larger cases than most competitors, and they are simply too complex for the agents at the moment. i think so far the complexity we have a little bit larger cases than most competitors and they are simply too complex for the agents at the moment I'm sure they will improve over time. i'm sure they will improve over time

Speaker 4: Okay. Another question here is where we see the biggest opportunities for efficiency gains or value creation going forward. Okay. okay Another question here is where we see the biggest opportunities for efficiency gains or value creation going forward. another question here is where we see the biggest opportunities for efficiency gains or value creation going forward

Speaker 3: I think that was the AI. I think it's the next one, Bloomberg. Well, I think biggest opportunity. I think that was the AI. i think that was the ai I think it's the next one, Bloomberg. i think it's the next one bloomberg Well, I think biggest opportunity. well i think biggest opportunity

Speaker 4: For value creation going forward in investments, I guess? For value creation going forward in investments, I guess? for value creation going forward in investments i guess

Speaker 3: Yes, absolutely. Yes, absolutely. yes absolutely

Speaker 4: Investments across Europe? Investments across Europe? investments across europe

Speaker 3: Yes, in portfolios, absolutely. Yes, in portfolios, absolutely. yes in portfolios absolutely

Speaker 4: Okay, good. And then there is a question here on our tax rate. What we see will be our tax rate going forward. It's a bit high in this quarter. Okay, good. okay good And then there is a question here on our tax rate. and then there is a question here on our tax rate What we see will be our tax rate going forward. what we see will be our tax rate going forward It's a bit high in this quarter. it's a bit high in this quarter

Speaker 5: Yeah, I think excluding, sorry, the SEK 13 million extra we booked, I think we ended up at 24%, which is perhaps a bit on the high side. But there are also impacts coming from where we do our business. We have some, I mean, it's a blended tax rate, right? And I would still say we're fairly consistent now when we apply DTAs and DTLs. So I would expect the tax rate to be at around 22%-23%. That's the best guidance I can give. Yeah, I think excluding, sorry, the SEK 13 million extra we booked, I think we ended up at 24%, which is perhaps a bit on the high side. yeah i think excluding sorry the sek 13 million extra we booked i think we ended up at 24% which is perhaps a bit on the high side But there are also impacts coming from where we do our business. but there are also impacts coming from where we do our business We have some, I mean, it's a blended tax rate, right? we have some i mean it's a blended tax rate right And I would still say we're fairly consistent now when we apply DTAs and DTLs. and i would still say we're fairly consistent now when we apply dtas and dtls So I would expect the tax rate to be at around 22%-23%. so i would expect the tax rate to be at around 22%-23% That's the best guidance I can give. that's the best guidance i can give

Speaker 4: As it has been the previous years as well? As it has been the previous years as well? as it has been the previous years as well

Speaker 5: Yeah, yeah. Yeah, yeah. yeah yeah

Speaker 4: Very good. That's all the questions we have. Very good. very good That's all the questions we have. that's all the questions we have

Speaker 3: Excellent. Then thank you all for listening in at this earnings call, and have a great Friday and weekend when you get there. Thanks. Excellent. excellent Then thank you all for listening in at this earnings call, and have a great Friday and weekend when you get there. then thank you all for listening in at this earnings call and have a great friday and weekend when you get there Thanks. thanks