===== SIDA 1 ===== Annual and Sustainability Report 2024 Helping millions achieve /f_i.liga nancial recovery ===== SIDA 2 ===== Contents About Intrum Intrum – Leading player in Europe 3 2024 in brief 4 Statement by the CEO/uni00A0 5 Macro outlook and markets 8 Intrum’s strategy 9 Achievements during the year 10 Financial and sustainability targets 11 Intrum as an investment 12 Business area servicing 14 Business area investing 18 The share 22 Five-year summary 24 Governance and control Corporate Governance Report/uni00A0 25 Board of Directors 30 Group Management 32 Board of Directors’ Report 35 Risks and risk management 39 Financial statements /four.tf/six.tf Consolidated accounts 47 Parent company accounts 51 Notes/uni00A0 53 Proposed appropriation of earnings 85 Auditor’s report 86 Sustainability information 91 About the Sustainability Report 92 Sustainability governance 92 Stakeholder engagement 93 Materiality assessment 93 Sustainability targets and outcomes 94 Agenda 2030 94 Value chain 95 Material sustainability issues and sustainability data 96 Sustainability reporting index in accord- ance with the Annual Accounts Act 102 EU-taxonomy 103 GRI Index 107 Auditor’s Combined Assurance Report 108 Information for shareholders 109 Follow Intrum on Linkedin We help companies and individuals to /f_i.liga nd solutions for a sound economy. Reporting framework This Annual and Sustainability Report includes /f_i.liga nancial data and disclosures regarding sustainability. The Sustainability Report has been prepared in accordance with the Annual Accounts Act (ÅRL) and is designed in accordance with GRI Stand- ards 2021. The Sustainability Report also constitutes information on how Intrum contributes to the UN’s Sustainable Development Goals and Agenda 2030. The Sustainability Report con- sists of pages 9–21 and 92–107. The Sustain- ability Report has been reviewed by Deloitte, whose limited assurance statement can be found on page 108. Throughout 2024, Intrum has made impactful progress across its strategic initiatives; Operational excellence, Client focus and the transformation into a Capital light business. “ We have unique customer data and people and tech to deliver best in class customer experience.” Tommi Sova Managing Director Northern Europe, and Managing Director Finland, Intrum “ There are high hopes that economic recovery will gain traction.” Anna Zabrodzka-Averianov Senior Economist, Intrum “ Technology is essential to Intrum’s future and leadership goals.” Amon Ghaiumy Head of Product Development, Intrum “ We are well positioned to continue making new investments across Europe.” Javier Aranguren Chief Investment O/f_f_i.liga cer, Intrum 7 13 17 21 2Annual and Sustainability Report 2024About Intrum Governance and control Board of Directors’ Report Financial statements Sustainability information ===== SIDA 3 ===== Intrum – Leading player in Europe Our mission: We help companies prosper by caring for their customers Our vision: To be trusted and respected by everyone who provides and receives credit Our values: Ethics, Empathy, Dedication and Solutions Intrum’s purpose is to lead the way to a sound economy. A credit market in which people and companies can e/f_f_i.liga ciently provide and receive credit is a prerequisite for the business community to be able to function. The possibilities for a society and its economy to develop positively increases when companies are paid on time, as this enables them to invest, employ and grow – and when people are able to handle their payment commitments and improve their living conditions. Servicing o/f_f.liga ers credit manage- ment with a focus on late pay- ments and conducts collection business mainly with third-party clients who need help collecting on late payments. See page 14. Investing invests in portfolios of overdue receivables and similar claims, after which Intrum’s Servicing operations collect on the acquired claims. See page 18. Our business model – two revenue streams 4.9 million debt free with Intrum in 2024 Collects late payment on behalf of clients. Commission income. Collects overdue receivables for own account. Credit management services takes place via a common platform. 250,000 daily customer interactions. >200 deals won per year. Average deal size of ≈ SEK 35 M 70,000 European clients Servicing Investing Share of the group’s income Servicing Investing 70% 30% Servicing & Investing across four regions Northern Europe Middle Europe Southern Europe Eastern Europe 3Annual and Sustainability Report 2024About Intrum Governance and control Board of Directors’ Report Financial statements Sustainability information ===== SIDA 4 ===== • EBIT in 2024 of SEK 1,941 M includes an impairment of Goodwill and Other Intangible assets of SEK 1,320 M. Excluding this, EBIT has increased by SEK 485M or 17% which is primarily driven by Servicing pro/f_i.liga tability (before impairment) and increased margins above the yearly target. • The Net Loss for the year of SEK -3,345 M consists of EBIT of SEK 1,941 M less Financial Expenses of SEK -3,301 M, tax of SEK -624 M and a Net Loss from Discontinued Operations in the year of SEK -1,361 M. • Investing collections stood at 111% of original forecast and 103% of active forecast, despite a challenging macroeconomic environment. • Costs-cutting measures generated cost savings of SEK 1.8 billion exclud- ing M&A and discontinued operations by the end of 2024, with further cost reduction to continue in 2025. • Meaningful strides towards becoming a capital light business with part of our back-book sold to Cerberus, as well as agreeing to acquire 12 portfo- lios under our Investment Partnership – beginning the transformation to an Investment Management platform. • Ophelos, Intrum’s AI and technology platform, rolled out in 5 countries to assist customers experiencing /f_i.liga nancial di/f_f_i.liga culties. Its operational impact includes an increased collection rate and a lower cost-to-collect. • Intrum’s Recapitalisation Transaction, was initiated to strengthen the com- pany’s capital structure and align debt maturities with its business strategy. • On 31 December, the U.S. Bankruptcy Court con/f_i.liga rmed Intrum’s pre-packaged Chapter 11 plan. Intrum AB gick in i en svensk rekonstruktion den 8 januari 2025 In March, the Reconstruction Plan for the Swedish company reorganisation was announced, and on 15 April, a plan hearing will take place in the Stockholm District Court, where a/f_f.liga ected parties will have the opportunity to vote on the Reconstruction Plan. 2024 in brief In 2024, Intrum helped nearly 5 million individuals out of debt, whilst delivering SEK 121 billion to its clients. Throughout the year, Intrum made consistent progress on its strategy and continued the transformation into a capital light business, and becoming a company driven by technology. SEK M, unless otherwise indicated /two.tf/zero.tf/two.tf/four.tf/two.tf/zero.tf/two.tf/three.tf/two.tf/zero.tf/two.tf/two.tf Income (from continuing operations) 18,033 17,705 19,131 Net operating income (EBIT) 1,941 2,776 62 Net loss/income for the year -3,345 57 -4,379 Earnings per share, SEK -30.67 -1.56 -37.07 Cash income 21,577 21,064 24,280 Cash EBITDA 9,287 9,137 13,238 Net portfolio investments 1,739 5,508 7,538 Net debt before other obligations/Cash EBITDA 4.5x 4.4x 4.1x Servicing External servicing income 12,579 12,297 10,424 Internal service inome1 1,702 1,468 2,663 Total income 14,281 13,765 13,087 EBIT 900 1,292 1,938 Portfolio Investments Total income 5,324 5,395 8,944 EBIT 2,903 3,446 51 SEK M, unless otherwise indicated /two.tf/zero.tf/two.tf/four.tf/two.tf/zero.tf/two.tf/three.tf/two.tf/zero.tf/two.tf/two.tf Sustainable enterprise Culture Index (0–100) 86 85 85 Client Satisfaction Index (0–100) 72 74 76 Employee Engagement Index (0–100) 78 80 80 Proportion women/men in the Board of Directors, % 43/57 38/62 38/62 Proportion women/men in the Executive Management Team2, % 29/71 20/80 31/69 Proportion women/men in the organisation as a whole, % 60/40 61/39 61/39 Greenhouse gas emissions compared to baseline 2019 -32% -17% -4% Total reported greenhouse gas emissions, tCO2e3 13,006 15,163 18,449 The share Dividend per share4, SEK - - 13.5 Share price at year-end, SEK 27.4 69.8 126.2 1) Internal income is mainly related to commission income earned by the servicing segment for collection activities on portfolios owned by the investing segment. 2) 31 December, 2024. 3) Calculated using location-based method. 4) Proposed for 2025. 18,033 Income, SEK M 9,287 Cash EBITDA, SEK M (from continuing operations) 4.5x Leverage ratio (Net debt/Cash EBITDA multiple) 86 Culture Index, /zero.tf–/one.tf/zero.tf/zero.tf 72 Client Satisfaction Index, /zero.tf–/one.tf/zero.tf/zero.tf 78 Employee Engagement Index, /zero.tf–/one.tf/zero.tf/zero.tf 4Annual and Sustainability Report 2024About Intrum Governance and control Board of Directors’ Report Financial statements Sustainability information ===== SIDA 5 ===== I want to start by saying how proud I am of the important role that Intrum plays in people’s lives and how we support clients and consumers facing increasing /f_i.liga nancial pressure and uncertainty. Intrum is a critical part of the /f_i.liga nancial ecosystem and we help people get out of debt and on a path to recovery, whilst providing our clients with an exceptional service. Statement by the CEO Navigating change, building for the future As the world around us continues to change, we continue to /f_i.liga nd ways to develop our organisation and continuously learn so that we can keep evolving and bringing value to society. With this in mind, as I look back at the accomplish- ments of the past year I feel excited and con/f_i.liga dent that we are taking the right steps to achieve future success. We helped nearly /f_i.liga ve million customers to become debt-free last year, supporting them in regaining /f_i.liga nancial control and reintegrating back into the /f_i.liga nancial ecosys- tem. I continue to be impressed by the people of Intrum and their dedication to support customers by lifting the heavy burden that overdue debt has on an individual level and on our society. This dedication is also what drives us to stand behind e/f_f_i.liga cient and fair payment processes to support businesses to responsibly recover outstanding debts without disrupting the relationship with their cus- tomers. The ability to meet /f_i.liga nancial obligations is a key to a sound and sustainable economy – making this possible is a core part of our role in society. As the European market leader, we believe that our responsibility is to help shape the market. In our ambition to generate value for our clients and customers alike, as well as for society in general, sustainability is integrated in our activities. Intrum’s commitment to the UN Global Compact remains since 2016 and we are constantly work- ing to integrate the Global Compact’s 10 sustainability principles in our business. Commitment clear as transformation progress 2024 was an important year for Intrum and for our trans- formation journey. While macroeconomic volatility con- tinued and our environment became even more complex, we have managed to embrace the change coming our way. Through our clear commitment to deliver value for our clients, supporting customers, and strengthening our /f_i.liga nancial position, we managed to deliver solid progress across our three strategic pillars: operational excellence, client focus, and a more capital light business. Through the increasing use of technology, strengthening com- mercial partnerships, and enhancing e/f_f_i.liga ciency, we have improved our /f_i.liga nancial resilience while ensuring that our clients and customers receive the support needed. This and the implementation of our capital light strategy have laid the foundation for a more agile and e/f_f_i.liga cient business. E/f_f.liga orts to improve business performance across Servicing and Investing Our Servicing business delivered strong pro/f_i.liga tability 5Annual and Sustainability Report 2024About Intrum Governance and control Board of Directors’ Report Financial statements Sustainability information ===== SIDA 6 ===== improvements, with margins surpassing our annual tar- gets. Client demand remained high, re/f_l.liga ecting the critical role Intrum plays in supporting businesses across Europe and we maintained a high contract renewal rate, strength- ened our service o/f_f.liga erings, and expanded our ability to meet the growing demand for e/f_f.liga ective credit manage- ment solutions. In Investing, we successfully executed on our capital light strategy, improving our capital position through strategic partnerships and optimising our portfolio. We sold part of our back-book and co-invested with Cerberus, mark- ing a key milestone in our transition towards an Invest- ment Management technology platform. Our collections performance remained strong, reaching 111 percent of our original forecast, demonstrating resilience in our asset base despite challenging macroeconomic environment. These strategic actions reinforce our ability to create sustainable value for our stakeholders, while maintaining a disciplined approach to capital allocation. Technology as our foundation drives our digital transition Following the acquisitions of Ophelos and eCollect, we have accelerated our digital transformation, integrating AI-driven and cloud-based solutions into our operations to enhance e/f_f_i.liga ciency and improve customer experience. We have rolled out of Ophelos across /f_i.liga ve markets and it has already shown promising results. In the Netherlands we saw a 25 percent increase in collection rates and 22 percent reduction in cost-to-collect, and we are acceler- ating the roll-out of Ophelos in 2025. In addition, Inio, our proprietary digital billing and payment platform, has been introduced in the Swedish market, with initiatives under- way to introduce it more widely across Scandinavia. The introduction of these tech-enabled solutions strengthens our market position and ensures we remain ahead of evolving client needs. By combining innovation with deep industry expertise, we are reinforcing Intrum’s role as a trusted partner for businesses, consumers, and /f_i.liga nancial institutions while maintaining our core values of ethics, empathy, dedication, and solutions. Important progress for Intrum’s Recapitalisation Transaction Our recapitalisation process continues at pace with the support of our creditors, shareholders and clients. The process will establish the right capital structure to accelerate the execution of our long-term strategic goals. Read more about our strategic execution and other achievements during the year on page 10 and 36. Strong momentum enables accelerated strategy execution We are excited about the journey ahead and I would like to extend a sincere thank you to the people at Intrum for making it all possible and my deepest gratitude to the businesses and customers we serve for showing commit- ment and trust as we progress. Progress is key and the journey to adapt and innovate never ends – but we know what to do and we continue to build momentum in our execution throughout our organisation. I am con/f_i.liga dent that we are building an Intrum /f_i.liga t for the future, leading the way in our industry and contribute to a sound and sustainable economy. Stockholm, April 2025 Andrés Rubio President & CEO “ We helped nearly /f_i.liga ve million customers to become debt-free last year, supporting them in regaining /f_i.liga nancial control and reintegrating back into the /f_i.liga nancial ecosystem.” 6Annual and Sustainability Report 2024About Intrum Governance and control Board of Directors’ Report Financial statements Sustainability information ===== SIDA 7 ===== THREE QUESTIONS ON MACRO OUTLOOK FOR: Anna Zabrodzka-Averianov Senior Economist, intrum 1. What were the macroeconomic key events 2024? – Policy rates have /f_i.liga nally begun to come down; however, central banks must balance supporting recovery with avoid- ing a rise in in/f_l.liga ation. The easing process is gradual. Europe has seen a slow economic recovery, unevenly distributed. Southern Europe is growth leader, while especially Ger- many has been underperforming. 2. Outlook 2025, what are the most important developments? – There are high hopes that economic recovery will gain traction, as continued wage growth should push up spend- ing. Stronger domestic demand combined with continued monetary policy easing should support European busi- nesses. However, there are still geopolitical risks, in par- ticular for a U.S.-initiated trade war. Political stalemate in France and early elections in Germany, undermine Europe’s standing. 3. What challenges will clients meet in 2025? – Economic and geopolitical uncertainties might prevent stronger rebound in spending. Most households have man- aged to meet their /f_i.liga nancial obligations, but often through di/f_f_i.liga cult sacri/f_i.liga ces, while a rising share relies on credit to make ends meet. Consumers are also starting to embrace AI when managing their /f_i.liga nances. However, while AI can reduce personal bias, many still worry about personal data security and lack of empathy. 7Annual and Sustainability Report 2024About Intrum Governance and control Board of Directors’ Report Financial statements Sustainability information ===== SIDA 8 ===== Macro outlook and markets Optimism with caveats The demand for credit management is driven by the expected continued supply of late payments and non-performing loans. The trend of clients selling their credit portfolios is well established. Digital solutions are increasingly preferred by clients and customers. There was cautious optimism among European com- panies regarding global macro economic conditions in 2024. This was evident from Intrum’s European Payment Report 2024. Crucially, in/f_l.liga ation and interest rates are coming down from high levels, thereby reducing pres- sure on companies and consumers, although the latter still remain elevated. At the same time, wages are rising. After a certain time lag, this is expected to result in con- sumers reducing their debt burden and claims being eas- ier to collect. Although the immediate pressure appears to be eas- ing, uncertainty remains, and it is too early to assume that the economic turbulence of recent years is over. Over- all, late payments and the number of non-performing loans (NPLs, or Stage 3 loans) are expected to continue to increase. There is a clear market trend for clients, especially banks, to outsource debt collection activities to enable them to focus on their core operations. Banks also con- tinue to frequently sell o/f_f.liga debt portfolios to reduce bal- ance sheet risk exposure. Digitalisation in focus European companies are increasingly focused on ben- e/f_i.liga ting from the opportunities o/f_f.liga ered by digitalisation, including AI. Consumers have an open attitude towards AI solutions, although remain vigilant regarding privacy. Changes in customer behaviors a/f_f.liga ect the market, especially in terms of digitalisation generating new types of accounts receivable and late payments. For exam- ple, younger consumers tend to purchase more on social media and are more often late payers than older groups. The regulation of credit management in Europe is increasing. Intrum welcomes this, and we continue to work according to our own high standards of ethics and respect for customers. Greater regulation bene/f_i.liga ts actors with a sound process for credit management. Macroeconomic indicators impacting the industry Sources: Stage 2 loans – European Banking Authority, Cost of borrowing – ECB, Declarations of bankruptcies – Eurostat. Households cost of borrowing: consumer loans (year end value) 2024 8.5% 2019 5.9% Business registration and bankruptcies index 2024 161 2019 138 Stage 2 loans EUR tr and share of total, % Q1-Q3 2024 1,9 9.3% Q1-Q3 2019 1,5 7.0% 38% of younger adults believe that AI can help address unconscious bia- sin debt-collection practices. Source: Intrums European Consumer Payment Report 2024. 8Annual and Sustainability Report 2024About Intrum Governance and control Board of Directors’ Report Financial statements Sustainability information ===== SIDA 9 ===== Operational excellence Client focus Capital light As a leading provider of credit management services, Intrum plays a crucial role within the /f_i.liga nancial ecosystem. Our aim is to support sustainable economic conditions for individuals and businesses alike, guiding the path towards a resilient economy that bene/f_i.liga ts society as a whole. We provide solutions based on more than a hundred years of experience, and whilst technology and automa- tion increasingly drive our operations, we remain commit- ted to o/f_f.liga ering personal contact where it matters most. In order to deliver on our strategy and three strategic pillars by 2026, we have de/f_i.liga ned following measures: Short-term measures • Reduce own investments • Reduce costs and improve collection e/f_f_i.liga ciency • Divest parts of the invest- ment portfolio Long-term measures • Technology-led improvements • Strong commercial focus • Capital-driven collaborations • Simpli/f_i.liga ed, balanced operating model Intrum’s strategy Our three strategic pillars Intrum operates its business based on three strategic pillars; Operational excellence, Client focus, and Capital light. Our overall aim is to take advantage of and develop our already strong position in European credit management, and at the same time make competitive adjustments to our business model. Technology and organisation Digital technology and automation are the hallmarks of our re/f_i.liga ned operational model to create an e/f_f_i.liga cient, scal- able and pro/f_i.liga table platform, and to improve our collec- tion capacity. We will establish simpler, more data-driven operational processes and drive technology-led improve- ments in operational e/f_f_i.liga ciency and e/f_f.liga ectiveness. This will enable commercial excellence and Intrum’s platform to be fueled by best-in-class tech and data. Comprehensive and pro/f_i.liga table o/f_f.liga ering Client focus and retention is key for value creation and pro/f_i.liga table growth. We will strengthen our market lead- ing role and expand through a strong focus on clients, with /f_i.liga rst-class solutions and sustainable credit manage- ment. We will increase focus on commercial excellence and pro/f_i.liga tability, to grow with existing and new clients by o/f_f.liga ering new product and value-chain expansions across all markets. A balanced operating model strengthens the value for clients and customers and ensures e/f_f_i.liga cient credit management. A business model that relieves balance sheet pressure Intrum generates value from its investment portfolio using its extensive expertise in credit management. We are tran- sitioning to a capital light business model that optimises the use of our own balance sheet through co-operation with external investors, as well as strategic divestments. We are also developing asset management as a third busi- ness area. 61% of European busi- nesses are more concerned than ever about their custom- ers’ ability to pay on time Source: Intrums European Payment Report 2024 9Annual and Sustainability Report 2024About Intrum Governance and control Board of Directors’ Report Financial statements Sustainability information ===== SIDA 10 ===== Intrum’s strategy Achievements during the year In 2024, Intrum continued to implement its strategy based on its three pillars; Operational excellence, Client focus and Capital light. We implement measures on an on-going basis, in some cases with impacts in several of our strategic areas at the same time. /uni2713 We enhanced a performance management culture with clearly de/f_i.liga ned key performance indicators (KPIs), and structured our operational, commercial, and /f_i.liga nancial goals to e/f_f.liga ectively drive the business forward. /uni2713 E/f_f.liga orts continued to enhance Intrum’s local focus by granting greater prof- itability responsibility to local teams. /uni2713 The modernisation of our IT structure will gain traction in 2025, focusing on key areas for digitalisation and automation, with deliveries on the way: • We centralised operational data into a single source of truth to support key initiatives. • GenesysCloud, an advanced cloud-based and user-friendly contact center solution, went live in nine countries: Finland, Denmark, the Netherlands, Germany, Portugal, France, Austria, Belgium, and Sweden. • We advanced towards a more technolgy- driven business by onboarding markets to Ophelos and eCollect, two major acquisitions made in 2023. /uni2713 During the year, product development was consolidated under a single unit across all markets to strengthen our digital transformation and enable a uni/f_i.liga ed product strategy with a focus on AI solutions. /uni2713 We delivered on our cost reduction programme, by the end of 2024, we achieved our targeted SEK 1.3 billion cost savings on a run-rate basis. /uni2713 In line with our strategy, the pace of investment slowed, and Intrum con- tinues to explore opportunities to develop its asset management activities into a third business area. /uni2713 A considerable proportion of the investment portfolio was sold to Cerberus, and took on 12 new portfolios investments together with Cerberus in Germany, Italy, Spain and UK. /uni2713 Signi/f_i.liga cant progress to improve our capital structure and aligning debt maturities to Intrum’s transformation journey. The pre-packaged Chapter 11 plan was con/f_i.liga rmed by a US Court on 31 December 2024. /uni2713 Global managers were appointed for key clients to further develop our o/f_f.liga ering to pan-European clients. Prioritised collaborations have been reviewed in terms of processes and customer and business value. /uni2713 We achieved a signi/f_i.liga cant volume of new contracts, signing an annual con- tract value (ACV) of SEK 1.1 billion, with substantially higher margins across all regions. Net sales after churn was on target due to lower churn than estimated. /uni2713 We generated SEK 121 billion in value on behalf of our clients, enabling them to focus on their core while Intrum manages their debt collection in a professional manner. /uni2713 The AI-powered collection platform, Ophelos, was launched in Belgium, France, the Netherlands, Spain and UK, allowing Intrum to deliver cutting- edge autonomous collections enhanced by advanced AI and machine learning technologies. /uni2713 Inio, our proprietary digital biling and payments platform, was imple- mented in the Swedish market with initiatives underway to introduce it more widely across Scandinavia. Operational excellence Client focus Capital light 10Annual and Sustainability Report 2024About Intrum Governance and control Board of Directors’ Report Financial statements Sustainability information ===== SIDA 11 ===== Medium term /f_i.liga nancial targets and sustainability targets, progress 2024 >10 More than 10 hours a week are spent on chasing late pay- ments, European companies say Source: Intrums European Payment Report 2024 Growth External Servicing revenues growth of ~ 10% CAGR. ~10% Climate neutrality and reduce total emissions Goal by 2030: Achieve climate neutrality and reduce total emissions by at least -20% from 2019 levels. -32% Sound /f_i.liga nances for our clients Goal by 2026: Increase average client satisfaction index to over 75/100 72 Increase women on the Board Goal by 2026: Reach a bal- anced gender representa- tion (Women 40%/ Men 60%) in leadership positions 43% Ethical collection by treating customers fairly Goal by 2026: Increase customer satisfaction index to above 4.5/5.0 4.2 Culture index Goal by 2026: Main- tain the high level of the value index above 80/100 86 Increase women in the Management Team Goal by 2026: Reach a balanced gender representation (Women 40%/ Men 60%) in leadership positions 29% Attracting and retaining talents Goal by 2026: Increase the employee engagement index to more than 80/100. 78 Leverage ratio (Net debt/Cash EBITDA multiple) of 3.5x during 2026. 4.5x Dividends subject to leverage ratio of ≤3.5. EBIT margin Total adjusted Servicing margin to reach >25%. >19% Balance sheet Intensity Proprietary Investing book value excluding revaluations of SEK 30 billion. ~25bn Sustainability targets As the leading player in credit man- agement, we bear great respon- sibility to conduct our operations sustainably and ethically. Our strate- gic sustainability targets set focus on our value creation for our key stake- holders and how we can support sustainable development. Financial targets In the weaker economic environ- ment, our services are needed more than ever, which was evident throughout the year by the high com- mercial activity level experienced by our Servicing segment. Intrum’s /f_i.liga nancial targets set focus on reduc- ing leverage and de-risking our /f_i.liga nan- cial pro/f_i.liga le and drive sustainable value creation by growing pro/f_i.liga tabil- ity and create a leading servicer and asset manager. 11Annual and Sustainability Report 2024About Intrum Governance and control Board of Directors’ Report Financial statements Sustainability information ===== SIDA 12 ===== Intrum as an investment Strong position to lead the way Intrum plays a central role in ensuring a well-functioning economy, providing essential credit management services that support businesses and individuals in times of /f_i.liga nancial uncertainty. As economic pressures intensify, the demand for our expertise continues to grow. With a strong market position and a commitment to responsible credit management, we drive long-term economic resilience, creating value for clients, consumers, and society. Two income streams Intrum operates in two business areas: Servicing and Investing. Our o/f_f.liga erings often span both areas simultane- ously, leveraging our strong capabilities and market posi- tion. This enables Intrum to deliver a compelling client proposition while generating solid pro/f_i.liga tability. • Servicing o/f_f.liga ers credit management with focus on late payments and conducts collection business with mainly third-party clients who need help to collect on late payments. Servicing generates 70 percent of the group revenue. • Investing conducts investments in portfolios of overdue receivables and similar claims, together with /f_i.liga nancial partners, after which Intrum’s Servicing operations col- lect on the claims acquired. Investing generates 30 per- cent of the group revenue. Proven business model and stable cash/f_l.liga ows Intrum creates sustainable value by helping companies to receive payments on time and private individuals to become debt-free. Intrum acts as an agent on behalf of our clients, generating commission revenues. The port- folio investment drives collection activities and man- ages receivables on behalf of Intrum and its investment partners. Intrum has a well-diversi/f_i.liga ed business model that allows the company to generate stable cash /f_l.liga ows through the business cycle, even in a challenging macroeconomic environment. The resilience in the business model has demonstrated itself time and time again. Our income has increased every year post the merger between Intrum Justitia and Lindor/f_f.liga in 2017, and in 2024 we generated 18,033 MSEK revenues, 2 percent increase from last year. We are expanding our technological o/f_f.liga ering with advanced AI and machine learning technologies through Ophelos, and an innovative white-label invoice-to-cash platform, called Inio, designed to enhance customer loy- alty and streamline payment resolution. A growing market The market for credit management services is growing, in part based on our clients’ need to manage their balance sheets as well as the macro economic conditions. The overall supply of debt portfolios is expected to increase, while clients increasingly need to /f_i.liga nd professional, long- term partners who treat customers with care and respect. Industry leader with broad knowledge Intrum is the industry leader in Europe, with a presence in 20 countries. Based on deep and broad knowledge, we drive development in the industry, and we have a unique ability to meet increased demand. Our size enables econ- omies of scale with local adaptation and e/f_f_i.liga ciency gains, and the continuous development of our o/f_f.liga ering. We have a total of 70,000 clients and manage 130 million contacts with their customers each year. As a testament to the company’s strong proposition to clients, Intrum has among the top 15 largest clients over 15 years on average relationship length and ~85 percent contract renewal rate. On average contract lengths are three years and top 15 cli- ents are well diversi/f_i.liga ed across markets and industries. Experience and improvement More than one hundred years’ experience gives us signi- /f_i.liga cant competitive advantages. A transformation of the company is underway to lay the foundations of the future in which digitalisation is set to play a key role in enabling us to continue to o/f_f.liga er attractive services and operate e/f_f_i.liga - ciently. We are taking impactful steps towards integrat- ing AI across our business and becoming a tech-driven company. A review of the company’s capital structure and /f_i.liga nan- cial collaborations is creating the necessary conditions for long-term stability. In 2024, Intrum initiated a recapitalisa- tion process that will reduce and re/f_i.liga nance our debt burden. Read more about the recapitalisation in the Board of Direc- tors’ Report. Sustainable value creation through ethics As a major provider of credit management services, our focus includes ethical debt collection practices, respon- sible client and portfolio selection, and creating value through sound /f_i.liga nancial solutions that address the needs of businesses awaiting payments. Respect for individuals is fundamental to Intrum’s busi- ness and a key competitive advantage. We only work with clients who share our values of good business ethics. We do not enter into agreements with companies that have unethical lending terms, use o/f_f.liga ensive sales methods, or that charge fees or interest that do not comply with local laws and sound business ethics. Our work seeks to reduce the burden of debt through responsible practices that align with our sustainability goals and foster long-term /f_i.liga nancial stability. Number of Servicing clients ~70,000 Sustainalytics: 14.3 Low ESG Risk since 2020 MSCI: AA since 2019 CDP: B Climate Change Since 2022 12Annual and Sustainability Report 2024About Intrum Governance and control Board of Directors’ Report Financial statements Sustainability information ===== SIDA 13 ===== THREE QUESTIONS ABOUT CLIENT RELATIONS FOR: Tommi Sova Managing Director Northern Europe (Denmark, Finland, Norway, Sweden, Poland), and Managing Director Finland, Intrum. 1. After many years with Intrum, you know the company well. What makes Intrum the best choice for clients? – We understand our clients’ businesses and their cus- tomers’ payment behavior, but the best way to answer this is to let our clients speak for themselves. What I’ve heard recently is that they see us as a trustworthy partner who makes collaboration easy and seamless. 2. What do clients need help with today, and how do you see their needs evolving in the future? – We help our clients drive pro/f_i.liga table growth. In these uncer- tain times, they also value our support in stabilising their businesses, minimising risks, and optimising cash /f_l.liga ow. In Finland, we provide credit information and analytics that help clients make better decisions, predict credit risks, and avoid them. Data is key to success, and we must harness AI e/f_f.liga ectively to meet our clients’ needs. Ethics and sustainabil- ity in /f_i.liga nancial services have also become more important in recent years and will continue to grow. Cybersecurity is now a crucial part of ethical and sustainable credit management. 3. How is Intrum positioned and prepared to address these changes? – We have unique customer data, the right people, and the technology to deliver a best-in-class customer experience. And there’s even more to come in 2025! 13Annual and Sustainability Report 2024About Intrum Governance and control Board of Directors’ Report Financial statements Sustainability information ===== SIDA 14 ===== Business area Servicing E/f_f.liga ective and sustainable credit management The unique combination of expertise, innovation, ethical values, and global reach positions Intrum as the preferred partner for businesses seeking e/f_f.liga ective and sustainable credit management solutions. Our market leading Servicing business focuses on organic growth, increased e/f_f_i.liga ciency and advancing digital solu- tions that create lasting value for all our stakeholders. The Servicing business helps clients throughout Europe to get paid for goods and services sold. We also work with overdue receivables in debt portfolios that we acquire in our Investing business. In total, we have 75,000 clients, and more than 35 million debt cases handled in 130 mil- lion customer interactions every year. A majority of our top clients have a relationship length with Intrum of ten years or more. Extensive knowledge Deep industry knowledge positions Intrum as a reliable partner. We have extensive experience in sectors such as banking, /f_i.liga nance, telecoms, and energy. Through our 20 local entities, and a global partner network covering addi- tional 160 countries worldwide, we are knowledgeable on regulations, local conditions and cultural practices in dif- ferent countries. Together with our clients, we continuously develop solutions that increase e/f_f_i.liga ciency, improve customer experience, and ensure regulatory compliance. 39% of European consum- ers think they spend more money than they can a/f_f.liga ord because of the convenience of online/social media shopping Source: Intrums European Consumer Payment Report 2024 14Annual and Sustainability Report 2024About Intrum Governance and control Board of Directors’ Report Financial statements Sustainability information ===== SIDA 15 ===== Strong commercial performance Servicing in 2024 shows continued commercial momen- tum after a record breaking year in 2023. Client attrition is, as previously, low – suggesting that clients are satis/f_i.liga ed with the services we provide, and also perceive Intrum as a reliable partner. Many of our largest clients request services across the entire credit management cycle, while other clients have more speci/f_i.liga c needs. Multinational companies often demand large-scale, industry-speci/f_i.liga c credit management in multiple countries. Digital advances Digitalisation is playing an increasingly important role in creating better interfaces for clients and customers. It is becoming more convenient for customers to pay, obtain an overview of their debts, and perform tasks through self-serve portals, while we o/f_f.liga er clients real time analytics. In 2023, Intrum acquired technology-based Ophelos and eCollect. In 2024, we made progress toward onboarding several markets to technologically advanced platforms. AI-powered Ophelos platform During the year, the Ophelos collection platform was launched in Belgium, France, the Netherlands, and Spain, allowing Intrum to deliver cutting-edge autonomous collections. Ophelos uses machine learning to tailor the automated messaging strategies to each customer, encouraging them onto the easily accessible self-serve digital journey. This enables support teams to focus on the most vulnerable customers. At the same time, the platform provides clients real- time overview of all performance, engagement and cohort data. With Ophelos’ AI-native platform and cus- tomer centric approach, we are able to reduce churn, improve satisfaction and increase returns for our cli- ents. The o/f_f.liga ering is particularly suitable for telecom and energy companies, with large amounts of cases. Inio digital billing solution Inio, our proprietary digital billing and payments plat- form, has been implemented in the Swedish market, with initiatives underway to introduce it more widely across Scandi navia. The enhanced platform features fully digital, white-label invoicing and early collection services. With over 60 payment integrations, including bank transfers, cards, and direct debit, Inio o/f_f.liga ers a billing solu- tion designed to enhance customer loyalty and streamline payment resolution. It provides secure processing and real-time credit payment insights. Implementation of the /f_i.liga rst client agreements began at the end of 2024. Improvement through restructuring Intrum is restructuring the organisation to improve pro/f_i.liga t- ability. It is also renegotiating with suppliers, reducing the size of its premises, and taking other similar measures. In order to strengthen the digital transformation and facilitate a uni/f_i.liga ed product strategy, product develop- ment in 2024 was brought together in a group-wide unit. In another strategic step to develop Intrum’s service o/f_f.liga ering, the collaboration with selected clients is ana- lysed, in part to investigate opportunities to improve pro- cesses and business practices. Our /f_i.liga fteen largest clients account for approximately half of Servicing’s turnover. These are robust, long-term partnerships with contract renewals at more than 80 percent. Increased client focus is also the key driver behind the introduction of international key account managers with overall responsibility for companies that work with Intrum in several countries to create conditions for overall strate- gic discussions with these clients. In Spain and the UK, organisations are undergoing major changes, following acquisitions in 2023 and 2022, and is Northern Europe Middle Europe Southern Europe/ Eastern Europe Market size, Eur Bn (NPL + Stage 2) ~150bn ~2,400bn ~560bn/ ~118 No of Clients 48,250 24,295 1,754/1,580 Example of Clients Handelsbanken Santander Fjordkraft Telenor Tre 3 Sainsbury´s Bank Secure Trust Bank Tesco Bank Opel Bank Cembra Sabadell Cerberus CaxiaBank Credit Agricole BBVA Servicing & Investing across four regions Northern Europe Middle Europe Southern Europe Eastern Europe 82 Clients: Through our strategic initiatives, we work to increase value creation for our clients. Our 2024 cli- ent survey, the cli- ent satisfaction index among our major cli- ents, reached 82/100. The overall satisfac- tion index was 72 (74). 15Annual and Sustainability Report 2024About Intrum Governance and control Board of Directors’ Report Financial statements Sustainability information ===== SIDA 16 ===== now integrating these units. This is also the case in Ger- many, where a comprehensive restructuring is underway. Ethics and good service At Intrum, responsible governance is about fostering a strong corporate culture that prioritises ethical practices, integrity, and accountability. We are committed to fair and respectful interactions with customers, and only work with clients who share our values of good business ethics. When dealing with credit, we treat customers with respect and a solutions-oriented approach. Agents in our contact centers are key people responsible for the respectful treatment. Our employee training, Treating Customers Fairly (TCF), is provided in all markets and is an extension of our Code of Conduct. As an industry leader, Intrum maintains an active dia- logue with EU bodies and other legislators and with trade associations, emphasising the need for /f_l.liga exible solutions that take into account consumers’ ability to pay. Performance in 2024 Adjusted EBIT increased by 26 percent to MSEK 2,672 (2,113). In total, Servicing revenues for the full year increased 4 percent compared to 2023 and reached MSEK 14,281 (13,765). Newly signed contract values (ACV) for the full year 2024 amounted to MSEK 963 (1,405), a decrease of 31 percent from a record high in 2023. Exter- nal revenues increased 2 percent in 2024 to MSEK 12,579 (12,297). The increase in external revenues was par- tially o/f_f.liga set by a decrease in internal revenues in line with our strategy of reducing our own investment levels from which internal revenues are generated. 74% of European consum- ers say they paid all their bills on time in the past 12 months Source: Intrums European Consumer Payment Report 2024 4.2 Customers: Average cus- tomer satisfaction rating in 2024 was 4.2 out of 5.0. These results are an impor- tant sign of our commitment to meeting customer needs. Cash EBITDA, Full year Northern Europe: 3,044 Middle Europe: 3,903 Southern Europe: 6,946 Eastern Europe: 499 Northern Europe: 401 Middle Europe: 384 Southern Europe: 1,885 Eastern Europe: 90 Cash Income, Full year 16Annual and Sustainability Report 2024About Intrum Governance and control Board of Directors’ Report Financial statements Sustainability information ===== SIDA 17 ===== THREE QUESTIONS ABOUT INVESTMENTS FOR: Javier Aranguren Chief Investment O/f_f_i.liga cer, Intrum 1. Going forward, how will Intrum invest in credit portfolios across Europe? – We are well positioned to continue making new invest- ments across Europe, based on the advantage of our exten- sive client relationships and data. The vast majority of future investments will be undertaken in cooperation with capital partners to continue pursuing a capital-light strategy. 2. What are the characteristics of Intrum´s investment portfolio? – Our backbook of portfolios is very granular and diversi/f_i.liga ed, with a considerable footprint across Europe. While 80–85 percent of the total volume comes from banks and /f_i.liga nancial institutions, the rest is from other types of sellers, mainly util- ities and telecoms. There is also an increasing e-commerce trend generating portfolios. 3. On your journey to become capital light, you have initiated a partnership with Cerberus. What have your joint investments resulted in, so far? – We have already completed investments together in sev- eral portfolios coming from multiple jurisdictions. So far, the partnership s working as expected, enabling Intrum to win more volumes with lower capital intensity, while expanding our servicing business. 17Annual and Sustainability Report 2024About Intrum Governance and control Board of Directors’ Report Financial statements Sustainability information ===== SIDA 18 ===== Business area Investing Investing in collaboration with partners In line with our capital light strategy, Intrum’s business area Investing focuses on redirecting investments and establishing capital partnerships. Going forward, investments will be primarily made with capital partners to boost Intrum’s business, based on a more limited balance sheet. By acquiring portfolios of non-performing loans, Intrum enables creditors to free up their balance sheets and focus on their core business activities. Intrum is one of the market leaders in Europe among investors in NPLs and supports its clients’ customers by collecting balances on claims through its service platform. Capital partnership strategy With capital light as one of its strategic pillars, Intrum is exploring capital partnership opportunities to create an investment platform funded by third party capital. Invest- ment partners obtain access to our unique investment platform, portfolio sourcing capabilities and proven track record of delivering attractive returns. By co-investing, we can also invest higher volumes, expand our servicing busi- ness, and continue to add value for existing clients with- out increasing our balance sheet exposure. In mid-2024, Intrum and Cerberus announced an ini- tial agreement to form a capital partnership for future investment activites – an agreement that will accelerate 46% of European com- panies state that they need to imple- ment AI tools into their back-o/f_f_i.liga ce pro- cesses, they will rap- idly fall behind their competitors that do Source: Intrums European Payment Report 2024 18Annual and Sustainability Report 2024About Intrum Governance and control Board of Directors’ Report Financial statements Sustainability information ===== SIDA 19 ===== Intrum’s strategic development. Cerberus is one of the largest and leading NPL investors in the world and one of Intrum’s largest clients. In addition, Intrum announced the sale of approximately one third of Intrum´s assets to Cerberus. This reduces our book value signi/f_i.liga cantly below the level we announced to the /f_i.liga nancial markets in late 2023, while maintaining the servicing of those assets. The size of the portfolio sale was signi/f_i.liga cant, very granular, and covered multiple jurisdictions. The transaction included around 10,000 portfolios in 13 jurisdictions. Joint investment with Cerberus In the summer of 2024, Intrum and Cerberus made their /f_i.liga rst joint investment. By year-end, 12 acquisitions had been made in Germany, Italy, Spain, and the UK. Cerberus is an experienced buyer with a similar approach to invest- ing as Intrum. Going forward, a key priority is to continue to explore investment opportunities with our partner, with Intrum’s share accounting for between 20 and 30 percent of total investments, while portfolios are expected to be mostly serviced by Intrum operating platforms. As part of this capital partnership, we will explore opportunities to cre- ate an asset management business to manage our assets and those of our partners. The overall pace of investment was slower in 2024, in line with our capital light strategy. However, with capital partnerships being formed, we continue to pursue invest- ments in all our jurisdictions. Our presence in 20 countries enables us to identify attractive investment opportunities and appropriate risk returns in many markets. Signi/f_i.liga cant NPL markets Unsecured consumer NPLs are core assets in Intrum’s investment portfolios. We also selectively invest in asset categories such as performing loans (Stage 1), unlikely to pay (UTP, Stage 2) loans, and other Stage 2 loans, with the latter two falling into the pre-non- performing category. Unsecured NPLs will continue to be our primary focus and the basis for our collaboration with Cerberus. NPL volumes remain stable, which means that we still have signi/f_i.liga cant investment opportunities across vari- ous markets. Sellers use portfolio services as a recurring strategy. In recent years, we have seen an increase in Stage 2 loans (per IFRS 9), which may ultimately a/f_f.liga ect the size of the NPL market. The transition of Stage 2 loans to non-performing has not yet fed through, but the NPL market continues to generate substantial volumes. Sellers know that Intrum will treat their customers 25bn book value across 25,302 portfolios, SEK 53bn Estimated Remaining Collections, SEK 1.7bn Total capex for portfolios won, SEK 12% Adjusted Return on Portfolio Investments Investment portfolio 8% of European consum- ers say they are strug- gling to pay o/f_f.liga their debt Source: Intrums European Consumer Payment Report 2024 19Annual and Sustainability Report 2024About Intrum Governance and control Board of Directors’ Report Financial statements Sustainability information ===== SIDA 20 ===== properly and /f_i.liga nd solutions with them, so they can regain /f_i.liga nancial control and reintegrate into the /f_i.liga nancial system. Growing demand from di/f_f.liga erent sectors The overall supply of debt portfolios is expected to grow, while banks increasingly need to /f_i.liga nd strong, long-term partners who treat customers with care and respect in order to maintain good relationships. In recent years, there has been a trend towards more recently defaulted receivables being sold, as many banks seek to remove NPLs from their balance sheets earlier in the process. Intrum’s investment portfolio consists mainly of smaller portfolios, with a considerable footprint across Europe. While 80–85 percent of the total volume originates from banks and /f_i.liga nancial institutions, about 10 to 15 percent of overdue receivables are from other types of sellers, mainly utilities and telecoms. There is also a growing ecommerce trend generat- ing portfolios. Sophisticated, ethical operating models Intrum uses sophisticated statistical pricing models based on extensive data to predict future collections. This infor- mation has been accumulated during Intrum’s extensive experience of servicing and investing across Europe. We collect receivables for extended periods, often up to 15 years or more. Our portfolio investment returns are gen- erated from the ratio between total Estimated Remaining Collections (ERC) and the cost to collect to the price we pay for the portfolios. Careful due diligence is conducted into sellers and portfolios prior to any purchase. Intrum will not purchase portfolios from sellers that use unethical methods or have questionable business models. Neither do we buy loans with unproportionately high interest rates. Performance in 2024 In accordance with Intrum’s capital light strategy, our investments have decreased in 2024, during which we deployed SEK 1,739 M in new portfolios at 19 percent IRR. We collected SEK 10,729 M during the year across hun- dreds of thousands of payments. Our collection performance index was 101 percent, measuring the actual collections vs active forecast, and above our forecast. Adjusted return of 12 percent for the full year 2024, compared to 14 percent in 2023. 37% of European con- sumers say they may need to rely on short-term borrowing to cover an unexpected cost €200 or more Cash EBITDA, Full year Northern Europe: 2,588 Middle Europe: 3,814 Southern Europe: 2,917 Eastern Europe: 1,643 Northern Europe: 2,197 Middle Europe: 2,624 Southern Europ: 2,365 Eastern Europe: 910 Cash Income, Full year 20Annual and Sustainability Report 2024About Intrum Governance and control Board of Directors’ Report Financial statements Sustainability information ===== SIDA 21 ===== THREE QUESTIONS ABOUT TECH DEVELOPMENT FOR: Amon Ghaiumy Head of Product Development, Intrum 1. What role does technology play in the future of Intrum and your clients? – Technology is essential to Intrum’s future and leadership goals. We want to be pioneers in scaling AI in credit man- agement, by setting new benchmarks and driving innova- tion. By spearheading change, we empower clients with advanced tools that improve performance and outcomes, while rede/f_i.liga ning customer interactions with seamless, data driven experiences that set the standard for the industry. 2. How does Intrum’s global product development organisation contribute to operational excellence? – Intrum’s global product development organisation drives operational excellence by providing scalable, AI-powered products and solutions for diverse client needs. These stand- ardised AI-products increase e/f_f_i.liga ciency, streamline pro- cesses, and reduce costs, ensuring consistent service quality. 3. How can Intrum’s digital solutions Ophelos and Inio bene/f_i.liga t your clients? – Ophelos and Inio form an AI-native platform that inte- grates automated billing and collections with advanced data insights across the entire credit management lifecycle. This solution helps clients improve recoveries, e/f_f_i.liga ciency, and control. Simultaneously, it provides customers with an intuitive, streamlined experience, setting new standards in managing unsecured debts. 21Annual and Sustainability Report 2024About Intrum Governance and control Board of Directors’ Report Financial statements Sustainability information ===== SIDA 22 ===== The share Intrum’s shares have been listed on the Nasdaq Stockholm exchange since June 2002. Between January 2014 and December 2023, the shares were listed on the Nasdaq Stockholm Large Cap list. From January 2025, the shares are included on the Mid Cap list. Share capital On 31 December 2024, Intrum AB’s (publ) share capital amounted to SEK 2,899,805.50 distributed between 121,720,918 outstanding shares, of which 1,119,055 were treasury shares. Each share entitles the holder to one vote and an equal share in the company’s assets and earnings. Market capitalisation, price trend and turnover In 2024 the price of Intrum’s share decreased from SEK 69.8 to SEK 27.4, an decrease of 61 percent. During the same period the Stockholm Stock Exchange’s index (OMXS30) increased by 4 percent. The lowest price paid for the share during the year was SEK 11.2 on 19 March, and the highest was SEK 75.9 on 23 January. The price at the end of the year gave a market capitali- sation for Intrum of SEK 3,335 M (8,497). Share trades were con- cluded on every business day of the year. An average 854,839 shares were traded per day (417,791) on the Nasdaq Stockholm Exchange. A total of 241,564,486 shares were traded during the year. Shareholders At the end of 2024 Intrum had 48,871 Shareholders, compared to 61,375 the year before. The 8 members of the Executive Man- agement Team had a combined holding in Intrum of 1,405,228 shares and Intrum Board members held a combined total of 1,771,110 shares. Shareholder communications Intrum places considerable focus on investors and meets them and other market participants regularly to increase interest in the company and the understanding of it. Share repurchase The company has not completed any repurchase of shares in 2023 or 2024. Dividend policy Intrum’s Board of Directors aims to propose a dividend to share- holders once the leverage ratio target of 3.5x or below is met. Decisions relating to dividend proposals take into account the company’s expected future revenues, /f_i.liga nancial position, capital requirements and the situation in general. For the 2024 /f_i.liga nancial year the Board of Directors of Intrum AB do not propose any divi- dend payable in 2025. Subsequent events Intrum has been listed on Large Cap on the Nasdaq Stockholm exchange since June 2002. As of January 1, 2025, Intrum’s share was reclassi/f_i.liga ed on the stock exchange to Mid Cap list. 120,000 100,000 80,000 60,000 40,000 20,000 0 500 400 300 200 100 0 Index No. of shares Intrum OMX Stockholm PI Traded number of shares in 1 000s per month Shares traded 2020 2021 2022 2023 2024 Data per share /two.tf/zero.tf/two.tf/four.tf/two.tf/zero.tf/two.tf/three.tf/two.tf/zero.tf/two.tf/two.tf/two.tf/zero.tf/two.tf/one.tf/two.tf/zero.tf/two.tf/zero.tf Earnings before and after dilution, SEK -/three.tf/zero.tf./six.tf/seven.tf-/one.tf./five.tf/six.tf-/three.tf/seven.tf./zero.tf/seven.tf/two.tf/five.tf./eight.tf/eight.tf/one.tf/five.tf./one.tf/eight.tf Operating cash /f_l.liga ow, SEK /three.tf/six.tf./six.tf/five.tf/four.tf/four.tf./zero.tf/six.tf/four.tf/one.tf./three.tf/seven.tf/eight.tf/three.tf./one.tf/one.tf/seven.tf/zero.tf./three.tf/five.tf Shareholders’ equity before and after dilution, SEK /one.tf/one.tf/one.tf./zero.tf/seven.tf/one.tf/three.tf/eight.tf./eight.tf/nine.tf/one.tf/five.tf/three.tf./six.tf/eight.tf/one.tf/eight.tf/three.tf./three.tf/three.tf/one.tf/five.tf/four.tf./two.tf/eight.tf Dividend/proposed dividend, SEK - - /one.tf/three.tf./five.tf/one.tf/three.tf./five.tf/one.tf/two.tf./zero.tf Dividend payout, % n/a n/a n/a /four.tf/eight.tf/seven.tf/zero.tf Share price, SEK /two.tf/seven.tf./four.tf/six.tf/nine.tf./eight.tf/one.tf/two.tf/six.tf./two.tf/two.tf/three.tf/three.tf./four.tf/two.tf/one.tf/six.tf./eight.tf Yield, % n/a n/a /one.tf/zero.tf./seven.tf/five.tf./eight.tf/five.tf./five.tf Price/sales multiple /zero.tf./two.tf/zero.tf./four.tf/zero.tf./eight.tf /one.tf./six.tf /one.tf./six.tf Price/earnings multiple n/a /three.tf/zero.tfn/a /eight.tf./three.tf/one.tf /one.tf/two.tf./six.tf/one.tf Number of shares at end of year /one.tf/two.tf/zero.tf,/five.tf/three.tf/six.tf,/nine.tf/three.tf/five.tf/one.tf/two.tf/zero.tf,/five.tf/three.tf/six.tf,/nine.tf/three.tf/five.tf/one.tf/two.tf/zero.tf,/five.tf/three.tf/six.tf,/nine.tf/three.tf/five.tf/one.tf/two.tf/zero.tf,/seven.tf/nine.tf/seven.tf,/two.tf/six.tf/four.tf/one.tf/two.tf/zero.tf,/eight.tf/seven.tf/zero.tf,/nine.tf/one.tf/eight.tf Average number of shares before dilution /one.tf/two.tf/zero.tf,/five.tf/three.tf/six.tf,/nine.tf/three.tf/five.tf/one.tf/two.tf/zero.tf,/five.tf/three.tf/six.tf,/nine.tf/three.tf/five.tf/one.tf/two.tf/zero.tf,/six.tf/three.tf/six.tf,/six.tf/one.tf/six.tf/one.tf/two.tf/zero.tf,/eight.tf/two.tf/eight.tf,/four.tf/five.tf/three.tf/one.tf/two.tf/three.tf,/nine.tf/one.tf/three.tf,/seven.tf/one.tf/seven.tf Average number of shares after dilution /one.tf/two.tf/zero.tf,/five.tf/three.tf/six.tf,/nine.tf/three.tf/five.tf/one.tf/two.tf/zero.tf,/five.tf/three.tf/six.tf,/nine.tf/three.tf/five.tf/one.tf/two.tf/zero.tf,/six.tf/three.tf/six.tf,/six.tf/one.tf/six.tf/one.tf/two.tf/zero.tf,/eight.tf/three.tf/zero.tf,/zero.tf/zero.tf/zero.tf- 22Annual and Sustainability Report 2024About Intrum Governance and control Board of Directors’ Report Financial statements Sustainability information ===== SIDA 23 ===== Ownership structure as of 31 December 2024 Total no. of shares /one.tf/two.tf/one.tf,/seven.tf/two.tf/zero.tf,/nine.tf/one.tf/eight.tfNo. of shares Equity, % Nordic Capital through companies /three.tf/four.tf,/five.tf/zero.tf/nine.tf,/six.tf/nine.tf/six.tf /two.tf/eight.tf./three.tf/five.tf AMF Pension & Fonder /seven.tf ,/zero.tf/zero.tf/zero.tf,/zero.tf/zero.tf/zero.tf/five.tf./seven.tf/five.tf Avanza Pension /five.tf,/five.tf/one.tf/four.tf,/seven.tf/three.tf/zero.tf/four.tf./five.tf/three.tf Magnus Lindquist /one.tf,/seven.tf/five.tf/six.tf,/four.tf/one.tf/zero.tf/one.tf./four.tf/four.tf Defa Endeavour AS /one.tf,/six.tf/seven.tf/six.tf,/zero.tf/eight.tf/three.tf/one.tf./three.tf/eight.tf Handelsbanken Fonder /one.tf,/four.tf/nine.tf/six.tf,/one.tf/four.tf/eight.tf/one.tf./two.tf/three.tf Lennart Laurén /one.tf,/two.tf/zero.tf/one.tf,/six.tf/five.tf/zero.tf/zero.tf./nine.tf/nine.tf Intrum AB /one.tf,/one.tf/one.tf/nine.tf,/zero.tf/five.tf/five.tf/zero.tf./nine.tf/two.tf Kerstin Danielson /one.tf,/one.tf/zero.tf/zero.tf,/zero.tf/one.tf/two.tf/zero.tf./nine.tf/zero.tf Swedbank Försäkring /nine.tf/five.tf/three.tf,/zero.tf/four.tf/six.tf/zero.tf./seven.tf/eight.tf Total, ten largest shareholders /five.tf/six.tf,/three.tf/two.tf/six.tf,/eight.tf/three.tf/zero.tf/four.tf/six.tf./two.tf/eight.tf Shareholdings by country Country No. of shares/one.tf Equity, % Sweden /one.tf/zero.tf/zero.tf,/eight.tf/three.tf/two.tf,/four.tf/seven.tf/six.tf/eight.tf/two.tf./eight.tf/four.tf Finland /four.tf,/nine.tf/three.tf/zero.tf,/four.tf/two.tf/zero.tf /three.tf./three.tf/zero.tf Norway /two.tf,/six.tf/three.tf/three.tf,/zero.tf/three.tf/seven.tf /zero.tf./seven.tf/two.tf United States /one.tf,/eight.tf/five.tf/nine.tf,/one.tf/eight.tf/four.tf /zero.tf./zero.tf/eight.tf United Kingdom /one.tf,/four.tf/four.tf/five.tf,/zero.tf/zero.tf/five.tf /zero.tf./zero.tf/six.tf Denmark /seven.tf/two.tf/two.tf,/seven.tf/eight.tf/eight.tf/zero.tf./eight.tf/four.tf Germany /two.tf/nine.tf/six.tf,/five.tf/two.tf/seven.tf/zero.tf./zero.tf/seven.tf Switzerland /two.tf/five.tf/eight.tf,/four.tf/zero.tf/seven.tf/zero.tf./zero.tf/nine.tf South Africa /two.tf/two.tf/three.tf,/eight.tf/two.tf/seven.tf/zero.tf./zero.tf/one.tf Greece /one.tf/nine.tf/three.tf,/six.tf/seven.tf/three.tf/zero.tf./zero.tf/one.tf Other /eight.tf,/three.tf/two.tf/five.tf,/five.tf/seven.tf/four.tf/six.tf./eight.tf/four.tf 1) Ownership distribution by country could not be identi/f_i.liga ed for a total of 7,170,880 shares and has thus not been included in the table. Changes in share capital1 Transaction Change in share capital Total share capital Total number of shares Par value per share /two.tf/zero.tf/one.tf/six.tfCancellation of treasury shares/two.tf /zero.tf /one.tf,/five.tf/nine.tf/four.tf,/eight.tf/nine.tf/three.tf./zero.tf/two.tf/seven.tf/two.tf,/three.tf/four.tf/seven.tf,/seven.tf/two.tf/six.tf/zero.tf./zero.tf/two.tf/two.tf /two.tf/zero.tf/one.tf/seven.tfNew share issue/three.tf /one.tf,/three.tf/zero.tf/four.tf,/nine.tf/one.tf/two.tf./four.tf/eight.tf/two.tf,/eight.tf/nine.tf/nine.tf,/four.tf/zero.tf/five.tf./four.tf/nine.tf/one.tf/three.tf/one.tf,/five.tf/four.tf/one.tf,/three.tf/two.tf/zero.tf/zero.tf./zero.tf/two.tf/two.tf /two.tf/zero.tf/two.tf/zero.tfCancellation of treasury shares/four.tf /zero.tf /two.tf,/eight.tf/nine.tf/nine.tf,/four.tf/zero.tf/five.tf./four.tf/nine.tf/one.tf/two.tf/one.tf,/seven.tf/two.tf/zero.tf,/nine.tf/one.tf/eight.tf/zero.tf./zero.tf/two.tf/four.tf 1) Prior year changes in share capital disclosed in historical in earlier year´s annual reports. 