Kvartalsrapport Q1 2025

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===== SIDA 1 =====

Interim report
First quarter of 2025
•  Solid start to 2025 with improved Servicing profitability and 
Investing collections exceeding expectations.
•  Income slightly down with 3% vs Q1 2024 driven by decrease in 
the Investing segment.
•  EBIT for the quarter increased to SEK 1,032 M versus SEK 475 M 
for first quarter 2024 which was primarily driven by the contin-
ued cost saving initiatives. Adjusted EBIT was up 27% versus 
first quarter 2024.
•  Leverage ratio remained unchanged at 4.5x.
•  There was significant progress on strategic initiatives achieved 
in Q1. The US Chapter 11 and the Swedish Reorganisation plan 
have been confirmed and significant steps have been taken 
towards implementation of the Restructuring transaction.
• The Recapitalisation is expected to be closed by beginning of 
July 2025 subject to regulatory approvals.
• Intrum has signed an investment partnership with Cerberus
• Ophelos is live in six markets with two more to be implemented 
by Q2 2025. Additionally we launched our AI-voice agent 
Olivia in Spain.
• The Q1 2025 report has been updated to present the consol -
idated statement of income to a nature-based presentation. 
More details available on page 16.
First quarter, 2025 First quarter
Rolling
12 months Full year
SEK M, unless otherwise indicated
Jan–Mar
2025
Jan–Mar
2024¹
Change 
%  2025  20241
Unadjusted Accounting Metrics
Income 4,276 4,430 -3 17,879 18,033
Cost to Income (C/I), ratio % 78 94 -17 88 92
EBIT 1,032 475 117 2,498 1,941
Net Income/(Loss) attributable to parent company's shareholders 101 -238 142 -3,358 -3,697
Earnings/(loss) per Share (EPS) 0.83 -1.98 142 -27. 8 5 -30.67
Adjusted Accounting Metrics
Adjusted EBIT 1,098 864 27 4,783 4,548
Adjusted Net Income/(Loss) attributable to parent company's 
shareholders
150 -144 204 -240 -534
Adjusted Earnings Per Share 1.25 -1.20 204 -1.99 -4.43
Adjusted Cash Metrics
Cash EBITDA from continuing operations 2,211 1,997 11 9,500 9,286
Cash EBITDA including discontinued operations 2,211 2,782 -21 10,294 10,865
Net Debt before Other Obligations/RTM Cash EBITDA 
including discontinued operations, x
4.5x 4.5x
1) 2024 comparatives exclude discontinued operations throughout the report, see page 6 for a detailed breakdaown

===== SIDA 2 =====

Strong start to a pivotal year with 
significant progress towards key 
transformational goals
“ Our strategic agenda and 
capital light operating model 
remain unchanged – and, 
more importantly, our team 
keeps delivering on what 
we’ve set out to achieve”
Our strategic agenda and capital light operating model remain 
unchanged – and, more importantly, our team keeps delivering 
on what we have set out to achieve.
Accelerating transformation through capital light partnership 
and technology
We are very pleased to have finalised our strategic investment 
partnership with Cerberus on 1 April. Cerberus is a highly com -
plementary partner for Intrum, and the collaboration enables us 
to scale our investment activities without increasing our debt. 
This partnership is fully aligned with our capital light strategy, 
generating both servicing and investment management revenues. 
Together, Intrum and Cerberus aim to jointly invest up to EUR 1 
billion annually, with Intrum contributing up to 30 percent of the 
capital for these investments. This partnership leverages our mar-
ket leading investment and servicing platform generating not only 
a return on direct investment but also driving significant invest -
ment management and servicing fee-based revenue.
Another key initiative is the accelerated rollout of Ophelos, which 
continues to move us closer to becoming a technology com -
pany focused on credit management services rather than a credit 
management services company simply leveraging technology. 
Ophelos is now live in six markets – UK, Ireland, Belgium, the 
Netherlands, Spain, and France – and we are on track to launch 
in Portugal and Italy in the second quarter. The results are con -
sistently strong, demonstrating the powerful combination of 
increased collection rates and improved cost-to-collect, in partic-
ular for high-volume and low-ticket claims (the most challenging 
assets to manage). We remain confident that Ophelos will cover 
nearly 60 percent of our commercial activity by year-end and 
demonstrate material run-rate impact to our results. In parallel, we 
launched our voice AI agent, Olivia, in our largest Servicing market 
- Spain. Early results indicate efficacy on par or better than human 
agent collections. We look forward to sharing more detail in the 
coming periods. 
2Intrum Interim report, first quarter 2025Q1 in brief Comment by the President and CEO Key financial metrics Segment overview Financial overview Financial reports Other information Definitions About Intrum

===== SIDA 3 =====

Growing client demand for our services and strong uplift in servicing 
margin
In Q1, the European operating environment has become sub -
stantially more complicated with increased geopolitical tensions, 
considerable shifts in the global trade landscape and uncertainty 
around supply chain resilience. This has reinforced the demand 
for credit management services. Among our other notable 
achievements in the first quarter, we signed 279 new and upsell 
deals across our footprint. Highlights include Avida Finans in Nor-
way, Primagaz in France, consumer bank in Switzerland and a 
large bank in UK.   
We continue to be focused on delivering key support and gener-
ating value for both clients and customers. Concurrent with driv-
ing value though customer collections, Intrum continues to play a 
critical role in the financial ecosystem. Each year, we help nearly 
five million people become debt free, regaining financial control 
and enabling their reintegration into the financial system.
Financially, we are growing our income levels in most markets 
while rigorously reviewing our cost base. This is most evident in 
our Servicing Adjusted EBIT, which more than doubled year-on-
year, and our Servicing Adjusted EBIT margin, which increased 
12 percentage points to 21% in Q1 2025. We expect our margin 
improvement to continue towards our stated 2026 goal of 25% 
and beyond.
Backed by overwhelming support, Intrum successfully 
emerges from recapitalisation
I am very pleased to report that we are approaching the comple-
tion of the Recapitalisation Transaction, with continued strong 
support from our creditors and all of our stakeholders.
Intrum entered the first quarter of the year following the US 
Court’s confirmation of our pre-packaged Chapter 11 plan on the 
final day of 2024. In Sweden on 15 April, our creditors unanimously 
voted in favour of the reorganisation plan. Upon completion of 
necessary regulatory approvals in H1 2025, the Recapitalisation 
Transaction will take effect, with existing bonds exchanged and 
new equity issued.
The completion of this process marks a pivotal milestone and 
provides us with the financial runway needed to execute our busi-
ness plan effectively, driving long term growth and success. 
In conclusion, we are successfully emerging from our recapital -
isation while making meaningful progress across all three of our 
strategic pillars: operational excellence, client focus, and our 
transition to a capital light business model. We are setting the 
foundation for future success and growth.  
Stockholm, May 2025 
Andrés Rubio 
President & CEO
“ I am really looking forward 
to the next chapter in the 
history of the company”
3Intrum Interim report, first quarter 2025Q1 in brief Comment by the President and CEO Key financial metrics Segment overview Financial overview Financial reports Other information Definitions About Intrum

