Intrum — Interim / Quarterly Report 2023

Jul 20, 2023

Interim report Second quarter, 2023

Second quarter 2023 highlights

• Seasonally stronger second quarter supported by high commercial activity and growing assets under management (AUM)
• Cash revenues growth driven by CMS segment while Strategic Markets and Portfolio Investments are stabilising after a period of prolonged growth
• Leverage ratio is up to 4.6x driven by front-loaded investments in the quarter, dividend payment and adverse FX movements
• Delivered on several strategic priorities during the quarter: completed the acquisition of Arrow's servicing platforms in the UK, agreed the acquisition of Haya Real Estate in Spain, completed the exit of Brazil, signed agreements to exit Romania and the Baltics and also agreed the sale of a noncore platform in Finland
• Cost program target upgraded from SEK 0.6 bn to more than SEK 0.8 bn, most of which will be realised by the end of 2023 on a run-rate basis

Reducing leverage as top priority

• Our key priorities going forward are to grow servicing cash flows and reduce leverage
• All available cash flow will principally be dedicated to reducing leverage and improving our financial risk profile. To this end we will: (i) investigate exiting three additional markets, (ii) strictly limit balance sheet investing activities in 2023 and 2024, while exploring asset management business model, (iii) recommend no dividend payable in 2024 after paying SEK 13.5 per share in 2023 (~18% on SEK 75 share price) and (iv) investigate further measures to reduce leverage
• We look forward to laying out our strategic priorities, financial trajectory and targets in more detail during our Capital Markets Day on 13th September

							Rolling
	Second quarter				6 months		12 months	Full year
	Apr–June	Apr–June	Change	Jan–June	Jan–June	Change
SEK M, unless otherwise indicated	2023	2022	%	2023	2022	%	2023	2022
Revenues	4,972	4,879	2	9,497	9,357	1	19,625	19,485
Adjusted revenues	4,978	4,825	3	9,501	9,296	2	19,165	18,960
Operating earnings (EBIT)	1,291	1,561	-17	2,210	2,884	-23	-520	154
Adjusted operating earnings (EBIT)	1,468	1,701	-14	2,535	3,173	-20	6,026	6,664
Net earnings for the period	64	734	-91	134	1,356	-90	-5,601	-4,379
Earnings per share, SEK	0.11	5.50	-98	0.30	10.07	-97	-46.84	-37.07
Adjusted earnings per share, SEK	1.12	6.28	-82	2.20	11.62	-81	5.88	15.21
Cash revenues	6,414	6,266	2	12,315	12,058	2	24,884	24,627
Cash EBITDA	3,236	3,408	-5	5,963	6,443	-7	12,758	13,238
Cash EBIT	1,638	1,595	3	2,818	3,004	-6	6,159	6,344
Cash EPS, SEK	6.16	9.12	-32	6.28	13.70	-54	17.32	24.76
Cash RoIC, %	8.4	8.4	0ppt	7.4	8.0	-0.6ppt	7.9	8.4
Net debt/RTM cash EBITDA, x							4.6	4.0
Cash EBIT: Credit Management Services	337	342	-2	586	656	-11	1,247	1,317
Cash EBIT: Strategic Markets	756	834	-9	1,340	1,562	-14	3,177	3,399
Cash EBIT: Portfolio Investments	1,239	1,065	16	2,327	2,007	16	4,560	4,240
Total portfolio investments made	2,783	3,141	-11	4,447	4,925	-10	7,060	7,538
Carrying value of Portfolio Investment	41,009	41,869	-2	41,009	41,869	-2	41,009	37,109
Adjusted return on Portfolio Investment, (ROI), %	14	14	0ppt	13	14	-1ppt	14	14

Seasonally stronger Q2 and acceleration of our strategic priorities

Continuing to Simplify & Focus

The second quarter was seasonally stronger with a high level of activity across the business. During the quarter we have delivered on a number of important steps to Simplify & Focus our business. We signed agreements to exit Brazil, Romania and the Baltics and in addition we have also sold a platform of non-core activities in Finland. At closing, these transactions will release SEK ~0.6 billion in cash. In addition, we have now decided to investigate a potential sale of activities in the Czech Republic, Slovakia and Hungary with any proceeds available to reduce net debt.

We continue to build and strengthen our servicing business in two of our key Franchise markets by closing the acquisition of Arrow's servicing platforms in the UK as well as signing the acquisition of the Haya Real Estate servicing platform in Spain. In the UK, the platforms will add secured loan and asset servicing capabilities and thereby broaden and deepen the service range that we can offer existing and new clients. In Spain, the Haya acquisition brought large contracts with key clients including BBVA, CaixaBank and Grupo Cooperativo CajaMar and led to Intrum being subsequently awarded a long-term contract for the management of CaixaBank's real estate portfolio.

As part of the cost program launched at the end of Q1 2023 we have continued to analyse and define potential savings, enabling us to raise the bar. This targeted program will therefore be upgraded from the original goal of SEK 0.6 billion to more than SEK 0.8 billion, most of which will be realised by the end of 2023 on a run-rate basis.

Grow & Transform: expanding our position as the leading servicer in Europe and increasing client activity

We are increasing our focus on commercial excellence and servicing profitability. We are reviewing all client engagements to ensure we allocate the right resources and tools to deliver the best possible results with the appropriate effectiveness and efficiency. This allows us to provide our expanded product offering in order to stay relevant and increase profitability as we add additional value to our clients.

The increasing client activity is visible across our footprint with annual contract value (ACV) signings ahead of this year's plan plus a very attractive pipeline for the remainder of the year. In addition to strong business activity, margins on newly signed deals are notably higher compared to prior years.

In Q2 2023, the Franchise markets cash revenues grew organically by 10 per cent in Northern and Middle Europe and showed continued performance at a high level of profitability (~34 per cent margin) in Southern Europe. Assets under management (AuM) increased by SEK 169 billion (+9 per cent) compared to Q2 2022 and, as mentioned above, we also had a strong quarter in terms of ACV signings with SEK 257 million (+2 per cent of RTM external servicing revenues) added. This includes large new contracts with Collector Bank in Finland and Banco Sabadell in Spain.

Our RTM external servicing revenues amounted to SEK 10.6 billion and in the same period generated capital light cash EBITDA of SEK 4.6 billion.

Normalised collection performance in investing with weak SEK elevating leverage

As expected, collection performance on our portfolios normalised after the first two months of 2023 and we recorded SEK 6.8 billion in gross cash collections during Q2 2023 or performance vs. active forecast of 103 per cent. Despite a challenging collection environment during the last 6 months where more and more people struggle to make ends meet, we have been able to collect 106 per cent vs. original forecast, showcasing the resilience and strength of our back book. This again highlights the strong cash generation and predictability of our back book with estimated remaining collections (ERC) of SEK 86 billion.

"We are increasing our focus on commercial excellence by reviewing all client engagements to deliver the best possible results with appropriate effectiveness and efficiency"

In the first six months of 2023 we have invested SEK 4.4 billion at an average unlevered IRR of 15 per cent, thereof SEK 1.7 billion in Q1 and SEK 2.8 billion in Q2 with returns of 16 and 15 per cent, respectively. Given the investment ambition for the full year of SEK ~5.5 billion, the pace of investments in the coming quarters will consequently be significantly lower.

Accelerated investment pace in the quarter, payment of dividends and a depreciating SEK adversely impact leverage and therefore we recorded an increase in the leverage ratio of 0.4x to 4.6x. FX alone contributed ~0.2x to this development. Our ambition of delevering to 3.5x, as soon as practically possible, remains unchanged.

Europe's EUR 275 billion problem

Chasing payments costs businesses in Europe EUR 275 billion each year. Intrum's latest European Payment Report demonstrates that businesses in today's high-inflationary environment conserve cash by delaying payments. Most executives expect increasing prices and higher borrowing costs to hit their revenues this year, causing them to postpone growth and business development initiatives. In addition, almost nine out of ten say their employees are pushing for larger-than-usual pay rises or are likely to do so in the coming months.

Intrum plays a pivotal role in the financial eco-system. We help customers to pay their debt and enable businesses to be paid. Without Intrum's services companies are caught in a vicious cycle, asked to accept longer payment terms from customers and, in turn, paying their own suppliers in a time frame that they themselves would find unacceptable.

Consequently, businesses spend ~74 working days each year chasing late payments, when extrapolating the average salary cost across Europe's 30 million businesses this equates to roughly EUR 275 billion which exceeds the gross domestic product of Finland or Portugal.

Staking out our leading position in the financial ecosystem

As a results-driven services company in the financial and credit sector we will, and need to, increase our contribution to the financial ecosystem. Our ambition is to develop the best operating platform in the industry by investing in people, technology and processes to realise the benefits from the strategic initiatives of Grow & Transform plus Simplify & Focus. This will enable our people to be more commercially excellent and our platform to be capital lighter as well as fuelled by best-in-class tech & data.

Intrum will be growing our platform together with our cli-

ents throughout the credit lifecycle with high client satisfaction through our best in class tailored solutions. We will generate higher quality earnings by driving servicing revenues and applying state of the art technology to the largest data set in our industry.

