Intrum : Report Q324 Eng

Interim report

Third quarter 2024 highlights

• Unadjusted Accounting, Adjusted Accounting and Adjusted Cash Metrics for 2023 and 2024 have been adjusted to remove discontinued operations, mainly related to the portfolio investment back-book sale agreed in Jan'24, and are aligned to the Primary Financial Statements on page 12 onwards
• Income and Adjusted Income down 5% vs. Q3'23 driven by decreases in both Investing and Servicing segments
• EBIT for the quarter decreased to SEK -127 M vs. SEK 50 M in Q3'23 driven by a goodwill impairment (SEK 0.7 bn), partially offset by reduced cost base
• Costs have decreased 16% to SEK 3,649 M vs. SEK 4,342 M in Q3'23 due to reduced cost base as a result of the cost saving program and reduced income
• Adjusted EBIT decreased by 5% vs. Q3'23 driven by decreased income across both segments, partially offset by reduced cost base; evident in increased Servicing Adjusted EBIT margin of ~6pp to 18% (12) vs. Q3'23
• Leverage ratio increased 0.3x to 4.2x vs. Q2'24, driven by a reduction in RTM cash EBITDA following completion of the portfolio investment back-book sale
• Launched solicitation of votes for a prepackaged Chapter 11 to reduce gross liabilities and extend repayment terms, further information available on page 18
• Progressed on several strategic initiatives including: (i) meaningful progress on refinancing and recapitalisation, (ii) won 5 portfolios with Cerberus under investment management, and (iii) ambitious roll-out plan for Ophelos

Third quarter, 2024		Third quarter			9 months		12 months	Full year
							Rolling
	July-Sep	July-Sep	Change	Jan-Sep	Jan-Sep	Change
SEK M, unless otherwise indicated	2024	2023	%	2024	2023	%	2024	2023
Unadjusted Accounting Metrics1
Income	4,171	4,378	-5	13,207	12,698	4	18,214	17,705
EBITDA	194	416	-53	2,321	2,423	-4	4,216	4,318
EBIT	-127	50	-352	1,373	1,414	-3	2,734	2,775
Net Income/(Loss) attributable to Parent company's	-1,210	-411	194	-2,783	-375	642	-2,596	-188
shareholders
Earnings/(Loss) Per Share, SEK	-10.04	-3.41	194	-23.07	-3.11	642	-21.52	-1.56
Adjusted Accounting Metrics1
Adjusted Income	4,171	4,378	-5	13,207	12,698	4	18,214	17,705
Adjusted EBITDA	1,272	1,377	-8	3,773	3,874	-3	5,786	5,887
Adjusted EBIT	951	1,004	-5	2,856	2,848	-	4,472	4,464
Adjusted Net Income/(Loss) attributable to Parent	-402	222	-281	-262	769	134	-186	845
company's shareholders
Adjusted Earnings/(Loss) Per Share, SEK	-3.34	1.84	-281	-2.17	6.38	134	-1.54	7.01
Adjusted Cash Metrics1
Cash Income	5,041	5,254	-4	15,863	15,198	4	21,729	21,065
Cash EBITDA from continuing operations	2,112	2,214	-5	6,368	6,345	-	9,160	9,137
Investing Segment: Capex Deployed	311	532	-42	1,106	3,313	-78	1,637	5,508
Cash EBITDA including discontinued operations							11,824	13,001
Net Debt before Other Obligations/RTM Cash							4.2	4.4
EBITDA including discontinued operations, x

1) 2024 and 2023 comparatives have been restated in respect of discontinued operations throughout the report, see page 5 and 6 for a detailed breakdown

Q3 in brief Comment by the President and CEOKey financial metrics Segment overview Financial overview Financial reports Other information Definitions About Intrum

Intrum  Interim report, third quarter 2024 2

Solid performance in a seasonally slower quarter with demonstrable reduction in cost base

In a seasonally weak third quarter, we have continued expanding our servicing margin and delivered stable collections in Investing vs. active forecast and underwriting. In addition, we have signed five transactions for a total value of more than EUR 150 M as part of our investment partnership with Cerberus. From a structural perspective, we are starting to see the effect our recent efficiency efforts with absolute costs coming down compared to last year, although more cost reductions are to come and further efforts may be needed. As announced on 18 October, we are in the process of soliciting votes from creditors for a prepackaged Chapter 11, which is expected to be launched in mid-November. Based on the support we received from the 73% of noteholders and 97% of RCF lenders who have acceded to the lock-up agreement, we have already achieved the required majorities to successfully implement the Recapitalisation Transaction in a prepackaged Chapter 11, which we believe is the most efficient implementation route.

