Kvartalsrapport Q1 2026

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

Interim report
First quarter 2026

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

First quarter Rolling 12 months Full year
SEK m, unless otherwise indicated Jan–Mar 2026 Jan–Mar 2025 Change% 2026 2025
Unadjusted accounting metrics
Total income 3,754 4,276 -12 16,509 17,030
Total costs -2,922  -3,322 -12 -16,746  -17,147
EBIT 1,493 1,032 45 896 435
Net income/loss1 -371 101 n/a -1,901 -1,429
Earnings/loss per share, SEK -2.75 0.83 n/a -14.06 -11.25
Adjusted accounting metrics
Adjusted EBIT 1,502 1,098 37 5,748 5,345
Servicing KPIs
Servicing leverage ratio 5.8x 5.7x
Servicing EBIT margin, % 21 20 4 -9 -9
Other 
Items affecting comparability 9 67 -87 4,852 4,910
1) Amounts attributable to the Parent’s shareholders.
• First quarter of new strategy 
implementation. Overall financial 
development according to plan, with 
cost reductions ahead of plan and 
servicing income slightly behind; 
both trends were compounded by FX 
effects. Full-year guidance unchanged. 
• Servicing leverage ratio largely 
unchanged QoQ, supported by the 
consolidation of the JV Savoy Group. 
Further improvements expected in Q2 
upon a potential closing of portfolio 
sale announced in January. 
• Fully guaranteed capital raise of SEK 
7.5bn announced. Will accelerate 
Intrum 2030 strategy in terms of 
deleveraging and execution.
First quarter 2026 summary
Total income, SEK m
3,754
EBIT, SEK m
1,493
Earnings per share, SEK
-2.75
Servicing leverage ratio, RTM
5.8x
Q1 in brief
2
Intrum Interim report first quarter 2026
Q1 in brief Comment by the President and CEO  Key financial  metrics  Segment  overview  Financial  overview  Financial  reports  Other  information  Definitions  About Intrum

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

“Intrum has continued to execute 
in line with our strategic priorities, 
with a clear focus on operational 
efficiency” Johan Åkerblom, 
President and CEO
Comment by the 
President and CEO
Accelerating our 2030 Strategy 
through a capital raise
Following our strategic update in January, Intrum 
has continued to execute in line with our strategic 
priorities, with a clear focus on operational 
efficiency, cash generation and balance sheet 
strength. At the same time, we are operating in a 
market environment that presents both elevated 
uncertainty and significant opportunities.  
Against this backdrop, we have decided to 
accelerate the Intrum 2030 strategy through 
a fully guaranteed SEK 7.5bn capital raise, to 
deleverage and derisk in the near-term, reduce 
cost of financing and enable us to grow our leading 
servicing and investing business. Whereas the 2025 
recapitalisation extended our debt maturities and 
stabilised the company, the capital raise is the 
next step to reduce leverage faster and create the 
financial flexibility required to execute Intrum 2030. 
The transaction will significantly reduce net debt, 
materially accelerate our deleveraging trajectory 
and support a path towards around 3x servicing 
leverage ratio by 2028, i.e. two years ahead of 
what was suggested by our financial targets 
communicated on 29 January. The remaining 
proceeds are expected to support profitability 
growth through disciplined investments and 
targeted acceleration of key operational initiatives. 
Compared with continuing on the organic plan 
alone, this would significantly reduce the period 
during which elevated leverage and high funding 
costs constrain the business, and allow us to take 
advantage of the growth opportunities.
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Intrum Interim report first quarter 2026
Q1 in brief Comment by the President and CEO  Key financial  metrics  Segment  overview  Financial  overview  Financial  reports  Other  information  Definitions  About Intrum

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

More specifically, reaching our leverage target two 
years earlier will reduce financial costs and enhance 
resilience, thereby improving our ability to increase 
portfolio investments to support top-line growth. 
The improved financial flexibility will also enable 
faster progress on operational efficiency initiatives, 
support market share gains and accelerate entry 
into new verticals, versus assumptions in the 
Strategic Review. 
During the first quarter, overall financial 
performance was largely in line with our 
expectations and strategy execution has developed 
according to plan. The cost development is 
sightly ahead of plan while income is somewhat 
behind plan, both compounded by FX-effects and 
seasonality. Over recent months, a new leadership 
team has been established, strengthening 
capabilities across Servicing, Technology and 
People. Together with the broader organisation, 
the team is fully committed to turning the company 
around and executing the 2030 strategy with focus 
and discipline.
Reducing leverage remains our most important 
near-term priority. The Servicing leverage ratio 
ended the quarter at 5.8x and overall leverage 
stood at 4.6x, with the consolidation of the joint 
venture Savoy group, as the main driver.
Total income declined year-on-year, driven by 
FX effects, lower investing income following the 
reduction in investment book and natural decline 
in the specialised markets, excluding Italy. In the 
traditional markets, external servicing income 
continued to grow, but not enough to offset the 
development in the specialised markets, underlining 
the need to further improve execution in core 
servicing operations.
Servicing income in the quarter was somewhat 
below our expectations, but we still target full-year 
Servicing income to be largerly flat versus 2025, 
adjusting for FX. New sales increased by more 
than 30 percent year on year, however conversion 
of new business into income needs to improve. 
Addressing this is a key operational priority. Actions 
underway include reducing client onboarding 
times, improving pipeline quality, unlocking growth 
with existing clients and selectively pursuing 
new business opportunities. Client satisfaction 
remains high, reflecting continued confidence in 
Intrum’s compliance, reliability and fair treatment of 
customers, which gives us confidence in returning 
to growth. 
At the same time, margins improved, supported 
by continued efficiency gains and disciplined 
cost control. Personnel expenses declined by 
16 percent year-on-year, process optimisation 
including automation, technology development 
and increased use of AI-enabled tools are driving 
productivity improvements. During the quarter, 
expanded automation reduced manual work in 
certain processes by around 60 percent, supporting 
a simpler operating model and higher service 
quality. 
Investing performance remained solid and in 
line with active forecasts. We invested SEK 345 
million during the quarter, maintaining strict 
pricing discipline in a competitive market. Our 
capital partnership strategy continued to develop 
positively, strengthening both Investing and 
Servicing revenues. Capital raise would accelerate 
investment pace eventually reversing the trend in 
investment income.
“The revised strategy together with 
the announced capital raise marks 
an important new beginning, and 
the first quarter represents the start 
of a longer journey.”
As part of our revised strategy, we continued to 
unlock value from the balance sheet. In January, we 
signed the sale of the remaining co-owned portfolio 
with Cerberus for EUR 215 million at a material 
premium to book value. The consolidation of one of 
our joint ventures (the Savoy group), for which the 
valuation analysis resulted in a positive net impact 
of SEK 250 million, highlights the strong underlying 
value of our assets.
Looking ahead, our priorities are clear: reduce 
leverage, improve Servicing performance, return to 
growth to become the leading credit management 
servicer and the most attractive investing partner 
in Europe. The revised strategy together with 
the announced capital raise marks an important 
new beginning for Intrum, and the first quarter 
represents the start of a longer journey. With clearer 
direction and improved execution under Intrum 
2030, we are committed to delivering stronger 
performance and rebuilding sustainable value 
over time.
Stockholm, May 2026 
Johan Åkerblom 
President and CEO
4
Intrum Interim report first quarter 2026
Q1 in brief Comment by the President and CEO  Key financial  metrics  Segment  overview  Financial  overview  Financial  reports  Other  information  Definitions  About Intrum