Our priorities going forward are to: (i) grow servicing cashflows and (ii) reduce leverage

As the largest third-party servicer in Europe, we stand to significantly benefit from: (i) our recent management changes and increased commercial focus, (ii) opportunity to serve our clients across more stages of the credit value chain, and (iii) focusing of our geographical footprint on the most important markets. This will serve as a catalyst to grow servicing revenues, in an environment where our services are needed more than ever. This topline growth together with our near-term cost reduction and our continued focus on servicing margin will lead to improved operating leverage and increasing cash generation from this capital light business. This cash flow will be deployed principally to reduce debt and to strengthen the Servicing business through strategic M&A.

In addition, we are also pursuing selected, targeted measures to directly reduce leverage. As outlined above, we are contemplating three further, more sizeable market exits (already exited five markets in H1 2023) and we will strictly limit any new balance sheet funded investing activities for the remainder of 2023 and 2024, while exploring a capital light asset management business model. The Board and Management do not intend to propose to the next AGM any dividend payable in 2024. This action needs to be put into the context of the declared SEK 13.5 per share dividend for 2023 (equating to an implied yield of ~18% on a SEK 75 share price) with the second installment to be paid later this year. Furthermore, we are pursuing additional measures to reduce leverage.

As a consequence of these measures, our available cash flow will principally be dedicated to reducing leverage and improving our financial risk profile.

At our capital markets day in Stockholm on September 13, the management team and I will present our medium-term strategy, including operational and financial trajectory and targets.

Stockholm, July 2023

Andrés Rubio President & CEO "As a results driven services company in the financial and credit sector we will, and need to, increase our contribution to the financial ecosystem"

"Our available cash flow will principally be dedicated to reducing leverage and improving our financial risk profile"

Key financial metrics

Cash metrics

Cash metrics help us present a transparent view of performance for the business in which we operate. Our servicing business area is not capital intensive but in our investment business area we utilise capital in terms of our investments. These investments and our servicing activities generate cash revenues and require cash expenses. When adjusting for cash items like replenishment capex, other capex, cash net financials and cash tax, we have a performance measurement of cash return on invested capital (Cash RoIC) and cash earnings per share (Cash EPS) on a recurring basis.

Cash metrics are central to our financial targets set out at the Capital Markets Day in late 2020.

Financial targets

Returns: Cash RoIC > 10 % medium term Growth : Cash EPS > 10 % p.a. on average medium term Leverage: Net debt/Cash EBITDA 2.5–3.5x by end of 2022 Shareholder remuneration: Absolute annual increase in dividend per share

Quarterly development

Q2 2023 was a seasonally strong quarter. In CMS, new case inflows and assets under management continue to increase and despite a challenging macroeconomic environment affecting our customers' disposable income we also continue to see increases in servicing revenues. Our Strategic Markets segment is beginning to normalise after two years of high growth. Portfolio Investments performance improved to 103 % vs. active forecast. The leverage ratio was adversely impacted by front-loaded investments, shareholder distributions, currency movements and slightly lower RTM cash EBITDA.

In Q2 2023 cash revenues increased to SEK 6,414 M (6,266), cash EBITDA decreased to SEK 3,236 M (3,408) and cash EBIT increased to SEK 1,638 M (1,595). Cash EPS was SEK 6.16 (9.12), Cash RoIC stood at 8.4 (8.4) and leverage ratio at 4.6x (4.0x).

On a rolling 12-month basis cash revenues increased to SEK 24,885 M (23,433), cash EBITDA decreased to SEK 12,758 SEK (13,075) and cash EBIT decreased to SEK 6,159 M (6,569). Cash EPS decreased to SEK 17.32 (31.34), and cash RoIC decreased to 7.9 % (9.0).

Cash revenues, SEK M Cash revenues rolling 12 months,

SEK M

Q 2 2022

1,595

Cash EPS, SEK M Cash EPS rolling 12 months, SEK M

Cash RoIC, % Cash RoIC rolling 12 months, %

Net Debt/RTM cash EBITDA

Segment overview

Credit Management Services, Strategic Markets and Portfolio Investments

Key figures, Q2 2023

	Credit Management	Strategic	Portfolio	Group
SEK M	Services	Markets	Investments	items	Group
Cash revenues	1,253	1,487	3,674	-	6,414
Reported segment earnings	260	519	1,327	-815	1,291
Depreciation and amortisation	44	211	2	68	325
Portfolio amortisation	-	-	1,355	-	1,355
Adjustment earnings from joint ventures	-	-7	6	-	-1
Adjustment cash flow from joint ventures	-	-	81	-	81
Items affecting comparability	53	54	8	69	184
Cash EBITDA	357	777	2,779	-678	3,236
Replenishment capex	-	-	-1,540	-	-1,540
Other capex	-21	-21	-	-16	-57
Cash EBIT	337	756	1,239	-694	1,638
Cash financial items	-	-	-	-	-476
Cash tax normalised	-	-	-	-	-419
Recurring consolidated cash earnings					742
Average number of shares outstanding					121
Cash EPS, SEK					6.16
Average invested capital	22,251	15,776	39,657	265	77,949
Cash RoIC, %	6.1	19.2	12.5	-	8.4
Revenues	1,805	1,654	2,232	-719	4,972
Items affecting comparability	-	-	6	-	6
Adjusted revenues	1,805	1,654	2,238	-719	4,978
Reported segment earnings	260	519	1,327	-815	1,291
Items affecting comparability	53	46	8	69	176
Adjusted segment earnings	313	565	1,335	-746	1,468

Credit Management Services, Strategic Markets and Portfolio Investment, cont.

Key figures, Q2 2022

	Credit Management	Strategic	Portfolio	Group
SEK M	Services	Markets	Investments	items	Group
Cash revenues	1,019	1,557	3,690	-	6,266
Reported segment earnings	272	556	1,498	-765	1,561
Depreciation and amortisation	46	244	2	57	350
Portfolio amortisation	-	-	1,329		1,329
Adjustment earnings from joint ventures	-	-	-88		-88
Adjustment cash flow from joint ventures	-	-	112		112
Items affecting comparability	30	50	-36	101	145
Cash EBITDA	348	851	2,816	-608	3,408
Replenishment capex			-1,751		-1,751
Other capex	-6	-17	-	-39	-62
Cash EBIT	342	834	1,065	-647	1,595
Cash financial items					-397
Cash tax normalised					-98
Recurring consolidated cash earnings					1,100
Average number of shares outstanding					121
Cash EPS, SEK					9.12
Average invested capital	19,449	14,845	41,194	208	75,695
Cash RoIC, %	7.0	22.5	10.3	-	8.4
Revenues	1,579	1,683	2,303	-687	4,879
Items affecting comparability	-	-	-54	-	-54
Adjusted revenues	1,579	1,683	2,249	-687	4,825
Reported segment earnings	272	556	1,498	-765	1,561
Items affecting comparability	30	41	-32	101	140
Adjusted segment earnings	302	597	1,466	-664	1,701

Apr–June 2022 Change %

Credit Management Services

SEK M

KPI's

Credit management with a focus on late payments and collections. This segment includes 21 of the 24 European countries in which Intrum maintains credit management operations.

Cash revenues 1,253 1,019 23 2,434 2,072 17 4,264 Cash EBITDA 357 348 3 625 671 -7 1,364 Other capex -21 -6 245 -38 -15 156 -47 Cash EBIT 337 342 -2 587 656 -11 1,317 External revenues 1,253 1,019 23 2,434 2,072 17 4,264 Internal revenues 552 561 -2 1,068 1,081 -1 2,164 Total revenues 1,805 1,579 14 3,502 3,153 11 6,428 Items affecting comparability - - - - - Adjusted revenues 1,805 1,579 14 3,502 3,153 11 6,428 Segment earnings 260 272 -4 439 536 -18 1,039 Items affecting comparability 53 30 77 98 42 133 141 Adjusted segment earnings 313 302 4 537 578 -7 1,180

Average invested capital 22,251 19,449 14 21,912 19,263 14 19,876 Segment cash RoIC, % 6.1 7.0 -1ppt 5.5 6.8 -1.5ppt 6.6 Cash revenues change, % 23 1 - 17 1 - 4 – thereof organic change, % 10 -3 - 8 -3 - -1 – thereof exchange rates, % 7 4 - 6 4 - 5 – thereof acquired growth, % 6 - - 3 - - - Operating margin, % 14 17 -3ppt 13 17 -4ppt 16 Adjusted operating margin, % 17 19 -2ppt 15 18 -3ppt 18

Apr–June 2023 Credit Management Services, adjusted operating margin, % and segment cash RoIC, %

Credit Management Services,
Cash EBIT, SEK M
Cash EBIT rolling 12 months, SEK M

In the second quarter, our new case inflows and assets under management continued to increase both compared to last quarter and the same period last year. The positive trajectory continues also in terms of servicing revenues, despite the more challenging macroeconomic environment affecting disposable income of customers.