Meaningful refinancing progress

As we have consistently communicated over the past year, strengthening Intrum's financial profile is of the utmost impor- tance. We have continued to progress quarter by quarter, and I am pleased with our progress so far.

A critical part of improving our financial profile is our proposed recapitalisation transaction as it will align our capital structure with our business plan and support long term sustainable growth. I am pleased that we have received overwhelming support from our creditors for our plan and our business and have reached the required level of creditor support to implement the recapitalisa-

tion transaction, with support from 73% of our senior unsecured notes and MTNs due 2025-2028 and 97% of our RCF lenders. We believe that the prepackaged Chapter 11 process, with the certainty of outcome given our level of creditor support, coupled with a reorganisation process in Sweden, is the most suitable implementation process for the recapitalisation transaction from a franchise perspective.

The recapitalisation transaction and its implementation have been designed to minimise impact on the business. Intrum has sufficient liquidity to support continued operations while executing on its business plan throughout the prepackaged Chapter 11 process.

Strong Servicing profitability and resilient performance in Investing

During the quarter we signed SEK 197 M in annual contract value ("ACV"). Notably, we won contracts with Noova and Norconsult in Norway. The strong Servicing profitability in Q2 continued into Q3 and is a testament to the enduring need and demand for our services and, by extension, Intrum's important role in the financial ecosystem. In the third quarter, Servicing income stood at SEK 3,341 M (3,401) and adj. EBIT was SEK 589 M (406) or 45% higher compared to the third quarter last year. This results in a Servicing adj. EBIT margin increase of 6 ppt to 18% compared to 12% in Q3 2023 and compared to 19% in Q2 2024. The recent positive performance trajectory gives confidence that we are on pace to meet the financial targets for 2026, set out at the capital markets day a year ago.

Investing delivered a Cash EBITDA of SEK 1,520 M (1,842) and invested SEK 311 M (531) at an average unleveraged IRR of 20%

"I am very pleased with the recent developments in strengthening Intrum's financial profile"

Q3 in brief Comment by the President and CEOKey financial metrics Segment overview Financial overview Financial reports Other information Definitions About Intrum

Intrum  Interim report, third quarter 2024 3

during the quarter. Gross cash collection amounted to SEK 2,073 M which translates into collection performance vs. active forecast of 98%. We continue to generate strong income from the Investing business and continue to look for new co-investments together with key capital partners.

As planned, and following the pilot in Netherlands and Belgium, our AI-powered collections platform, Ophelos, went live in Spain in September and in the coming months we will onboard France. These are important steps on our journey towards operational excellence and ongoing technological transition which will result in cost efficiencies on collections.

In the new European Consumer Payment Report survey of 20,000 consumers across Europe that we will publish in Novem- ber, we see a higher proportion of consumers meeting their financial commitments than has been the case for a number of years. However, this development is undermined by a continued uncertainty amongst consumers. Consumers are paying their bills, but many have simply learnt how to manage on less money than they had before the pandemic while 37% are utilising credit cards and short-term loans to keep them going until their next payday. Almost 40% of European consumers would rely on debt if confronted with an unexpected expense of EUR 200 or more. These are just some examples of the findings in our upcoming report that shed an important light on the weakness of the consumer and the consequent need for addressing late payments by com- panies. These trends indicate that we will continue to play an important role in the financial ecosystem and support individuals to deal with their debt levels and get on path to becoming debt free.

Solid performance in a seasonally slower quarter

Third quarter consolidated income decreased to SEK 4,171 M (4,378) while adjusted EBIT stood at SEK 951 M (1,004) and Cash EBITDA decreased to SEK 2,112 M (2,214), translating into a 5% decrease primarily due to reduced investment pace. Total adjusted costs in the third quarter amounted to SEK 3,279 M; an 8% decrease compared to SEK 3,549 M in the third quarter last year.