2) The company’s share capital was reduced by SEK 23,322 through the cancellation of 1,073,602 treas- ury shares. In addition, share capital was increased through a bonus issue of the same amount without any new shares being issued. Following cancellations, the company has a total of 72,347,726 shares outstanding, representing the same number of votes. 3) The company’s share capital increased by SEK 1,304,912.43 through a new share issue (non-cash issue) of 59,193,594 new shares to Lindor/f_f.liga ’s shareholders. 4) The company’s share capital was reduced by SEK 233,955 through the cancellation of 9,820,402 treasury shares. In addition, share capital was increased through a bonus issue of the same amount without any new shares being issued. Following cancellations, the company has a total of 121,720,918 shares outstanding, representing the same number of votes. 23Annual and Sustainability Report 2024About Intrum Governance and control Board of Directors’ Report Financial statements Sustainability information ===== SIDA 24 ===== Five-year summary Income statement SEK M /two.tf/zero.tf/two.tf/four.tf/two.tf/zero.tf/two.tf/three.tf/two.tf/zero.tf/two.tf/two.tf/two.tf/zero.tf/two.tf/one.tf/two.tf/zero.tf/two.tf/zero.tf Income /one.tf/eight.tf,/zero.tf/three.tf/three.tf/one.tf/seven.tf,/seven.tf/zero.tf/five.tf/one.tf/nine.tf,/one.tf/three.tf/one.tf/one.tf/seven.tf,/seven.tf/eight.tf/nine.tf/one.tf/six.tf,/eight.tf/four.tf/eight.tf Direct and indirect costs -/one.tf/five.tf,/two.tf/one.tf/zero.tf-/one.tf/five.tf,/two.tf/eight.tf/four.tf-/one.tf/three.tf,/nine.tf/five.tf/eight.tf-/one.tf/one.tf,/six.tf/zero.tf/six.tf-/one.tf/one.tf,/four.tf/one.tf/nine.tf Other operating items -/one.tf,/three.tf/nine.tf/nine.tf-/two.tf/five.tf/eight.tf/one.tf/one.tf/two.tf- - Share of Joint Ventures and Associates /five.tf/one.tf/seven.tf/six.tf/one.tf/three.tf-/five.tf,/two.tf/two.tf/three.tf/two.tf/nine.tf/two.tf-/seven.tf/three.tf/four.tf Operating income (EBIT) /one.tf,/nine.tf/four.tf/one.tf/two.tf,/seven.tf/seven.tf/six.tf/six.tf/two.tf/six.tf,/four.tf/seven.tf/five.tf/four.tf,/six.tf/nine.tf/five.tf Net /f_i.liga nancial expense -/three.tf,/three.tf/zero.tf/one.tf-/two.tf,/nine.tf/four.tf/four.tf-/three.tf,/three.tf/nine.tf/four.tf-/two.tf,/one.tf/seven.tf/four.tf-/two.tf,/zero.tf/six.tf/two.tf Taxes -/six.tf/two.tf/four.tf-/four.tf/one.tf/nine.tf-/one.tf,/one.tf/two.tf/nine.tf-/nine.tf/one.tf/zero.tf-/five.tf/five.tf/five.tf Net loss(-)/income (+) from continuing operations -/one.tf,/nine.tf/eight.tf/four.tf-/five.tf/eight.tf/seven.tf-/four.tf,/four.tf/six.tf/one.tf/three.tf,/three.tf/nine.tf/one.tf/two.tf,/zero.tf/seven.tf/eight.tf Net loss(-)/Income (+) from discontinuing operations -/one.tf,/three.tf/six.tf/one.tf/six.tf/four.tf/four.tf/eight.tf/two.tf - /zero.tf Net earnings for the year -/three.tf,/three.tf/four.tf/five.tf/five.tf/seven.tf-/four.tf,/three.tf/seven.tf/nine.tf/three.tf,/three.tf/nine.tf/one.tf/two.tf,/zero.tf/seven.tf/eight.tf Balance sheet SEK M /two.tf/zero.tf/two.tf/four.tf/two.tf/zero.tf/two.tf/three.tf/two.tf/zero.tf/two.tf/two.tf/two.tf/zero.tf/two.tf/one.tf/two.tf/zero.tf/two.tf/zero.tf Assets Total /f_i.liga xed assets /six.tf/seven.tf,/three.tf /zero.tf /three.tf/seven.tf/nine.tf,/one.tf/eight.tf/two.tf/seven.tf/eight.tf,/seven.tf/one.tf/six.tf/seven.tf/eight.tf,/five.tf/three.tf/nine.tf/seven.tf/three.tf,/zero.tf/four.tf/one.tf of which, portfolio investments /two.tf/two.tf,/six.tf/nine.tf/five.tf/three.tf/five.tf,/two.tf/nine.tf/four.tf/three.tf/five.tf,/six.tf/four.tf/five.tf/three.tf/one.tf,/four.tf/seven.tf/eight.tf/two.tf/seven.tf,/six.tf /five.tf /eight.tf Total current assets /one.tf/zero.tf,/two.tf/three.tf/six.tf/one.tf/one.tf,/zero.tf/two.tf/six.tf/nine.tf,/nine.tf/nine.tf/four.tf/one.tf/zero.tf,/three.tf/six.tf/six.tf/seven.tf,/seven.tf/nine.tf/three.tf Total assets /seven.tf/seven.tf,/five.tf/three.tf/nine.tf/nine.tf/zero.tf,/two.tf/zero.tf/eight.tf/eight.tf/eight.tf,/seven.tf/one.tf/one.tf/eight.tf/eight.tf,/nine.tf/zero.tf/five.tf/eight.tf/zero.tf,/eight.tf/three.tf/five.tf Shareholders’ equity and liabilities Total shareholders’ equity /one.tf/five.tf,/four.tf/six.tf/seven.tf/one.tf/eight.tf,/nine.tf/two.tf/nine.tf/two.tf/one.tf,/two.tf/zero.tf/zero.tf/two.tf/four.tf,/six.tf/eight.tf/seven.tf/two.tf/one.tf,/five.tf/nine.tf/one.tf Total liabilities /six.tf/two.tf,/zero.tf/seven.tf/two.tf/seven.tf/one.tf,/two.tf/seven.tf/nine.tf/six.tf/seven.tf,/five.tf/one.tf/one.tf/six.tf/four.tf,/two.tf/one.tf/eight.tf/five.tf/nine.tf,/two.tf/four.tf/four.tf Total shareholders’ equity and liabilities /seven.tf/seven.tf,/five.tf/three.tf/nine.tf/nine.tf/zero.tf,/two.tf/zero.tf/eight.tf/eight.tf/eight.tf,/seven.tf/one.tf/one.tf/eight.tf/eight.tf,/nine.tf/zero.tf/five.tf/eight.tf/zero.tf,/eight.tf/three.tf/five.tf K e y /f_i.liga g u r e s EBITDA, SEK M /three.tf,/two.tf/four.tf/nine.tf/five.tf,/nine.tf/zero.tf/nine.tf/two.tf,/one.tf/zero.tf/zero.tf/seven.tf,/nine.tf/seven.tf/five.tf/six.tf,/two.tf/two.tf/four.tf Net debt without other obligations SEK M /four.tf/nine.tf,/three.tf/two.tf/four.tf/five.tf/six.tf,/eight.tf/seven.tf/one.tf/five.tf/four.tf,/one.tf/four.tf/one.tf/four.tf/nine.tf,/one.tf/six.tf/zero.tf/four.tf/eight.tf,/five.tf/one.tf/three.tf Earnings per share, SEK -/three.tf/zero.tf./six.tf/seven.tf-/one.tf./five.tf/six.tf-/three.tf/seven.tf./zero.tf/seven.tf/two.tf/five.tf./eight.tf/eight.tf/one.tf/five.tf./one.tf/eight.tf Dividend/proposed dividend per share, SEK - - /one.tf/three.tf./five.tf/one.tf/three.tf./five.tf/one.tf/two.tf./zero.tf Portfolio investments, SEK M /one.tf,/seven.tf/three.tf/nine.tf/five.tf,/six.tf/three.tf/seven.tf/seven.tf,/three.tf /eight.tf /five.tf/seven.tf,/zero.tf /zero.tf /four.tf/five.tf,/zero.tf/one.tf/two.tf Average number of employees /one.tf/zero.tf,/zero.tf/zero.tf/two.tf/one.tf/zero.tf,/zero.tf/zero.tf/seven.tf/nine.tf,/nine.tf/six.tf/five.tf/nine.tf,/six.tf/nine.tf/four.tf/nine.tf,/four.tf/six.tf/two.tf Key /f_i.liga nancial metrics Cash EBITDA, SEK M /one.tf/zero.tf,/eight.tf/six.tf/six.tf/one.tf/two.tf,/eight.tf/five.tf/four.tf/one.tf/three.tf,/two.tf/three.tf/eight.tf/one.tf/two.tf,/three.tf/one.tf/zero.tf/one.tf/one.tf,/six.tf/zero.tf/seven.tf Items a/f_f.liga ecting comparability in EBIT, SEK M /two.tf,/six.tf/zero.tf/seven.tf/one.tf,/three.tf/one.tf/two.tf-/six.tf,/five.tf/one.tf/zero.tf-/five.tf/three.tf/eight.tf-/one.tf,/zero.tf/four.tf/three.tf Adjusted operating earnings (EBIT), SEK M /four.tf,/five.tf/four.tf/eight.tf/five.tf,/three.tf/eight.tf/five.tf/six.tf,/six.tf/six.tf/four.tf/seven.tf,/zero.tf/one.tf/four.tf/five.tf,/seven.tf/three.tf/eight.tf In accordance with the rules in IFRS /five.tf Non-current Assets Held for Sale and Discontinued Operations, discontinued operations are reported in the income statement as discontinued throughout the /f_i.liga ve-year period by recalculating comparative /f_i.liga gures for previous years, while in the balance sheet, they are reported as assets and liabilities in operations held for sale from the date on which the decision was taken to make the divestment, without recalculating the comparative /f_i.liga gures. For de/f_i.liga nitions see page /nine.tf/zero.tf. 24Annual and Sustainability Report 2024About Intrum Governance and control Board of Directors’ Report Financial statements Sustainability information ===== SIDA 25 ===== Corporate Governance Report Intrum’s corporate governance serves to strengthen the con/f_i.liga dence of customers, society and the capital markets through a clear allocation of responsibilities and well-balanced rules between owners, the Board, the CEO, the management teams and the di/f_f.liga erent control functions. Intrum AB (publ) (“Intrum”) is a Swedish public company domiciled in Stockholm. The company’s shares are listed on the Nasdaq Stockholm exchange. Corporate governance at Intrum Examples of external regulations a/f_f.liga ecting governance at Intrum: • Swedish Companies Act • Accounting legislation and recommendations • Nasdaq Stockholm’s regulations for issuers • Luxembourg Stock Exchange’s regulations for issuers (SOL) • Market Abuse Regulation (MAR) • Swedish Code of Corporate Governance • UN Global Compact Examples of internal regulations a/f_f.liga ecting governance at Intrum: • Articles of Association • Rules of procedure for the Board of Directors and its commit- tees and Instructions to the CEO • Internal rules and guidelines, such as the Code of Conduct, Delegation of Authority procedures, Sustainability Policy, Risk, Compliance and Internal Audit Instructions, etc. Shareholders at the Annual General Meeting Global Internal Rules External steering instruments Nomination Committee External auditors Board of Directors President and CEO Global Risk & Compliance Executive Management Team Internal Committees Global Internal Audit Remuneration Committee Risk Committee Transformation CommitteeAudit Committee InformationProposals Information Election Election Objectives Strategies Steering instruments Reports Controls Appointment Intrum corporate governance overview 65 74 2 1 8 10 8 9 12 3 11 Investing Strategy Global Finance Global Legal Corporate A/f_f.liga airs Global HR Global Operations (including IT) Products Servicing Investment Management 25Annual and Sustainability Report 2024About Intrum Governance and control Board of Directors’ Report Financial statements Sustainability information ===== SIDA 26 ===== This corporate governance report has been prepared in accord- ance with the rules of the Annual Accounts Act and the Swed- ish Code of Corporate Governance (“the Code”) in order to describe Intrum’s corporate governance during 2024. Corpo- rate governance at Intrum comprises structures and processes for management and control of the company’s operations for the purpose of creating value for the company’s owners and other stakeholders. Intrum has applied the Code e/f_f.liga ective from 1 July 2005. Intrum’s corporate governance also adheres to the applicable rules in the Companies Act, the Annual Accounts Act, Nasdaq Stockholm’s Rules for Issuers, the Swedish Securities Council’s resolutions, Intrum’s Articles of Association, as well as laws, reg- ulations and o/f_f_i.liga cial guidelines and rules in countries where the Intrum Group operates (in some cases subject to licensing). The Code is based on the principle of “adhere or explain”, meaning that deviations from the Code are permitted if it is pos- sible to explain why the deviation occurred. During the period to which the Annual Report pertains, Intrum has adhered to the Code in its entirety. The Code is available at www.corporategov- ernanceboard.se, where the Swedish model of corporate gov- ernance is also described. Intrum’s Articles of Association are available at www.intrum.com. Shareholders 1 At the end of the year, Intrum’s largest shareholder, Nordic Capi- tal, held approximately 28.35 percent of all shares outstanding in the company. See also page 35. Annual General Meeting 1 The Annual General Meeting is Intrum’s highest decision-making body at which the shareholders exercise their right to make deci- sions regarding the company’s a/f_f.liga airs. Each share corresponds to one vote. Shareholders are entitled to have matters addressed at the General Meeting; they are also entitled to ask questions regarding the Group’s operations at the Annual General Meeting. The Annual General Meeting was held on 24 April 2024. Among other things, the Meeting resolved: • to adopt the income statements and balance sheets for the company and the Group, • to not pay any dividend for the /f_i.liga scal year 2023, • to discharge the Board of Directors and the CEO from liability for the 2023 /f_i.liga scal year, • to elect the Board of Directors and a Chairman of the Board, • to elect an auditor, • to agree on remuneration to the Board of Directors and auditor, • to approve the remuneration report of the Board of Directors, • to adopt guidelines on compensation for senior executives, • to introduce a long-term incentive programme for 2024, • to authorise the Board of Directors to transfer the company’s treasury shares on Nasdaq Stockholm, and • to authorise the Board of Directors to decide on new share issues etc. of up to 10 percent of the total number of outstand- ing shares in the company for capital procurement or for the acquisition of companies or businesses. At the Annual General Meeting, approximately 41 percent of the shares conveying voting rights were represented. The 2024 Annual General Meeting is scheduled for 27 May 2025. Resolutions of the Annual General Meeting are published in a press release following the Meeting, and the minutes of the Meeting are published on the company’s website. Extraordinary General Meeting In addition to the Annual General Meeting, Intrum held an Extraordinary General Meeting on 27 November 2024. The meeting resolved to authorize the Board of Directors to issue new shares of 10% of the total number of shares in the company (on a fully diluted basis) with deviation from the shareholders’ preferential rights to certain noteholders as part of the compa- ny’s debt capital restructuring process. The share issue is part of the Company’s recapitalisation transaction, see page 36. Nomination Committee 2 The Nomination Committee is appointed in accordance with guidelines adopted by the Annual General Meeting. Besides nominating the Board members and the Chairman of the Board, the duties of the Nomination Committee include evaluating the Board and its work, proposing a Chairman for the Annual Gen- eral Meeting, proposing compensation for the Board and its committees, and proposing candidates for auditors’ elections and compensation for auditors. In drafting its proposals to the 2024 Annual General Meet- ing, and as presented in greater detail in the Nomination Com- mittee’s reasoned opinion to the 2024 Annual General Meeting, the Nomination Committee has applied item 4.1 of the Code as its diversity policy. An assessment was also made of each mem- ber’s capacity to dedicate su/f_f_i.liga cient time and commitment to their Board assignments. Hans Larsson declined re-election. The Nomination Committee proposed the re-election of all mem- bers of the board except Hans Larsson. Magnus Lindquist was re-elected as Chairman of the Board. The Nomination Commit- tee made the assessment that, combined, the proposed Board of Directors possessed the breadth, overall expertise and expe- rience required with regard to the company’s operations, stage of development and long-term needs. Of the Board members elected in 2024, 43 percent were women (up from 37.5 for the election 2023). The composition of the Nomination Committee ahead of the 2025 Annual General Meeting was announced on 24 Septem- ber 2024: Robert Furuhjelm (appointed by Nordic Capital, chair- man), Anders Oscarsson (appointed by AMF and AMF Fonder), Helen Fasth Gillstedt (appointed by Handelsbanken Fonder) and Lennart Laurén (representing his own holdings). The Chairman of the Board serves as a co-opted member of the Nomination Committee. The Group’s General Counsel has served as the sec- retary of the Nomination Committee. The Chairman of the Board has reported the results of the 2024 Board evaluation to the Committee, which also held indi- vidual meetings with all Board members, as well as with the CEO. Shareholders have been o/f_f.liga ered the opportunity to submit pro- posals to the Nomination Committee. No compensation has been paid to the members of the Nomination Committee. Board of Directors 3 The Board of Directors has the overarching responsibility for administering Intrum’s a/f_f.liga airs in the interests of its sharehold- ers. In accordance with the Articles of Association, the Board of Directors shall comprise at lease /f_i.liga ve and at most nine mem- bers with at most four deputies. From the 2023 Annual Gen- eral Meeting until the 2024 Annual General Meeting, the Board of Directors comprised members elected by the Annual General Meeting: Magnus Lindquist, Michel van der Bel, Debra Davies, Geeta Gopalan, Hans Larsson, Andreas Näsvik, Philip Thomas and Ragnhild Wiborg. The 2024 Annual General Meeting re-elected Magnus Lindquist, Michel van der Bel, Debra Davies, Geeta Gopalan Andreas Näsvik, Philip Thomas and Ragnhild Wiborg. Magnus Lindquist was re-elected as Chairman of the Board. The Board has neither deputies nor employee rep- resentatives. Further information about Board members, includ- ing their shareholdings, can be found on pages 30-31. All current Board members, with the exception of Andreas Näsvik, are considered to be independent in relation to the company and company management and in relation to major 26Annual and Sustainability Report 2024About Intrum Governance and control Board of Directors’ Report Financial statements Sustainability information ===== SIDA 27 ===== shareholders. Andreas Näsvik is considered to be independ- ent in relation to the company and company management but not in relation to major shareholders. The composition of the Board thereby complies with the requirements of the Code in this respect. The Secretary of the Board is the Group’s General Counsel. The Board of Directors has established an Audit Committee, a Risk Committee, a Remuneration Committee and a Transforma- tion Committee. The committees are mainly subordinated to the Board and do not relieve the Board members of their duties and responsibilities. The committees are presented in more detail on the following pages. The Board’s rules of procedure Each year, the Board of Directors reviews and adopts rules of pro- cedure, instructions for the committees and instructions for the CEO. The latter also includes instructions regarding /f_i.liga nancial reporting. These control documents contain instructions on the delegation of responsibilities and work between the Board, the CEO and the Board committees, as well as the forms of the com- pany’s /f_i.liga nancial reporting. The Board’s rules of procedure are based on the overarching rules included in the Swedish Compa- nies Act on the overall responsibilities of the Board and CEO and otherwise on the decision-making procedure approved by the Board. The rules of procedure also regulate other issues, including: • number of Board meetings and decision points normally on the agenda at each meeting, • the duties of the Chairman, the committees and the CEO and their decision-making authorities, as well as a clear regulation of the issues that require a decision by the Board of Directors, • the assessment of the Board of Directors and its work, the assessment of the CEO, and • the forms of the Board’s meetings and minutes. Meetings of the Board The Board meets regularly in accordance with the schedule laid down in the rules of procedure. Every Board meeting follows a predetermined agenda. The agenda and background informa- tion for each information or decision point are sent to all Board members well in advance of each meeting. Decisions by the Board are preceded by an open discussion led by the Chairman. The Board held 47 minuted meetings in 2024 (27 in the preced- ing year). The large number of meetings is due to the Company’s recapitalisation transaction. Over the year, the Board devoted particular focus to the following issues: • Intrum’s capital structure and /f_i.liga nancing and in particular the recapitalisation transaction, • the Group’s earnings and /f_i.liga nancial position, as well as interim reporting, • a new operating model, • the sale of a part of the Company’s back-book to Cerberus and the capital partnership with Cerberus, • the Group’s cost structure and execution on the cost savings programs launched in 2023 and 2024, • talent management and succession planning, • corporate governance, risk management, compliance and internal control, • sustainability, • the assessment of the work of the Board and the assessment of the CEO. The company’s auditor attended one Board meeting during the year (as well as the majority of the meetings of the Audit Committee). Con/f_l.liga icts of interest In advance of each Board meeting, the Secretary of the Board reviews the agenda to identify any known con/f_l.liga icts of interest and then discusses these, if any, with the relevant Board member and the Chairman before the meeting. Each Board meeting also begins with the Chairman asking all Board members to con/f_i.liga rm that they have no con/f_l.liga icts of interest with regard to the items on the meet- ing agenda. If a con/f_l.liga ict of interest is identi/f_i.liga ed, the con/f_l.liga icted Board member does not participate in the discussion of the matter in question, nor in any decision taken in relation to such matter. Assessment of the Board and CEO Each year, the Board assesses the composition of the Board and its work with the purpose of illuminating matters concerning the Board’s composition, areas of focus, materials and meeting climate, as well identifying areas for improvement. The chair- man has presented the results of the evaluation to the Nomina- tion Committee. The Board of Directors assesses the CEO on an ongoing basis and addresses the issue regularly. Attendance at Board meetings in 2024 Magnus Lindquist /four.tf/seven.tf//four.tf/seven.tf Michel van der Bel /four.tf/one.tf//four.tf/seven.tf Debra Davies /four.tf/four.tf//four.tf/seven.tfGeeta Gopalan /four.tf/four.tf//four.tf/seven.tf Hans Larsson /one.tf/zero.tf//one.tf/zero.tfAndreas Näsvik /four.tf/four.tf//four.tf/seven.tf Philip Thomas /four.tf/three.tf//four.tf/seven.tfRagnhild Wiborg /four.tf/six.tf//four.tf/seven.tf Compensation for directors In accordance with the decision by the 2024 Annual General Meeting, fees and other compensation to the Board of Direc- tors are payable totalling SEK 8,115,000, of which SEK 1,570,000 to the Chair of the Board, SEK 735,000 to each of the other Board members, SEK 400,000 to the Chair of the Audit Com- mittee and Risk Committee, respectively, SEK 180,000 each to the other two members of the Audit Committee and Risk Com- mittee, respectively, SEK 95,000 each to the three members of the Remuneration Committee, SEK 140,000 to the Chair of the Transformation Committee and SEK 95,000 each to the two members of the Transformation Committee. Additional compen- sation of SEK 30,000 for travel time is paid to Michel van der Bel, Debra Davies, Geeta Gopalan and Philip Thomas for each physi- cal Board meeting held in Sweden. Audit Committee 4 The Audit Committee has a preparatory role and reports its work to the Board of Directors. Among other things, the duties of the Audit Committee include monitoring the Group’s /f_i.liga nancial reporting and the e/f_f_i.liga cacy of the Group’s internal control, internal auditing and risk management with regard to the /f_i.liga nancial report- ing. The Committee shall also keep itself informed regarding the audit process, consider the auditor’s impartiality and independ- ence and assist the Nomination Committee in connection with the election of an auditor. The Committee has established guide- lines for which services, other than auditing services, the com- pany may procure from the auditor. The Audit Committee consists of Ragnhild Wiborg (chair), Geeta Gopalan and Philip Thomas. All are considered to be independent in relation to the company and its management as well as in relation to the principal shareholders. Normally, the auditor, the company’s CEO, the CFO, the Head of Internal Audit and the Group’s Chief Accountant participate in the Com- mittee’s meetings. The latter has also acted as the Committee’s secretary. The Audit Committee met 5 times in 2024 (5 times in 2023). All members were present at all meetings. The auditor attended the majority of the meetings. The matters addressed by the Com- mittee over the year included interim reporting, /f_i.liga nancial risk management, /f_i.liga nancing and internal control. In addition, the Committee has considered the annual accounts and the audit procedure for the Group, recommendations regarding the elec- tion of external auditors at the Annual General Meeting, tax mat- ters and the preparation of the Board’s work to ensure the quality of the Group’s /f_i.liga nancial reporting. 27Annual and Sustainability Report 2024About Intrum Governance and control Board of Directors’ Report Financial statements Sustainability information ===== SIDA 28 ===== Risk Committee 5 The Risk Committee has a preparatory role and reports its work to the Board of Directors. Among other things, the duties of the Risk Committee include monitoring that the Group’s overall risks related to e.g. strategic, operational, compliance and /f_i.liga nan- cial risks are in all aspects controlled in a satisfactory manner in accordance with external laws and regulations and internal rules. The Risk Committee consists of Geeta Gopalan (chair), Philip Thomas and Ragnhild Wiborg. All are considered to be inde- pendent in relation to the company and its management as well as in relation to the principal shareholders. Normally, the audi- tor, the company’s CEO, the CFO and Chief Risk O/f_f_i.liga cer partici- pate in the Committee’s meetings. One of the Company’s Legal Directors act as the Committee’s secretary. The Risk Committee met 4 times in 2024 (5 times in 2023). Philip Thomas was absent on two occasions. Apart from that, all members attended all meetings. The matters addressed by the Committee over the year included the development of the new dashboard for monitoring of the overall risk-pro/f_i.liga le of Intrum, risks related to the governance of the Group, the project portfo- lio and the transformation as well as various regulatory issues. Remuneration Committee 6 The tasks of the Remuneration Committee include preparing the Board’s decisions on matters involving remuneration prin- ciples, remuneration and other terms of employment for senior management, following up and evaluating programmes for vari- able remuneration for senior management, and monitoring and assessing general remuneration structures and compensation levels in the Group. The Committee also assists the Board in drafting proposed guidelines on the remuneration of senior management that the Board presents to the Annual General Meeting, and also in moni- toring and assessing the application of these guidelines. The Remuneration Committee consists of Magnus Lindquist (chairman), Michel van der Bel and Andreas Näsvik. Magnus Lindquist and Michel van der Bel are considered to be inde- pendent in relation to both the company and the company man- agement and to the company’s major shareholders. Andreas Näsvik is considered to be independent in relation to the com- pany and company management but not to the company’s major shareholders. The CEO and the Chief Human Resources O/f_f_i.liga cer normally participate in the Committee’s meetings. The latter is also the secretary of the Committee. In 2024, the Committee met 11 times (eight meetings in the preceding year). All committee members were present at all meetings. Among other matters, work has focused on proposing targets and outcomes for incen- tive programmes, recruitment of new members of Group man- agement and preparation of a proposal for a long-term incentive programme for 2024 and 2025. Transformation Committee 7 The tasks of the Transformation Committee include assisting the CEO and other members of the company management with matters relating to the company’s change and transformation programmes and preparing such matters for the Board. The Transformation Committee consists of Debra Davies (chair), Magnus Lindquist and Michel van der Bel. The CEO, COO, CITO and Chief of Sta/f_f.liga normally participate in the Committee’s meetings. The Committee held six meetings in 2024 (six meetings in the preceding year), with all Committee members present. Guidelines on remuneration of senior executives The 2023 Annual General Meeting adopted the Board’s pro- posed guidelines on the remuneration and other terms of employment of senior executives. The guidelines regulate the relationship between /f_i.liga xed and variable remuneration and the relationship between performance and remuneration, non-mon- etary bene/f_i.liga ts, issues related to pensions, dismissal and sever- ance payments and how the Board deals with these issues. The guidelines on remuneration of senior executives applied in 2024 are described in Note 33 on pages 78-80. The Board of Direc- tors’ proposed guidelines for 2025 are reported in full in the Directors’ Report on pages 35-38. For a more detailed account of salaries and remuneration for senior executives, see Note 33 on pages 78-80. The remuneration report in accordance with the Shareholder Rights Directive is available at www.intrum.com. Executive Management Team 8 In order to assist the CEO in performing his over-all responsi- bilities and to make sure that the Business Lines and Functional areas are managed in a professional way, the CEO has estab- lished Executive Management Team (EMT). The EMT is an advi- sory function to the CEO and consists of the President and CEO, Chief Financial O/f_f_i.liga cer (CFO), Chief Investment O/f_f_i.liga cer (CIO), Global Head of Servicing, Chief Human Resources O/f_f_i.liga cer (CHRO), Chief Operating O/f_f_i.liga cer (COO), Head of Corporate A/f_f.liga airs, and Head of Product Development. The Executive Management Team meets regularly to discuss /f_i.liga nancial targets and results, strategy issues and Group-wide guidelines. These discussions, decisions and guidelines are also part of the control of /f_i.liga nancial reporting. More information about the Executive Management Team can be found on pages 32-33. Internal Committees 9 The CEO has also established a number of internal committees, which are providing expertise within their speci/f_i.liga c areas of responsibility and making decisions within pre-de/f_i.liga ned /f_i.liga nancial limits. The Risk and Investment Committee, the Revaluation Committee and the Ethics Council are examples of such committees. Risk and Compliance 10 The company has a Risk and Compliance function that is headed by the CRO. The function is tasked with proactively promoting risk awareness and continuously and independently monitoring and verifying compliance among the Group’s /f_i.liga nancial and oper- ational units. The function reports on its work to the Risk Com- mittee and the Board of Directors on a quarterly basis. Internal Audit 11 The Group’s Internal Audit constitutes an independent review function that reports directly to the Board via the Audit Commit- tee. The role of Internal Audit is to provide independent assur- ance to the Board of Directors and CEO of the e/f_f.liga ectiveness of internal control, risk management and the Group’s governing processes. Internal Audit also provides advice to Management and the Board of Directors regarding how the control environ- ment can be improved and how risks in internal control can be limited. The unit reports completed reviews to the Audit Com- mittee on a quarterly basis. Auditor 12 At the Annual General Meeting in 2024, the accounting /f_i.liga rm Deloitte AB was elected as the auditor of the Parent Company. Authorised Public Accountant Patrick Honeth is the responsible auditor. The auditor was elected for the period extending until the close of the Annual General Meeting in 2025. The auditor is considered to be independent. Beyond the audit assignment, the company has also consulted Deloitte AB on matters of taxa- tion and reporting, following approval by the Audit Committee. The scope of the remuneration paid to Deloitte AB is presented in Note 5, page 59-60. As Intrum’s auditor, Deloitte AB is obliged to test its independence prior to every decision when providing independent advice alongside its auditing assignment. 28Annual and Sustainability Report 2024About Intrum Governance and control Board of Directors’ Report Financial statements Sustainability information ===== SIDA 29 ===== Internal control The Board is responsible for the company having sound inter- nal control and ensuring that the company has formalised proce- dures to ensure adherence to established principles for /f_i.liga nancial reporting and internal control. The Board’s Audit Committee monitors adherence to set guidelines for /f_i.liga nancial reporting and internal control and maintains ongoing contact with the compa- ny’s auditors. The objective is to ensure that applicable laws and regulations are adhered to, that /f_i.liga nancial reporting complies with Intrum’s accounting principles in accordance with IFRS and that operations are conducted in an e/f_f_i.liga cient and appropriate way. Control environment The basis for good internal control is the control environment, which includes the values and Code of Conduct on which the Board, man- agement and the company’s employees base their actions, but also the Group’s organisation, leadership, decision-making paths, author- ities and responsibilities, as well as the skills and knowledge of the employees. Intrum’s governance model is based on a clear delega- tion and follow-up of powers and authorities, which pervades all business areas, sta/f_f.liga units and control functions. The annual process of revising the Group’s targets and strategies is a large-scale task, which includes all units and is systematically followed up. The strat- egy process also includes risk analyses of the operations. Corporate governance comprises the Group’s system of rules, procedures and processes by which the company management controls the operations. The implementation of the Group-wide rules at the subsidiaries is reviewed annually to ensure compli- ance. The Group’s Code of Conduct is contained within these rules and is communicated to all employees by means of rele- vant training programmes. The Group’s internal regulations are revised annually. Intrum operates according to the principle of three lines of defence, where the operations, along with the support functions, form the /f_i.liga rst line of defence. These are responsible for risk man- agement in their respective areas and report risks regularly to the second line of defence. The second line of defence consists of the Risk and Compli- ance functions. These serve to support the operations in the /f_i.liga rst line of defence and provide them with training and advice. The functions are also tasked with following-up and monitoring the operations in the /f_i.liga rst line of defence. The Risk and Compliance function comprises four main areas: investment risk, operational risk, and compliance risk. In addition, a central anti-money laun- dering unit has been set up within Compliance and a Data Pro- tection O/f_f_i.liga cer appointed for the Group. The third line of defence comprises Internal Audit, which is tasked with following up, in terms of risk, the operations in the /f_i.liga rst and second lines of defence to ensure that the company’s internal control works satisfactorily and that operations are con- ducted e/f_f_i.liga ciently. Internal Audit reports to Intrum’s Board of Directors through the Audit Committee. Risk assessment The Group’s risks are assessed and managed in coordination between the Board, the Risk Committee, management and local operations. The Board of Directors and management work to regu- larly identify and manage risks at Group level. In addition, the man- agement of each local unit is responsible for identifying, evaluating and managing the risks associated predominantly with the local operations. Risk & Compliance assists operations in risk assessment. The risk assessment of /f_i.liga nancial reporting serves to identify what risks may impact reporting by the Group’s companies, busi- ness areas and processes. The assessment is based partly on evaluations performed by the Group’s /f_i.liga nance function, as well as the dialogue with local /f_i.liga nance managers and the /f_i.liga nance func- tion’s shared service centre. These assessments form the basis for the continued control and improvement of /f_i.liga nancial reporting. Control activities Controls are designed to ensure that the risks identi/f_i.liga ed in the work described above are managed by the operations. To a large extent, the risk level determines the control activities aimed at ensuring that the Group applies a risk-based approach. In /f_i.liga nan- cial reporting, the controls are based on the Group’s minimum requirements for internal controls in /f_i.liga nancial reporting and con- sist of company-wide controls, controls at transaction level and general IT controls. The Group applies a speci/f_i.liga c decision-making process, “New Product Approval Process” (NPAP), in connection with material changes, such as acquisitions, launches of new products or ser- vices, major reorganisations or the establishment of new Group- wide systems or processes. This decision-making process is mandatory at both local and central level. Emergency and con- tinuity plans have also been set up in all operating units within the Group. The intention is for such plans to be subject to annual testing and assessment. Control activities encompass operations at all subsidiaries and shared service centres and include, among other things, methods and activities to hedge assets, checks on the accuracy and relia- bility of internal and external /f_i.liga nancial reports, and ensuring com- pliance with laws and established internal rules and guidelines. As part of this process, the MDs and /f_i.liga nance managers of the subsid- iaries report quarterly that the /f_i.liga nancial reporting has been con- ducted in accordance with the internal regulations or if there have been any deviations from these. These reports are reviewed and followed up by the Group’s /f_i.liga nance function. The Group /f_i.liga nance function also conducts a number of control activities at the Group’s subsidiaries to ensure that /f_i.liga nancial reporting is of good quality. In each country where Intrum operates, local compliance and data protection o/f_f_i.liga cers report on compliance risks and regula- tory matters to the central compliance function on a quarterly basis. Operational subsidiaries also draw up annual compliance pro- grammes that include both risk-based controls and supportive measures in the form of information and training on new regulations. Information and communication The company works continuously to improve awareness among employees of the control instruments and follow-ups that apply to /f_i.liga nancial reporting, both external and internal. Responsibilities and authorities are communicated within the Group to enable report- ing and feedback from operations to management and the Board’s Audit Committee. The Group’s internal guidelines can be accessed via the company’s intranet and employees receive training on an ongoing basis. There is also cooperation within and between the dif- ferent sta/f_f.liga and /f_i.liga nance functions, aimed at increasing coordination and opportunities to compare analyses, monitoring of accounting and business systems, and the development of various key /f_i.liga gures. Follow-up Group management exercises control through regular reviews of /f_i.liga nancial and operational performance, local meetings, and through participation in local company boards. Each month, the subsidiar- ies submit their monthly closing reports, which consist of income statements broken down by service line, balance sheets and key performance indicators in the Group’s reporting system. The clos- ing /f_i.liga gures are consolidated as a monthly report to group manage- ment. Consolidated accounts are prepared each month for internal follow-up and analysis. The subsidiaries receive feedback from the Group on their reporting and in-depth follow-up meetings are held with each country organisation on a monthly basis. The follow-up of the internal control with regard to /f_i.liga nancial reporting is conducted primarily by the Group Finance function and is reported to the Board’s Audit Committee on a quarterly basis. The Internal Audit function follows up on outstanding observations from previous audits, and material outstanding agreed actions are reported on a quarterly basis to the Audit Committee. 29Annual and Sustainability Report 2024About Intrum Governance and control Board of Directors’ Report Financial statements Sustainability information ===== SIDA 30 ===== Board of Directors According to Intrum’s Articles of Association, the Board of Directors shall consist of no less than /f_i.liga ve and no more than nine ordinary members with no more than four deputies. All members are independent in relation to the company and its management. All members are also independent in relation to the major sharehold- ers, although one of the members is, in the assessment of the Nomination Committee, not independent in rela- tion to the principal shareholder, Nordic Capital Fund VIII. Magnus Lindquist (Chair) Chairman of the Board, the Remuneration Committee, and member of the Transformation Committee Born: 1963 Elected: 2022 Education: Studies at Stockholm School of Economics. Magnus Lindquist has over 20 years of experience of holding senior positions in global industrial companies, mainly as Group Vice President at Autoliv and Per- storp Group. He also served as a Senior Partner at Triton and has extensive board experience including Chair of the Boards of Munters and Cary Group, and member of the Board of Directors of Trust Payment Holdings Ltd. Holding in Intrum AB (publ): 1,756,410 shares and 1,525,000 call options issued by Cidron 1748 S.à.r.l (Nordic Capital). Inde- pendent in relation to the company, its man- agement and the major shareholders. Michel van der Bel Board member and member of the Remuneration and Transformation Committees Born: 1960 Elected: 2022 Education: Master of Business Administra- tion, Henley Business School, UK. Michel van der Bel has more than 20 years of leadership experience from Microsoft. As President of the Europe, Middle East and Africa business, Michel led more than 20,000 employees, across 29 subsidiaries and 70 languages, during a time of profound corporate change. Prior to joining Microsoft, Michel held various senior positions at Get- ronics. He is a member of the board of Red Sift and the Chair of the Supervisory Board of Funda, the leading housing platform in the Netherlands. Holding in Intrum AB (publ): 700. Inde- pendent in relation to the company, its man- agement and the major shareholders. Debra Davies Board member and Chair of the Transformation Committee Born: 1963 Elected: 2023 Education: BA in Business Studies, the Poly- technic of West London. Debra Davies has over 25 years of experi- ence leading large global business units, mainly with American Express. She has strong experience in customer service, dig- ital transformation, technology, marketing and relationship management from the UK, EMEA and emerging markets. She currently holds board positions with the Yorkshire Building Society and AXA UK plc. Holding in Intrum AB (publ): 0. Independent in relation to the company and its manage- ment, and the major shareholders. Geeta Gopalan Board member and Chair of the Risk Committee, and member of the Audit Committee Born: 1964 Elected: 2023 Education: Madras University and Char- tered Accountant Institute, India. Geeta Gopalan has over 20 years of management experience in payments and transaction services in commercial and retail banking across the UK, Europe, the US and emerging markets. She has a deep understanding of the digital economy, having developed dig- ital products through her executive career and more recently working with /f_i.liga ntech’s in a non-executive capacity. Her current board positions include AutoTrader Plc, Funding Circle Holdings, and NatWest Group. Holding in Intrum AB (publ): 0. Independent in relation to the company and its manage- ment, and the major shareholders. 30Annual and Sustainability Report 2024About Intrum Governance and control Board of Directors’ Report Financial statements Sustainability information ===== SIDA 31 ===== Andreas Näsvik Board member and Remuneration Committee member Born: 1975 Elected: 2017 Education: M.Sc. in Economics and Busi- ness Administration, Stockholm School of Economics. Andreas Näsvik previously worked with cor- porate /f_i.liga nance and private equity invest- ments at Deutsche Bank and Goldman Sachs. Andreas Näsvik is currently a board member of Sortera AB and Pro-Glove AG, and he has previously been a board mem- ber of Lindor/f_f.liga AB, Consilium AB, Cary Group Foxway AB and Autocirc AB. He is a Partner at Nordic Capital Advisors. Holding in Intrum AB (publ): 0. Independent in relation to the company and its manage- ment but not in relation to the company’s major shareholders. Philip Thomas Board member and, member of Risk Committee and Audit Committee Born: 1972 Elected: 2023 Education: Graduate in Business Adminis- tration, European Business School, Schloß Reichartshausen, Germany and an MBA from INSEAD. Philip Thomas has over 25 years of experi- ence in asset and investment management, with a broad exposure to real estate, dis- tressed credit and private equity invest- ments. He previously served at Sixth Street, a global investment /f_i.liga rm. Prior to that, Philip worked as an investor and portfolio man- ager at Marathon Asset Management and Thomas H. Lee Putnam. Holding in Intrum AB (publ): 0. Independent in relation to the company and its manage- ment, and the major shareholders. Ragnhild Wiborg Board member, Chair of the Audit Risk Committee and member of the Risk Committee Born: 1961 Elected: 2015 Education: Bachelor’s degree in Business Administration from the Stockholm School of Economics and has studied a Master’s program at Fundação Getulio Vargas, São Paulo. Ragnhild Wiborg is the Chair of Energia AS and a board member of Rana Gruber and Kistefos. She was previously a board mem- ber of Gränges AB, Sbanken ASA, Cary Group and RecSilicon. She has also been active in asset management as CIO and Portfolio Manager for Odin Fonder and Wiborg Kapitalförvaltning. Prior to that, she worked for investment banks in the Nordics and London. Holding in Intrum AB (publ): 16,000. Inde- pendent in relation to the company, its man- agement, and the major shareholders. Patrick Honeth Born: 1973 Chief Auditor since 2021 Patrick Honeth is an Authorised Public Accountant at Deloitte AB. Other auditing assignments: Avida Finance, Nordnet och Länsförsäkringar Auditors Deloitte AB 31Annual and Sustainability Report 2024About Intrum Governance and control Board of Directors’ Report Financial statements Sustainability information ===== SIDA 32 ===== Executive Management Team1 Andrés Rubio President & Chief Executive O/f_f_i.liga cer Born: 1968 Andrés Rubio was appointed acting Pres- ident and Chief Executive O/f_f_i.liga cer on 21 August 2022 and President and Chief Exec- utive O/f_f_i.liga cer on 18 January 2023. From 2019–2023 he was a member of the Board. Andrés Rubio was previously a Senior Part- ner and member of the management com- mittee of Apollo Management International LLP, as well as Global Co-Head of Morgan Stanley Principal Investments. He has served as Chairman of Altamira Asset Management S.L., Vice Chairman of EVO Banco S.A. and Director of Avant Tarjeta EFC, S.A.L. The Company is aware that the CEO has /f_i.liga nancial interests and is the Co-Managing Partner of IMAN Capital Partners Ltd, board member of Acme Intergalactic, Inc (i.e. Blipp Billboards), and member of the Investment Committee of Quarza Inversiones. Andrés has a Bach- elor of Science in Foreign Service, George- town University, Washington, D.C., USA. Own holdings and/or holdings of closely a/f_f_i.liga liated persons: 747,246 Johan Åkerblom Chief Financial O/f_f_i.liga cer Born: 1978 Johan Åkerblom assumed the role as CFO of Intrum in September 2024. Johan has an extensive background of holding key sen- ior positions within the /f_i.liga nancial services industry, including CFO of SEB in Germany, CFO of SEB’s Baltic Division. Before joining Intrum, he served as CEO of Citadele Bank. He began his career at McKinsey & Co before joining SEB in 2008. Johan holds a Master of Science in Industrial Management and Engi- neering from Lund Institute of Technology at Lund University. Own holdings and/or holdings of closely a/f_f_i.liga liated persons: 67,695 Javier Aranguren Chief Investment O/f_f_i.liga cer Born: 1976 Javier Aranguren assumed the role as CIO in February 2020. He joined the company in 2011 where he has performed several roles within the Investment organisation includ- ing Group Investment Director position since 2018. Prior to that, Javier has held vari- ous leading positions within the /f_i.liga nance sec- tor in companies such as Capital One, GE Money and TDX. Javier holds two Bach- elor’s degrees in Business Administration and Law from Ponti/f_i.liga cia Comillas University (ICADE E-3). Own holdings and/or holdings of closely a/f_f_i.liga liated persons: 175,549 Georgios Georgakopoulos Global Head of Servicing & Managing Director Intrum Greece Born: 1969 George Georgakopoulos joined Intrum in October 2019 as Managing Director of Intrum Greece. In 2023 he took on the role of Global Head of Servicing. George has a long career in /f_i.liga nancial services, beginning at Bar- clays Group in London in 1995. He was, for example, CEO at Bancpost in Romania and later CEO of digital lender 4Finance. Prior to joining Intrum, he was Executive Member of the BoD at Piraeus Bank. George is a gradu- ate of Athens Law School and holds an MBA from the University of Glasgow. Own holdings and/or holdings of closely a/f_f_i.liga liated persons: 188,252 1) In February 2025, the Executive Committee (ExCo) was renamed to Executive Management Team (EMT). The Group Management Team (GMT) remains unchanged and continues to sup- port the EMT. 32Annual and Sustainability Report 2024About Intrum Governance and control Board of Directors’ Report Financial statements Sustainability information ===== SIDA 33 ===== Amon Ghaiumy Head of Product Development, CEO of Ophelos Limited Born: 1989 Amon Ghaium joined Intrum in Octo- ber 2023 following Intrum’s acquisition of Ophelos, the AI technology company he co-founded in 2020. In October 2024, he became Head of Product Development, responsible for driving product strategy and AI innovation at Intrum. Prior to co-found- ing Ophelos, Amon worked at high-growth enterprise technology companies such as Moat (acquired by Oracle in 2017) and ASAPP. Amon holds a Bachelor of Arts in Economics from Brown University. Own holdings and/or holdings of closely a/f_f_i.liga liated persons: 0 Annette Kumlien Chief Operating O/f_f_i.liga cer Born: 1965 Annette Kumlien assumed the role of Chief Operating O/f_f_i.liga cer in May 2023. Annette has extensive experience in leading roles in listed and non-listed companies with a strong focus on business transformation. Prior to joining Intrum, she was Group Vice Presi- dent and CFO of Munters. Annette has also held positions as CFO and COO of Diaverum AB and CFO at Höganäs AB and at Pergo AB. She has a Bachelor of Science in Business Administration from the Stockholm School of Economics. Own holdings and/or holdings of closely a/f_f_i.liga liated persons: 141,902 Azadeh Varzi Head of Corporate A/f_f.liga airs Born: 1980 Azadeh Varzi joined Intrum as Head of Cor- porate A/f_f.liga airs in January 2025 from Brun- swick Group where she was a Partner. At Brunswick she spent nearly 20 years spe- cialising in high pro/f_i.liga le capital markets trans- actions, debt restructurings and corporate reputation, as well as leading Brunswick’s global restructuring practice. Azadeh began her career in investment banking structur- ing debt for large corporates. She holds a Bachelor’s degree in International Studies and Political Science from the University of Birmingham. Own holdings and/or holdings of closely a/f_f_i.liga liated persons: 0 Chantal Verbeek-Vingerhoed Chief Human Resources O/f_f_i.liga cer Born: 1972 Chantal Verbeek-Vingerhoed joined as Chief Human Resources O/f_f_i.liga cer at Intrum in August 2022. She joined from Scotiabank in Toronto, Canada, where her last position was SVP Talent. Prior to Scotiabank, she held var- ious positions at ING both in the Netherlands and the US. Chantal has extensive experi- ence in the Insurance and Banking sectors. Chantal has a master’s degree in organisa- tional and industrial psychology from the Vrije Universiteit Amsterdam. Chantal left Intrum in March 2025. Own holdings and/or holdings of closely a/f_f_i.liga liated persons: 106,584 Signing of the Corporate Governance Report by the Board of Directors Stockholm according to digital signing Board of Directors, Intrum AB (publ) 33Annual and Sustainability Report 2024About Intrum Governance and control Board of Directors’ Report Financial statements Sustainability information ===== SIDA 34 ===== Auditor’s report on the Corporate Governance Report To the general meeting of the shareholders in Intrum AB (publ) corporate identity number 556607-7581 Engagement and responsibility The board of directors are responsible for the corporate governance statement for the /f_i.liga nancial year 2024-01-01 – 2024-12-31, on pages 25–33, which has been prepared in accordance with the Annual Accounts Act. The scope of the audit Our examination has been conducted in accordance with FAR’s standard RevR 16 The auditor’s examination of the corporate governance statement. This means that our examination of the corporate governance statement is di/f_f.liga erent and substantially less in scope than an audit conducted in accordance with Inter- national Standards on Auditing and generally accepted auditing standards in Sweden. We believe that the examination has pro- vided us with su/f_f_i.liga cient basis for our opinions. Opinions A corporate governance statement has been prepared. Disclo- sures in accordance with chapter 6 section 6 the second para- graph points 2–6 the Annual Accounts Act and chapter 7 section 31 the second paragraph the same law are consistent with the annual accounts and the consolidated accounts and are in accordance with the Annual Accounts Act. Stockholm, date according to electronic signature Deloitte AB Patrick Honeth Authorised Public Accountant 34Annual and Sustainability Report 2024About Intrum Governance and control Board of Directors’ Report Financial statements Sustainability information ===== SIDA 35 ===== Board of Directors’ Report The Board of Directors and the President and CEO of Intrum AB (publ) hereby submit the Annual Report and consolidated /f_i.liga nancial statements for the 2024 /f_i.liga scal year. Business overview Intrum AB (publ) (corporate identity number 556607-7581) is domiciled in Stockholm and is a public limited liability company and conducts operations in accordance with the Swedish Com- panies Act. Intrum’s operations were founded in Sweden in 1923 and have, through acquisitions and organic growth expanded to become one of Europe’s leading credit management companies. Markets Intrum´s geographic focus is Europe. The group is currently oper- ating in the following countries: Austria, Belgium, Czech Repub- lic, Denmark, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Spain, Sweden, Switzerland and the United Kingdom. Where Intrum has decided to exit Romania at end of year. Segments Intrum’s service segments are Servicing and Investing. The seg- ments are further segmented by geographical regions: Northern Europe, Middle Europe, Southern Europe and Eastern Europe. The segments re/f_l.liga ect the Intrum´s operational focus and man- agement approach. In the Servicing segment, Intrum provides clients with com- prehensive credit management across all markets. The focus lies within tailored solutions to clients’ needs in respect of late pay- ment and collection services. Our Servicing business is credit management services with a focus on late payments and collections on behalf of clients. Intrum have ~70,000 clients across 20 markets which covers claims in banking and /f_i.liga nancial institutions, telco, utilities, e-com- merce, retail, insurance and SME. The industry and client mix o/f_f.liga ers risk mitigation and stable cash /f_l.liga ows. In the light of the higher in/f_l.liga ation, interest rate and cost of living starting in begin- ning of 2022 we have noticed a high demand for credit manage- ment services both in terms of higher case in/f_l.liga ows with existing clients and in discussions with new clients. In the Investing segment, banks and other institutions are selling their non-performing loans, to focus on their core business, free up capital, improve liquidity, limit the risk of doubtful payment pro/f_i.liga les and improve key performance indicators. The European NPL mar- ket has grown in recent years, mainly as a result of the underlying market expansion of the consumer credit market and the new capi- tal adequacy (Basel III) regulations, as well as the regulation for mini- mum loss coverage for non-performing exposures (”NPL prudential backstop”) that took e/f_f.liga ect in 2019. Intrum´s main competitors include servicer, debt acquisition and collection companies, which are integrated players o/f_f.liga ering a wide range of /f_i.liga nancial services. Proposed appropriation of earnings The Board of Directors and the President do not intend to pro- pose any dividend payable in 2024. For further information on the earnings and /f_i.liga nancial posi- tion of the Parent Company and the Group, please refer to the income statements, balance sheets, summary of changes in shareholders’ equity, cash/f_l.liga ow statements and notes. The ownership, share and shareholders The Parent Company of the Intrum Group was registered in 2001 and has been listed on the Nasdaq Stockholm exchange since June 2002. As of 31 December 2024, the share capital amounted to SEK 2,899,805 and the number of shares to 121,720,918, of which 1,119,055 were treasury holdings. Intrum Group is present in 20 markets. All shares outstanding carry equal voting rights and an equal share in the Company’s assets and earnings. At the end of the year, the company’s largest shareholders were Nordic Capital (28.35 percent of the shares outstanding). See Intrum webpage, www.intrum.com for additional information on the share and shareholders. The Articles of Association do not contain any pre-emption clauses or other limitations on the transferability of the shares, and there are no other circumstances that the Company is obliged to disclose according to the provisions in Chapter 6, 2a, § 3–11 of the Swedish Annual Accounts Act. Income, SEK M 2024 2023 2022 2021 2020 18,033 17,705 19,131 17,789 16,848 Operating earnings (EBIT), SEK M 2024 2023 2021 2020 1,941 2,776 62 6,475 4,695 2022 35Annual and Sustainability Report 2024About Intrum Governance and control Board of Directors’ Report Financial statements Sustainability information ===== SIDA 36 ===== According to the parent company balance sheet, the following unappropriated earnings are at the disposal of the Annual Gen- eral Meeting: SEK M Share premium reserve 17,442 Retained earnings -12,228 Net earnings for the year 2,425 Total /seven.tf,/six.tf/three.tf/nine.tf The board of Directors proposes that unappropriated earnings be distributed as follows: SEK M Balance carried forward 7,639 Signi/f_i.liga cant events during the year During 2024, Intrum has continued to work on the capital-light business model and focused on driving collections performance on portfolios in an increasingly challenging environment. The Servicing business continued to improve for e/f_f_i.liga ciency and ser- vice functionality across all our key markets through the roll out of new technologies from Ophelos. In January 2024, Intrum agreed the sale of SEK 11.5 bn of its investing book value to Cerberus. Separately, in February 2024 Intrum used some of its available liquidity to repay EUR 68.8 m of issued senior notes to support the target of moving towards the capital-light business model. Intrum initiated the Recapitalisation transaction in USA via Chapter 11 in 2024. The purpose is to improve the capital struc- ture and signi/f_i.liga cantly reduce leverage and extend maturities on existing loans. During the year Intrum has taken signi/f_i.liga cant steps in the re/f_i.liga nancing process. In June 2024, the company con- /f_i.liga rmed that it had started negotiations with a creditor group, pri- marily consisting of long-dated bondholders, with respect to the key terms of a potential re/f_i.liga nancing and recapitalisation transac- tion. The negotiations resulted in the Company and a majority of noteholders agreeing a commercial term sheet in principle the “Potential Transaction”. The terms of the Potential Transaction, which later was called the Recapitalisation Transaction, provide a robust capital struc- ture and deliver a substantial deleveraging of Intrum’s bal- ance sheet to support long-term sustainable growth. The terms include: • A reduction of commitments and maturity extension of Intrum AB’s revolving credit facility. • The injection of new capital through the issuance of new sen- ior secured 1.5 lien notes in a nominal amount of EUR 526 M (“New Money Notes”). • The amendment and/or exchange of the existing unsecured notes issued by Intrum AB for new secured notes (“Exchange Notes”) to be issued by a subsidiary of Intrum AB in accord- ance with the Lock-Up Agreement in a nominal amount equal to 90 percent of the aggregate nominal amount of the unse- cured notes subject to the exchange and newly issued ordi- nary shares in Intrum equal to 10 percent of the total share capital on a fully diluted basis to be allocated pro-rata to the holders of the unsecured notes subject to the exchange. • The amendment and extension of Intrum’s RCF, and a pro-rata tender o/f_f.liga er for EUR 250 M of the Exchange Notes within 60 days following completion. • Reinstatement at 90 percent of the aggregate nominal amount of the unsecured notes subject to the exchange and newly issued ordinary shares in Intrum equal to 10 percent of the total share capital on a fully diluted basis to be allocated pro-rata to the holders of the unsecured notes subject to the