Servicing revenues increased by 23 % to SEK 1,253 M (1,019) in the quarter. We also saw continued strong performance in terms of new sales, with new ACV of SEK 233 M signed in Q2 2023, bringing total new signings for the first half of the year to SEK 396 M. This includes a number of large new contracts, for example with Collector Bank in Finland, that will significantly contribute to our footprint and further strengthen our market leading position.

Second quarter 6 months Full year

Jan–June 2022 Change

% 2022

Jan–June 2023

Due to the higher operating expenses and increased cost to collect, the adjusted segment earnings are only up 4 % to SEK 313 M (302), while cash EBITDA and EBIT are up by 3 % and down by 2 % respectively. The increased cost base is being addressed by the cost programme announced in Q1 2023.

Strategic Markets

Credit management with a focus on late payments and collections in Greece, Italy and Spain.

		Second quarter			Full year
	Apr–June	Apr–June	Change	Jan–June	6 months Jan–June	Change
SEK M	2023	2022	%	2023	2022	%	2022
Cash revenues	1,487	1,557	-4	2,816	2,976	-5	6,172
Cash EBITDA	777	851	-9	1,376	1,589	-13	3,497
– thereof joint ventures				7			12
Other capex	-21	-17	24	-35	-28	29	-99
Cash EBIT	756	834	-9	1,340	1,562		3,399
External revenues	1,487	1,557	-4	2,809	2,976	-6	6,160
Internal revenues	167	126	33	292	225	30	500
Total revenues	1,654	1,683	-2	3,101	3,201	-3	6,660
Items affecting comparability	-	-		-	-		-
Adjusted revenues	1,654	1,683	-2	3,101	3,201	-3	6,660
Segment earnings	519	556	-7	878	983	-11	1,681
– thereof joint ventures	7	-		11	-		25
Items affecting comparability	46	41	12	69	96	-28	834
Adjusted segment earnings	565	597	-5	947	1,079	-12	2,513
KPI's
Average invested capital	15,776	14,845	6	15,652	14,782	6	14,951
Segment cash RoIC, %	19.2	22.5	-3.3ppt	17.1	21.0	-4.0ppt	22.7
Cash revenues change, %	-5	18	-	-5	12		10
– thereof organic change, %	-13	15	-	-13	8		5
– thereof exchange rates, %	8	3	-	8	4		5
– thereof acquired growth, %	-	-	-	-	-		-
Operating margin, %	31	33	-2ppt	28	30	-2ppt	25
Adjusted operating margin, %	34	35	-1ppt	31	33	-2ppt	38

Strategic Markets, adjusted operating margin, % and segment cash RoIC, %

Strategic Markets, Cash EBIT, SEK M Cash EBIT rolling 12 months, SEK M

We have seen two years of high growth in the Strategic Markets segment which is now beginning to normalise. We have nonetheless seen significant commercial activity in the segment during the first half of the year with the Italian UTP credit fund "UTP Italia" agreement signed in Q1 2023 and in Spain we have agreed a long-term contract for the management of CaixaBank's entire real estate portfolio which commences in Q2 2024. In total, the Q2 new sales for Strategic Markets ended at SEK 25 M. The total for the first half of the year is SEK 112 M.

Cash revenues were at SEK 1,487 M (1,557) in the quarter, down by 4 % compared to Q2 2022. Adjusted segment earnings decreased by 5% to SEK 565 M (597), while cash EBITDA and cash EBIT decreased by 9% each to SEK 777 M (851) and SEK 756 M (834), respectively.

Portfolio Investments

Intrum invests in portfolios of overdue receivables and similar claims, after which Intrum's servicing operations collect on the claims acquired.

	Second quarter 2023				Second quarter 2022
	Overdue		Financial	Joint	Segment	Overdue		Financial	Joint	Segment
SEK M	receivables	REO	services	ventures	total	receivables	REO	services	ventures	total
Cash revenues	3,549	36	8	81	3,674	3,460	44	74	112	3,690
Cash EBITDA	2,688	7	3	81	2,779	2,657	5	42	112	2,816
Replenishment capex	-1,540	-	-	-	-1,540	-1,751				-1,751
Cash EBIT	1,148	7	3	81	1,239	907	5	42	112	1,065
Total revenues	2,188	36	8	-	2,232	2,184	44	74	-	2,303
Items affecting comparability	6	-	-	-	6	-54	-	-	-	-54
Adjusted segment revenues	2,194	36	8	-	2,238	2,131	44	74	-	2,249
Segment earnings	1,326	4	3	-6	1,327	1,380	3	26	88	1,497
Items affecting comparability	6	2	-	-	8	-54	2	16	4	-32
Adjusted segment earnings	1,332	6	3	-6	1,335	1,326	5	42	92	1,465
KPI's
Average invested capital	37,957	355	265	1,093	39,670	33,544	321	704	6,626	41,194
Segment cash RoIC, %	12.1	7.5	4.8	30.1	12.5	10.8	6.6	24.0	6.7	10.3
Total portfolio investments made	2,744	39			2,783	3,131	11	-	-	3,141
Money-on-money multiple (RTM)	2.30	-	-	-	2.30	1.98	-	-	-	1.98
Book value	39,559	370	-	1,079	41,009	34,827	310	-	6,732	41,869
ERC	83,857	408	-	1,802	86,066	72,291	385	-	9,300	81,976
Cost to collect, paid %	24	88	-	-	25	23	94	-	-	24
Amortisation ratio, %	38	-	-	-	38	38	-	-	-	38
Operating margin, %	61	12	40	-	59	63	6	35	-	65
Adjusted operating margin, %	61	17	40	-	60	62	11	56	-	65
Return on portfolio investments, ROI, %	14	5	-	-2	13	16	3	-	5	15
Adjusted return on portfolio investments, ROI, %	14	7	-	-2	14	16	6	-	6	14

Portfolio Investments, Adjusted return, %, Cash RoIC, %

Portfolio Investments, Cash EBIT, SEK M Cash EBIT rolling 12 months, SEK M

Despite the ongoing challenging macro environment, collection performance for the quarter improved to 103 % of active forecast with an adjusted ROI of 13 % (14).

During the quarter, we invested SEK 2,783 M (3,141)] in new portfolios at a money-on-money multiple (RTM) of 2.30 and a net IRR of 15 % (11 %).

The investment levels were mainly driven by the large one-off

portfolio transaction associated with the acquisition of the Arrow platform in the UK which was announced in 2022.

Cash revenues decreased to SEK 3,674 M (3,690), slightly down compared to the same quarter last year. Cash EBITDA for the segment was SEK 2,779 M (2,816) and cash EBIT was SEK 1,239 M (1,065), down 1 % and up 16 %, respectively, compared to the same quarter last year.

Portfolio Investment, cont.

	6 months 2023					6 months 2022
	Overdue		Financial	Joint	Segment	Overdue		Financial	Joint	Segment
SEK M	receivables	REO	services	ventures	total	receivables	REO	services	ventures	total
Cash revenues	6,766	58	15	227	7,065	6,595	93	123	200	7,011
Cash EBITDA	5,116	5	6	227	5,353	5,026	9	68	200	5,303
Replenishment capex	-3,028	-	-	-	-3,028	-3,296				-3,296
Cash EBIT	2,088	5	6	227	2,325	1,730	9	68	200	2,007
Total revenues	4,181	58	15	-	4,254	4,093	93	123	-	4,309
Items affecting comparability	4	-	-	-	4	-61	-	-	-	-61
Adjusted segment revenues	4,185	58	15	-	4,258	4,033	93	123	-	4,249
Segment earnings	2,529	-5	6	34	2,563	2,522	4	50	215	2,790
Items affecting comparability	6	9	-	-	15	-61	5	18	4	-34
Adjusted segment earnings	2,535	4	6	34	2,578	2,461	8	68	219	2,755
KPI's
Average invested capital	36,976	338	265	1,112	39,691	32,707	321	661	6,553	40,241
Segment cash RoIC, %	11.3	3.1	4.3	40.8	12.0	10.6	5.9	20.7	6.1	10.0
Total portfolio investments made	4,361	338	-	-	4,447	4,819	106	-	-	4,925
Money-on-money multiple (RTM)	2.30	-	-	-	2.30	1.98	-	-	-	1.98
Book value	39,559	370	-	1,079	41,009	34,827	310	-	6,732	41,869
ERC	83,857	408	-	1,802	86,066	72,291	385	-	9,300	81,976
Cost to collect, paid %	24	109	-	-	25	24	96	-	-	25
Amortisation ratio, %	38	-	-	-	38	39	-	-	-	39
Operating margin, %	60	-9	37	-	60	62	4	41	-	65
Adjusted operating margin, %	61	7	37	-	61	61	9	55	-	65
Return on portfolio investments, ROI, %	13	-3	-	6	13	15	2	-	7	14
Adjusted return on portfolio investments, ROI, %	13	2	-	6	13	15	5	-	7	14