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

Quarterly development
Total income amounted to SEK 3,754m (4,276). 
The year-on-year decline of 12 percent was driven 
by a decrease in Servicing fee income with ten 
percent, whereof four percent was related to 
FX. Total income was also affected by a smaller 
investment book within Investing and the absence 
of overperformance relative to the active forecast 
compared with the previous quarter.
Results from Shares of Associates and Joint 
Ventures amounted to SEK 120m (88), an increase 
compared to the first quarter last year. The increase 
came from stable underlying portfolio performance 
overtime in Portland, which gave a positive 
revaluation in Q1.
Operational costs continue to decrease by 
12 percent year on year, with total costs amounting 
to SEK -2,922m (-3,322) for the quarter. Personnel 
expenses declined by 16 percent, supported by 
continued FTE reductions from 9,042 to 8,267. 
Other operating expenses also decreased, driven 
primarily by lower IT, legal and collection costs.
EBIT increased to SEK 1,493m (1,032), 
corresponding to an improvement of 45 percent 
year on year. The improvement was driven by a 
positive net credit gain of SEK 561m within Investing 
related to Savoy group (refer to Note 3 for the 
impact from Savoy group) and lower operational 
costs across the Group. 
The Servicing EBIT margin  amounted to 21 (20) 
percent, an increase of 1 pp year-on-year, reflecting 
continued effective cost control.
Depreciation and amortisation amounted to SEK 
-190m (-263), which reflects the lower asset base 
following impairments of intangible assets during 
2025, resulting in reduced future amortisations.
Net financial expenses amounted to 
SEK -1,621m (-710). The increase was mainly driven 
by negative exchange rate effects of 
SEK -305m (-14), higher interest costs of 
SEK -874m (-676) and other financial items of 
SEK -298m (-6), where impairment of a financial 
asset related to notes impacted with SEK -307m.
Items affecting comparability (IAC) decreased to 
SEK 9m (67) for the quarter, in line with the strategy 
of lowering the IACs for the Group. 
The servicing leverage ratio increased to 5.8x from 
5.7x at year-end 2025, driven by a combination of 
lower servicing net debt of SEK 24,865m (25,190) 
and a slightly lower Servicing EBITDA of SEK 4,094m 
(4,205). The consolidation of Savoy Group had 
an positive impact on the servicing leverage ratio, 
as a larger share of the Group’s borrowings was 
allocated to the Investing segment following the 
increase in portfolio assets.
Key financial metrics Financial targets
25%
Current Rolling  
12 months 20261
Target 2030
30–35%Servicing 
EBIT margin
SEK 11.9 bn
Current Rolling  
12 months 20261
Target 2030
SEK 10–11 bnTotal 
costs
Servicing 
leverage ratio
5.8x 
Current Rolling  
12 months 20261
Target 2030
3.0x 
1) The target is on an unadjusted basis, while the current RTM figure is adjusted for IACs.
5
Intrum Interim report first quarter 2026
Q1 in brief Comment by the President and CEO  Key financial  metrics  Segment  overview  Financial  overview  Financial  reports  Other  information  Definitions  About Intrum

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

Segment overview
Key figures first quarter First quarter, Jan-Mar 2026 First quarter, Jan-Mar 2025
SEK m Servicing Investing Central Eliminations Consolidated Servicing Investing Central Eliminations Consolidated
External income  2,737  1,013  4  -  3,754  3,028  1,243  6  -  4,276 
Internal income  336  -  182  -518  -  367  -  21  -388  - 
Income  3,073  1,013  185  -518  3,754  3,395  1,243  27  -388  4,276 
Share of results from associates and joint ventures  30  90  -  -  120  16  72  -  -  88 
Personnel expenses  -1,240  -18  -163  -  -1,421  -1,462  -16  -211  -  -1,690
Other operating costs  -1,049  -571  -210  518  -1,312  -1,023  -711  -24  388  -1,370
Depreciation and amortisation of intangible and tangible assets  -167  -2  -21  -  -190  -237  -2  -24  -  -263
Total costs  -2,456  -590  -394  518  -2,922  -2,722  -729  -259  388  -3,322
Net credit gains/losses  -  541  -  -  541  -  -9  -  -  -9
EBIT  647  1,054  -209  -  1,493  689  576  -233 -  1,032 
Items affecting comparability in EBIT1  9  -  -  -  9  41  22  4  -  67 
Adjusted EBIT  656  1,054  -209  -  1,502  729  597  -228  -  1,098 
Cost to income (C/I) ratio, %  80  58 - -  78  90  59 - -  78 
1) Refer to page 9 for details on Items affecting comparability.
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Intrum Interim report first quarter 2026
Q1 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
7
Intrum Interim report first quarter 2026
Q1 in brief Comment by the President and CEO  Key financial  metrics  Segment  overview  Financial  overview  Financial  reports  Other  information  Definitions  About Intrum
Credit management with a focus on solutions for 
late payments and collections for our external 
customers 
External income amounted to SEK 2,737m (3,028), with negative 
organic growth of five percent accentuated by a negative exchange 
rate impact of four percent leading to a total decline of ten percent. 
The negative organic growth was driven by the specialised markets, 
while our traditional markets had low single-digit positive growth.
EBIT amounted to SEK 647m (689), with negative organic growth 
of two percent accentuated by a negative exchange rate impact of 
four percent leading to a total decline of six percent. The largest 
contributors to the negative organic growth on both Income and EBIT 
are two of our specialised markets, characterized by an underlying 
decline of the asset base and volatile collections.
The costs continued to decline and amounted to SEK 2,456m (2,722), 
with a six percent organic reduction together with a four percent 
exchange rate impact leading to a total decline of ten percent. 
Personnel expenses was the largest driver in absolute terms for the 
reduction within the segment.
This increased efficiency enabled the EBIT margin to increase to 
21 percent (20) despite the shrinking income.
First quarter Full year
SEK m
Jan-Mar 
2026
Jan-Mar 
2025 Change % 2025
External income  2,737  3,028  -10  12,270 
Internal income  336  367  -8  1,560 
Income  3,073  3,395  -9  13,830 
Share of results from associates and joint ventures  30  16  90  69 
Personnel expenses  -1,240  -1,462  -15  -5,454 
Other operating costs  -1,049  -1,023  3  -4,240 
Depreciation and amortisation of intangible and tangible assets1  -167  -237  -29  -5,392  
Total costs  -2,456  -2,722  -10  -15,087 
EBIT  647  689  -6  -1,188 
Items affecting comparability in EBIT  9  41  -79  4,669 
Adjusted EBIT  656  729  -10  3,481 
KPIs
Change in external income, %  -10 -2  -8 -3
– thereof organic growth  -5 -1  -4 -
– thereof foreign exchange  -4 -1  -3 -3
Servicing EBIT margin, % 21 20 1 -9
Adjusted Servicing EBIT margin, % 21  21  -  25 
Servicing EBITDA 814  926  n/a   4,205  
Cash (dividends) from associates and joint ventures  - 19  n/a  38 
1) Impairment of goodwill is included at  SEK 3,951m for the full year 2025.