===== SIDA 4 =====

Key financial metrics
Quarterly development
EBIT for the quarter increased to SEK 1,032 M (475 M). Total 
income for the quarter was SEK 4,276 M (4,430 M), reflecting a 
3% decrease, primarily due to decrease in the Investing segment. 
Total costs decreased to SEK -3,323 M (-4,166 M) for the first 
quarter, which is explained by improved efficiency measured 
across all cost buckets, personnel expenses (-13%), legal expenses 
(-24%) and other operating expenses (-34%). Intrum continued to 
work on the Restructuring transaction during first quarter. The 
transaction will have an impact on the company’s financial and 
operational framework. Exceptional items are recorded on the 
balance sheet and will be recognized on the transaction date.
 Results from associates and joint ventures decreased to  
SEK 88 M compared to SEK 208 M in Q1 2024. Change includes 
discontinued operations from first quarter last year of SEK 131 M. 
Net financial expenses is slightly down in the quarter of SEK -710 M 
(-713 M). See page 9 for more details. 
During the first quarter 2025, it was decided to decrease the 
Items Affecting Comparability (IAC) to a minimum. The decision 
was taken to mitigate the risk of cost not being managed with the 
same carefulness. The change impacted the first quarter with 
a decrease of IAC with 83% compare to first quarter 2024, and 
amounted to SEK 67 M (389 M). Key items being cost savings ini-
tiatives in Spain and IT migration in UK of a total of SEK 38 M, and 
Hungary tax expenses SEK 22 M (118 M). 
Adjusted EBIT increased by 27% to SEK 1,098 M (864) for the 
quarter and the EBIT margin increased from 19% to 22% since 
December 2024. The adjusted EBIT increased due to a decrease 
of underlying costs of 14% to SEK 3,256 M (3,777 M), excluding 
IACs. The cost saving programs launched in prior years is driving 
the decrease in the cost base.
The leverage ratio remained flat at 4.5x compared to the previ-
ous quarter.
Growth
~10% 
CAGR
External Servicing  
Income growth
EBIT margin
>25%
Total adjusted  
Servicing margin
Balance  
sheet intensity
SEK  
~30 bn
Proprietary investing  
book value excl.  
revaluations
Leverage
3.5x
Leverage ratio by  
end of 2026
Servicing Adjusted EBIT Margin, RTM
22
18
16 17
19
Q2
2024
Q3 
2024
Q4 
2024
Q1
2025
CMD 
Sep’23
External Servicing Adjusted Income 
Growth, RTM bn
12.4
10.6
12.1 12.2 12.2
Q2
2024
Q3 
2024
Q4 
2024
Q1
2025
CMD 
Sep’23
CAGR: 9%
23
41
26 26 25
Q2
2024
Q3 
2024
Q4 
2024
Q1
2025
Investing BV excl. Revaluations, Quarter End
CMD 
Sep’23
Q2
2024
Q3 
2024
Q4 
2024
Q1
2025
Leverage Ratio, RTM
4.5x4.6x 
3.9x
4.2x
4.5x
CMD 
 Sep’23
4Intrum Interim report, first quarter 2025Q1 in brief Comment by the President and CEO Key financial metrics Segment overview Financial overview Financial reports Other information Definitions About Intrum

===== SIDA 5 =====

Segment overview
Key figures 2025
First quarter, Jan–Mar 2025
SEK M Servicing Investing Central Eliminations Consolidated
External Income  3,028  1,243  6  -  4,276 
Internal Income  367  -  21  -388  - 
Income  3,395  1,243  27  -388  4,276 
Share of Associates and Joint ventures  16  72  -  -  88 
Personnel Expenses  -1,462  -16  -211  -  -1,690
IT Expenses  -143  -1  -151  -  -295
Legal Expenses  -195  -96  -2  -  -293
Other Operating Expenses  -685  -615  129  388  -782
Depreciation and Amortisation  -237  -2  -24  -  -263
Net Credit Gains/Losses  -  -9  -  -  -9
EBIT  689  576  -233 -  1,032 
Items Affecting Comparability in EBIT 1  41  22  4  -  67 
Adjusted EBIT  729  597  -228 -  1,098 
Cash EBITDA  969  1,446  -204 -  2,211 
Income  3,395  1,243  27  -388  4,276 
– thereof Northern Europe  731  231  -  -53  908 
– thereof Middle Europe  972  398  -  -142  1,228 
– thereof Southern Europe  1,545  352  -  -60  1,838 
– thereof Eastern Europe  116  260  -  -111  264 
– thereof Central  31  1  27  -21  38 
Adjusted EBIT  729  597  -228 -  1,098 
– thereof Northern Europe  146  259  -  -  404 
– thereof Middle Europe  145  172  -  -  317 
– thereof Southern Europe  422  137  -  -  559 
– thereof Eastern Europe  21  31  -  -  52 
– thereof Central  -5  -  -228  -  -233
1) Refer to page 10 for details on Items Affecting Comparability 
5Intrum Interim report, first quarter 2025Q1 in brief Comment by the President and CEO Key financial metrics Segment overview Financial overview Financial reports Other information Definitions About Intrum

===== SIDA 6 =====

Key figures 2024
First quarter, Jan–Mar 20241
Including Discontinued Operations Discontinued Operations
SEK M Servicing Investing Central Eliminations Consolidated Servicing Investing Eliminations Consolidated
External Income  2,922  1,961  9  -  4,891  171  -632  -  4,430 
Internal Income  625  -  50  -675  -  -222  -  222  - 
Income  3,547  1,961  59  -675  4,891  -51  -632  222  4,430 
Share of Associates and Joint ventures  8  69  -  -  77  -  131  -  208 
Personnel Expenses  -1,743  -14  -183  -  -1,940  7  -3  -  -1,936 
IT Expenses  -195  -1  -144  -  -340 0 0  -  -339 
Legal Expenses  -309  -85  -9  -  -403  1  14  -  -388 
Other Operating Expenses  -829  -921  -123  675  -1,198  10  231  -222  -1,179 
Depreciation and Amortisation  -284  -2  -39  -  -325  1 0  -  -324 
Net Credit Gains/Losses  -  2  -  -  2  -  -  -  2 
EBIT  195  1,009  -439  -  764  -31  -258  -  475 
Items Affecting Comparability in EBIT 2  149  115  124  -  389  -  -  -  389 
Adjusted EBIT  344  1,125  -315  -  1,153  -31  -258  -  864 
Cash EBITDA  620  2,469  -308  -  2,782  -33  -753  -  1,997 
Income  3,547  1,961  59  -675  4,891 
– thereof Northern Europe  734  495  -  -125  1,103 
– thereof Middle Europe  1,006  590  -  -242  1,355 
– thereof Southern Europe  1,684  595  -  -167  2,112 
– thereof Eastern Europe  97  280  -  -91  287 
– thereof Central  25  -  59  -50  34 
Adjusted EBIT  344  1,125  -315  -  1,153 
– thereof Northern Europe  41  347  -  -  389 
– thereof Middle Europe  65  223  -  -  288 
– thereof Southern Europe  279  434  -  -  713 
– thereof Eastern Europe  -42  118  -  -  76 
– thereof Central  1  2  -315  -  -312 
1) 2024 have been restated to reallocate certain income and costs previously reported as Central to either Servicing and Investing. No impact on consolidated numbers 
2) Refer to page 10 for details on Items Affecting Comparability
6Intrum Interim report, first quarter 2025Q1 in brief Comment by the President and CEO Key financial metrics Segment overview Financial overview Financial reports Other information Definitions About Intrum