exchange, amendment and extension of Intrum’s RCF. On 18 October 2024, Intrum launched the solicitation of cred- itors’ votes for a prepackaged Chapter 11 (the “Chapter 11”) in order to reduce gross liabilities and extend repayment terms. Intrum also sought consents under the MTNs to facilitate the Chapter 11 and the Recapitalisation Transaction (the “Con- sent Solicitation”). Based on the Lock-Up Agreement the vast majority of creditors were supportive of the Recapitalisation Transaction (c.97% of Intrum’s RCF lenders and c.73% of note- holders, each by value) and were bound to con/f_i.liga rm their sup- port by voting in favour of the Chapter 11 and, if applicable, the Consent Solicitation providing Intrum with certainty of out- come under section 1126(c) of the United States Bankruptcy Code. Following the solicitation period, Intrum /f_i.liga led a voluntary petition for reorganisation pursuant to Chapter 11 of the United States Bankruptcy Code in the Southern District of Texas which was approved on 31 December 2024. See section “Event after end of year” on page 38 for post events on the Recapitalisation transaction. Development during the year Income for 2024 increased to SEK 18,033 M (17,705). EBIT amounted to SEK 1,941 M (2,776) and includes a one-o/f_f.liga impair- ment of Goodwill and Other Intangibles assets of SEK 1,320 M. Excluding this, EBIT year on year has increased by SEK 485M or 17%. Net income for the year amounted to SEK -3,345 M (57), earnings per share were -30,67 (-1.56). Net operating income excluding items a/f_f.liga ecting comparability (“Adjusted EBITDA”) was SEK 5,794 M (5,887). Investing The Investing segment engages in the strategic acquisition of non -performing loan portfolios and similar claims, which are subse- quently managed and collected on. The segment includes real estate acquisitions, primarily through the seizure of collateral for purchased covered receivables, along with other /f_i.liga nancing ser- vices and payment guarantees. Geographically, this segment operates across all the group’s markets, strategically acquiring and managing portfolios to optimize returns and mitigate risks. Following acquisition these portfolios are serviced by Intrum’s Servicing segment. Income for the segment for the year reduced to SEK 5,324 M (5,395) operating earnings decreased to SEK 2,904 M (3,446). After adjusting for items a/f_f.liga ecting comparability, underlying adjusted operating earnings decreased to SEK 3,103 M (3,903) compared to the prior year. The back book decreased from SEK 25,842 M to SEK 25,302 M. Investing exceeded forecasted collections with 101% vs. active forecast and 111% vs. original underwriting forecast in 2024. Col- lection costs were higher in 2024 compared to last year driven by a tougher collection environment where more actions are needed to do the same amount of collections as before. In 2024, progress was made on achieving the capital light target with the sale of the back-book which was completed in Q2 and the agree- ment to buy 12 portfolios with Cerberus with a total capex of SEK 2,266 M of which Intrum committed to SEK 680 M. Servicing Income for the year increased to SEK 12,579 M (12,297), or by 2 percent, compared with the preceding year, whilst operating Share of consolidated revenues Servicing, 70% Investing, 30% 36Annual and Sustainability Report 2024About Intrum Governance and control Board of Directors’ Report Financial statements Sustainability information ===== SIDA 37 ===== earnings decreased to SEK 900 M (1,292). In 2024, we saw the full e/f_f.liga ect from M&A activities in Spain (Haya) and UK (Arrow) done during 2023, these M&A transactions contributed 8% (9%) to external Servicing income for the full year of 2024. There have been signi/f_i.liga cant improvements to Servicing margin driven by cli- ent pro/f_i.liga tability focus and cost savings. Indirect and direct costs Direct Costs and Indirect Costs were in line with prior year, SEK 15,210 M (15,284). There was an increase in salaries in the year SEK 5,863 M (5,694). The expected impact of the FTE reduction as part of our cost savings programs will materialise fully after the termination process is completed. The cost sav- ing program, which to date has achieved run-rate savings of SEK 1,784 M adjusted for M&A and discontinued operations, will pri- marily focus on adjusted costs that are not directly driving income. For information on number of employees and compensation to the Group senior executives see Note 31 and 33, respectively. Amortisation and depreciation Net Operating Income for the year included depreciation and amortisation of tangible and intangible assets of SEK 1,308 M (1,536). Other operating items Net Operating Income for the year included Other Operating Items of SEK 1,320 M, which relates to the impairment of intangi- ble assets recorded during the year. This includes impairment of goodwill of SEK 769 M and other intangible assets such as soft- ware and Client Servicing of SEK 551 M. Net /f_i.liga nancial expenses Net /f_i.liga nancial expenses amounted to SEK –3,301 M (-2,944) and included net interest income of SEK 119 M (127) and interest expenses of SEK -3,380 M (-3,027) from external lending. Taxes The tax expense for the full year 2024 was SEK -624M (-419), representing -45,9 percent of earnings before tax. The rea- son for the high e/f_f.liga ective tax rate is primarily an e/f_f.liga ect of higher amounts of losses in entities that have not been able to recog- nize corresponding deferred tax assets (Sweden, Spain & the UK) and increase in non-deductible interest in Sweden for which no deferred tax asset has been recognised thereto. Cash /f_l.liga ow and investments The net cash/f_l.liga ows from operating activities amounted to SEK 3,710 M (5,311). Cash/f_l.liga ow from investing activities amounted to SEK 9,203 M (-2,560), which is primarily driven by the sale of the back book in 2024. Cash/f_l.liga ow from /f_i.liga nancing activities amounted to SEK -14,586 M (-2,263) which is mainly impacted by net proceeds from borrowings and paid /f_i.liga nancial expenses. Research and development Intrum is not engaged in any research and development other than the development of its IT systems. The year’s investments in tangible and intangible /f_i.liga xed assets amounted to SEK 1,027 M (1,358) and involved hardware and software for IT systems, pri- marily for production. Technical development is rapid and when correctly used, new technical solutions can enhance e/f_f_i.liga ciency in the management of collection cases and the utilisation of the Group’s databases. In pace with increasing demands for custom- er-adapted IT solutions, it is of strategic importance for Intrum to continuously be able to adapt and meet these changes in demand. Financing Net debt decreased from SEK 57,343 M to SEK 49,658 M since the end of the preceding year. The net debt includes EUR bonds, SEK MTNs, Bank term loan facilities and drawings under the revolving credit facility. The bond loans have decreased down to SEK 37,440 M (44,273) during the year. The share of /f_i.liga xed rate debt amounts to 75% of net debt and is principally composed of EUR bonds with maturities between 2025 and 2028. Net debt in relation to the RTM cash EBITDA stands at 4.5x compared to 4.4x at the end of 2023. At the end of the year SEK 12,231 M (13,855) of Intrum’s revolving credit facility was utilised. The cash balance at the end quarter was SEK 2,504 M (3,769). Goodwill Goodwill was in line with 2023 and amounted to SEK 35,871 M (35,544) on 31 December 2024, impacted by earlier mentioned impairments of SEK 769 M which was o/f_f.liga set by positive exchange rate translations during the year. Parent Company The Group’s Parent Company, Intrum AB (publ) is engaged in the ownership of subsidiaries, provides head o/f_f_i.liga ce functions within the Group, certain group-wide development activities, as well as marketing services. The Parent Company reported income of SEK 1,335 M (1,617) for the year and pro/f_i.liga t before tax of SEK 2,586 M (-45) primarily driven by dividends from Group companies. At the end of the year the Parent Company had cash and cash equivalents of SEK 672 M (762). The average number of employees during the year is 76 (79). Sustainability report In accordance with ÅRL Chapter 6, Section 11, Intrum has chosen to prepare the statutory sustainability report as a separate report from the Board of Directors’ report. The sustainability report can be found on pages 9-21 and 92-107. The Sustainability Report has been reviewed by the external auditors, whose limited assurance statement can be found on page 108. Intrum’s sustainability work is rooted in our mission of leading the way towards a sound economy. In a sound economy, companies are paid on time for the goods and services they have sold, while all people have su/f_f_i.liga cient knowledge of personal /f_i.liga nance and credit to be able to make informed decisions. This contributes to a sound economy for society. As the leading player in credit management, and as experts in late payment and collection, Intrum bears a great responsibil- ity to conduct its operations sustainably and ethically, while also working pro-actively on issues of /f_i.liga nance and excessive debt. Carrying value, portfolio investments (SEK M) 2024 2023 2022 2021 2020 22,695 35,294 35,645 31,478 27,658 37Annual and Sustainability Report 2024About Intrum Governance and control Board of Directors’ Report Financial statements Sustainability information ===== SIDA 38 ===== Other disclosures Group Management During the year, the Group Management was streamlined to a smaller team. As a result, Intrum’s Executive Management Team comprised the following members at the end of the year: Andrés Rubio - President and Chief Executive O/f_f_i.liga cer, Johan Åkerblom - Chief Financial O/f_f_i.liga cer, Javier Aranguren – Chief Investment O/f_f_i.liga cer, Georgios Georgakopoulos - Global Head of Servicing, Managing Director Intrum Greece Annette Kumlien - Chief Operating O/f_f_i.liga cer Azadeh Varzi - Head of Corporate A/f_f.liga airs Chantal Verbeek-Vingerhoed - Chief Human Resources O/f_f_i.liga cer In September 2024, Johan Åkerblom joined as the CFO of Intrum, and in January 2025, Azadeh Varzi assumed the position of Head of Corporate A/f_f.liga airs for Intrum. All other members were appointed in earlier years. Remuneration to senior executives Information on the most recently approved guidelines for remu- neration for senior executives is presented in Note 33 “Terms and conditions of employment for key executives”. The Board is required, in accordance with Chapter 8, Section 51 of the Swed- ish Companies Act, to propose new guidelines whenever there are material changes to the existing guidelines, but at least once every four years. The Board has elected not to propose any material changes to the guidelines prior to the 2025 AGM and, accordingly, the guidelines adopted by the AGM during 2024 remain applicable. Board work According to Intrum’s Articles of Association, the Board of Direc- tors shall consist of no less than /f_i.liga ve and no more than nine ordi- nary members with no more than four deputies. All members are elected by the Annual General Meeting. During 2024, the Board held 47 meetings (27 in the preceding year). For a descrip- tion of the work of the Board of Directors, please refer to the Corporate Governance Report on pages 25–33. The Corpo- rate Governance Report also includes details of the most impor- tant elements of the Group’s systems for internal control and the preparation of /f_i.liga nancial reports on pages 29. The Corporate Governance Report is also available at the corporate website www.intrum.com. Events after the end of the year The Recapitalisation Transaction is expected to become e/f_f.liga ec- tive during H1 2025, following the satisfaction of all conditions. The Recapitalisation Transaction will signi/f_i.liga cantly improve and strengthen Intrum’s capital structure and has been designed to minimise any impact on the Group’s operations, suppliers and employees. In March the Recapitalisation plan was announced and requested from Intrum to the Stockholm District Court after also a minority credit group had agreed to support the plan and to drop their legal objections. Intrum has su/f_f_i.liga cient liquidity to support continued operations while executing on its business plan throughout the Chapter 11 process and to fund reorganisation processes. Intrum will continue to meet its /f_i.liga nancial obligations to all creditors and employees in the ordinary course, without interruption. On April 15, the plan meeting will take place at the Stockholm District Court. During the plan meeting, the concerned parties will have the opportunity to vote on whether the restructuring plan should be implemented. Market outlook and future prospects From January 2025, Intrum will continue the work to strengthen the capital structure and align debt maturities to our strategy presented at our Capital Markets Day in September 2023. The company continued to adjust a capital light model in the Invest- ing business and continues to focus on collections performance on its remaining portfolio according to forecasts given the cur- rent challenging environment. The Servicing business will continue to improve e/f_f_i.liga ciencies and service functionality across all our key markets through the roll out of new technologies, and where Intrum has already taken important steps to implement Ophelos in several operations.The implementation of Ophelos will continue to strengthen our busi- ness in additional markets in 2025. Going concern assumption The /f_i.liga nancial statements have been prepared on the basis of a going concern assumption. The group management has assessed that the recapitalisation is expected to be successfully com- pleted within the communicated timeframe and meet its com- mitments over the next 12 months, including managing liquidity and the new capital structure. At the time of approval of the annual and sustainability report for 2024, management has con- cluded that there are no /f_i.liga nancial or other indicators that give rise to signi/f_i.liga cant doubt about the group’s ability to continue opera- tions into the foreseeable future from the approval date. Publication of the Annual Report This information is such that Intrum AB (publ) is required to dis- close pursuant to the EU’s markets abuse directive and the Secu- rities Markets Act. The information was submitted for publication 31 March 2025. 38Annual and Sustainability Report 2024About Intrum Governance and control Board of Directors’ Report Financial statements Sustainability information ===== SIDA 39 ===== Risks and risk management Proactive and e/f_f.liga ective risk management For Intrum, risk management involves thorough analysis, e/f_f.liga ective management, and continuous monitoring of signi/f_i.liga cant risks in all aspects of its operations. Our ability to prevent and manage risk is crucial for e/f_f.liga ective gov- ernance and control, and thus also for the company’s opportu- nities to generate pro/f_i.liga tability and value. To manage risks in a balanced way, it is necessary that risks are identi/f_i.liga ed, reported, analysed and reviewed. In recent years, we have worked pur- posefully to strengthen both the organisation and the risk man- agement process. Intrum’s risk framework Our risk management shall support business operations, main- tain a high level of quality to ensure risks are kept under con- trol, safeguard the company’s survival and limit the volatility of Intrum’s /f_i.liga nancial performance. This means that risk manage- ment involves both /f_i.liga nancial and non-/f_i.liga nancial risks and seeks to provide a comprehensive view of the company’s risk pro/f_i.liga le. This is based on ongoing internal dialogue about operational risks and the resources needed to address them. Intrum continuously works to identify, assess, mitigate, man- age, and review the risks to which the Group is or potentially exposed. Good internal controls are important, as is a function- ing and e/f_f.liga ective risk framework. We strive to avoid exposing ourselves to any risks not directly attributable to, or deemed necessary for, our business opera- tions. All Intrum employees are responsible for managing risk as part of their daily responsibilities. Continuous information and training on risks inherent in our operations form an important part of Intrum’s internal processes. We also have a documented process for risk analysis and for approving new or signi/f_i.liga cantly altered products, services, markets, acquisitions, processes and IT systems, and in conjunction with major changes to the company’s organisation and operations. Risk strategy Intrum’s risk strategy details the management and assessment of risks to which its operations are, or potentially, exposed. The strategy comprises: • clear and documented internal procedures and controls, • an appropriate organisational structure with clearly de/f_i.liga ned and documented roles and authorisations, • documented decision-making procedures, • risk assessment methods and systems support tailored to the needs, complexity and scope of the company’s operations, • control of the company’s compliance with laws and other reg- ulations applicable to the company’s operations, • adequate resources and skills to achieve the desired quality in both business and control activities, • regular incident reporting in operations, • documented and disseminated contingency and business continuity plans. Our risk strategy follows a clear division of roles and responsi- bilities according to the three lines of defence model where risk management and control activities are separated and divided between business operations, risk control and compliance, and internal audit. 39Annual and Sustainability Report 2024About Intrum Governance and control Board of Directors’ Report Financial statements Sustainability information ===== SIDA 40 ===== Control of risk management and compliance Our risk management follows the division of roles and responsibilities according to the three lines of defence model illustrated below. Identi/f_i.liga ed risks have been classi/f_i.liga ed and balanced in relation to business objectives, after which acceptable risk levels have been established in Intrum’s Risk Appetite and Strategy Policy. Risk Appetite Board of Directors External Audit Responsibility • Sets “the tone from the top” • Establishes risk appetite framework and strategy CEO Risk Committee (RC) Audit Committee (AC) • Executes the strategy set by the Board • CRO and Compliance have dotted line reporting to the RC. • Internal Audit has direct report to the AC. Risk Management 1st Line: Risk Management 2nd Line: Risk Control and Compliance 3rd Line: Group Internal Audit Governance • Business lines, global functions • Reports to CEO Responsibility • Full ownership of Day-to-Day business, e.g. Intrum´s Operational Management, also including management of risks, pro- cesses and controls. • Risk owners with the mandate and budget to handle risks, incl. responsibil- ity for compliance with applicable laws and internal rules. • Ultimate decision makers on how to handle risks (e.g. by mitigating or accept the risk). • Reports on risk management and inter- nal control, e.g. by /f_i.liga nancial reporting. • Conduct the business to meet the objectives of Intrum, in line with Global Internal Rules. Governance • Independent from /f_i.liga rst line • Reports to the CRO, with dotted line to the Board of Directors • Control and monitor business opera- tions and global functions by e.g. pro- viding independent reports to EMT and the Risk Committee of the Board. • Provide recommendations only, are not risk owners. Responsibility • Areas: compliance control, risk control of investment, information security and operational risks • De/f_i.liga ne mandates, guidelines and lim- its to keep the business within the risk appetite. • Support business and global functions e.g. by identifying and quantifying risks. • Control and evaluate if routines and measures to minimize risks are su/f_f_i.liga cient and appropriate • Modelling, aggregation and analysis of overall risk pro/f_i.liga le. • Coordinators of Global Internal Rules, but not owners of all rules Governance • Internal Audit is a group-wide function • Reports directly to the Audit Committee • Independent from /f_i.liga rst and second line Responsibility • Risk based, independent assurance on governance, risk management and con- trol processes. • Identi/f_i.liga es through independent assess- ment strategic, operational and /f_i.liga nan- cial weaknesses in /f_i.liga rst and second line of defense. Risk appetite Intrum’s risk appetite is expressed in a number of ways, includ- ing policies and operational instructions and guidelines. Intrum de/f_i.liga nes risk as all factors which could have a negative impact on Intrum’s ability to achieve its business objectives. Intrum’s risk appetite is based on the following principles: • To be able to pursue our strategy, Intrum’s culture shall be such that a built-in balance between risk-taking and value genera- tion exists. • The risk culture de/f_i.liga nes how business operations are to be conducted in the context of acceptable risk, within levels set by the Board. • Intrum’s investment operations are exposed to the most signif- icant level of risk with potential impact on cash /f_l.liga ow, income and the balance sheet. Particular emphasis is therefore placed on both transaction management and reporting throughout the lifetime of all investment activity. • We have no appetite for intentional or deliberate violations of regulatory requirements, and we should always strive for full compliance with applicable laws and regulations. • Intrum’s risk appetite statements form the basis for a contin- uous dialogue within management regarding Intrum’s deci- sion-making processes and are integrated into these. They determine what risk levels are appropriate and how Intrum’s business strategy shall be adapted to them. 40Annual and Sustainability Report 2024About Intrum Governance and control Board of Directors’ Report Financial statements Sustainability information ===== SIDA 41 ===== Strategic risks Risks Description Management A Macroeconomic risk The credit management sector is negatively a/f_f.liga ected by weaker economic activity to a certain extent. However, Intrum’s assessment is that, historically, the sector has been less a/f_f.liga ected by economic /f_l.liga uctuations compared with other sectors. Though this includes periods of extreme stress such as the /two.tf/zero.tf/zero.tf/seven.tf–/two.tf/zero.tf/zero.tf/eight.tf /f_i.liga nancial crisis, we remain vigilant and avoid complacency. Generally, key macroeconomic indicators such as in/f_l.liga ation, interest rates and unemployment may have an impact on but not limited to Intrum’s current performance and outlook in terms of its credit management o/f_f.liga ering, investments, valuation of its assets, liabilities and opportunities to defend its market position or even expand its footprint. It may also have indirect impacts on supply and demand side risk appetite. Long- term e/f_f.liga ects of changes to core in/f_l.liga ation and commercial interest rates also a/f_f.liga ect our assets and liabilities. This risk is diluted by Intrum being diversi/f_i.liga ed in a number of countries. Risks associated with individual countries there-fore have limited impact. We have a senior economist tasked with monitoring this area. With the support of local expertise, regular checks of local developments and outlook are continuously monitored, benchmarked and managed to ensure proper planning and timely response. We also monitor macro trends in individual countries by monitoring and analysing a number of macroeconomic variables. We address current trends in interest rates and in/f_l.liga ationary pressures with closer control and tightening of investment rules and instructions to ensure stricter market discipline at times of transition of economic uncertainty. We also track markets for new business opportunities created by changing macroeconomic conditions. B Competitive risk and price pressure Increased competition may adversely a/f_f.liga ect operations and earnings. The European credit management industry is fragmented, with thousands of companies with di/f_f.liga erent orientations. Price levels are an aspect of competition, but may also re/f_l.liga ect players accepting lower return requirements, for example. This applies albeit slightly di/f_f.liga erently to both legs of our business – Servicing and Investments. Intrum’s platform for managing debt collection cases represents a competitive advantage because it gives us control over entire processes, thereby maximising case management e/f_f_i.liga ciency. Our European database enables us to set pricing based on risk and to make sound investment decisions. Signi/f_i.liga cant risks As a leading player in credit management and purchasing of overdue receivables, there are several risks that are of particu- lar importance in safeguarding Intrum’s future performance and pro/f_i.liga tability. These constitute Intrum’s most signi/f_i.liga cant risks. The likelihood of these risks occurring and the impact they would have on Intrum are illustrated in the table below that shows /f_i.liga nancial and non-/f_i.liga nancial risks. These risks can be divided into three general categories: stra- tegic, /f_i.liga nancial, and operational. Sustainability risks are integrated into the same three risk cate- gories as above and are primarily related to risks associated with portfolio investments, reputational risks, information security, employees, climate, and corruption. Risk factors1 Strategic risks A Macroeconomic risk B Competitive risk and price pressure C Acquisition risk D Transformation risk Financial risks E Liquidity risk F Currency and interest rate risk G Tax risk H Credit risk I Portfolio investment risk Operational risks J Data protection risk K Arti/f_i.liga cial Intelligence risk L Political and regulatory risk M Cyber security risk N Employee risk O Corruption risk P Reputational risk Q Climate risk 1) The placement of the risks is interpreted per quadrant, in no particular order. Critical Major Limited Minor Unlikely Potential Likely Expected Impact Probability 1–10 years E F GH I M OP C D J L N A B Q K 41Annual and Sustainability Report 2024About Intrum Governance and control Board of Directors’ Report Financial statements Sustainability information ===== SIDA 42 ===== Risks Description Management C Acquisition risk Opportunities to successfully complete acquisitions are dependent on Intrum’s capacity to identify and assess acquisition targets, to identify and manage risks in acquired operations and to integrate these e/f_f.liga ectively into its existing operations. Potential acquisitions may be dependent on approval from an authority or other third party. Prior to making an acquisition, Intrum conducts a detailed review of the target company. Due diligence is always performed, generally in co-operation with external consultants, to identify risks and provide a basis for the valuation of the company. The Group also has a well-documented and standardised process for how acquisitions are to be approved, implemented and reviewed. While the appetite for these types of transactions may vary over time – depending on circumstances and opportunities – Intrum can point to an extensive track record of successful acquisitions and integration of companies in numerous European countries. D Transformation risk Intrum is currently undergoing a transformation in which we are upgrading IT systems and developing new, more e/f_f_i.liga cient working methods, as well as integrating transformative acquisitions. The aim is to o/f_f.liga er a stronger value proposition to both customers and clients, and to expand along our value chain. It is imperative that we undertake a robust transformation to preserve and enhance our strong market position. We operate according to a standardised project methodology wherein each project has a de/f_i.liga ned business case, a rollout plan, and dedicated resources. Each project is monitored at milestones, key performance indicators, value realisation, and implementation costs. The monitoring of projects and allocation of resources is coordinated by centrally. Projects report risks to the Company’s Global Risk function. Financial risks Risks Description Management E Liquidity risk Intrum is dependent on access to loan credits from banks and capital markets to ensure that it has the necessary liquidity to meet /f_i.liga nancial and strategic contractual obligations. Intrum’s policy is to always have liquidity available to cover its contractual /f_i.liga nancial /f_l.liga ows and outstanding commitments for corporate acquisitions and portfolio investments. To ensure liquidity to cover commitments as they mature, Intrum maintains cash reserves and a revolving credit facility that can be accessed as required. Intrum has a termed-out maturity pro/f_i.liga le with an average lifetime of approximately /two.tf./three.tf years. In addition, /six.tf/five.tf percent of Intrum’s liabilities are subject to /f_i.liga xed rates. To accelerate the implementation of our re/f_i.liga nancing/reconstruction, Intrum voluntar- ily /f_i.liga led an application to initiate a pre-packaged chapter 11 proceeding in the United States on 11 November, 2024. Chapter 11 is a /f_i.liga nancial restructuring lawsuit conducted under the supervision of a U.S. federal court. It has previously been used by a number of di/f_f.liga erent inter- national companies for reconstruction. Intrums’s goal with the process is to reach agree- ments with key stakeholders, restructure our debts and receive a capital injection. Intrums’ operations in our local markets are not a/f_f.liga ected by the Chapter 11 /f_i.liga ling, and we continue to provide the service that customers are used to. On 31 December 2024, the pre-packaged Chapter 11 plan was con/f_i.liga rmed by US Bankruptcy Court. In 2025, Intrum intends to complete the recapitalisation through the Swedish restructuring process. Naturally, there are risks associated with the execution of this process, including but not limited to approval by the courts in the US and Sweden, potential litigation and objections from non-consenting bond- holders and similar execution risks. However Intrum remains positive about its completion and expects it to be /f_i.liga nalised in the /f_i.liga rst half of 2025. P Currency and interest rate risk Intrum is partly exposed to /f_l.liga uctuations in exchange and interest rates. These risks may a/f_f.liga ect our earnings and /f_i.liga nancing costs. In each country where Intrum is present, investments, revenues and most operating expenses are denominated in local currencies, and thus currency /f_l.liga uctuations have a relatively minor e/f_f.liga ect on operating earnings within speci/f_i.liga c countries. Revenues and expenses in national currencies are thereby hedged normally, which limits transaction exposure. The Group’s translation exposure is limited through loans and currency forward transactions in foreign currencies. Intrum strives to match the /f_i.liga xed interest term on debt with the company’s cash /f_l.liga ow from purchased portfolios. 42Annual and Sustainability Report 2024About Intrum Governance and control Board of Directors’ Report Financial statements Sustainability information ===== SIDA 43 ===== Risks Description Management G Tax risk As a multinational company, we are subject to taxation in multiple foreign jurisdictions. The company’s operations, including the execution of transactions between entities within the Group, are conducted in accordance with our interpretation and understanding of applicable tax legislation, tax treaties and other regulations, case law and requirements of tax authorities. However, there is a risk that our interpretation and application of tax rules, agreements and other regulations and requirements has not been or will not continue to be completely correct in all respects. There is also a risk that the tax authorities in the countries concerned will make decisions that deviate from our interpretation. The risk is particularly high in transfer pricing and value added tax (VAT), as a systematic error could cause a rapid build-up of substantial sums. Changes in tax law or practices in the area of taxation could result in /f_i.liga nancial losses or increased costs for the company. As described in Intrum’s public tax policy, we have an obligation to ensure e/f_f_i.liga cient management of the company’s tax position. The long-term goal is to e/f_f.liga ectively manage Intrum’s tax costs, like other business costs, and to ensure that strategic business goals are achieved. Our risk appetite for tax is in line with the company’s overall risk appetite and strives to balance risk-taking and value creation. Intrum shall comply with its obligations to pay the correct taxes legally due in each territory in accordance with rules established by the relevant authorities in each jurisdiction. Intrum does not strive to intentionally or knowingly violate regulations and strives for full compliance with applicable laws and regulations. Furthermore, Intrum aims to be in line with industry standards in relation to best practice and overall tax risk management. Intrum shall not participate in aggressive or arti/f_i.liga cial transactions where the sole purpose is to generate a tax advantage. In addition, Intrum does not facilitate or assist clients in engaging in aggressive or arti/f_i.liga cial tax planning. H Credit risk There may be a lack of ability on the part of Intrum’s counterparties to ful/f_i.liga l their obligations towards the company. Financial assets that could potentially expose the group to credit risks include cash and cash equivalents, accounts receivable, portfolio investments, expenses on behalf of clients, derivative con-tracts and guarantees. Cash and cash equivalents: held with established banks where the risk of losses is considered small. Accounts receivable: the majority consists of previously known customers with good credit ratings. Receivables are spread geographically and industry-wise. Portfolio investments: See below and Note /two.tf/eight.tf on page /seven.tf/four.tf–/seven.tf/seven.tf . I Portfolio investment risk Intrum acquires portfolios, primarily past-due consumer receivables and attempts to collect on these. Unlike conventional collection activities, in which we work on behalf of clients in return for commissions and fees, in this case, all rights and risks associated with receivables are assumed by Intrum. Risk is associated with Intrum overestimating its ability to collect or underestimating costs of collection at the time of acquisition. The maximum theoretical risk is if an entire claim would become worthless and have to be written o/f_f.liga . In addition, there are risks associated with the nature of portfolios, such as the type of receivables in the portfolios and their previous owners. Today, Intrum has portfolios of receivables that are unsecured and in some countries secured, primarily in property in some countries. Concentration risk is an aspect of any portfolio investment strategy. Where Intrum invests, in which asset types, with what counter parties, how we fund, and with which co-investors all represents ways in which the total book may be skewed in an unwanted direction. Portfolios with purchased receivables are usually acquired at prices that are signi/f_i.liga cantly below the nominal value of the receivables and Intrum receives the entire amount that is then collected, including interest and fees. Portfolio investments are regularly monitored and re-evaluated to ensure that balance sheet amounts are an accurate re/f_l.liga ection of reality. See also Note 28 on page /seven.tf/four.tf–/seven.tf/seven.tf . Occasionally, Intrum must refrain from doing business with counterparties deemed unsuitable. In addition, the investment decision process in general, including the budget and investment objective setting processes, strives to keep holdings diversi/f_i.liga ed and adopts mitigation plans should deviations create or increase concentration risks. Given the current geopolitical climate, concentration risks are managed holistically and on several di/f_f.liga erent levels in the sense that e.g., limitations to the scope of diversi/f_i.liga cation in a smaller market can be mitigated by a stricter strategy and stricter requirements in larger and more active markets. Intrum has during 2024 started a partnership with an external investment fund to bring in capital. This is in line with our strategy to be a more capital-light company. Operational risks Intrum’s de/f_i.liga nition of operational risks is based on the Basel Committee’s principles for sound management of operational risks. Operational risks are related to the risk of losses incurred by inadequate or failed internal processes, people and systems, or from external events, including legal and compliance risks. Risks Description Management J Data protection risk Our operations are dependent on substantial amounts of information, some of which contains personal data. Intrum prioritises privacy and appropriate approval of access to information. The company applies the fundamental principle that we only process personal data for which we have legal grounds to do so and that are necessary for our operations in accordance with applicable regulations. All operating Group companies have data protection o/f_f_i.liga cers who maintain and regularly monitor GDPR compliance. K Arti/f_i.liga cial Intelligence risk AI systems can be used in speci/f_i.liga c areas but if not properly controlled, AI may impose risks that could adversely a/f_f.liga ect the health, safety or fundamental rights of customers and employees. Intrum has initiated an AI project to ensure safe, trustworthy, transparent and respectful use of AI systems. The purpose and goals includes setting and AI strategy and internal governance related to AI, identify, assess, monitor and report potential AI risks and overall ensure compliance with the European AI Act. Equally important, is to ensure that Intrum grasps the opportunities to utilise AI within our daily processes to become more e/f_f_i.liga cient and improve client, customer and employee experiences . 43Annual and Sustainability Report 2024About Intrum Governance and control Board of Directors’ Report Financial statements Sustainability information ===== SIDA 44 ===== Risks Description Management L Political and regulatory risk Political developments at the national and international level may impact Intrum’s operations. Through new regulations, political decisions or o/f_f_i.liga cial action, authorities may in/f_l.liga uence Intrum’s operations either positively or negatively . We continuously monitor regulatory developments in the countries in which we operate and cooperate pro-actively with policy makers, both at the EU and national levels. A number of units within Intrum are subject to /f_i.liga nancial supervision and are operated in accordance with speci/f_i.liga c regulations. Current implementation of the NPL Directive in the EU will bring a greater proportion of our business units under /f_i.liga nancial supervision. It is our assessment that Intrum is well positioned in relation to future EU requirements, although it cannot be ruled out that national legislation may introduce unforeseen requirements at the point of implementation. M Cyber security risk We depend on accessible and well-functioning IT systems. Interruptions and errors in business-critical systems can pose risks to the business and our reputation. Despite measures taken, there is also the risk of illegal intrusions into our systems that provide unauthorized access to information or loss of data due to malware. Intrum’s collection of payments also creates a risk of illegal use of the company’s brand (phishing). Our approach to mitigating these risks involves a multifaceted strategy that integrates advanced technology, industry best practices, and a culture of security awareness throughout our organization. By addressing these challenges proactively, we aim to safeguard our systems, protect our customers’ data, and maintain the trust and con/f_i.liga dence that is critical to our success in the /f_i.liga nancial services industry. N Employee risk Intrum’s employees are crucial to our success. We need to attract and retain competent and motivated employees and managers and we work actively with skills development and health promotion measures so as not to risk set goals from being achieved. This requires that we look after the well-being of our employees. Dependency on key individuals also poses a risk to the business continuity. We attach great importance to sound values, good leadership and continuous skills development. Our market-leading position enables us to o/f_f.liga er good development opportunities in di/f_f.liga erent countries. We regularly measure and monitor employees’ well- being and motivation. We carry out regular development interviews among employees, which helps recruitment and retention. E/f_f.liga orts to reduce dependence on key personnel are in progress through succession planning activities, our work on continuity, and automation of working methods. We strive to o/f_f.liga er competitive compensation and bene/f_i.liga t packages. O Corruption risk Attempts at corruption, bribery and money laundering may face our employees in various contexts, both internally and in relation to external stakeholders. Accordingly, there is a risk that employees will use their position of power in order to bene/f_i.liga t themselves, or to in/f_l.liga uence decision makers. Like other companies, Intrum also risks being exploited for laundering money from criminal activities, through insu/f_f_i.liga cient knowledge of our clients or through the payment transactions undertaken. We have zero tolerance of corruption and bribery, which is underlined in our internal instructions and mandatory trainings. Our compliance function continuously identi/f_i.liga es, assesses and manages risks in this area, and holds trainings on these issues for employ- ees. The function has also established a gift and representation register. All employees are encouraged to report suspected cases of corruption or illegal activity via Intrum’s whistle- blower channel, which is available in local languages and can be accessed 24 hours a day. This includes the option to report incidents or breaches anonymously. Intrum has established frameworks, tools and processes to counter money laundering risks. We regularly collect information about our customers, clients and their ownership rela- tionships. However, the risk of money laundering is considered to be low within debt collec- tion operations, mainly because almost all payment transactions take place via banking and payment systems that are under strict supervision. P Reputational risk A good reputation is crucial to successfully conducting debt collection operations over the long term . It is therefore extremely important that our customers (consumers) are always treated appropriately and helpfully. Generally, reputational risks are of considerable importance for the company’s relationship with all stakeholders: clients, customers, employees, board members, investors, authorities, and suppliers. Our Code of Conduct plays a key role in our operations and describes how Intrum’s role in society is perceived, our values, our relationship with our stakeholders, and sustainability issues. The Code applies to all employees and others who represent the company, including suppliers and partners. The Code’s digital training programme is mandatory for all Intrum employees. Suspected irregularities are reported through internal reporting channels or through the whistleblower function. The compliance function, and the authorities, regularly review our collection operations in our local markets to ensure good practice. Q Climate risk We work to minimise our negative impact on the environment in areas where we have the opportunity to make a di/f_f.liga erence. Climate change may pose a risk to Intrum’s operations in the longer term. This may involve purchasing portfolios of secure assets, for example, where property values could change in climate-exposed areas, also through higher insurance premiums as well as market risks, reputational risks and risks related to new regulations such as carbon pricing. Through Intrum’s environmental instructions and Code of Conduct, we work to reduce our environmental and climate footprint. For the past /f_i.liga ve years, we have measured Intrum’s climate footprint and drawn up local environmental plans to reduce this. When acquiring portfolios of secure assets, the climate is one of the aspects assessed in relation to our collateral. The risk is relatively low as our underwriting horizon is around /one.tf/zero.tf–/one.tf/five.tf years and the average collateral time to sell /three.tf–/five.tf years or in some cases even less. 44Annual and Sustainability Report 2024About Intrum Governance and control Board of Directors’ Report Financial statements Sustainability information ===== SIDA 45 ===== Task Force on climate-related /f_i.liga nancial disclosures Climate change is one of the biggest challenges of our time. It a/f_f.liga ects everybody and will increasingly impact the global econ- omy in the coming years. As a business, it is essential that Intrum maintains focus on this issue. We strive to continuously develop our climate e/f_f.liga orts. We declared our support for the Task Force on Climate Related Financial Disclosures (TCFD) in November 2021 – an important step to address the /f_i.liga nancial impact of cli- mate change on Intrum’s operations. Governance The Chairman of the Board has the primary responsibility for the board, which is the highest decision-making body for sus- tainability governance and thus also climate-related issues. This includes approval of strategic guidelines for sustainability work in general, strategy review, and ongoing review of sustainabili- ty-related issues. Strategy Since 2018, we have worked on mapping and reducing our cli- mate footprint. Our goal is to reduce our emissions by at least 20 percent by 2030 and we are reviewing how we can further improve our contribution to the transition towards a climate- neutral society. We have begun work on identifying and assess- ing climate risks and opportunities and are striving towards con- tinued integration of climate-related risks and opportunities in our reporting routines. Risk Management Climate-related risks and opportunities are assessed through our operational risk framework. This process includes the identi/f_i.liga ca- tion, assessment and management of climate risks and opportu- nities throughout our value chain. As a credit management company, we are primarily a/f_f.liga ected by acute and chronic physical risks related to climate change, such as increased occurrence of forest /f_i.liga res, /f_l.liga oods, and extreme weather changes. These may reduce the value of our assets and increase insurance costs. We have also identi/f_i.liga ed market and reputational risks and risks in relation to new regulations such as carbon dioxide pricing which may require resources for compli- ance. These risks may a/f_f.liga ect our attractiveness as an investment opportunity, business partner, and employer. We continuously monitor and evaluate the development of these risks and take necessary measures to address them. Metrics and targets We aim to reduce our greenhouse gas emissions by at least 20 percent by 2030 from 2019 levels. This includes emissions from vehicles (Green House Gas Protocol Scope 1 emissions), energy use (Scope 2) and business travel (Scope 3). To achieve this, we focus on increasing the use of renewable energy and improving the energy e/f_f_i.liga ciency of our o/f_f_i.liga ces. We are also working to deter- mine a new baseline that covers all relevant categories of our emissions in order to align our reduction targets with the Paris Agreement. More information about our emissions can be found on page 101–102. 45Annual and Sustainability Report 2024About Intrum Governance and control Board of Directors’ Report Financial statements Sustainability information ===== SIDA 46 ===== Financial statements Contents Group Income statement /four.tf/seven.tf Statement of other comprehensive income /four.tf/seven.tf Statement of /f_i.liga nancial position /four.tf/eight.tf C a s h /f_l.liga o w s /four.tf/nine.tf Statement of changes in equity /five.tf/zero.tf Parent company Income statement /five.tf/one.tf Balance sheet /five.tf/one.tf Cash /f_l.liga ow statement /five.tf/one.tf Statement of changes in shareholders’ equity /five.tf/two.tf Note 1 Basis of preparation /five.tf/three.tf Note 2 Accounting policies /five.tf/three.tf Note 3 Critical accounting estimates and assumptions: /five.tf/eight.tf Note 4 Income /five.tf/nine.tf Note 5 Costs /five.tf/nine.tf Note 6 Net /f_i.liga nancial expenses /six.tf/zero.tf Note 7 Taxes /six.tf/one.tf Note 8 Intangible assets /six.tf/two.tf Note 9 Portfolio investments /six.tf/four.tf Note 10 Associates and Joint Ventures /six.tf/four.tf Note 11 Tangible /f_i.liga xed assets /six.tf/six.tf Note 12 Other /f_i.liga nancial assets /six.tf/seven.tf Note 13 Acquisitions of operations /six.tf/seven.tf Note 14 Discontinued operations /six.tf/seven.tf Note 15 Receivables and other operating assets /six.tf/eight.tf Note 16 Fiduciary assets and liabilities /six.tf/eight.tf Note 17 Cash and cash equivalents /six.tf/eight.tf Note 18 Net de/f_i.liga ned bene/f_i.liga t liability /six.tf/eight.tf Note 19 Borrowing /six.tf/nine.tf Note 20 Other /f_i.liga nancial liabilities /seven.tf/zero.tf Note 21 Other provisions /seven.tf/zero.tf Note 22 Lease liability /seven.tf/zero.tf Note 23 Payables and other operating liabilities /seven.tf/zero.tf Note 24 Share capital and reserves /seven.tf/zero.tf Note 25 Non-controlling Interest /seven.tf/one.tf Note 26 Pledged assets and contingent liabilities /seven.tf/one.tf Note 27 Segment analysis /seven.tf/two.tf Note 28 Financial risk management /seven.tf/four.tf Note 29 Related parties /seven.tf/seven.tf Note 30 Subsequent events /seven.tf/seven.tf Note 31 Average number of employees /seven.tf/seven.tf Note 32 Share-based payments /seven.tf/eight.tf Note 33 Terms and conditions of employment for key executives /seven.tf/eight.tf Note 34 Group companies /eight.tf/zero.tf Proposed appropriation of earnings 85 Auditor’s report /eight.tf/six.tf Financial metrics /eight.tf/nine.tf Performance reconciliation /eight.tf/nine.tf Net debt reconciliation /eight.tf/nine.tf De/f_i.liga nitions /nine.tf/zero.tf About Intrum Governance and control Board of Directors’ Report Financial statements Sustainability information Annual and Sustainability Report 2024 46 ===== SIDA 47 ===== Consolidated statement of income SEK M Note 2024 20231 Servicing Income 4 11,791 11,171 Interest Income 4 5,093 5,232 Other Income 1,149 1,302 Income 18,033 17,705 Direct Costs 5 -10,078 -9,409 Gross Earnings 7,955 8,296 Net Credit Gains Portfolio Investments 14 -79 -258 Other operating items 8 -1,320 - Shares of Associates and Joint Ventures 10 517 613 Operating Income 7,073 8,651 Indirect Costs 5 -5,132 -5,875 Net Operating Income (EBIT) 1,941 2,776 Net Financial Expenses 6 -3,301 -2,944 Net Loss before Tax -1,360 -168 Tax Expense 7 -624 -419 Net Loss from Continuing Operations -1,984 -587 Net Loss/Income from Discontinued Operations 2 14 -1,361 644 TOTAL NET LOSS/INCOME FOR THE YEAR -3,345 57 Attributable to Shareholders: Parent Company's Shareholders of Intrum AB (publ) -3,697 -187 Non-Controlling Interest 352 244 TOTAL NET LOSS/INCOME FOR THE YEAR -3,345 57 Average Number of Shares (‘000): Before dilution 24 120,570 120,537 After dilution 24 120,570 120,537 Net Loss Per Share attributable to Intrum AB, SEK: Before dilution -30.67 -1.56 After dilution -30.67 -1.56 Net Loss Per Share, SEK: Before dilution -27.74 0.47 After dilution -27.74 0.47 Consolidated statement of other comprehensive income SEK M Note 2024 20231 Net Loss/Income for the year -3,345 57 Items Subsequently Reclassi/f_i.liga ed to Statement of Income Net Foreign Exchange Translation Di/f_f.liga erences -278 -247 Net Investment Hedging Gains 542 261 Items Subsequently Reclassi/f_i.liga ed to Statement of Income 264 14 Items Not Subsequently Reclassi/f_i.liga ed to Statement of Income Net Pension Bene/f_i.liga t Liability Measurement Di/f_f.liga erences 11 -12 Items Not Subsequently Reclassi/f_i.liga ed to Statement of Income 11 -12 Net Other Comprehensive Income 275 2 COMPREHENSIVE LOSS/INCOME FOR THE YEAR -3,070 59 Comprehensive loss/income for the year attributable to: Parent Company's Shareholders in Intrum AB (publ) -3,337 -182 Non-Controlling Interest 267 240 Average Number of Shares (‘000): Before dilution 24 120,570 120,537 After dilution 24 120,570 120,537 Total Comprehensive Loss Per Share attributable to Intrum AB, SEK: Before dilution -27.68 -1.51 After dilution -27.68 -1.51 Total Comprehensive Loss Per Share, SEK: Before dilution -25.47 -0.49 After dilution -25.47 -0.49 1) Comparative results have been re-presented from those previously published to reclassify certain items as discontinued operations as described in Note 14 to the consolidated /f_i.liga nancial statements. 2) The results of discontinued operations, comprising the post-tax pro/f_i.liga t, is shown as a single amount on the face of the income statement. An analysis of this amount is presented in Note 14 to the consolidated /f_i.liga nancial statements. 47Annual and Sustainability Report 2024About Intrum Governance and control Board of Directors’ Report Financial statements Sustainability information ===== SIDA 48 ===== Consolidated statement of /f_i.liga nancial position SEK M Note 31 Dec 2024 31 Dec 2023 ASSETS Non-Current Assets Intangible Assets 8 39,184 39,829 Portfolio Investments 9 22,695 35,294 Investment in Associates and Joint Ventures 10 2,352 823 Property, Plant and Equipment 11 225 280 Right of Use Assets 11 679 584 Deferred Tax Assets 7 1,986 2,197 Other Financial Assets 12 182 175 Total Non-Current Assets 67,303 79,182 Current Assets Assets Held for Sale 14 - 496 Property Holdings 287 329 Tax Receivable 935 686 Derivatives 28 16 324 Receivables and Other Operating Assets 15 5,213 4,316 Fiduciary Assets 16 1,281 1,106 Cash and Cash Equivalents 17 2,504 3,769 Total Current Assets 10,236 11,026 TOTAL ASSETS 77,539 90,208 SEK M Note 31 Dec 2024 31 Dec 2023 LIABILITIES & SHAREHOLDERS' EQUITY Non-Current Liabilities Net De/f_i.liga ned Bene/f_i.liga t Liability 18 88 142 Borrowings 19 36,862 51,899 Other Financial Liability 20 616 641 Provisions 21 158 107 Deferred Tax Liability 7 1,106 1,411 Lease Liability 22 526 436 Total Non-Current Liabilities 39,356 54,636 Current Liabilities Liabilities Held for Sale 14 - 100 Borrowings 19 13,839 7,953 Tax Payable 562 572 Payables and Other Operating Liabilities 23 6,540 6,041 Derivatives 28 61 303 Fiduciary Liabilities 16 1,281 1,106 Provisions 21 248 376 Lease Liability 22 185 193 Total Current Liabilities 22,716 16,644 Total Liabilities 62,072 71,280 Shareholders' Equity Share Capital 24 3 3 Reserves 24 21,370 18,428 Retained Earnings 24 -7,985 -1,679 Equity attributable to Equity Holders 13,388 16,752 Non-Controlling Interest 25 2,079 2,176 Total Equity 15,467 18,928 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 77,539 90,208 48Annual and Sustainability Report 2024About Intrum Governance and control Board of Directors’ Report Financial statements Sustainability information ===== SIDA 49 ===== Consolidated statement of cash /f_l.liga ows SEK M Note 2024 20231 Cash Flows from Operating Activities Net Operating Income (EBIT) from Continuing Operations 1,941 2,776 Net Operating Income (EBIT) from Discontinued Operations 14 504 1,588 Net Operating Income / EBIT 2,445 4,364 Depreciation, Amortisation and Impairment 5,8 2,628 1,536 Net Credit Gains / (Losses) on Portfolio Investments 9 79 -9 Other Adjustment for Items Not Included in Cash Flow -325 334/uni00A0 Non-Cash Adjustments 2,382 1,861/uni00A0 Dividends received from Associates and Joint Ventures 351 412/uni00A0 Operating Cash Flows Before Working Capital Changes 5,178 6,637 Changes to Working Capital -608 -189 Operating Cash Flows Before Taxes 4,570 6,448 Income Taxes Paid -860 -1,137/uni00A0 Net Cash Flows from Operating Activities 3,710 5,311 Cash Flows from Investing Activities Acquisition of Portfolio Investments -1,479 -5,114 Amortisation of Portfolio Investments 4,442 5,385/uni00A0 Acquisition of Intangible Assets -531 -229 Disposal of Intangible Assets 23 2/uni00A0 Acquisition of Property, Plant and Equipment 11 -54 -124 Disposal of Property, Plant and Equipment 6 1/uni00A0 Investment in Associated Companies / Subsidiaries -1,570 -2,347 Disposal of Associated Companies / Subsidiaries 8,640 -134 Other cash /f_l.liga ow from investing activitties -274 - Net Cash Flows from Investing Activities 9,203 -2,560 SEK M Note 2024 20231 Cash Flows from Financing Activities Net Proceeds from Borrowings -10,491 3,349 Repayment of Other Financial Liabilities 100 -294 Repayment of Leases -229 -101 Share Repurchases -63 -355 Finance Income Received 122 68 Finance Expense Paid -3,430 -2,994 Receipts from Settlement of Hedging Derivatives 767 1,168 Payments for Settlement of Hedging Derivatives -287 -776 Net Payments on Settlement of Other Derivatives -790 -321 Dividends Paid to Parent Company's Shareholders - -1,627 Dividends Paid to Non-Controlling Interest -285 -380 Net Cash Flows from Financing Activities -14,586 -2,263 Net Cash Out/f_l.liga ow/In/f_l.liga ow during the year -1,673 488 Cash and Cash Equivalents at the beginning of the year 17 3,769 3,474 Foreign Exchange Di/f_f.liga erences 408 4 Cash and Cash Equivalents from Discontinued Operations - -197 Cash and Cash Equivalents at the end of the year 17 2,504 3,769 1) Comparative cash /f_l.liga ows have been re-presented from those previously published to reclassify certain items as discontinued operations as described in Note 14 to the consolidated /f_i.liga nancial statements. 