Leverage ratio increased to 4.2x. As expected, and communicated in the second quarter, we anticipate the leverage ratio to

increase slightly by the middle of 2025, as cash EBITDA will have a natural decrease post the asset sale in the second quarter.

As previously communicated, we expect to achieve cost savings of approximately SEK 1.5 bn through two phases of cost-saving initiatives by the end of 2024. Thus far, we have achieved total savings of SEK 1.1 bn and continue to pursue progress in this regard, and we expect to realise a remaining SEK 0.1 bn in 2024 and SEK 0.3 bn in 2025. These cost savings are primarily aimed at creating more streamlined central functions - particularly reducing indirect costs - and facilitating better cost visibility throughout the organisation. While these cost savings have been meaningful and we have a servicing business that is expanding its direct margin, further effort to reduce costs are likely be necessary going forward on our journey to be a technology enabled company.

Progress and development on multiple fronts

Reflecting on our progress over the last year on targets set out at the CMD, I am pleased to see: (i) income and profitability improvements in Servicing as a result of our client-focused approach, (ii) first tangible steps to pivot to a capital light investment business, (iii) Ophelos starting to be implemented across our operations and (iv) overwhelming creditor support for our company, allowing us to progress on a path to deleveraging.

Our strategic agenda and persistent focus on deleveraging remains firm, as does our commitment to reach our financial tar- gets. The considerable progress we have made this quarter in business development, recapitalisation, and cost-savings reinforces my confidence that we are on the right path and the direction set forth is correct.

As an important player in the financial ecosystem, we continue to see high demand for our services as evidenced by the increased client activity over the last year. It is particularly comforting in times of external turbulence that our clients continue to show faith in our service. We are, and will continue to be, the leading franchise across Europe and will ethically lead the way to a sound economy.

Stockholm, October 2024

Andrés Rubio

President & CEO

"Recent positive Servicing results gives me confidence that we are on pace to meet the financial targets"

Q3 in brief Comment by the President and CEO Key financial metricsSegment overview Financial overview Financial reports Other information Definitions About Intrum

Intrum  Interim report, third quarter 2024 4

Key financial metrics

Quarterly development

EBIT for the quarter decreased to SEK -127 M (50) due to a goodwill impairment of SEK 668 M recognised in respect of the UK

• Ireland and Norway (see page 18 for further information), a reduction in earnings from JVs and Associates to SEK 60 M (109), increased direct costs at SEK 2,427 M (2,360), partially offset by 38% reduction in indirect costs to SEK 1,223 M (1,982).
  Total costs of SEK 3,649 M (4,342) includes IACs of SEK 371 M (793) in respect of M&A and costs to implement the cost saving program (see page 10 for further information). Adjusted costs of SEK 3,279 M (3,549) have reduced 8% despite inflation and unfa- vourable fx movements as results of the cost saving program become clearly visible. Adjusted indirect costs reduced 17%

or SEK 221 M to SEK 1,058 M (1,279) driven by a significant FTE reduction quarter-on-quarter (total indirect and direct FTE have reduced by 1,402 FTE / 13%). Adjusted direct costs of SEK 2,221 M (2,270) have reduced 2% vs. Q3'23 as a result of a 5% reduction in adjusted income and due to an increasingly challenging collection environment that has meant the level of activity required to achieve the same amount of collections as in previous years is higher.

Net interest costs reduced 10% to SEK 797 M (884) due to reduced average balance of debt. Net financial expenses of SEK 865 M (834) have increased 4%.

Adjusted Servicing EBIT increased 45% to SEK 589 M (406) and adjusted EBIT margin increased 6pp to 18% (12) as a result of the

cost saving program. New ACV signings for the quarter totalled SEK 197 M vs. SEK 261 M (excluding SEK 333 M ACV transformation deal) for Q3'23.

Portfolio Investments performance for the quarter came in at 98% (101) of active forecast with an Adjusted ROI of 10% (14). Investing book value reduced to SEK 26 bn (39) due to low investment pace in line with our overall strategy to reduce our proprietary investing book value.