===== SIDA 7 =====

Servicing
Credit management with a focus on late 
payments and collections 
External income decreased 2% versus first quarter 2024, driven 
by negative organic growth in Southern Europe which has a nat -
ural decline in portfolios (stock market) compared to our other 
markets which benefit from ongoing in-flows (flow market). 
EBIT grew by 322% in the quarter to SEK 689 M compared to 
SEK 163 M in first quarter 2024, and adjusted EBIT grew with 133% 
to SEK 729 M compared to SEK 313 M in first quarter last year. 
The significant progress in EBIT is driven by all four regions and 
mainly due to lowered costs. This development is driven by con-
tinued success in our client profitability focus and a general strong 
cost control. As a result of the cost reductions, the adjusted EBIT 
margin increased to 21% compared to 9% in Q1 2024. 
We expect to see continued profitability progression and mar-
gin expansion in Servicing and a positive trajectory throughout 
the year. 
First quarter Full year
SEK M
Jan–Mar
2025
Jan–Mar
20241
Change 
%  20241
External Income 3,028 3,093 -2 12,671
Internal Income 367 403 -9 1,702
Income 3,395 3,496 -3 14,373
Share of Associates and Joint ventures 16 8 101 36
Personnel Expenses -1,462 -1,735 -16 -6,895
IT Expenses -143 -195 -27 -809
Legal Expenses -195 -308 -37 -978
Other Operating Expenses -685 -820 -16  -2,837 
Depreciation and Amortisation -237 -283 -16 -1,245
Impairment of intangible and tangible assets - - - -759
EBIT 689 163  322  887 
Items Affecting Comparability in EBIT 41 149  -73  1,770 
Adjusted EBIT 729 313  133  2,657 
Cash EBITDA  969  588  65  3,694 
KPIs
Change in Income, %  -2 24 -26ppt  2 
– thereof organic growth -1 -2 1ppt  -6 
– thereof acquisitions - 18 -18ppt  8 
– thereof foreign exchange -1 - -1ppt  - 
Adjusted EBIT Margin, % 21 9 12ppt  18 
1) 2024 comparatives exclude discontinued operations 
 2024 numbers have been restated to reallocate certain income and costs previously reported as Central to Servicing. No impact on consolidated numbers
7Intrum Interim report, first quarter 2025Q1 in brief Comment by the President and CEO Key financial metrics Segment overview Financial overview Financial reports Other information Definitions About Intrum

===== SIDA 8 =====

Investing 
Intrum invests in portfolios of overdue 
receivables and similar claims, after which 
Intrum’s servicing operations collect on the 
claims acquired
Collection performance versus active forecast increased to 102% 
in the quarter, compared to 100% first quarter 2024. 
Adjusted ROI decreased to 10% in the quarter compared to 
12% in Q1 2024. During the quarter, we invested SEK 272 M in new 
portfolios, down from SEK 371 M in Q1 2024.
Cash EBITDA decreased to SEK 1,436 M, down from SEK 1,716 
M in Q1 2024, and EBIT decreased to SEK 576 M from SEK 751 M 
in first quarter 2024. 
Our book value decreased to SEK 23.4 bn from SEK 25.3 bn last 
quarter due to a low investment pace for the quarter and move -
ment in exchange rates, in particular impacted by the develop -
ment of the SEK/EUR exchange rate during first quarter. 
The decrease in the result versus last year, and reduced book 
value versus last quarter, is mainly explained by the reduced 
proprietary investing book, which is in line with our capital light 
strategy. 
First quarter Full year
SEK M
Jan–Mar
2025
Jan–Mar
20241
Change 
%  20241
Income  1,243  1,328  -6  5,324 
– thereof REOs  45  28  64  175 
– thereof Other Income  0 0  -24 0
Share of Associates and Joint ventures  72  200  -64  480 
Personnel Expenses  -16  -17  -4  -53 
IT Expenses  -1  -1  34  -4 
Legal Expenses  -96  -71  35  -315 
Other Operating Expenses  -615  -690  -11  -2,451 
Depreciation and Amortisation  -2  -1  49  -6 
Net Credit Gains/Losses  -9  2  -519  -79 
EBIT  576  751  -23  2,897 
Items Affecting Comparability in EBIT  22  115  -81  199 
Adjusted EBIT  597  867  -31  3,096 
– thereof REOs  5  -11  -150  457 
– thereof Other Income  - -0  -100 -0
Cash EBITDA  1,446  1,716  -16  6,598 
KPIs
Gross Collections  1,989 3,243 -39 10,729
Amortisation % 39 40 -1ppt 41
Portfolio Investments 272 371 -27 1,739
ERC 50,729 52,284 -3 53,067
Collection Index vs Active Forecast % 102 100 2ppt 101
Book Value 23,408 25,743 -9 25,302
Adjusted Return on Portfolio Investments % 10 12 -2ppt 12
1) 2024 comparatives exclude discontinued operations apart from Gross Collections
 2024 numbers have been restated to reallocate certain income and costs previously reported as Central to Investing. No impact on consolidated numbers 
8Intrum Interim report, first quarter 2025Q1 in brief Comment by the President and CEO Key financial metrics Segment overview Financial overview Financial reports Other information Definitions About Intrum

===== SIDA 9 =====

Financial overview
EBIT to Cash EBITDA
First quarter
Rolling  
12 months Full year
SEK M
Jan–Mar
2025
Jan–Mar
2024 2025 2024
EBIT 1,032 475 2,498 1,941
Depreciation & Amortisation 263 324 1,245 1,306
PI Amortization 798 948 3,479 3,629
Net Credit Gains/(Losses)  9  -2  91  79 
Share of Associates and JVs -88 -208 -396 -516
Cash from JVs 130 101 380 351
Items Affecting Comparability in Cash EBITDA 67 360 2,203 2,496
Cash EBITDA from continuing operations  2,211  1,997  9,500  9,286 
Adjustment in respect of discontinued operations 794 1,580
Cash EBITDA including discontinued operations  10,294  10,865 
Net Debt Reconciliation
First quarter
Rolling  
12 months Full year
SEK M
Jan–Mar
2025
Jan–Mar
2024 2025  2024
Borrowings  48,804  61,201  48,804  50,701 
Lease Liability  609  649  609  710 
Deferred Liabilities  401  362  401  416 
Gross Debt  49,814  62,212  49,814  51,828 
Cash and Cash Equivalents -3,218  -4,605  -3,218  -2,504 
Net Debt before Other Obligations  46,596  57,6 07  46,596  49,324 
Net Defined Benefit Liability  88  135  88  88 
Payable to Non-controlling Interest  220  328  220  246 
Net Debt after Other Obligations  46,905  58,070  46,905  49,658 
Net Debt before Other Obligations/RTM cash 
EBITDA (proforma)
 4.5x  4.5x 
Items affecting comparability
First quarter
Rolling  
12 months Full year
SEK M
Jan–Mar
2025
Jan–Mar
2024 2025 2024
EBIT  1,032  475  2,498  1,941 
Integration and migration 38 51 730 743
Impairment of Goodwill - - 769 769
IT impairment - 3 433 436
Contract impairments 0 31 84 115
Restructuring programs 6 188 154 336
Net credit gain/losses  -  -2  81  79 
Tax and Other 22 118 33 129
Total IAC’s  67  389  2,285  2,607 
Adjusted EBIT 1,098 864 4,783 4,548
Net Financial Items Specifications
First quarter
Rolling  
12 months Full year
SEK M
Jan–Mar
2025
Jan–Mar
2024 2025 2024
Interest Earnings1 24 12 134 122
Interest Costs2 -676 -932 -3,186 -3,442
Interest Cost on Leasing Liability -14 -11 -56 -53
Exchange Rate Differences -14 -5 -37 -28
Amortisation of Borrowing Cost -25 -27 -168 -170
Commitment fee 1 -14 -29 -44
Other Financial Items -6 204 -1,666 -1,456
Total Net Financial Items -710 -773 -5,008 -5,073
Less Net Financial Items from disc. operations - 62 1,710 1,772
Total Net Financial Items from cont. operations -710 -713 -3,298 -3,301
IAC in Net Financial Items - -196 - -196
Adjusted Net Financial Items -710 -909 -3,298 -3,497
1) Interest earnings increased from SEK 12 M to SEK 24 M driven by higher cash balance held in bank accounts
2)  Interest costs have reduced from SEK 932 M to SEK 676 M, primarily due to a combination of a lower debt balance, a reduced average coupon rate and a 
stronger SEK against the EUR
9Intrum Interim report, first quarter 2025Q1 in brief Comment by the President and CEO Key financial metrics Segment overview Financial overview Financial reports Other information Definitions About Intrum