49Annual and Sustainability Report 2024About Intrum Governance and control Board of Directors’ Report Financial statements Sustainability information ===== SIDA 50 ===== Consolidated statement of changes in equity SEK M Notes Share Capital Other Paid-in Capital Reserves Retained Earnings Incl. Net Earnings for the Year Total Shareholders' Equity Attributable to Parent Company’s Shareholders Non-Controlling Interests Total Shareholder’s Equity As at 1 January 2024 3 17,442 5,977 -6,670 16,752 2,176 18,928 Comprehensive Loss/income for the year Net Loss/Income for the year - - - -3,697 -3,697 352 -3,345 Other Comprehensive income for the year Net De/f_i.liga ned Bene/f_i.liga t Remeasurementas - - 11 11 - 11 Foreign Exchange Di/f_f.liga erences - - -193 - -193 -85 -278 Net Investment Hedge Di/f_f.liga erences - - 542 - 542 - 542 Total other comprehensive income - - 349 11 360 -85 275 Total comprehensive income for the year - - 349 -3,686 -3,337 267 -3,070 Share Dividend 24 - - - - - -285 -285 Share-based Employee Remuneration 32 - - -27 - -27 -27 NCI Share Repurchases 25 - - - - - -79 -79 Closing balance, 31 Dec 2024 3 17,442 6,299 -10,356 13,388 2,079 15,467 As at 1 January 2023 3 17,442 5,963 -4,869 18,539 2,661 21,200 Comprehensive Loss/income for the year Net Loss/Income for the year - - - -187 -187 244 57 Other Comprehensive income for the year Foreign Exchange Di/f_f.liga erences - - -247 - -247 - -247 Net Investment Hedging Di/f_f.liga erences - - 281 - 281 - 281 De/f_i.liga ned Bene/f_i.liga t Remeasurement Di/f_f.liga erences - - - -8 -8 -4 -12 Income Tax on Other Comprehensive Income - - -20 - -20 - -20 Total other comprehensive income - - 14 -8 6 -4 2 Total comprehensive income for the year - - 14 -195 -181 240 59 Share Dividend 24 - - - -1,627 -1,627 -380 -2,007 Share-based Employee Remuneration 32 - - - 21 21 - 21 NCI Share Repurchases 25 - - - - - -345 -345 As at 31 December 2023 3 17,442 5,977 -6,670 16,752 2,176 18,928 50Annual and Sustainability Report 2024About Intrum Governance and control Board of Directors’ Report Financial statements Sustainability information ===== SIDA 51 ===== Parent company Income statement SEKM Note 2024 2023 Other income 4 1,335 1,617 Income 1,335 1,617 Direct costs 5 -553 -286 Gross Earnings 782 1,331 Operating Income 782 1,331 Indirect costs 5 -1,613 -2,114 Net Operating loss/EBIT -831 -783 Net /f_i.liga nancial income 6 3,417 738 Pro/f_i.liga t/Loss before tax 2,586 -45 Taxes 7 -161 24 Pro/f_i.liga t/Loss for the period 2,425 -21 Balance sheet 31 Dec 31 Dec SEK M Note 2024 2023 ASSETS Non-current Assets Intangible Assets 8 141 527 Tangible Assets 11 35 4 Participations in Group companies 34 41,793 39,152 Deferred tax asset 169 320 Receivables from Group companies 1 13,280 38,971 Total Non-current assets 55,418 78,974 Current Assets ST Receivables from Group companies1 30,267 5,289 Other receivables 15 31 23 Prepaid expenses and accrued income 15 868 180 Derivatives 28 16 324 Cash and cash equivalents 17 672 762 Total Current Assets 31,854 6,578 TOTAL ASSETS 87,272 85,552 SHAREHOLDERS’ EQUITY AND LIABILITIES Share capital 24 3 3 Statutory reserve1 24 423 809 Total Restricted Reserves 426 812 Share premium 17,442 17,442 Retained earnings1 -12,228 -12,566 Net earnings for the year 2,425 -21 Total Non-restricted Equity 7,639 4,855 Total Shareholder’s Equity 8,065 5,667 Non-Current Liabilities Liabilities to credit institutions 19 12,231 14,886 Bond loans 19 24,631 37,014 Liabilities to Group companies 24,015 17,704 Other long term liabilities 358 - Total long-term liabilities 61,235 69,604 Current Liabilities Liabilities to credit institutions 1,030 - Bond loans 19 12,809 7,259 Commercial paper 19 - 694 Accounts payable 23 19 27 Liabilities to Group companies ST 2,744 845 Other current liabilities 23 102 5 Accrued expenses 23 1,207 1,148 Derivatives 28 61 303 Total current liabilities 17,972 10,281 TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES 87,272 85,552 Cash /f_l.liga ow statement SEK M Note 2024 2023 Cash /f_l.liga ows from operating activities Operating earnings (EBIT) -831 -783 Not included in the cash /f_l.liga ow Amortisation/depreciation and impairment 539 149 Other adjustment for items not included in cash /f_l.liga o w -2 21 Interest received 3,793 3,590 Interest paid -4,391 -3,878 Payments for other /f_i.liga nancial expenses 119 -112 Income tax paid -9 -297 Cash /f_l.liga ow from operating activities before changes in working capital -782 -1,310 Changes in Working Capital 3,443 186 Cash /f_l.liga ow from operating activities 2,661 -1,124 Investing activities Purchases of intangible /f_i.liga xed assets -165 -124 Purchases of tangible /f_i.liga xed assets 11 -40 -1 Net Purchases of shares in subsidiaries and associated companies -3,864 -4,254 Share dividend from subsidiaries 4,259 1,333 Net Cash Flows from Investing Activities 190 -3,046 Financing activities Borrowings and repayments of loans -10,089 3,506 Net loans to subsidiaries 7,153 2,508 Share repurchases -5 - Share dividend to Parent Company’s shareholders - -1,627 Net Cash Flows from Financing Activities -2,941 4,387 Net Cash Out/f_l.liga ow/In/f_l.liga ow during the year -90 217 Liquidity at the beginning of the year 762 545 Liquidity at the end of the year 17 672 762 1) This has been restated - see note 2 and the Parent Statement of Changes in Equity 51Annual and Sustainability Report 2024About Intrum Governance and control Board of Directors’ Report Financial statements Sustainability information ===== SIDA 52 ===== Parent company Statement of changes in shareholders’ equity See also Note 24 SEK M Share Capital Other Paid-in Capital Statutory Reserve Retained Earnings Net Eanings/Loss for the Year Total Shareholder’s Equity As at 1 January 2024 3 17,442 1,354 -13,111 -21 5,667 Prior year adjustment (Note 2) - - -545 545 - - As at 1 January 2024 as restated 3 17,442 809 -12,566 -21 5,667 Comprehensive income for the year Total net income for the year - - - - 2,425 2,425 Total comprehensive income for the year - - - - 2,425 2,425 Disposition of prior year’s result - - - -21 21 - Development fund - - -386 386 - - Transactions with Group Owners in 2024 Share-based Employee Remuneration - - - -27 - -27 As at 31 December 2024 3 17,442 423 -12,228 2,425 8,065 As at 1 January 2023 3 17,442 827 -8,968 -2,010 7,294 Comprehensive income for the year Total net income for the year -21 -21 Total comprehensive income for the year - - - - -21 -21 Disposition of prior year’s result - - - -2,010 2,010 - Development fund - - 527 -527 - Transactions with Group Owners in 2023 Share Dividend - - - -1,627 - -1,627 Share-based Employee Remuneration - - - 21 - 21 As at 31 December 2023 3 17,442 1,354 -13,111 -21 5,667 52Annual and Sustainability Report 2024About Intrum Governance and control Board of Directors’ Report Financial statements Sustainability information ===== SIDA 53 ===== Notes Accounting policies Note 1 Basis of preparation Intrum AB, as a standalone entity (“the Company” or “the Parent”), is regis- tered and domiciled in Stockholm, Sweden. The Company is listed as a large company on Nasdaq Stockholm, a stock exchange located in Sweden. The Company and its subsidiaries’ (collectively, “the Group”) main operation is to provide payment solutions, credit and collection services to clients and to invest in non-performing loans. - The Group operates in the European market. The /f_i.liga nancial statements are presented in Swedish Krona (“SEK”) and rounded to the nearest million (“SEK M”). Accounting Framework: The Group’s consolidated /f_i.liga nancial statements are prepared in compliance with: • the Swedish Annual Accounts Act – Årsredovisningslag (1995:1554); • the EU-adopted (International Financial Reporting Standards (“IFRS”), including interpretations issued by the IFRS Interpretation Committee (“IFRIC”); and • IFRS ® redovisningsstandarder (“Rådet för Finansiell Rapportering” or “RFR”)) 1 Supplementary Accounting Rules for Groups issued by the Swedish Financial Reporting Board (“SFRB”). The Company’s standalone /f_i.liga nancial statements are prepared using the same accounting framework as the Group’s consolidated /f_i.liga nancial statements. In addition, the Company’s /f_i.liga nancial statements comply with RFR 2 Account- ing for Legal Entities issued by the SFRB. RFR 2 requires that the standalone /f_i.liga nancial statements should be prepared in accordance with the EU-adopted IFRSs within the framework of the Swedish Annual Accounts Act, taking into account the connection between reporting and taxation. The recommenda- tion speci/f_i.liga es exemptions and additions relative to IFRSs’ requirements. The /f_i.liga nancial statements are composed of the primary statements: State- ment of Income (“SOI”), Statement of Other Comprehensive Income (“SOCI”), Statement of Financial Position (“SFP”), Statement of Cash Flows (“SCF”), Statement of Changes in Equity (“SCE”) and accompanying notes (“the Notes”) to the primary statements. The SOI is prepared based on the ‘function of expenses’ method: “Direct Costs” and “Indirect Costs”. The Notes provide details based on the ‘nature of expenses’ method. The SCF is prepared based on the ‘indirect’ method. Going-concern Assumption: The /f_i.liga nancial statements are prepared on a going-concern basis. The Group’s management has assessed the following: • The ongoing recapitalization transaction, which has received approval in the US court for the prepackaged Chapter 11 on 31 December 2024. This approval is a signi/f_i.liga cant milestone, indicating strong judicial support for the restructuring e/f_f.liga orts; • The settlement with the opposing bondholders, which has been success- fully negotiated, ensuring that all major stakeholders are aligned with the recapitalization plan, and that there is an overwhelming majority support- ing the company’s ongoing plan; • The recapitalization is expected to be successfully implemented within the communicated timeline, as planned and executed by the management team. • Secure future performance of the Group and ensure robust /f_i.liga nancial health moving forward, including its liquidity and the new capital struc- ture, which has been thoroughly evaluated and assessed during the process. Given these comprehensive assessments, Management has concluded at the time of approval of the 2024 Annual and Sustainability Report that there are no /f_i.liga nancial or other indicators that cast signi/f_i.liga cant doubt upon the Group’s ability to operate and meet its obligations in the next 12-18 months and into the foreseeable future from the approval date. Furthermore, considering the current steps of progress, there is a very high likelihood that the transaction will succeed. The alignment of key stakeholders, judicial approvals, and strategic planning all contribute to a strong foundation for the Group’s continued stability and growth. Management has also put in place a much higher focus on performance management and is continuing to further optimize the use of liquid assets in the Group to enhance the working capital and use of its proceeds. Note 2 Accounting policies Standards, Interpretations, Rules and Other Changes Adopted During 2024: Amendment to IAS 1 Presentation of Financial Statements (January 2020, July 2020 & October 2022): In January 2020, the IASB issued amendments to IAS 1. The amendments provided clari/f_i.liga cation between ‘current’ and ‘non-current’ classi/f_i.liga cation of liabilities. The guidance clari/f_i.liga es that a liability should be classi/f_i.liga ed as ‘non-current’ if an entity has the right at the end of the reporting period to defer the settlement of liability for at least 12 months from the reporting date. It is also speci/f_i.liga ed that the classi/f_i.liga cation is una/f_f.liga ected by expectations about whether an entity will exercise its right. In October 2022, further amendments to IAS 1 were issued. The amend- ments specify that covenants compliance and any renegotiations by the end of the reporting period that allow deferring settlement for at least 12 months should result in ‘non-current’ classi/f_i.liga cation. The amendments also require additional disclosures regarding the risk of the non-current liabilities becoming repayable within 12 months after the reporting period. Events related to current liabilities, such as re/f_i.liga nancing on a long-term basis or recti/f_i.liga cation of a breach of a long-term loan agreement, are disclosed as non-adjusting events in accordance with IAS 10 Events after the Reporting Period, if such events occur after the reporting date and before the /f_i.liga nancial statements are authorised for issue. The update is e/f_f.liga ective from 1 January 2024.The update had no material impact on the classi/f_i.liga cation of liabilities or on the subsequent events disclo- sure requirements included in this update. Amendment to IFRS 16 Leases (September 2022): In September 2022, the IASB amended IFRS 16 to require a seller-lessee to determine ‘lease payments’ or ‘revised lease payments’ in a way that the sell- er-lessee would not recognise any amount of the gain or loss that relates to the right of use it retains. This amendment relates to sales and leaseback transactions. The update is e/f_f.liga ective from 1 January 2024.This amendment had no impact on the Groups’ /f_i.liga nancial statements. Amendment to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments : Disclosures (May 2023): In May 2023, the IASB issued guidance requiring an entity to disclose infor- mation around supplier /f_i.liga nance arrangements that assists users in under- standing such arrangements’ impact on the entity’s liabilities, cash/f_l.liga ows and exposure to liquidity risk. The disclosure requirements include both quantita- tive and qualitative information. The update is e/f_f.liga ective from 1 January 2024. The Group has no exposure to supplier /f_i.liga nance arrangements. Changes to the Primary Statements Restatement of Parent Statement of Changes in Equity The 2023 Parent Statement of Changes in Equity re/f_l.liga ected a transfer from retained earnings to the statutory reserve that was equal to the amount of intangibles held at 31 December 2023 of SEK 527 M instead of transfer- ring the movement in intangible of SEK -20 M from the statutory reserve to retained earnings. Total closing equity at 31 December 2023 was not impacted. No other changes have been made to the primary statements in 2024. Changes to the Notes Note 10 previously disclosed information in relation to all associates and joint ventures. The level of disclosure has been reduced in accordance with the IFRS requirement to disclose relevant information on associates and joint ventures that are material to the Group. The disclosures in note 27 have been expanded to provide further seg- mental information in relation to investing revenues by market. Note 28 has been expanded to include additional disclosures relating to the following: • the fair value of /f_i.liga nancial instruments; and • interest rates that apply to /f_i.liga nancial assets. Note 9 has been updated to re/f_l.liga ect the total amount of undiscounted expected credit losses at initial recognition on /f_i.liga nancial assets initially rec- ognised during the reporting period. Standards, Interpretations, Rules and Other Changes E/f_f.liga ective in 2025 Onwards: At the date of authorisation of these /f_i.liga nancial statements, the Group has not applied the following new and revised IFRS Accounting Standards that have been issued but are not yet e/f_f.liga ective. 53Annual and Sustainability Report 2024About Intrum Governance and control Board of Directors’ Report Financial statements Sustainability information ===== SIDA 54 ===== Amendments to IAS 21 Lack of Exchangeability IFRS 18 Presentation and Disclosures in Financial Statements IFRS 19 Subsidiaries without Public Accountability: Disclosures Amendment to IAS 21 The E/f_f.liga ects of Changes in Foreign Exchange Rates (August 2023): The amendment provides guidance for foreign currency exposures where foreign currency transactions are not readily available for a timely conversion to other currencies. The amendment further provides guidance on how to identify such non-exchangeable currencies. In case an entity has exposure to such non-exchangeable currencies, the amendment requires additional dis- closure for users of the /f_i.liga nancial statements. The update is e/f_f.liga ective from 1 January 2025, with an option to apply ear- lier. The Group does not have any material exposure to non-exchangeable foreign currency transactions. IFRS 18 Presentation and Disclosures in Financial Statements (April 2024): IFRS 18 replaces IAS 1, carrying forward many of the requirements in IAS 1 unchanged and complementing them with new requirements. In addi- tion, some IAS 1 paragraphs have been moved to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors and IFRS 7. Furthermore, the IASB has made minor amendments to IAS 7 and IAS 33 Earnings per Share. IFRS 18 introduces new requirements to: • present speci/f_i.liga ed categories and de/f_i.liga ned subtotals in the statement of pro/f_i.liga t or loss; • provide disclosures on management-de/f_i.liga ned performance measures (MPMs) in the notes to the /f_i.liga nancial statements; and • improve aggregation and disaggregation. An entity is required to apply IFRS 18 for annual reporting periods beginning on or after 1 January 2027, with earlier application permitted. The amend- ments to IAS 7 and IAS 33, as well as the revised IAS 8 and IFRS 7, become e/f_f.liga ective when an entity applies IFRS 18. IFRS 18 requires retrospective appli- cation with speci/f_i.liga c transition provisions. Management anticipate that the application of these amendments will have an impact on the Group’s consolidated /f_i.liga nancial statements in future periods. IFRS 19 Subsidiaries without Public Accountability: Disclosures (May 2024): IFRS 19 permits an eligible subsidiary to provide reduced disclosures when applying IFRS Accounting Standards in its /f_i.liga nancial statements. Eligible entities can apply IFRS 19 in their consolidated, separate or indi- vidual /f_i.liga nancial statements. An eligible intermediate parent that does not apply IFRS 19 in its consolidated /f_i.liga nancial statement may do so in its separate /f_i.liga nancial statements. The new standard is e/f_f.liga ective for reporting periods beginning on or after 1 January 2027 with earlier application permitted. Management do not anticipate that IFRS 19 will be applied for purposes of the consolidated /f_i.liga nancial statements of the Group. Signi/f_i.liga cant Accounting Policies Applicable to Current and Prior Year: Subsidiaries and business combinations Subsidiaries are all entities (including structured entities) over which the Group has control. The Group controls an entity where the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to a/f_f.liga ect those returns through its power to direct the activi- ties of the entity. Subsidiaries are fully consolidated from the date on which the Group obtained the control. Subsidiaries are deconsolidated from the date when the Group ceases control over such subsidiaries. The acquisition method of accounting is used by the Group to account for business combinations. Inter-company transactions, balances and unrealised gains on transactions between group entities are eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the transferred asset. Accounting policies of subsidiaries have been changed where neces- sary to ensure consistency with the policies adopted by the Group. Non-controlling interests in the results and equity of subsidiaries are shown separately in the consolidated SOI, SOCI, SFP and SCE, respectively. Associates Associates are all entities over which the Group has signi/f_i.liga cant in/f_l.liga uence but have neither control nor joint control. This is generally the case where the Group holds between 20% and 50% of the voting rights. Investments in asso- ciates are accounted for using the equity method, after being initially rec- ognised at cost. Joint Arrangements Under IFRS 11 Joint Arrangements, investments in joint arrangements are classi/f_i.liga ed as either joint operations or joint ventures (see Note 10). The clas- si/f_i.liga cation depends on the contractual rights and obligations of each inves- tor, rather than the legal structure of the joint arrangement. The Group has investments only in joint ventures during the current reporting period. Joint ventures are accounted for using the equity method, after being initially rec- ognised at cost. Equity Method Under the equity method of accounting, the investment in an associate or a joint venture is initially recognised at cost and adjusted thereafter to recog- nise the Group’s share of the post-acquisition pro/f_i.liga ts or losses of the investee in SOI, and the Group’s share of movements in other comprehensive income of the investee in SOCI. Dividends received or receivable from an associate or a joint venture are recognised as a reduction in the carrying amount of the investment. Where the Group’s share of losses in an associate or a joint ven- ture equals or exceeds its interest in the associate or joint venture, including any other unsecured long-term receivables, the Group does not recognise further losses, unless it has incurred obligations or made payments on behalf of the associate or joint venture. Unrealised gains on transactions between the Group and its associates and joint ventures are eliminated to the extent of the Group’s interest in these entities. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset(s) transferred. Adjustments are made where necessary to make an equity- accounted investee’s accounting policies conform to those of the Group before such investee’s /f_i.liga nancial statements are used by the Group in applying the equity method. The carrying amount of equity-accounted investments is tested for impairment if indicators exist that the carrying value as at the reporting date may not be recovered. Changes in Ownership Interest The Group treats transactions with non-controlling interests that do not result in a loss of control as ‘transactions with equity owners in their capacity as owners’. A change in ownership interest results in an adjustment between the carrying amounts of the controlling and non-controlling interests to re/f_l.liga ect their relative interests in the subsidiary. Any di/f_f.liga erence between the non-controlling interests balance and any consideration paid or received is recognised within equity attributable to owners of the Group. When the Group ceases to consolidate or equity account for an invest- ment because of a loss of control, joint control or signi/f_i.liga cant in/f_l.liga uence, any retained interest in the investee is remeasured to its fair value, with the change in carrying amount recognised in SOI. This fair value becomes the initial carrying amount for the purposes of subsequently accounting for the retained interest in an associate, joint venture or /f_i.liga nancial asset. In addi- tion, any amounts previously recognised in other comprehensive income in respect of that investee are accounted for as if the Group had directly dis- posed of the related assets or liabilities. This may mean that amounts previ- ously recognised in other comprehensive income are reclassi/f_i.liga ed to SOI. If the ownership interest in a joint venture or an associate is reduced but joint control or signi/f_i.liga cant in/f_l.liga uence is retained, only a proportionate share of the amounts previously recognised in other comprehensive income are reclassi- /f_i.liga ed to SOI. Foreign Currency Transactions The Group applies IAS 21 The E/f_f.liga ects of Changes in Foreign Exchange Rates to all foreign currency transactions. Functional and Presentation Currency Items included in the /f_i.liga nancial statements of each of the Group’s entities are measured using the currency of the primary economic environment in which the entity operates (‘the functional currency’). The consolidated /f_i.liga nancial statements’ functional and presentation cur- rency is SEK. Transactions and Balances Foreign currency transactions are translated into the functional currency using the exchange rates at the date of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions, and from the translation of monetary assets and liabilities denominated in foreign cur- rencies at year end exchange rates, are generally recognised in pro/f_i.liga t or loss. Such gains and losses are deferred in equity if they relate to qualifying cash /f_l.liga ow hedges, qualifying net investment hedges or are attributable to part of the net investment in a foreign operation. Non-monetary items that are mea- sured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. Translation of the Financial Statements of Foreign Operations The /f_i.liga nancial performance and /f_i.liga nancial position of foreign operations (none of which has the currency of a hyperin/f_l.liga ationary economy) that have a func- tional currency di/f_f.liga erent from the presentation currency are translated into the Group’s presentation currency as follows: • Assets and liabilities in foreign operations, including goodwill and fair value adjustments arising on the acquisition of a foreign operation are translated at the closing rate at the SFP date. • Income and expenses are translated at the average rates, which is deemed a reasonable approximation of the rates prevailing at the transaction dates. • All resulting exchange di/f_f.liga erences are recognised in other comprehensive income. 54Annual and Sustainability Report 2024About Intrum Governance and control Board of Directors’ Report Financial statements Sustainability information ===== SIDA 55 ===== On consolidation, exchange di/f_f.liga erences arising from the translation of any net investment in foreign operations, borrowings and other /f_i.liga nancial instru- ments designated as hedging instruments of such investments, are rec- ognised in other comprehensive income. When a foreign operation is sold or any borrowings forming part of the net investment are repaid, the associated exchange di/f_f.liga erences are reclassi/f_i.liga ed to SOI. Business Combinations The acquisition method of accounting is used to account for all business combinations, regardless of whether equity instruments or other assets are acquired. The consideration transferred for the acquisition of a subsidiary comprises the: • fair values of the assets transferred; • liabilities incurred to the former owner(s) of the acquired business; • equity interests issued by the Group; • fair value of any asset or liability resulting from a contingent consideration arrangement; and • fair value of any pre-existing equity interest in the subsidiary. Identi/f_i.liga able assets acquired, liabilities and contingent liabilities assumed in a business combination are, with limited exceptions, measured initially at their fair values at the acquisition date. The Group recognises any non-controlling interest in the acquired entity on an acquisition-by-acquisition basis at the non-controlling interest’s pro- portionate share of the acquired entity’s net identi/f_i.liga able assets. Acquisition-related costs are expensed as incurred. The excess of the: • consideration transferred; • amount of any non-controlling interest in the acquired entity; and • acquisition-date fair value of any previous equity interest in the acquired entity over the fair value of the net identi/f_i.liga able assets acquired is recorded as goodwill. If those amounts are less than the fair value of the net identi/f_i.liga - able assets of the business acquired, the di/f_f.liga erence is recognised directly in SOI as a bargain purchase. Where settlement of any part of cash consideration is deferred, the amounts payable in the future are discounted to their present value as at the date of exchange. The discount rate used is the Group’s incremental borrowing rate, being the rate at which a similar borrowing could be obtained from an inde- pendent /f_i.liga nancier under comparable terms and conditions. Contingent consideration is classi/f_i.liga ed either as equity or a /f_i.liga nancial liabil- ity. Amounts classi/f_i.liga ed as a /f_i.liga nancial liability are subsequently remeasured to fair value, with changes in fair value recognised in the SOI. Goodwill Goodwill is measured as described above and included in intangible assets. The Group subsequently measures and accounts for goodwill in accor- dance with IAS 38 Intangible Assets and tests goodwill for impairment in accordance with paragraphs 65-108 of IAS 36 Impairment of Assets. The Cash-Generating Units (“CGUs”) to which goodwill is allocated are identi- /f_i.liga ed at markets level where goodwill is monitored for internal management purposes. Gains and losses upon disposal of an entity include the carrying amount of goodwill relating to the entity sold. Capitalised Software Expenditures associated with maintaining software programs are expensed as incurred. Development costs attributable to the design and testing of soft- ware products under the Group’s control are capitalised in accordance with paragraphs 51-67 of IAS 38 Intangible Assets. Directly attributable costs include internal sta/f_f.liga costs and external con- sultancy costs. Borrowing costs are included in the cost of quali/f_i.liga ed /f_i.liga xed assets. Additional expenditures for previously developed software, etc. are recognised as an asset if they increase the future economic bene/f_i.liga ts of the speci/f_i.liga c asset to which they are attributable, e.g., by improving or extending a computer program’s functionality beyond its original use and estimated use- ful life. IT development costs that are recognised as intangible assets are amor- tised using the straight-line method over their useful lives (3–5 years). Use- ful life is reassessed annually. The asset is measured at cost less accumulated amortisation and impairment losses Client Servicing Assets Client servicing assets represent the legal rights to servicing portfolios of non-performing loans. These assets are recognised at fair value at the acqui- sition date. Client servicing assets are usually amortised using the straight- line method over the contractual life (5-10 years) if assets under management are expected to remain stable or reduce in a linear manner. In case they have an accelerated diminishing pro/f_i.liga le in tail, then diminishing balance method ranging from 10% to 30% is applied to match the pro/f_i.liga le of the assets being serviced. Client servicing assets are measured at cost less accumulated amortisation and impairment losses. Digital Servicing Platform Digital Servicing Platform is an acquired intangible asset recognised at fair value. The platform includes arti/f_i.liga cial intelligence and machine learning com- ponent. The platform has a decision engine that automates collection ser- vices and is expected to improve over time. The platform is assessed to have a useful life up to 10 years and is amortised accordingly. Such assets are also tested for impairment annually. Property, Plant and Equipment Property, plant and equipment are initially recognised at fair value. The Group applies cost model in accordance with IAS 16 Property, Plant and Equipment. Depreciation is booked on a straight-line basis over an asset’s anticipated useful life (3–5 years). Useful life is reassessed annually. Right of Use Assets Right-of-use assets are measured at cost comprising the following: • the amount of the initial measurement of lease liability; • any lease payments made on or before the lease commencement date less any lease incentives received; • any initial direct costs, and • restoration costs. Impairment Goodwill and Digital Servicing Platform are tested annually for impairment, or more frequently if events or changes in circumstances indicate that they might be impaired. Other assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised at the amount by which the asset’s carry- ing amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs of disposal and value in use. For the purposes of assessing impairment, assets are grouped at the lowest level for which there are separately identi/f_i.liga able cash in/f_l.liga ows which are largely inde- pendent of the cash in/f_l.liga ows from CGUs or groups of CGUs. Non-/f_i.liga nan- cial assets, other than Goodwill, that were previously written down due to impairment are reviewed for possible reversal of the impairment at the end of each reporting period. Financial assets Classi/f_i.liga cation The Group classi/f_i.liga es its /f_i.liga nancial assets in the following measurement categories: • those to be measured subsequently at fair value through pro/f_i.liga t or loss (“ F V PL”); an d • those to be measured at amortised cost. The classi/f_i.liga cation depends on the Group’s business model for managing the /f_i.liga nancial assets and the contractual terms of the cash /f_l.liga ows. For assets that are measured at fair value, gains and losses on subsequent remeasurements are recognised in the SOI. Recognition and derecognition Financial assets are recognised on trade date, being the date on which the Group commits to purchase or sell the asset. Financial assets are derecognised when the rights to receive cash /f_l.liga ows from the /f_i.liga nancial assets have expired or have been transferred and the Group has transferred substantially all the risks and rewards of ownership. Measurement At initial recognition, the Group measures a /f_i.liga nancial asset at its fair value plus, in the case of a /f_i.liga nancial asset not at FVPL, transaction costs that are directly attributable to the acquisition of the /f_i.liga nancial asset. Transaction costs attributable to /f_i.liga nancial assets at FVPL are expensed in SOI. Subsequent measurement of debt instruments depends on the Group’s business model for managing the asset and the cash /f_l.liga ow characteristics of the asset. The Group uses following measurement categories to classify its debt instruments: • Amortised Cost: Assets that are managed under ‘hold to collect’ business model where the underlying cash /f_l.liga ows represent solely payments of prin- cipal and interest, are measured at amortised cost. Interest income from these /f_i.liga nancial assets is included in ‘Finance Income’ using the EIR (E/f_f.liga ec- tive Interest Rate) method if the assets relate to treasury operations, other- wise it is recognised within ‘Income’ as it is part of the ‘Investing’ business segment. Any gain or loss on such instruments is recognised directly in the SOI in ‘Other Operating Items’ if such gain or loss relates to ‘Investing’ business segment, or in ‘Net Financial Expenses’ if such gain or loss relates to treasury operations. • FVPL: Assets that do not meet the criteria for amortised cost are mea- sured at FVPL. A gain or loss on a debt instrument that is subsequently measured at FVPL is recognised in the SOI similar to the aforementioned Amortised Cost description. 55Annual and Sustainability Report 2024About Intrum Governance and control Board of Directors’ Report Financial statements Sustainability information ===== SIDA 56 ===== Portfolio Investments Portfolio Investments (“PIs”) consist of portfolios of delinquent receivables purchased at prices signi/f_i.liga cantly below the nominal outstanding balance. In accordance with IFRS 9, these are classi/f_i.liga ed as Purchased or Originated Credit Impaired (“POCI”). PIs usually refer to receivables from private indi- viduals and companies and are either secured or unsecured receivables. They are initially recognised at fair value and subsequently measured at credit-adjusted EIR amortised cost method. The EIR of a POCI loan portfo- lio would be the discount rate that equates the present value of the expected cash /f_l.liga ows with the purchase price of the portfolio. Expected cash /f_l.liga ows are measured on gross basis including the expected loan repayments, reminder fees, collection fees and late interest payments, based on a prob- ability assessment, that are expected to be received from a loan portfolio’s customers. The initial lifetime Expected Credit Losses (“ECL”) are included in the esti- mated cash /f_l.liga ows when calculating the credit-adjusted EIR and are implied at initial recognition. Cash /f_l.liga ow projections are monitored over the course of the year and updated based on, among other things, lifetime performance, servicer outlook, regulatory and other relevant macro environment data. Cash /f_l.liga ow projections are made at the segment level (portfolio or sub-portfolio) assuming each segment to be relatively homogeneous. Any subsequent changes in lifetime ECL, both positive and negative, are rec- ognised in the SOI as credit gains and losses. Credit gains and losses arise due to timing (accelerated or decelerated collections) and quantum (over or under performance) di/f_f.liga erences when compared to the original forecast. Interest income from PIs is recognised under the credit-adjusted EIR method in the SOI. Upon sales of PIs, sale proceeds are reported in ‘Other Income’. ECLs for other /f_i.liga nancial assets The Group assesses on a forward-looking basis the ECLs reserve associ- ated with its debt instruments carried at amortised cost. For trade receiv- ables, the Group applies the simpli/f_i.liga ed approach permitted under IFRS 9, which requires lifetime ECLs to be recognised from initial recognition of the receivables. Recoverability on trade receivables are initially assessed on an item-by- item basis. If receivables older than 90 days are not provided for, a secondary assessment is made to con/f_i.liga rm that the basis for not providing is reason- able based on judgements that consider payment promises from clients, prior experience or knowledge of concerned clients, amounts being settled on payment plans and amounts actively being collected by operations from clients. Derivatives and Hedge Accounting Derivatives are initially recognised at fair value on the date a derivative con- tract is entered into, and they are subsequently remeasured to their fair value at the end of each reporting period. The accounting for subsequent changes in fair value depends on whether the derivative is designated as a hedging instrument and, if so, the nature of the item being hedged. The Group applies hedging accounting on hedges of its net investments in foreign operations (net assets). Such investments are hedged through loans in foreign currency or forward exchange contracts. Any gain or loss on an hedging instrument relating to the e/f_f.liga ective portion of the hedge is recognised in other comprehensive income and accumulated in reserves in equity. Any gain or loss relating to the ine/f_f.liga ective portion is rec- ognised immediately in SOI within ‘Net Financial Expenses’ line. Hedging instruments’ e/f_f.liga ective gains and losses accumulated in equity are reclassi/f_i.liga ed to SOI when foreign operation(s) are partially or wholly derecognised (sold or liquidated). Servicing Outlays As part of servicing operations, the Group incurs various outlays for court fees, legal representation, enforcement authorities, etc. The Group mainly incur these costs in the capacity of agent, principal or /f_i.liga duciary. • Agent: Costs incurred to collect outstanding debts and subsequent col- lections are fully transferred to clients. The Group bears no risk other than a credit risk to collect these costs from clients, and such costs are netted within ‘Other Operating Items’ in the SOI. The Group is only entitled to a commission fee for carrying out these tasks on behalf of its clients. • Principal: Costs incurred to collect outstanding debts and subsequent collections are not fully transferred to clients. The Group bears the risks of incurring such outlays with an expectation of retaining a signi/f_i.liga cant fee from subsequent collection from customers. In addition, in certain cases, the Group has agreements with its clients where any expenses that cannot be collected from customers are instead refunded by the clients - costs under these arrangements are also assessed as acting in the capacity of a principal. Therefore, the Group bears full risk of this servicing activity and will be remunerated mainly from the subsequent collections. Such costs are included within ‘Direct Costs’ line and any subsequent recoveries from clients or customers are included with the ‘Income’ line in the SOI. • Fiduciary: The Group has access to certain clients’ bank accounts to incur costs to collect outstanding debts. The Group only acts in a /f_i.liga du- ciary capacity and carries out these tasks in compliance with a prede/f_i.liga ned arrangement with the clients. These costs are not recognised in the SOI. The amount that is expected to be recovered from a solvent counterparty is recognised as an asset (see Note 15). The legal outlays are recognised at their fair value, which is the amount that can be claimed, unless they contain sig- ni/f_i.liga cant /f_i.liga nancing components. Legal outlays are subsequently measured at amortised cost. Fiduciary Assets / Liabilities Client funds, which are reported as assets and liabilities in the balance sheet, represent cash received on collection of a speci/f_i.liga c debt on behalf of a client and payable to the client within a speci/f_i.liga ed period. Cash and Cash Equivalents Cash and Cash Equivalents consist of cash in hand, deposits held at call with /f_i.liga nancial institutions, other highly liquid short-term investments with origi- nal maturities of three months or less that are readily convertible to known amounts of cash and are subject to an insigni/f_i.liga cant risk of changes in value, as well as bank overdrafts. Certain bank accounts are restricted, where the Group does not have unrestricted right to withdraw cash. These are referred to as ‘Restricted Bank Accounts’. Borrowings Borrowings include bond loans and liabilities to /f_i.liga nancial institutions - these are initially recognised at fair value, net of transaction costs incurred. They are subsequently measured at amortised cost. Any di/f_f.liga erence between the proceeds (net of transaction costs) and the redemption amount is rec- ognised in the SOI over the contractual period of the borrowings using the EIR method. Fees paid on the establishment of a loan facility are recognised as transaction costs to the extent that it is probable that some or all of the facility will be drawn down. In such case, these fees are deferred until the draw-down occurs. To the extent that it is not probable that some or all of the facility will be drawn down, these fees are capitalised as a prepayment for liquidity services and amortised over the period of the facility to which it relates. Borrowings are removed from the SFP when the obligation speci/f_i.liga ed in the contract is discharged, cancelled, extinguished or expires. Leasing Assets and liabilities arising from a leasing contract are initially measured at present value, except for short-term leases with a contractual term of 12 months or less and leases with a value of SEK 55,000 or less. Lease liabilities include the net present value of the following lease payments: • /f_i.liga xed payments (including in-substance /f_i.liga xed payments), less any lease incentives receivable; • variable lease payments that are based on an index or a rate, initially mea- sured using the index; • or rate as at the commencement date; • amounts expected to be payable by the Group under residual value guarantees; • the exercise price of a purchase option if the Group is reasonably certain to exercise that option; and • payments of penalties for terminating the lease, if the lease term re/f_l.liga ects the Group exercising that option. Lease payments to be made under reasonably certain extension options are also included in the measurement of the liability. Lease payments are allocated between principal and /f_i.liga nance cost. The /f_i.liga nance cost is charged to the SOI over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. Taxes Tax expense or income for the period is the tax payable or receivable on the current repor ing period’s taxable income or loss, based on the applicable income tax rate for each jurisdiction, adjusted by movements in deferred tax assets and liabilities attribu able to temporary di/f_f.liga erences and to unused tax losses. The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the end of the reporting period in the countries where an entity and its subsidiaries operate and generate taxable income. Management periodically evaluate positions taken in tax returns with respect to situations in which applicable tax regulation is subject to inter- pretation and consider whether it is probable that a taxation authority will accept an uncertain tax treatment. The Group measures its tax balances based on either the most likely amount or the expected value, depend- ing on which method provides a better prediction of the resolution of the uncertainty. Deferred tax assets and / or liabilities are accounted for in accordance with IAS 12 Income Taxes. Deferred tax assets and liabilities are o/f_f.liga set where 56Annual and Sustainability Report 2024About Intrum Governance and control Board of Directors’ Report Financial statements Sustainability information ===== SIDA 57 ===== there is a legally enforceable right to o/f_f.liga set current tax assets and liabilities and where the deferred tax balances relate to the same taxation authority. Current tax assets and tax liabilities are o/f_f.liga set where an entity has a legally enforceable right to o/f_f.liga set and intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously. Current and deferred taxes are recognised in the stand alone and consol- idated SOIs unless they relate to items recognised directly in other compre- hensive income or directly in equity, in which case the taxes are recognised in other comprehensive income or in equity correspondingly. Provisions Provisions are recognised when the Group has a legal or constructive obli- gation as a result of a past event, it is probable that an out/f_l.liga ow of resources will be required to settle the obligation, and such amount can be reliably esti- mated. Provisions are not recognised for future losses. Provisions are measured at the present value of management’s best esti- mate of the expenditure required to settle the present obligation at the end of the reporting period. The discount rate used to determine the present value is a pre-tax rate that re/f_l.liga ects current market assessments of the time value of money and the risks speci/f_i.liga c to the liability. The increase in the provi- sion due to the passage of time is recognised as interest expense. Employee bene/f_i.liga ts Short-term bene/f_i.liga ts Liabilities for wages and salaries, including non-monetary bene/f_i.liga ts, annual leave and accumulating sick leave that are expected to be settled wholly within 12 months after the end of the period in which the employees render the related service are recognised in respect of employees’ services up to the end of the reporting period and are measured at the amounts expected to be paid when the liabilities are settled. The liabilities are presented as current other liabilities in the SFP. Long-term obligation The Group grants certain employees long-term bene/f_i.liga ts with a three-year vesting period. Eligible employees may be granted up to a certain percentage of their annual base salary if certain performance conditions are met at the end of the vesting period. The liabilities are presented as non-current liabili- ties in the SFP. These obligations are therefore measured as the present value of expected future payments to be made in respect of services provided by employees up to the end of the reporting period. Post-employment bene/f_i.liga ts The Group operates various post-employment schemes, including both de/f_i.liga ned bene/f_i.liga t and de/f_i.liga ned contribution pension plans. The liability or asset recognised in the SFP in respect of de/f_i.liga ned bene- /f_i.liga t pension plans is the present value of the de/f_i.liga ned bene/f_i.liga t obligation at the end of the reporting period less the fair value of plan assets. The de/f_i.liga ned bene/f_i.liga t obligation is calculated annually by independent actuaries using the projected unit credit method. The present value of the de/f_i.liga ned bene/f_i.liga t obli- gation is determined by discounting the estimated future cash out/f_l.liga ows using interest rates of high-quality corporate bonds that are denominated in the currency in which the bene/f_i.liga ts will be paid, and that have terms approximat- ing to the terms of the related obligation. The net interest cost is calculated by applying the discount rate to the net balance of the de/f_i.liga ned bene/f_i.liga t obligation and the fair value of plan assets. This cost is included in personnel expenses in SOI. Remeasurement gains and losses arising from experience adjustments and changes in actuarial assumptions are recognised in the period in which they occur, directly in other comprehensive income. They are included in the SOCI and the SCE. Changes in the present value of the de/f_i.liga ned bene/f_i.liga t obligation resulting from plan amendments or curtailments are recognised immediately in the SOI as past service costs. For de/f_i.liga ned contribution plans, the Group pays contributions to publicly or privately administered pension insurance plans on a mandatory, contrac- tual or voluntary basis. The Group has no further payment obligations once the contributions have been paid. The contributions are recognised as per- sonnel expenses when they are due. Prepaid contributions are recognised as an asset to the extent that a cash refund or a reduction in the future payments is available. Multi-employer pension plan The Group participates in a multi-employer pension plans for speci/f_i.liga ed Swedish employees. According to the SFRB, UFR 10, the Group accounts for its participation in the plan as if it were a de/f_i.liga ned contribution plan as su/f_f_i.liga - cient information on its proportional share of plan assets, liabilities and costs are not available to the Group. There is no contractual agreement that states how surpluses and de/f_i.liga cits in the plan are to be distributed among plan par- ticipants. The premium is individually calculated, depending on salary, pre- viously vested pension and anticipated remaining term of employment. The Group pays a regular premium amount to Alecta (Swedish insurance com- pany) which manages these multi-employer Swedish pension plans. Share-based payments Share-based compensation bene/f_i.liga ts are provided to employees via the Group Long-Term Incentive Plan (“LTIP”), under which eligible employees may be granted up to a certain percentage of their annual base salary, worth of fully paid ordinary shares in the Company without cash consideration. The fair value of shares is recognised as personnel expenses, with a corre- sponding increase in equity. The total amount to be expensed is determined by reference to the fair value of the shares granted which: • includes any market performance conditions (e.g., total shareholders return); • excludes the impact of any service or non-market performance vesting conditions (e.g., Earnings Per Share targets and employees remaining in service over a speci/f_i.liga ed time period); and • includes the impact of any non-vesting conditions (e.g., the requirement for employees to hold shares for a speci/f_i.liga c period of time). The total expense is recognised over the vesting period, which is the period over which all of the speci/f_i.liga ed vesting conditions are to be satis/f_i.liga ed. At the end of each period, the Group revises its estimates of the number of shares that are expected to vest based on the non-market vesting and service con- ditions. It recognises the impact of the revision to original estimates, if any, in pro/f_i.liga t or loss, with a corresponding adjustment to equity. The LTIP includes a net settlement feature under which the shares neces- sary to settle an employee’s tax obligations are withheld by the Group which transfers amount of taxes associated with a share-based payment to the tax authority on the employee’s behalf. Treasury shares The Group repurchases its own shares and holds them in treasury, mainly to transfer these shares to speci/f_i.liga ed employees as part of share-based remu- neration plan: • On initial purchase, the amount paid for the treasury shares is recognised in Treasury Shares Reserve account as a negative balance within the equity balance; • No gain or loss is recognised in the SOI on the purchase, sale, issue or can- cellation of own equity instruments. The acquisition and subsequent resale of treasury shares are transactions with the Group’s owners, rather than a commercial transaction resulting in gain or loss to the Group. In case the shares are transferred to employees, the cost for such shares is reclassi/f_i.liga ed to Retained Earnings account within the equity balance; • Consideration paid or received for the purchase or sale of an entity’s own equity instruments are recognised directly in equity. The net di/f_f.liga erence between the purchase and sale price is reclassi/f_i.liga ed to Retained Earnings within the equity balance; and • On cancellation of treasury shares, the purchase price is reclassi/f_i.liga ed to Retained Earnings within the equity balance (see Note 24). Dividends Provision is made for the amount of any dividend declared, being appropri- ately authorised and no longer at the discretion of the entity, at or before the end of the reporting period but not distributed at the end of the reporting period. Revenue recognition The Group applies IFRS 15 “Revenue from Contracts with Customers” for income earned from the Servicing business. Income consisting of commissions and collection fees is recognised on collection of the claim. Subscription income is recognised proportionately over the term of the underlying service contracts, which is usually one year. Most servicing income is recognised when the relative performance obli- gation is ful/f_i.liga lled (point-in-time recognition). Income from property sales is recognised when the buyer gains access to the property. Certain servicing contracts entitle the Group to additional contingent income if certain parameters are not ful/f_i.liga lled, e.g., a certain minimum level of non-performing loans are not transferred to the Group in a speci/f_i.liga ed period. In this case, the Group recognises income applying variable consideration guidance. Total contingent income is estimated over the remaining contrac- tual life and income is recognised to the extent that it is highly unlikely to reverse such income in future (see Note 4). Segment reporting The Group applies IFRS 8 Operating Segments. Operating segments are reported in a manner consistent with the internal reporting provided to the Chief Operating Decision Maker (CODM). The Group CEO has been identi- /f_i.liga ed as the CODM. The Group has identi/f_i.liga ed two business segments: Servicing and Invest- ing. These operating segments are further sub-divided into four geographi- cal segments: • Northern Markets (4 markets): ‘Norway’, ‘Sweden’, ‘Denmark’ and ‘Finland’ • Middle Markets (5 markets): ‘Austria & Germany’, ‘Belgium & Netherlands’, ‘Switzerland’, ‘France’ and ‘UK & Ireland’ 57Annual and Sustainability Report 2024About Intrum Governance and control Board of Directors’ Report Financial statements Sustainability information ===== SIDA 58 ===== • Southern Markets (4 markets): ‘Portugal’, ‘Spain’, ‘Italy’ and ‘Greece’ • Easternl Markets (4 markets): ‘Czech Republic’, ‘Slovakia’, ‘Hungary’ and ‘Poland’ The Parent’s accounting principles The Parent has prepared the Annual Report according to the Swedish Annual Accounts Act (1995:1554) and IFRS® redovisningsstandarder (RFR) 2 Accounting for Legal Entities form the Swedish Financial Reporting Board. IFRS® redovisningsstandarder (RFR) 2 means that the Parent, in the annual report of the legal entity, must apply all EU-endorsed IFRS and statements as far as possible with the framework of the Swedish Annual Accounts Act and taking into account the connection between reporting and taxation. The recommendation speci/f_i.liga es exemptions or additions relative to EU-adopted IFRS. The accounting principles for the Parent as stated below have been applied consistently to all periods presented in the Parent’s /f_i.liga nancial statements. Subsidiaries, associated companies and joint ventures Shares in subsidiaries, associated companies and joint ventures are rec- ognised by the Parent at cost (including transaction costs). They are sub- sequently measured under Equity Method (cost plus income accrued less income received). Income may include dividend, interest, principal repay- ments, etc. Impairment is assessed on a regular basis and is recognised when it is highly likely that the investment will not be recovered in full. Group contributions and shareholders’ contributions to legal entities The Parent reports group contributions and shareholders’ contributions in accordance with the statements of RFR 2 from the Swedish Financial Reporting Board. Group contributions paid are recognised as sharehold- ers’ contributions. Shareholders’ contributions are recognised directly in the shareholders’ equity of the receiving entity and capitalised in the shares and participating interest of the contributor, to the extent impairment is not required. Note 3 Critical accounting judgements and key sources of estimation uncertainty: The preparation of the /f_i.liga nancial statements in accordance with EU-adopted IFRSs requires the use of certain critical accounting judgements, estimates and assumptions which could in/f_l.liga uence the value of assets and liabilities as well as income and costs reported in the consolidated SFP and SOI respec- tively, as well as the disclosures included in the notes to the consolidated /f_i.liga nancial statements in relation to potential assets and liabilities existing as of the date the consolidated /f_i.liga nancial statements were authorised for issue. Judgements involve decisions on the classi/f_i.liga cation of assets or liabilities and on the use of accounting methods or valuation techniques by manage- ment which can have a signi/f_i.liga cant in/f_l.liga uence on the ultimate outcome. Estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. The resulting accounting estimates could di/f_f.liga er from the related actual results. Estimates and assump- tions are reviewed periodically, and the e/f_f.liga ects of each change are re/f_l.liga ected in the consolidated SOI in the period in which the change occurs. Critical Judgements The following are the critical judgements, apart from those involving estima- tions, that management have made in the process of applying the Group’s accounting policies and that have the most signi/f_i.liga cant e/f_f.liga ect on the amounts recognised in the /f_i.liga nancial statements: Control Assessment The Group regularly assesses control over its investees to determine whether such investees should be consolidated in the Group’s /f_i.liga nancial statements. The assessment includes analysis of economic, operational and governance factors which may or may not be aligned with the legal structure of such investments. Signi/f_i.liga cant judgements are required in control assessment, especially for investments where the relevant factors are not fully aligned with the underlying legal structure. The control assessment especially focuses on the Group’s voting rights or decision making power stipulated in respective contractual agreements. • Since 2006, the Group has operations in Poland structured through invest- ment funds to comply with the local regulation. The investment funds pur- chase and hold portfolios. The Group has control over these funds and thus the funds are consolidated in the Group’s /f_i.liga nancial statements. • Since 2018, the Group invests in various entities either via equity interest or through note holding. These investments are assessed as joint ventures as the Group shares joint control with the other investors (see Note 10). • In 2024, the Group completed the sale of a material portion of its invest- ment portfolios to a/f_f_i.liga liates of Cerberus Capital Management L.P (“Cer- berus”) with the Group holding a 35% of ownership in Orange European Holdings BV, which is the purchasing entity of these portfolios. As the Group has signi/f_i.liga cant in/f_l.liga uence over Orange European Holdings BV, the latter is assessed to be an associate for the Group (see Note 10). Useful Lives of Intangible Assets (excluding Goodwill) The useful lives of intangible assets involve management judgement. The residual values and amortization method are assessed on an annual basis. These assets are exposed to impairment risk, hence, are tested annually to ensure that carrying values are not misstated. Estimates and Key Source of Estimation Uncertainty Key assumptions concerning the future, and other key sources of estima- tion uncertainty at the reporting period may have a signi/f_i.liga cant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next /f_i.liga nancial year. Valuation of Goodwill: Goodwill is subject to an annual impairment test. The calculation involves discounting future cash /f_l.liga ows at the Group’s weighted average cost of capital (“WACC”) to arrive at recoverable amount which is then compared to good- will balance. The underlying cash /f_l.liga ows are based on budgets which are pre- pared using a bottom-up approach incorporating all operating jurisdictions’ feedback and key targets to meet annual milestones, taking into consider- ation of the increased measurement uncertainty due to challenging mac- ro-economic environment and the Group’s evolving business strategies. As such, the impairment test involves a signi/f_i.liga cant level of estimation. Portfolio Investments: The measurement of PIs is based on the Group’s projection of future cash /f_l.liga ows from the acquired portfolios incorporating factors relating to mac- ro-economic environments, types of debtors and loans (e.g., secures / unse- cured). Future projections involve the use of estimates and assumptions that are periodically reviewed. Any changes in the estimated cash /f_l.liga ows are ulti- mately authorised by a central revaluation committee. Valuation of Deferred Tax Assets: The valuation of deferred tax assets is based on forecasted results which depend upon factors that could vary over time and could have signi/f_i.liga cant e/f_f.liga ects on the valuation of deferred tax assets. This involves the use of man- agement judgement and estimates. Macro-economic Environment The current macro-economic environment creates signi/f_i.liga cant measurement uncertainty relating to key assumptions, including WACC, in/f_l.liga ation, eco- nomic output growth, development of Non-Performing Loans (“NPLs”) vol- umes, future performance of NPLs and long-term growth rates. Signi/f_i.liga cant changes in expectations, such as a protracted recession or in/f_l.liga ation rebound- ing, could result in material changes to these assumptions. Consequently, revisions to these metrics could materially impact future valuation amounts reported on the SFP. 58Annual and Sustainability Report 2024About Intrum Governance and control Board of Directors’ Report Financial statements Sustainability information ===== SIDA 59 ===== Note 4 Income Continuing operations Group Parent SEK M 2024 2023 2024 2023 Servicing Income Collection Services 11,655 10,255 - - Sale of Properties 66 856 - - Subscription Income 68 58 - - Other Servicing Income 2 2 - - Total Servicing Income 11,791 11,171 - - Interest Income Portfolio Investments Interest Income 4,608 4,908 - - Other interest income 485 324 - - Total Interest Income 5,093 5,232 - - Other Income Income from Group Companies - - 1,335 1,617 Other 1,149 1,302 - - Total Other Income from continuing operations 1,149 1,302 1,335 1,617 Total 18,033 17,705 1,335 1,617 See note 27 for further segmental information on Revenues. Note 5 Costs Continuing operations Direct Costs Indirect Costs Total SEK M 2024 2023 2024 2023 2024 2023 GROUP EXPENSES Personnel Expenses Salaries 4,121 3,877 1,742 1,818 5,863 5,695 Social Security Expenses 609 561 258 291 867 852 Pension Expenses 185 165 64 65 249 230 Others 578 339 176 179 754 518 Total Personnel Expenses 5,493 4,942 2,240 2,353 7,733 7,295 Depreciation and Amortisation Property, Plant and Equipment 105 99 - - 105 99 Right-of-Use Assets 226 269 - - 226 269 Client Servicing Contracts 684 863 - - 684 863 Software and Other Intangible Assets 293 305 - - 293 305 Total Depreciation and Amortisation 1,308 1,536 - - 1,308 1,536 Other Expenses Third Party Service Providers 484 246 1,132 1,368 1,616 1,614 Legal Expenses 1,170 1,343 - - 1,170 1,343 IT Costs - - 1,016 815 1,016 815 O/f_f_i.liga ce Costs - - 232 231 232 231 Postage Expenses 408 401 - - 408 401 Real Estate Expenses 393 305 - - 393 305 Cost Saving Program - - 99 526 99 526 Others 344 274 413 582 757 856 Total Other Expenses 2,799 2,569 2,892 3,522 5,691 6,091 Cost of Sales Costs of Property Holdings 478 362 - - 478 362 Total Cost of Sales 478 362 - - 478 362 TOTAL GROUP EXPENSES 10,078 9,409 5,132 5,875 15,210 15,284 59Annual and Sustainability Report 2024About Intrum Governance and control Board of Directors’ Report Financial statements Sustainability information ===== SIDA 60 ===== Direct Costs Indirect Costs Total SEK M 2024 2023 2024 2023 2024 2023 PARENT EXPENSES Personnel Expenses Salaries - - 1515415154 185 154 185 Social Security Expenses - - 59 58 59 58 Pension Expenses - - 29 26 29 26 Others - - 13 - 13 - Total Personnel Expenses - - 255 269 255 269 Depreciation and Amortisation and impairment Property, Plant and Equipment 2 4 - - 2 4 Right-of-Use Assets 7 1 - - 7 1 Software and Other Intangible Assets 120 138 - 6 120 144 Impairment of Software and Other Intangible Assets 410 - - - 410 - Total Depreciation and Amortisation 539 143 - 6 539 149 Other Expenses Third Party Service Providers - - 503 590 503 590 IT Costs - - 529 264 529 264 O/f_f_i.liga ce Costs - - 5 11 5 11 Cost Saving Program - - 16 288 16 288 Others 14 143 305 686 319 829 Total Other Expenses 14 143 1,358 1,839 1,372 1,982 TOTAL PARENT EXPENSES 553 286 1,613 2,114 2,166 2,400 Statutory Audit and Advisory Service fees performed by Deloitte are as follows: Group Parent Company SEK M 2024 2023 2024 2023 Audit Assignments 49 45 8 8 Audit Activities Other than Audit Assignments 1 2 1 1 Tax Advice 2 2 - - Other Services 1 2 - 1 Auditing Agencies 53 51 9 10 Auditing activities other than audit assignments relate mainly to accounting advice, support with /f_i.liga nancial statements. Tax advise relates to tax returns and value added tax. Note 6 Net /f_i.liga nancial expenses Continuing operations Group Parent Company SEK M 2024 2023 2024 2023 Financial income Interest income from Group companies - - 3,735 3,507 Other interest income 119 127 59 83 Exchange rate di/f_f.liga erences 13 - - 273 Dividends from Group companies - - 5,572 1,333 Total /f_i.liga nancial income 132 127 9,366 5,196 Financial expenses Interest expenses -3,380 -3,027 -4,421 -4,166 Interest on lease liability in accordance with IFRS 16 -53 -36 - - Foreign exchange losses - - -282 - Impairment shares in subsidiaries - - -1,224 -195 Other /f_i.liga nancial expenses - -8 -22 -97 Total /f_i.liga nancial expenses -3,433 -3,071 -5,949 -4,458 Net /f_i.liga nancial expenses -3,301 -2,944 3,417 738 All interest income is attributable to items that are not carried at fair value in the income statement. All interest expenses pertain to items not carried at fair value via the income statement. Exchange rate di/f_f.liga erences from accounts receivable and accounts payable are reported in operating earnings. The amounts were negligible. The Parent Company’s interest expenses include interest expenses to Group companies of SEK -1,019 M (2023: -695). 