Financial overview

Alternative P&L

	Second quarter			6 months Rolling 12 months			Full year
	Apr–June	Apr–June	Jan–June	Jan–June	July 2022–
SEK M	2023	2022	2023	2022	June 2023	2022	2021	2020	2019
External revenues	2,786	2,695	5,320	5,254	10,920	10,854	10,148	10,082	9,368
– thereof Credit Management Services	1,254	1,019	2,434	2,072	4,626	4,264	4,102	4,375	4,736
– thereof Strategic Markets	1,487	1,557	2,809	2,976	5,993	6,160	5,624	5,409	4,180
– thereof Others	45	119	75	206	301	430	422	298	452
Gross cash collections	3,548	3,459	6,763	6,604	13,585	13,426	11,818	10,957	10,772
Cash flow from joint ventures	81	112	233	200	380	347	248	338	197
Cash revenues	6,414	6,266	12.315	12,058	24,885	24,627	22,215	21,377	20,337
Cash expenses	-3,178	-2,858	-6,353	-5,616	-12,126	-11,389	-9,905	-9,770	-9,681
– thereof personnel	-1,787	-1,506	-3,536	-3,012	-6,707	-6,183	-5,584	-5,434	-5,215
– thereof non-personnel	-1,391	-1,352	-2,817	-2,604	-5,419	-5,206	-4,321	-4,336	-4,466
Cash EBITDA	3,236	3,408	5,963	6,443	12,758	13,238	12,310	11,607	10,656
Replenishment capex	-1,540	-1,751	-3,028	-3,296	-6,282	-6,550	-5,654	-5,355	-5,339
Other capex	-57	-62	-117	-143	-319	-345	-314	-672	-699
Cash EBIT	1,638	1,595	2,819	3,004	6,159	6,344	6,343	5,580	4,618
Cash financial items	-476	-397	-1,393	-1037	-2,787	-2,431	-2,013	-1,974	-1,875
Cash tax normalised	-419	-98	-669	-313	-1,282	-926	-828	-474	-802
Recurring consolidated cash earnings	742	1,100	757	1,654	2,087	2,987	3,502	3,133	1,941
Average number of shares outstanding	121	121	121	121	121	121	121	124	131
Cash EPS, SEK	6.16	9.12	6.28	13.70	20.28	24.76	28.98	25.28	14.81

Key balance sheet items

	Second quarter			6 months		Rolling 12 months		Full year
	Apr–June	Apr–June	Jan–June	Jan–June	July 2022–
SEK M	2023	2022	2023	2022	June 2023	2022	2021	2020	2019
Total portfolio investments made	2.783	3,141	4.447	4,925	7,060	7,538	8,106	5,129	7,556
Carrying value of Investing	41,009	41,869	41,009	41,869	41,009	37,109	38,231	33,305	35,429
ERC	86,066	81,976	86,066	81,976	86,066	77,634	74,337	65,457	64,995
– thereof overdue receivables	83,857	72,291	83,857	72,291	83,857	75,302	64,901	58,490	55,311
– thereof joint ventures	1,802	9,300	1,802	9,300	1,802	1,954	9,047	6,288	6,539
– thereof REO	408	385	408	385	408	377	389	689	382
Net debt
Liabilities to credit institutions	11,959	8,472	11,959	8,472	11,959	8,430	4,060	2,081	6,186
Bond loans	48,155	46,218	48,155	46,218	48,155	46,958	44,443	43,706	41,644
Provisions for pensions	144	356	144	356	144	141	329	381	387
Commercial paper	832	2,069	832	2,069	832	1,130	3,998	2,916	2,794
Cash and cash equivalents	-2,376	-4,903	-2,376	-4,903	-2,376	-3,474	-4,553	-2,134	-1,906
Net debt at end of period	58,713	52,213	58,713	52,213	58,713	53,185	48,277	46,951	49,105
Net debt/RTM cash EBITDA					4.6	4.0	3.9	4.0	4.3

Adjusted Group figures

	Rolling 12
		Second quarter	6 months			months Full year
	Apr–June	Apr–June	Jan–June	Jan–June	July 2022–
SEK M	2023	2022	2023	2022	June 2023	2022
Items affecting comparability by earnings
statement line
Revenues from clients					408	408
Positive revaluations of portfolio investments	535	426	597	680	1,712	1,795
Negative revaluations of portfolio investments	-541	-372	-602	-619	-1,662	-1,679
Cost of sales	-118	-89	-200	-160	-1,084	-1,044
Sales, marketing and administration costs	-52	-101	-121	-185	-159	-223
Items affecting comparability joint ventures	-	-4	-	-4	-5,764	-5,768
Total items affecting comparability in	-176	-140	-325	-288	-6,549	-6,510
operating earnings
Other items affecting comparability by
segment
Credit Management Services	-53	-30	-98	-42	-197	-141
Strategic Markets	-46	-41	-69	-96	-808	-834
Portfolio Investments	-8	32	-15	34	-5,307	-5,257
Common costs	-69	-101	-143	-185	-237	-278
Total other items affecting comparability	-176	-140	-325	-288	-6,549	-6,510
Adjusted revenues
Revenues	4,972	4,879	9,497	9,357	19,625	19,485
Items affecting comparability	-	-54	-	-61	-464	-525
Adjusted revenues	4,972	4,825	9,497	9,296	19,161	18,960
Adjusted EBIT
EBIT	1,291	1,561	2,210	2,884	-520	154
Items affecting comparability	176	140	325	288	6,547	6,510
Total adjusted EBIT	1,467	1,701	2,535	3,173	6,026	6,664
Adjusted earnings per share
Net earnings for the period attributable to	14	663	36	1,216	-5,653	-4,473
parent company's shareholders
Items affecting comparability attributable to the	122	95	229	188	6,348	6,307
parent company's shareholders adjusted for tax
Average number of outstanding shares	121	121	121	121	121	121
Adjusted earnings per share, SEK	1.12	6.28	2.20	11.62	5.75	15.21

	Rolling 12
		Second quarter	6 months			months Full year
	Apr–June	Apr–June	Jan–June	Jan–June	July 2022–
SEK M	2023	2022	2023	2022	June 2023	2022
Portfolio Investments segment earnings
excluding items affecting comparability
Investing segment earnings	1,324	1,471	2,557	2,741	-301	-117
Items affecting comparability for investments	8	-48	15	-52	5,730	5,663
Portfolio Investments segment earnings excluding items affecting comparability	1,332	1,423	2,573	2,689	5,429	5,546
Average carrying value
Average carrying value receivables	37,957	33,544	36,979	32,707	36,089	33,953
Average carrying value joint ventures	1,093	6,626	1,112	6,553	2,605	5,322
Average carrying value real estate	355	321	338	322	320	311
Total average carrying value	39,406	40,491	38,429	39,581	39,013	39,586
Return including items affecting comparability	13	15	13	14	-1	-
Return excluding items affecting comparability	14	14	13	14	14	14
Cash EBITDA
EBIT
	1,291	1,561	2,210	2,884	-520	154
Depreciation and amortisation	325	350	643	740	1,941	2,038
Portfolio amortisation Portfolio revaluations	1,355 6	1,329 -54	2,581 4	2,562 -61	5,339 -52	5,320 -117
Adjustments according to loan covenants: Adjustment earnings from joint ventures	-1	-88	-45	-215	5,394	5,224
Adjustment cash flow from joint ventures	81	112	233	200	379	346
Items affecting comparability excluding	179	203	336	337	6,040	6,041
portfolio revaluations Items affecting comparability joint ventures	-	-4	-	-4	-5,764	-5,768

Revenues by type

		Second quarter			6 months	Full year
	Apr–June	Apr–June	Change	Jan–June	Jan–June	Change
SEK M	2023	2022	%	2023	2022	%	2022
External servicing revenues	2,741	2,576	6	5,243	5,048	4	10,424
Gross cash collections	3,548	3,459	3	6,763	6,604	2	13,426
Other Investing segment revenues	45	119	-62	75	206	-63	430
Cash flow from joint ventures	81	112	-28	233	200	17	346
Cash revenues	6,414	6,266	2	12,315	12,058	2	24,627
Portfolio amortisation	-1,355	-1,329	2	-2,581	-2,562	1	-5,320
Portfolio revaluations	-6	54	-111	-4	61	-107	116
Adjustment cash flow from joint	-81	-112	-28	-233	-200	17	-346
ventures
Items affecting comparability	-	-		-	-	-	408
revenues
Total revenues	4,972	4,879	2	9,497	9,357	1	19,485

Items affecting comparability in operating earnings

	Second quarter		6 months	Full year
	Apr–June	Apr–June	Jan–June	Jan–June
SEK M	2023	2022	2023	2022	2022
Positive revaluations of portfolio investments	535	426	597	680	1,795
Negative revaluations of portfolio investments	-541	-372	-602	-619	-1,678
Items affecting comparability joint ventures	-	-4	-	-4	-5,768
Items affecting comparability depreciation and amortisations	8	9	16	-13	-585
Transformation program	-137	-115	-232	-237	-512
Other items affecting comparability	-41	-84	-104	-95	238
Total items affecting comparability in operating earnings	-176	-140	-325	-288	-6,510

Change in revenues

	Second quarter		6 months	Full year
	Apr–June	Apr–June	Jan–June	Jan–June
Change in revenues, %	2023	2022	2023	2022	2022
Organic growth	-15	6	-10	4	3
Acquired growth	2	-	1	-	-
Portfolio revaluations	-1	1	-1	1	-
Exchange rates	8	3	7	3	5
Items affecting comparability change	8	-	4	-	2
in revenues
Total	2	10	1	8	10