===== SIDA 10 =====

Group overview
Yearly overview, Group 
SEK M 2024 2023 2022 2021 2020
Income  18,033  17,705   19,368  17,655   16,880 
EBIT  1,941  2,776  154  6,475  4,695 
Net Income/Loss attributable to Parent company’s 
shareholders
 -3,697  -187  -4,473  3,127  1,881 
Earnings Per Share, SEK  -30.67  -1.56  -37.07   28.88  15.18 
Adjusted EBIT  4,548  4,464  6,664  7,014   5,739 
Adjusted Net Income/Loss attributable to Parent 
company’s shareholders
 -534  845  1,835  3,487  2,689 
Return on equity, % -27  -1  -22  15  9 
Equity per share, SEK  111.01  138.89  153.68  183.33  154.28 
Average number of employees (FTEs) 10,002 10,222 9,965 9,694 9,379
Quarterly overview, Group
SEK M Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 Q3 2023 Q2 2023
Income  4,276  4,825  4,171  4,607  4,430  5,007  4,376  4,352 
EBIT  1,032  570  -127  1,024  475  1,356  54  704 
Net Income/Loss attributable to 
Parent company’s shareholders
 101  -914  -1,210  -1,334  -238  187  -411  14 
Earnings Per Share, SEK  0.83  -7 .56  -10.04  -11.06  -1.98  1.56  -3.41  0.11 
Adjusted EBIT  1,098  1,693  950  1,254  1,153  1,899  1,353  1,468 
Adjusted Net Income/Loss 
attributable to Parent company’s 
shareholders
 150  -77  -402  89  -144  345  222  136 
Return on equity, % 3  -27  -19  -12  -3  -1  -21  -30 
Equity per share, SEK  99.08  111.01  114.33  110.75  142.71  138.89  152.11  160.83 
Number of employees (FTEs) 9,042  9,354  9,664  10,331  10,671  11,099  11,066  10,907 
 
Segment overview
Servicing
SEK M Q1 2025 Q4 20241 Q3 20241 Q2 20241 Q1 20241 Q4 2023 Q3 2023 Q2 2023
External Income  3,028  3,466  2,911  3,201  3,093  3,624  3,016  2,947 
Internal Income  367  414  437  448  403  273  385  436 
Income  3,395  3,880  3,348  3,649  3,496  3,897  3,401  3,383 
EBIT  689  521  -342  545  163  387  288  405 
Adjusted EBIT  729  1,140 584  621  313  902  406  517 
Adjusted EBIT Margin, %  21  29  17  17  9  23  12  15 
1) 2024 numbers have been restated to reallocate certain income and costs previously reported as Central to Servicing. No impact on consolidated numbers
Investing
SEK M Q1 2025 Q4 20241 Q3 20241 Q2 20241 Q1 20241 Q4 2023 Q3 2023 Q2 2023
Income  1,243  1,350  1,250  1,396  1,328  1,373  1,362  1,404 
EBIT  576  783  632  730  751  972  816  763 
Adjusted EBIT  597  824  676  729  867  998  999  990 
Portfolio Investments 272  512  432  425  371  532  530  2,783 
Adjusted ROI, % 10  13  10  14  12  14  14  14 
ERC 50,729  53,067  53,848  55,464  75,291  76,058  81,522  86,066 
1) 2024 numbers have been restated to reallocate certain income and costs previously reported as Central to Investing. No impact on consolidated numbers
10Intrum Interim report, first quarter 2025Q1 in brief Comment by the President and CEO Key financial metrics Segment overview Financial overview Financial reports Other information Definitions About Intrum

===== SIDA 11 =====

Financial report
 
Consolidated statement of Income
First quarter Full year
SEK M
Jan–Mar
2025
Jan–Mar
2024  2024
Servicing Fee Income  2,882  2,903  11,791 
Interest Income  1,111  1,299  5,093 
Other Income  283  228  1,149 
Total Income  4,276  4,430  18,033 
Shares of Associates and Joint ventures  88  208  516 
Personnel Expenses  -1,690  -1,936  -7,765  
IT Expenses  -295  -339  -1,366 
Legal Expenses  -293  -388  -1,422 
Other Operating Expenses  -782  -1,179  -3,349 
Depreciation and Amortisation  -263  -324  -1,306 
Impairment of intangible and tangible assets  -  -  -1,320 
Net Credit Gains/Losses  -9  2  -79 
Net Operating Income/EBIT  1,032  475  1,941 
Net Financial Expense  -710  -713  -3,301 
Income before taxes  322  -238  -1,360 
Taxes  -150  -99  -624 
Net Income/Loss from continuing operations  172  -337  -1,984 
Net Income/Loss from discontinuing operations -  158  -1,361 
TOTAL NET INCOME/LOSS FOR THE PERIOD  172  -179  -3,345 
Attributable to Shareholders:
Parent Company’s Shareholders in Intrum AB (publ)  101  -238  -3,697 
Non-Controlling interest  71  60  351 
TOTAL NET INCOME/LOSS FOR THE PERIOD  172  -179  -3,345 
Average Number of Shares (‘000):
Before dilution  120,602  120,602  120,570 
After dilution  120,602  120,602  120,570 
Net Income/Loss Per Share attributed to Intrum AB, SEK:
Before dilution  0.83  -1.98  -30.67 
After dilution  0.83  -1.98  -30.67 
Net Income/Loss Per Share, SEK:
Before dilution 1.43 -1.48  -27.74  
After dilution 1.43 -1.48  -27.74  
Consolidated statement of  
other Comprehensive Income 
First quarter Full year
SEK M
Jan–Mar
2025
Jan–Mar
2024  2024
Net Income/Loss from continuing operations  172  -337  -1,984 
Items Subsequently Reclassified to Statement of Income
Net Foreign Exchange Translation Differences  -2,208  1,445  -278 
Net Investment Hedging Gains/Losses  559  -672  542 
Items Subsequently Reclassified to Statement of Income  -1,649  773  264 
Items Not Subsequently Reclassified to Statement of Income
Net Defined Pension Benefit Remeasurement -1 -  11 
Items Not Subsequently Reclassified to Statement of Income -1 -  11 
Comprehensive Income from Continuing Operations  -1,478  436  -1,709 
Comprehensive Income from Discontinuing Operations  -  158  -1,361 
Comprehensive Loss/Income for the period  -1,478  594  -3,070 
Of which attributable to
Parent Company’s Shareholders in Intrum AB (publ)  -1,436  488  -3,337 
Non-controlling interest  -42  106  267 
COMPREHENSIVE LOSS/INCOME FOR THE PERIOD  -1,478  594  -3,070 
Average Number of Shares (‘000):
Before dilution  120,602  120,602  120,570 
After dilution  120,602  120,602  120,570 
Total Comprehensive Loss/Income Per Share attributed to Intrum 
AB, SEK:
Before dilution  -11.91 4.05 -27.6 8
After dilution  -11.91 4.05 -27.6 8
Total Comprehensive Loss/Income Per Share, SEK:
Before dilution -12.25 4.93 -25.47
After dilution -12.25 4.93 -25.47
11Intrum Interim report, first quarter 2025Q1 in brief Comment by the President and CEO Key financial metrics Segment overview Financial overview Financial reports Other information Definitions About Intrum