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

Investing 
8
Intrum Interim report first quarter 2026
Q1 in brief Comment by the President and CEO  Key financial  metrics  Segment  overview  Financial  overview  Financial  reports  Other  information  Definitions  About Intrum
Intrum invests in portfolios of overdue receivables 
and similar claims, after which Intrum’s Servicing 
business collect on the claims acquired
Towards the end of the quarter, Intrum consolidated one of its joint 
ventures (Savoy group). The valuation analysis of the asset leads 
to a net credit gain, which was partially offset by an impairment of 
financial asset related to notes impacted net financials. This had a 
positive net effect of SEK 250 m, highlighting the strong value of our 
underlying assets.
Income amounted to SEK 1,013m (1,243), with negative organic growth 
of 15 percent accentuated by a negative exchange rate impact of 
four percent leading to a total decline of 18 percent. The organic 
decline is a natural consequence of the capital-light strategy with a 
shrinking investment book. Savoy group did not impact operational 
income since it was consolidated at end of quarter (the impact from 
Savoy group is described in Note 3).
EBIT during the quarter amounted to SEK 1,054m (576) with the Savoy 
group’s net credit gain as the main driver.
Collection performance came in at 100 percent (102) of active forecast 
for the quarter. During the period, Intrum invested SEK 345m (272) 
at an IRR of 19 percent (24) in line with the strategy to do selective 
opportunistic investments at high returns.
Book value continued to decrease, mainly as a consequence of the 
limited investments, and ended at SEK 25,614m (27,814). Excluding 
the consolidation of Savoy group, the book value would have been 
SEK 21,816m (23,408).
First quarter Full year
SEK m
Jan-Mar 
2026
Jan-Mar 
2025 Change % 2025
Income  1,013  1,243  -18  4,717 
– thereof REOs  41 45  -9 171 
Share of results from associates and joint ventures  90  72 26  463 
Personnel expenses  -18  -16 8  -50 
Other operating costs  -571  -711 -20   -2,458  
Depreciation and amortisation  -2  -2 2  -7 
Total costs  -590  -729 -19  -2,515 
Net credit gains/losses  541  -9  n/a  19 
EBIT  1,054  576  83   2,684  
Items affecting comparability in EBIT  -  22  -100  23 
Adjusted EBIT  1,054  597  76   2,707  
– thereof REOs  3 5  -50 10 
KPIs
Gross collections          1,623  1,989 -18  7,501 
Amortisation, %  39 39 -  39 
Portfolio investments incl. associates and joint ventures 345 272 27 1,151
Collection index vs active forecast, %  100 102 -2  103 
IRR new investments, %            19  24 -4 18
Cash (dividends) from associates and joint ventures  60  110 -45  245 
Book value portfolio investment1  25,614  27,814 -8   25,336  
ERC        49,231  50,729 -3  45,646 
1) Comparative periods have been re-calculated to reflect full consolidation of Savoy group.

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

Financial overview
Net debt reconciliation1
SEK m
31 Mar 
2026
31 Mar 
2025
 31 Dec 
2025
Borrowings  48,024  52,048    47,591   
Lease liability  594  609  602 
Deferred liabilities  144  401  359 
Gross debt  48,763  53,058   48,552  
Cash and cash equivalents  -3,405  -3,684  -3,094 
Net debt  45,357  49,374   45,459   
Book value portfolio investment  25,614  27,814  25,336 
Investing share of net debt ²  20,492  22,251  20,269 
Net debt  45,357  49,374  45,459 
Investing share of net debt ² -20,492  -22,251  -20,269 
Servicing share of net debt  24,865  27,123  25,190 
Servicing leverage ratio First quarter
Rolling  
12 months Full year
SEK m
Jan-Mar 
2026
Jan-Mar 
2025 2026 2025
Servicing EBIT  647  689  -1,229  -1,188 
Depreciation and amortisation3  167  237  5,323  5,392 
Servicing EBITDA  814  926  4,094  4,205 
IAC in Servicing  9  41  163  195 
Servicing leverage ratio 5.8x 6.6x  5.8x  5.7x 
Items affecting comparability
First quarter
Rolling  
12 months Full year
SEK m
Jan-Mar 
2026
Jan-Mar 
2025 2026 2025
EBIT  1,493  1,032  896  435 
Goodwill impairment  -  -  3,951  3,951 
Impairments other intangible assets  -  0  588  588 
Other  9  67  314  371 
Total items affecting comparability  9 67  4,852 4,910 
Adjusted EBIT  1,502  1,098  5,748  5,345 
1) Comparative periods have been re-calculated to reflect full consolidation of Savoy group. 
2) 80 percent of the book value of portfolio investment.
3) Impairment of goodwill is included at SEK 3,951m for the full year 2025.
Net financial items specifications
First quarter
Rolling  
12 months Full year
SEK m
Jan-Mar 
2026
Jan-Mar 
2025 2026 2025
Interest income  8  24  98  114 
Interest costs  -874  -676  -3,420  -3,222 
Interest cost on leasing liability  -14  -14  -60  -60 
Exchange rate differences  -305   -14  515   806 
Amortisation of borrowing costs  -137  -25  -583  -471 
Commitment fee  -1  1  -547  -546 
Other financial items  -298  -6  2,894  3,186 
Total net financial expense  -1,621   -710   -1,104   -193 
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Intrum Interim report first quarter 2026
Q1 in brief Comment by the President and CEO  Key financial  metrics  Segment  overview  Financial  overview  Financial  reports  Other  information  Definitions  About Intrum

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

Yearly Group overview
SEK m 2025 2024 2023 2022 2021
Total income  17,030  18,033  17,705  19,368  17,655 
Total costs -17,146 -16,530 -15,284 -14,108 -11,605
EBIT  435  1,941  2,776  154  6,475 
Net income/loss1  -1,429  -3,697  -187  -4,473  3,127 
Earnings per share, SEK  -11.25  -30.67  -1.56  -37.07  28.88 
Adjusted EBIT  5,345  4,548  4,464  6,664  7,014 
Adjusted net income/loss1 3,242 -1,353 1,079 410 3,531
Equity per share, SEK  80.27  111.01  138.89  153.68  183.33 
Average number of employees (FTEs)  8,772  10,002  10,222  9,965  9,694 
1) Amounts attributable to Parent company’s shareholders
Quarterly overview, Group
SEK m Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024
Total income  3,754  4,493  4,056  4,206  4,276  4,825  4,171  4,607 
Total costs  -2,922 -6,033 -4,733 -3,058 -3,322 -4,395 -4,318 -3,651
EBIT  1,493  -1,340  -583  1,326  1,032  570  -127  1,024 
Net Income/loss1  -371  -2,249  396  324  101  -914  -1,210  -1,334 
Earnings per share, SEK  -2.75  -16.68  3.00  2.69  0.83  -7.56  -10.04  -11.06 
Adjusted EBIT  1,502  1,626  1,234  1,386  1,098  1,693  950  1,041 
Adjusted net income/loss1  -365  711  2,011  369  150  -45  -235  -1,322 
Equity per share, SEK   99.03   80.27  104.17  105.56  99.08  111.01  114.33  110.75 
Number of employees (FTEs) 8,267  8,381  8,580  8,855  9,042  9,354  9,664  10,331 
1) Amounts attributable to Parent company’s shareholders
 
Group overview Segment overview
Servicing
SEK m Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 20241 Q3 20241 Q2 20241
External income  2,737  3,348  2,916  2,979  3,028  3,466  2,911  3,201 
Internal income  336  385  387  422  367  414  437  448 
Income  3,073  3,732  3,302  3,400  3,395  3,880  3,348  3,649 
Total costs  -2,456 -5,568 -4,179 -2,617 -2,722 -3,366 -3,696 -3,119
EBIT  647  -1,811  -863  798  689  521  -342  545 
Adjusted EBIT  656  1,173  742  837  729  1,140  584  621 
Adjusted EBIT Margin, %  21  31  22  25  21  29  17  17 
1)  2024 numbers have been restated to reallocate certain income and costs previously reported as Central to Investing. No impact on 
consolidated numbers.
Investing
SEK m Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 20241 Q3 20241 Q2 20241
Income  1,013  1,125  1,127  1,222  1,243  1,350  1,250  1,396 
Total costs  -590 -593 -583 -608 -730 -699 -632 -719
EBIT  1,054  708  623  777  576  783  632  730 
Adjusted EBIT  1,054  708  625  777  597  824  676  729 
Portfolio Investments incl. 
associates and joint ventures  345  436  303  140  272  512  432  425 
ERC        49 231   45,646  47,052  48,319  50,729  53,067  53,848  55,464 
IRR, %            19 18 18 19 24 20 20 18
1) 2024 numbers have been restated to reallocate certain income and costs previously reported as Central to Investing. No impact on 
consolidated numbers.
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Intrum Interim report first quarter 2026
Q1 in brief Comment by the President and CEO  Key financial  metrics  Segment  overview  Financial  overview  Financial  reports  Other  information  Definitions  About Intrum