Net financial items specification

		Second quarter		6 months	Full year
	Apr–June	Apr–June	Change	Jan–June	Jan–June	Change
SEK M	2023	2022	%	2023	2022	%	2022
Interest earnings	47	15	213	66	27	144	85
Interest costs	-839	-537	56	-1613	-1,023	58	-2,325
Interest cost on leasing liability according to IFRS 16	-9	-8	13	-17	-17	-	-33
Exchange rate differences	31	-16	-294	33	-14	-336	-28
Amortisation of borrowing costs	-25	-24	4	-48	-49	-3	-109
Commitment fee	-29	-30	-3	-57	-68	-16	-127
Other financial items	-285	-20	1,325	-298	-1	29,700	-867
Total net financial items	-1,109	-620	79	-1,934	-1,146	69	-3,404
Items affecting comparability in other	-289	-	100	-289	-	100	995
financial items
Adjusted net financial items	-820	-620	32	-1,645	-1,146	44	-2,409

Group overview

Yearly overview, Group

SEK M	2022	2021	2020	2019	2018
Revenues	19,485	17,789	16,848	15,985	13,442
Adjusted revenues	18,960	17,656	16,731	15,780	13,131
EBIT	154	6,475	4,695	2,060	3,978
Adjusted EBIT	6,664	7,014	5,738	6,208	4,500
Net earnings	-4,379	3,391	2,078	-285	1,943
Earnings per share, SEK	-37.07	25.88	15.18	-2.76	14.18
Return on equity, %	-22	15	9	-2	8
Equity per share, SEK	153.68	183.33	154.28	168.12	195.16
Cash flow from operating activities per share, SEK	53.93	83.11	68.64	48.77	48.10
Average number of employees (FTEs)	9,965	9,694	9,379	8,766	7,910

Quarterly overview, Group

	Quarter 2	Quarter 1	Quarter 4	Quarter 3	Quarter 2	Quarter 1	Quarter 4	Quarter 3
SEK M	2023	2023	2022	2022	2022	2022	2021	2021
Cash revenues	6,414	5,901	6,759	5,810	6,266	5,792	6,053	5,322
Cash EBITDA	3,236	2,728	3,786	3,009	3,408	3,035	3,726	2,906
Cash EBIT	1,638	1,180	1,943	1,396	1,595	1,409	2,171	1,394
Cash EPS, SEK	6.16	0.12	8.56	2.48	9.12	4.58	13.93	3.68
Revenues	4,973	4,525	5,557	4,570	4,879	4,478	4,870	4,294
Adjusted revenues	4,978	4,524	5,134	4,530	4,825	4,471	4,853	4,183
Operating earnings (EBIT)	1,291	919	-1,153	-1,576	1,561	1,323	2,040	1,341
Adjusted EBIT	1,468	1,068	1,928	1,564	1,701	1,471	2,355	1,533
Net earnings	64	70	-3,633	-2,158	734	622	1,251	541
Earnings per share, SEK	0.11	0.19	-30.14	-17.05	5.50	4.57	8.98	4.33
Return on equity, %	-30	-27	-23	1	12	13	15	12
Equity per share, SEK	160.83	154.58	153.81	172.39	186.20	188.25	183.38	168.72
Cash flow from operating activities per share, SEK	17.12	13.30	9.24	10.11	18.27	16.30	26.54	24.08
Average invested capital	77,949	75,013	75,243	76,930	75,695	73,299	72,224	71,405
Cash RoIC , %	x`8.4	6.3	10.3	7.3	8.4	7.7	12.0	7.8
Number of employees (FTEs)	10.907	10,240	10,238	10,054	9,920	9,750	9,664	9,733

Segment overview

Credit Management Services

	Quarter 2	Quarter 1	Quarter 4	Quarter 3	Quarter 2	Quarter 1	Quarter 4	Quarter 3
SEK M	2023	2023	2022	2022	2022	2022	2021	2021
Cash revenues	1,253	1,181	1,149	1,042	1,019	1,054	1,056	996
Cash EBIT	337	250	315	346	342	314	437	396
Revenues	1,804	1,697	1,688	1,586	1,579	1,574	1,602	1,541
– thereof external clients	1,253	1,181	1,149	1,042	1,019	1,054	1,056	996
– thereof intercompany	551	516	539	544	561	520	546	545
revenues
Adjusted revenues	1,804	1,697	1,688	1,586	1,579	1,574	1,602	1,541
Segment earnings	260	180	208	295	272	264	355	356
Adjusted segment earnings	313	224	286	316	302	276	374	356
Items affecting comparability	53	43	78	21	30	12	19	-
Adjusted operating margin, %	17	13	17	20	19	18	23	23
Average invested capital	22,251	21,573	20,892	20,086	19,449	19,078	19,089	19,174
Segment cash RoIC, %	6.1	4.6	6.0	6.9	7.0	6.6	9.2	8.3

Strategic Markets

	Quarter 2	Quarter 1	Quarter 4	Quarter 3	Quarter 2	Quarter 1	Quarter 4	Quarter 3
SEK M	2023	2023	2022	2022	2022	2022	2021	2021
Cash revenues	1,487	1,329	1,785	1,412	1,557	1,418	1,802	1,160
Cash EBIT	756	584	1,137	699	834	728	1,310	482
Revenues	1,654	1,447	1,943	1,516	1,683	1,517	1,903	1,257
– thereof external clients	1,487	1,322	1,780	1,405	1,557	1,418	1,802	1,160
– thereof intercompany	167	125	163	112	126	99	101	97
revenues
Adjusted revenues	1,654	1,447	1,943	1,516	1,683	1,517	1,903	1,257
Segment earnings	519	359	675	23	556	427	901	265
Adjusted segment earnings	565	381	952	483	597	482	1,142	271
Items affecting comparability	46	22	278	460	41	55	242	-6
Adjusted operating margin, %	34	26	49	32	35	32	60	22
Average invested capital	15,776	15,529	15,182	15,056	14,845	14,719	15,118	15,526
Segment cash RoIC, %	19.2	15.0	30.0	18.6	22.5	19.8	34.7	12.4

Portfolio Investments

	Quarter 2	Quarter 1	Quarter 4	Quarter 3	Quarter 2	Quarter 1	Quarter 4	Quarter 3
SEK M	2023	2023	2022	2022	2022	2022	2021	2021
Cash revenues	3,674	3,392	3,825	3,356	3,690	3,320	3,195	3,166
Cash EBITDA	2,779	2,575	2,955	2,532	2,816	2,486	2,375	2,350
Cash EBIT	1,239	1,088	1,234	999	1,065	942	901	907
Gross cash collections	3,548	3,216	3,652	3,170	3,459	3,145	3,008	2,961
Portfolio amortisation	-1,355	-1,226	-1,552	-1,206	-1,329	-1,233	-1,111	-1,072
Portfolio revaluation	-6	1	15	40	54	7	17	112
Other Investing segment revenues	45	183	105	119	119	87	98	138
Items affecting comparability revenues	-	-	408	–	–	–	–	–
Revenues	2,232	1,990	2,628	2,124	2,303	2,006	2,012	2,138
Segment earnings	1,327	1,235	-1,230	-1,169	1,497	1,293	1,312	1,198
Adjusted segment earnings	1,335	1,243	1,455	1,438	1,465	1,290	1,337	1,305
Investing	2,744	1,617	1,240	1,326	3,131	1,689	2,342	1,420
Total carrying value of Investing	41,009	37,453	37,109	39,693	41,869	39,113	38,231	36,179
– thereof purchased receivables	39,559		36,000 35,645	35,161	34,827	32,262	31,478	29,840
– thereof joint ventures	1,079	1,132	1,162	4,236	6,732	6,520	6,438	6,013
– thereof real estate	370	321	302	296	310	331	315	326
Adjusted return on portfolio investments, ROI, %	14	13	15	14	14	13	14	14
Amortisation ratio, %	38	38	43	38	38	39	37	36
ERC	86,066	78,539	77,634	82,832	81,976	76,092	74,337	70,322
Replenishment capex	-1,540	-1,448	-1,721	-1,533	-1,751	-1,545	-1,474	-1,443
Money-on-money multiple (RTM)	2.30	2.16	2.12	2.07	1.98	2.04	2.04	2.05
Average invested capital	39,657	37,715	38,968	41,587	41,194	39,289	37,798	36,478
Segment cash RoIC ,%	12.5	11.5	12.7	9.6	10.3	9.6	9.5	9.9