===== SIDA 12 =====

SEK M 31 Mar 2025 31 Mar 2024 31 Dec 2024
ASSETS
Non-Current Assets
Intangible Assets  37,113   40,581  39,184 
Portfolio Investment  20,889  24,485  22,695 
Investment in Associates and Joint Ventures  2,294  942  2,352 
Property, Plant and Equipments  204  264  225 
Right of Use Assets  587  624  679 
Deferred Tax Assets  1,823  2,179  1,986 
Other Financial Assets  98  176  181 
Intercompany receivables from discontinued operations  -  785  - 
Total Non-Current Assets  63,009  70,038  67,303 
Current Assets
Assets Held for Sale  -  10,545  - 
Property Holdings  251  342  287 
Tax Receivable  736  804  935 
Derivatives  94  317  16 
Receivables and Other Operating Assets  5,662  4,048  5,213 
Intercompany receivables from discontinued operations  -  137  - 
Fiduciary Assets  1,241  1,160  1,281 
Cash and Cash Equivalents  3,218  4,605  2,504 
Total Current Assets  11,203  21,958  10,236 
TOTAL ASSETS  74,212  91,996  77,539 
SEK M 31 Mar 2025 31 Mar 2024 31 Dec 2024
LIABILITIES & SHAREHOLDERS' EQUITY
Non-Current Liabilities
Net Pension Benefit Liability  88  135  88 
Borrowings  23,388  52,420  36,862 
Other Financial Liability  580  660  616 
Provisions  173  132  158 
Deferred Tax Liability  1,042  1,364  1,106 
Lease Liability  450  457  526 
Total Non-Current Liabilities  25,721  55,167  39,356 
Current Liabilities
Liabilities Held for Sale  -  15  - 
Borrowings  25,417  8,781  13,839 
Tax Payable  387  468  562 
Payables and Other Operating Liabilities  7,139   6,019  6,541 
Intercompany payables from discontinued operations  -  201  - 
Derivatives  90  220  61 
Fiduciary Liabilities  1,241  1,160  1,281 
Provisions  71  339  248 
Lease Liability  159  192  185 
Total Current Liabilities  34,504  17,395  22,716 
TOTAL LIABILITIES  60,226  72,562  62,072 
Shareholders’ Equity
Share Capital  3  3  3 
Reserves  19,836  18,941  21,370 
Retained Earnings  -7,89 0   -1,741  -7,98 4  
Total Shareholder’s Equity  11,950  17,202  13,388 
Non-Controlling Interest  2,037  2,232  2,079 
TOTAL EQUITY 13,987 19,434 15,467
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY  74,212  91,996  77,539 
Consolidated statement of financial position
12Intrum Interim report, first quarter 2025Q1 in brief Comment by the President and CEO Key financial metrics Segment overview Financial overview Financial reports Other information Definitions About Intrum

===== SIDA 13 =====

Consolidated statement of changes in Equity
SEK M Share capital Other paid-in capital Reserves
Retained earnings incl.  
net earnings for the year
Total Shareholders’ equity 
attributable to Parent 
Company Shareholders
Non-controlling  
interests
Total  
Shareholders’ equity
As of January 1 2025 3 17,4 42 6,299 -10,356 13,388 2,079 15,467
Comprehensive income, 2025
Net Income/Loss for the year - - - 101 101 71 172
Other Comprehensive income for the year
Net Defined Benefit Remeasurements - - -1 - -1 -  -1 
Foreign Exchange Differences  -  -  -2,095  -  -2,095  -113  -2,208 
Net Investment Hedging Differences  -  -  559  -  559  -  559 
Total comprehensive income for the year  -  -  -1,537  -  -1,537  -113  -1,650 
As of 31 March 2025  3  17,4 42  4,762  -10,255  11,950  2,037  13,987 
As of January 1 2024 3 17,4 42 5,977 -6,670 16,752 2,176 18,928
Comprehensive income, 2024
Net Loss/Income for the year - - - -238 -238 60 -179
Other Comprehensive income for the year
Foreign Exchange Differences - - 1,361 - 1,361 84 1,445
Net Investment Hedging Differences - - -672 - -672 - -672
Total comprehensive income for the year - - 689 - 689 84 773
Share Dividend - - - - - -88 -88
Share-based employee remuneration - - 33 -33 - - -
As of 31 March 2024 3 17,4 42 6,699 -6,942 17,202 2,232 19,434
13Intrum Interim report, first quarter 2025Q1 in brief Comment by the President and CEO Key financial metrics Segment overview Financial overview Financial reports Other information Definitions About Intrum

===== SIDA 14 =====

Consolidated statement of cash flow
First quarter Full year
Jan–Mar
2025
Jan–Mar
2024  2024
Cash Flows from Operating Activities
EBIT from Continuing Operations 1,032 475 1,941
EBIT from Discontinuing Operations - 289 504
Operating earnings/EBIT 1,032 764 2,445
Not included in the cash flow
Amortisation / depreciation and impairment 263 324 2,628 
Net Credit Gains/Losses 9 -2 79 
Amortisation of Portfolio Investments 798 1,311 4,442 
Other adjustment for items not included in cash flow -142 104 -325 
Non-Cash Adjustments 928 1,738 6,824 
Payments from Associates and Joint Ventures 130 101 351
Operating Cash Flows Before Working Capital Changes 2,090 2,602 9,620
Changes in working capital -366 238 -608
Operating Cash Flows Before Taxes 1,724 2,840 9,012
Income Taxes Paid -78 -325 -860
Net Cash Flows from Operating Activities 1,646 2,515 8,152
First quarter Full year
Jan–Mar
2025
Jan–Mar
2024  2024
Cash Flow from Investing activities
Acquisition of Portfolio Investments -174 -418 -1,521
Disposal of Portfolio Investments 145 4 42
Acquisition of Intangible Assets -57 -46 -531
Disposal of Intangible Assets 0 32 23
Acquisition of Property, Plant and Equipment -8 -7 -54
Disposal of Property, Plant and Equipment 2 15 6
Investment in Associated Companies/Subsidiaries -98 - -1,570
Disposal of Associated Companies/Subsidiaries - - 8,640
Other cash flow from investing activities - - -274
Cash flows from investing activities -190 -420 4,761 
Cash Flow from Financing activities
Net Proceeds from Borrowings - -80 -10,491
Repayment of other Financial liabilities -41 10 100
Repayment of Leases -73 -68 -229
Share Repurchases - - -63
Finance Income Received 235 12 122
Finance Expense Paid -145 -1,236 -3,430
Receipts from Settlement of Hedging Derivatives -5 55 767
Payments for Settlement of Hedging Derivatives 15 -178 -287
Net Payments on Settlement of Other Derivatives -292 -79 -790
Dividends Paid to Non-Controlling Interest - -88 -285
Net Cash flows from Financing Activities -306 -1,651 -14,586
Net Cash Inflow/Outflow during the period 1,150 443 -1,673 
Cash and Cash Equivalents at the beginning of the year 2,504 3,769 3,769
Foreign Exchange Differences -436 393 408
Cash and Cash Equivalents at the end of the Period 3,218 4,605 2,504
14Intrum Interim report, first quarter 2025Q1 in brief Comment by the President and CEO Key financial metrics Segment overview Financial overview Financial reports Other information Definitions About Intrum