The leverage ratio increased 0.3x to 4.2x vs. Q2'24 driven by a reduction in RTM cash EBITDA following completion of the portfolio investment back-book sale.

		Balance
Growth		sheet intensity
~10%	EBIT margin	SEK	Leverage
CAGR	>25%	~30 bn	3.5x
Total adjusted	Leverage ratio by
External servicing	servicing margin	Proprietary investing	end of 2025/2026
Income growth		book value excl.
		revaluations
External Servicing Adjusted Income
Growth, RTM bn	Servicing Adjusted EBIT Margin, RTM	Investing BV excl. Revaluations, Quarter End	Leverage Ratio, RTM

	11.4	11.8	12.1	12.2
10.6
			CAGR: 12%
CMD	Q4	Q1	Q2	Q 3
Sep'23	2023	2024	2024	2024

18				17
	16		16
	15
CMD	Q4	Q1	Q2	Q 3
Sep'23	2023	2024	2024	2024

41
	37	37
			26	26
CMD	Q4	Q1	Q2	Q 3
Sep'23	2023	2024	2024	2024

4.6x	4.4x	4.4x
		4.2x
			3.9x
CMD	Q4	Q1	Q2	Q 3
Sep'23	2023	2024	2024	2024

Q3 in brief Comment by the President and CEO Key financial metrics Segment overviewFinancial overview Financial reports Other information Definitions About IntrumIntrum  Interim report, third quarter 2024 5

Segment overview

Key figures, 2024

				Third quarter, July-Sep 2024							9 months, Jan-Sep 2024
		Including Discontinued Operations	Discontinued Operations			Including Discontinued Operations	Discontinued Operations
				Elimi-				Elimi-					Elimi-				Elimi-
SEK M	Servicing	Investing	Central	nations	Consolidated	Servicing	Investing	nations	Consolidated	Servicing Investing Central nations	Consolidated	Servicing Investing	nation	Consolidated
External Income	2,904	1,250	16	-	4,171	-	-	-	4,171	8,820	5,169	79	-	14,068	334	-1,194	-	13,207
Internal Income	437	-	44	-481	-	-	-	-	-	1,734	-	144	-1,878	-	-446	-	446	-
Income	3,341	1,250	61	-481	4,171	-	-	-	4,171	10,554	5,169	223	-1,878	14,068	-113	-1,194	446	13,207
Items Affecting Comparability in Income	-	-	-	-	-	-	-	-	-	-	-	-	-	-				-
Adjusted Income	3,341	1,250	61	-481	4,171	-	-	-	4,171	10,554	5,169	223	-1,878	14,068	-113	-1,194	446	13,207
Direct Costs	-2,280	-576	-47	474	-2,429	-	-	-	-2,429	-6,868	-2,321	-109	1,846	-7,453	7	492	-446	-7,400
Indirect Costs	-736	-59	-434	8	-1,220	-	-	-	-1,220	-2,574	-330	-1,234	32	-4,106	17	24	-	-4,065
Share of Associates and Joint Ventures	6	54	-	-	60	-	-	-	60	29	40	-	-	69	-	263	-	332
Net Credit Gains / (Losses)	-	-40	-	-	-40	-	-	-	-40	-	-32	-	-	-32	-	-	-	-32
Other Operating Items	-668	-	-	-	-668	-	-	-	-668	-668	-	-	-	-668	-	-	-	-668
EBIT	-336	629	-420	-	-127	-	-	-	-127	473	2,525	-1,121	-	1,877	-89	-415	-	1,373
Items Affecting Comparability in EBIT	926	44	108	-	1,078	-	-	-	1,078	1,151	158	174	-	1,483		-	-	1,483
Adjusted EBIT	589	673	-312	-	951	-	-	-	951	1,624	2,683	-947	-	3,360	-89	-415	-	2,856
Cash Income	3,341	2,120	61	-481	5,041	-	-	-	5,041	10,554	8,722	223	-1,878	17,621	-113	-2,090	446	15,863
Cash EBITDA	827	1,520	-236	-	2,112				2,112	2,346	6,375	-774	-	7,947	-89	-1,490	-	6,368
Adjusted Income	3,341	1,250	61	-481	4,171					10,554	5,169	223	-1,878	14,068
- thereof Northern Europe	758	220	-	-58	919					2,297	1,198	-	-321	3,174
- thereof Middle Europe	932	436	-	-148	1,220					2,914	1,619	-	-596	3,937
- thereof Southern Europe	1,527	332	-	-110	1,749					4,952	1,511	-	-443	6,020
- thereof Eastern Europe	125	262	-	-120	267					390	842	-	-373	858
- thereof Central	-	-	61	-44	16					-	-	223	-144	79
Adjusted EBIT	589	673	-312	-	951					1,624	2,683	-947	-	3,360
- thereof Northern Europe	170	215	-	-	385					379	873	-	-	1,252
- thereof Middle Europe	74	192	-	-	266					216	677	-	-	893
- thereof Southern Europe	295	171	-	-	466					962	842	-	-	1,804
- thereof Eastern Europe	50	95	-	-	144					67	290	-	-	357
- thereof Central	-	-	-312	-	-312					-	-	-947	-	-947