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

First quarter Full year
SEK m Note
Jan-Mar 
2026
Jan-Mar
 2025 2025
Servicing fee income  2,580  2,882  11,653 
Interest income  903  1,111  4,187 
Other income  271  283  1,190 
Total income  3,754  4,276  17,030 
Shares of associates and joint ventures  120  88  532 
Personnel expenses  -1,421  -1,690  -6,373 
Other operating costs 4  -1,312  -1,370  -5,216 
Depreciation and amortisation of intangible and tangible 
assets  -190  -263  -1,018 
Impairment of intangible and tangible assets  -  -  -4,539 
Net credit gains/losses  541  -9  19 
Net operating income (EBIT)  1,493  1,032  435 
Net financial expense  -1,621  -710  -193 
Income before taxes  -128  322  242 
Tax expenses 5  -188  -150  -1,314 
Net income/loss from continuing operations  -316  172  -1,072 
Net income/loss for the period  -316  172  -1,072 
Financial reports
First quarter Full year
SEK m Note
Jan-Mar 
2026
Jan-Mar
 2025 2025
Attributable to shareholders:
The Parent's shareholders in Intrum AB (publ)  -371  101  -1,429 
Non-controlling interest  56  71  356 
Total net income/loss for the period  -316  172  -1,072 
Average number of shares (‘000):
Before dilution  135,181  120,602  127,040 
After dilution  135,181  120,602  127,040 
Net income/loss per share, SEK:
Before dilution  -2.75  0.83  -11.25 
After dilution  -2.75  0.83  -11.25 
Condensed consolidated statement of income
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Intrum Interim report first quarter 2026
Q1 in brief Comment by the President and CEO  Key financial  metrics  Segment  overview  Financial  overview  Financial  reports  Other  information  Definitions  About Intrum

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

First quarter Full year
SEK m
Jan-Mar 
2026
Jan-Mar 
2025 2025
Net income/loss from continuing operations  -316  172  -1,072 
Items subsequently reclassified to statement of income
Net foreign exchange translation differences  1,294  -2,208  -2,150 
Net investment hedging gains/losses and other -  559  -45 
Items subsequently reclassified to statement of income  1,294  -1,649  -2,195 
Items not subsequently reclassified to statement of income
Net defined pension benefit remeasurement 0  -1  12 
Items not subsequently reclassified to statement of income 0  -1  12 
Other comprehensive income/loss for the period 1,294  -1,650  -2,184 
Total comprehensive income from continuing operations  978  -1,478  -3,256 
Total comprehensive income/loss for the period  978  -1,478  -3,256 
Of which attributable to:
The Parent’s shareholders in Intrum AB (publ)  900  -1,436  -3,489 
Non-controlling interest  79  -42  233 
Total comprehensive income/loss for the period  978  -1,478  -3,256 
Average number of shares (‘000):
Before dilution  135,181  120,602  127,040 
After dilution  135,181  120,602  127,040 
Total comprehensive income/loss per share, SEK:
Before dilution 7.24 -12.25 -25.63
After dilution 7.24 -12.25 -25.63
Consolidated statement of other 
comprehensive income 
12
Intrum Interim report first quarter 2026
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===== SIDA 13 =====

Consolidated statement of financial position
SEK m Note 31 Mar 2026 31 Mar 2025 31 Dec 2025
ASSETS
Non-current assets
Intangible assets  32,824  37,113  32,226 
Portfolio investments  22,899  20,889  19,248 
Investment in associates and joint ventures  2,319  2,294  2,534 
Property, plant and equipment  149  204  154 
Right-of-use assets  566  587  573 
Deferred tax assets  1,325  1,823  1,394 
Other financial assets  264  98  136 
Total non-current assets  60,345  63,009  56,266 
Current assets
Property holdings  488  251  182 
Tax receivable  352  736  333 
Derivatives  -    94  -   
Receivables and other operating assets  4,953  5,662  4,870 
Fiduciary assets  1,335  1,241  1,244 
Cash and cash equivalents  3,405  3,218  2,574 
Total current assets  10,534  11,203  9,202 
TOTAL ASSETS  70,879  74,212  65,468 
SEK m Note 31 Mar 2026 31 Mar 2025 31 Dec 2025
EQUITY AND LIABILITIES
Shareholders' equity
Share capital  3  3 3
Reserves  24,419  19,836 20,875
Retained earnings  -11,035  -7,890 -10,027
Total shareholders' equity  13,387  11,950  10,851 
Non-controlling interest  1,609  2,037  1,924 
TOTAL EQUITY  14,996  13,987  12,775 
LIABILITIES
Non-current liabilities
Net pension benefit liability  51  88  48 
Borrowings 6  45,865  23,388  43,113 
Other financial liabilities  503  580  256 
Provisions  159  173  162 
Deferred tax liability  899  1,042  902 
Lease liability  430  450  432 
Total non-current liabilities  47,907  25,721  44,913 
Current liabilities
Borrowings 6  274  25,417  271 
Tax payable  693  387  661 
Payables and other operating liabilities  5,370  7,139  5,264 
Derivatives -  90  -   
Fiduciary liabilities  1,335  1,241  1,244 
Provisions  142  71  171 
Lease liability  164  159  171 
Total current liabilities  7,977  34,504  7,781 
TOTAL LIABILITIES  55,883  60,226  52,693 
TOTAL EQUITY AND LIABILITIES  70,879  74,212  65,468 
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Intrum Interim report first quarter 2026
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===== SIDA 14 =====

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  
equity
As at January 1, 20261  3  18,390  4,757  -12,299  10,851  1,924  12,775 
Comprehensive income/loss for the year
Net income/loss for the year -371 -371 56 -316
Other comprehensive income for the year
Net defined benefit remeasurements 0 0 - 0
Foreign exchange differences 1,271 - 1,271 23  1,294 
Income tax on other comprehensive income 0 - 0 - 0
Total other comprehensive income - - 1,271 - 1,271 23 1,294
Total comprehensive income for the year - - 1,271 -371 900 79 978 
Share dividend - - - -394 -394
Effect of change in consolidation method2 1,636 1,636 - 1,636
Closing balance, 31 Mar 2026 3 18,390 6,028 -11,035 13,387 1,609 14,996
As at January 1, 2025  3  17,442  6,299  -10,356  13,388  2,079  15,467 
Comprehensive income/loss for the year
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 other comprehensive income - - -1,537 - -1,537 -113 -1,650
Total comprehensive income for the year - - -1,537 101 -1,436 -42 -1,478
Closing balance, 31 Mar 2025 3 17,442 4,762 -10,255 11,950 2,037 13,987
1) Compared with the closing balance as of December 2025, SEK 525m has been reclassified from retained earnings to reserves in the opening 
balance as of January 2026, total equity remains unchanged.
2) Impact from the full consolidation of the Savoy group. Refer to Note 3 for further information.
14
Intrum Interim report first quarter 2026
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===== SIDA 15 =====