===== SIDA 15 =====

Statement of Income  
– Parent company
First quarter Full year
SEK M
Jan–Mar  
2025
Jan–Mar  
2024 2024
Other Income 393 335 1,335
Income 393 335 1,335
Personnel Expenses -77 -59 -255 
IT Expenses -131 -136 -528 
Legal Expenses -1 -7 -125
Other Operating Expenses -114 -288 -718 
Depreciation and Amortisation -10 -35 -129
Impairment of intangible and tangible assets - - -410 
Net Operating Income/EBIT 60 -190 -830 
Net Financial Income -499 -404 3,417 
Income/Loss before taxes -439 -594 2,587 
Taxes -5 -2 -161 
Net Income/Loss for the period -444 -596 2,426 
Net earnings for the period corresponds to comprehensive earnings for the period.
Statement of financial position  
– Parent company, condensed 
SEK M
31 Mar  
2025
31 Mar  
2024
31 Dec  
2024
ASSETS
Non-Current Assets
Intangible Assets  146  478  141 
Tangible Assets  33  40  35 
Financial Assets 52,109  85,400 55,243 
Total Non-Current Assets 52,288  85,918 55,419 
Current Assets
Receivables 31,887  862 31,182 
Cash and Cash Equivalents 1,242  770 672 
Total Current Assets 33,129  1,632 31,854 
TOTAL ASSETS 85,417 87,551 87,273 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Restricted Equity 431 763 426 
Unrestricted Equity 6,539 4,410 7,639  
Total Shareholders' Equity 6,970 5,173 8,065 
Non-Current Liabilities 48,257 71,819 61,235 
Current liabilities 30,190 10,559 17,973  
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY 85,417 87,551 87,273 
15Intrum Interim report, first quarter 2025Q1 in brief Comment by the President and CEO Key financial metrics Segment overview Financial overview Financial reports Other information Definitions About Intrum

===== SIDA 16 =====

Notes
Accounting principles
This interim report has been prepared in accordance with the Annual 
Accounts Act and IAS 34 Interim Financial Reporting for the Group and in 
accordance with Chapter 9 of the Annual Accounts Act for the Parent Com -
pany. In addition to appearing in the financial statements, disclosures in 
accordance with IAS 34 also appear in other parts of the interim report. 
The accounting principles applied by the Group and the Parent Company 
are except for the change of SOI outlined below, essentially unchanged com -
pared with the 2024 Annual Report.
Changes to the consolidate Statement of Income 
In order to enhance transparency of the costs shown in the consolidated 
statement of income (“the consolidated SOI”), management have decided 
to move away from current presentation of ‘Direct’ and ‘Indirect’ costs and 
adopt presentation of costs by ‘nature’, permitted under IAS 1 Presentation of 
Financial Statements. 
Roundings
Due to roundings number presented in the interim report may not sum up to 
the exact total and percentages may differ from absolute figures.
Parent Company
The Group’s Parent Company, Intrum AB (publ), owns the subsidiaries, pro -
vides the Group’s head office functions and handles certain Group-wide 
development work, services and marketing. 
The Parent Company reported income of SEK 393 M (335) for the quarter 
and loss before tax of SEK -439 M (-594). The Parent Company held SEK 1,242 M 
(672) in cash and cash equivalents at the end of the quarter. The average num-
ber of employees was 71 (86).
Development in the period 
Total assets as of 31 March amounted to SEK 74,212 M and is down by SEK 3,327 
M, or 4%,compared to 31 December 2024. The reduction in total assets is pri-
marily driven by exchange rate movements in first quarter impacting Portfo -
lio investments and Goodwill which are predominantly booked in non SEK 
currencies. 
In the first quarter Intrum signed a co investment agreement with Cerberus.  
The agreement allows Intrum to scale its investment activity without increas -
ing its debt, providing servicing revenues and additional investment manage -
ment revenue, in line with the company’s ‘capital light’ strategy.
During Q1 2025, Intrum AB’s (publ) share which is included in Nasdaq 
Stockholm’s list has been classified on the Mid Cap list, previously Large Cap. 
Recapitalisation Transaction
Intrum started the ongoing Recapitalisation process in 2024. The Recapital -
isation Transaction will significantly improve and strengthen Intrum’s capi -
tal structure. Its implementation has been designed to minimize any impact 
on the Group’s operations, suppliers and employees. Furthermore, Intrum 
has sufficient liquidity to support continued operations while executing on 
its business plan throughout the Chapter 11 process and to fund the Reor -
ganisation processes. Intrum will continue to meet its financial obligations 
to all creditors and employees in the ordinary course of business, without 
interruption. 
The company filed a voluntary petition for Reorganisation pursuant to Chap-
ter 11 of the United States Bankruptcy Code in the Southern District of Texas which 
was approved on 31 December 2024. On the 8 January 2025 Intrum entered 
into a Swedish company reorganisation, which formed an important step in the 
implementation of the Recapitalisation Transaction. On 14 March 2025, Intrum 
announced its Reorganisation plan and requested that the Stockholm District 
Court initiated plan proceedings as part of its Swedish company reorganisation 
on the 15 April 2025. 
The Recapitalisation Transaction includes:
(i) the injection of new capital through the issuance of new senior secured 1.5 lien 
notes in a nominal amount of EUR 526 M.
(ii) The existing unsecured notes issued by Intrum AB will be amended and/
or exchanged for a combination of new secured notes issued by a subsidiary of 
Intrum AB, with a nominal amount equal to 90% of the total nominal value of the 
unsecured notes. Newly issued ordinary shares in Intrum AB, representing 10% of 
the company’s fully diluted share capital. These new securities will be allocated 
on a pro-rata basis to the holders of the unsecured notes.
(iii) amendment and extension of Intrum’s RCF, and 
(iv) a pro-rata tender offer for EUR 250 M of the Exchange Notes within 60 days 
following completion.
The Recapitalisation Transaction is expected to become effective beginning of 
July 2025, following the satisfaction of all conditions. 
Events after the balance sheet date
On the 15 April the Reorganisation plan was confirmed by the Stockholm Dis-
trict Court which is a significant step towards implementation of the Recapitalisa-
tion transaction. 
Discontinued operations
There are no discontinued Operations to report in the first quarter 2025, 
The below table reflect the Q1 2024 impact of discontinued operations on 
the consolidated SOI and related for cashflows. For more information on this 
please see Q1 2024 interim report. 
The financial results of discontinued operations are as follows: 
31 Mar 2024
SEK M
Continuing 
Operations
Discontinued 
Operations
Including 
Discontinued 
Operations
Income 4,430 461 4,891
Share of Results of Associates 
and JV’s
208 -131 77
Personnel Expenses -1,936 -5 -1,940
IT Expenses -339 -1 -340
Legal Expenses -388 -15 -403
Other Operating Expenses -1,179 -19 -1,198
Depreciation and Amortisation -324 -1 -325
Net Credit and Gains/Losses (-) 2 - 2
Net Operating Income/EBIT 475 286 764
Net Financial Items -713 -62 -775
Income before Tax -238 227 -10
Taxes -99 -69 -168
Net Income/(loss) for the period -337 158 -179
The cashflows of discontinued operations are as follows:
SEK M 31 Mar 2024
Operating Cashflows 291
Investing Cashflows 543
Financing Cashflows -280
Net Cashflows 554
The impact on earnings per share from discontinued operations is as follows:
SEK M 31 Mar 2024
Earnings per Share before Dilution 1.37
Earnings per Share after Dilution 1.37
Transactions with related parties
During the quarter no significant transactions occurred between the Group 
and other closely related companies, board members or the Group manage -
ment team. 
16Intrum Interim report, first quarter 2025Q1 in brief Comment by the President and CEO Key financial metrics Segment overview Financial overview Financial reports Other information Definitions About Intrum

===== SIDA 17 =====

Market development and outlook
The Group’s integrated business model consists of credit management ser -
vices and portfolio investments and benefits from favourable medium term 
development prospects in both areas. The Group continues to execute on its 
strategic initiatives presented at the capital markets day in September 2023. 
 