60Annual and Sustainability Report 2024About Intrum Governance and control Board of Directors’ Report Financial statements Sustainability information ===== SIDA 61 ===== Note 7 Taxes Continuing operations The tax expense for the year is broken down as follows: Group SEK M 2024 2023 Current tax Tax expense attributable to net earnings for the year -724 -411 Tax adjustments attributable to previous years 72 -31 Total current tax -652 -442 Deferred tax Deferred tax related to temporary di/f_f.liga erences and current year tax loss carryforwards -12 -13 Recognised and derecognised deferred tax on tax loss carryforwards attributable to previous years 40 36 Total deferred tax 28 23 Total tax expense -624 -419 The Group has operations in more than 20 European countries, each with various tax rates. The current tax expense for the year relates mainly to income taxes in Greece, Italy, Spain Norway, Netherlands, Switzerland and Czech Republic. The Group’s Swedish companies paid a limited amount of income tax for the year SEK 10 M (2023: 0) as they were able to utilise tax losses carried forwards from historical losses. The parent company Intrum AB is seated in Sweden where the nominal corporate tax rate in 2024 was 20.6% (2023: 20.6%) The following reconcil- iation explains the di/f_f.liga erence between the Group’s actual tax cost and the expected tax cost taking the Swedish corporate tax rate into account Group 2024 2023 Reconciliation of e/f_f.liga ective tax rateSEK M % SEK M % Pro/f_i.liga t before tax -1,360 -168 Income tax calculated at standard rate in Sweden, 20.6% 280 20.6 35 20.6 E/f_f.liga ect of di/f_f.liga erent tax rates in other countries 261 19.2 314 187.0 Tax e/f_f.liga ect of non-deductible expenses -436 -32.0 -685 -407.7 Tax e/f_f.liga ect of tax-exempt income -495 -36.4 236 140.9 Unrecognized tax assets pertaining to tax losses carried forward -248 -18.2 -138 -82.1 Utilized previously unrecognized tax assets regarding tax losses carried forward 40 3.0 36 21.4 E/f_f.liga ect of change in tax rates 1 - - - Current tax adjustments attributable to previous years 72 5.3 -46 -27.4 Deferred tax adjustments attributable to previous years -103 -7.5 19 11.4 Other 4 0.3 -190 -112.5 Total tax on pro/f_i.liga t for the year -624 -45.9 -419 249.4 Unrecognised tax assets regarding tax losses carried forwards relate to the negative tax e/f_f.liga ect attributable to losses in countries where no deferred tax asset is recognised because it is not probable that enough taxable surplus to utilize the tax losses will arise within the foreseeable future. Utilised pre- viously unrecognised tax assets related to tax losses carried forwards cor- respond to the positive tax e/f_f.liga ect over the year arising from the utilisation of tax loss losses carried forwards, not previously recognised as deferred tax assets. The di/f_f.liga erence between the Swedish nominal corporate tax rate, 20.6%, and the 2024 e/f_f.liga ective tax rate, -45.9%, is primarily an e/f_f.liga ect of higher amounts of losses in entities that have not been able to recognize corre- sponding deferred tax assets (Sweden, Spain & the UK) and increase in non-deductible interest in Sweden for which no deferred tax asset has been recognized thereto. Deferred tax assets and liabilities When temporary di/f_f.liga erences arise between the tax value and carrying value of assets and liabilities, a deferred tax asset or tax liability is recognised in accordance with the criteria of IAS 12. Such temporary di/f_f.liga erences mainly arise for portfolio investments, provisions for pensions and intangible assets. Deferred tax assets include the value of tax losses carried forwards in the instances where they are likely to be utilised to o/f_f.liga set taxable surpluses within the foreseeable future. Group 2024 2024 2023 2023 SEK M Asset/ liability Income/ expense Asset/ liability Income/ expense Portfolio investments -537 188 -725 40 Intangible assets 242 222 20 88 Tax loss and interest carryforwards 810 -309 1,119 149 Provisions for pensions 23 -4 27 - Other 342 4 345 -103 Total 880 101 786 174 Recorded over OCI, FX e/f_f.liga ects and acquisitions -72 -151 Total 29 23 Deferred tax assets 1,986 2,197 Deferred tax liabilities -1,106 -1,411 Total 880 786 The deferred tax assets and income tax liabilities are expected to be due for payment more than one year in the future. Deferred tax assets are reported in the balance sheet when it is expected to be possible to o/f_f.liga set the tax losses carried forward against taxable pro/f_i.liga ts within the foreseeable future or if there are other taxable temporary di/f_f.liga erences towards the same taxing authority. Deferred tax assets and liabilities are reported as a net amount if they relate to the same tax authority or are planned to be utilised simultaneously. Tax expenses recorded over comprehensive income, FX e/f_f.liga ects and acqui- sitions during the year amounted to SEK -65 M (-129), of which SEK 107 M (2023: 58) pertained to foreign currency exchange translation di/f_f.liga erences, SEK 0 (2023: -17) related to the reversal of tax provisions and SEK -172 M (2023: - 170) pertained to revaluations of pension provisions, acquisitions and other foreign exchange e/f_f.liga ects. Tax loss carryforwards per jurisdiction SEK M Gross Unrecognised Sweden 6,616 3,353 Austria - - Germany 801 801 Denmark 279 279 Spain 3,785 3,473 France 178 108 Greece 37 27 Ireland 545 545 Norway - - Poland 8 8 Romania 36 36 UK 1,394 1,370 Total 13,679 10,000 The Group has tax loss carryforwards that can be utilised against future taxable earnings totalling SEK 13,680 M (2023: 11,066). Of these, SEK 10,000 M (2023: 6,099) are not recognised as deferred tax assets. Recognised deferred tax assets related to tax loss carryforwards amounted to SEK 777 M as of 31 December 2024 (2023: 1,065) and include SEK 672 M in Sweden (2023: 829), SEK 78 M in Spain (2023: 209), SEK 6 M in the UK (2023: 6), SEK 18 M in France (2023: 18) and SEK 2 M in Austria (2023: 2) (2023: and 1 in Greece). Interest carried forward per jurisdiction SEK M Gross Unrecognised Sweden 2,517 2,517 Spain 135 - Netherlands 33 33 Total 2,685 2,550 Interest carried forward amount to SEK 2,685 M (2023: 2,291). Of these, SEK2,550 M (2023: 2,272) were not recognised as deferred tax assets. Maturities SEK M Tax loss carryforwards Interest carryforwards 12 months 309 633 24 months 72 281 36 months 207 263 48 months 487 635 5-10 years 459 706 No maturity 12,145 167 Total 13,679 2,685 61Annual and Sustainability Report 2024About Intrum Governance and control Board of Directors’ Report Financial statements Sustainability information ===== SIDA 62 ===== Parent Company 2024 2024 2023 2023 Reconciliation of Parent Company tax rate SEK M % SEK M % Earnings after /f_i.liga nancial items 2,560 59 Income tax calculated at standard tax rate 20.6 percent -527 20.6 -12 20.6 Tax e/f_f.liga ect of non-deductible expenses -509 19.9 -229 391.1 Tax e/f_f.liga ect of tax-exempt income 881 -34.4 276 -472.0 Withholding tax -10 0.4 -9 15.9 Derecognised loss carry forward from previous year 4 -0.2 -2 4.2 Total tax on net earnings for the year -161 6.3 24 -40.4 Tax-exempted revenue and non-deductible expenses in the Parent Com- pany consist primarily of dividends, non-deductible interest and impairment of shares. The Parent company had at 31 December 2024 accumulated inter- est carried forward of SEK 2,191 M (2023: 2,263), which has not been rec- ognised as a deferred tax asset. Pillar Two Income Taxes Temporary exception The group has applied the temporary exception issued by the IASB in May 2023 from the accounting requirements for deferred taxes in IAS12. Accord- ingly, the group neither recognises nor discloses information about deferred tax assets and liabilities related to Pillar Two income taxes. Work to date The group has performed a detailed scoping and safe harbour assessment for all relevant jurisdictions and entities. According to the assessment, the majority of jurisdictions where the group conducts business will be eligible for the transitional safe harbours. Top-up tax On 13 December 2023, the government of Sweden, where Intrum AB (the parent company) is incorporated, enacted the Pillar Two income tax legis- lation e/f_f.liga ective from 1 January 2024. Under the legislation, Intrum AB may be required to pay top-up tax in Sweden on pro/f_i.liga ts of its subsidiaries that are taxed at an e/f_f.liga ective tax rate of less than 15 percent. According to the Group’s assessment, no material top-up tax liability has been identi/f_i.liga ed. The group is continuing to assess the impact of the Pillar Two income tax legislation on its future /f_i.liga nancial performance. Note 8 Intangible assets Below the roll-forward of the intangible /f_i.liga xed assets for 2024 Group Parent Company SEK M Software and capitalised dev expenses Client servicing assets Goodwill Brands Total Software and capitalised dev expenses Tradenames Total Opening balance 1,358 2,810 35,544 117 39,829 527 - 527 of which Cost 3,198 9,449 38,728 514 51,889 933 22 955 Acc. amortization and imp. -1,840 -6,639 -3,184 -397 -12,060 -406 -22 -428 Investment 372 87 242 - 701 148 - 148 Disposals -19 - - -21 -40 - - - Translation di/f_f.liga erence 52 91 731 6 880 - - - Amortization during the period -292 -684 - -1 -977 -120 - -120 Impairment during the period -436 -115 -769 - -1,320 -410 - -410 Other movement -8 -3 123 -1 111 -4 - -4 Closing balance 1,027 2,186 35,871 100 39,184 141 - 141 of which Cost 4,308 9,820 39,756 510 54,394 1,079 22 1,101 Acc. amortization and imp. -3,281 -7,634 -3,885 -410 -15,210 -938 -22 -960 Closing balance 1,027 2,186 35,871 100 39,184 141 - 141 Below the roll-forward of the intangible /f_i.liga xed assets for 2023 Group Parent Company SEK M Software and capitalised dev expenses Client servicing assets Goodwill Brands Total Software and capitalised dev expenses Tradenames Total Opening balance 791 3,019 35,143 100 39,053 546 3 549 of which Cost 2,519 8,846 38,333 468 50,166 809 22 831 Acc. amortization and imp. -1,728 -5,827 -3,190 -368 -11,113 -263 -19 -282 Investment 875 654 772 43 2,344 124 - 124 Disposals -6 - - - -6 - - Translation di/f_f.liga erence -20 - -217 -1 -238 - - Amortization during the period -282 -863 - -25 -1,170 -143 -3 -146 Impairment - - - - - - - - Other movement - - -154 - -154 - - - Closing balance 1,358 2,810 35,544 117 39,829 527 - 527 of which Cost 3,198 9,449 38,728 514 51,889 933 22 955 Acc. amortization and imp. -1,840 -6,639 -3,184 -397 -12,060 -406 -22 -428 Closing balance 1,358 2,810 35,544 117 39,829 527 - 527 62Annual and Sustainability Report 2024About Intrum Governance and control Board of Directors’ Report Financial statements Sustainability information ===== SIDA 63 ===== Goodwill Markets Segment 2024 2023 Norway North 3,497 3,850 Sweden North 2,013 2,015 Denmark North 807 783 Finland North 2,691 2,548 Austria & Germany Middle 2,092 2,009 Belgium & Netherlands Middle 1,285 1,234 Switzerland Middle 3,268 3,217 France Middle 3,547 3,513 UK & Ireland Middle 3,500 3,861 Portugal South 980 915 Spain South 5,003 4,614 Italy South 1,901 1,788 Greece South 5,011 4,964 Poland Eastern 43 45 Other - 233 188 Total 35,871 35,544 Annual impaitment assessment The goodwill balances are annually assessed for impairment by comparing car- rying amounts to value-in-use estimates. These estimates are measured based on post-tax cash/f_l.liga ow forecasts. These forecasts are based on historical results adjusted with current assumptions and future trends for each respective CGU. The value-in-use estimates are based on a 4-year forecasting period. At the end of the 4th year, a terminal value is estimated to re/f_l.liga ect the value relat- ing to future period in perpetuity. The value-in-use estimate is a total of fore- casting period and terminal value discounted at post-tax WACC. Key Assumptions The value-in-use estimates are based on following key assumptions: 2024 2023 WACC (Post-tax) 7.7% to 11.6% 7.2% to 11.1% Tax Rate 15.4% to 27.9% 15.4% to 27.9% Growth Rate 0.0% to 25.6% -5.4% to 19.1% Terminal Growth Rate 2,0% 2,0% Key considerations in determining assumptions include the following: • To determine the WACC, a 10-year Swedish bond yield was used as the risk- free rate. This was adjusted for an equity market risk premium, the industry average of forecast levered beta and country risk premium to determine the cost of equity. The weighted average cost of funds is based on the Group’s debt outlook adjusted for country risk premium with a tax rate applied to determine the cost of debt. The debt-to-equity ratio is based on the Group’s long-term target capital structure applied to the cost of equity and the cost of debt to deterrmine the WACC. Other markets’ WACC are then consid- ered to determine the WACC for Swedish market plus adjustments re/f_l.liga ect- ing each market’s country risk premium and long-term in/f_l.liga ation di/f_f.liga erences. • The tax rate assumption is based on local authorities and legislation for countres a/f_f.liga ected. • Revenue growth rates are based on budget and forecast data approved by the Board of Directors. • Terminal growth rate re/f_l.liga ect a new normal of high in/f_l.liga ation and high inter- est rates. WACC Sensitivity WACC is one of the key inputs to compute the value-in-use estimates. Following sensitivity analysis highlights changes to the headroom between goodwill bal- ance and value-in-use estimates if WACC changes by 50 to 100 Basis Points (“BPS”), whist assuming no change to Terminal Growth Rate (“TGR”): WACC sensitivity Headroom Markets Segment WACC (100) BPS (50) BPS 0 BPS 50 BPS 100 BPS BPS Threshold1 Norway North 8,20% 738 365 53 -214 -443 9 Sweden North 7,70% 1,702 1,340 1,041 790 576 286 Denmark North 7,70% 403 282 182 98 27 121 Finland North 8,70% 1,630 1,275 974 714 488 236 Austria & Germany Middle 8,20% 424 199 10 -151 -289 4 Belgium & Netherlands Middle 8,40% 772 592 441 311 199 200 Switzerland Middle 7,70% 3,047 2,431 1,924 1,498 1,135 329 France Middle 9,10% 672 338 52 -197 -415 12 UK & Ireland Middle 9,70% 1,347 986 671 396 152 136 Portugal South 9,90% 142 67 2 -55 -106 4 Spain South 10,30% 799 417 81 -218 -484 15 Italy South 11,00% 595 451 324 210 108 158 Greece South 11,60% 3,593 3,132 2,719 2,346 2,007 542 Poland Eastern 8,90% 788 722 666 617 575 N/A The results of sensitivity analysis outlined above indicate that an impairment amounting to SEK 834 million and SEK 1,737 million respectively would arise if the WACC percentages assumed were increasd by 50 BPS and 100 BPS respectively. TGR Sensitivity TGR is another key input to compute the value-in-use estimates. Following sensitivity analysis highlights changes to the headroom between goodwill balance and value-in-use estimates if TGR changes by 50 Basis Points (“BPS”), whilst assuming no change to WACC: TGR sensitivity Headroom Markets Segment TGR (100) BPS (50) BPS 0 BPS 50 BPS 100 BPS BPS Threshold1 Norway North 2.00% -365 -171 53 316 630 (11) Sweden North 2.00% 643 826 1,041 1,296 1,605 (365) Denmark North 2.00% 49 110 182 267 371 (147) Finland North 2.00% 570 758 974 1,224 1,519 (306) Austria & Germany Middle 2.00% -226 -117 10 159 337 (4) Belgium & Netherlands Middle 2.00% 237 332 441 568 719 (265) Switzerland Middle 2.00% 1,252 1,561 1,924 2,356 2,880 (424) France Middle 2.00% -333 -153 52 287 562 (12) UK & Ireland Middle 2.00% 249 447 671 926 1,219 (172) Portugal South 2.00% -86 -44 2 55 115 (2) Spain South 2.00% -375 -160 81 352 660 (16) Italy South 2.00% 150 232 324 427 542 (205) Greece South 2.00% 2,171 2,431 2,719 3,037 3,393 (843) Poland Eastern 2.00% 591 626 666 712 767 N/A The results of sensitivity analysis outlined above indicate that an impairment amounting to SEK 646 M and SEK 1,384 M would arise if the TGR WACC assumption was decreased by 50 BPS and 100 BPS respectively 1) BPS threshold shows the number of BPS by which the WACCor TGR must change for the recoverable amount from respective market to be equal to its carrying amount. Client Servicing Contracts Customer contracts were acquired as part of a busines combination in Italy, Spain and Greece. They are recognized at their fair value at the date of acqui- sition and are subsequently amortized on a diminishing balance method. Capitalised Development Expenses It mainly relates to internally developed production system used by the Group in its Servicing business. 63Annual and Sustainability Report 2024About Intrum Governance and control Board of Directors’ Report Financial statements Sustainability information ===== SIDA 64 ===== Revenue Sensitivity Following sensitivity analysis highlights changes to the headroom between goodwill balance and value-in-use estimates if revenue changes by 100 Basis Points (“BPS”), whist assuming no change to Terminal Growth Rate (“TGR”) and WACC: Revenue sensitivity headroom Markets Segment Revenue Growth (200) BPS (100) BPS 0 (BPS) 100 BPS 200 BPS Norway North 2% to 12% -122 -35 53 142 233 Sweden North 2% to 15% 890 965 1,041 1,118 1,197 Denmark North 2% to 14% 134 158 182 206 231 Finland North 2% to 8% 791 882 974 1,067 1,163 Austria & Germany Middle 2% to 26% -90 -41 10 61 114 Belgium & Netherlands Middle 2% to 16% 360 400 441 482 524 Switzerland Middle 1% to 6% 1,655 1,788 1,924 2,062 2,202 France Middle 2% to 15% -119 -35 52 139 228 UK & Ireland Middle 2% to 17% 474 572 671 772 875 Portugal South 2% to 17% -40 -19 2 23 45 Spain South 0% to 2% -184 -53 81 217 356 Italy South 2% to 9% 220 272 324 377 432 Greece South 2% to 13% 2,377 2,547 2,719 2,894 3,072 Poland Eastern 2% to 7% 631 648 666 684 702 The results of sensitivity analysis indicate that an impairment would arise amounting to SEK 183 million and SEK 555 million if revenue growth assumptions were reduced by 100 BPS and 200 BPS respectively. EBIT Sensitivity Following sensitivity analysis highlights changes to the headroom between goodwill balance and value-in-use estimates if EBIT % changes by 100 Basis Points (“BPS”), whist assuming no change to Terminal Growth Rate (“TGR”) and WACC: EBIT sensitivity headroom Markets Segment (200) BPS (100) BPS 0 (BPS) 100 BPS 200 BPS Norway North -241 -94 53 199 346 Sweden North 814 927 1,041 1,154 1,267 Denmark North 93 137 182 226 271 Finland North 708 841 974 1,106 1,239 Austria & Germany Middle -181 -86 10 106 201 Belgium & Netherlands Middle 314 377 441 504 568 Switzerland Middle 1,625 1,774 1,924 2,073 2,222 France Middle -166 -57 52 160 269 UK & Ireland Middle 274 473 671 870 1,068 Portugal South -58 -28 2 32 62 Spain South -440 -180 81 341 601 Italy South 162 243 324 405 486 Greece South 2,403 2,561 2,719 2,876 3,034 Poland Eastern 576 621 666 711 756 The results of sensitivity analysis indicate that an impairment amounting to SEK 444 million and SEK 1,085 million would arise if EBIT % assumptions were reduced by 100 BPS and 200 BPS respectively. Note 9 Portfolio investments Group SEK M 2024 2023 Statement of Financial Position Reconciliation Opening Balance 35,432 35,645 Amortisations of Portfolios -4,357 -5,180 Sale of Portfolios -10,607 -401 Acquisition of Portfolios 1,663 5,367 Realised Credit Gains/-Losses (Net) -79 9 Translation Di/f_f.liga erences 643 -8 Net Investment Movement -12,737 -213 Closing Balance 22,695 35,432 Of which: - Continuing Operations 22,695 35,294 - Discontinued Operations - 138 22,695 35,432 As at 31 December 2024, the undiscounted expected credit losses at ini- tial recognition amounted to SEK 14,661 M (2023: 94,793) for credit-impaired portfolios acquired by the Group during January to December. Group SEK M 2024 2023 Sale of Portfolios 10,607 402 Of which: - Continuing Operations 298 103 - Discontinued Operations 10,309 299 Sale of Portfolios 10,607 402 Sales Proceeds 9,020 402 Carrying Value of Portfolios sold 10,607 401 Loss/Pro/f_i.liga t on Sale of Portfolios -1,587 1 Net Credit Losses/Gains on Portfolio Investments Realised Credit Losses -1,583 -1,249 Realised Credit Gains 1,504 1,258 Net Realized Credit Losses/Gains -79 9 Of which; - Continuing Operations -79 25 - Discontinued Operations - -16 Net Realized Credit Losses/Gains -79 9 Note 10 Associates and Joint Ventures The below table reports the movements in the Investments in associates and joint ventures in 2024 and 2023. Group SEK M 2024 2023 Opening balance 823 1,174 Investment in Associates and Joint Ventures 1,568 1 Earnings from Associates and Joint Ventures 207 171 Impairments of Associates and Joint Ventures impairment 48 -97 Cash /f_l.liga ow (Dividends) from associates and joint venture -367 -433 Translation di/f_f.liga erence 73 7 Closing balance 2,352 823 SEK M 2024 2023 Income statement impact 2024 Associates and Joint Venture income 206 171 Associates and Joint Venture impairment 48 -97 Impact of discontinued operations 263 539 Share of Associates and Joint Ventures Income 517 613 Of which: - Continuing Operations 254 74 - Discontinued Operations 263 539 Share of Associates and Joint Venture Income 517 613 Set out in the tables over are the signi/f_i.liga cant associates and joint ventures of the Group as at 31 December 2024.The Group’s control over these associates and joint ventures is obtained through voting rights or decision making power stipulated either by legal structure or in respective contractual agreements. “Ownership %” refers to share of capital, and “Entitlement %” refers to eco- nomic entitlement representing rights to cash/f_l.liga ows in the associates and joint ventures depending on the nature of relationship. Additional information on the most signi/f_i.liga cant associates and joint ventures is outlined below. Orange In June 2024, the Group sold over 10,000 portfolios in 12 jurisdictions across Europe to a/f_f_i.liga liates of Cerberus Capital Management L.P.. The sales included the disposal of 5 investment vehicles owning those portfolios, namely, Intrum Debt Finance AG, Intrum Hellas DAC, Intrum Hellas 2 DAC, Alpheus Hellas DAC and IJ Debt Fund 1 NS FIZ. The Group has retained a 35% ownership in the 2 purchasing entities, namely, Orange European Holdings BV and Orange Borrower DAC (“Orange entities”), and secured a minimum 5-year exclusive agreement to retain the servicing of the portfolios. As the Group has signif- icant in/f_l.liga uence over the Orange entities based on the terms set in “Share- holders’ Agreement”, the Orange entities are associates for the Group and accounted for at equity method. Ithaca Investment DAC In 2018, Intrum acquired 80% of the Pro/f_i.liga t Participating Notes (PPNs) issued by Ithaca Investment DAC (Ithaca), an entity joint-controlled with Car- Val Investors. Ithaca invested in 51% of junior and mezzanine notes (“the Notes”) issued by the Italian special purpose vehicle (SPV) Penelope SPV 64Annual and Sustainability Report 2024About Intrum Governance and control Board of Directors’ Report Financial statements Sustainability information ===== SIDA 65 ===== S.R.L. (Penelope), to /f_i.liga nance the acquisition of a portfolio of Non-performing Loans (NPLs) sold by Banca Intesa Sanpaolo (hereinafter “ISP”). ISP hold the remaining 49% of the Notes and the senior note. Intrum’s ultimate economic entitlement in the Notes was 40.8%. On 29 December 2021, Penelope was restructured and re/f_i.liga nanced with longer duration, rated, senior notes. The senior notes were later guaranteed through the Garanzia Cartolarizzazione So/f_f.liga erenze, typically referred to as GACS. As part of the restructuring, Ithaca’s holding in the Notes increased from 51% to 95%. In addition, Intrum reduced its holdings in the PPNs issued by Ithaca from 80% to 62.5%. This resulted in an overall increase in Intrum’s economic entitlement of the mezzanine notes from 40.8% to 59.4%. On 24 November 2022, CarVal Investors sold their stake in Ithaca to Kiste- fos which lead to a material write-down of the joint venture. Evolve Spv Srl In March 2021, Intrum acquired 20% of untranched notes issued by Evolve Spv SRL (Evolve), an entity jointly controlled with Deva Capital. Evolve pur- chased a portfolio on NPLs from an Italian bank, BPER Banca. Portland Srl In November 2021, Intrum acquired 28.5% of Mezzanine and Junior notes issued by Portland SRL (Portland), an entity jointly controlled with Deva Cap- ital. Portland purchased a portfolio on NPLs from ISP. Name of entity Accounting method Country of incorporation Place of business Nature of relationship % of ownership % Control % of EntitlementCarrying Value 2024 2023 2024 2023 2024 2023 2024 2023 Orange Associate Netherlands and Ireland Multiple Equity interest 35% N/A 35% N/A 35% N/A 1,570 - Other Associates Associate 22 - Ithaca Joint Venture Ireland Italy Pro/f_i.liga t participating noteholder - - 50% 50% 62.5% 62.5% 419 205 Evolve Joint Venture Italy Italy Pro/f_i.liga t participating noteholder 100% 100% 50% 50% 20% 20% 124 208 Portland Joint Venture Italy Italy Mezzanine Noteholder 100% 100% 50% 50% 28.5% 28.5% 85 242 Other Joint Ventures Joint Venture 132 168 Total 2,352 823 Orange Ithaca Evolve Portland SEK M 2024 2023 2024 2023 2024 2023 2024 2023 Summarised balance sheet Cash and cash equivalents 82 - 840 754 63 90 175 150 Real estate assets - - 399 564 - - - Other assets 5,070 - 9,682 9,727 110 - 61 33 Total current assets 5,152 - 10,921 11,045 173 90 236 183 Portfolio receivable 576 - 4,790 6,144 458 953 1,133 1,820 Other long term assets 9,302 - - - Total non current assets 9,878 - 4,790 6,144 458 953 1,133 1,820 Other liabilities 356 - 1,877 2,094 38 32 146 62 Total current liabilities 356 - 1,877 2,094 38 32 146 62 Other long term liabilities 9,951 - 13,233 14,772 - - 665 841 Total non-current liabilities 9,951 - 13,233 14,772 - - 665 841 Net assets/(liabilities) 4,723 - 601 323 593 1,011 558 1,100 Summarised pro/f_i.liga t and loss Revenues 1,187 - 945 785 42 212 183 476 Prodution expenses -478 - -326 -609 -188 -31 -551 -262 Other expenses -134 - -15 -30 -2 -2 -5 -5 Interest expense -30 - -338 -256 -109 -117 -149 -163 Net Income/(loss) 545 - 266 -110 -257 62 -522 46 65Annual and Sustainability Report 2024About Intrum Governance and control Board of Directors’ Report Financial statements Sustainability information ===== SIDA 66 ===== Note 11 Tangible /f_i.liga xed assets Below the roll-forward of the tangible /f_i.liga xed assets for 2024 Group Parent Company SEK M Computer Hardware, Equipement, /f_i.liga xtures and other tangible /f_i.liga xed assets ROU - Lease property ROU - other leased vehicles and equipment Total ROU assets Total Group Fixed Assets Computer hardware ROU - Leased property Total Parent Fixed Assets Opening balance 280 513 71 584 864 2 2 4 of which Cost 936 1,284 176 1,460 2,396 18 4 22 Acc. amortisation -656 -771 -105 -876 -1,532 -16 -2 -18 Investment 54 268 20 288 342 2 38 40 Disposals -7 -3 -2 -5 -12 - - - Translation di/f_f.liga erence 8 13 6 19 27 - - - Amortisation of the period -105 -195 -31 -226 -331 -2 -5 -7 Other movement -5 -25 44 19 14 - - - Closing balance 225 571 108 679 904 2 33 35 of which Cost 910 1,339 184 1,523 2,433 20 42 62 Acc. amortisation -685 -768 -76 -844 -1,529 -18 -9 -27 Closing balance 225 571 108 679 904 2 33 35 Below the roll-forward of the tangible /f_i.liga xed assets for 2023 Group Parent Company SEK M Computer Hardware, Equipement, /f_i.liga xtures and other tangible /f_i.liga xed assets ROU - Lease property ROU - other leased vehicles and equipment Total ROU assets Total /f_i.liga xed assetsComputer hardware ROU - Lease vehicles Total /f_i.liga xed assets Opening balance 240 614 45 659 899 5 1 6 of which Cost 877 1,314 98 1,412 2,289 18 2 20 Acc. amortisation -637 -700 -53 -753 -1,390 -13 -1 -14 Investment 144 108 105 213 357 1 2 3 Disposals -1 -4 1 -3 -4 - - - Translation di/f_f.liga erence -2 -2 -1 -3 -5 - - - Amortisation of the period -101 -195 -79 -274 -375 -4 -1 -5 Other movement - -8 - -8 -8 - - - Closing balance 280 513 71 584 864 2 2 4 of which Cost 936 1,284 176 1,460 2,396 19 4 23 Acc. amortisation -656 -771 -105 -876 -1,532 -17 -2 -19 Closing balance 280 513 71 584 864 2 2 4 66Annual and Sustainability Report 2024About Intrum Governance and control Board of Directors’ Report Financial statements Sustainability information ===== SIDA 67 ===== Note 12 Other /f_i.liga nancial assets Group SEK M 2024 2023 Deposits 17 16 Loan receivables 42 56 Other 123 103 Total 182 175 Opening balances 175 52 Paid -52 -2 Acquired 51 125 Exchange rate di/f_f.liga erence 8 - Carrying values 182 175 Note 13 Acquisitions of operations On 1 September 2023, the Group completed its acquisition of Solvia Ser- vicios Inmobiliarios, S.A.U. (former: Haya Real Estate S.A.) in Spain. The acquired business includes a servicing platform for secured loans and assets and has no principal investment activity. As of 31 December 2023, the Purchase Price Allocation (“PPA”) exer- cise was ongoing and the Group disclosed a preliminary acquisition analy- sis. During the measurement period, the PPA for the acquisition was /f_i.liga nalised resulting in an adjustment amounting to SEK 197 million in goodwill rec- ognised in the Group. The below is the /f_i.liga nal acquisition analysis: SEK M Carrying amounts before the acquisition Fair value adjust- ments Fair value Client relationships 503 -260 243 Other tangible and intangible /f_i.liga xed assets 304 -219 85 Deferred tax asset 258 63 321 Other receivables 352 - 352 Cash and bank balances 190 - 190 Deferred tax liability - -47 -47 Other liabilities and provisions -1,422 -164 -1,586 Net liabilities 185 -627 -442 Paid in cash 1,226 Less loan provided included in cash paid -1,049 Purchase price 177 Cash and cash equivalents in acquired companies 190 Purchase price 177 Net liabilities 441 Goodwill 2024 618 Goodwill recognised in 2023 421 Adjusted during the period 197 Note 14 Discontinued operations On 28 June 2024, Intrum completed the sale of part of its portfolio investments back-book to a third-party investor for a total consideration of SEK 9 bn. The transaction resulted in a total loss of SEK 1.6 bn. The invest- ments disposed of by Intrum were acquired by a leveraged investment vehi- cle. The acquired assets are funded 57% by leverage and 27.95% by the third-party investor. The third-party investor and Intrum hold a 65% and 35% stake in the leveraged investment vehicle, respectively. In conjunction with this transaction, Intrum has agreed a minimum 5-year exclusive servicing agreement with the investment vehicle, provided certain KPIs are met. Net cash proceeds from the back-book sales amounting to SEK 7.2 bn has been used to reduce debt. The /f_i.liga nancial results of operations discontinued in 2024 are shown below: 31 Dec 2024 SEK M Continuing Operations Discontinued Operations Including Discontinued Operations Income 18,033 861 18,894 Direct costs -10,078 -53 -10,131 Net Credit Losses -79 - -79 Share of Associates and JVs 517 -263 254 Other operating items -1,320 - -1,320 Indirect Costs -5,132 -41 -5,173 Net Operating Income/EBIT 1,941 504 2,445 Net /f_i.liga nancial items -3,301 -186 -3,487 Loss on disposals in the period - -1,587 -1,587 Income before Tax -1,360 -1,269 -2,629 Taxes -624 -92 -716 Net Income/(loss) for the period -1,984 -1,361 -3,345 31 Dec 2023 SEK M Continuing Operations Discontinued Operations Including Discontinued Operations Income 17,705 2,296 20,001 Direct costs -9,409 -313 -9,722 Net Credit Losses/Gains -258 266 8 Share of Associates and JVs 613 -539 74 Indirect Costs -5,875 -122 -5,997 Net Operating Income/EBIT 2,776 1,588 4,364 Net Financial Items -2,944 -804 -3,748 Income before Tax -168 784 616 Taxes -419 -140 -559 Net Income/(loss) for the period -587 644 57 The cash/f_l.liga ows of operations discontinued in 2024 are as follows: SEK M 31 Dec 2024 31 Dec 2023 Operating Cash/f_l.liga ows -1,387 456 I n v e s t i n g C a s h /f_l.liga o w s 556 -275 Financing Cash/f_l.liga ows -2,131 -61 Net Cash/f_l.liga ows -2,962 120 The impact on earnings per share of operatins that discontinued in 2024 are as follows: SEK M 31 Dec 2024 31 Dec 2023 Earnings per Share before Dilution -11.28 -5.32 Earnings per Share after Dilution/uni00A0 -11.28 -5.32 All assets and liabilities associated with the jurisdictions sold during 2024 are excluded from the consolidated Statement of Financial Position as of 31 December 2024. On 24 May 2023, the Group completed its sale of the Brazilian operations in line with its 2023 divestment strategy. The disposal resulted in a loss of SEK 35M. On 30 June 2023, Intrum signed a binding agreement to exit operations in the Baltics (Latvia, Lithuania and Estonia) and Romania. The total purchase consideration amounted to EUR 30 M and EUR 17 M for Baltics and Roma- nia, respectively. The purchase consideration for the Baltics are settled on a deferred payment basis with last payments settled in December 2024 for Baltics and in December 2025 for Romania. Finnish, Estonian and Latvian operations were disposed of during Q3 2023. The Romanian portfolio invest- ments were disposed of during Q4 2023. At 31 December 2023, the /f_i.liga nancial position of operations that discontin- ued in 2023 are as follows: SEK M Discontinued Operations Intangible assets 88 Receivables and Other Operating Assets 54 Portfolio investments 138 Other Assets 19 Cash and Cash Equivalents 197 Total Assets Held for Sale 496 Liabilities 82 Pensions and Provisions 8 Other Payables 10 Total Liabilities Held For Sale 100 Net Assets Held for Sale 396 67Annual and Sustainability Report 2024About Intrum Governance and control Board of Directors’ Report Financial statements Sustainability information ===== SIDA 68 ===== Note 15 Receivables and other operating assets Group Parent Company 2024 2023 2024 2023 Accounts receivable (see ageing below) 1,581 1,398 - - 1,581 1,398 - - Other receivables Outlays on behalf of clients 157 153 - - Less: reserve for uncertainty in outlays on behalf of clients - -7 - - Net outlay receivables on behalf of clients 157 146 - - Prepaid pension premiums 11 12 11 - Receivables from associated companies and joint ventures 64 103 16 - Advance payments in connection with property auctions 19 44 - - VAT 440 246 - 15 Other 612 455 4 7 Total carryinhg value of other receivables 1,303 1,006 31 22 Prepaid expenses and accrued income Accrued income 1,319 1,531 - 15 Prepaid expenses 1,010 382 868 165 Total prepaid and accrued income 2,329 1,913 868 180 Total receivables and other operating assets 5,213 4,463 899 202 Group SEK M 2024 2023 Account receivable not overdue 935 899 Accounts receivable <30 days overdue 240 259 Accounts receivable 30–60 days overdue 108 148 Accounts receivable 61– 90 days overdue 40 43 Accounts receivable >90 days overdue 380 162 Total accounts receivable 1,703 1,511 Accumulated reserve for expected credit losses, opening balance -113 -108 Reserve for expected credit losses for the year -34 -12 Realised client losses for the year 26 8 Withdrawals from reserve for expected credit losses for the year 2 -1 Translation di/f_f.liga erence -3 - Accumulated impaired receivables, closing balance -122 -113 Carrying value 1,581 1,398 Note 16 Fiduciary assets and liabilities Group SEK M 2024 2023 Cash held on behalf of clients 1,281 1,106 Payable to Clients -1,281 -1,106 Net Fiduciary Assets and Liabilities - - Note 17 Cash and cash equivalents Group Parent Company SEK M 2024 2023 2024 2023 Cash and bank balances 2,392 3,617 672 762 Restricted bank accounts 112 152 - - Total Cash and Cash Equivalents 2,504 3,769 672 762 The Parent operates a cash pooling program for the group entities. The Group cash transferred to the Parent Company is included in current accounts and an intercompany payable is recognised for the same amount included in Note 23 Payables and Other Operating Liabilities. Note 18 Net de/f_i.liga ned bene/f_i.liga t liability Group SEK M 2024 2023 Unfunded de/f_i.liga ned bene/f_i.liga t liability 138 214 Funded de/f_i.liga ned bene/f_i.liga t liability 406 328 Total de/f_i.liga ned bene/f_i.liga t liability 544 542 Plan assets -456 -400 Net de/f_i.liga ned bene/f_i.liga t liability 88 142 De/f_i.liga ned dene/f_i.liga t liability changes Balance as at 1 January 142 141 Current service cost 31 26 Past service cost - -2 Interest expense 3 7 Expense for the period 34 31 Actuarial (gains)/losses 4 22 Pensions paid -36 -36 Return on plan assets -39 - Foreign exchange di/f_f.liga erence -17 -16 Balance as at 31 December 88 142 Group SEK M 2024 2023 Net De/f_i.liga ned Plan Asset Changes Balance as at 1 January 400 363 Interest Income 5 7 Return on plan assets 43 -8 Bene/f_i.liga t paid -20 -28 Contributions 25 27 Net payment for the period 53 -2 Foreign exchange di/f_f.liga erence 1 39 Balance as at 31 December 454 400 Key Assumptions (%) 2024 2023 Discount Rate 0.9 - 3.9 1.5 - 3.7 Bene/f_i.liga t Increases 0.0 - 3.3 0.0 - 3.0 Salary Increases 1.0 - 4.0 0.0 - 3.0 Expense for the Period and Interest Income are recognised in SOI. Return on Plan Assets, Actuarial Assumptions (Gains) / Losses and Foreign Exchange Di/f_f.liga erence are recognised in SOCI. Net Payment for the Period is recognised in SOCF.. Group employees in Switzerland and Germany, are covered by pension plans funded through assets under the management of insurance compa- nies and are reported as de/f_i.liga ned bene/f_i.liga t plans. In particular in Switzerland, the Group has an commitment to fund service pension plans funded through insurance policies based on the Swiss Life Collective BVG Foundation and in Transparent BVG Foundation. The pension commitment is funded through insurance contracts. . Employees in Norway, Poland, France, Greece, Spain and Italy are covered by unfunded de/f_i.liga ned bene/f_i.liga t plans that can be paid out as a one-time sum or as monthly payments following retirement. Pension plans in Belgium and Sweden are funded through insurance contracts. Regarding Sweden, the Group is covered by collective agreement (Almega / Unionen / Akademikerförbunden) and is obliged to ensure collective agreed pensions and insurance for its employees. The pension plan is called ITP and made of ITP 1 which includes employees born in 1979 or later and ITP2 which covers employees born in 1978 or earlier. ITP 1 is a de/f_i.liga ned contri- bution plan. For salaried employees in Sweden, the ITP 2 plan’s de/f_i.liga ned bene/f_i.liga t pension obligations for old-age and family pension (or family pension) are secured through an insurance policy with Alecta. According to a statement from the Swedish Corporate Reporting Board, UFR 10 Reporting of ITP 2 pension plan, which is /f_i.liga nanced through insurance with Alecta, should be treated as a multi-employer de/f_i.liga ned bene/f_i.liga t plan. For the /f_i.liga nancial year 2024, the com- pany did not have access to the information required in order to report its proportionate share of the plan’s obligations, plan assets and costs, which meant that the plan could not be recognised as a de/f_i.liga ned bene/f_i.liga t plan. The ITP 2 pension plan, which is secured through insurance with Alecta, is there- fore recognised as a de/f_i.liga ned contribution plan. The premium for the de/f_i.liga ned bene/f_i.liga t old-age and family pension is individually calculated and is depen- dent, among other things, on salary, previously earned pension and expected remaining period of service. The expected contributions in the next reporting period for ITP 2 insurance policies taken out with Alecta amount to SEK 10 M 68Annual and Sustainability Report 2024About Intrum Governance and control Board of Directors’ Report Financial statements Sustainability information ===== SIDA 69 ===== (2023: 10 million). The Group’s share of the total contributions to the plan and the Group’s share of the total number of active members in the plan are 0.07 and 0.04% respectively (2023: 0.06 and 0.04% respectively). The collective funding level is the market value of Alecta’s assets as a per- centage of the insurance liabilities calculated using Alecta’s actuarial meth- ods and assumptions, which are not in accordance with IAS 19. The collective funding level should normally be permitted to vary between 125 and 170%. One measure that could be taken to strengthen the funding level if it is deemed too low, is to increase the contractual price for new subscriptions and the extension of existing bene/f_i.liga ts. If the funding level exceeds 150%, pre- mium reductions can be introduced. At the end of 2024, Alecta’s surplus in terms of the collective funding level was 162% (2023: 158%). Note 19 Borrowing Change in borrowings for the year Group Parent Company SEK M 2024 2023 2024 2023 Opening balance 59,852 56,519 59,852 56,519 Borrowings 12,241 40,190 12,241 40,190 Amortisation of loans -22,928 -36,302 -22,928 -36,302 E/f_f.liga ects of acquisitions and divestments 181 418 181 418 Exchange rate di/f_f.liga erences 1,355 -973 1,355 -973 Closing balance 50,701 59,852 50,701 59,852 Of which: Current liabilities 13,839 7,953 13,839 7,953 Long-term liabilities 36,862 51,899 36,862 51,899 50,701 59,852 50,701 59,852 Summary of borrowings at year end Group Parent Company SEK M 2024 2023 2024 2023 Current liabilities Commercial papers - 694 - 694 Liabilities to credit institutions 1,030 - 1,030 - Bond loan 12,809 7,259 12,809 7,259 Total borrowings in current liabilities 1 13,839 7,953 13,839 7,953 Long-term liabilities Bank loans 12,231 14,885 12,231 14,885 Bond loan 24,631 37,014 24,631 37,014 Total borrowings in long term liabilities 36,862 51,899 36,862 51,899 Total borrowing 50,701 59,852 50,701 59,852 1) All borrowings in current liabilities are less than one year Maturities of long term borrowings Group Parent Company SEK M 2024 2023 2024 2023 Between 1 and 2 years 22,343 14,123 22,342 14,123 Between 2 and 3 years 9,469 23,351 9,469 23,351 Between 3 and 4 years 5,050 9,432 5,050 9,432 Between 4 and 5 years - 4,993 - 4,993 Total borrowings in long term liabilities 36,862 51,899 36,861 51,899 Unused lines of credit excluding guarantee facility Group Parent Company SEK M 2024 2023 2024 2023 Expiring within one year - - - - Expiring after more than one year - 5,089 - 5,089 Total - 5,089 - 5,089 Intrum AB is /f_i.liga nanced through a revolving syndicated loan facility, bonds, bilateral loans and commercial papers. The loan facility of EUR1.1 billion (2023: EUR 1.8 billion) is arranged with a banking consortium comprising 14 banks and applies until January 2026. The loan facility contains oper- ations-related and /f_i.liga nancial covenants, including limits on speci/f_i.liga c /f_i.liga nan- cial indicators. In addition, the credit agreement includes covenants that may restrict, condition or prohibit the Group from incurring additional debt, making acquisitions, disposing of assets, making capital and /f_i.liga nance lease expenditures, allowing assets to be encumbered, changing the scope of the Group’s business and entering into a merger agreement. The loan carries a variable interest rate based on the interbank rate in each currency, with a margin. All operational and /f_i.liga nancial covenants were fully met in 2024. As of 31 December 2024, the loan framework had been utilised in the total amount of SEK 12,245 M (2023: 13,834), which can be broken down into SEK 11,157 M (2023: 11,044), NOK 1,120 M (2023: NOK 1,140 M) and EUR 0 (2023: EUR 150 M). In addition, NOK 55 M (2023: NOK 59 M), DKK 5 M (2023: DKK 0) and EUR 25 M (2023: EUR 0) of the total loan framework is reserved for Guar- antees. The unutilised portion of the revolving credit facility amounted to SEK 0 (2023: 5,089). In November 2023, Intrum entered into a bilateral secured term loan facility with an International bank. The balance of the loan was EUR 100 M as of 31 December 2024 (31 December 2023: EUR 90 M). In 2024, Intrum repurchased bonds totaling EUR 68.8M in February, and repaid bonds at maturity totaling EUR 50 M in June, EUR 469 M in July, and SEK 1,500 M in October. As of year-end 2024 Intrum had outstanding nominal value of bonds total- ing SEK 37,440 M (2023: 44,574) of which SEK 3,740 M (2023: 5,250) are issued under the Swedish MTN program, SEK 857 M (2023: 1,387) are private placements and the remaining SEK 32,843 M (2023: 37,937) are bonds issued in the Euro market. During 2024 commercial papers decreased by SEK 694 M (2023: decreased by 436). At the end of the year, outstanding commercial papers amounted to SEK 0 (2023: 694). The decrease is due to generally lower liquid- ity in the commercial paper market. Bonds outstanding as per 31 December 2024 Designation Currency Nominal amount (M) SEK M Maturity date Interest rate for /f_i.liga xed-rate bonds and margin for variable-rate bonds Market value of bond SEK M EUR 2025 Fix PP EUR 75 856 3/15/2025 3.00% 765 SEK 2025 Fix SEK 400 399 7/3/2025 11.88% 312 SEK 2025 Float SEK 1,100 1,097 7/3/2025 8.00% 797 EUR 2025 Fix EUR 803 9,209 8/15/2025 4.88% 7,063 SEK 2025 Float SEK 1,250 1,248 9/12/2025 4.60% 912 Bonds included in current liabilities 12,809 9,849 EUR 2026 Fix EUR 800 9,114 7/15/2026 3.50% 6,524 SEK 2026 Float SEK 1,000 998 9/9/2026 3.30% 696 EUR 2027 Fix EUR 828 9,469 9/15/2027 3.00% 6,807 EUR 2028 Fix EUR 450 5,050 3/15/2028 9.25% 3,682 Bonds included in long term liabilities 24,631 17,709 Total Bonds 37,440 27,558 Bonds with “Fix” in the denomination mature at /f_i.liga xed interest rates. Bonds with “Float” in the denomination mature at variable interest rates. Bonds with “PP” in the denomination refer to Private Placements. 69Annual and Sustainability Report 2024About Intrum Governance and control Board of Directors’ Report Financial statements Sustainability information ===== SIDA 70 ===== Note 20 Other /f_i.liga nancial liabilities Group SEK M 2024 2023 Long-term Deferred purchase consideration 363 300 Long-term liability to non-controlling interests 253 341 Total 616 641 Note 21 Other provisions Group SEK M 2024 2023 Opening balances 483 38 Amounts utilised during the year -298 -17 Unutilised amounts reversed during the year -54 -30 New provisions for the year 239 374 Provisions in acquired operations - 125 Reclassi/f_i.liga ed provisions 29 - Translation di/f_f.liga erences 7 -7 Closing balances 406 483 Of which: long-term provisions Expenses for returning leased o/f_f_i.liga ce premises to their original condition 12 1 Personnel expenses 32 13 Legal and tax related provisions 101 89 Other 13 4 Total long-term provisions 158 107 Of which: short-term provisions Expenses for returning leased o/f_f_i.liga ce premises to their original condition 9 - Expenses for termination of personnel and other restructuring expenses 187 101 Legal and tax related provisions 38 171 Other 14 104 Total short-term provisions 248 376 Total 406 483 Short-term provisions are expected to be settled within 12 months from of the balance sheet date. Long-term provisions are, by their nature, di/f_f_i.liga cult to determine in terms of their maturity and amount. Settlement is likely in one year’s time at the earliest. Note 22 Lease liability Group Parent Company SEK M 2024 2023 2024 2023 Due after 12 months 526 436 - - Due before 12 months 185 193 - - Total lease liability 711 629 - - The discount rates used to measure the liability ranges from 0.83% to 24.93% (2023: 0.64% to 28%). Note 23 Payables and other operating liabilities Group Parent Company SEK M 2024 2023 2024 2023 Accounts payable 466 332 19 27 Advances from client 16 102 0 - Other current liabilities 1,877 1,507 102 5 Accrued expenses and prepaid income 4,181 4,100 1,207 1,148 Total payable and other operating liabilities 6,540 6,041 1,328 1,180 Group Parent Company SEK M 2024 2023 2024 2023 Accrued social security expenses 294 159 33 10 Accrued vacation pay 188 346 18 19 Accrued bonus expense 395 548 59 78 Prepaid subscription income 916 1,017 - - Accrued interest 960 853 892 785 Other personnel-related expenses 461 246 167 18 O/f_f_i.liga ce - related expenses 95 92 5 4 Production costs 417 342 - - Other accrued expenses 455 497 33 234 Total 4,181 4,100 1,207 1,148 Prepaid subscription income Prepaid subscription income includes SEK 857 M (2023: 975) represents rev- enue collected in advance to service long-term NPLs portfolio. The Com- pany has a right to exclusively service these NPLs up to 2065. Revenue is recognised as services are rendered. Signi/f_i.liga cant revenue is expected to be recognised by 2030. Other current liabilities For 2024, other current liabilities amount to SEK 1,881 (2023: SEK 1,507 M). which primarily relates to VAT and other operational taxes payable of SEK 612 M (542) and SEK 370 M (408) relating to deferred payments for portfo- lio investments. Note 24 Share capital and reserves Share capital According to the Articles of Association of Intrum AB (publ), the company’s share capital will amount to not less than SEK 1.3 M (1.3 M) and not more than SEK5 .2 M (5.2 M). All shares are fully paid in, carry equal voting rights and share equally in the company’s assets and earnings. No shares are reserved for transfer. There are 121,720,918 (2023: 121,720,918 ) shares in the company, and the share capital amounts to SEK 2,899,805 (2023: 2,899,805). See below regarding repurchased shares The number of shares outstanding at the end of the year was 120,601,863 (120,536,935). The average number of shares outstanding over the year was 120,569,399 (120,536,935). Share repurchase Shares repurchased represent treasury shares, some of which can be assigned to certain employees of the Group bene/f_i.liga ciaries of long term incen- tive plans . There has been no repurchase of shares in 2023 or 2024. Other shareholders’ equity in the Group Other paid-in capital Refers to equity, other than share capital contributed by the owners or arising owing to the Group’s shared-based payment programs and also include the share premiums paid in connection with the issuance of new issues. When shares are issued at a premium, the amount exceeding their quota value is transferred to the share premium reserve which is included in other paid-in capital. Provisions to the share premium reserve as of 2006 are treated as non-restricted equity. Reserves Reserves includes the translation reserve, which contains all exchange rate di/f_f.liga erences that have, since the transition to IFRS in 2004, arisen on the translation of /f_i.liga nancial statements from foreign operations as well as on long-term intra-Group receivables which are considered as permanent investment in the Group’s foreign operations. Reserves also include the exchange rate gains and losses arising in the Parent Company’s external loans in foreign currency, which are intended to hedge the Group’s translation exposure attributable to net assets in foreign subsidiaries. Reserves include fair value reserves for unrealised exchange rate gains or losses on external loans in foreign currency, which are intended to hedge the Group’s translation exposure attributable to net assets in foreign subsidiaries. The fair value reserve is treated as non-restricted equity. Retained earnings including net earnings for the year Retained earnings include: (i) Earnings in the Parent Company and its subsidiaries, joint ventures and associated companies (ii) Accumulated revaluations of the Group’s de/f_i.liga ned bene/f_i.liga t pension provi- sions are also included. Dividends paid and share repurchases are deducted from the amount. 70Annual and Sustainability Report 2024About Intrum Governance and control Board of Directors’ Report Financial statements Sustainability information ===== SIDA 71 ===== Earnings brought forward refer to retained earnings from the previous year less the dividend paid and share repurchases. Retained earnings are non- restricted equity. Dividends Following the balance sheet date the Board of Directors did not propose a dividend per share for the /f_i.liga nancial year ended 31 December 2024. Other shareholders’ equity in the Parent Company Statutory reserve Refers to provisions to the statutory reserve and share premium reserve prior to 2006. The statutory reserve is restricted equity and may not be reduced through distributions of earnings. Capital structure The company’s de/f_i.liga nition of capital corresponds to shareholders’ equity including holdings without a controlling interest, which at year-end totaled SEK 13,388 M (2023: 16,752 M). The measure of the company’s capital structure used for control purposes is consolidated net debt in relation to pro forma rolling 12-month-adjusted cash EBITDA, which at year-end amounted to 4.5x (2023: 4.4x). This ratio is calculated by placing current consolidated net debt at the end of the year in relation to pro forma cash EBITDA, including operations being phased out and including a calculated cash EBITDA throughout the period for larger units acquired during the year, and excluding non-recurring items (NRIs). Net debt is de/f_i.liga ned as the sum of interest-bearing liabilities and pension provisions less liquid funds and interest-bearing receivables. Note 25 Non-controlling interest The non-controlling interest relates to Greek and Spanish subsidiaries. During 2023, the Group acquired non-controlling interest in one of the Spanish subsidiaries which resulted in reduction of the non-controlling bal- ance by SEK 343 M. An equal amount was recognised as an increase in shareholders equity balance. The cash payment for the share repurchase amounted to SEK 355 M and is included in the 2023 consolidated statement of cash /f_l.liga ows. The Group had a put/call option to acquire non-controlling interest in a Spanish subsidiary. The put/call option on Spanish subsidiary’s non-controlling interest entitled either party to exercise the instrument, requiring the Group to acquire minority stake at fair value.The instrument had no pre-set expiry date and was non-transferrable to third parties. The put/ call option was executed in 2024 with the acquisition of the non-controlling interest in the Spanish subsidiary. During the year, the Group acquired non-controlling interest in one of the Spanish subsidiaries which resulted in reduction of the non-controlling balance by SEK 79 M. An equal amount was recognized as an increase in shareholders equity balance. The cash payment for the share repurchase amounted to SEK 62 M and is included in the consolidated statement of cash /f_l.liga ows. The remaining SEK 17 M was classi/f_i.liga ed as a deferred payment for shares to be settled at a later date. Note 26 Pledged assets and contingent liabilities Pledged assets Pledged collateral includes deposits and restricted bank balances that can be claimed by clients, suppliers or authorities in the event that Intrum were not to meet its contractual obligations. Pledged collateral also includes shares in subsidiaries within the Group pledged as collateral for the Parent Company’s revolving credit facility. Group Parent Company SEK M 2024 2023 2024 2023 Pledged assets Restricted bank accounts 112 152 112 152 Shares in subsidiaries 49,937 42,992 49,937 42,992 Total 50,049 43,144 50,049 43,144 Contingent liabilities 7 7 7 7 Payment guarantees - 1 - - Total 7 8 7 7 Payment guarantees/uni00A0 The Group o/f_f.liga ers services whereby clients, against payment, obtain a guar- antee from Intrum regarding the clients’ receivables from their customers. This entails a risk being incurred that Intrum must compensate the customer for the guaranteed amount in the event that the invoices are not paid on time. In those cases where the guarantee comes into play, Intrum assumes the client’s claim against its customer and takes over the continued handling of the case within the Portfolio Investments area of operations. At the end of the year, the total amount of contingent liabilites is SEK7 M (2023: 7). Intrum’s risk in this business is managed through strict credit limits and an analysis of the borrower’s credit status. At the end of the year, Intrum had allocated SEK 0 (2023: 1) in the balance sheet to cover payments that may arise due to the guarantee. Other The Group is involved in several legal disputes, both disputes that are cus- tomary for an organsation as Intrum and disputes in the ordinary course of business. None of these disputes are expected to give rise to any signicant liabilities or cost. 71Annual and Sustainability Report 2024About Intrum Governance and control Board of Directors’ Report Financial statements Sustainability information ===== SIDA 72 ===== Note 27 Segment analysis (including discontinued operations) 2024 Servicing Investing SEK M North Middle South Eastern Subtotal North Middle South Eastern Subtotal Eliminations Central Grand Total Discontinued Operations Total excluding Discontinued Operations Performance Analysis: External Income 1 2,669 3,162 6,393 21 12,245 1,449 2,074 1,884 1,112 6,519 - 130 18,894 861 18,033 Internal Income 375 741 553 479 2,148 - - - - - -2,337 189 - - - Income 3,044 3,903 6,946 500 14,393 1,449 2,074 1,884 1,112 6,519 -2,337 319 18,894 861 18,033 Direct Costs -1,882 -2,615 -4,663 -255 -9,415 -433 -1,088 -735 -658 -2,914 2,277 -79 -10,131 -53 -10,078 Indirect Costs -743 -1,034 -1,316 -174 -3,267 -18 -131 -82 -194 -425 56 -1,537 -5,173 -41 -5,132 Share of Associates and Joint Ventures - - 36 - 36 137 15 66 - 218 - - 254 -263 517 Net Credit Gains - - - - - -99 -32 -89 141 -79 - - -79 - -79 Other Operating Items -217 -401 - -141 -759 - - - - - - -561 -1,320 - -1,320 Net Operating Income / EBIT 2 202 -147 1,003 -70 988 1,036 838 1,044 401 3,319 -4 -1,858 2,445 504 1,941 Net Financial Expenses -5,074 -1,773 -3,301 Income before Taxes -2,629 -1,269 -1,360 Taxes -716 -92 -624 Net Income / (Loss) for the Year -3,345 -1,361 -1,984 2023 Servicing Investing SEK M North Middle South Eastern Subtotal North Middle South Eastern Subtotal Eliminations Central Grand Total Discontinued Operations Total excluding Discontinued Operations Performance Analysis: External Income 1 2,352 2,582 6,345 165 11,444 1,692 2,502 2,444 1,907 8,545 12 20,001 2,296 17,705 Internal Income 384 847 702 585 2,518 - - - - - -2,750 232 - - - Income 2,736 3,429 7,047 750 13,962 1,692 2,502 2,444 1,907 8,545 -2,750 244 20,001 2,296 17,705 Direct Costs -1,920 -2,204 -4,246 -511 -8,881 -451 -1,141 -915 -787 -3,294 2,687 -234 -9,722 -313 -9,409 Indirect Costs -739 -1,269 -1,369 -355 -3,732 -29 -48 -82 -197 -356 63 -1,972 -5,997 -122 -5,875 Share of Associates and Joint Ventures - - 22 - 22 - - 52 - 52 - - 74 -539 613 Net Credit Gains - - - - - -153 -21 -96 278 8 - - 8 266 -258 Net Operating Income / EBIT 2 77 -44 1,454 -116 1,371 1,059 1,292 1,403 1,201 4,955 - -1,962 4,364 1,588 2,776 Net Financial Expenses -3,748 -804 -2,944 Income before Taxes 616 784 -168 Taxes -559 -140 -419 Net Income / (Loss) for the Year 57 644 -587 1) External Servicing Income includes SEK -334 M (-854 M) relating to discontinued operations so Exter- nal Servicing Income for continuing operations is SEK 12,579 M (12,298 M). External Investing Income includes SEK 1,195M (3,150 M) relating to discontinued operations so External Investing Income for continuing operations is SEK 5,324 M ( 5,395 M). 2) External Servicing EBIT includes SEK 88 M (76 M) relating to discontinued operations so External Servicing EBIT for continuing operations is SEK 900 M (1,294 M). External Investing EBIT includes SEK 416 M (1,510 M) relating to discontinued operations so External Investing EBIT for continuing operations is SEK 2,903 M (3,445 M). Market breakdown Market refers to the place where the Group carries out servicing business. • Northern Markets (5 markets): ‘Norway’, ‘Sweden’, ‘Denmark’, ‘Finland’ and ‘Poland’ • Middle Markets (5 markets): ‘Austria & Germany’, ‘Belgium & Netherlands’, ‘France’, ‘Switzerland’ and ‘UK & Ireland’ • Southern Markets (4 markets): ‘Portugal’, ‘Spain’, ‘Italy’ and ‘Greece’ • Eastern Markets (3 markets): ‘Czech Republic’, ‘Slovakia’, Romania and ‘Hungary’. 