Consolidated statement of cash flow
First quarter Full year
SEK m
Jan-Mar 
2026
Jan-Mar 
2025 2025
Cash flows from operating activities
Net operating income (EBIT) from continuing operations 1,493 1,032 435
Net operating income (EBIT) 1,493 1,032 435
Not included in the cash flow
Depreciation, amortisation and impairment  190 263 5,557
Net credit gains/losses  -541 9 -19
Amortisation of portfolio investments  661 798 3,004
Other adjustment for items not included  
in cash flow  4 -142 -339
Non-cash adjustments 314 928 8,203
Dividends received from associates and joint ventures  60 130 282
Operating cash flows  
before working capital changes 1,868 2,090 8,920
Changes in working capital 82 -366 190
Operating cash flows before taxes 1,950 1,724 9,110
Income taxes paid  -103 -78 -525
Net cash flows from operating activities 1,847 1,646 8,585
First quarter Full year
SEK m
Jan-Mar 
2026
Jan-Mar 
2025 2025
Cash flow from investing activities
Acquisition of portfolio investments  -208 -174 -1,706
Disposal of portfolio investments  - 145 643
Acquisition of intangible assets  -69 -57 -398
Disposal of intangible assets  2 - 62
Acquisition of property, plant and equipment  -6 -8 -30
Disposal of property, plant and equipment  3 2 15
Investment in associated companies/subsidiaries  176 -98 -148
Net cash flows from investing activities -102 -190 -1,562
Cash flow from financing activities
Net proceeds from borrowings  229 - -2,742
Borrowings and repayment of other financial liabilities 98 -41 135
Repayment of leases  -70 -73 -216
Proceeds from issuance of ordinary shares - - 948
Share repurchases - - -61
Finance income received  7 235 78
Finance expense paid  -961 -145 -4,093
Receipts from settlement of hedging derivatives - -5 67
Payments for settlement of hedging derivatives - 15 -81
Net payments on settlement of other derivatives - -292 -176
Dividends paid to non-controlling interest  -385 - -332
Net cash flows from financing activities -1,081 -306 -6,472
Cash inflow/outflow during the period 664 1,150 552
Cash and cash equivalents at the beginning of the period  2,574 2,504 2,504
Foreign exchange differences  168 -436 -483
Cash and cash equivalents at the end of the period 3,405 3,218 2,574
15
Intrum Interim report first quarter 2026
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===== SIDA 16 =====

First quarter Full year
SEK m Note
Jan–Mar  
2026
Jan–Mar  
2025 2025
Other income - 393 399
Total income - 393 399
Personnel expenses -2 -77 -135
Other operating costs 4 2 -246 -442
Depreciation and amortisation -2 -10 -18
Net operating income (EBIT) -2 60 -196
Net financial income/loss 77 -499 -110
Income/loss before taxes 76 -439 -305
Appropriations, untaxed reserves - - -35
Appropriation, Group contribution - - 650
Taxes 5 - -5 -196
Net income/loss for the period 76 -444 114
Net earnings for the period corresponds to comprehensive earnings for the period.
SEK m Note
31 Mar 
2026
31 Mar 
2025
31 Dec  
2025
ASSETS
Non-current assets
Intangible assets  -  146  - 
Tangible assets  24  33  26 
Financial assets  13,675  52,109  14,389 
Total non-current assets  13,698  52,288  14,414 
Current assets
Receivables  885  31,887  953 
Cash and cash equivalents  11  1,242  325 
Total current assets  897  33,129  1,278 
TOTAL ASSETS  14,595  85,417  15,693 
SHAREHOLDERS’ EQUITY AND LIABILITIES
Shareholders’ equity
Restricted equity  286  431  286 
Non-restricted equity  8,919  6,539  8,843 
TOTAL SHAREHOLDERS’ EQUITY  9,205  6,970  9,129 
Untaxed reserves  35  -  35 
LIABILITIES
Non-current liabilities  4,110  48,257  5,321 
Current liabilities  1,246  30,190   1,207 
TOTAL LIABILITIES  5,356  78,447  6,529 
TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES  14,595  85,417  15,693 
Condensed statement of Income – 
Parent Company
Condensed statement of financial 
position – Parent Company
16
Intrum Interim report first quarter 2026
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===== SIDA 17 =====

Note 1. Bases of preparations
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 Company.  
The accounting principles applied by the Group and the Parent Company 
Intrum AB (publ) are essentially unchanged compared with the 2025 Annual 
Report.
IFRS 18 Presentation and Disclosures in Financial Statements (April 2024):
IFRS 18 replaces IAS 1, carrying forward many of the requirements in IAS 1 
unchanged and complementing them with new requirements. 
IFRS 18 introduces new requirements to:
• present specified categories and defined subtotals in the statement of profit 
or loss;
• provide disclosures on management-defined performance measures (MPMs) 
in the notes to the financial statements; and
• improve aggregation and disaggregation.
An entity is required to apply IFRS 18 for annual reporting periods beginning on 
or after 1 January 2027, with earlier application permitted. The amendments 
to IAS 7 and IAS 33, as well as the revised IAS 8 and IFRS 7, become effective 
when an entity applies IFRS 18. IFRS 18 requires retrospective application with 
specific transition provisions.
Management anticipates that the application of these amendments will have an 
impact on the Group’s consolidated financial statements in future periods.
Roundings and comparisons
Due to roundings, number presented in the interim report may not sum up to 
the exact total and percentages may differ from absolute figures.
Comparisons are made in writing, unless otherwise stated, with comparable 
figures from first quarter 2025.
On 31 March 2026, Intrum acquired additional economic interest in Ithaca 
Investment DAC and entered into amendments to the co-investment 
agreement with the other co-investor, resulting in Intrum obtaining control over 
Ithaca. As a consequence, control extended to Penelope, an Italian special 
purpose vehicle of which Ithaca holds 95 percent of the mezzanine and junior 
notes, and to Savoy, a dedicated real-estate vehicle operating exclusively for 
the benefit of Penelope. 
The Savoy group was previously accounted for as a joint venture using the 
equity method. Following the change in control, the Savoy group has been fully 
consolidated as from 31 March 2026. As a result of the transition from equity 
accounting to full consolidation, the Intrum Group derecognised shares in joint 
ventures of SEK 274 m, recognised an increase in consolidated equity of SEK 1.6 
bn, and recognised an impairment of SEK -307m from financial assets related 
to notes within the net financial expense.
In addition to the transition effects arising from the change in control and 
consolidation method, Intrum consolidated the Savoy Group as from 31 March 
2026. This resulted in a positive EBIT impact of SEK 570m, mainly related to 
a net credit gain of SEK 561m attributable to the underlying portfolio. The 
consolidated income statement and balance sheet of the Savoy Group are 
presented in the table below.
Income statement
SEK m
Jan-Mar 
2026
Other operating costs 10
Net credit gain/losses 561
Net operating income (EBIT) 570
Net income/loss for the period 570
Notes Note 2. 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 attributable to IT and information management, 
• 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 Directors’ report in 
Intrum’s 2025 Annual report. Intrum has a resilient business model and the 
demand for our services and solutions are expected to increase over the 
coming quarters.
Note 3. Development during the quarter
Parent Company
For the first quarter 2026, the Parent Company reported income of SEK 0 m 
(393) and gain before tax of SEK 76m (-439). The Parent Company held 
SEK 11 m (1,242) in cash and cash equivalents at the end of the quarter. The 
result and financial position during the quarter reflects the business transfer 
performed in May 2025 as a part of the Recapitalization transaction, effectively 
transfer operational responsibilities and resources to its subsidiary Intrum 
Group Operations. 
Development in the period 
Total assets of the group as of 31 March amounted to SEK 70,879m (65,468) 
and is up 8 percent, compared to 31 December 2025. The increase in total 
assets is mainly attributable to the full consolidation of Savoy group, comprising 
Ithaca Investments DAC (“Ithaca”), Penelope SPV S.r.l (“Penelope”) and 
Savoy Reoco S.r.l. (“Savoy”), contributing portfolio investments of SEK 3.7 bn. 
Total liabilities increased, primarily due to the recognition of borrowings of 
SEK 1.9 bn following the consolidation of Savoy group.
17
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===== SIDA 18 =====