1) Refer to page 10 for details on Items Affecting Comparability

Q3 in brief Comment by the President and CEO Key financial metrics Segment overviewFinancial overview Financial reports Other information Definitions About IntrumIntrum  Interim report, third quarter 2024 6

Key figures, 2023

				Third quarter, July-Sep 2023							9 months, Jan-Sep 2023
		Including Discontinued Operations	Discontinued Operations			Including Discontinued Operations	Discontinued Operations
				Elimi-				Elimi-					Elimi-				Elimi-
SEK M	Servicing	Investing	Central	nations	Consolidated	Servicing	Investing	nation	Consolidated	Servicing Investing Central nations	Consolidated	Servicing	Investing	nation	Consolidated
External Income	2,785	2,173	1	-	4,959	231	-811	-	4,378	8,028	6,431	2	-	14,461	646	-2,408	-	12,698
Internal Income	656	-	66	-722	-	-271	-	271	-	2,016	-	139	-2,155	-	-821	-	821	-
Income	3,441	2,173	67	-722	4,959	-40	-811	271	4,378	10,044	6,431	141	-2,155	14,461	-176	-2,408	821	12,698
Items Affecting Comparability in Income	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Adjusted Income	3,441	2,173	67	-722	4,959	-40	-811	271	4,378	10,044	6,431	141	-2,155	14,461	-176	-2,408	821	12,698
Direct Costs	-2,252	-833	-37	695	-2,427	11	327	-271	-2,360	-6,509	-2,461	-181	2,128	-7,023	34	1,019	-821	-6,792
Indirect Costs	-893	-59	-1,084	27	-2,009	19	10	-	-1,981	-2,557	-290	-1,925	27	-4,745	56	31	-	-4,658
Share of Associates and Joint Ventures	2	-27	-	-	-25	-	135	-	110	13	6	-	-	19	-	405	-	424
Net Credit Gains / (Losses)	-	12	-	-	12	-	-110	-	-98	-	7	-	-	7	-	-265	-	-258
EBIT	298	1,266	-1,054	-	510	-10	-450	-	50	991	3,693	-1,965	-	2,719	-86	-1,219	-	1,414
Items Affecting Comparability in EBIT	118	73	653	-	844	-	110	-	954	306	165	698	-	1,169	-	265	-1	1,434
Adjusted EBIT	416	1,339	-401	-	1,354	-10	-340	-	1,004	1,297	3,858	-1,267	-	3,888	-86	-954	-1	2,848
Cash Income	3,441	3,551	66	-722	6,336	-40	-1,313	271	5,254	10,044	10,390	141	-2,155	18,420	-176	-3,867	821	15,198
Cash EBITDA	742	2,775	-356	-	3,160	-12	-933	-	2,214	2,175	8,079	-1,130	-	9,124	-92	-2,686	-	6,345
Adjusted Income	3,441	2,173	67	-722	4,959					10,044	6,431	141	-2,155	14,461
- thereof Northern Europe	758	588	-	-141	1,205					2,283	1,706	-	-415	3,574
- thereof Middle Europe	952	648	-	-229	1,372					2,569	1,857	-	-739	3,687
- thereof Southern Europe	1,616	583	-	-180	2,019					4,842	1,840	-	-535	6,147
- thereof Eastern Europe	115	354	-	-107	362					351	1,028	-	-327	1,052
- thereof Central	-	-	67	-66	1					-	-	141	-139	2
Adjusted EBIT	416	1,339	-401	-	1,354					1,297	3,858	-1,267	-	3,888
- thereof Northern Europe	63	414	-	-	477					169	1,172	-	-	1,341
- thereof Middle Europe	55	341	-	-	396					121	969	-	-	1,091
- thereof Southern Europe	323	384	-	-	706					1,110	1,188	-	-	2,298
- thereof Eastern Europe	-25	200	-	-	175					-103	529	-	-	425
- thereof Central	-	-	-401	-	-401					-	-	-1,267	-	-1,267