Money-on-money multiple

	Quarter 2	Quarter 1	Quarter 4	Quarter 3	Quarter 2	Quarter 1	Quarter 4	Quarter 3
	2023	2023	2022	2022	2022	2022	2021	2021
Purchase price of portfolios	2,854	1,675	1,147	1,347	3,120	1,675	2,133	1,445
acquired in quarter
ERC 180 months of portfolios	6.738	3,936	2,528	3,096	5,589	3,667	4,239	2,794
acquired in quarter
Quarterly MoM	2.36	2.35	2.20	2.30	1.79	2.19	1.99	1.93
RTM MoM (average of quarterly MoM)	2.30	2.16	2.12	2.07	1.98	2.04	2.04	2.05
In quarter collections	3,548	3,216	3,652	3,170	3,459	3,145	3,008	2,961
RTM MoM (average of quarterly MoM)	2.30	2.16	2.12	2.07	1.98	2.04	2.04	2.05
Replenishment capex	-1,540	-1,488	-1,721	-1,533	-1,751	-1,545	-1,474	-1,443
			Full year				Full year
			2022				2021
Replenishment capex			-6,550				-5,654

Financial report

Condensed consolidated income statement

	Second quarter 6 months			Full year
	Apr–June	Apr–June	Jan–June	Jan–June
SEK M	2023	2022	2023	2022	2022
Revenues from clients	2,785	2,692	5,313	5,248	11,237
Revenues from portfolio investments calculated	2,156	2,085	4,111	3,951	7,929
using the effective interest method
Positive revaluations of portfolio investments	533	413	595	662	1,755
Negative revaluations of portfolio investments	-522	-357	-583	-594	-1,643
Total revenues	4,952	4,833	9,436	9,267	19,278
Cost of sales	-3,040	-2,711	-5,944	-5,321	-11,337
Gross earnings	1,912	2,122	3,492	3,946	7,941
Sales, marketing and administrative expenses	-586	-656	-1,320	-1,293	2,632
Participation in associated companies and joint	1	88	45	215	5,223
ventures
Operating earnings (EBIT)	1,327	1,555	2,216	2,869	87
Net financial items	-820	-618	-1,645	-1,141	-3,394
Profit before tax	508	937	572	1,727	-3,307
Taxes	-119	-207	-142	-381	-1,131
Net earnings/(loss) from continued operations	389	730	430	1,346	-4,438
Net earnings/(loss) from discontinued operations	-325	4	-296	11	59
Net earnings for the period	64	734	134	1,356	-4,379
Of which attributable to:
Parent company's shareholders	14	663	36	1,216	-4,473
Non-controlling interest	50	71	97	140	93
Net earnings for the period	64	734	134	1,356	-4,379
Average no of shares before dilution, '000	120.537	120,656	120.537	120,738	120,637
Average no of shares after dilution, '000	120.537	120,672	120.537	120,753	120,637
Earnings per share before dilution
Profit from continuing operations, SEK	0.11	5.50	0.30	10.07	-37.07
Total earnings per share before dilution, SEK	0.11	5.50	0.30	10.07	-37.07
Total earnings per share after dilution, SEK	0.11	5.49	0.30	10.07	-37.07

Condensed consolidated statement of comprehensive income

		Second quarter	6 months	Full year
	Apr–June	Apr–June	Jan–June	Jan–June
SEK M	2023	2022	2023	2022	2022
Net earnings for the period	64	734	134	1,356	-4,379
Other comprehensive earnings, items that will be reclassified to profit and loss:
Currency translation difference	2,476	1,419	2,679	2,112	3,868
Comprehensive income for the year attributable to	-814	-543	-916	-714	-1,017
hedging of currency and other
Other comprehensive earnings, items that
will not be reclassified to profit and loss:
Remeasurement of pension liability	-1	1	-1	-3	126
Comprehensive income for the period	1,725	1,610	1,896	2,750	-1,402
Of which attributable to:
Parent company's shareholders	1,560	1,419	1,647	2,466	-1,737
Non-controlling interest	165	192	249	285	335
Comprehensive income for the period	1,725	1,610	1,896	2,750	-1,402

Condensed consolidated balance sheet

	30 June	30 June	31 Dec
SEK M	2023	2022	2022
ASSETS
Intangible fixed assets
Goodwill	36,967	34,051	35,143
Capitalised expenditure for IT development	923	897	891
and other intangibles
Client relationships	2,848	3,892	3,019
Total intangible fixed assets	40,738	38,840	39,053
Tangible fixed assets
Right-of-use assets	719	696	659
Other tangible fixed assets	267	211	241
Total tangible fixed assets	985	908	899
Other fixed assets
Shares in joint ventures	1,096	6,732	1,174
Portfolio investments	39,034	34,827	35,645
Deferred tax assets	2,049	1,696	1,891
Long-term interest-bearing receivables	-	10	10
Other long-term receivables	166	80	43
Total other fixed assets	42,344	43,345	38,764
Total fixed assets	84,067	83,092	78,716
Current assets
Accounts receivable	993	1,237	1,080
Inventory of real estate	369	310	302
Client funds	1,160	972	1,130
Tax assets	504	136	300
Other receivables	1,305	1,553	1,472
Prepaid expenses and accrued earnings	2,040	1,644	2,236
Cash and cash equivalents	2,441	4,903	3,474
Assets held for sale	506	-	-
Total current assets	9,317	10,756	9,994
TOTAL ASSETS	93,385	93,848	88,710

	30 June	30 June	31 Dec
SEK M	2023	2022	2022
SHAREHOLDERS' EQUITY AND LIABILITIES		93,658
Attributable to parent company's	19,386	22,466	21,698
shareholders
Attributable to non-controlling interest	2,168	3,079	2,989
Total shareholders' equity	21,554	25,545	24,687
Long-term liabilities
Liabilities to credit institutions	11,959	8,472	8,430
Bond loans	44,664	45,468	42,279
Long-term leasing liabilities	533	519	482
Other long-term liabilities	386	426	406
Provisions for pensions	144	356	141
Other long-term provisions	25	55	31
Deferred tax liabilities	1,290	1,149	1,279
Total long-term liabilities	59,001	56,445	53,047
Current liabilities
Bond loans	3,490	750	4,679
Commercial paper	832	2,069	1,130
Client funds payable	1,160	972	1,130
Accounts payable	351	436	440
Earnings tax liabilities	569	1,175	665
Advances from clients	32	36	26
Short-term leasing liabilities	242	229	230
Other current liabilities	1,509	2,044	1,967
Accrued expenses and prepaid earnings	4,289	4,139	4,189
Other short-term provisions	11	7	8
Liabilities held for sale	346	-	-
Total current liabilities	12,829		11,857 14,464
TOTAL SHAREHOLDERS' EQUITY AND	93,385	93,848	88,710
LIABILITIES

Condensed consolidated statement of changes in shareholders' equity

	2023			2022
	Attributable to			Attributable to
	Parent	Non		Parent	Non
	Company's	controlling		Company's	controlling
SEK M	shareholder	interest	Total	shareholder	interest	Total
Opening balance, January 1	18,540	2,659	21,200	21,698	2,989	24,687
Repurchase of shares	-	-365	-365
Dividends paid	-814	-375	-1,189	-1,632	-195	-1,826
treasury shares	-	-	-	-72	-	-72
Share base payment	12	-	12	6	-	6
Other comprehensive	1,648	249	1,896	2,466	285	2,750
income and other
movements
Closing balance as of	19,386	2,168	21,554	22,466	3,079	25,545
June 30

Condensed consolidated cash flow statement

		Second quarter	6 months		Full year
	Apr–June	Apr–June	Jan–June	Jan–June
	2023	2022	2023	2022	2022
Operating activities
EBIT from continued operations	1,327	1,555	2,216	2,869	87
EBIT from discontinued operations	-37	6	-6	16	67
Depreciation/amortisation and impairment	325	350	643	740	2,038
Amortisation/revaluation of portfolio investments	1,360	1,276	2,585	2,502	5,204
Other adjustment for items not included in cash flow	12	-139	-35	-249	5,170
Gain on sale of subsidiries	-	-	-	-	-408
Interest received	51	15	71	27	85
Interest paid	-496	-386	-1,398	-986	-2,274
Other financial expenses paid	-32	-26	-66	-78	-1,237
Earnings tax paid	-419	-98	-671	-313	-1,444
Cash flow from operating activities before changes in	2,094	2,552	3,339	4,527	7,286
working capital
Changes in factoring receivables	3	-73	31	-124	-65
Other changes in working capital	-33	-275	302	-230	-716
Cash flow from operating activities	2,063	2,204	3,671	4,173	6,506
Investing activities
Purchases of intangible fixed assets	-40	-54	-74	-126	-275
Purchases of tangible fixed assets	-21	-11	-53	-21	-87
Sale of tangible and intangible fixed assets	0	-	3	1	11
Portfolio investments in receivables	-2,442	-3,770	-4,416	-4,738	-7,109
Property holdings	-9	24	-35	10	27
Purchases of shares in subsidiaries and associated	-503	-	-503	-	-279
companies
Proceeds from divestment of subsidiaries	-50	-	-50	-	781
Other cash flow from investing activities	65	97	218	196	352
Cash flow from investing activities	-3,000	-3,713	-4,910	-4679	-6,579
Financing activities
Borrowings and repayment of loans	579	2,761	1,160	2,138	-130
Repurchase of shares	-350	-	-350	-	-72
Share dividend to parent company's shareholders	-814	-1,632	-814	-1,632	-1,632
Dividend to non-controlling shareholders	-183	-190	-375	-190	-392
Cash flow from financing activities	-768	940	-379	317	-2,226
Total change in liquid assets	-1,705	-569	-1,618	-189	-2,300
Opening balance liquid assets	3,713	4,977	3,474	4,553	4,553
Exchange rate differences in liquid assets	369	495	520	539	1,221
Closing balance liquid assets from disccontinued ops.	64	-	64	-	-
Closing balance liquid assets from continued ops.	2,441	4,903	2,441	4,903	3,474
Group total
Cash flow from operating activities	1,692	2,204	3,301	4,173	6,506
Cash flow from investing activities	-3,000	-3,713	-4,910	-4,679	-6,579
Cash flow from financing activities	-397	940	-9	317	-2,226

