Årsredovisning 2024

===== 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 =====