72Annual and Sustainability Report 2024About Intrum Governance and control Board of Directors’ Report Financial statements Sustainability information ===== SIDA 73 ===== Income by Country 2024 2023 Revenue from Contracts with Customers Revenue on Portfolio Investments Total income Revenue from Contracts with Customers Revenue on Portfolio Investments Total income Spain 2,520 781 3,301 2,295 899 3,194 Greece 2,175 448 2,623 2,480 720 3,200 Italy 1,645 395 2,040 1,541 440 1,981 United Kingdom 952 994 1,946 567 890 1,457 Norway 885 486 1,371 909 525 1,434 Finland 860 245 1,105 776 436 1,212 Switzerland 839 148 987 735 246 981 Germany 392 458 850 311 658 969 Hungary 100 730 830 89 949 1,038 Sweden 703 215 918 528 406 934 France 648 104 752 585 274 859 Poland 201 281 482 120 555 675 Denmark 165 206 371 155 300 455 Other countries 521 797 1,318 546 1,066 1,612 Total 12,606 6,288 18,894 11,637 8,364 20,001 Discontinued Operations 334 -1,195 -861 852 -3,148 -2,296 Total Income excluding Discontinued Operations 12,940 5,093 18,033 12,489 5,216 17,705 Income by Segment 2024 2023 Revenue from Contracts with Customers Revenue on Portfolio Investments Total income Revenue from Contracts with Customers Revenue on Portfolio Investments Total income Servicing 12,245 - 12,245 11,444 - 11,444 Investing 231 6,288 6,519 182 8,364 8,546 Central 130 - 130 11 - 11 Total 12,606 6,288 18,894 11,637 8,364 20,001 Discontinued Operations 334 -1,195 -861 852 -3,148 -2,296 Total Income excluding Discontinued Operations 12,940 5,093 18,033 12,489 5,216 17,705 Intangible Assets, Property, Plant and Equipment and Right of Use Assets SEK M 2024 2023 Spain 7,078 7,051 Norway 4,975 5,259 Finland 4,653 4,504 Italy 4,317 4,283 Switzerland 3,437 3,355 Greece 2,650 2,818 Portugal 2,226 2,085 Sweden 2,059 2,078 Germany 1,371 1,220 France 1,218 1,182 Belgium 1,081 1,046 Hungary 1,003 1,059 United Kingdom 531 933 Denmark 891 861 Other countries 2,599 2,959 Total 40,089 40,693 73Annual and Sustainability Report 2024About Intrum Governance and control Board of Directors’ Report Financial statements Sustainability information ===== SIDA 74 ===== Note 28 Financial risk management Financial instruments Group Parent Company SEK M Note 2024 2024 2023 2023 2024 2024 2023 2023 Carrying Value Fair Value Carrying Value Fair Value Carrying Value Fair Value Carrying Value Fair Value Financial instruments Financial assets valued at amortised cost (i) 31,874 31,490 44,983 44,171 45,118 45,645 41,996 43,365 Financial assets valued at fair value (ii) 16 16 324 324 16 16 324 324 Total /f_i.liga nancial assets 31,890 31,506 45,307 44,495 45,134 45,661 42,320 43,689 Financial liabilities valued at amortised cost (iii) 59,383 49,272 66,556 61,832 54,749 44,638 61,911 57,187 Financial liabilities valued at fair value 526 526 651 651 443 443 303 303 Total /f_i.liga nancial liabilities (ii) 59,909 49,798 67,207 62,483 55,192 45,081 62,214 57,490 On the balance sheet date, the following financial instruments amount to: Financial assets at amortised cost Portfolio investments (i), (ii) 22,695 22,311 35,294 34,482 - - - - Accounts receivable (i),(ii),(iv) 1,581 1,581 1,398 1,398 - - - - Other receivables including accrued income (i),(ii), (iii) (iv) 5,095 5,095 4,522 4,522 44,446 44,973 41,234 42,603 Cash and cash equivalents (i), (ii),(iv) 2,503 2,503 3,769 3,769 672 672 762 762 Total /f_i.liga nancial assets valued at amortised cost 31,874 31,490 44,983 44,171 45,118 45,645 41,996 43,365 Financial assets at fair value Derivatives (ii) 16 16 324 324 16 16 324 324 Total /f_i.liga nancial assets 31,890 31,506 45,307 44,495 45,134 45,661 42,320 43,689 Financial liabilities at amortised cost Long-term bank loans (iii) 12,231 12,001 14,885 14,868 12,231 12,001 14,885 14,868 Bond loans (iii) 37,439 27,558 44,273 39,566 37,439 27,558 44,273 39,566 Liabilities to credit institutions (iii) 1,030 1,030 694 694 1,030 1,030 694 694 Accounts payable (iii), (iv) 466 466 332 332 19 19 27 27 Other liabilities including accrued expenses (ii), (iii), (iv) 8,217 8,217 6,372 6,372 4,030 4,030 2,032 2,032 Financial liabilities valued at amortised cost 59,383 49,272 66,556 61,832 54,749 44,638 61,911 57,187 Financial liabilities at fair value Derivatives 61 61 303 303 61 61 303 303 Other liabilies 465 465 348 348 382 382 - - Financial liabilities valued at fair value 2 526 526 651 651 443 443 303 303 Total /f_i.liga nancial liabilities 59,909 49,798 67,207 62,483 55,192 45,081 62,214 57,490 Notes: (i) Financial assets valued at amortized cost include portfolio investments, other long-term receivables, accounts receivable, client funds, other cur- rent receivables, accrued income, cash and cash equivalents and, for the Parent Company, also intra-Group receivables. (ii) Financial assets and liabilities valued at fair value include derivative assets and liabilities, deferred considerations related to acquisitions of shares and other liabilities related to the acquisition of the minority interests in certain Spanish and Greek subsidiaries. Derivatives are measured based on valuation techniques that uses observable market data and thus fall under Level 2 in the valuation hierarchy according to IFRS 13. Deferred considerations and other liabilities are measured at fair value using non observable market data and, therefore, fall under in accordance with level 3 in the valuation hierarchy according to IFRS 13. (iii) Financial liabilities valued at amortized cost include non-current and cur- rent liabilities to credit institutions, bond loans, commercial papers, client funds payable, accounts payable, advances from clients, other current liabilities, accrued expenses and, for the Parent Company, intra-Group liabilities. (iv) Current assets and current liabilities are expected to be realised and set- tled in their normal operating cycle. They do not generate interest and do not lose value due to the timing of settlement. The Group believes car- rying value of the current assets and current liabilities represent their fair value as of 31 December 2024. v) Bank loans: Long-term bank loans balance represents the drawn-down amount on a revolving credit facility (“RCF”). The RCF is repriced every 3-6 months, i.e., the interest rate re/f_l.liga ects current market conditions, fall- ing under Level 1 input per IFRS 13. The Group applies present value techniques using the Group’s weighted average cost of capital on the fore- casted interest and principal repayments to reach fair value. vi) The Parent’s long-term receivables from Group companies consist of loans given by the Parent to its subsidiaries. Non-observation market data are used, falling under Level 3 input per IFRS 13. The Group applies pres- ent value techniques using the Group’s weighted average cost of capital on the forecasted interest and principal repayments to reach fair value. Financial risks and /f_i.liga nancial policies Principles of /f_i.liga nancing and /f_i.liga nancial risk management Intrum’s Group’s /f_i.liga nancing and /f_i.liga nancial risks are managed by the Board of Directors and the Audit and Risk Committee in accordance with the treasury policy established by the Board of Directors. The treasury policy contains rules for managing /f_i.liga nancial activities, delegating responsibility, measuring and identifying /f_i.liga nancial risks and limiting these risks. Refer to in the Corpo- rate Governance section (pages 25 to 33) and the Risks and Risk Manage- ment section of the Board of Directors Report (pages 39 to 45) for further information. Internal and external /f_i.liga nancial operations are concentrated in Group Trea- sury in London, Stockholm and Oslo. This achieves economies of scale in terms of pricing for /f_i.liga nancial transactions. Because Group Treasury can take advantage of temporary surpluses and de/f_i.liga cits in the Group’s various coun- tries of operation, the Group’s total interest expense can be minimised. 74Annual and Sustainability Report 2024About Intrum Governance and control Board of Directors’ Report Financial statements Sustainability information ===== SIDA 75 ===== Market risk Market risk consists of risks related to changes in exchange rates and interest rate levels. Exchange rate risk Exchange rate risk is the risk that /f_l.liga uctuations in exchange rates will nega- tively a/f_f.liga ect the Group’s income statement, balance sheet and/or cash /f_l.liga ows. The most important currencies for the Intrum Group, other than the Swed- ish krona (SEK), are the euro (EUR), the Swiss franc (CHF), the British Pound (GBP), the Hungarian forint (HUF) and the Norwegian krone (NOK). The following exchange rates have been used to translate transactions in for- eign currency in the /f_i.liga nancial accounts: Year Ended Year Ended Average Average Currency 31 Dec 2024 31 Dec 2023 2024 2023 CHF 12.17 11.98 12.00 11.82 EUR 11.46 11.10 11.43 11.48 GBP 13.82 12.77 13.51 13.20 HUF 0.0279 0.0290 0.0289 0.0301 NOK 0.97 0.99 0.98 1.01 Exchange rate risk can be divided into transaction exposure and transla- tion exposure. Transaction exposure consists of net operating and /f_i.liga nan- cial receipts and disbursements in di/f_f.liga erent currencies. Translation exposure consists of the e/f_f.liga ects from the translation of the /f_i.liga nancial reports of foreign subsidiaries and associated companies to SEK. Transaction exposure In each country, all income and most operating expenses are denominated in local currencies, and thus currency /f_l.liga uctuations have only a limited impact on the company’s operating earnings in local currency. National operations seldom have receivables and liabilities in foreign currency. Income and expenses in national currency are thereby hedged in a natural way, which limits transaction exposure. The currency exposure that arises within the operating activities is limited to the extent it pertains to interna- tional collection operations. The subsidiaries’ projected /f_l.liga ow exposure is not hedged at present. All major known currency /f_l.liga ows are hedged on a contin- uous basis in the Group and the Parent Company through forward exchange contracts. Translation exposure Intrum operates in 20 countries. The results and /f_i.liga nancial position of subsid- iaries are reported in the relevant foreign currencies and later translated into SEK for inclusion in the consolidated /f_i.liga nancial statements. Consequently, /f_l.liga uctuations in the SEK exchange rate a/f_f.liga ect consolidated income and earn- ings, as well as equity and other items in the /f_i.liga nancial statements. The Group’s revenues (including discontinued operations) are distributed by currency as follows: SEK M 2024 2023 SEK 712 526 EUR 12,282 13,908 GBP 1,889 1,279 CHF 839 735 HUF 948 1,144 NOK 1,309 1,330 Other currencies 915 1,079 Total 18,894 20,001 An appreciation of the Swedish krona of 10 (2023: 10) percentage points on average in 2024 against EUR would thus, all else being equal, have a/f_f.liga ected rev- enues negatively by SEK1,228 M (2023: 1,391), against GBP by SEK 189 M (2023: 128), against CHF by SEK 84 M (2023: 73), against HUF by SEK95 M M (2023: 114) and against NOK by SEK131 M (2023: 133), before the e/f_f.liga ects of hedging. In terms of net assets by currency, shareholders’ equity in the Group, including non-controlling interests, is distributed as follows: SEK M 2024 2023 SEK 7,024 9,750 EUR 13,186 22,929 - EUR hedged through foreign currency loans -17,299 -27,951 + EUR hedged through derivatives 5,196 6,881 GBP 1,811 2,086 - GBP hedged through derivatives - -1,468 CHF - 482 - CHF hedged through derivatives - - NOK 2,842 4,266 -NOK hedged through foreign currency loans - -1,106 - NOK hedged through derivatives - -2,132 HUF 957 884 -HUF hedged through foreign currency loans - - Other currencies 1,750 4,308 Total 15,467 18,929 All else being equal, an appreciation in the Swedish krona of 10 percentage points as per 31 December 2024 against EUR would have a/f_f.liga ected shareholders’ equity in the Group negatively by SEK-108 M (2023: -186), negatively against GBP by SEK -181 M (2023: -60), negatively against CHF by SEK 84 M (2023: -48), negatively against HUF by SEK -96 M (2023: -88) and negatively against NOK by SEK -284 M (2023: -104). The Group hedges part of its translation exposure by means of currency hedg- ing measures, consisting of external loans in foreign currency and derivative instruments. There is an economic relationship between the hedged balance sheet items and the hedging instruments, in which the e/f_f_i.liga ciency of the hedge is tested and adjusted monthly. The e/f_f.liga ects of the translation exposure and hedg- ing measures have opposite values (negative/positive) and are reported under Other comprehensive income. The hedging instruments amounted to SEK 13,347 M (2023: -27,026) at year-end. No ine/f_f_i.liga ciencies were reported during the year regarding hedges of net investments in foreign operations. Liquidity risk Liquidity risk is the risk of a loss or higher-than-expected costs to ensure the Group’s ability to ful/f_i.liga l its short and long-term payment obligations to outside parties. The Group’s long-term /f_i.liga nancing risk is limited by committed loan facilities. The Group’s policy is that maximum 1/3 of the Group’s total debt can mature in any 12 month rolling period. In order to limit the Group’s liquidity, Group Treasury shall, at least, have avail- able liquidity, or credit lines available, to meet contractual and expected port- folio investments for the coming 90 days. As at year-end, the minimum liquidity requirement was SEK 1,163 M (2023: 1,264). The Group has deposited its liquid assets with established /f_i.liga nancial institutions where the risk of loss is considered remote. The Group’s /f_i.liga nance function prepares regular liquidity forecasts with the purpose of optimising the balance between loans and liquid funds so that the net interest expense is minimised without incurring di/f_f_i.liga culties in meeting exter- nal commitments. As of 31 December 2024, the Group has the current liabilities on commer- cial papers and bond loans standing at SEK 12,809 M (2023: 7,953). The table below provides an analysis of the /f_i.liga nancial liabilities of the Group and the Par- ent Company broken down according to the amount of time remaining until the contractual maturity date. The amounts given in the table are the contractual, undiscounted cash /f_l.liga ows. As part of the successful implementation of the recapitalisation, which is expected to be e/f_f.liga ective from H1 2025, the maturities structure will be extended and the bond loans will mature in 2027 and the RCF will mature in 2028. The implication is that after the recapitalisation the liabilities due within one year, as presented in the table below, will be lower by SEK 13,839 M for both the Group and the Parent Company. Financial liabilities in the balance sheet – Group SEK M Within 1 year 2–5 years Later than 5 years Total 31 Dec 2024 Lease liabilities 185 523 3 711 Long-term bank loans - 12,231 - 12,231 Bond loans 12,809 24,631 - 37,439 Liabilities to credit institutions 1,030 - - 1,030 Other current liabilities 8,692 - - 8,692 Other long-term liabilities - 1,880 88 1,968 Total 22,716 39,265 91 62,072 31 Dec 2023 Accounts payable and other liabilities 7,330 - - 7,330 Lease liabilities 198 418 21 637 Bank loans - 14,885 - 14,885 Bond loans 7,259 37,315 - 44,574 Commercial papers 694 - - 694 Total 15,481 52,618 21 68,120 75Annual and Sustainability Report 2024About Intrum Governance and control Board of Directors’ Report Financial statements Sustainability information ===== SIDA 76 ===== Financial liabilities in the balance sheet – Parent Company SEK M Within 1 year 2–5 years Later than 5 years Total 31 Dec 2024 Long term bank loans - 12,231 - 12,231 Bond loans 12,809 24,631 - 37,439 Liabilities to credit institutions 1,030 - - 1,030 Other long term liabilities - 358 - 358 Liabilities to Group companies 2,416 24,343 - 26,759 Other current liabilities 1,389 - - 1,389 Total 17,644 61,563 - 79,207 31 Dec 2023 Accounts payable and other liabilities 1,320 - - 1,320 Long term bank loans - 14,885 - 14,885 Bond loans 7,259 37,315 - 44,574 Commercial papers 694 - 694 Liabilities to Group companies 799 17,419 - 18,218 Total 10,072 69,619 - 79,691 Interest rate risks Interest rate risks relate primarily to the Group’s borrowings, which amounted to SEK 50,701 (2023: 59,852) on 31 December 2024. 70% (2023: 65%) of loans are /f_i.liga xed rate and 30% (2023: 35%) are /f_l.liga oating rate. The Group’s loans have a /f_i.liga xed interest term – currently about 16 months (2023: 20 months) for the entire loan portfolio. A 1-per cent increase in market interest rates during the year would have adversely a/f_f.liga ected net /f_i.liga nancial items by approximately SEK 201 M (2023: 210). A /f_i.liga ve-per cent increase would have adversely a/f_f.liga ected net /f_i.liga nancial items by SEK 866 (2023: 1,052). Intrum also holds cash in bank accounts which are positively impacted by interest ratres as higher rates increase iterest on these balances. Credit risks Credit risk consists of the risk that Intrum’s counterparties are unable to ful/f_i.liga l their obligations to the Group. Financial assets that potentially subject the Group to credit risk include cash and cash equivalents, accounts receivable, portfolio investments, out- lays on behalf of clients, derivatives and guarantees. For /f_i.liga nancial assets owned by Intrum, no collateral or other credit reinforcements have been received, with the exception of a certain portion of the Group’s portfolio investments. The maximum credit exposure for each class of /f_i.liga nancial assets corresponds to the carrying amount. Cash and cash equivalents The Group’s cash and cash equivalents consist primarily of bank balances and other short-term /f_i.liga nancial assets with a remaining maturity of less than three months. The Group has deposited its liquid assets with established banks where the risk of loss is considered remote. Accounts receivable The Group’s accounts receivable from clients and debtors in various indus- tries, and are not concentrated in a speci/f_i.liga c geographical region. The Group’s largest client accounts for less than 2% of revenues. Most accounts receiv- able outstanding are with customers previously known to the Group and whose creditworthiness is good. For an analysis of accounts receivable by age, see Note 15. Portfolio investments As part of its portfolio investment operations, Intrum acquires portfolios of consumer receivables and tries to collect them. Unlike its conventional col- lection operations where Intrum works on behalf of clients in return for com- missions and fees, in this case it assumes all the rights and risks associated with the receivables. The portfolios are purchased at prices signi/f_i.liga cantly below their nominal value, and Intrum retains the entire amount it collects, including interest and fees. The acquired receivables are overdue and in many cases are from debtors who are having payment problems. It is obvi- ous, therefore, that the entire nominal amount of the receivable will not be recovered. On the other hand, the receivables are acquired at prices signi/f_i.liga - cantly below their nominal value. The risk in this business is that Intrum, at the time of acquisition, overestimates its ability to collect the amounts or under- estimates the costs of collection. The maximum theoretical risk would be that the entire carrying value of SEK 22, 695 M (2023: 35,423) would become worthless and have to be written o/f_f.liga . To minimise the risks in this business, prudence is exercised in purchase decisions. The focus is on small and medi- um-sized portfolios with relatively low average amounts, to help spread risks. The average nominal principal value per case is approximately SEK 32,774 (2023: 35,084). Portfolios are normally acquired from customers with whom the Group has had a long-term relationship. The acquisitions have gener- ally consisted of unsecured debt, requiring relatively less capital and signi/f_i.liga - cantly simplifying administration compared with collateralised receivables. Since 2016, however, Intrum has also begun to acquire portfolios with under- lying collateral, usually in the form of property mortgages. Intrum places high yield requirements on the portfolios it acquires. Before every acquisition, a careful assessment is made based on a projection of future cash /f_l.liga ows (col- lected amount) from the portfolio. In these calculations Intrum bene/f_i.liga ts from its extensive experience in debt collection and from the Group’s scoring methods. Intrum therefore believes that it has the expertise required to eval- uate these types of receivables. To enable acquisitions of larger portfolios at attractive risk levels, Intrum has, on occasion, partnered with other com- panies such as Pireus Bank and Ibercaja Banco to share the capital invest- ment and return. The currency risk is attributable to the translation of the balance sheet item Portfolio investments is limited due to currency hedg- ing using loans in the same currency as the assets, and currency forwards. A considerable proportion of the acquisitions take place through forward /f_l.liga ow agreements – that is, Intrum may have previously agreed with a company to acquire all of that company’s accounts receivable at a certain percentage of their nominal value once they are overdue by a certain number of days. In most of these agreements, however, Intrum has the opportunity to decline to acquire the receivables if, for example, their quality decreases. Risks are diversi/f_i.liga ed by acquiring receivables from clients in di/f_f.liga erent sectors and dif- ferent countries. The Group’s purchased debt portfolios include debtors in 20 countries. The Group’s total carrying amount for purchased debt is distributed as follows: Receivables by country, 2024 (2023) UK, 23% (16%) Spain, 16% (12%) Norway, 14% (10%) Germany, 7% (8%) Hungary, 7% (5%) Greece, 3% (7%) Sweden, 3% (7%) Other countries, 27% (35%) Receivables by industry, 2024 (2023) Telecom companies, 4% (5%) Bank sector, 62% (65%) Credit card receivables, 8% (12%) Other /f_i.liga nancial operations, 5% (10%) Other segments, 21% (9%) Of the total carrying value on the balance sheet, 6% represents portfolio acquisitions in 2024, 17% acquisitions in 2023, 18% acquisitions in 2022, 13% acquisitions in 2021, 6% acquisitions in 2020 and 10% acquisitions in 2019. The remaining 30% relates to receivables acquired in or before 2018. Outlays on behalf of clients As an element in its operations, the Group incurs outlays for court fees, legal representation, enforcement authorities, etc., which can be charged to and collected from debtors. In many cases Intrum has agreements with its clients whereby any expenses that cannot be collected from debtors are instead refunded by the client. The amount that is expected to be recovered from a solvent counterparty is recognised as an asset in the balance sheet on the line Other receivables. Derivative contracts The credit risk in the Group’s forward exchange contracts is limited because the counterparty generally is a large bank or /f_i.liga nancial institution that is not expected to become insolvent. On the balance sheet date, assets connected to forward exchange contracts were valued at SEK 16 M (2023: 324), and lia- bilities at SEK 61 M (2023: 303). The Group settles the derivative contracts on a net basis with its counterparties. The contracts have short maturities, typically one or more months. All outstanding forward exchange contracts are restated at fair value in the accounts, with adjustments recognised in the income statement. The pur- pose of these forward exchange contracts has been to minimise exchange rate di/f_f.liga erences in the Parent Company attributable to receivables and liabil- ities in foreign currency. 76Annual and Sustainability Report 2024About Intrum Governance and control Board of Directors’ Report Financial statements Sustainability information ===== SIDA 77 ===== Outstanding forward exchange contracts at year end in the Parent Company and in the Group comprise the following currencies: Currency Local currency, buy Hedged amount, sell CHF 28 - CZK 118 - DKK 69 -702 EUR 431 -11 GBP 110 -422 HUF - -24,050 NOK 810 -5 PLN 44 -1 RON - -4 SEK 7,728 -7,894 Payment guarantees The Group o/f_f.liga ers services whereby clients, against payment, obtain a guaran- tee from Intrum regarding the clients’ receivables from their customers. This entails a risk being incurred that Intrum must compensate the customer for the guaranteed amount in the event that the invoices are not paid on time. In those cases where the guarantee comes into play, Intrum assumes the client’s claim against its customer and takes over the continued handling of the case within the Portfolio Investments area of operations. At the end of the year, the total amount guaranteed was SEK 7 M (2023: 1). Intrum’s risk in this business is man- aged through strict credit limits and analyses of the borrower’s credit status. Note 29 Related parties All transactions with related parties are conducted on market terms and at arm’s length. Related party transactions include transactions with the Board of Direc- tors and senior executives, according to Note 31. The group has long-term servicing contracts with all associates and joint ventures holding NPLs. The group recognized servicing income from the associates and joint ventures amounting to SEK 1,265 M (2023: 1,569), with an outstanding receivable of SEK 47 M (2023: 82). Although the Parent Company has close relationship to its subsidiaries, see Note 34, it has no transactions with other related parties. The Parent Company provides and receives services from and to its sub- sidiaries. The Parent Company recognized income amounting to SEK 1,333 M (2023: 1,616 ) from provision of services and recognized expenses amounting to SEK 643 M (842 ), with outstanding receivable of SEK 1,727 M (2023: 741) and outstanding payable of SEK 37 M (2023: 28). Note 30 Subsequent events Events after the balance sheet date On the 8 January 2025, Intrum entered into a Swedish company reorganisa- tion, which formed an important step in the implementation of the Intrum´s Recapitalisation Transaction. In March, the reorganization plan was announced and requested from Intrum to the Stockholm District Court after a minority credit group agreed to support the plan and withdraw their legal objections. On April 15, the plan meeting will take place at the Stockholm District Court. During the plan meeting, the concerned parties will have the opportu- nity to vote on whether the Restructuring plan should be implemented or not. Note 31 Average number of employees Group Men Group Women 2024 2023 2024 2023 Austria 11 16 20 18 Belgium 31 31 52 56 Brazil - 8 15 Czech Republic 20 23 40 45 Denmark 49 59 84 95 Estonia - 3 7 Finland 128 140 345 367 France 143 141 309 334 Germany 140 144 261 283 Greece 586 663 928 982 Hungary 157 176 297 318 Ireland 17 23 17 22 Italy 303 338 428 449 Latvia 150 179 50 91 Lithuania 80 129 211 286 Mauritius 50 50 134 135 Netherlands 62 69 65 66 Norway 192 216 241 275 Poland 151 160 217 240 Portugal 77 77 154 159 Romania 2 25 2 50 Slovakia 21 24 40 45 Spain 725 683 1,166 1,169 Sweden 167 167 226 234 Switzerland 87 88 103 108 United Kingdom 651 235 612 291 Total 4,000 3,867 6,002 6,140 The Parent Company had a total of 76 (82) employees in 2024, of which 34 (38) were women and 42 (44) were men. Of the Group’s employees, 18% are younger than 28 years old, 31% are 30–39 years old, 31% are 40–49 years old and 23% are 50 years old or older. Gender distribution of senior executives 2024 2023 Men Women Men Women Board of Directors 4 3 5 3 Executive Mangement Team 14 2 14 3 Country Managers 14 1 16 1 Key Management Personnel 69% 31% 56% 44% 77Annual and Sustainability Report 2024About Intrum Governance and control Board of Directors’ Report Financial statements Sustainability information ===== SIDA 78 ===== Note 32 Share-based payments Intrum has implemented long-term share-related incentive programs for 2022, 2023 and 2024. The duration of each of the incentive programmes is three years. The purpose of the LTIPs is to align the interests and perspec- tives of the senior executives with those of the shareholders and to create a close commitment to Intrum’s long term value creation. LTIP 2022 The program was o/f_f.liga ered to 76 key employees, which are awarded an equal number of Performance Shares Series 1 and Performance Shares Series 2. The outcome of Performance Shares Series 1 is dependent on the Total Shareholder Return (TSR) performance over time. The outcome of Perfor- mance Shares Series 2 is dependent on the Cash EPS target performance over time. The value ranges from 20% to 200% of base salary at the start of the program (Andres Rubio does not participate in this plan). The duration of the LTIP 2022 is three years and the allocation of the incentive is dependent on continued employment until 1 January 2025. LTIP 2023 The program was o/f_f.liga ered to 74 key employees who were awarded Perfor- mance Shares Series 1. Group Management Team members are awarded also Performance Shares Series 2. The outcome of Performance Shares Series 1 is dependent on the TSR performance over time. The outcome of Performance Shares Series 2 is dependent on the participants’ private investment in Intrum shares and the TSR target performance over time. The value ranges from 55% to 105% of base salary at the start of the program (230% for the CEO). The duration of the LTIP 2023 is three years and allocation of the incentive is dependent on continued employment until 1 January 2026. LTIP 2024 The program was o/f_f.liga ered to 14 key employees (members of executive man- agement and key employees in the Intrum Group), who have the opportu- nity to receive Cash Compensation (”Cash Compensation”) that was used to invest in Intrum Shares. The allocation of the Cash Compensation was based on a maximum value based on Annual Base Salary (“ABS”) at the o/f_f.liga er date for each participant. The Cash Compensation for each participant amount to a maximum of 100% to 250% of ABS. To receive the Cash Compensation under LTIP 2024, participants make a private investment in Intrum shares by allocating Quali/f_i.liga cation Shares to the program corresponding to a cer- tain percentage of their annual base salary (10-20%). The duration of the LTIP 2024 is three years and both quali/f_i.liga cation and investment shares are required to held until the 31 December 2026. The Group treasury acquires shares from the market to transfer shares to employees on completion of vesting and performance conditions. Shares held by the Group and not yet issued to employees at the end of the report- ing period are shown as treasury shares in the /f_i.liga nancial statements. The Group is responsible for withholding an amount equal to employees’ tax obligations associated with the share awards under local tax laws. The tax withheld is paid to the respective tax authorities on behalf of the respective employees. The performance shares granted under the LTIPs include a net settlement feature under which the shares necessary to settle the employ- ee’s tax obligations are withheld. The Group settles share grants on a net basis by withholding the number of shares with a fair (or market) value equal to the monetary value of the employee’s tax obligation and only granting the remaining shares on completion of the vesting period. In 2024, there are no treasury shares transferred to the participating employees in line with the reversal of the 2020 LTIP plan as the EPS tar- get was not met at the end of 2022. There are also no accruals for cash-set- tled share-based payment for the LTIP 2023 program as the TSR target is not likely to be met by the end of the vesting period (01.01.2026). The expense recognized for the plans during 2024 is SEK 34.7 M (2023: 21.2 M), of which SEK 0 (13 M) related to the 2021 plan, SEK 0 (5.6 M) related to the 2022 plan, SEK 14.1M (2023: 2.6 M) related to the 2023 plan and SEK 20.6 M relates to the 2024 plan. 2022 and 2023 LTIP Incentive Plans As at 31 December 2024, there were 986,088 share awards outstanding all of which related to the 2022 and 2023 incentive plans. The roll-forward of the instruments granted under the 2021, 2022 and 2023 incentive plans as well as their weighted average fair value is reported in the below table (amount in thousands of SEK except for number of shares and fair value): 2024 2023 Units Grant Date Fair Value Amount SEK M Units Grant Date Fair Value Amount SEK M As at 1 January 1,423,875 72 102 454,952 205 93 Granted during the year - - - 989,241 13 13 Forfeited during the year -313,352 125 -38 -20,318 205 -4 Vested during the year -124,436 -263 -32 - - - As at 31 December 986,088 32 32 1,423,875 72 102 For the 2023 Series 1 Plan, the fair value of shares on the grant date was been calculated to be SEK 18.10 using a Monte Carlo simulation with Geometric Brownian Motion given the following assumptions: • Share price at grant of SEK 53.27 • Volatility 41.80% (Expected volatility was determined by using annual- ized daily return volatilities of Company shares 26 September 2020 – 15 May 2023) • Risk free rate of return 2.73% (interpolation has been used when estimat- ing the risk-free rate, as there is no exact match between interest rate terms and the time period of the plan) • Discounted future dividends SEK 29.13 • Time horizon 3 years The fair value of the 2023 Series 2 Plan shares on the grant date was calcu- lated to be SEK 11.21 given the following assumptions: • Share price at grant of SEK 53.27 • Volatility 41.80% • Risk free rate of return 2.73% (interpolation has been used when estimat- ing the risk-free rate, as there is no exact match between interest rate terms and the time period of the plan) • Discounted future dividends SEK 29.13 • Time horizon 3 years 2024 LTIP Incentive Plan For the 2024 incentive plan, Group Treasury engaged a provider to acquire 1,539,889 shares upfront based on an average market price of SEK26 and a value of SEK 41M. The costs of these shares are being charged as an expense in the statement of income as employee services are provided. As the shares have already been acquired by the relevant employees no shares are out- standing at 31 December 2024. In addition, no assumptions similar to the assumptions outlined above for the 2022 and 2023 LTIP Incentive Plans apply for the 2024 Incentive Plan as the shares were purchased up front based on the market rates that existed on the grant date. Note 33 Terms and conditions of employment for key executives Guidelines for remuneration and other terms of employment for key executives During the year, the Group Management was streamlined to a smaller team that formed the Executive Committee (ExCo) during 2024. In February 2025, the Executive Committee was renamed to Executive Management Team (EMT). The Group Management Team (GMT) remains unchanged and continues to support the EMT. The 2024 Annual General Meeting adopted the following guidelines for executive remuneration. The guidelines apply to the CEO and other members of Intrum’s Executive Committee (“ExCo”). The guidelines are forward-looking, i.e. they are appli- cable to agreements on remuneration, and on amendments to remuneration already agreed, entered into after adoption of the guidelines by the Annual General Meeting 2024. These guidelines do not apply to any remuneration to be separately resolved or approved by the General Meeting. The guidelines’ promote the company’s business strategy, long-term interests and sustainability In short, Intrum’s business strategy is to deliver on the strategy presented at the Capital Markets Day in 2023 and to continue to build its position as the undisputed market leader within the credit management industry. For more information regarding the company’s business strategy, visions and goals, please see www.intrum.com. A prerequisite for the successful implementation of the company’s busi- ness strategy and safeguarding of its long-term interests, including its sustainability, is that the company is able to recruit and retain quali/f_i.liga ed employees. To this end, it is necessary that the company o/f_f.liga ers competitive remuneration. These guidelines enable the company to o/f_f.liga er members of the ExCo a competitive total remuneration. Long-term incentive programs (“LTIPs”) have been implemented in the company. Such LTIPs have been adopted by the Annual General Meeting and are therefore excluded from these guidelines. The LTIP proposed by the Board to be adopted by the Annual General Meeting 2024 is excluded for the same reason, as well as similar programs to be adopted in the future. The 78Annual and Sustainability Report 2024About Intrum Governance and control Board of Directors’ Report Financial statements Sustainability information ===== SIDA 79 ===== LTIPs include the ExCo and other key employees in the company. The evalu- ation metrics used to assess the outcome of the LTIPs are distinctly linked to the business strategy and thereby to the company’s long-term value creation, including its sustainability. Variable cash remuneration covered by these guidelines shall aim at pro- moting the company’s long-term strategy, including its sustainability. Forms of remuneration Remuneration within the company should re/f_l.liga ect job complexity, respon- sibility and performance, and it should be competitive in comparison with comparable companies within similar industries in the relevant geographies. The remuneration shall consist of the following components: annual /f_i.liga xed cash salary (“Base Salary”), annual variable cash remuneration, pension ben- e/f_i.liga ts and other bene/f_i.liga ts. Additionally, the General Meeting may – irrespective of these guidelines – resolve on, among other things, share-related or share price-related remuneration such as LTIPs. Base Salary The Base Salary is based on three cornerstones: job complexity & respon- sibility, performance and market conditions. The Base Salary is subject to annual revision. Short-Term Incentive Program Intrum’s Short-Term Incentive Program (“STIP”) aims to drive, and is designed to vary with, short-term business performance, and is set for one year at a time. The evaluation metrics are individually decided for each member of the ExCo, and consist primarily of /f_i.liga nancial results (on group level or country level/s, as applicable). Members of the ExCo may also have a smaller portion of targets linked to operational or non-/f_i.liga nancial metrics, such as Employee Engagement Index. The Board may decide to adjust the metric targets, apply similar evaluation metrics or apply discretion on an individual level within the otherwise stipulated constraints speci/f_i.liga ed herein, if deemed appropriate. The maximum STIP pay-out is 100 percent of the Base Salary for the CEO and the CFO. For the other members of the ExCo (except for the Chief Risk O/f_f_i.liga cer, who is not eligible for STIP) the normal maximum STIP pay-out is 50 to 70 percent of the Base Salary. To which extent the evaluation metrics for awarding STIP have been satis- /f_i.liga ed is evaluated and determined when the measurement period has ended. The company’s Remuneration Committee is responsible for preparing the STIP evaluation for all ExCo members. The determination of the STIP out- come is then resolved by the Board in its entirety. No deferral periods are applied in relation to STIP and the STIP agree- ments do not contain any right for the company to reclaim STIP pay-out. One-o/f_f.liga incentive program 2024 The Board approved a separate cash-based incentive program for 2024. The incentive program is targeted towards a limited number of key employees, including the members of the ExCo. The performance period for the program is one year and the performance metrics for the incentive program are mea- sured on the full year results for 2024, with potential pay-out during the /f_i.liga rst quarter of 2025. The maximum pay-out will be 50 percent of the Base salary. The targets will relate to cost savings, servicing EBIT, servicing margins and similar metrics. Extraordinary arrangements Other one-o/f_f.liga arrangements can be made on individual level in extraordinary circumstances when deemed necessary and approved by the Board. The purpose might be in relation to recruitments, retention of top talent needed to secure successful implementation of the business strategy. Any such arrangement needs to be capped at an amount equal to two (2) times the individual’s Base Salary. Pension bene/f_i.liga ts and other bene/f_i.liga ts Intrum applies a retirement age of 65 for all members of the ExCo, unless oth- erwise follows from applicable local regulations. For the CEO, pension bene/f_i.liga ts, including health insurance (Sw: sjuk- försäkring), shall be premium de/f_i.liga ned. STIP, LTIP and other variable programs do not constitute pensionable income. The pension premiums for premium de/f_i.liga ned pension shall not exceed 35 percent of the Base Salary. For other ExCo members, pension bene/f_i.liga ts, including health insurance, shall be premium de/f_i.liga ned unless the individual concerned is subject to de/f_i.liga ned bene/f_i.liga t pension under mandatory collective agreement provisions. Variable cash remuneration shall qualify for pension bene/f_i.liga ts to the extent required by mandatory collective agreement provisions. The pension premi- ums for premium de/f_i.liga ned pension shall amount to not more than 30 percent of the Base Salary. Other bene/f_i.liga ts than pension bene/f_i.liga ts may include, for example, life insur- ance, medical insurance (Sw: sjukvårdsförsäkring), housing and com- pany cars. For ExCo members with housing bene/f_i.liga ts, such bene/f_i.liga ts may not amount to more than 20 percent of the Base Salary. For ExCo members with- out housing bene/f_i.liga ts, such bene/f_i.liga ts may not amount to more than ten percent of the Base Salary. Termination of employment The notice period may not exceed twelve months if notice of termina- tion of employment is made by the company. Base Salary during the notice period, severance pay and compensation during a non-compete period may together not exceed an amount equivalent to twenty-four months’ Base Sal- ary. The agreed notice period may not exceed six months when noticed it given by the ExCo member and the ExCo member shall in that situation not be entitled to any severance payment. Compensation for non-compete undertakings shall compensate for loss of income. The compensation shall not amount to more than 100 percent of the Base Salary at the time of termination of employment, unless otherwise pro- vided by mandatory collective agreement provisions or local regulations and shall be paid during the time the non-compete undertaking applies, however not for more than twelve months following termination of employment. Remuneration and employment conditions for employees When preparing these guidelines and when evaluating whether the guide- lines and the limitations set out herein are reasonable, the Board has taken remuneration and other employment conditions for all other employees of the company into account. This has been done by reviewing e.g. total remu- neration levels and employment terms within Intrum and remuneration increases over time. The decision-making process to determine, review and implement the guidelines The Board has established a Remuneration Committee. The Remunera- tion Committee’s tasks include preparing the Board’s decision to propose these guidelines. The Board shall prepare a proposal for new guidelines at least every fourth year and submit them to the Annual General Meeting. The guidelines shall be in force until new guidelines have been adopted by the Annual General Meeting. The Remuneration Committee shall also monitor and evaluate programs for variable remuneration for the ExCo, the applica- tion of the guidelines for the ExCo as well as the current remuneration struc- tures and compensation levels in the company. The members of the Remuneration Committee are independent of the company and the ExCo. The CEO and other members of the ExCo do not participate in the Board’s processing of and resolutions regarding remunera- tion-related matters in so far as they are a/f_f.liga ected by such matters. Consultancy fees to members of the Board If a member of the Board provides services to the company outside his/her work in the Board, the company may pay the Board member consultancy fees for such work. Such fees shall be market based and may not exceed the Board member’s Board fee, remuneration for committee work excluded. Derogation from the guidelines The Board may temporarily resolve to derogate from the guidelines, in whole or in part, if in a speci/f_i.liga c case there is special cause for the derogation and a derogation is necessary to serve the company’s long-term interests, includ- ing its sustainability, or to ensure the company’s /f_i.liga nancial viability. As set out above, the Remuneration Committee’s tasks include preparing the Board’s resolutions in remuneration-related matters. This includes any resolutions to derogate from the guidelines. Description of material changes to the guidelines and how the views of shareholders’ have been taken into consideration These guidelines include the following changes compared to the existing guidelines: the guidelines are applicable to the ExCo and not the (larger) Group Management Team, addition of a one-o/f_f.liga incentive program for 2024 and inclusion of authority for the company to pay Board members fees for consultancy work outside their work in the Board. The company has received a proposal from a shareholder that is included as a separate item on the agenda. Information on remuneration resolved but not yet due and on derogations from the remuneration guidelines resolved by the Annual General Meeting 2023 Previous Annual General Meetings have resolved on guidelines for executive remuneration and other terms of employment for the period up until the next Annual General Meeting. In short, these guidelines entail that Base Salary and STIP shall be payable on conditions similar to what has been described in these guidelines. Base Salary and STIP is expensed during the /f_i.liga nancial year, and STIP is paid out after the year-end report has been adopted by the Board. The guidelines adopted by the Annual General Meeting 2023 have been adhered to without derogation, and all previously approved remuneration that has not yet been paid out is in line with the framework set out above. Terms of employment and remuneration of the President & CEO The President & CEO Andrés Rubio had a level of remuneration during 2024 in accordance with the Group’s principles as detailed above. His /f_i.liga xed monthly salary as the President & CEO has been GBP 66,000. In addition to his /f_i.liga xed salary, he had the opportunity to receive up to 100 percent of his annual salary within the framework of the short-term incentive programme (STIP). The President & CEO participate in the Company’s Long-Term Incen- 79Annual and Sustainability Report 2024About Intrum Governance and control Board of Directors’ Report Financial statements Sustainability information ===== SIDA 80 ===== tive programme (LTIP) for 2024 in accordance with the resolutions of the Annual General Meeting, with an allocation of 250 percent of annual sal- ary. He also had a company allowance and housing in accordance with the Group’s policies. The CEO is not entitled to any company sponsored pen- sion plan. In the event of resignation by the employee, the period of notice is six months and, in the event of termination by the company, the period of notice is twelve months. In the event of termination, the Company shall be entitled to relieve the CEO of the duties with immediate e/f_f.liga ect, however with unchanged bene/f_i.liga ts during the notice period and a severance pay corre- sponding to 12 month’s /f_i.liga xed salary. Terms of employment and remuneration for other members of Executive Committee The remuneration and other terms of employment for other members of Executive Committee (“ExCo”) which were approved following the 2024 Annual General Meeting have followed the principles outlined above. This includes /f_i.liga xed annual salary and the opportunity to receive 0–100 percent of annual salary within the framework of the variable salary component. The Long-Term Incentive programme for 2024 was launched in April 2024 with allocation levels in accordance with the resolution of the Annual General Meeting, that is, 100-120 percent of /f_i.liga xed annual salary. Pension bene/f_i.liga ts vary from country to country. In several cases, they are included in monthly sala- ries. All pension insurances plans are de/f_i.liga ned contribution plans, except in cases where mandatory collective agreements apply, and the retirement age is generally 65 years. Members of ExCo have company cars, in accordance with the Group’s car policy. Other bene/f_i.liga ts also occur, in accordance with local practices, including subsidised meals and travel. The notice of termination for members of ExCo may not exceed 12 months, when termination is initiated by the Company. The total number of shares outstanding in LTIP 2023 for the correspond- ing group amounts to 266, 995 shares. LTIP 2024 is a cash compensation pro- gram invested in Intrum shares. The total number of shares in LTIP 2024 for the corresponding group amounts to 604,076 shares Remuneration for the year Other senior executives in the table below are de/f_i.liga ned as members of the ExCo other than the CEO, see the Corporate Governance Report. In 2024, three individuals were appointed to this group and three stepped down. At the end of 2024, there were 6 (14) other senior executives. SEK thousands 2024 2023 Aug 22 - Dec 31 2022 Jan 01 – Aug 21 2022 President and CEO Andres Rubio Anders Rubio Andres Rubio Anders Engdahl Base salary 10,945 10,811 3,388 5,295 Variable compensation 13,359 15,129 6,093 14,886 320 251 54 257 Severance pay - - - 18,137 Pension expenses - - - 1,588 Total, President and CEO 24,624 26,191 9,535 40,163 SEK thousands 2024 2023 2022 Other senior executives 1 Base salary 25,401 64,817 56 ,461 Variable compensation 15,810 31,790 38,159 Other bene/f_i.liga ts 1,164 3,895 3,057 Severance pay2 - 26,161 - Pension expenses 1 4,688 7,848 12,588 Total other senior executives 47,063 134,511 110,265 1) Includes Executive Management Team only for 2024. 2022 and 2023 includes Group Management Team. 2) Costs for exit agreements with four GMT members that left during 2023. The amounts stated correspond to the full remuneration received during the period in which the individuals concerned were senior executives, including vested but as yet unpaid variable remuneration for each year. Board of Directors In accordance with the Annual General Meeting’s resolution, total fees paid to Board members for the year, including for committee work, amounted to SEK 8 355 thousand (7 820). The Directors have no pension bene/f_i.liga ts or sever- ance agreements. SEK thousands 2024 2023 2022 Magnus Lindquist, chairman 1,760 1,760 1,615 Magdalena Persson - - 680 Hans Larsson - 880 855 Andreas Näsvik 830 795 945 Ragnhild Wiborg 1,315 1,000 970 Andrés Rubio - - 252 Liv Fiksdahl - - 680 Michel van der Bel 985 920 790 Geeta Gopalan 1,375 910 - Debra Davies 935 825 - Philip Thomas 1,155 730 - Total Board fees 8,355 7,820 6,787 Board fees pertain to the period from the 2023 Annual General Meeting until the 2024 Annual General Meeting and from the 2024 Annual General Meet- ing until the 2025 Annual General Meeting respectively. Andrés Rubio has not received board fees after appointment as the President and CEO. Note 34 Group companies Parent Company Participation in Group Companies is outlined below: Parent Company SEK M 2024 2023 Intrum Austria GmbH 37 37 Intrum NV (Belgium) 230 230 Payzzter Financial Services Ltd (Bulgaria) 11 11 Intrum A/S (Denmark) 689 513 Intrum Oy (Finland) 1,649 1,649 Intrum Corporate SAS (France) 346 346 Intrum Customer Services Athens S.M.S.A. (Greece) 15 15 Intrum Investments Greece S.M.S.A. 22 21 Intrum Finance Center of Excellence S.M.S.A (Greece). 35 35 Intrum Investment Services Limited (Ireland) - - Intrum Global Technologies SIA (Latvia) - - Intrum BV (Netherlands) 377 377 Lock TopCo AS (Norway) 562 563 Intrum Spzoo (Poland) - - Intrum Portugal Unipessoal Lda. 71 71 Intrum Romania Srl - 27 Intrum Customer Services Bucharest S.R.L. (Romania) - 15 Intrum Holding Spain S.A.U. 3,563 3,539 Intrum Customer Services Malaga S.L.U. (Spain) - 74 Intrum Global Technologies Spain, S.L.U. - - Intrum Sverige AB 1,749 1,749 Intrum Finans AB 75 75 Intrum Investment Management AB 10 - Intrum Intl AB 1,326 1,326 Indif AB 1 80 Intrum Holding AB 29,234 26,640 Intrum AG (Switzerland) 943 943 eCollect AG (Switzerland) 277 246 Intrum UK Group Ltd (United Kingdom) - - Ophelos Limited (United Kingdom) 570 570 Intrum Ireland International Ltd - - IAB Investments and Financing Ltd - - Intrum Investments and Financing AB 1 - Intrum Group Operations AB - - Intrum AB of Texas LLC - - Intrum Italy Holding AB - - Total carrying value 41,793 39,152 80Annual and Sustainability Report 2024About Intrum Governance and control Board of Directors’ Report Financial statements Sustainability information ===== SIDA 81 ===== Movements in Participations in Group Companies are outlined below. Parent Cpmpany SEK M 2024 2023 Opening balance 39,152 35,001 Acquisition 42 1,092 Capital contributions paid 3,826 3,203 IFRS2 adjustments -3 4 Impairment of shares in subsidiaries -1,224 -146 Divestment (including impairment) - -2 Closing balance 41,793 39,152 2024 Acquisitions in 2024 refer to the shares in Intrum Investment Management AB (intragroup transfer of shares), Intrum Ireland International Ltd, IAB Invest- ments and Financing Ltd, Intrum Investments and Financing AB, Intrum Group Operations AB, Intrum AB of Texas LLC, Intrum Italy Holding AB, and eCollect AG acquired in 2023 on which the purchase price allocation has been /f_i.liga nalised in 2024. Capital contributions paid in 2024 refer to the shares in Intrum A/S, Intrum Holding Spain S.A.U. and Intrum Holding AB. Impairment in 2024 refers to the shares in Intrum Romania Srl amounting to SEK 27 M, Intrum Customer Services Malaga S.L.U. amounting to SEK 74 M, Indif AB amounting to SEK 79 M and Intrum Holding AB amounting to SEK 1,028 M. Liquidation in 2024 refers to Intrum Customer Services Bucharest S.R.L.. IFRS2 adjustments in 2024 refer to issuance of shares grants. IFRS2 requires an entity to recognise share-based payment transactions in its /f_i.liga nan- cial statements, including transactions with employees or other parties to be settled in cash, other assets or equity instruments of the entity. IFRS2 adjust- ments relate to Intrum Holding Spain S.A.U. and Intrum Holding AB. A num- ber of immaterial adjustments were made to a number of other subsidaries. The Parent is Intrum AB (publ) is domiciled in Stockholm with corporate identity number 556607-7581. The Group’s subsidiaries are listed below. 2023 Acquisitions in 2023 refer to shares in Intrum NV, Belgium, Payzzter Financial Services Ltd, Bulgaria, eCollect AG, Switzerland, Ophelos Ltd, United King- dom, Capquest and Mars platform from Arrow Global UK, United Kingdom and Haya Real Estate, Spain. Entitites that are incorporated in 2023 are Intrum Finance Center of Excellence SMSA, Greece and Intrum Investment Switzer- land AG, Switzerland . Capital contributions paid in 2023 refer to shares in Intrum A/S, Denmark, Intrum Estonia AS, Intrum Romania SA, Intrum Customer Services Bucharest SRL, Romania, Intrum Holding Spain SAU, Intrum Customer Services Malaga SLU, Spain and Intrum Holding AB, Sweden. Impairment in 2023 refer to the shares in Intrum Estonia AS prior to divestment of SEK 43 M and additional SEK 103 M on its shares in Lock TopCo AS . Divestments in 2023 refer to Intrum Brasil Consultoria e Participaçoes, SA, Intrum Estonia AS, Intrum Rahoitus Oy, Intrum Latvia SIA and liquidation of Intrum Financial IFN SA, Romania. IFRS2 adjustments in 2023 refer to issuance of shares grants. IFRS2 requires an entity to recognise share-based payment transactions in its /f_i.liga nan- cial statements, including transactions with employees or other parties to be settled in cash, other assets or equity instruments of the entity. IFRS2 adjust- ments relate to Intrum Holding Spain SAU and Intrum Holding AB, Swe- den. A number of immaterial adjustments were made to a number of other subsidaries. The Group’s Parent Company is Intrum AB (publ), domiciled in Stockholm with corporate identity number 556607-7581. The Group’s subsidiaries are listed below. Registration number Domicile Share of capital Share of control (if di/f_f.liga ers) Subsidiaries of Intrum AB and their subsidiaries in the same country Austria Intrum Austria GmbH FN 48800s Vienna 100% Belgium Intrum NV BE 0426237301 Ghent 100% Bulgaria Payzzter Financial Services Ltd 206905094 S o /f_i.liga a 100% Denmark Intrum A/S DK 10613779 Copenhagen 100% Finland Intrum Oy FI14702468 Helsinki 100% France Intrum Corporate SAS B797 546 769 Rueil- Malmaison 100% Socogestion SAS B414 613 539 Saint Priest 100% Intractiv SAS B431 312 677 Sainghin en Mélantois 100% Greece INTRUM INVESTMENTS GREECE S.M.S.A. 144794101000 Athens 100% Intrum Finance Centre of Excellence S.M.S.A. EL802152171 Athens 100% Intrum Customer Services Athens S.M.S.A. 157487101000 Athens 100% Intrum Debtors Noti/f_i.liga cation Company Athens S.M.S.A. 163560401000 Athens 100% Ireland Intrum Investment Services Limited 700398 Dublin 100% Intrum Ireland International Ltd 764407 Dublin 100% Latvia SIA Intrum Global Technologies 40103314641 Riga 100% Registration number Domicile Share of capital Share of control (if di/f_f.liga ers) Netherlands Intrum B.V. 33273472 Amsterdam 100% Intrum Justitia Data Centre B.V. 27306188 Schiphol- Rijk 100% Norway Lock TopCo AS 913 852 508 Oslo 100% Poland Intrum Sp. z o.o. 0000108357 Warsaw 100% Intrum Król & Wspólnicy Kancelaria Prawna Sp. k. 0000270515 Wroclaw 99% Portugal Intrum Portugal, Unipessoal Lda 503 933 180 Lisbon 100% Intrum Real Estate Management Portugal, S.A. 514 167 041 Lisbon 100% Romania Intrum Romania SRL 18496757 Bucharest 100% Spain Intrum Holding Spain, S.A.U. A86128147 Madrid 100% Intrum Servicing Spain, S.A.U. A85582377 Madrid 100% Intrum Spain Real Estate S.L.U. B88174131 Madrid 100% Solvia Servicios Inmobiliarios, S.A.U. (former: Haya Real Estate S.A.) A86744349 Madrid 100% HRE NB 2022, SL B72561632 Madrid 100% Intrum Customer Services Malaga S.L.U. B01971845 Madrid 100% Intrum Global Technologies Spain, S.L.U. B16910960 Madrid 100% Sweden Intrum Intl AB 556570-1181 Stockholm 100% Intrum Investment Management AB 556239-1655 Stockholm 100% Intrum Invest AB 556786-4854 Stockholm 100% Fair Pay Please AB 556259-8606 Stockholm 100% Intrum Investment Partners KB 969796-8957 Stockholm 100% Intrum Finans AB 556885-5265 Stockholm 100% 81Annual and Sustainability Report 2024About Intrum Governance and control Board of Directors’ Report Financial statements Sustainability information ===== SIDA 82 ===== Registration number Domicile Share of capital Share of control (if di/f_f.liga ers) Intrum Sverige AB 556134-1248 Stockholm 100% Intrum Delgivningsservice AB 556397-1414 Stockholm 100% Intrum Shared Services AB 556992-4318 Stockholm 100% Indif AB 556733-9915 Stockholm 100% Intrum Holding AB 556723-5956 Stockholm 100% IAB Investments and Financing Ltd 15750537 Stockholm 100% Intrum Investments and Financing AB 559481-4906 Stockholm 100% Intrum Group Operations AB 559489-1532 Stockholm 100% Intrum Italy Holding AB 559505-2423 Stockholm 100% Switzerland eCollect AG CHE-180.481.291 Baar 100% Intrum AG CHE-104.502.525 Schaarwer- zenbach 100% Inkasso Med AG CHE-101.550.947 Schaarwer- zenbach 70% United Kingdom Intrum UK Group Limited 03515447 Reigate 100% Capquest Group Limited 04936030 Manchester 100% Capquest Devt Recovery Limited 03772278 Manchester 100% Capquest Investments Limited 05245825 Manchester 100% Intrum Mortgages UK Finance Limited (former: Mars Capital Finance Limited) 05859881 Manchester 100% Intrum Mortgages UK Management Limited (former: Mars Capital Management Limited) 06483032 Manchester 100% Ophelos Limited 12185588 London 100% Intrum UK Holdings 2/uni00A0Limited 01356148 Reigate 100% Intrum UK 2 Limited 01918920 Reigate 100% Intrum UK Holdings Limited 04325074 Reigate 100% Intrum UK Limited 03752940 Reigate 100% Intrum UK Finance Limited 04140507 Reigate 100% I.N.D. Limited 03283064 Reigate 100% Registration number Domicile Share of capital Share of control (if di/f_f.liga ers) United States of America Intrum AB of Texas LLC 32097154960 Austin, Texas 100% Subsidiaries of Intrum BV and their subsidiaries in the same country The Czech Republic Intrum Czech, s.r.o. 27221971 Prague 100% Hungary Lakóingatlan- Forgalmazó Kft 01 09 268230 Budapest 100% Intrum ASC Kft 01 09 298952 Budapest 100% Intrum Zrt 01 10 044857 Budapest 100% Ireland Intrum Ireland Limited 175808 Dublin 100% Slovakia Intrum Slovakia s.r.o. 35 831 154 Bratislava 100% Subsidiaries of Intrum Holding Spain SAU and their subsidiaries in the same country Greece Intrum Hellas A.E.D.A.D.P . 151946501000 Athens 80% Intrum Hellas REO Solutions SA 151869301000 Athens 80% Intrum BTB Debtors’ Noti/f_i.liga cation Single Member S.A. (former: Intrum BTB Consulting Services Single member S.A.) 164427701000 Athens 100% Subsidiaries of Intrum Intl AB and their subsidiaries in the same country Mauritius Intrum (Mauritius) Ltd 127206 Port Louis 100% Poland Intrum TFI S.A. 0000228722 Warsaw 100% Switzerland Intrum Investment Switzerland AG CHE-420.157.871 Baar 100% Registration number Domicile Share of capital Share of control (if di/f_f.liga ers) Subsidiaries of Intrum Investmet Management AB and their subsidiaries in the same country Ireland Intrum Investments Designated Activity Company 722313 Dublin 100% Subsidiaries of Intrum Investment Partners KB and their subsidiaries in the same country Ireland Portfolio Investment ICAV C466036 Dublin 100% Subsidiaries of Intrum Investment Switzerland AG and their subsidiaries in the same country Luxembourg LDF65 S.à r.l. B 134749 Luxembourg 100% IDF Luxembourg S.à r.l. B 188281 Luxembourg 100% Poland LINDORFF 1 NFIZW RFI 752 Wroclaw 100% Subsidiaries of Intrum Sverige AB and their subsidiaries in the same country Luxembourg Intrum Luxembourg S.à r.l. B 183336 Luxembourg 100% Subsidiaries of eCollect AG and their subsidiaries in the same country Bulgaria eSolutions EOOD 204514296 S o /f_i.liga a 100% Germany eOperations GmbH HRB 34169 Essen 100% Subsidiaries of Intrum Holding AB and their subsidiaries in the same country Germany Intrum Finanzholding Deutschland GmbH HRB 87998 Heppen- heim 100% Intrum Holding Deutschland GmbH HRB 88008 Heppen- heim 100% Intrum Debitoren Management GmbH HRB 81939 Hamburg 100% Intrum Hanseatische Inkasso-Treuhand GmbH HRB 52053 Hamburg 100% AssetGate GmbH HRB 29415 Essen 100% 82Annual and Sustainability Report 2024About Intrum Governance and control Board of Directors’ Report Financial statements Sustainability information ===== SIDA 83 ===== Registration number Domicile Share of capital Share of control (if di/f_f.liga ers) Intrum Deutschland GmbH HRB 4709 Darmstadt 100% Intrum Information Services Deutschland GmbH HRB 85778 Darmstadt 100% Ireland Intrum Investment No 1 Designated Activity Company 584295 Dublin 100% Iris Hellas Investments Designated Activity Company 678559 Dublin 70% Senna NPL Finance DAC 731639 Dublin 0% 100% Intrum Investment No 2 Designated Activity Company 590912 Dublin 100% Intrum Investment No 3 Designated Activity Company 590795 Dublin 100% Cilliphili Designated Activity Company 681566 Dublin 100% 80% Intrum Investment No 4 Designated Activity Company 695484 Dublin 100% Intrum Investment No 5 Designated Activity Company 722314 Dublin 100% Intrum Poplar Designated Activity Company 729605 Dublin 100% Italy Intrum Italy Holding S.R.L. 08724660967 Milan 100% LSF West S.R.L. 09409950962 Milan 100% Revalue S.p.A. 09490900157 Milan 100% Intrum Italy S.P.A. 10311000961 Milan 51% I-RESALES S.R.L. (former: Intrum Italy RE Sales S.R.L.) 09421851008 Rome 100% I-VALUE SGR S.P.A. 224415 Milano 100% Alicudi SPV S.R.L. 04703580268 Conegliano Veneto (TV) 100% Alicudi Leaseco S.R.L. 05332410264 Conegliano Veneto (TV) 100% Portland Leaseco Srl 05211620264 Conegliano Veneto (TV) 100% Evolve SPV S.R.L.* 05156080268 Conegliano 100% 51% Registration number Domicile Share of capital Share of control (if di/f_f.liga ers) Lithuania “Intrum Global Business Services”, UAB 303326659 Vilnius 100% The Netherlands Intrum Nederland Holding B.V. 08178741 Amsterdam 100% Intrum Nederland B.V. 05025428 Amsterdam 100% Marjoc I B.V. 08203108 Amsterdam 100% Norway Intrum Holding Norway AS 992 984 899 Oslo 100% Intrum AS 835 302 202 Oslo 100% Intrum Obligations AS 945 153 547 Oslo 100% Intrum Capital AS 958 422 830 Oslo 100% Poland Intrum Global Technologies Sp. z o.o. w likwidacji 0000654943 Wroclaw 100% Sweden Lndr/f_f.liga International AB559077-1274 Stockholm 100% Subsidiaries of Intrum Investment DAC No 1 and their subsidiaries in the same country Locairol ITG, S.L.U. B87882528 Madrid 100% Venira ITG, S.L.U. B88001128 Madrid 100% Con/f_i.liga teor ITG S.L.U.B87882544 Madrid 100% Subsidiaries of Iris Hellas Investments DAC and their subsidiaries in the same country Greece Iris Hellas REO Investments S.M.S.A. 167445601000 Athens 70% Branch of Intrum Oy Intrum Oy /f_i.liga lialas 306246175 Vilnius - Branch of Intrum Customer Services Malaga S.L.U. Intrum Customer Services Malaga NUF 927419610 Oslo - Intrum AS Lietuvos /f_i.liga lialas 306120194 Lithuania - Registration number Domicile Share of capital Share of control (if di/f_f.liga ers) Entities without a shareholding that are consolidated on the basis of contractual controlling interest FRANCE FIP I - - - 100% FIP II - - - 100% ITALY Arizona SPV S.R.L. 05182440262 Conegliano Veneto (TV) - 100% Entities without a shareholding that are consolidated on the basis of contractual controlling interest Netherlands Stichting Derdengelden Incasso AAB 56508409 Amsterdam - 67% Stichting Derdengelden Intrum Nederland 05084481 Amsterdam - 100% Stichting Derdengelden Vesting Finance West-Friesland 855004551 Amsterdam - 80% Stichting Derdengelden Vesting Intrum 62899449 Amsterdam - 80% 83Annual and Sustainability Report 2024About Intrum Governance and control Board of Directors’ Report Financial statements Sustainability information ===== SIDA 84 ===== Subsidiaries with non-controlling interests (minority interests) Minority shareholding Minority interest in equity Minority interests in earnings Dividend to minority shareholders SEK M 2024 2023 2024 2023 2024 2023 2024 2023 Inkasso Med AG1 30% 30% 8 7 - - - - Intrum Italy S.P.A.2 49% 49% 1,809 1,659 -185 -40 88 197 Aktua Soluciones Financieras Holdings, S.L. 3 0% 15% - 64 -4 1 - - Intrum Hellas A.E.D.A.D.P .4 20% 20% 281 451 -163 -216 183 183 Intrum Hellas REO Solutions S.A. 5 20% 20% 21 32 -1 - 14 - Iris Hellas REO Investments S.M.S.A. 6 30% 30% -1 - - - - - Iris Hellas Investments Designated Activity Company 7 30% 30% -73 -62 8 27 - - Cilliphili Designated Activity Company8 20% 20% -7 -7 - - - - Evolve SPV S.R.L.9 49% 49% 41 32 -7 -16 - - Total 2,079 2,176 -352 -244 285 380 (1) Ärtztekasse Genossenschaft Urdorf (2) Intesa Sanpaulo SpA (3) Minority Interest acquired from Banco Santander in 2024 (4) Pireaus Bank (5) Pireaus Bank (6) European Bank for Reconstruction and Development (7) European Bank for Reconstruction and Development (8) Arrow Global Limited (9) Deva Investment Capital Note 35 Date of approval The Board of Directors have reviewed and approved the Annual and Sustain- ability Report in respect of the year ended 31 December 2023 on 27 March 2024. 