Balance sheet
SEK m 31 Mar 2026
Portfolio investments 3,738
Total non-current assets 3,738
Property holdings 334
Receivables 104
Cash and cash equivalents 415
Total current asset 854
TOTAL ASSETS 4,592
Shareholders equity  2,014 
Borrowings  1,913 
Other long-term intercompany liabilities 342
Other long-term liabilities  263 
Non-current liabilities  2,518
Current liabilities 61
Total current liabilities 61
TOTAL LIABILITIES 2,578
TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES   4,592  
Note 4. Other operating costs
Group First quarter Full year
SEK m
Jan-Mar 
2026
Jan-Mar 
2025 2025
IT expenses -271  -295  -1,158 
Legal expenses -275  -293  -1,022 
Other expenses -766  -782  -3,035 
Other operating costs -1,312  -1,370  -5,216 
Parent First quarter Full year
SEK m
Jan-Mar 
2026
Jan-Mar 
2025 2025
IT expenses -1 -131 -268
Legal expenses 0 -1 38
Other expenses 3 -114 -212
Other operating costs 2 -246 -442
Note 5. Tax expenses
There were no significant tax-related items to note in Q1 2026. The tax expense 
is in line with forecast and slightly higher compared to Q1 2025.
Note 6. Fair value of financial instruments
Financial assets and liabilities measured at fair value on a recurring basis 
include derivative assets and liabilities, and deferred considerations related to 
acquisitions of shares. Derivatives are measured using valuation techniques that 
incorporate observable market inputs and are therefore classified as Level 2 in 
the fair value hierarchy in accordance with IFRS 13. Deferred considerations are 
measured using unobservable inputs and are accordingly classified as Level 3 
in the fair value hierarchy in accordance with IFRS 13. There were no material 
changes in the fair value of Level 3 instruments during the period, nor any 
changes in valuation techniques or key assumptions. The Group did not have 
any material non-recurring fair value measurements during the period.
Most of the Group’s financial assets and liabilities are carried at amortised cost 
in the consolidated financial statements. For outstanding bonds with a total 
nominal amount of SEK 33,584m (35,822) at the end of the quarter, the fair 
value is estimated at SEK 29,615m (27,773), based on quoted market prices. 
These fair values are disclosed for information purposes and are classified as 
Level 1 in the fair value hierarchy in accordance with IFRS 13. There were no 
transfers between Level 1, Level 2 or Level 3 of the fair value hierarchy during 
the period.
Total financing
2026 2025
As of 1 January 43,384 50,701
Proceeds 856 0
Repayments -624 -44
Borrowings Savoy group 1,913 -
Currency translation effect 477 -1,878
Amortised costs and other 133 25
As of 31 March 46,138 48,804
Net debt mainly consists of EUR and SEK bonds, bank term loan facilities 
and drawings under the revolving credit facility. Net debt amounted to 
SEK 45,357 m (49,374) and is principally composed of EUR and SEK bonds 
with maturities between 2027 and 2030. Net debt in relation to the RTM cash 
EBITDA stands at 4.6x at the end of the first quarter 2026 compared to 4.4x. at 
the end of the fourth quarter 2025. At the end of the first quarter SEK 12,031m 
(12,178) of Intrum’s revolving credit facility was utilized. The cash balance at the 
end quarter was 3,405m (3,218).
Borrowings
Bonds Bank loans
Notes
Payable2 Total
Carrying amount  31,701  12,538  1,900  46,138 
Amortisation1  1,845  3  1,848 
FX movement  38  38 
Nominal value  33,584  12,541  1,900  48,024 
1) Amortisation represents the periodic adjustment to the carrying amount of the bonds, 
reflecting the allocation of transaction costs and fair value adjustments upon initial recognition 
to interest expense over the bonds’ terms, ensuring the amortised costs of the bonds align with 
their nominal value upon maturity, using the effective interest rate method. 
2) Notes payable represent the outstanding nominal amount of the senior notes issued by 
Penelope SPV S.r.l. under its securitisation structure.
18
Intrum Interim report first quarter 2026
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===== SIDA 19 =====

Note 7. Transactions with related parties
During the quarter no significant transactions occurred between the 
Group and other closely related companies, board members or the Group 
management team. 
The transactions with related parties are described in more detail in Note 30 in 
Intrum’s 2025 Annual report.
Note 8. Post balance sheet events
The Board of Directors of Intrum AB  has resolved, subject to approval by an 
extraordinary general meeting, to carry out a fully guaranteed equity capital 
raise of SEK 7.5bn aimed to reduce leverage and strengthen the Group’s 
balance sheet, as well as accelerating the achievement of the Group’s financial 
targets in line with Strategy 2030. 
Note 9. Alternative performance measures
EBIT to Cash EBITDA1
First quarter
Rolling 12 
months Full year
SEK m
Jan-Mar 
2026
Jan-Mar 
2025 2026 2025
EBIT  1,455  1,524  899  967 
Depreciation and amortisation 
of intangible and tangible 
assets  190  263  945  1,018 
PI amortisation  964  1,233  4,106  4,375 
Impairment of intangible and 
tangible assets  -  -  4,539  4,539 
EBITDA  2,609  3,019  10,489  10,899 
Net credit gains/losses  -541  -619  -560  -638 
Share of results of associates 
and joint ventures  -195  -130  -651  -586 
Cash (dividends) from 
associates and joint ventures  60  130  213  282 
Items affecting comparability 
in cash EBITDA  9  67  313  371 
Cash EBITDA from  
continuing operations  1,942  2,467  9,804  10,329 
1) Comparative periods have been re-calculated to reflect full consolidation of Savoy group. 
Cash EBITDA has been adjusted by SEK 191m for Q1 2026 (comprising of EBIT SEK -37 m, PI 
amortisation SEK 303 m, share of results of JV SEK -75 m), by SEK 256m for Q1 2025 (comprising 
of EBIT SEK -37 m, PI amortisation SEK 303 m, net credit gain/losses SEK -628 m, share of 
results of JV SEK -75 m), by SEK 1,166m for RTM (comprising of EBIT SEK 4 m, PI amortisation 
SEK 1,240 m, net credit gain/losses SEK 9 m, share of results of JV SEK -87 m) and by SEK 1,231 m 
for full year 2025 (comprising of EBIT SEK 533 m, PI amortisation SEK 1,371 m, net credit gain/
losses SEK -619 m, share of results of JV SEK -54 m).
Net debt reconciliation 1 First quarter Full year
SEK m
Jan-Mar 
2026
Jan-Mar 
2025 2025
Borrowings  48,024  52,048  47,591 
Lease liability  594  609  602 
Deferred liabilities  144  401  359 
Gross debt  48,763  53,058  48,552 
Cash and cash equivalents  -3,405  -3,684  -3,094 
Net debt  45,357  49,374  45,459 
Leverage ratio  4.6x  4.4x  4.4x 
1) Comparative periods have been re-calculated to reflect full consolidation of Savoy group.
19
Intrum Interim report first quarter 2026
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===== SIDA 20 =====

