Kredinor AS: Results for the First Quarter of 2024

The important indicator, collection performance, stood at 105.1% in the first quarter (93% in Q1 2023), including a portfolio write-up of NOK 3 million. In the fourth quarter of 2023, collection performance was 102.8%, up from 90% in the third quarter of 2023.

“For me, this is evidence that we are on the right track. Previous write-downs contribute to a strong result, but the indicators are nonetheless moving in the right direction,” says Rolf Eek-Johansen, CEO of Kredinor.

Other key highlights for the first quarter of 2024:

• Cash revenue was NOK 559 million (NOK 533 million in Q1 2023)
• EBITDA was NOK 84 million (NOK 55 million in Q1 2023)
• Cash EBITDA was NOK 271 million (NOK 290 million in Q1 2023)
• Adjusted EBIT was NOK 57 million (NOK 94 million in Q1 2023)
• In addition, the first quarter of 2024 was the strongest quarter for CMS since Q2 2023, with total CMS revenue of NOK 176 million (NOK 168 million)

Cost control

“While this result represents a step in the right direction for Kredinor, we still have some way to go to reach where we need to be. We must strengthen the revenue side and maintain strict cost control, as we did in the first quarter. This will be key to our success,” says Rolf Eek-Johansen.

As previously reported, Kredinor now has a strong focus on its core business.

Capital-light strategy

On 11 April 2024, shortly after the end of the first quarter, Kredinor signed its first capital-light agreement, thereby beginning the execution of the Group’s capital-light strategy. The agreement, concerning the securitisation of a non-performing loan (NPL) portfolio in Sweden, has a gross volume of approximately SEK 700 million.

“This is an important step for us in becoming more cost-efficient in our investments. We expect to see more agreements like this,” says the CEO of Kredinor.

Confirmed as new CEO

Yesterday, Rolf Eek-Johansen was confirmed as Kredinor’s new permanent CEO, having served in the role on an interim basis since December. He brings more than 20 years of experience from the debt collection industry, including serving as CEO of Modhi from 2017 until the merger in 2023.

“I am highly motivated by the task of steering the large Kredinor organisation back on the right course and returning to profitable operations. I thank the Board for the confidence they have shown in me and look forward to continuing this work together with the entire Kredinor team,” he says.

New CFO at Kredinor

At the same time, Bjørn Ove Ottosen has been appointed CFO of Kredinor. Ottosen is currently Head of Treasury and Corporate Finance at Kredinor and served as CFO of Modhi prior to its merger with Kredinor.

“I know Bjørn Ove as a highly capable colleague from our time together at Modhi. I am therefore very pleased that he will take on this responsibility during an important period for us,” says Rolf Eek-Johansen.