Significant risks and uncertainties
Risks to which the Group and Parent Company are exposed include but are 
not strictly limited to any and all risks relating to economic developments, 
compliance and changes in regulations, reputation risks, tax risks, risks attrib -
utable to IT and information management, epidemic and pandemic risks, 
geopolitical risks such as political risks, civil unrest, disruption, or conflicts 
including armed conflicts and war directly or indirectly affecting locations 
where Intrum or its clients maintain or conduct business, risks attributable 
to acquisitions, market risks, liquidity risks, credit risks, risks inherent in and 
associated with portfolio investments and payment guarantees, as well as 
financing risks. The risks are described in more detail in the Board of Direc -
tors’ report in Intrum’s 2024 Annual and Sustainability report. A high level 
of uncertainty exists with high inflation and in particular high and increasing 
energy prices and interest rates are a major concern for the euro-area. Intrum 
has a resilient business model and demand for our services and solutions are 
expected to increase over the coming quarters. Intrum is in the process of a 
Recapitalisation Transaction, in order to significantly improve and strengthen 
its capital structure. More information on this transaction can be found in the 
section “Recapitalisation Transaction” on page 16.
Fair value of financial instruments
Most of the Group’s financial assets and liabilities are carried at amortised 
cost in the consolidated financial statements. For most of these financial 
instruments, the carrying amount is deemed to be a good estimate of fair 
value at group level. For outstanding bonds with a total carrying value of SEK 
35,822 M (37,706) at the end of the quarter, fair value is, however, estimated 
at SEK 27,773 M (27,618). The Group also holds derivatives assets of SEK 94 M 
(17), as well as derivatives liabilities and other financial liabilities of SEK 535 M 
(526) carried at fair value through the income statement.
Total Financing
2025 2024
As of 1 January 50,701 59,852
Proceeds - 12,219
Repayments - -22,710
Currency translation effect -1,922 1,170
Amortised costs and other 25 170
As of 31 December 48,804 50,701
Net debt consist of EUR bonds, SEK MTNs, Bank term loan facilities and 
drawings under the revolving credit facility. Net debt amounted to 
SEK 46,905 M (49,658), the share of fixed rate debt amounts to 70% 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 4.5x at the end of the fourth quarter 2024. At the end of the first 
quarter SEK 12,178 M (14,653) of Intrum’s revolving credit facility was utilised. 
The cash balance at the end quarter was SEK 3,218 M (2,504). 
 
17Intrum Interim report, first quarter 2025Q1 in brief Comment by the President and CEO Key financial metrics Segment overview Financial overview Financial reports Other information Definitions About Intrum

===== SIDA 18 =====

Other information
The share
Intrum AB’s (publ) share is included in Nasdaq Stockholm’s Mid Cap list. 
During the period 1 January – 31 March 2025, 29,514,261 shares were traded 
for a total value of SEK 872 M.
The highest price paid during the period was SEK 33,20 (21 February 2025) 
and the lowest was SEK 25.71 (31 March 2025). On the last trading day of 
the period, 31 March 2025, the price was SEK26.34 (latest paid). During the 
period Intrum AB’s (publ) share price decreased by 16%, while Nasdaq OMX 
Stockholm decreased by 1%. 
400
300
200
100
0
20252024202320222021
  Intrum   OMX Stockholm (Indexed)
Share price, SEK (1 January 2021 – 31 March 2025)
Shareholders
31 March 2025 No of shares 
Capital and 
Votes, %
Nordic Capital through companies 29,673,889 24.38%
AMF Pension & Fonder 7 ,000,000 5.75%
Avanza Pension 6,509,728 5.35%
Norges Bank Investment Management 2,489,557 2.05%
Defa Endeavour AS 2,282,083 1.87%
Magnus Lindquist 1,756,410 1.44%
Handelsbanken Fonder 1,318,475 1.08%
Lennart Laurén 1,201,650 0.99%
Kerstin Danielson 1,130,031 0.93%
Intrum AB 1,119,055 0.92%
Swedbank Försäkring 954,650 0.78%
SEB Funds 850,759 0.70%
Nordea Liv & Pension 833,499 0.68%
Andrés Rubio 747,24 6 0.61%
Vidarstiftelsen 737,16 0 0.61%
Total top 15 largest shareholders 58,604,192 48.15%
Other shareholders 63,116,726 51.85%
Total number of shares including treasury shares121,720,918 100.00%
Source: Modular Finance Holdings and Intrum
The proportion of Swedish ownership amounted to 79.5% (institutions 29.5 
percentage points, mutual funds 10.3 percentage points and private individ -
uals 44.9 percentage points).
Currency exchange rates
Closing 
rate 
31 Mar 
2025
Closing 
rate 
31 Mar 
2024
Average 
rate  
Jan–Mar
2025
Average 
rate  
Jan–Mar
2024
Average 
rate  
Jan–Dec 
2024
1 EUR=SEK 10.85 11.53 11.23 11.31 11.43
1 CHF=SEK 11.38 11.80 11.88 11.71 12.00
1 NOK=SEK 0.95 0.99 0.96 0.98 0.98
1 HUF=SEK 0.03 0.03 0.03 0.03 0.03
For further information, please contact
Andrés Rubio, President and CEO, tel: +46 8 546 102 02
Johan Åkerblom, CFO, tel: +46 8 546 102 02
Anders Bengtsson, Investor Relations tel: +46 8 546 102 02
Johan Åkerblom is the contact under the EU Market Abuse Regulation.
The information in this interim report is such as Intrum AB (publ) is required to 
disclose pursuant to the EU Market Abuse Regulation.
The information was provided under the auspices of the contact person 
above for publication on 7 May 2025 at 07.00 a.m. CET.
Year-end reports, interim reports and other financial information are available 
on www.intrum.com.
Denna delårsrapport finns även på svenska.
Stockholm, 7 May 2025
Andrés Rubio 
President and CEO 
18Intrum Interim report, first quarter 2025Q1 in brief Comment by the President and CEO Key financial metrics Segment overview Financial overview Financial reports Other information Definitions About Intrum