Assurance
The CEO hereby give the assurance that the interim report provide 
a true and fair view of the business activities, financial position and 
results of operations of the Group and the Parent Company, and 
describes the significant risks and uncertainties to which the Parent 
Company and Group companies are exposed.
The interim report has been reviewed by the Company’s auditors.
Stockholm, 7 May 2026
Johan Åkerblom
President and CEO
Introduction
We have reviewed the interim report for Intrum AB (publ) as of 
31 March 2026 and for the three-month period then ended. The Board 
of Directors and the Chief Executive Officer are responsible for the 
preparation and presentation of this interim report in accordance with 
IAS 34 and the Annual Accounts Act. Our responsibility is to express a 
conclusion on this interim report based on our review.
Scope of Review
We conducted our review in accordance with the International 
Standard on Review Engagements ISRE 2410 Review of Interim 
Financial Information Performed by the Independent Auditor of 
the Entity. 
A review consists of making inquiries, primarily of persons responsible 
for financial and accounting matters, and applying analytical and other 
review procedures. A review has a different focus and is substantially 
less in scope than an audit conducted in accordance with International 
Standards on Auditing (ISA) and other generally accepted auditing 
practices. The procedures performed in a review do not enable us to 
Auditor’s Review Report
obtain a level of assurance that would make us aware of all significant 
matters that might be identified in an audit. Therefore, the conclusion 
expressed based on a review does not give the same level of assurance 
as a conclusion expressed based on an audit.
Conclusion
Based on our review, nothing has come to our attention that causes 
us to believe that the interim report is not, in all material respects, 
prepared for the Group in accordance with IAS 34 and the Annual 
Accounts Act, and for the Parent Company in accordance with the 
Annual Accounts Act. 
Stockholm, date according to electronic signature
Deloitte AB
Patrick Honeth
Authorised Public Accountant
20
Intrum Interim report first quarter 2026
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===== SIDA 21 =====

Intrum AB’s (publ) share is included in Nasdaq Stockholm’s Mid Cap
Index. During the period 1 January – 31 March 2026, 60,528,767
shares were traded for a total value of SEK 2,625 m. The highest price 
paid during the period was SEK 52.46 (28 January 2026) and the 
lowest was SEK 34.50 (30 March 2026). On the last trading day of the 
period, 31 March 2026, the price was SEK 35.99 (latest paid). During the 
period Intrum AB’s (publ) share price decreased by 10 percent, while 
Nasdaq OMX Stockholm decreased by 0.3 percent.
Other 
information
Shareholders
31 March 2026 No of shares 
Capital and 
votes, %
Nordic Capital through companies  10,599,475 7.78%
Avanza Pension  7,271,684 5.34%
Vist Holding AS  4,801,244 3.52%
Caius Capital LLP  3,948,895 2.90%
Nordnet Pensionsförsäkring  3,836,621 2.82%
Norges Bank Investment Management  3,526,046 2.59%
Defa Endeavour AS  2,655,281 1.95%
Evli Plc - General Client Account  2,582,866 1.90%
Magnus Lindquist  1,756,410 1.29%
Kerstin Danielson  1,694,500 1.24%
Goldman Sachs International Bank - Broker  1,554,768 1.15%
Handelsbanken Fonder  1,526,490 1.12%
BlackRock  1,381,520 1.01%
Swedbank Försäkring  1,206,337 0.89%
Lennart Laurén  1,201,650 0.88%
Total top 15  largest shareholders  49,543,787 36.37%
Other shareholders  86,701,677 63.63%
Total number of shares including treasury shares  136,245,464 100.00%
Source: Modular Finance Holdings and Intrum
The proportion of Swedish ownership amounted to 63.0 percent (institutions 
17.5 percentage points, mutual funds 10.5 percentage points and private 
individuals 51.3 percentage points).
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  
2026 at 07.00 a.m. CET.
Denna delårsrapport finns även på svenska.
Currency exchange rates
Closing rate 
31 Mar
2026
Closing rate 
31 Mar
2025
Average rate  
Jan–Mar 
2026
Average rate  
Jan–Mar 
2025
Average rate  
Jan–Dec 
2025
1 EUR=SEK 10.94 10.85 10.69 11.23 11.07
1 CHF=SEK 11.90 11.38 11.66 11.88 11.81
1 NOK=SEK 0.98 0.95 0.94 0.96 0.94
1 HUF=SEK 0.03 0.03 0.03 0.03 0.03
Read more:  
Year-end reports, interim reports  
and other financial information
Johan Åkerblom
President and CEO 
email: johan.akerblom@intrum.com
Masih Yazdi
CFO
email: masih.yazdi@intrum.com
Annie Ho
Head of Treasury &  
Investor Relations 
email: annie.ho@intrum.com
Masih Yazdi is the contact under the 
EU Market Abuse Regulation.
For further information, 
please contact:
The share
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  Intrum       OMX Stockholm (Indexed)
Share price, SEK (1 January 2025 – 31 March 2026)
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar
2025 2026
21
Intrum Interim report first quarter 2026
Q1 in brief Comment by the President and CEO  Key financial  metrics  Segment  overview  Financial  overview  Financial  reports  Other  information  Definitions  About Intrum

