Kredinor AS: Results for the Fourth Quarter of 2024

Oslo, 3 February 2025 – The positive development at Kredinor AS seen in the second and third quarters continued in the fourth quarter of 2024. Total revenue, adjusted for revaluation, was higher than in the fourth quarter of 2023, and the trend of increasing CMS revenue continued, with a 16% rise compared with the same period last year. Total reported revenue amounted to NOK 313 million in Q4 (NOK 367 million in Q4 2023). The actual decline is attributable to a portfolio revaluation of NOK 61 million.

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“Swedish authorities have revised the rules for tax deductions on interest expenses related to consumer loans. Our calculations show that this legislative change has a negative impact on our portfolios, which is why we recognised a fairly substantial write-down of our Swedish portfolios,” says Rolf Eek-Johansen, CEO of Kredinor.

“When we look at our underlying performance in the fourth quarter, I am satisfied with the company’s development. Collection performance stood at 101% in Q4, marking the fifth consecutive quarter of positive collection performance,” says Eek-Johansen.

Key figures for the fourth quarter and full year 2024

Collection performance was 101% in Q4, compared with 103% in Q4 2023. Within the CMS business area, revenue totalled NOK 195 million in Q4, compared with NOK 168 million in Q4 2023.

Key figures for Q4

  • Total revenue in Q4 was NOK 313 million (NOK 367 million in Q4 2023)
  • EBITDA of NOK 51 million (NOK 26 million)
  • Cash EBITDA of NOK 286 million (NOK 236 million)
  • EBT of NOK -59 million (NOK -127 million)

Key figures for full-year 2024

  • Total revenue in 2024 was NOK 1,467 million (NOK 1,187 million in 2023)
  • EBITDA of NOK 385 million (NOK 46 million)
  • Cash EBITDA of NOK 1,168 million (NOK 1,158 million)
  • EBT of NOK -202 million (NOK -501 million)

Outlook

“The Q4 figures show that we are following a financial plan that will return the company to profitable operations at a level expected for this type of business. While development in 2024 has been positive, there is still considerable work to be done before Kredinor is fully restored to health. Nevertheless, we are entering 2025 as a stronger company than we were at the start of last year,” says CEO Rolf Eek-Johansen.