Kredinor AS: Results for the Second Quarter of 2023

Increased volumes in debt collection and higher income from portfolio investments led to improved results for Kredinor in the second quarter and the first half of 2023. Revenues rose to NOK 1,161 million in H1 (NOK 962 million in H1 2022), and the adjusted EBIT margin remained stable at 25% in H1 (27% in H1 2022).

“In addition, I am very pleased to report solid progress on our strategic initiatives, including the advisory product ‘Kan by Kredinor’, AML screening for debt collection, and our post-merger synergy programme,” says Klaus-Anders Nysteen, CEO of Kredinor.

Financial highlights for Q2:

• Revenue of NOK 628 million (NOK 494 million in Q2 2022)
• EBITDA of NOK 353 million (NOK 282 million)
• Adjusted EBIT of NOK 85 million (NOK 99 million)
• Profit before tax of NOK -54 million (NOK 52 million)

For the first half of 2023:

• Cash revenue of NOK 1,161 million (NOK 962 million in H1 2022)
• Cash EBITDA of NOK 649 million (NOK 508 million)
• Adjusted EBIT of NOK 178 million (NOK 114 million)
• Profit before tax of NOK -99 million (NOK 118 million)

Please note that references to 2022 figures are based on pro forma figures that have not been audited.

“We are pleased to see that collections improved in the second quarter compared with the first quarter. However, we are not satisfied with the overall performance,” says Nysteen.

Challenging conditions

“Our customers are facing more difficult conditions, with rising interest rates and high inflation. One of our key priorities for the second half of the year is to support customers and help them settle their obligations as quickly as possible and at the lowest possible cost,” says Klaus-Anders Nysteen, CEO of Kredinor.