Condensed income statement – parent company

	6 months	Full year
	Jan–June	Jan–June
SEK M	2023	2022	2022
Revenues	523	355	891
Gross earnings	523	355	891
Sales and marketing expenses	-49	-17	-41
Administrative expenses	-1,094	-783	-1,780
EBIT	-620	-445	-930
Earnings from subsidiaries		-	-
Exchange rate differences on monetary items classified as	-397	307	-591
expanded investment and hedging activities
Net financial items	413	-215	-765
Earnings before tax	-604	-354	-2,286
Tax	-5	-6	276
Net earnings for the period	-609	-360	-2,010

Net earnings for the period corresponds to comprehensive earnings for the period.

Condensed balance sheet – parent company

	30 June	30 June	31 Dec
SEK M	2023	2022	2022
ASSETS
Fixed assets
Intangible fixed assets	511	537	547
Tangible fixed assets	4	8	6
Financial fixed assets	83,525	82,291	80,936
Total fixed assets	84,039	82,835	81,490
Current assets
Current receivables	910	1,186	1,437
Cash and cash equivalents	-161	383	545
Total current assets	750	1,569	1,982
TOTAL ASSETS	84,789	84,405	83,472
SHAREHOLDERS' EQUITY AND LIABILITIES
Restricted equity	795	818	830
Unrestricted equity	5,085	7,506	6,464
Total shareholders' equity	5,880	8,324	7,294
Long-term liabilities	71,935	67,009	68,238
Current liabilities	6,974	9,071	7,940
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES	84,789	84,405	83,472

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 Company. 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 essentially unchanged compared with the 2022 Annual Report.

Parent Company

The Group's publicly listed Parent Company, Intrum AB (publ), owns the subsidiaries, provides the Group's head office functions and handles certain Group-wide development work, services and marketing.

The Parent Company reported revenues of SEK 523 M (335) for the secong quarter and earnings before tax of SEK -604 M (-354). The Parent Company invested SEK 15 M (34) in fixed assets for the quarter and at the end of the quarter held SEK -161 M (383) in cash and cash equivalents. The average number of employees was 89 (72).

Development in the period

Total assets as of June 30, 2023 of SEK 93,385 up SEK 4,674 M, or 5%, compared to December 31, 2022.

The increase is mainly due to Portfolio Investments in the period of SEK 4,447 M. The share of revenues denominated in EUR amounted to 70 % (66).

On 1 June 2023, the Group completed its acquisition of Arrow Global Group's UK operations for a total consideration of GBP 39 M. The Group also acquired 50% of Arrow Global's UK portfolio (unsecured) amounting to GBP 92 M. The Group has joint control with Arrow Global to manage the portfolio which is recognised as a joint operation. The portfolio performance, assets and liabilities are proportionally included in the consolidated financial statements.

Discontinued operations

On 24 May, 2023, the Group completed the sale of the Brazilian operations in line with its 2023 divestment strategy. The disposal resulted in a loss of SEK 35 M.

On 30 June 2023, Intrum signed a binding agreement to exit operations in the Baltics (Latvia, Lithuania and Estonia) and Romania. The total purchase consideration amounts to EUR 30 M and EUR 17 M for Baltics and Romania, respectively. The purchase consideration will be settled on a deferred payment basis with last payments settled in December 2024 for Baltics and in December 2025 for Romania.

The impairment of SEK 247 M is principally driven by the disposal of the servicing platform in the Baltics and to a lesser extent Romania.

The above European transactions, subject to regulatory approvals, are expected to close in Q3 2023, except for Lithuania which is expected to close in Q4 2023. The financial results of discontinued operations are as follows:

	30 June	30 June
SEK M	2023	2022
Revenue	62	90
Cost of Sales	-44	-51
Gross Earnings	18	39
Sales, Marketing and Administrative Expenses	-23	-23
Operating Earnings (EBIT)	-6	16
Net Financial Items	-7	-4
Profit/Loss before Tax from Discontinued	-13	12
Ooperations
Current Tax Expense	-1	-1
Post-Tax Profit/Loss of Discontinued Operations	-14	11
Impairment Loss	-247	-
Disposal Loss on Brazilian Operations	-35	-
Associated Tax Expense	-	-
Post-Tax Loss on the Sale of Discontinued	-296	-
Operations
Total Loss afer Tax from Discontinued	-296	11
Operations

The cashflows of discontinued operations are as follows:

	30 June	30 June
SEK M	2023	2022
Operating Cashflows	22	56
Investing Cashflows	-35	-104
Financing Cashflows	26	-11
Net Cashflows	13	-59

The impact on earnings per share from discontinued operations is as follows:

	30 June	30 June
SEK M	2023	2022
Earnings per Share before Dilution	-2.43	0.09
Earnings per Share after Dilution	-2.43	0.09

The Brazilian operations was disposed of during Q2. All assets and liabilities associated with this jurisdiction are not included in the consolidated balance sheet of 30 June 2023.

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.

Goodwill

In accordance with the Group's policy, the goodwill balance is at least annually tested for impairment. Due to internal and external market factors, the Group will complete its impairment assessment in Q3 2023. Please refer to note 11 of the 2022 annual report for more information on previous impairment test disclosure.

Market development and outlook

The Group's integrated business model consists of credit management services and portfolio investments and benefits from favourable medium term development prospects in both areas. The Group continues to execute its Transformation program and will gradually standardise, globalise and improve its collections processes. The Group anticipates the actions being taken in this area will continue to improve efficiency and margins, as well as enabling sustainable and organic growth.

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, 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 Directors' report in Intrum's 2022 Annual and Sustainability report. High level of uncertainty 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. No new significant risks have arisen besides those described in the Annual and Sustainability report.

Fair value of financial instruments

Most of the Group's financial assets and liabilities (portfolio investments, accounts receivable, other receivables, cash and cash equivalents, liabilities to credit institutions, bonds, commercial paper, accounts payable and other 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. For outstanding bonds with a total carrying value of SEK 48,155 M (46,218) at the end of the quarter, fair value is, however, estimated at SEK 34,712 M (40,988). The Group also holds forward exchange contracts and other financial assets of SEK 424 M (239), as well as financial liabilities of SEK 259 M (278) carried at fair value through the income statement.

Financing

Net debt amounted to SEK 58,713 M (52,213), the share of fixed rate debt amounts to 67 % of net debt and is principally composed of EUR bonds with maturities between 2024 and 2028. Net debt in relation to the RTM cash EBITDA stands at 4.6x compared to 4.0x at the end of the second quarter 2022. By the end of the second quarter, Intrum had SEK 832 M (2,072) outstanding commercial paper, the decrease reflects a more negative short term credit sentiment. Drawings under the revolving credit facility have been used to cover for this. At the end of the quarter SEK 11,959 M (8,562) of Intrum's revolving credit facility was utilised.

Events after the balance sheet date

On 17 July 2023, the Group agreed to sell its Finnish factoring business for a total consideration of SEK ~16 M. The transaction is expected to close in September 2023.

Other information

The share

Intrum AB's (publ) share is included in Nasdaq Stockholm's Large Cap list. During the period 3 April–30 June 2023, 69,432,353 shares were traded for a total value of SEK 5,877 M, corresponding to 58 % of the total number of shares at the end of the period.

The highest price paid during the period 3 April–30 June 2023 was SEK 118.35 (12 April) and the lowest was SEK 68.5 (9 May). On the last trading day of the period, 30 June 2023, the price was SEK 68.94 (latest paid). During the period 3 April–30 June 2023, Intrum AB's (publ) share price fell by 38 %, while Nasdaq OMX Stockholm rose by 2 %.

Share price, SEK (1 July 2020 – 30 June 2023)

Intrum OMX Stockholm (Indexed)

Shareholders

		Capital and
30 June 2023	No of shares	Votes, %
Nordic Capital through companies	38,769,929	31.85%
AMF Pension & Fonder	11,947,900	9.82%
Första AP-fonden	3,800,000	3.12%
Vanguard	2,744,003	2.25%
Swedbank Robur Fonder	2,425,640	1.99%
TIAA - Teachers Advisors	2,196,936	1.80%
C WorldWide Asset Management	1,698,225	1.40%
Swedbank Försäkring	1,676,274	1.38%
Avanza Pension	1,451,020	1.19%
BlackRock	1,312,571	1.08%
Intrum AB	1,183,983	0.97%
Handelsbanken Fonder	946,034	0.78%
Dimensional Fund Advisors	906,761	0.74%
Fidelity International (FIL)	714,640	0.59%
Futur Pension	687,317	0.56%
Total fifteen largest shareholders	72,461,433	59.53%

Total number of shares excluding treasury shares 120,536,935 Source: Modular Finance Holdings and Intrum

Treasury holdings of 1,183,983 shares are not included in the number of shares outstanding. The proportion of Swedish ownership amounted to 51.8 % (institutions 10.9 percentage points, mutual funds 14.3 percentage points and private individuals 27.6 percentage points).