===== SIDA 22 =====

Definitions
Result concepts, key figures and 
alternative indicators used in this 
report include the following;
Adjusted EBIT
Operating earnings excluding items 
affecting comparability (IACs).
Adjusted EBIT margin
Adjusted EBIT in relation to adjusted 
income. 
Adjusted EBITDA
Adjusted EBITDA is defined as 
EBITDA adjusted for items affecting 
comparability. It can also be defined 
as Adjusted EBIT adding back 
depreciation and amortisations of 
intangible and tangible assets.
Adjusted net income/loss
Net income/loss exluding items 
affecting comparability (IACs), net 
of tax.
Adjusted Servicing EBIT margin
In accordance with the adjusted 
EBIT margin definition above for the 
Servicing segment.
Adjusted Servicing EBITDA
In accordance with the adjusted 
EBITDA definition above for the 
Servicing segment.
Amortisation percentage portfolio 
investments
Amortisation percentage refers to 
the proportion of amortisation on 
portfolio investments relative to the 
cash income during a reporting period.
Book value portfolio investments
Present value of all expected future 
collection, discounted at the effective
interest rate as determined upon 
acquisition of the portfolios, including 
the Group’s share in associates and 
joint ventures.
Cash EBITDA
Cash EBITDA is Adjusted EBITDA 
refined to exclude non-cash income 
from associates and joint ventures. 
Cash income
Income derived from actual cash 
transactions during the reporting 
period, excluding non-cash compo -
nents such as: portfolio amortisation 
and unrealised gains and losses. 
Cash flow from joint ventures
The cash flow received by Intrum in 
form of distributions and dividends 
from investments in nonconsolidated 
joint ventures.
Collection index vs. active forecast
Performance on the Intrum-owned 
book against the Active forecast, 
excluding associates and joint 
ventures.
Cost/income ratio (C/I)
Total costs divided by total income.
EBIT
Net income/loss adding back net 
financial expenses and tax.
EBITDA
EBIT adding back amortisations 
of portfolio investments and 
depreciation, amortisations and 
impairments of tangible and intangible 
assets. Servicing EBITDA is calculated 
in accordance with the EBITDA 
definition above and represents 
EBITDA attributable to the Servicing 
segment.
Estimated remaining collections, 
(ERC)
Nominal value of the expected 
future collection on the Group’s 
portfolio investments, including the 
Group’s anticipated cash flows from 
investments in associates and joint 
ventures.
External income
Income from the Group’s external 
clients and income generated from 
Real Estate Owned assets (REO).
Equity per share 
Total shareholder’s equity divided by 
number of outstanding shares.
Gross collections 
The total amount of cash collected from 
investing portfolios during a reporting 
period, before deducting any fees, 
commissions, or operational costs. 
Excludes cash collected from joint 
ventures.
Income
Consolidated income comprising 
external servicing income – such 
as fees from collection services, 
property sales, sub  scription revenue 
and other ancillary services – together 
with income recognised as amount 
collected less amortisation and fair-
value revaluations for the period, as 
well as any other operating income 
earned.
Internal income
Predominantly related to income 
generated by the Servicing segment 
from providing collection services 
on the Group’s own portfolios to the 
Investing segment.
Items affecting comparability (IACs)
To better reflect the Group’s per for-
mance, significant IACs are adjusted  
from IFRS figures to provide more rele-
vant information. IACs are based on 
two sub-groups: 
• Group Restructurings 
(“Restructurings”)
• Non-Recurring Items (“NRIs”)
Restructurings are costs relating to 
Group-wide business transformation 
programs and M&A (“merger and 
acquisitions”) transactions.
 NRIs are one-off costs or income 
not seen in past reporting periods and 
unlikely to recur. Items tied to core 
operations are excluded from NRIs 
even if infrequent.
Leverage ratio  
Calculated as net debt divided by 
Cash EBITDA RTM. Net debt includes 
the nominal value of borrowings, 
lease liabilities, long-term deferred 
payments and net of cash equivalents, 
excluding operating liabilities 
(provisions and hedging obligations) 
and contingent liabilities. Cash EBITDA 
RTM is defined as the adjusted EBIT 
after adding back depreciation of fixed 
assets and portfolio amortisations, 
excluding non-cash income from 
associates and joint ventures, with 
discontinued operations excluded.
Markets 
• Traditional debt servicing markets 
with similar business models.  
Traditional markets include Austria, 
Belgium, Denmark, Finland, France, 
Germany, Ireland, the Netherlands, 
Norway, Poland, Portugal, Sweden, 
and Switzerland. 
• Specialised markets consists of 
Greece, Italy, Spain and the United 
Kingdom, characterised by bespoke 
set-ups such as joint ventures 
and/or country-specific business 
models.
• Investing-focused markets include 
Czech Republic, Hungary and 
Slovakia.
Net income/loss per share (EPS)
Total net income/loss for the 
period attributable to the parent’s 
shareholders in Intrum AB (publ) 
divided by average number of 
outstanding shares.
Organic growth
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 operations 
that management has the ability to 
influence.
22
Intrum Interim report first quarter 2026
Q1 in brief Comment by the President and CEO  Key financial  metrics  Segment  overview  Financial  overview  Financial  reports  Other  information  Definitions  About Intrum

===== SIDA 23 =====

Portfolio investments including 
associates and  joint ventures
The commitments to invest in 
portfolios of overdue receivables, 
with or without collaterals made in 
the reporting period. This includes 
real estate and investments in joint 
arrangements where the underlying 
assets are portfolio of receivables and/
or 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 applying 
the effective interest method, based 
on a collection forecast established at 
the acquisition date of each portfolio. 
Income attributable to portfolio invest -
ments consist 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 
attributable 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.
Real estate owned assets (REO)
Real estate assets acquired by Intrum, 
typically through foreclosure or as part 
of debt recovery processes. 
Return on portfolio investments (ROI)
ROI measures adjusted EBIT on a 
full-year basis as a percentage of the 
average carrying value of purchased 
debt. It reflects earnings relative 
to capital tied up and is part of the 
Group’s financial targets. Average 
book value is based on quarterly 
averages, with YTD and RTM 
calculated using opening and closing 
balances for the period.
Rolling twelve month (RTM)
RTM, refers to figures calculated on a 
last 12-month basis,  offering the view 
of performance that is not tied to a 
fixed calendar or fiscal year.
Servicing leverage ratio
Calculated as the Servicing segment 
share of net debt divided by the 
adjusted Servicing EBITDA (RTM).  
The Servicing share of net debt is 
calculated based on total net debt, 
reduced by the portion of net debt 
related to the Investing segment. 
The Investing share of net debt is 
calculated as eighty per cent of the 
book value of the investment portfolio. 
23
Intrum Interim report first quarter 2026
Q1 in brief Comment by the President and CEO  Key financial  metrics  Segment  overview  Financial  overview  Financial  reports  Other  information  Definitions  About Intrum

===== SIDA 24 =====

www.intrum.com
About Intrum
 Intrum is Europe’s leading provider 
of ethical debt resolution and 
credit management services with a 
presence in 20 countries.
 We help companies prosper by 
offering solutions designed to 
improve cash flow and long-term 
profitability, by caring for their 
customers.
 With more than 100 years of 
experience and around 9,000 
employees serving 70,000 
companies, we have the scale and 
insight to make a difference.
 Our focus is to create shared value 
for business and society, which both 
benefit from companies being paid 
on time and individuals achieving 
financial stability.
 In 2025, the company generated 
income of SEK 17 billion. 
 Intrum is headquartered in 
Stockholm, Sweden, and the Intrum 
AB (publ) share is listed on the 
Nasdaq Stockholm exchange.
Intrum as an investment
Business model – Intrum operates two business 
areas, Servicing and Investing. Servicing 
accounts for around 70 percent of Group 
revenue and provides credit management 
services on behalf of clients, while Investing 
represents the remaining 30 percent and focuses 
on acquiring non-performing loans portfolios. 
Both business areas are managed through the 
same integrated operational platform, drawing 
on Intrum’s long-standing experience in handling 
late payments and supporting customers’ 
return to a sustainable financial situation. 
Servicing remains the strategic backbone, while 
Investing continues to contribute cash flow 
and performance, increasingly supported by 
partnerships that reduce balance sheet intensity. 
Together, the businesses create a balanced, 
resilient earnings base.
Favourable market environment for Intrum  – 
As the European market leader, Intrum is well 
positioned to benefit from scale supported 
by resilience to macroeconomic conditions 
through its diversified geographical presence 
and business mix. In an evolving competitive 
landscape, Intrum offers a full scope of 
services, combining underwriting capabilities, 
capital partnerships and scaled servicing 
platform. Our presence across 20 countries, 
rich data and platform optimisation support 
accelerated technology adoption, efficiency 
and growth, while scale and a proven track 
record remain key advantages in an increasingly 
regulated environment.
Long-term client relationships and trusted 
conduct – Intrum serves around 70,000 clients 
and manages approximately 130 million customer 
interactions each year. Many of its top 15 clients 
have stayed with the company for more than 15 
years, and contract renewal rates are on average 
around 85 percent. Intrum’s reputation for 
compliance, respectful treatment and effective 
collections makes it a trusted long term-partner 
and a strong platform for continued client growth.
Proven business model with stabilising 
performance and cash flows  – Intrum’s business 
model has proven resilient through different 
macro cycles. Servicing profitability is stabilising, 
organic performance is improving, and cost-
efficiency measures are showing results. 
Combined with predictable case volumes 
and disciplined capital allocation, Intrum is 
moving towards a more resilient, service-driven 
earnings mix.
Enabling financial health 
for people, businesses 
and society across Europe
Financial calendar 2026
23 Jul 2026  Interim report second quarter
23 Oct 2026  Interim report third quarter
24
Intrum Interim report first quarter 2026
Q1 in brief Comment by the President and CEO  Key financial  metrics  Segment  overview  Financial  overview  Financial  reports  Other  information  Definitions  About Intrum

===== SIDA 25 =====

Intrum AB (publ)  /  Riddargatan 10  /  114 35 Stockholm, Sweden
Tel +46 8 616 76 66
www.intrum.com   /  info@intrum.com