===== SIDA 19 =====

Definitions
Result concepts, key figures and alternative 
indicators
Adjusted Earnings per Share
Net earnings for the period attributable to Parent compa-
ny’s shareholders adjusted for IACs attributable to the Par-
ent company’s shareholders and the corresponding tax 
amount divided by average number of outstanding shares 
for the period.
Adjusted EBIT
Adjusted EBIT is operating earnings to exclude items affect-
ing comparability.
Adjusted EBIT margin
Adjusted operating earnings (EBIT) in relation to adjusted 
income.
Adjusted EBITDA
Adjusted EBITDA is defined as EBITDA adjusted for items 
affecting comparability (which includes impairments).
It can also be defined as Adjusted EBIT (which 
includes impairments) adding back deprecation and 
amortisations of tangible and intangible assets.
Amortisation percentage
Amortisation on portfolio investments during the period, as 
a percentage of collections.
Cash EBITDA
Cash EBITDA is adjusted EBITDA adjusted to add amor -
tisation of portfolio investments and to exclude non-cash 
income from associates and joint ventures. 
Cash Income
Income excluding non-cash income such as portfolio 
amortisation.
EBIT
EBIT consists of income less operating costs as shown in 
the income statement.
EBITDA
EBITDA is defined as EBIT adding back deprecation and 
amortisations of tangible and intangible assets.
Estimated remaining collections, ERC
The estimated remaining collections represent the nomi-
nal value of the expected future collection on the Group’s 
portfolio investments, including Intrum’s anticipated cash 
flows from investments in associates and joint ventures.
External income
Income from the Group’s external clients and income gen-
erated from Real Estate Owned assets (REO).
Income
Consolidated income includes external servicing income 
from collection services, sale of properties, subscription 
income etc. Investing income from collected amounts less 
amortisation and revaluations for the period and other 
income.
Internal income
Predominantly related to income generated by the Ser -
vicing segment from providing collection services on the 
Group’s own portfolios to the Investing segment.
Items affecting comparability
Significant items that impact comparability of key metrics 
are adjusted from IFRS reported numbers to provide more 
relevant information to evaluate the Group’s performance. 
Items Affecting Comparability (“IAC”) are based on three 
sub-groups: 
• Group Restructurings (“Restructurings”)
• Non-Recurring Items (“NRIs”)
• Non-Cash Items (“NCIs”). 
Restructurings are costs relating to group-wide business 
transformation programs and M&A (“merger and acquisi-
tions”) transactions where incremental temporary incurred 
costs over and above anticipated net fixed costs are 
reported as an IAC. 
NRIs are one-off costs or income that weren’t incurred 
in previous reporting periods and are not expected to 
recur in future reporting periods. An item that is part 
of core operations is not reported as an NRI irrespec -
tive how infrequent it could be occurring in business 
operations. 
For cash metrics, NCIs represent all valuation, esti -
mates and provisions which are non-cash in nature and 
relates to future periods. For non-cash metrics, NCIs 
represent items that enhances periodic comparability, 
such as adjustments to prospective accounting changes, 
measurement adjustments to match income and costs 
that are interconnected or recognition of partial impair -
ment losses that relate to the current reporting period. 
NCI excludes normal working capital changes. NCIs 
could arise from Restructurings or NRIs. 
Net Debt with other obligations
This includes Borrowings (including additional net obliga-
tions arising from connected currency or/and interest rate 
agreements), lease liabilities, guarantees covering indebt-
edness of other persons and other obligations, deferred 
payments having an initial due date of more than 12 months, 
net defined benefit liabilities and ‘non-controlling interests 
in certain co-investment vehicles, net of cash equivalents. 
It excludes operating liabilities (including provisions) and 
contingent liabilities.
Organic growth
Organic growth refers to the average increase in income 
in local currency, adjusted for the effects of acquisitions 
and divestments of Group companies. Organic growth is a 
measure of the development of the Group’s existing opera-
tions that management has the ability to influence.
Portfolio Investments
The commitments to invest in portfolios of overdue receiv-
ables, with or without collaterals made in the reporting 
period. This includes real estates and investments in joint 
arrangements where the underlying assets are portfolio of 
receivables or/and properties.
Portfolio investments – collected amounts, 
amortisations and revaluations
Portfolio investments consist of portfolios of delinquent 
consumer debts purchased at prices below the nominal 
receivable. These are recognised at amortised cost apply-
ing the effective interest method, based on a collection 
forecast established at the acquisition date of each port-
folio. Income attributable to portfolio investments con -
sist of collected amounts less amortisation for the period 
and revaluations. The amortisation represents the period’s 
reduction in the portfolio’s current value, which is attribut-
able to collection taking place as planned. Revaluation is 
the period’s increase or decrease in the current value of the 
portfolios attributable to the period’s changes in forecasts 
of future collection.
REO
Real estate owned.
Return on Portfolio Investments (ROI)
Return on portfolio investments is the adjusted EBIT for the 
period calculated on a full-year basis, as a percentage of 
the average carrying amount of the balance sheet item pur-
chased debt. The ratio sets the segment’s earnings in rela-
tion to the amount of capital tied up and is included in the 
Group’s financial targets. The definition of average book 
value is based on using average values for the quarters. Year 
to date and RTM is calculated using the opening and closing 
balances of the quarters in the period.
RTM
Rolling Twelve Months, RTM, refers to figures on a last 
12-month basis.
19Intrum Interim report, first quarter 2025Q1 in brief Comment by the President and CEO Key financial metrics Segment overview Financial overview Financial reports Other information Definitions About Intrum

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About Intrum
Intrum is the industry-leading credit management company in Europe with presence in 20 countries. We help companies 
prosper by offering solutions designed to improve cash flow as well as long-term profitability and by caring for their customers. 
Our focus is to create shared value for business and society, which both benefit from companies being paid on time and 
citizens getting out of debt. Intrum has over 9,800 dedicated professionals who serve around 80,000 companies across 
Europe. In 2024, the company generated income of SEK 18 billion. Intrum is headquartered in Stockholm, Sweden, and the 
Intrum AB (publ) share is listed on the Nasdaq Stockholm exchange. For further information, please visit www.intrum.com.
Business model
We ensure that companies are paid by offering a full range of ser-
vices covering companies’ entire credit management chain. In our 
Credit Management Services and Strategic Markets segments we 
act as agents, collect late payments on our clients’ behalf and 
generate a commission. In our Portfolio Investments segment we 
act as principals and invest in portfolios of overdue receivables as 
well as similar claims and collect on our own behalf. 
Intrum as an investment
Growing market – The market for our services is growing, sup -
ported by our clients’ desire to manage their balance sheets, 
also aided by regulation, focus on their core businesses as well 
as ongoing NPL generation. Digitisation and changes in customer 
behaviour lead to new types of receivables being generated. This 
market backdrop is a strong foundation for sustainable organic 
growth. 
Market-leading position – Intrum is the industry leader in Europe, 
with a presence in 20 countries. We also work with partners to 
cover approximately 160 countries across the world. Given our 
comprehensive footprint we can partner with clients across sev -
eral markets. Our broad knowledge spans multiple industries and 
our scale enables us to invest in the newest technologies and 
innovative solutions. 
A complete range – Intrum offers a complete range of credit man-
agement services, covering companies’ complete credit manage-
ment chain.
Considerable trust and 100 years of experience – Our work can 
only be performed if we have our clients’ complete trust and con-
duct our operations ethically and with respect for the end-cus -
tomer. Our 100 years of experience demonstrate the strength of our 
business model. We build long-term partnerships with our clients. 
Intrum leads the way towards a sound economy – A functioning 
credit market is a prerequisite for the business community and 
consequently for society as a whole. Intrum plays an important 
role in this context.
Financial targets
External Servicing Adjusted Income Growth: ~10% CAGR
Servicing Adjusted EBIT Margin: >25%
Proprietary Investing Book Value excl. Revaluation: SEK ~30bn
Leverage: Net debt/Cash EBITDA 3.5x by end of 2026
For further details and definitions, see  
https://www.intrum.com/investors/financial-info/
financial-targets/
Financial calendar 2025
10 Jun 2025 Annual General Meeting
31 Jul 2025 Interim report for the second quarter
30 Oct 2025 Interim report for the third quarter
29 Jan 2026 Interim report for the forth quarter
Intrum AB (publ)
Riddargatan 10 
114 35 Stockholm, Sweden
Tel +46 8 546 10 200
Fax +46 8 546 10 211
www.intrum.com
info@intrum.com
20Intrum Interim report, first quarter 2025Q1 in brief Comment by the President and CEO Key financial metrics Segment overview Financial overview Financial reports Other information Definitions About Intrum