84Annual and Sustainability Report 2024About Intrum Governance and control Board of Directors’ Report Financial statements Sustainability information ===== SIDA 85 ===== Proposed appropriation of earnings The Parent Company’s distributable funds are at the disposal of the Board of Directors as follows: SEK M Share premium reserve 17,442 Retained earnings -12,228 Net earnings for the year 2,425 Total 7,639 The full amount of distributable funds will be carried forward as the Board of Directors did not propose any dividend distribution for the 2024 /f_i.liga nancial year. SEK M Dividend - Balance carried forward 7,639 Total 7,639 The Board of Directors and the President certify that the Annual Report has been prepared in accordance with generally accepted accounting standards in Sweden and that the consolidated accounts have been prepared in accor- dance with the international accounting standards referred to in Regulation (EC) No 1606/2002 of the European Parliament and of the Council of 19 July 2002 on the application of international accounting standards. The annual accounts and consolidated accounts give a true and fair view of the /f_i.liga nancial position and results of the Parent Company and the Group. The Board of Directors’ Report for the Parent Company and the Group gives a true and fair overview of the operations, /f_i.liga nancial position and results of the Parent Company and the Group, and describes signi/f_i.liga cant risks and uncer- tainties that the Parent Company and the companies in the Group face. The annual and consolidated accounts were approved for publication by the Board of Directors and the President on on the date according to elec- tronic signature and are proposed for approval by the Annual General Meet- ing on 27 May 2025. Stockholm, date according to electronic signature Andrés Rubio President and CEO Magnus Lindquist Chairman of the Board Michel van der Bel Andreas Näsvik Geeta Gopalan Board member Board member Board member Debra Davies Philip Thomas Ragnhild Wiborg Board member Board member Board member Our audit report regarding this Annual Report was submitted on the date according to electronic signaturre . Deloitte AB Patrick Honeth Authorised Public Accountant 85Annual and Sustainability Report 2024About Intrum Governance and control Board of Directors’ Report Financial statements Sustainability information ===== SIDA 86 ===== Auditor’s report To the general meeting of the shareholders of Intrum AB (publ) corporate identity number 556607-7581 Report on the annual accounts and consolidated accounts Opinions We have audited the annual accounts and consolidated accounts of Intrum AB (publ) for the /f_i.liga nancial year 2024. The annual accounts and consolidated accounts of the company are included on pages 25-88 in this document. In our opinion, the annual accounts have been prepared in accordance with the Annual Accounts Act and present fairly, in all material respects, the /f_i.liga nancial position of the parent company as of December 31, 2024 and its /f_i.liga nancial performance and cash /f_l.liga ow for the year then ended in accordance with the Annual Accounts Act. The consolidated accounts have been pre- pared in accordance with the Annual Accounts Act and present fairly, in all material respects, the /f_i.liga nancial position of the group as of December 31, 2024 and their /f_i.liga nancial performance and cash /f_l.liga ow for the year then ended in accordance with IFRS Accounting Standards, as adopted by the EU, and the Annual Accounts Act. The statutory administration report is consistent with the other parts of the annual accounts and consolidated accounts. We therefore recommend that the general meeting of shareholders adopts the income statement and balance sheet for the parent company and the group. Our opinions in this report on the annual accounts and consolidated accounts are consistent with the content of the additional report that has been submitted to the parent company’s audit committee in accordance with the Audit Regulation (537/2014) Article 11. Basis for Opinions We conducted our audit in accordance with International Standards on Auditing (ISA) and generally accepted auditing standards in Sweden. Our responsibilities under those standards are further described in the Auditor’s Responsibilities section. We are independent of the parent company and the group in accordance with professional ethics for accountants in Sweden and have otherwise ful/f_i.liga lled our ethical responsibilities in accordance with these requirements. This includes that, based on the best of our knowledge and belief, no prohibited services referred to in the Audit Regulation (537/2014) Article 5.1 have been provided to the audited company or, where applicable, its parent company or its controlled companies within the EU. We believe that the audit evidence we have obtained is su/f_f_i.liga cient and appropriate to provide a basis for our opinions. Key Audit Matters Key audit matters of the audit are those matters that, in our professional judg- ment, were of most signi/f_i.liga cance in our audit of the annual accounts and con- solidated accounts of the current period. These matters were addressed in the context of our audit of, and in forming our opinion thereon, the annual accounts and consolidated accounts as a whole, but we do not provide a separate opinion on these matters. The Recapitalisation-transaction Description of Risk Intrum AB have during 2024 and up until March 27, 2025 been engaged in a Recapitalisation transaction with the aim of reducing the indebtedness in the company. As an important step in this process Intrum AB together with its subsidiaries /f_i.liga led a voluntary petition for reorganisation pursuant to Chapter 11 of the United States Bankruptcy Code on November 15, 2024. On Decem- ber 31, 2024, the United States Bankruptcy Court for the Southern District of Texas con/f_i.liga rmed Intrum’s prepackaged Chapter 11 plan of reorganization. As a result, Intrum AB /f_i.liga led a petition to initiate a Swedish Company Reorgani- sation on January 8, 2025. The application was approved by the Stockholm District Court on January 8, 2025. On March 14, 2025 Intrum announced that a settlement agreement had been reached with a minority creditor group. Once the settlement agreement has been approved by the United States Bankruptcy Court approximately 92% of Intrum’s total bond loans of 37 440 MSEK support the recapitalization transaction and that the correspond- ing majority is expected to approve the reorganisation plan on the Swedish Company Reorganisation plan meeting scheduled April 15, 2025. On March 14, 2025 Intrum also announced the Reorganisation Plan for Swedish Com- pany Reorganisation. The main risk in our audit as a result of the Recapitalisation transaction is related to the going concern assumption and whether the annual and consol- idated accounts can be issued using this assumption or if disclosures should be included on material uncertainties that may cast signi/f_i.liga cant doubt on the entity’s ability to continue as a going concern. As disclosed in note 1 in the annual report the board of directors have on the date of approval of the annual and consolidated accounts concluded that there are no /f_i.liga nancial or other indicators that may cast signi/f_i.liga cant doubt upon the parent company’s and the group’s ability to continue as a going concern. Additional disclosures on the Recapitalisation transaction are included in the board of director’s report on p. 36 and p. 38 as well as in note 1, 28 and 30. Our Audit Procedures Our audit procedures included, but were not limited to: • We have obtained and evaluated supporting documents related to the Recapitalisation transaction (including the chapter 11-process and the Swedish company reorganisation) and it’s implications to the /f_i.liga nancial accounting and the going concern assumption. • We have obtained and evaluated the company’s assessment of the going concern assumption and veri/f_i.liga ed assumptions made therein. • We have evaluated the disclosures on the Recapitalisation transaction and the going concern assumption included in the annual and consolidated accounts. Revenue Recognition of Credit Management Services Description of Risk Revenue from credit management services, recognised as servicing income in the Group’s income statement, are generated from a number of di/f_f.liga erent revenue streams, including, but not limited to, debt collection services, credit optimisation services, e-commerce services, payment services, accounts receivable services, /f_i.liga nancial services and collateral services. For 2024, ser- vicing income amounted to SEK 11,791 million. The majority of these revenue streams are characterised by a large number of transactions, which, in turn, is dependent on robust internal processes and controls as well as a well-functioning IT-environment. Taking the high-volume transaction environment into account, as well as the signi/f_i.liga cance of the item for the Group’s /f_i.liga nancial performance and cash /f_l.liga ow for the year, we have assessed that revenue recognition from credit management services constitute a key audit matter in the audit. The Group’s accounting principles for revenue recognition from credit management services is presented in note 2. A speci/f_i.liga cation of the item, including a breakdown of main revenue streams and segments, can be found in note 4 and 27. Our Audit Procedures Our audit procedures included, but were not limited to: • Evaluation of processes and controls associated with revenue from credit management services, including, but not limited to, compliance with con- tractual terms, revenue recognition, invoicing, and associated critical IT-systems and applications. • Substantive testing on a sample basis of revenue associated with credit management services vis-á-vis contractual terms, invoices and amounts paid. • Analytical review of items associated with revenue from credit manage- ment services. • Assessment of compliance with guiding principles and adequate disclo- sures for revenue from credit management services in accordance with IFRS. Valuation of Goodwill Description of Risk Goodwill arising from business combinations constitutes a signi/f_i.liga cant item in the Group’s balance sheet and amounted to SEK 35,871 million as of Decem- ber 31, 2024. The item is tested for impairment on a regular basis, at least annually, based on the Group’s cash-generating units. The recoverable amount of each cash-generating unit is measured by comparing the carrying amount of net assets to its value in use, which, in turn, is based on an assessment of forecasted cash /f_l.liga ows from credit management 86Annual and Sustainability Report 2024About Intrum Governance and control Board of Directors’ Report Financial statements Sustainability information ===== SIDA 87 ===== services from each cash-generating unit discounted by the weighted average cost of capital. Taking the surrounding elements of estimates, judgements and assump- tions associated with the valuation model’s key input data into account, as well as the signi/f_i.liga cance of the item for the Group’s /f_i.liga nancial position, we have assessed that goodwill constitute a key audit matter in the audit. The Group’s accounting principles for goodwill is presented in note 2. Critical estimates, judgements and assumptions are disclosed in note 3. A speci/f_i.liga cation of the item, including a breakdown of cash-generating units and re/f_l.liga ections from the most recent impairment test performed, can be found in note 8. Our Audit Procedures Our audit procedures included, but were not limited to: • Walk-through of processes associated with goodwill, including, but not limited to, budgeting, forecasts of cash /f_l.liga ows from credit management ser- vices and tests of impairments. • Assessment of the Group’s cash-generating units. • Involvement of valuation specialists to assess and challenge the valuation model applied in connection with the Group’s impairment test, includ- ing evaluation of underpinning estimates, judgements and assumptions associated with the valuation model’s key input data in terms of cash /f_l.liga ows from credit management services and the weighted average cost of cap- ital used as discount rate vis-á-vis independent /f_i.liga nancial market data and historical performance. • Analytical review of the sensitivity of estimates, judgements and assump- tions in the Group’s impairment test. • Assessment of compliance with guiding principles and adequate disclo- sures for goodwill in accordance with IFRS. Accounting of Credit Impaired Financial Assets Description of Risk A signi/f_i.liga cant part of the Group’s business consists of investments in credit impaired /f_i.liga nancial assets, recognised as portfolio investments or via invest- ments in associates and joint ventures in the Group’s balance sheet. As of December 31, 2024, the Group’s portfolio investments amounted to SEK 22,695 million, whereas the Group’s investments in associates and joint ventures amounted to SEK 2,352 million. The Group applies a centralised accounting model for credit impaired /f_i.liga nancial assets that builds on the e/f_f.liga ective interest rate method, where the carrying value of each investment corresponds to the present value of all pro- jected future gross cash /f_l.liga ows discounted by the internal rate of return deter- mined in connection with the acquisition of underlying assets. Movements in the carrying value of credit impaired /f_i.liga nancial assets rec- ognised as portfolio investments are recognised directly in the Group’s income statement, either as amortisations or as a revaluation e/f_f.liga ect, whereas movements in the carrying value of credit impaired /f_i.liga nancial assets rec- ognised via investments in associates and joint ventures are recognised indirectly as a share of pro/f_i.liga t and loss from associates and joint ventures cal- culated via the equity method. Taking the surrounding elements of estimates, judgements and assump- tions into account, as well as the signi/f_i.liga cance of the investments for the Group’s /f_i.liga nancial position, /f_i.liga nancial performance and cash /f_l.liga ow for the year, we have assessed that accounting of credit impaired /f_i.liga nancial assets consti- tute a key audit matter in the audit. The Group’s accounting principles for portfolio investments and invest- ments in associates and joint ventures are presented in note 2. Critical esti- mates, judgements and assumptions are disclosed in note 3. A speci/f_i.liga cation of portfolio investments, including revenue and expenses from portfolio investments, can be found in note 4, 9 and 27. The corresponding speci/f_i.liga ca- tion for shares in associates and joint ventures can be found in note 10. Our Audit Procedures Our audit procedures included, but were not limited to: • Evaluation of processes and controls associated with credit impaired /f_i.liga nancial assets, including, but not limited to, internal governance, under- writing, investments, accounting, valuations and exits, and associated crit- ical IT-systems and applications. • Reperformance test of systematic monitoring activities carried out of actual gross cash /f_l.liga ows to assess the reasonableness for forecasted (esti- mated) gross cash /f_l.liga ows of acquired credit impaired /f_i.liga nancial assets. • Reconciliation of carrying amounts vis-á-vis underlying investment data in associated IT-systems and applications. • Substantive testing on a sample basis of factors used in connection with the calculation of the discount rate (purchase price and forecasted future gross cash /f_l.liga ows) and of changes reported in the income statement in the form of amortisations and revaluation e/f_f.liga ects. • Analytical review of items associated with investments in credit impaired /f_i.liga nancial assets, including, but not limited to, exposures, movements, mar- gins, performance, forecast accuracy and macroeconomic surroundings. • Involvement of valuation specialists to assess and challenge underpinning estimates, judgements and assumptions applied in connection with calcu- lation of forecasted future gross cash /f_l.liga ows. • Assessment of compliance with guiding principles and adequate disclo- sures for credit impaired /f_i.liga nancial assets in accordance with IFRS. Other information than the annual accounts and consolidated accounts This document also contains other information than the annual accounts and consolidated accounts and is found on pages 1-24 and 89-110. The Board of Directors and the Managing Director are responsible for this other information. Our opinion on the annual accounts and consolidated accounts does not cover this other information and we do not express any form of assurance conclusion regarding this other information. In connection with our audit of the annual accounts and consolidated accounts, our responsibility is to read the information identi/f_i.liga ed above and consider whether the information is materially inconsistent with the annual accounts and consolidated accounts. In this procedure we also take into account our knowledge otherwise obtained in the audit and assess whether the information otherwise appears to be materially misstated. If we, based on the work performed concerning this information, con- clude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Responsibilities of the Board of Directors and the Managing Director The Board of Directors and the Managing Director are responsible for the preparation of the annual accounts and consolidated accounts and that they give a fair presentation in accordance with the Annual Accounts Act and, concerning the consolidated accounts, in accordance with IFRS Account- ing Standards as adopted by the EU. The Board of Directors and the Manag- ing Director are also responsible for such internal control as they determine is necessary to enable the preparation of annual accounts and consolidated accounts that are free from material misstatement, whether due to fraud or error. In preparing the annual accounts and consolidated accounts, The Board of Directors and the Managing Director are responsible for the assessment of the company’s and the group’s ability to continue as a going concern. They disclose, as applicable, matters related to going concern and using the going concern basis of accounting. The going concern basis of accounting is how- ever not applied if the Board of Directors and the Managing Director intends to liquidate the company, to cease operations, or has no realistic alternative but to do so. The Audit Committee shall, without prejudice to the Board of Director’s responsibilities and tasks in general, among other things oversee the compa- ny’s /f_i.liga nancial reporting process. Auditor’s responsibility Our objectives are to obtain reasonable assurance about whether the annual accounts and consolidated accounts as a whole are free from material mis- statement, whether due to fraud or error, and to issue an auditor’s report that includes our opinions. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and gen- erally accepted auditing standards in Sweden will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reason- ably be expected to in/f_l.liga uence the economic decisions of users taken on the basis of these annual accounts and consolidated accounts. A further description of our responsibility for the audit of the annual accounts and consolidated accounts is available on the Swedish Inspec- torate of Auditors (SIA) website: revisorsinspektionen.se/revisornsansvar. This description is part of the auditor’s report. Report on other legal and regulatory requirements Opinions In addition to our audit of the annual accounts and consolidated accounts, we have also audited the administration of the Board of Directors and the Managing Director of Intrum AB (publ) for the /f_i.liga nancial year 2024-01-01 - 2024-12-31 and the proposed appropriations of the company’s pro/f_i.liga t or loss. 87Annual and Sustainability Report 2024About Intrum Governance and control Board of Directors’ Report Financial statements Sustainability information ===== SIDA 88 ===== We recommend to the general meeting of shareholders that the loss to be dealt with in accordance with the proposal in the statutory administra- tion report and that the members of the Board of Directors and the Managing Director be discharged from liability for the /f_i.liga nancial year. Basis for Opinions We conducted the audit in accordance with generally accepted auditing standards in Sweden. Our responsibilities under those standards are further described in the Auditor’s Responsibilities section. We are independent of the parent company and the group in accordance with professional ethics for accountants in Sweden and have otherwise ful/f_i.liga lled our ethical responsibili- ties in accordance with these requirements. We believe that the audit evidence we have obtained is su/f_f_i.liga cient and appropriate to provide a basis for our opinions. Responsibilities of the Board of Directors and the Managing Director The Board of Directors is responsible for the proposal for appropriations of the company’s pro/f_i.liga t or loss. At the proposal of a dividend, this includes an assessment of whether the dividend is justi/f_i.liga able considering the require- ments which the company’s and the group’s type of operations, size and risks place on the size of the parent company’s and the group’s equity, consolida- tion requirements, liquidity and position in general. The Board of Directors is responsible for the company’s organization and the administration of the company’s a/f_f.liga airs. This includes among other things continuous assessment of the company’s and the group’s /f_i.liga nancial situa- tion and ensuring that the company’s organization is designed so that the accounting, management of assets and the company’s /f_i.liga nancial a/f_f.liga airs oth- erwise are controlled in a reassuring manner. The Managing Director shall manage the ongoing administration according to the Board of Directors’ guidelines and instructions and among other matters take measures that are necessary to ful/f_i.liga ll the company’s accounting in accordance with law and handle the management of assets in a reassuring manner. Auditor’s responsibility Our objective concerning the audit of the administration, and thereby our opinion about discharge from liability, is to obtain audit evidence to assess with a reasonable degree of assurance whether any member of the Board of Directors or the Managing Director in any material respect: • has undertaken any action or been guilty of any omission which can give rise to liability to the company, or • in any other way has acted in contravention of the Companies Act, the Annual Accounts Act or the Articles of Association. Our objective concerning the audit of the proposed appropriations of the company’s pro/f_i.liga t or loss, and thereby our opinion about this, is to assess with reasonable degree of assurance whether the proposal is in accordance with the Companies Act. Reasonable assurance is a high level of assurance, but is not a guaran- tee that an audit conducted in accordance with generally accepted audit- ing standards in Sweden will always detect actions or omissions that can give rise to liability to the company, or that the proposed appropriations of the company’s pro/f_i.liga t or loss are not in accordance with the Companies Act. As part of an audit in accordance with generally accepted auditing standards in Sweden, we exercise professional judgment and maintain professional scepticism throughout the audit. The examination of the admin- istration and the proposed appropriations of the company’s pro/f_i.liga t or loss is based primarily on the audit of the accounts. Additional audit procedures performed are based on our professional judgment with starting point in risk and materiality. This means that we focus the examination on such actions, areas and relationships that are material for the operations and where devia- tions and violations would have particular importance for the company’s sit- uation. We examine and test decisions undertaken, support for decisions, actions taken and other circumstances that are relevant to our opinion con- cerning discharge from liability. As a basis for our opinion on the Board of Directors’ proposed appropriations of the company’s pro/f_i.liga t or loss we exam- ined whether the proposal is in accordance with the Companies Act. The auditor’s examination of the Esef report Opinion In addition to our audit of the annual accounts and consolidated accounts, we have also examined that the Board of Directors and the Managing Direc- tor have prepared the annual accounts and consolidated accounts in a for- mat that enables uniform electronic reporting (the Esef report) pursuant to Chapter 16, Section 4 a of the Swedish Securities Market Act (2007:528) for Intrum AB (publ) for the /f_i.liga nancial year 2024. Our examination and our opinion relate only to the statutory requirements. In our opinion, the Esef report has been prepared in a format that, in all material respects, enables uniform electronic reporting. Basis for opinion We have performed the examination in accordance with FAR’s recommen- dation RevR 18 Examination of the Esef report. Our responsibility under this recommendation is described in more detail in the Auditors’ responsibility section. We are independent of Intrum AB (publ) in accordance with profes- sional ethics for accountants in Sweden and have otherwise ful/f_i.liga lled our ethi- cal responsibilities in accordance with these requirements. We believe that the evidence we have obtained is su/f_f_i.liga cient and appropri- ate to provide a basis for our opinion. Responsibilities of The Board of Directors and the Managing Director The Board of Directors and the Managing Director are responsible for the preparation of the Esef report in accordance with the Chapter 16, Section 4 a of the Swedish Securities Market Act (2007:528), and for such internal con- trol that the Board of Directors and the Managing Director determine is nec- essary to prepare the Esef report without material misstatements, whether due to fraud or error. Auditor’s responsibility Our responsibility is to obtain reasonable assurance whether the Esef report is in all material respects prepared in a format that meets the requirements of Chapter 16, Section 4(a) of the Swedish Securities Market Act (2007:528), based on the procedures performed. RevR 18 requires us to plan and execute procedures to achieve reason- able assurance that the Esef report is prepared in a format that meets these requirements. Reasonable assurance is a high level of assurance, but it is not a guar- antee that an engagement carried out according to RevR 18 and generally accepted auditing standards in Sweden will always detect a material mis- statement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to in/f_l.liga uence the economic decisions of users taken on the basis of the Esef report. The /f_i.liga rm applies International Standard on Quality Management 1, which requires the /f_i.liga rm to design, implement and operate a system of quality man- agement including policies or procedures regarding compliance with ethi- cal requirements, professional standards and applicable legal and regulatory requirements. The examination involves obtaining evidence, through various proce- dures, that the Esef report has been prepared in a format that enables uni- form electronic reporting of the annual accounts and consolidated accounts. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement in the report, whether due to fraud or error. In carrying out this risk assessment, and in order to design audit procedures that are appropriate in the circumstances, the auditor con- siders those elements of internal control that are relevant to the preparation of the Esef report by the Board of Directors and the Managing Director, but not for the purpose of expressing an opinion on the e/f_f.liga ectiveness of those internal controls. The examination also includes an evaluation of the appro- priateness and reasonableness of assumptions made by the Board of Direc- tors and the Managing Director. The procedures mainly include a validation that the Esef report has been prepared in a valid XHMTL format and a reconciliation of the Esef report with the audited annual accounts and consolidated accounts. Furthermore, the procedures also include an assessment of whether the consolidated statement of /f_i.liga nancial performance, /f_i.liga nancial position, changes in equity, cash /f_l.liga ow and disclosures in the Esef report have been marked with iXBRL in accordance with what follows from the Esef regulation. Deloitte AB, was appointed auditor of Intrum AB (publ) by the general meeting of the shareholders on the April 24, 2024 and has been the compa- ny’s auditor since April 29, 2021. Stockholm, date according to electronic signature Deloitte AB Patrick Honeth Authorized Public Accountant 88Annual and Sustainability Report 2024About Intrum Governance and control Board of Directors’ Report Financial statements Sustainability information ===== SIDA 89 ===== Financial metrics SEK M unless otherwise indicated 2024 2023 2022 2021 2020 Unadjusted IFRS Metrics 1 Income 18,033 17,705 19,368 17,789 16,848 EBITDA 3,249 4,313 2,192 7,975 6,224 EBIT 1,941 2,776 154 6,475 4,695 Net Loss Attributable to the Group -3,697 -187 -4,473 3,127 1,881 EPS (SEK) -30.67 -1.56 -37.07 25.88 15.18 Adjusted Cash Metrics 1 NET Portfolio Investments CAPEX 1,739 5,508 7,538 5,654 5,355 Cash Income 21,607 21,065 24,280 21,966 21,038 Cash EBITDA 9,287 9,137 13,239 12,310 11,608 Cash EBITDA (including discontinued operations) 10,866 12,855 13,239 12,310 11,608 Adjusted Financial Metrics Net Debt with Other Obligations 49,658 57,343 54,679 49,919 48,894 Net Debt without Other Obligations 49,324 56,871 54,141 49,160 48,513 Net Debt with Other Obligations / RTM Cash EBITDA including discontinued operations (x) 4.5x 4.5x 4.1x 4.1x, 4.2x Net Debt without Other Obligations / RTM Cash EBITDA including discontinued operations (x) 4.5x 4.4x 4.1x 3.9x 4.0x 1) 2024 and 2023 comparatives exclude discontinued operations except for the Net Debt ratios which include discontinued operations . All other comparative years include discontinued operations. Net debt reconciliation SEK M 2024 2023 2022 2021 2020 Borrowings 50,701 59,852 56,519 52,501 48,703 Lease Liability 710 637 712 805 871 Deferred liabilities1 416 348 384 406 1,073 Gross Debt 51,827 60,837 57,615 53,712 50,647 Cash and Cash Equivalents -2,504 -3,966 -3,474 -4,552 -2,134 Net Debt without Other Obligations 49,324 56,871 54,141 49,160 48,513 Net De/f_i.liga ned Bene/f_i.liga t Liability 88 142 141 329 381 Payable to Non-controlling Interest 246 330 397 430 - Total Other Obligations 334 472 538 759 381 Net Debt with Other Obligations 49,658 57,343 54,679 49,919 48,894 1) Deferred liabilities represent obligations with a settlement date falling after 12 months from initial recognition . Performance reconciliation SEK M 2024 2023 2022 2021 2020 INCOME RECONCILIATION 1 Income 18,033 17,705 19,368 17,789 16,848 IACs in Income - -408 -134 -118 Adjusted income 18,033 17,705 18,960 17,655 16,730 Portfolio Amortisation 3,574 3,360 5,320 4,311 4,308 Cash Income 21,607 21,065 24,280 21,966 21,038 EBITDA RECONCILIATION 1 EBIT 1,941 2,777 154 6,475 4,695 Depreciation and Amortisation 1,308 1,536 2,038 1,500 1,529 EBITDA 3,249 4,313 2,192 7,975 6,224 IAC - NCIs Impairments/ (Reversals) 1,320 124 5,768 - - Net Credit Gains/ (Losses) 79 -9 -117 -133 33 - thereof portfolio investment gains -1,504 -1,258 -1,795 -1,789 -3,145 - thereof portfolio investment Losses 1,583 1,249 1,678 1,656 3,178 Net Credit Gains/Losses from discontinued operations - 266 - - - IAC - Restructuring IT Transformational Costs - 308 512 -73 - Merger & Acquisition 743 88 11 - - Group Restructuring 296 676 -583 - - - thereof cost saving program 99 541 - - - IAC - NRIs Hungarian Tax E/f_f.liga ects 118 90 74 - - Others -11 31 260 563 1,011 Adjusted EBITDA 5,794 5,887 8,117 8,332 7,268 JV Cash Adjustments 1 IFRS Earnings -517 -700 -545 -581 -306 Cash Earnings 436 590 347 248 338 Portfolio amortisation 3,574 3,360 5,320 4,311 4,308 Cash EBITDA 9,287 9,137 13,239 12,310 11,608 1) 2024 and 2023 comparatives exclude discontinued operations. All other comparative years include discontinued operations. 89Annual and Sustainability Report 2024About Intrum Governance and control Board of Directors’ Report Financial statements Sustainability information ===== SIDA 90 ===== De/f_i.liga nitions Result concepts, key /f_i.liga gures and alternative indicators used in this report include the following; Adjusted EBIT Adjusted EBIT is operating earnings adjusted to exclude items a/f_f.liga ecting comparability. Adjusted EBITDA Adjusted EBITDA is de/f_i.liga ned as EBITDA adjusted for items a/f_f.liga ecting compara- bility (which includes impairments) It can also be de/f_i.liga ned as Adjusted EBIT (which includes impairments) add- ing back deprecation and amortisations of tangible and intangible assets. Adjusted income Income adjusted to exclude items a/f_f.liga ecting comparability. Annual contract value, ACV The annual contract value represents the average annual servicing income generated from client contracts. Capex Deployed Capex deployed includes investments made to maintain and grow the busi- ness. For example, IT and tangible assets. Cash EBITDA Cash EBITDA is adjusted EBITDA adjusted to add amortisation of portfo- lio investments and to exclude non-cash income from associates and joint ventures. Cash Income Adjusted Income excluding non-cash income such as portfolio amortisation. EBIT EBIT consists of income less operating costs as shown in the statement of income. EBITDA EBITDA is de/f_i.liga ned as EBIT adding back deprecation and amortisation of tan- gible and intangible assets. Estimated remaining collections, ERC The estimated remaining collections represent the nominal value of the expected future collection on the Group’s portfolio investments, including the Group’s anticipated cash /f_l.liga ows from investments in joint ventures and associates. External income Income from the Group’s external clients including revenues generated from Real Estate Owned assets (REO). Income Consolidated income includes external servicing income from collection services, sale of properties, subscription income, etc.), investing income (col- lected amounts less amortisation and revaluations for the period) and other income. Internal income Predominantly related to income generated by the Servicing segment from providing collection services on the Group’s own portfolios to the Investing segment. Investing Capex Deployed The commitments to invest in portfolios of overdue receivables, with or with- out collaterals made in the reporting period. This includes real estates and investment in joint arrangements where the underlying assets are portfolio of receivables or/and properties. Items a/f_f.liga ecting comparability Signi/f_i.liga cant items that impact comparability of key metrics are adjusted from IFRS reported numbers to provide more relevant information to evaluate the Group’s performance. Items A/f_f.liga ecting Comparability (“IAC”) are based on three sub-groups: • Group Restructurings (“Restructurings”), • Non-Recurring Items (“NRIs”); and • Non-Cash Items (“NCIs”). Restructurings are costs relating to group-wide business transformation pro- grams and M&A (“mergers and acquisitions”) transactions where incremen- tal temporary incurred costs over and above anticipated net /f_i.liga xed costs are reported as an IAC. NRIs are one-o/f_f.liga costs or income that were not incurred in previous report- ing periods and are not expected to recur in future reporting periods. An item that is part of core operations is not reported as an NRI irrespective how infrequent it could be occurring in business operations. For cash metrics, NCIs represent all valuation, estimates and provisions which are non-cash in nature and relate to future periods. For non-cash met- rics, NCIs represent items that enhance periodic comparability, such as adjustments to prospective accounting changes, measurement adjustments to match income and costs that are interconnected or recognition of partial impairment losses that relate to the current reporting period. NCIs exclude normal working capital changes and could arise from Restructurings or NRIs. Net debt with other obligations This includes borrowings (including additional net obligations arising from connected currency or/and interest rate agreements), lease Liabilities, guarantees covering indebtedness of other persons and other obligations, deferred payments having an initial due date of more than 12 months, net de/f_i.liga ned bene/f_i.liga t liabilities and ‘non-controlling interests in certain co-investment vehicles, net of cash and cash equivalents. It excludes operating liabilities (including provisions) and contingent liabilities. Portfolio investments – collected amounts, amortisations and revaluations Portfolio investments consist of portfolios of delinquent consumer debts purchased at prices below the nominal receivable. These are recognised at amortised cost applying the e/f_f.liga ective interest method, based on a collection forecast established at the acquisition date of each portfolio. Income attrib- utable to portfolio investments consist of collected amounts less amortisa- tion for the period and revaluations. The amortisation represents the period’s reduction in the portfolio’s current value, which is attributable to collec- tion taking place as planned. Revaluation is the period’s increase or decrease in the current value of the portfolios attributable to the period’s changes in forecasts of future collection. Return on portfolio investments Return on portfolio investments is the Adjusted EBIT for the period calculated on a full-year basis, as a percentage of the average carrying amount of the bal- ance-sheet item purchased debt. The ratio sets the segment’s earnings in rela- tion to the amount of capital tied up and is included in the Group’s /f_i.liga nancial targets. The de/f_i.liga nition of average book value is based on using average values for the quarters. Year to date and RTM is calculated using the opening and closing balances of the quarters in the period. RTM Rolling Twelve Months, RTM, refers to /f_i.liga gures on a last 12-month basis. 90Annual and Sustainability Report 2024About Intrum Governance and control Board of Directors’ Report Financial statements Sustainability information ===== SIDA 91 ===== Sustainability Contents Note H1 About the Sustainability Report /nine.tf/two.tf H2 Sustainability governance /nine.tf/two.tf H3 Stakeholder engagement /nine.tf/three.tf H4 Materiality assessment /nine.tf/three.tf H5 Sustainability targets and outcomes 2024 /nine.tf/four.tf H6 Agenda 2030 /nine.tf/four.tf H7 Value chain /nine.tf/five.tf H8 Material sustainability issues and sustainability data /nine.tf/six.tf H9 Sustainability reporting index in accordance with the Annual Accounts Act /one.tf/zero.tf/two.tf H10 EU Taxonomy /one.tf/zero.tf/three.tf H11 GRI Index /one.tf/zero.tf/seven.tf Auditor’s Limited Assurance Report on Sustainability Report and statement regarding the Statutory Sustainability Report /one.tf/zero.tf/eight.tf About Intrum Governance and control Board of Directors’ Report Financial statements Sustainability information Annual and Sustainability Report 2024 91 ===== SIDA 92 ===== H1 About the Sustainability Report Accounting Policies This Annual and Sustainability Report integrates /f_i.liga nancial data with sustain- ability information. The Sustainability Report has been prepared in accor- dance with the Annual Accounts Act (ÅRL) and prepared in accordance with the Global Reporting Initiative (GRI) Standards, 2021. The report is pub- lished annually and contains information on how Intrum contributes to the UN’s Sustainable Development Goals and Agenda 2030. The Sustainabil- ity Report is aligned with the /f_i.liga nancial year and covers the period from 1 Jan- uary to 31 December 2024. For any tables without a speci/f_i.liga ed year, the data reported pertains to the year 2024. The Annual and Sustainability Report was published 1 April 2025. The report includes disclosures regarding our view on sustainability, value creation and risks associated with issues related to the environment, social conditions, labour, respect for human rights and anti-corruption. The Board of Directors receives and reviews the Annual and Sustainability Report and its contents before it is signed. The sustainability report has been limited assured by Intrum’s auditors, see page 108 for the auditors report. The report encompasses Intrum ABs’ (publ) operations (see Note 34, pages 80-83). Signi/f_i.liga cant changes since the preceding reporting period From the 2022 reporting year onwards, the Sustainability Report is prepared in accordance with GRI Standards 2021; see GRI Index on page 107. Cer- tain emission /f_i.liga gures from the previous year’s sustainability report have been adjusted following the identi/f_i.liga cation of incorrect data. For more details, see page 101-102. Contact persons Johan Åkerblom, Chief Financial O/f_f_i.liga cer johan.akerblom@intrum.com Vanessa Söderberg, Global Sustainability Director vanessa.soderberg@intrum.com H2 Sustainability governance The strategic focus of Intrum’s sustainability work is approved by the Board of Directors, which is also the highest decision-making body in sustainability governance. The Board meets regularly and addresses sustainability-related matters as needed, for example on the adoption of a new strategy, follow-up of strategy, updating of materiality assessment, new legislation, endorsement of sustainability frameworks, to name just a few of the areas that require Board involvement. Our Executive Management Team is actively involved in the development of our sustainability strategy, which is subsequently approved by the Board. Under the leadership of the Chief Financial O/f_f_i.liga cer, who is a member of the Executive Management Team, our Global Sustain- ability Team coordinates e/f_f.liga orts across the organisation’s various functions and markets. This coordination is carried out in close collaboration with own- ers within the Executive Management Team, ensuring accountability and commitment at the management level and supporting our ongoing e/f_f.liga orts towards more sustainable development. Intrum’s governance model is based on a clear delegation and follow-up of powers and authorities, which pervades all business areas, sta/f_f.liga and control functions. More information on our governance model and control of com- pliance with our internal instructions can be found in the Corporate Gover- nance Report on pages 25–33. Over the past year, we have continued aligning our reporting with the new European Sustainability Reporting Standard, ESRS. This has also been a theme for enhancing the board’s knowledge in the area of sustainabil- ity. By mapping our value chain and conducting a double materiality assess- ment, we have laid the foundation for shaping our overarching sustainability strategy and preparing for future reporting in accordance with the ESRS. This work, to be completed in 2025, is a key component of our commitment to increased transparency and enhances our ability to proactively address sustainability issues. Our purpose, values, mission and vision lay the foun- dation for our sustainability work alongside Intrum’s Code of Conduct and related internal instructions and policies. The Code of Conduct applies to our employees, partners and suppliers. Other governance documents of sig- ni/f_i.liga cance for our sustainability work include our Sustainability policy, HR instruction, Privacy and data protection instruction, Sales instruction and instructions on Anti-money laundering and counteracting the /f_i.liga nancing of terrorism. Framework for sustainability work To contribute to a global responsibility with regard to sustainability, Intrum has, since 2016, been a signatory of the UN’s Global Compact business initia- tive and its ten principles on human rights, labour rights, the environment and anti-corruption. The principles of the Global Compact are derived from the UN Universal Declaration of Human Rights, the International Labour Organ- isation’s Declaration on Fundamental Principles and Rights at Work, the Rio Declaration on Environment and Development, and the UN Convention against Corruption. Through this initiative, we have undertaken to integrate Global Compact and its ten principles into our business strategy, culture and day-to-day operations and to communicate our progress. This is implemented through our internal instructions and our sustainabil- ity policy, our Code of Conduct and our Supplier Code of Conduct, the con- tent of which is communicated to relevant stakeholders. These governance documents are reviewed annually and adopted by the Board of Directors and guide our sustainability work. For more information about our internal gov- ernance and control, see pages 25-33. We also support Agenda 2030 and the UN’s Sustainable Development Goals. We have performed human rights due diligence in line with the UN Guiding Principles on Business and Human Rights and we began reporting in accordance with the Task Force on Cli- mate-related Financial Disclosures (TCFD). For more information about the TCFD, see page 45. 92Annual and Sustainability Report 2024About Intrum Governance and control Board of Directors’ Report Financial statements Sustainability information ===== SIDA 93 ===== H3 Stakeholder engagement Our key stakeholders are those who are a/f_f.liga ected by our business to a sub- stantial extent and who play a signi/f_i.liga cant role to our business – customers, clients, employees, shareholders and society. We have daily interactions with our stakeholders in various contexts. Through continuous dialogues, we can be responsive to their expectations and develop our operations in line with those expectations. Interaction with them occurs in a variety of ways, including through individual conversations, broader discussions, surveys and questionnaires. In addition to the interaction in day-to-day operations, we conduct tar- geted sustainability dialogues to deepen our understanding of our impact on stakeholders. Led by the Global Sustainability Team, we conducted in-depth interviews during 2022 with a selection of our largest shareholders, as well as employee focus groups. These discussions covered the views of the stake- holders on risks and opportunities, as well as their expectations of our sus- tainability work both now and in the future. The results of these dialogues formed part of Intrum’s assessment of its impact on the economy, environ- ment and people, which also provides the basis for the strategy. In 2021, we held stakeholder dialogues with representatives from the Euro- pean Consumer Debt Network and with internal stakeholders, focusing on human rights. Overall, these have provided important input for the strategy work carried out during the year. We view stakeholder dialogues as a rewarding element in our operations, as they enable development in the desired direction and strengthen how we generate value as a company. Intrum’s stakeholder dialogue Stakeholder Examples of interactions Examples of material issues Addressing questions Customers The customers are our clients’ customers, individuals and sometimes companies in debt who we encounter in our day- to-day operations and whose cases we take on when they pay late or fail to pay. Regular customer surveys, daily contact through our website, e-mail, telephone and letters. A personal approach, that we show empathy and are able to identify individually tailored solutions, that we provide user- friendly tools and o/f_f.liga er favour- able accessibility. Our daily work is guided by our val- ues. Our Code of Conduct incorpo- rates our values and guides us in our daily work. Clients Our clients are companies in various sectors whom we help secure payment. Clients span all scales of companies, from multinational corpo- rations to small and medi- um-sized enterprises. Annual client satisfaction sur- vey, annual interviews, the annu- ally produced European Payment Report where the selection includes our clients, as well as daily contact through our website and by e-mail and telephone. Liquidity, our treatment of their customers, that we are part of the customer journey, that we are a professional partner o/f_f.liga er- ing user-friendly and custom- ised solutions. An annual survey of our clients facil- itates our continued development. Our daily work is guided by our val- ues. Our Code of Conduct incorpo- rates our values and guides us in our daily work. Society Society is a broad stake- holder group including cit- izens and policy makers, consumers and companies, authorities and organisa- tions, to name just a few. Regular cooperation with the bodies of the European Union, regular cooperation with local decision-makers, regular /f_i.liga nancial education initiatives. A well-functioning credit mar- ket for creditors and borrow- ers, that we help individuals become debt-free thereby improving their circumstances, that we contribute to a sound economy for companies with a responsible and ethical approach. Two annual surveys, the European Payment Report involving more than 10,000 companies and the European Consumer Payment Report involving more than 24,000 consumers. These surveys provide insights that we also share with others. We also collaborate with decision-makers at di/f_f.liga erent lev- els to foster regulatory development in a desirable direction. Shareholders Our existing and potential shareholders Discussions and interviews with shareholders, quarterly report- ing including road shows, meetings with shareholders including the Annual General Meeting. Ethical treatment of customers, responsible selection of clients and debt portfolios, anti-cor- ruption and a reduced climate footprint, our work with sus- tainability-related risks. Development of relevant governance documents, integration of sustainabil- ity-related risks into the risk manage- ment process. Expansion of reported emissions categories in line with Greenhouse Gas Protocol Scope 3. Employees In the 20 markets in which we operate, Intrum has approximately 10,000 employees in total. The annual MyVoice employee sur- vey, focus groups, the Workplace internal communications plat- form with daily interactions and discussions. Ethical treatment of customers, increase /f_i.liga nancial literacy in soci- ety, Well-being, workplace envi- ronment and health, and working at a sustainable company. An annual employee survey, global and local handling of the results of the employee survey by the teams. H4 Materiality assessment Stakeholder dialogues have provided us with important perspectives that have enhanced our understanding of the impact of our business on the econ- omy, environment and people, including human rights, as well as what expec- tations our stakeholders have of our business in both the short term and the long term. We then made an internal assessment of our direct and indirect impact on the economy, people and the environment, including climate, and also considered the /f_i.liga nancial impact for each material sustainability issue. Last year, a double materiality assessment was conducted in accordance with the European Sustainability Reporting Standards (ESRS). As part of this process, we have assessed our direct and indirect impacts as well as the /f_i.liga nancial e/f_f.liga ects of various climate-related, social, and governance sustain- ability issues. The objective of this endeavour has been to attain a deeper understanding of the most material sustainability issues for our business. Feedback from stakeholders has been incorporated into the assessment, enhancing our insight into our impact. The outcomes have informed the revi- sion of our overarching sustainability strategy. The assessment, expected to be completed in 2025, will guide our future reporting and strategic direction. Areas of focus and material sustainability issues Enable sustainable payments Be a trusted and respected actor Growing by making a di/f_f.liga erence • Ethical collection by treating custom- ers fairly • Responsible selec- tion of clients and portfolios • Sound /f_i.liga nances for our clients • Favourable pay- ment terms between companies • Sound transactions • Increase /f_i.liga nancial literacy in society • Anti-corruption • Reduced environ- mental footprint • Responsible value chain and partnerships • Data security • Relationships with decision-makers and organisations • Attracting and retaining talents, including employee well-being • Diversity and inclusion 93Annual and Sustainability Report 2024About Intrum Governance and control Board of Directors’ Report Financial statements Sustainability information ===== SIDA 94 ===== H5 Sustainability targets and outcomes 2024 The /f_i.liga ve aspects of sustainability in focus for our strategy are ethical collec- tion, sound economy for our clients, well-being among our employees, diver- sity and inclusion, and reduced environmental footprint. Strategic sustainability targets Focus area Strategic sustainability targets 2023–2026 Outcome in 2024 Increase Customer Sat- isfaction Index to 4.5 out of 5. 4.2 Enable sustainable payments Maintain a high level in the Culture Index at above 85/100 86/100 Maintain the average Cli- ent Satisfaction Index to above 75/100 72/100 Growing by making a di/f_f.liga erence Increase the Engagement Index among our employ- ees to above 80/100 78/100 Achieve a more balanced gender distribution throughout the company (40/60%) Board of Directors: Women 43%, Men 57% Executive Management1 : Women 29%, Men 71% Entire organisation: Women 60%, Men 40% Be a trusted and respected actor To achieve climate neu- trality by 2030 and to reduce our total green- house gas emissions by at least 20% compared with 2019 Our emissions have decreased by -32% in total compared to the base- line year 2019 from 7,277 tonnes to 4,947 tonnes. For more information, see page 101. Establish a new baseline for emissions Work in progress Align reduction target with the Paris agreement Work in progress H6 Agenda 2030 We have identi/f_i.liga ed three sustainable development goals and /f_i.liga ve targets within the UN’s 2030 Agenda to which we have the opportunity to make a positive contribution through our sustainability strategy and activities. Intrum Agenda 2030 Focus area Goals and targets where we have the greatest opportunities to contribute Examples of activities Enable sustainable payments Goal 8 – Decent work and economic growth Target 8.10 Universal access to banking, insurance and /f_i.liga nancial services We focus strongly on the ethical treatment of our customers, and on helping our customers /f_i.liga nd their way back to sound personal /f_i.liga nances. Target 8.3 Promote policies to support job creation and grow- ing enterprises By helping our clients get paid for the goods and services they have sold, we enable development for companies of all sizes and sectors. Growing by making a di/f_f.liga erence Goal 5 – Gender equality Target 5.5 Ensure women’s full participation in leadership and decision-making We see gender equality as an asset, and focus on increasing the balance between men and women throughout our organisation and in lead- ing positions. Goal 8 – Decent work and economic growth Target 8.8 – Protect labour rights and promote safe working environments The well-being of our employees is important to us and, through our annual employee survey, we are able to identify areas for development so that our employees shall have a favourable working environment. Be a trusted and respected actor Goal 13 – Climate action Target 13.2 – Integrate climate change measures into policies and planning By placing the environment and climate high on the agenda, with clear goals and plans of action, we contribute to combating climate change. 94Annual and Sustainability Report 2024About Intrum Governance and control Board of Directors’ Report Financial statements Sustainability information ===== SIDA 95 ===== H7 Value chain Intrum is a market leader in credit management and the purchase of overdue receivables. Our purpose is to lead the way to a sound economy. A market in which people and companies can e/f_f_i.liga ciently provide and receive credit is a prerequisite for the business community to be able to function. Opportuni- ties increase for a society and its economy to /f_l.liga ourish if companies are paid on time for their goods and services, as this enables them to invest, employ and grow – while individuals are able to meet their payment commitments and regain control of their /f_i.liga nances. Working at Intrum means being part of our purpose and helping to drive the development of an ethical collection industry. Upstream Downstream Stakeholders in the value chain Suppliers Clients Employees Customers Society Shareholders Activities Our primary suppliers pro- vide us with goods and services within the following categories: • IT, which includes infrastruc- ture, hardware, software and cloud services. • Temporary contracted sta/f_f.liga and consultancy services • Real estate • Courier and postal services • Banking and investment services • Legal services We have around 80,000 clients, consisting of companies of various sizes and sectors. They engage us to help them secure payment for their products and services while keeping their customer relation- ships intact. Our service o/f_f.liga er- ing covers the entire value chain, from the /f_i.liga rst invoice reminder to debt collection services and our acquired debt portfolios. We o/f_f.liga er our clients services within credit check, credit assessment, invoic- ing, pre-collection, debt col- lection and acquisition of debt portfolios. We have around 10,000 employ- ees, who work in the space between cli- ent and customer. Our values of Empa- thy, Ethics, Dedica- tion and Solutions guide us in all that we do, from how we work with our clients to how we respond to our customers. Every day we have around 250,000 interactions with individuals and compa- nies who need help deal- ing with a late payment. It is important to us that we are able to provide assistance in /f_i.liga nding a long-term sus- tainable payment solution and to help our custom- ers back to sound /f_i.liga nances, whatever the reason for their debt or late payment. We have a key role to play as part of a well-functioning /f_i.liga nancial ecosystem, where companies are paid for their work and private individu- als are able to take back con- trol of their /f_i.liga nances. We also see it as our responsibility to work proactively and spread knowledge to clients, cus- tomers and society in general about issues relating to sound /f_i.liga nances, as well as to help drive the development of an ethical collection industry. Intrum’s shares have been listed on the Nas- daq Stockholm exchange since June 2002. By gen- erating positive /f_i.liga nancial results and acting respon- sibly, we are able to cre- ate the conditions for long-term returns for our shareholders. Overview of sustainability aspects and main impact per stakeholder group in the value chain H/eight.tf./one.tf Ethical collection by treating customers fairly H/eight.tf./two.tf Responsible selection of clients and portfolios H/eight.tf./three.tf Sound economy for our clients H/eight.tf./four.tf Sound transactions H/eight.tf./five.tf Increase /f_i.liga nancial literacy in society H/eight.tf./six.tf Favourable payment terms between companies H/eight.tf./seven.tf Diversity and inclusion H/eight.tf./eight.tf Attract and retain talents, including employee well-being H/eight.tf./nine.tf Anti-corruption H/eight.tf./one.tf/zero.tf Data security H/eight.tf./one.tf/one.tf Relationships with decision-makers and organisations H/eight.tf./one.tf/two.tf Reduced environmental footprint H/eight.tf./one.tf/three.tf Responsible value chain and partnerships Impact on stakeholder 95Annual and Sustainability Report 2024About Intrum Governance and control Board of Directors’ Report Financial statements Sustainability information ===== SIDA 96 ===== H8 Material sustainability issues and sustainability data H8.1 Ethical collection by treating customers fairly Our impact is mostly about our ability to help individuals out of debt, which is a prerequisite for being able to participate fully in the economy. A key part of this is treating customers with empathy and respect for the individual per- son’s circumstances, which is something we consider extremely important. This applies both to how we communicate with customers and how we han- dle cases. For us, this is a prerequisite for our clients to entrust us with their most important asset – their customers. We are guided by our values of Empathy, Ethics, Dedication and Solu- tions. Our Code of Conduct incorporates our values that guide us in our daily work and in the treatment of both customers and our other stakeholders. We have also formalised principles on our approach to customers in our internal instruction “treating customers fairly”. In 2022, we began measuring customer satisfaction in a uniform manner in our markets during the year. We do so using a survey that our customers can complete after they have been in contact with us. Customer satisfaction is measured using an index on a scale of 1 to 5, where the global average for the year was 4.2 (4.3) Since developing our values in 2017, our annual employee survey measures the extent to which our employees perceive that we live up to our values, which is captured in our culture index. The result of our most recent survey in 2024, was a culture index of 86. The employee survey is conducted among all employees and had an 89 % response rate, which was slightly lower com- pared with the previous year (91). By helping customers /f_i.liga nd a solution to get out of debt, we help them back to sound personal /f_i.liga nances. Every year, we measure the total number of debt cases where we have helped our customers to /f_i.liga nd a solution to settle the case. Starting in 2020, we also measure the number of customers that we have helped to become debt free. Key internal governance documents Code of Conduct Treating customers fairly instructions Company-speci/f_i.liga c key performance indicator – Ethical collection 2024 2023 2022 2021 Culture Index (0–100) 86 85 85 85 Number of debt cases /f_i.liga nally settled (millions)1 8.4 8.8 8.62 8.11 Number of customers that became debt free (millions)1 4.5 5.1 4.72 4.1 Customer satisfaction index 4.2 4.3 4.2 1) The de/f_i.liga nitions of the KPIs ‘Number of debt cases /f_i.liga nally settled’ and ‘Number of customers that became debt free’ have been adjusted with a new de/f_i.liga nition of which cases are included and excluded, so the outcome for 2021 and onwards cannot be compared with previous years. Due to rounding error, the number of cases settled in 2021 has been corrected from 8,0 to 8,1. 