Currency exchange rates

	Closing	Closing	Average	Average	Average
	rate	rate	rate	rate	rate
	30 June	30 June	Apr–June	Apr–June	Jan–Dec
	2023	2022	2023	2022	2022
1 EUR=SEK	11.81	10.11	11.32	10.48	10.63
1 CHF=SEK	12.06	9.21	11.49	10.04	10.59
1 NOK=SEK	1.01	0.99	1.00	0.97	1.05
1 HUF=SEK	0.0317	0.0287	0.0297	0.0303	0.027

For further information, please contact

Andrés Rubio, President and CEO, tel: +46 8 546 102 02 Michael Ladurner, CFO, tel: +46 8 546 102 02 Emil Folkesson, Investor Relations, tel: +46 8 546 102 02

Michael Ladurner 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's markets abuse directive and the Securities Markets Act.

The information was provided under the auspices of the contact person above for publication on 20 July 2023 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, 20 July 2023

Andrés Rubio

President and CEO

Stockholm, date according to electronic signature

Andrés Rubio President and CEO

Magnus Lindquist Hans Larsson Chairman of the Board Board member

Michel van der Bel Andreas Näsvik Debra Davies Board member Board member Board member

Philip Thomas Geeta Gopalan Ragnhild Wiborg Board member Board member Board member

Definitions

Result concepts, key figures and alternative indicators

Acquired growth

Growth in cash revenues related to mergers and acquisitions of Group companies.

Adjusted earnings per share

Net earnings for the period attributable to parent company's shareholders adjusted for IACs attributable to the parent company's shareholders and the corresponding tax amount divided by average number of outstanding shares for the period.

Adjusted revenues

Revenues excluding portfolio revaluations and other items affecting comparability.

Adjusted operating earnings (EBIT)

Adjusted operating earnings (EBIT) is operating earnings excluding revaluations of portfolio investments and other items affecting comparability.

Adjusted operating margin

Adjusted operating earnings (EBIT) in relation to adjusted revenues.

Adjusted segment earnings

Adjusted segment earnings is segment earnings excluding revaluations of portfolio investments and other items affecting comparability.

Amortisation percentage

Amortisation on portfolio investments during the period, as a percentage of collections.

Cash EBIT

Cash EBITDA less replenishment capex and other capex.

Cash EBITDA

Cash EBITDA is adjusted operating earnings (EBIT) adding back depreciation and amortisations and portfolio amortisations. In addition, the EBIT contribution from joint ventures is replaced by the actual cash contribution from the joint venture.

Cash EPS

Cash EBIT minus cash net financial items and cash net tax normalised divided by the average number of outstanding shares.

Cash return on invested capital (RoIC)

Annualised cash EBIT divided by average invested capital for the period. Average invested capital calculated using quarterly opening and closing balances for the relevant period. Year to date and RTM is calculated using the opening and closing balances of the quarters in the period.

Cash revenues

Revenues excluding non-cash revenues such as portfolio amortisation and earnings from joint ventures.

Cash tax normalised

Earnings tax paid adjusted for non recurring items.

Cash flow from joint ventures

The cash flow received by Intrum in form of distributions and dividends from investments in non-consolidated joint ventures.

EBITDA

EBITDA is defined as operating earnings (EBIT) adding back deprecation and amortisations of tangible and intangible assets.

Estimated remaining collections, ERC

The estimated remaining collections represent the nominal value of the expected future collection on the Group's portfolio investments, including Intrum's anticipated cash flows from investments in joint ventures.

Exchange rates in change of revenues

Change in revenues related to the effects of changes in exchange rates.

External revenues

Revenues from Intrum's external clients and revenues generated from Real Estate Owned assets (REO).

Internal revenues

Predominantly related to revenues paid by the Portfolio Investment segment to Credit Management Services and Strategic Markets segments for collection activities made on the behalf of Intrum's own portfolios.

Items affecting comparability

Significant items that impact comparability of key metrics are adjusted from IFRS reported numbers to provide more relevant information to external users. Items Affecting Comparability ("IAC") are based on three sub-groups: Group Restructurings ("Restructurings"), Non-Recurring Items ("NRIs") and Non-Cash Items ("NCIs"). Restructurings are costs relating to group-wide business transformation programs and M&A transactions. 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 irrespective how infrequent it could be occurring in business operations. For cash metrics, NCIs represent all valuation, estimates and provisions which are non-cash in nature and relates to future periods. For non-cash metrics, NCIs represent items that enhances periodic comparability, like adjustments to prospective accounting changes, measurement adjustments to match revenue and costs that are interconnected or recognition of partial impairment losses that relate to the current reporting period. NCI excludes normal working capital changes. NCIs could arise from Restructurings or NRIs.

Net debt

Net debt is interest-bearing liabilities and pension provisions less liquid assets and interestbearing receivables.

Net debt/cash EBITDA

This key figure refers to net debt divided by Cash EBITDA on a rolling 12-month basis. The key figure is included among the Group's financial targets, it is an important measure for assessing the level of the Group's borrowings and is a widely accepted measure of financial capacity among lenders. This key figure is calculated in accordance with the definitions stated in the terms of the Group's revolving syndicated loan facility, which means, among other things, that participations in non-consolidated joint ventures is only included to the extent that earnings are distributed to Intrum and that operations acquired during the period are included on a pro forma-basis throughout the 12-month period.

Operating earnings (EBIT)

Operating earnings consist of revenues less operating expenses as shown in the income statement.

Operating margin

The operating margin consists of operating earnings expressed as a percentage of revenues.

Operating margin, segment

The operating margin, segment consists of service line earnings expressed as a percentage of revenues.

Organic growth

Organic growth refers to the average increase in cash revenues in local currency, adjusted for revaluations of portfolio investments and 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.

Other capex

Investments made to maintain and grow the business. For example, IT and tangible assets.

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. Revenues attributable to portfolio investments 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.

Total portfolio investments made

The investments for the period in portfolios of overdue receivables, with and without collateral, investments in real estate and in joint ventures whose operations entail investing in portfolios of receivables and properties.

Replenishment capex

The estimated portfolio investments required to maintain the ERC in a steady state. Calculated by dividing the in quarter gross cash collections by the RTM MoM multiple.

REO Real estate owned.

Return on Portfolio Investments (ROI)

Return on portfolio investments is the service line earnings for the period, excluding operations in factoring and payment guarantees (financial services), recalculated on a full-year basis, as a percentage of the average carrying amount of the balance-sheet item purchased debt. The ratio sets the segment's earnings in relation 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.

Revenues

Consolidated revenues include external servicing earnings (variable collection commissions, fixed collection fees, debtor fees, guarantee commissions, subscription earnings, etc.), earnings from portfolio investments operations (collected amounts less amortisation and revaluations for the period) and other earnings from financial services (fees and net interest from financing services).

RTM

Rolling Twelve Months, RTM, refers to figures on a last 12-month basis.

RTM MoM multiple

The average quarterly underwriting money-on-money multiple for the past 12 months. Calculated by dividing the lifetime ERC of acquired portfolios with the purchase price of the portfolios. MoM is adjusted to exclude the VAT component of portfolios plus certain portfolio investments outside of our typical investment mix.

Segment earnings

Segment earnings relate to the operating earnings of each segment, Credit Management Services, Strategic Markets, Portfolio Investments and Group items.

About Intrum

Intrum is the industry-leading credit management company in Europe with presence in 24 markets. 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 around 10,000 dedicated professionals who serve around 80,000 companies across Europe. In 2022, the company generated revenues of SEK 19.5 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 services 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, supported 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 24 countries. We also work with partners to cover approximately 160 countries across the world. Given our comprehensive footprint we can partner with clients across several 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 management services, covering companies' complete credit management chain.

Considerable trust and 100 years of experience – Our work can only be performed if we have our clients' complete trust and conduct our operations ethically and with respect for the end-customer. 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

Returns: Cash RoIC >10% medium term

Growth: Cash EPS >10% p.a. on average medium term

Leverage: Net debt/Cash EBITDA 2.5–3.5x by end of 2022

Shareholder remuneration policy: Absolute annual increase in dividend per share

For further details and definitions, see https://www.intrum.com/investors/financial-info/ financial-targets/

Financial calendar 2023

13 September 2023 Capital Markets Day 25 October 2023 Interim report for the third quarter 25 January 2024 Interim report for the forth quarter

Intrum AB (publ)

Sicklastråket 4, Nacka 105 24 Stockholm, Sweden Tel +46 8 546 10 200 Fax +46 8 546 10 211 www.intrum.com info@intrum.com