1) Refer to page 10 for details on Items Affecting Comparability

Q3 in brief Comment by the President and CEO Key financial metrics Segment overviewFinancial overview Financial reports Other information Definitions About Intrum

Intrum  Interim report, third quarter 2024 7

Servicing

Credit management with a focus on late payments and collections.

		Third quarter			9 months		Full year
	July-Sep	July-Sep	Change	Jan-Sep	Jan-Sep	Change
SEK M	2024	2023	%	2024	2023	%	2023
External Income1	2,904	3,016	-4	9,153	8,674	6	12,297
Internal Income1	437	385	13	1,288	1,195	8	1,468
Income1	3,341	3,401	-2	10,441	9,868	6	13,765
Items Affecting Comparability in Income1	-	-	-	-	-	-	-
Adjusted Income1	3,341	3,401	-2	10,441	9,868	6	13,765
Direct Costs1	-2,280	-2,241	2	-6,861	-6,475	6	-8,837
Indirect Costs1	-736	-874	-16	-2,557	-2,501	2	-3,657
Share of Associates and Joint Ventures1	6	2	191	29	13	125	21
Other Operating Items1	-668	-	-	-668	-	-	-
EBIT1	-336	288	-217	385	905	-58	1,292
Items Affecting Comparability in EBIT1	926	118	685	1,151	306	276	821
Adjusted EBIT1	589	406	45	1,536	1,211	27	2,113
Cash Income1	3,341	3,401	-2	10,441	9,868	6	13,765
Cash EBITDA1	827	730	13	2,257	2,083	8	3,324
KPIs
Change in Adjusted Income, %2	-4	14	-18	6	7	-1	7
- thereof organic growth	-6	-6	0	-6	-4	-2	2
- thereof acquisitions	5	10	-5	5	4	1	-
- thereof foreign exchange	-2	10	-12	-2	7	-9	5
Adjusted EBIT Margin, %1	18	12	6	15	12	2	15
Capex Deployed1	26	43	-38	119	117	2	206

1. 2024 and 2023 comparatives have been restated in respect of discontinued operations, see page 5 and 6 for a detailed breakdown
2. 2024 "Change in Adjusted Income, %" KPIs have been restated in respect of discontinued operations. 2023 "Change in Adjusted Income, %" KPIs have not been restated

Cash Income including discontinued operations, 9 months

Northern Europe: 2,297

Middle Europe: 2,914

Southern Europe: 4,952

Eastern Europe: 390

Cash EBITDA including discontinued operations, 9 months

Northern Europe: 406

Middle Europe: 323

Southern Europe: 1,528

Eastern Europe: 87

Third quarter of the year for the Servicing business line confirmed the positive trend compared to 2023 across most jurisdictions. Total Servicing Income for the YTD is SEK 573 M (6%) higher than the same period last year (10,441 vs. 9,868), and External Income is SEK 479 M (6%) higher than the same period last year (9,153 vs. 8,674). The increase in income is driven both by strong commercial performance and M&A activity from the second half of 2023.

Our positive commercial trajectory continued with new ACV of SEK 197 M for the quarter vs. SEK 261 M (excluding the SEK 333

M ACV transformational deal with Buildingcenter) for the same quarter last year.

Adjusted Servicing EBIT for the quarter increased by 45% to SEK 589 M (406), with a solid increase in Adjusted Servicing EBIT margin by 6pps to 18% (12%). Direct Costs for the quarter increased by 2% to SEK 2,280 M (2,241) while Indirect Costs decreased by 16% to SEK 736 M (874) as the results of the cost saving program become visible.