2) Due to errors in interpretation, the data for 2022 have been recalculated and adjusted. This relates to a clari/f_i.liga cation in the de/f_i.liga nition concerning which types of cases and customers are included and excluded. The impact of this resulted in the /f_i.liga gures for the year 2022 being corrected from 8.7 to 8.6 million for the number of fully paid debt cases and from 4.2 to 4.7 million for the number of customers who have become debt-free. H8.2 Responsible selection of clients and portfolios For us, it is important to collaborate with clients who share our values of good business ethics. Our clients and portfolios form the core of our value chain, and we therefore select our clients and portfolios with care. In practice, this means that we opt out of clients or portfolios whose invoices have no legal basis, that apply unethical lending terms or o/f_f.liga ensive sales methods, or are not considered ethical for other reasons. Our Sales instruction stipulates the criteria for how we choose our clients and portfolios. Before we commence a collaboration with a client, due dili- gence is performed in accordance with these criteria. Key internal governance documents Code of Conduct Sales instruction H8.3 Sound /f_i.liga nances for our clients The core of our operations entails helping companies get paid for the goods and services they have sold. We o/f_f.liga er our clients a long-term partner facilitat- ing development and growth. We strive to o/f_f.liga er our clients favourable service and to provide user-friendly solutions. Our daily work is guided by our values of Empathy, Ethics, Dedication and Solutions. Our Code of Conduct incorporates the values that guide our daily work and how we treat clients and other stakeholders alike. To understand how we can develop our approach, an independent survey is conducted each year to derive a Satisfaction Index. According to the latest survey, which was conducted in the autumn of 2024, the Index amounted to 72. In the segment consisting of our major clients, the index reached 86. By helping our clients get paid for their goods and services by acting as agents or by buying portfolios, we generate /f_i.liga nancial value to them. We mon- itor this /f_i.liga nancial value, that is, how much money we have collected on behalf of our clients through our credit management services, as well as the value of the portfolios we have purchased from clients and thus released from their balance sheets. Key internal governance documents Code of Conduct Company-speci/f_i.liga c key performance indicator – Sound /f_i.liga nances for our clients 2024 2023 2022 2021 2020 Client Satisfaction Index (0–100) 72 74 76 77 75 Financial value generated for our clients (SEK billion) 101 97 89 75 77 H8.4 Sound transactions Money laundering is a growing problem in society and, as a /f_i.liga nancial sector player that handles payments, we risk being negatively impacted. We regu- larly review transactions conducted within our operations, and suspicious transactions are reported to the relevant authorities. Key internal governance documents Instructions for anti-money laundering, terrorist /f_i.liga nancing, and sanctions Company-speci/f_i.liga c key performance indicator – Sound transactions 2024 2023 2022 2021 2020 Number of cases reviewed n/a4 4072 6,8353 2,269 1,614 Number of cases reported 885 27 20 19 7 3) The deviation in 2022 compared with previous years is because of the Russian invasion of Ukraine. All transactions that could have a potential link to Russia were reviewed. The reported number in 2023 is still high due to this reason. 4) Due to the changes in methodology and revision of the AML monitoring process this number is not available for 2024. 5) This increase is due to new reporting standards in Finland, requiring large and suspicious overpay- ments to be reported to the authorities. H8.5 Increase /f_i.liga nancial literacy in society Over-indebtedness involves those who /f_i.liga nd they experience recurring prob- lems with not being able to pay for the goods and services they have pur- chased. In certain countries and among certain groups of people, knowledge about personal /f_i.liga nances and the consequences of paying on credit is low, and many would like to learn more about these issues at a young age. We see it as an opportunity and our responsibility to help raise the level of aware- ness regarding sound /f_i.liga nances by actively sharing our knowledge within the framework of our daily activities and through targeted educational initiatives. We conduct a number of di/f_f.liga erent educational initiatives in our markets. Key internal governance documents Code of Conduct 96Annual and Sustainability Report 2024About Intrum Governance and control Board of Directors’ Report Financial statements Sustainability information ===== SIDA 97 ===== Company-speci/f_i.liga c key performance indicator – Active Educational initia- tives during the year Country Description Norway Provided /f_i.liga nancial support and collaboration with the Norwegian Red Cross in an initiative in which we educated people who have left prison about personal /f_i.liga nance. Portugal In collaboration with a local university, Intrum has contributed with a module on over-indebtedness to a /f_i.liga nancial literacy program. Spain Provided /f_i.liga nancial education to young people on personal /f_i.liga nance and non-payment risks through workshops and learning materials available in schools. H8.6 Favourable payment terms between companies We know that late payments have negative consequences for compa- nies. Through our payment times to suppliers, we have a direct impact, and we also work pro-actively to indirectly shorten payment times for compa- nies, thus contributing to their development and growth. This is achieved through various activities with the objective of shortening payment times for companies. Key internal governance documents Code of Conduct H8.7 Diversity and inclusion As an employer, we do our utmost to treat all employees with respect and to a/f_f.liga ord equal development opportunities to all. It is our conviction that being a multicultural company based on diversity, equality and inclusion makes us more sensitive to our customers and their overall needs and enables inno- vation and development of the right solutions for every new situation. With employees speaking 35 languages and 77 nationalities in our workforce, we are proud to be a multicultural company. All information on employees is based on the total number of full-time employees (FTEs) apart from employee turnover, which is based on Num- ber of employees. Data is collected at the end of the reporting period,as of 31 December 2024. The number of temporary employees includes all apprentices, interns and employees with temporary employment. Permanent employees includes all ordinary employees with a contract that has no end date, including seasonal workers. Key internal governance documents Code of Conduct HR instruction GRI 2-7 Employees Total number of employees by contract type and gender Gender Permanent Temporary Total Women 5,281 322 5,603 Men 3,627 147 3 ,774 Gender Full time Part time Total Women 4,855 747 5,603 Men 3, 564 210 3,774 GRI 405-1 Diversity of governance bodies and employees 2024 2023 2022 2021 2020 Gender distribution, Executive Management Team1 Women 29% 20% 31% 20% 27% Men 71% 80% 69% 80% 73% Gender distribution, Board of Directors Women 43% 38% 38% 38% 33% Men 57 % 62% 62% 62% 67% Gender distribution, employees Women 60% 61% 61% 61% 63% Men 40% 39% 39% 39% 37% 1) The Executive Management Team (EMT) replaced the Group Management Team (GMT) in 2024 and now constitutes the company’s executive leadership. Distribution of managerial positions by gender and age Age Group Gender Share <30 Female 2% <30 Male 2% 30–50 Female 34% 30–50 Male 35% 50+ Female 12% 50+ Male 15% Total 100.0% GRI 2-7 Employees Country Permanent Temporary Full time Part time Austria 30 0 26 4 Belgium 85 0 74 12 Bulgaria 58 1 56 4 Czech Republic 49 6 51 4 Denmark 118 2 108 11 Finland 424 16 405 35 France 400 53 421 32 Germany 369 20 320 69 Greece 1,274 207 1,467 14 Hungary 436 1 415 22 Ireland 23 0 22 1 Italy 637 76 648 65 Latvia 189 1 187 3 Lithuania 236 0 231 5 Mauritius 168 2 169 1 Netherlands 116 4 65 54 Norway 404 5 392 16 Poland 298 62 332 28 Portugal 228 1 224 5 Slovakia 56 0 41 15 Spain 1,475 0 1,117 358 Sweden 384 4 387 2 Switzerland 180 4 152 32 United Kingdom 1,273 3 1,111 166 Totalt 8,908 468 8419 957 97Annual and Sustainability Report 2024About Intrum Governance and control Board of Directors’ Report Financial statements Sustainability information ===== SIDA 98 ===== GRI 2-8 Workers who are not employees Type of worker FTE % Contract workers 1,150 11% Employees 9,376 89% Total 10,527 100% Type of work FTE % Consultant 615 53% Contingent Contract 421 37% Interinale 36 3% On Demand Access and Support 77 7% Seconded employee 1 0% Total 1,150 100% Function FTE % IT 521 45% Operations 504 44% Finance 35 3% Servicing 25 2% Legal 25 2% HR 16 1% Product Development 12 1% Risk & Compliance 7 1% Internal Audit 2 0% Corporate A/f_f.liga airs 1 0% Investment Management 1 0% Special Projects & M&A 1 0% Total 1,150 100% Company-speci/f_i.liga c key performance indicator – Languages spoken We speak 35 di/f_f.liga erent languages in which we can serve our customers and clients in the markets in which we operate. 2024 Number of languages spoken 35 List of languages spoken by employee Albanian Arabic Bosnian Catalan Czech Danish Dutch English Finnish French German Greek Hindi Hungarian Italian Kurdish Latvian Lithuanian Mandarin Norwegian Pashto Persian Polish Portuguese Punjabi Romani Romanian Russian Serbian Slovak Spanish Swedish Turkish Ukrainian Urdu Company-speci/f_i.liga c key performance indicator – Nationalities of employees 2024 Number of di/f_f.liga erent nationalities 77 List of nationalities of employees Albania Algeria Angola Argentina Australia Austria Bangladesh Belarus Belgium Bolivia Bosnia and Her- zegovina Brazil British Indian Ocean Territory Canada China Colombia Comoros Costa Rica Croatia Czechia Côte d’Ivoire Democratic Republic of the Congo Denmark Ecuador El Salvador Finland France Gabon Georgia Germany Ghana Greece Guinea-Bissau Hungary India Iran Ireland Italy Jamaica Latvia Lithuania Madagascar Malawi Mauritius Mexico Mongolia Netherlands Nigeria North Macedonia Norway Pakistan Peru Philippines Poland Portugal Republic of the Congo Romania Russia Serbia Slovakia Slovenia Somalia South Africa Spain Sweden Switzerland Syria Thailand Trinidad and Tobago Tunisia Turkey Ukraine United King- dom Uruguay Venezuela Zambia Zimbabwe H8.8 Attract and retain talented individuals, including employee well- being Our capacity to attract and retain talent goes hand in hand with our employ- ees’ well-being. To attract talented individuals and develop them within the company, we foster internal mobility and work actively to illuminate internal career paths. It is crucial that our employees be a/f_f.liga orded su/f_f_i.liga cient resources, knowledge and opportunities to perform their duties, and we work contin- uously to ensure that we meet the needs of each individual in this regard. All employees working with us must be able to enjoy their fundamental free- doms and rights. Key internal governance documents Code of Conduct HR instruction GRI 401-1 New employee hires and employee turnover 2024 2023 2022 2021 2020 Number of new hires 1,556 2,173 2,439 2,310 2,096 Employee turnover 27% 24% 22% 22% 21% New hires Total Age Group <30 679 30-50 708 50+ 169 Total 1,556 Gender Female 900 Male 656 Total 1,556 Employee turnover Total Age Group <30 692 30-50 1,586 50+ 545 Total 2,823 Gender Female 1,692 Male 1, 131 Total 2,823 98Annual and Sustainability Report 2024About Intrum Governance and control Board of Directors’ Report Financial statements Sustainability information ===== SIDA 99 ===== GRI 401-1 New employee hires and employee turnover1 Country Number of new hires Share of new hires Number of leavers Total employee turnover Austria 5 0% 10 29% Belgium 12 1% 14 15% Bulgaria 24 2% 13 20% Czechia 2 0% 13 20% Denmark 18 1% 40 27% Finland 51 3% 79 16% France 164 11% 77 17% Germany 67 4% 116 25% Greece 283 18% 267 20% Hungary 83 5% 139 26% Ireland 6 0% 26 78% Italy 12 1% 64 9% Latvia 18 1% 59 27% Lithuania 75 5% 210 64% Mauritius 34 2% 66 35% Netherlands 6 0% 22 16% Norway 21 1% 112 23% Poland 74 5% 63 18% Portugal 94 6% 93 39% Romania 0 0% 34 189% Slovakia 0 0% 14 18% Spain 60 4% 839 43% Sweden 75 5% 79 18% Switzerland 16 1% 29 13% United Kingdom 357 23% 345 26% Total 1,556 2,823 27% ´ 1) The strategic decision to leave certain markets, in particular Brazil, Estonia, Latvia, Lithuania and Romania, has contributed to higher turnover levels and lower employment in these markets. The mac- roeconomic situation and its impact on living costs, the /f_i.liga erce competitive situation and restructuring have also a/f_f.liga ected employee turnover in a number of markets. GRI 404-1 Average hours of training per year per employee 2024 2023 2022 Average hours of training per year per employee 22 22 32 GRI 2-30 Collective bargaining agreements 2024 2023 2022 2021 2020 Proportion of employees covered by collective bargaining agreements 45% 49% 48% 52% 46% For employees without collective bargaining agreement, the working contrac- tual agreement is established between the employee and the organisation. Company-speci/f_i.liga c key performance indicator – Well-being among employees 2024 2023 2022 2021 2020 Employee Engagement Index (/zero.tf–/one.tf/zero.tf/zero.tf) 78 80 80 81 79 Sick leave 6% 5% 5% 5% 6% H8.9 Anti-corruption As an actor operating across a broad geographic spectrum, we are, like other companies, exposed to corruption risks in our markets. For us, applying zero tolerance of corruption is a matter of course, and our Code of Conduct and instructions against bribery and corruption guide our employees and others representing the company in how we should act to manage this risk. We conduct an annual assessment of corruption risks throughout our operations, including with regard to the following categories: risks linked to clients in each sector, geographical risks, internal risks, implementation risks. At an overarching level, the risks are classi/f_i.liga ed as moderate. No signi/f_i.liga cant risks have been identi/f_i.liga ed, but a high level of risk has been identi/f_i.liga ed in rela- tion to outsourced activities and external partners outside Europe due to geographical risks. Key internal governance documents Instructions against corruption and bribes Code of Conduct GRI 205-3 Con/f_i.liga rmed incidents of corruption and actions taken 2024 2023 2022 2021 2020 Con/f_i.liga rmed incidents of corruption and actions taken 0 0 0 0 0 GRI 205-1 Operations assessed for risks related to corruption 2024 2023 2022 2021 2020 Percentage of operations assessed for risks related to corruption 100% 100% 100% 100% 100% Company-speci/f_i.liga c key performance indicator – Whistle-blower channel 2024 2023 2022 2021 2020 Number of cases in the whistle-blower channel “Code of Conduct Hotline” that have resulted in action being taken 13 5 6 8 3 H8.10 Data security Given the large amounts of data on customers and clients that we han- dle, data security and data management represent one of our most import- ant sustainability issues. We have both a legal and an ethical responsibility to handle sensitive data in a manner guaranteeing respect for personal privacy, and paying due consideration to the human right of freedom from arbitrary interference with privacy. Incorrect use of sensitive details or loss of data, could cause great harm to the individuals a/f_f.liga ected, as well as to clients and to us as a company. Key internal governance documents Information security instruction Privacy Policy Privacy Governance GRI 418-1 Substantiated complaints concerning breaches of customer privacy and losses of customer data 2024 2023 2022 2021 2020 Data protection-related complaints from external parties 1,112 2,147 3,196 Enquiries, audits and inspections by data protection authorities 28 4 14 24 40 Personal data breaches 423 429 403 99Annual and Sustainability Report 2024About Intrum Governance and control Board of Directors’ Report Financial statements Sustainability information ===== SIDA 100 ===== H8.11 Relationships with decision-makers and organisations Both nationally and internationally, we are engaged in dialogues with legisla- tors, authorities and organisations within our sector. We consider participat- ing actively in the debate on current issues in the sector and helping develop new credit management regulations as one of our most important tasks as a good corporate citizen. In this way, we are driving the future development of our industry in a more sustainable direction. Key internal governance documents Code of Conduct GRI 2-28 Membership associations Country Organisation/Membership associations Denmark • Dansk Erhverv – The Danish Chamber of Commerce • Dansk Inkasso Brancheforening – Danish Collection Companies’ Branch Organisation Finland • Debt Collection Company Association • Luottoalan asiantuntijat ry – Association of Credit Indus- try Experts France • FIGEC – The National Federation of Business Informa- tion and Debt Collection Germany • Bundesverband Deutscher Inkasso-Unternehmen • Bundesvereinigung Kreditankauf und Servicing e.V. • Deutsche Kreditmarkt-Standards e.V. • Bankenfachverband e.V. Italy • UNIREC – Credit Collection Italian Association Netherlands • NVI – Dutch Association of Debt Collection Companies Norway • Finans Norge Poland • ZPF – The Association of Financial Companies in Poland Portugal • APERC – Credit Collections Association Spain • ANGECO – National Debt Collection Companies Association • ASCOM – National Compliance Association Sweden • Svensk Inkasso United Kingdom • Lending Standards Board • Credit Services Association • Money Advice Liaison Group Company-speci/f_i.liga c key performance indicator – Activities for maintaining relationships with decision-makers Country Description Germany Active member of multiple industry associations, including the Association of German Debt Collection Companies (Bundesverband Deutscher Inkasso-Unternehmen, BDIU) and various expert panels. Industry engagement includes participation in regulatory discussions and adherence to national collection standards. Greece Engages in direct dialogue with key governmental bodies, including the Ministry of Finance and the General Secretariat of the Financial Sector & Private Debt Management. Actively involved in legislative discussions on debtor rights, transparency, and /f_i.liga nancial sector regulations. Norway Engages in direct discussions with policymakers, including meetings with the Ministry of Justice regarding debt collection law reforms and consultations with the Finance Committee on industry regulations. Poland Participates in national industry discussions through presentations at association meetings focused on late payments and /f_i.liga nancial education. Engages with regulators and policymakers on sector-speci/f_i.liga c legislative matters. Spain Member of the National Debt Collection Companies Association and actively participates in advocating for new industry regulations. Promotes ethical collection practices through an internally developed ethical code and is also a member of the Spanish Compliance Association (ASCOM), contributing to professional compliance standards. United Kingdom Maintains active relations with national regulators, including the Financial Conduct Authority (FCA) and the Information Commissioner’s O/f_f_i.liga ce (ICO), ensuring compliance through statutory and ad-hoc reporting. Also engages with voluntary regulatory bodies such as the Lending Standards Board and participates in industry associations, including the Credit Services Association (CSA), UK Finance, and the Money Advice Liaison Group (MALG). GRI 2-27 Compliance with laws and regulations 2024 2023 2022 2021 Number of /f_i.liga nes 2 2 2 Number of non-monetary sanctions 2 2 31 Financial value of /f_i.liga nes (EUR) 1,262,500 26,493 41,750 40,000 1) Due to reporting error, the number of non-monetary sanctions has been corrected from 5 to 3 cases. The severity has been assessed on the basis of the number of customers exposed and/or the economic impact of the local organisation. Fines 2024 Greece: The General Secretariat of Commerce imposed a total /f_i.liga ne of EUR 355,000 in relation to ten di/f_f.liga erent customer complaints /f_i.liga led directly with the Authority. The /f_i.liga nes were issued due to shortcomings in administrative handling and failure to provide correct information to customers. Germany: Hanseatische Inkasso-Treuhand GmbH received a /f_i.liga ne of EUR 907,500 from the Hamburg Commissioner for Data Protection and Freedom of Information. The /f_i.liga ne was issued due to a breach of the data minimisation principle, speci/f_i.liga cally for failing to ensure the timely deletion of personal data related to closed cases. Non-monetary Sanctions 2024 Finland: The State Administrative Agency issued a reprimand due to a lack of transparency in a disputed case, where su/f_f_i.liga cient information was not pro- vided to the customer. Denmark: The Danish Police Authority issued a reprimand following a cus- tomer complaint, in which Intrum Denmark was found to have sent excessive payment reminders due to a system failure. 100Annual and Sustainability Report 2024About Intrum Governance and control Board of Directors’ Report Financial statements Sustainability information ===== SIDA 101 ===== H8.12 Reduced environmental footprint Climate change is one of the greatest challenges of our time. The business sector plays a crucial role in reducing environmental and climate impact, and we strive to minimize our footprint wherever possible. Since 2018, we have measured our climate and environmental impact in accordance with the Greenhouse Gas Protocol. Following stakeholder dialogues and a compre- hensive GHG assessment, we expanded our reporting in 2022, particularly within Scope 3. We now include emissions from business travel, purchased goods and services (including leased data centres), fuel- and energy-related activities, and employee commuting. Our total reported emissions in 2024 have decreased by 14% compared to 2023. Scope 1 emissions have increased from 36 tonnes to 86 tonnes, primarily due to reported refrigerant leaks equivalent to 59 tonnes, compared to 0 tonnes the previ- ous year. Emissions from company-owned service vehicles have decreased slightly from 36 tonnes to 27 tonnes. Scope 2 emissions (location-based) have decreased from 3,006 tonnes to 2,452 tonnes, mainly due to energy e/f_f_i.liga ciency measures. Scope 3 emissions have decreased from 12,121 tonnes to 10,468 tonnes. Purchased goods and services have declined from 1,642 tonnes to 788 tonnes, partly due to reduced IT equipment purchases and lower o/f_f_i.liga ce supply consumption. Business travel emissions have decreased from 3,021 tonnes to 2,468 tonnes, partly thanks to a greater share of train travel and reduced air travel. Emissions from employee commuting have fallen from 6,703 tonnes to 6,531 tonnes, primarily due to an increased share of public transport and hybrid vehicles, along with a reduction in commuting with fossil-fueled cars. Our total greenhouse gas emissions using the location-based method have decreased from 15,163 tonnes to 13,006 tonnes, and using the market-based method from 14,432 tonnes to 12,961 tonnes. This reduc- tion is mainly attributed to lower energy consumption and a shift towards a higher share of renewable energy. When comparing the emission categories we have measured since 2018, which are included in our current climate target, we have reduced our reported emis- sions by 18%, from 6,064 tonnes in 2023 to 4,947 tonnes in 2024. This reduc- tion is the result of energy e/f_f_i.liga ciency improvements, optimized energy use, and reduced business air travel. We continue to reduce our emissions in line with our climate target of a 20% reduction by 2030. Compared to our 2019 baseline, we have already achieved a 32% reduction, exceeding our initial 2030 target. The categories covered by our current climate target include emissions from com- pany-owned service vehicles, o/f_f_i.liga ce energy consumption, and business travel by leased vehicles, air, and rail. As part of our updated 2024–2026 sustainabil- ity objectives, we are now working to establish a new baseline and revised cli- mate targets aligned with the Paris Agreement. This work will continue throughout 2025. GHG accounting principles Data to calculate our greenhouse gas emissions in Scope 1, 2, and 3 have been col- lected from o/f_f_i.liga ces that have been part of the group for at least six months of the year. Greenhouse gas emissions are reported in accordance with the Greenhouse Gas Protocol (GHG Protocol). The greenhouse gas emissions are calculated and reported as carbon dioxide equivalents (CO2e) and include the following gases and chemicals: carbon dioxide (CO2), methane (CH4), nitrous oxide (N2O), hydro- /f_l.liga uorocarbons (HFC), and per/f_l.liga uorocarbons (PFC). Scope 1: Emissions from owned company cars are calculated with the dis- tance-based method and involves multiplying vehicle-kilometers with emission factors by vehicle type and fuel type, obtained by Department for Environment, Food and Rural A/f_f.liga airs (DEFRA). Following an expanded mapping in 2022, refrig- erant leaks have been included in our Scope 1 calculation. Measured leaks are multiplied by appropriate emission factors obtained from DEFRA and the Envi- ronmental Protection Agency (EPA). For parts of the vehicle /f_l.liga eet, driven kilome- ters and associated fuel consumption are estimated based on agreed kilometers in leasing contracts. Scope 2: Energy (electricity, heating and cooling) at our o/f_f_i.liga ces is collected through invoices in kWh, multiplied by country average emission factors for loca- tion-based emissions, obtained by the Association of Issuing Bodies (AIB). For market- based emissions, supplier-speci/f_i.liga c factors and purchased renewable energy instruments are re/f_l.liga ected in the emission factors used in the calculation. A smaller share of the underlying energy consumption is estimated based on aver- age consumption per market that has been reported. Scope 3: The majority of emissions in the Business Travel category, such as air travel and hotel stays, are based on data from our travel booking system. Travel with leased service vehicles is measured by documenting annual kilometres driven for business purposes. A smaller portion of business travel is estimated based on travel costs, manual calculation of distance, or agreed kilometres in leas- ing contracts. Activity data is multiplied by emission factors from DEFRA. For rel- evant Scope 3 categories involving fuel use, such as business travel and employee commuting, we currently report only tank-to-wheel (TTW) emissions. Well-to- tank (WTT) emissions are not included. Since 2022, we have expanded the mapping and reporting of our emissions to include additional categories. Emissions in the category of purchased goods and services are based on invoices for paper, co/f_f.liga ee and tea. The majority of IT equip- ment is calculated by multiplying the number of purchased items, obtained from the central IT procurement platform, which is then multiplied by emission factors provided by the supplier per product. Smaller IT equipment is estimated and cal- culated with an emission factor obtained from DEFRA for kg/smaller electronics. Emissions from our leased data centres are reported under Purchased goods and services. As they run on renewable energy, DEFRA’s T&D factor is applied. The emissions in the category Employee commuting are estimated based on an internal survey of employees’ commuting and teleworking habits. The calcula- tion is based on average number of days worked from the o/f_f_i.liga ce per week, aver- age two way distance to work, commuting type multiplied by relevant emission factor from DEFRA, and an assumption of 48 working weeks per year. Lastly, fuel- and energy-related activities are calculated through energy con- sumption reported in Scope 1 and Scope 2, multiplied with emission factors from DEFRA that include indirect emissions related to production of fuels and trans- mission and distribution of energy. Estimating Scope 3 emissions is associated with some uncertainties due to limitations in availability and accuracy of pri- mary data, which is why the reported /f_i.liga gures should not be regarded as exact measurements. We have identi/f_i.liga ed additional categories of emissions that are potentially rel- evant to our business; upstream/downstream transport and distribution, end processing of sold products (sent letters), waste generated in our o/f_f_i.liga ces, and investments. To ensure accuracy, completeness, and comparability, we have initi- ated internal reporting and monitoring of these categories. We intend to comple- ment our current reporting with these categories in the future after establishing more robust processes, clearer de/f_i.liga nitions, and established best practices around data collection and calculation of these emissions. In our GHG mapping, the following Scope 3 categories have been deemed as non-material for our business and are therefore not reported; capital goods, pro- cessing of sold products, use of sold products, downstream leased assets and franchises. Key internal governance documents Sustainability Policy Travel Policy Instruction for company cars Code of Conduct Supplier Code of Conduct Procurement Instruction Scope 1 pertains to emissions from cars that we own and, from 2022 onwards, also to refrigerant leakage from our o/f_f_i.liga ces and server rooms. Scope 2 pertains to emissions from energy consumption at our o/f_f_i.liga ces and includes consumption of electricity, heating and cooling. Scope 3 pertains to emissions from business travel, hotel nights, purchased goods and services (including IT equipment, paper, co/f_f.liga ee, tea, and leased data centres), and fuel- and energy-related activity. 1) Global Warming Potential 100 (The Intergovernmental Panel on Climate Change 2014). 2) The Scope 2 emissions are reported using a location-based method. Our climate footprint, reported CO 2e1 emissions Scope 1: 86 tonnes Scope 2: 2,452 tonnes Scope 3: 10,468 tonnes Total tCO2e emissions: 13,0062 101Annual and Sustainability Report 2024About Intrum Governance and control Board of Directors’ Report Financial statements Sustainability information ===== SIDA 102 ===== GRI 305-1, 305-2 and 305-3 Emissions (tCO 2e) 2024 2023 2022 2021 2020 2019 (base year) Target 2030: -20 % from 2019 Total Scope 1 GHG emissions 86 36 103 81 59 174 Owned company cars 27 36 65 81 59 174 Refrigerants 59 0 38 Total location-based Scope 2 GHG Emissions 2,452 3,006 3,326 3,536 4,203 2,284 Electricity 1,815 2,331 2,437 2,721 3,540 1,768 District heating & cooling 638 675 889 815 663 516 Total market-based Scope 2 GHG Emissions 2,408 2,275 2,421 2,929 Electricity 1,770 1,600 1,532 2,114 District heating & cooling 638 675 889 815 Total indirect (Scope 3) GHG emissions 1 10,468 12,121 15,020 2,330 2,604 4,819 Purchased goods and services 788 1,642 3,040 Fuel and energy-related activites 605 668 794 Business travel 2,468 3,021 3,559 2,330 2,604 4,819 Hotel nights 76 87 73 Employee commuting 6,531 6,703 7,553 Total GHG emissions location based 13,006 15,163 18,4492 5,947 6,866 7,277 Total GHG emissions market based3 12,961 14,432 17,544 5,340 Follow up target 2030 Outcome on target 2030: -20 % greenhouse gas emissions compared to 2019 -32% -17% -4% -18% -6% -20% Greenhouse gas emissions compared to baseline 4 4,947 6,064 6,950 5,947 6,866 7,277 5,822 Other disclosures 2024 Emissions per FTE 1.39 1.57 1.80 Total energy consumption (MWh)5 13,886 14,749 16,945 Renewable energy (MWh) 7,232 8,192 8,433 Non-renewable energy (MWh) 6,653 6,557 8,512 1) From 2022 and onwards, business travel, hotel nights, purchased goods and services (including IT equipment, paper, co/f_f.liga ee, tea, and leased data centres), fuel- and energy-related activities, and employee commuting are included. 2) Due to interpretation errors related to business travel, refrigerants, heating, cooling, and electric- ity from a few o/f_f_i.liga ces, the data for 2022 has been corrected and recalculated. This is due to inaccu- racies in the information received from suppliers. This resulted in a correction from 18,058 tonnes to 18,449 tonnes. 3) Total emissions calculated using market-based method 4) Comparison with the emissions categories included in our baseline reported since 2019 . 5) Energy consumption includes indirect consumption from electricity, heating and cooling. H8.13 Responsible value chain and partnerships For us, it is important to work with companies that share our values of good business ethics. In addition to our clients and portfolios, which are the core of our supply chain, this also applies to the purchases we make for our o/f_f_i.liga ces, when we purchase services and, in particular, to the partner networks we work with to serve our clients globally. Key internal governance documents Code of Conduct Purchasing Policy H9 Sustainability reporting index in accordance with the Annual Accounts Act Disclosure Page reference Overarching Business model 9-11, 12, 15, 35 Environment Policy on environmental issues 101-102 Risks and their management in environmental issues 41, 44-45, 58-59, 101,102 Targets and results related to environmental issues 11, 94 Social conditions and labor Policy on social conditions and labor issues 19-21,97-99 Risks and their management in social conditions and labor issues 19-21,41,43,97-99 Targets and results related to social conditions and labor issues 11, 94 Respect for human rights Policy on human rights issues 15-16,92,96-99 Risks and their management in human rights issues 12, 16, 41,43,96-99 Targets and results related to human rights issues 11,94, 96-99 Anti-corruption issues Policy on anti-corruption issues 99 Risks and their management in corruption issues 41,44-45,99 Targets and results related to anti-corruption 99 EU Taxonomy 103-106 102Annual and Sustainability Report 2024About Intrum Governance and control Board of Directors’ Report Financial statements Sustainability information ===== SIDA 103 ===== H10 EU Taxonomy As part of the EU Green Deal and the EU Action Plan on Sustainable Finance, the European Commission launched the Taxonomy Regulation (EU 2020/852). This regulation serves as a classi/f_i.liga cation system for environmentally sustainable eco- nomic activities and consists of six environmental objectives: • Climate change mitigation • Climate change adaptation • The sustainable use and protection of water and marine resources • The transition to a circular economy • Pollution prevention and control • The protection and restoration of biodiversity and ecosystems Intrum is covered by the EU taxonomy as a listed entity with more than 500 employees and has to report on our activities that are considered eligible within the taxonomy as well as the proportion of activities that are aligned with the tax- onomy requirements. Although Intrum’s core business is not included in the tax- onomy, we have previously reported according to the Regulation and the /f_i.liga rst two environmental objectives, where two activities have been identi/f_i.liga ed as relevant: 6.5 Transport by motorbikes, passenger cars and light commercial vehicles The activity includes our company vehicles, classi/f_i.liga ed as category M1 and N1 falling under the Regulation (EC) No 715/2007. The majority of our vehicles are leased, and a minor share are directly owned by Intrum. This activity is reported under the /f_i.liga rst environmental objective: climate change mitigation (CCM). 7.7 Acquisition and ownership of buildings The activity refers to capital expenditure for new and renegotiated leases for o/f_f_i.liga ce premises. Intrum generally does not own any buildings. This activity is reported under the /f_i.liga rst environmental objective: climate change mitigation. Intrum’s taxonomy analysis was extended in 2024 to cover all six environmen- tal objectives of the taxonomy. The analysis showed that Intrum has no turn- over, capital expenditure or operational costs in relation to the activities covered under the taxonomy’s four environmental objectives relating to water, circular economy, pollution and biodiversity. In addition to transparency on Intrum’s taxonomy-eligibility, we also report on what extent our activities are aligned with the EU taxonomy. Alignment means that the economic activities meet the criteria for substantial contribution and the Do No Signi/f_i.liga cant Harm (DNSH) principle, as well as being compliant with the minimum safeguard measures on a company-level. Technical screening criteria The technical screening criteria to ensure substantial contribution to Intrum’s taxonomy activities include detailed requirements on building’s energy perfor- mance and emission thresholds for vehicles. There are also requirements on, for example, climate risk and vulnerability analysis, thresholds in line with EPREL, and how the vehicle has been manufactured to ensure the DNSH principle. To assess the extent to which activities 6.5 Transport by motorbikes, pas- senger cars and light commercial vehicles and 7.7 Acquisition and ownership of buildings align with the taxonomy, further engagement with third parties is required to access the necessary information. Therefore, Intrum’s new o/f_f_i.liga ce premises and vehicles acquired in 2024 are assumed not to meet the techni- cal screening criteria. Regardless of that, choosing responsible partners and suppliers is a key priority for us. Sustainability aspects are taken into account when selecting contractual partners that provides our company cars and leased o/f_f_i.liga ces, in line with our Procurement Instruction, Code of Conduct and Supplier edition of the code. Our internal Instruction for company cars speci/f_i.liga es the pri- ority of low emission cars, for instance, hybrid cars (plug-in hybrids (PHEV) and battery electric vehicles (BEV)). Intrum does not allow that any company cars are leased which has CO2 emission exceeding 130gr/km as per the WLTP scale. Minimum safeguards Intrum strives to comply with the minimum safeguards through internal gover- nance and processes aimed at addressing human rights, anti-corruption, fair competition and tax compliance. Since 2016, Intrum has committed to the ten principles of the UN Global Compact, encompassing human rights, labour rights, environment and anti-corruption in our business and supply chain. This com- mitment is mirrored in our Sustainability Policy, Code of Conduct, and Supplier Code of Conduct. These documents links to various international standards, including the UN Universal Declaration of Human Rights and the ILO’s core conventions, and our Tax Policy, Competition Law Instruction and Anti-Brib- ery Instruction are integrated into our governance framework to align with eth- ical and legal standards. Intrum’s strategy is to integrate these global standards into our business practices, striving for ongoing dialogue and transparency with stakeholders. As Intrum has not assessed the technical screening criteria, our compliance with the minimum safeguards has not been con/f_i.liga rmed. This means that Intrum is 0% aligned with the EU Taxonomy Regulation, please see the following tables for more information. The /f_i.liga gures in the tables have been disclosed in accordance with our internal accounting policy and IFRS. Accounting principles The share of the business that is environmentally sustainable is to be reported in accordance with the taxonomy through three /f_i.liga nancial metrics: turnover, oper- ating expenses and capital expenditures in relation to the EU’s six environmental objectives. Intrum discloses in accordance with the environmental objective of climate change mitigation according to the methodology below. The risk of dou- ble counting is mitigated as Intrum is only reporting on one environmental objec- tive, climate change mitigation. The other environmental objectives are deemed as not relevant in relation to the Intrum’s economic activities. We have not allocated eligible turnover to any economic activity. Total turn- over corresponds to income in the consolidated income statement. Total income includes service income, interest income and other income. See consolidated income statement page 47. For total income, see accounting principles in Note 2 and additional information in Note 4. Operating expenditure include building renovations, short-term leases, as well as maintenance and repairs. We have allocated eligible operational expenditures based on the economic activity 6.5 Transport by motorbikes, passenger cars and light commercial vehicles. For Intrum, this mainly refers to maintenance costs for cars which is included in indirect costs, previously sales, marketing and adminis- trative costs in the consolidated income statement obtained from the consolida- tion system. Operational expenditures do not include capitalized costs of assets in real estate, facilities and equipment arising from repairs and maintenance, short-term leases and renovations. We have allocated eligible capital expenditures on the economic activities 6.5 Transport by motorbikes, passenger cars and light commercial vehicles and 7.7 Acquisition and ownership of buildings. For Intrum this refers to capital expendi- tures for new and renegotiated leases of o/f_f_i.liga ce premises as well as leased com- pany cars. Total capital expenditures include investments in tangible assets, right-of-use assets, and intangible assets before depreciation, amortization, and any revaluations recognized under IAS 16, IFRS 16, and IAS 38. Capital expendi- tures also include investments in tangible assets, intangible assets, and right-of- use assets resulting from business combinations. Accounting principles for items reported as capital expenditures are found in Note 8 and 11. Capital expendi- tures also include investments in tangible assets, intangible assets, and right-of- use assets resulting from business combinations. Accounting principles for items reported as capital expenditures are found in Note 8 and 11. On 1 January 2023, a supplementary delegated act entered into force, which means that companies are required to account for taxonomy compliance for cer- tain nuclear energy and fossil gas-related activities. Nuclear power and fossil gas are considered by the European Parliament to be environmentally sustainable on a temporary basis as they are considered important components in the transition towards reducing greenhouse gas emissions. Currently, Intrum does not engage in any activities within these areas. Nuclear and fossil gas related activities YES/NO Nuclear energy related activities The undertaking carries out, funds or has exposures to research, development, demonstration and deployment of innovative electricity generation facilities that produce energy from nuclear processes with minimal waste from the fuel cycle. NO The undertaking carries out, funds or has exposures to construction and safe operation of new nuclear installations to produce electricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen production, as well as their safety upgrades, using best available technologies. NO The undertaking carries out, funds or has exposures to safe operation of existing nuclear installations that produce electricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen production from nuclear energy, as well as their safety upgrades. NO Fossil gas related activities The undertaking carries out, funds or has exposures to construction or operation of electricity generation facilities that produce electricity using fossil gaseous fuels. NO The undertaking carries out, funds or has exposures to construction, refurbishment, and operation of combined heat/ cool and power generation facilities using fossil gaseous fuels. NO The undertaking carries out, funds or has exposures to construction, refurbishment and operation of heat generation facilities that produce heat/cool using fossil gaseous fuels. NO 103Annual and Sustainability Report 2024About Intrum Governance and control Board of Directors’ Report Financial statements Sustainability information ===== SIDA 104 ===== Turnover 2024 Year Substantial Contribution Criteria DNSH criteria (‘Does Not Signi/f_i.liga cantly Harm’) Minimum safeguards (17) Proportion of tax- onomy aligned (A.1) or eligible (A.2) turnover, year 2023 (18) Category enabling activity (19) Category transitional activity (20)Economic activities (1) Code/uni00A0 (2) Turnover (3) Propor- tion of Turnover, year 2024 (4) Climate change mitigation (5) Climate change adapta- tion (6) Water (7) Pollution (8) Circular economy (9) Biodiv- eristy (10) Climate change mitigation (11) Climate change adapta- tion (12) Water (13) Pol- lution (14) Circular economy (15) Biodiv- eristy (16) mSEK % Y; N; N/EL Y; N; N/EL Y; N; N/EL Y; N; N/EL Y; N; N/EL Y; N; N/EL Y/N Y/N Y/N Y/N Y/N Y/N Y/N % E T A. TAXONOMY-ELIGIBLE ACTIVITIES A.1 Environmentally sustainable activities (Taxonomy-aligned) Turnover of environmentally sustainable activities (Taxonomy-aligned) (A.1) /uni00A000% 0% 0% 0% 0% 0% 0% 0% Of which Enabling /uni00A000% 0% 0% 0% 0% 0% 0% 0% E Of which Transitional /uni00A000% 0% T A.2 Taxonomy-Eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) EL; N/EL EL; N/EL EL; N/EL EL; N/EL EL; N/EL EL; N/EL Turnover of Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) (A.2) 0 0% 0% 0% 0% 0% 0% 0% 0% A. Turnover of Taxonomy-eligible activities (A.1+A.2) 0 0% 0% 0% 0% 0% 0% 0% 0% B. TAXONOMY-NON-ELIGIBLE ACTIVITIES Turnover of Taxonomy-non-eligible activities 18,033 100% TOTAL 18,033 100/uni00A0% Proportion of Turnover/Total Turnover Taxonomy-aligned per objective Taxonomy-eligible per objective CCM 0% 0% CCA 0% 0% WTR 0% 0% CE 0% 0% PPC 0% 0% BIO 0% 0% Table legend Column 2 Environmental objectives and index of economic activities A.1 column 5–10 Y: Yes, Taxonomy-eligible and Taxonomy-aligned activity with the relevant environmental objective N: No, Taxonomy-eligible but not Taxono- my-aligned activity with the relevant environ- mental objective N/EL: Not eligible, Taxonomy-non-eligible activ- ity for the relevant environmental objective A.2 column 5–10 EL: Taxonomy eligible activity for the relevant objective N/EL: Taxonomy non-eligible activity for the rel- evant objective Column 19–20 E: Enabling activity T: Transitional activity Environmental objectives CCM = Climate change mitigation CCA = Climate change adaptation WTR = Water and marine resources CE = Circular economy PPC = Pollution Prevention and Control BIO = Biodiversity and ecosystems 104Annual and Sustainability Report 2024About Intrum Governance and control Board of Directors’ Report Financial statements Sustainability information ===== SIDA 105 ===== CapEx 2024 Year Substantial Contribution Criteria DNSH criteria (‘Does Not Signi/f_i.liga cantly Harm’) Minimum safeguards (17) Proportion of tax- onomy aligned (A.1) or eligible (A.2) CapEx, year 2023 (18) Category enabling activity (19) Category transitional activity (20)Economic activities (1) Code/uni00A0 (2) CapEx (3) Propor- tion of CapEx, year 2024 (4) Climate change mitigation (5) Climate change adapta- tion (6) Water (7) Pollution (8) Circular economy (9) Biodiv- eristy (10) Climate change mitigation (11) Climate change adapta- tion (12) Water (13) Pol- lution (14) Circular economy (15) Biodiv- eristy (16) mSEK % Y; N; N/EL Y; N; N/EL Y; N; N/EL Y; N; N/EL Y; N; N/EL Y; N; N/EL Y/N Y/N Y/N Y/N Y/N Y/N Y/N % E T A. TAXONOMY-ELIGIBLE ACTIVITIES A.1 Environmentally sustainable activities (Taxonomy-aligned) CapEx of environmentally sus- tainable activities (Taxono- my-aligned) (A.1) 0 0% 0% 0% 0% 0% 0% 0% 0% Of which Enabling 0 0% 0% 0% 0% 0% 0% 0% 0% E Of which Transitional 0 0% 0% T A.2 Taxonomy-Eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) EL; N/EL EL; N/EL EL; N/EL EL; N/EL EL; N/EL EL; N/EL Transport by motorbikes, passenger cars and light commercial vehicles CCM 6.5 37 4% EL N/EL N/EL N/EL N/EL N/EL 5% Acquisition and ownership of buildings CCM 7.7 168 16% EL N/EL N/EL N/EL N/EL N/EL 0% CapEx of Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) (A.2) 205 20% 20% 0% 0% 0% 0% 0% 5% A. CapEx of Taxonomy-eligible activities (A.1+A.2) 205 20% 20% 0% 0% 0% 0% 0% 5% B. TAXONOMY-NON-ELIGIBLE ACTIVITIES CapEx of Taxonomy-non-eligible activities 823 79% TOTAL 1,043 100% Proportion of CapEx/Total CapEx Taxonomy-aligned per objective Taxonomy-eligible per objective CCM 0% 20% CCA 0% 0% WTR 0% 0% CE 0% 0% PPC 0% 0% BIO 0% 0% 105Annual and Sustainability Report 2024About Intrum Governance and control Board of Directors’ Report Financial statements Sustainability information ===== SIDA 106 ===== OpEx 2024 Year Substantial Contribution Criteria DNSH criteria (‘Does Not Signi/f_i.liga cantly Harm’) Minimum safeguards (17) Proportion of tax- onomy aligned (A.1) or eligible (A.2) OpEx, year 2023 (18) Category enabling activity (19) Category transitional activity (20)Economic activities (1) Code/uni00A0 (2) OpEx (3) Propor- tion of OpEx, year 2024 (4) Climate change mitigation (5) Climate change adapta- tion (6) Water (7) Pollution (8) Circular economy (9) Biodiv- eristy (10) Climate change mitigation (11) Climate change adapta- tion (12) Water (13) Pol- lution (14) Circular economy (15) Biodiv- eristy (16) mSEK % Y; N; N/EL Y; N; N/EL Y; N; N/EL Y; N; N/EL Y; N; N/EL Y; N; N/EL Y/N Y/N Y/N Y/N Y/N Y/N Y/N % E T A. TAXONOMY-ELIGIBLE ACTIVITIES A.1 Environmentally sustainable activities (Taxonomy-aligned) OpEx of environmentally sus- tainable activities (Taxono- my-aligned) (A.1) /uni00A000% 0% 0% 0% 0% 0% 0% 0% Of which Enabling /uni00A000% 0% 0% 0% 0% 0% 0% 0% E Of which Transitional 0 0% 0% T A.2 Taxonomy-Eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) EL; N/EL EL; N/EL EL; N/EL EL; N/EL EL; N/EL EL; N/EL Transport by motorbikes, passenger cars and light commercial vehicles CCM 6.5 7 3% EL N/EL N/EL N/EL N/EL N/EL 3% OpEx of Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) (A.2) 7 3% 3% 0% 0% 0% 0% 0% 3% A. OpEx of Taxonomy-eligible activities (A.1+A.2) 7 3% 3% 0% 0% 0% 0% 0% 3% B. TAXONOMY-NON-ELIGIBLE ACTIVITIES A. OpEx of Taxonomy non-eligible- activities (A.1+A.2) 229 97% TOTAL 236 100% Proportion of OpEx/Total OpEx Taxonomy-aligned per objective Taxonomy-eligible per objective CCM 0% 3% CCA 0% 0% WTR 0% 0% CE 0% 0% PPC 0% 0% BIO 0% 0% 106Annual and Sustainability Report 2024About Intrum Governance and control Board of Directors’ Report Financial statements Sustainability information ===== SIDA 107 ===== H11 GRI Index GRI Standard (2021) Description Page reference Omission 1. The organisation and its reporting practices 2-1 Organizational details 23,53,80- 83 2-2 Entities included in the organisation’s sustainability reporting 80-83 2-3 Reporting period, frequency and contact point 92 2-4 Restatements of information 92,96,101- 102 2-5 External assurance 108 2. Activities and workers 2-6 Activities, value chain and other business relationships 3,12,93,95 2-7 Employees 77,97 Incomplete information. Data on non- guaranteed hours and a breakdown by gender and by region will be considered for future reporting. 2-8 Workers who are not employees 98 3. Governance 2-9 Governance structure and composition 30-33, 92 2-10 Nomination and selection of the highest governance body 26 2-11 Chair of the highest governance body 26 2-12 Role of the highest governance body in overseeing the management of impacts 44-45,92 2-13 Delegation of responsibility for managing impacts 26-27,44- 45,92 2-14 Role of the highest governance body in sustainability reporting 92 2-15 Con/f_l.liga icts of interest 27 2-16 Communication of critical concerns 29 2-17 Collective knowledge of the highest governance body 30-31,92 2-18 Evaluation of the performance of the highest governance body 27 2-19 Remuneration policies 27-28,77-78 2-20 Process to determine remuneration 37-38,77-78 GRI Standard (2021) Description Page reference Omission 2-21 Annual total compensation ratio Incomplete information. Data on di/f_f.liga erent types of remuneration is incomplete in the existing system, which will be reviewed for future reporting. 4. Strategy, policies and practices 2-22 Statement on sustainable development strategy 5-6 2-23 Policy commitments 92,96-98 2-24 Embedding policy commitments 92,96-98 2-25 Processes to remediate negative impacts 11,94,96-99 2-26 Mechanisms for seeking advice and raising concerns 99 2-27 Compliance with laws and regulations100 2-28 Membership associations 100 5. Stakeholder engagement 2-29 Approach to stakeholder engagement 93 2-30 Collective bargaining agreements 99 6. Disclosures on material topics 3-1 Process to determine material topics 93 3-2 List of material topics 93 Finance 3- 3 Sustainability governance 11,41,44- 45,92- 93,101-102 205-3 Con/f_i.liga rmed incidents of corruption and actions taken 99 205-1 Operations assessed for risks related to corruption 99 Environment 3-3 Sustainability governance 12,39- 45,92,101- 102 305-1 Direct (Scope 1) GHG emissions 101-102 305-2 Energy indirect (Scope 2) GHG emissions 101-102 305-3 Other indirect (Scope 3) GHG emissions 101-102 Social 3-3 Sustainability governance 11, 20-21, 97-98 401-1 New employee hires and employee turnover 98-99 GRI Standard (2021) Description Page reference Omission 404-1 Average hours of training per year per employee 99 Incomplete information. Data divided by gender and employee cate- gories is incom- plete and will be reviewed for future reporting. 3-3 Sustainability governance 11, 20-21, 97-98 405-1 Diversity of governance bodies and employees 97 3-3 Sustainability governance 99,101 418-1 Substantiated complaints concerning breaches of customer privacy and losses of customer data 99 Company-speci/f_i.liga c issues Promoting sustainable payments 3-3 Sustainability governance 9,16,96 Ethical collection 16, 96 3-3 Sustainability governance 16, 96 Responsible selection of clients and portfolios 96 3-3 Sustainability governance 96 Sound /f_i.liga nances for our clients 96 3-3 Sustainability governance 96 Favourable payment terms between companies 97 3-3 Sustainability governance 96 Sound transactions 96 3-3 Sustainability governance 96 Education initiatives 96 Respected and highly trusted 3-3 Sustainability governance 99 Anti-corruption – Whistle-blower channel 99 3-3 Sustainability governance 101-102 Responsible value chain and partnerships 101-102 3-3 Sustainability governance 98 Activities for maintaining relationships with decision-makers 93, 100-101 Growing by making a di/f_f.liga erence 3-3 Sustainability governance 93,99 Well-being among employees 99 3-3 Sustainability governance 93, 98 Languages spoken 98 3-3 Sustainability governance 98 Number of di/f_f.liga erent nationalities98 107Annual and Sustainability Report 2024About Intrum Governance and control Board of Directors’ Report Financial statements Sustainability information ===== SIDA 108 ===== Auditor’s Limited Assurance Report on Sustainability Report and statement regarding the Statutory Sustainability Report To Intrum AB (publ), corporate identity number 556607–7581 Introduction We have been engaged by the Board of Directors and the Executive Man- agement of Intrum AB (publ) to undertake a limited assurance engagement of Intrum AB’s Sustainability Report for the year 2024. The Company has de/f_i.liga ned the scope of the Sustainability Report on page 2 and the Statutory Sustainability Report on page 102. Responsibilities of the Board of Directors and the Executive Management The Board of Directors and the Executive Management are responsible for the preparation of the Sustainability Report including the Statutory Sus- tainability Report in accordance with the applicable criteria and the Annual Accounts Act, according to the previous version applied before 1 July 2024, respectively. The criteria are de/f_i.liga ned on page 92 in the Sustainabil- ity Report, and are part of the Sustainability Reporting Standard published by GRI (Global Reporting Initiative), which are applicable to the Sustainabil- ity Report, as well as the accounting and calculation principles that the Com- pany has developed. This responsibility also includes the internal control relevant to the preparation of a Sustainability Report that is free from mate- rial misstatements, whether due to fraud or error. Responsibilities of the auditor Our responsibility is to express a conclusion on the Sustainability Report based on the limited assurance procedures we have performed and to express an opinion regarding the Statutory Sustainability Report. Our engagement is limited to historical information presented and does therefore not cover future-oriented information. We conducted our limited assurance engagement in accordance with ISAE 3000 (revised) Assurance Engagements Other than Audits or Reviews of His- torical Financial Information. A limited assurance engagement consists of making inquiries, primarily of persons responsible for the preparation of the Sustainability Report, and applying analytical and other limited assurance procedures. Our examination regarding the Statutory Sustainability Report has been conducted in accordance with FAR’s accounting standard RevR 12 The auditor’s opinion regarding the Statutory Sustainability Report. A limited assurance engagement and an examination according to RevR 12 is di/f_f.liga erent and substantially less in scope than an audit conducted in accordance with International Standards on Auditing and generally accepted auditing stan- dards in Sweden. The /f_i.liga rm applies International Standard on Quality Management 1, which requires the /f_i.liga rm to design, implement and operate a system of quality man- agement including policies or procedures regarding compliance with ethi- cal requirements, professional standards and applicable legal and regulatory requirements. We are independent of Intrum AB in accordance with profes- sional ethics for accountants in Sweden and have otherwise ful/f_i.liga lled our ethi- cal responsibilities in accordance with these requirements. The limited assurance procedures performed and the examination according to RevR 12 do not enable us to obtain assurance that we would become aware of all signi/f_i.liga cant matters that might be identi/f_i.liga ed in an audit. The conclusion based on a limited assurance engagement and an examina- tion according to RevR 12 does not provide the same level of assurance as a conclusion based on an audit. Our procedures are based on the criteria de/f_i.liga ned by the Board of Directors and the Executive Management as described above. We consider these crite- ria suitable for the preparation of the Sustainability Report. We believe that the evidence we have obtained is su/f_f_i.liga cient and appropri- ate to provide a basis for our conclusion below. Conclusion Based on the limited assurance procedures we have performed, nothing has come to our attention that causes us to believe that the Sustainability Report, is not prepared, in all material respects, in accordance with the crite- ria de/f_i.liga ned by the Board of Directors and Executive Management. A Statutory Sustainability Report has been prepared. Stockholm, March 2025. Deloitte AB Signature on Swedish Original. Patrick Honeth Authorized Public Accountant 108Annual and Sustainability Report 2024About Intrum Governance and control Board of Directors’ Report Financial statements Sustainability information ===== SIDA 109 ===== Information for shareholders Annual General Meeting The Annual General Meeting (AGM) of Intrum AB (publ) will be held on 27 May 2025 at Grev Turegatan 30, Stockholm. Noti/f_i.liga cation is made through an advertisement placed in Swedish national daily newspaper Svenska Dagbladet and in Post- och Inrikes Tidningar (o/f_f_i.liga cial Swedish gazette). The notice and other information in preparation for the Annual General Meeting are also available at www.intrum.com. Dividend To reduce Intrum’s leverage ratio, the Board and Management decided to not propose any dividend payable in 2025. Available cash /f_l.liga ow will be dedicated to improving our /f_i.liga nancial risk pro/f_i.liga le, and new balance sheet funded investing activities is being strictly limited. Financial information 2025 Annual General Meeting ..........................................................27 May Interim report January–March .................................7 May Interim report January–June .......................................31 July Interim report January–September .............30 October Additional information from Intrum Financial reports are published in Swedish and English and are published on the Group’s website www.intrum.com. Communication with shareholders, analysts and the media is a priority area. Intrum’s earnings and operations are presented to analysts and investors in Stockholm after each interim report. In addition to these contacts, representatives of the Company meet exist- ing and potential shareholders on other occasions, for example at one-on- one meetings and at share savings gatherings. Please visit our website, www. intrum.com, which, in addition to a broad presentation of the Group, o/f_f.liga ers an in-depth investor relations section with analysis tools and more. Shareholder contact Anders Bengtsson, Investor Relations Manager E-mail: ir@intrum.com The Annual Report and Sustainability Report can also be downloaded as a pdf via www.intrum.com. Contact regarding the contents of the report Azadeh Varzi, Head of Corporate A/f_f.liga airs E-mail: azadeh.varzi@intrum.com Intrum’s Annual Report and Sustainability Report 2024 was produced in cooperation with Hallvarsson & Halvarsson. Photo: Helén Karlsson. Portrait photo: Erik Thor. Intrum AB (publ) (Corp. ID No. 556607-7581). 109Annual and Sustainability Report 2024About Intrum Governance and control Board of Directors’ Report Financial statements Sustainability information ===== SIDA 110 ===== Intrum AB (publ) Riddargatan 10, 114 35 Stockholm, Sverige Tel +46 8 546 10 200 Fax +46 8 546 10 211 www.intrum.com info@intrum.com