Q3 in brief Comment by the President and CEO Key financial metrics Segment overviewFinancial overview Financial reports Other information Definitions About Intrum

Intrum  Interim report, third quarter 2024 8

Investing

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

		Third quarter			9 months		Full year
	July-Sep	July-Sep	Change	Jan-Sep	Jan-Sep	Change
SEK M	2024	2023	%	2024	2023	%	2023
Income1	1,250	1,362	-8	3,974	4,023	-1	5,395
Items Affecting Comparability in Income1	-	-	-	-	-	-	-
Adjusted Income1	1,250	1,362	-8	3,974	4,023	-1	5,395
- thereof REOs1	44	34	29	131	58	128	140
-thereof Other Income1	-	5	-99	0	15	-99	20
Direct Costs1	-576	-506	14	-1,829	-1,442	27	-1,989
Indirect Costs1	-59	-49	19	-306	-259	18	-295
Share of Associates and Joint Ventures1	54	108	-50	302	411	-26	592
Net Credit Gains / (Losses) 1	-40	-98	-59	-32	-258	-88	-258
EBIT1	629	816	-23	2,109	2,474	-15	3,446
Items Affecting Comparability in EBIT1	44	183	-76	158	430	-63	457
Adjusted EBIT1	673	999	-33	2,267	2,904	-22	3,903
- thereof REOs1	63	-5	-1,387	42	-17	-342	-27
-thereof Other Income1	-	1	-136	-	2	-112	3
Cash Income1	2,120	2,238	-5	6,632	6,523	2	8,755
Cash EBITDA1	1,520	1,842	-17	4,885	5,393	-9	7,175
KPIs
Internal Gross Collections	2,073	3,497	-41	8,586	10,261	-16	13,748
Amortisation %	42	39	3	41	39	3	39
Capex Deployed	311	531	-41	1,106	4,977	-78	5,508
ERC	53,848	81,522	-34	53,848	81,522	-34	76,058
Collection Index vs. Active Forecast	98	101	-3	100	101	-1	102
Book Value	25,545	38,785	-34	25,545	38,785	-34	36,585
Adjusted Return on Portfolio Investments %	10	14	-4	11	13	-2	14

1) 2024 and 2023 comparatives have been restated in respect of discontinued operations, see page 5 and 6 for a detailed breakdown

Cash Income including discontinued operations, 9 months

Northern Europe: 2,183

Middle Europe: 2,964

Southern Europe: 2,327

Tactical Markets: 1,248

Cash EBITDA including discontinued operations, 9 months

Northern Europe: 1,794

Middle Europe: 2,033

Southern Europe: 1,850

Tactical Markets: 699

The third quarter of 2024 was a seasonally weak quarter, with collection performance at 98% (101) vs. active forecast and an adjusted ROI of 10% (14).

During the quarter, we invested SEK 311 M (531) in new portfolios (excluding the impact of the sale of the backbook to an Associate structure) with a net IRR of 20% (18). Q3'24 investments were predominantly focused on forward flow commitments across our footprint and some ad-hocco-investments in line with our capital light strategy.

Cash Income came in at SEK 2,120 M (2,238), representing a 5% decrease vs. the same quarter last year. Cash EBITDA for the seg-

ment was SEK 1,520 M (1,842) and adjusted EBIT was SEK 673 M (999), down 17% and 33%, respectively, compared to the same quarter last year. The decrease in the results versus last year is a result of the aging backbook in an increasingly challenging collection environment that has meant the level of activity required to achieve the same amount of collections as in previous years is higher.

Our Book value decreased to SEK 25.5 bn from SEK 26.2 bn last quarter due to a low investment pace for the quarter, in line with our overall strategy to reduce our proprietary investing book.

Q3 in brief Comment by the President and CEO Key financial metrics Segment overview Financial overviewFinancial reports Other information Definitions About IntrumIntrum  Interim report, third quarter 2024 9

Adjusted 5 year financial overview

Adjusted P&L

					Rolling 12
	Third quarter		9 months	months		Full year
	July-Sep	July-Sep	Jan-Sep	Jan-Sep	Oct 2023-
SEK M	2024	2023	2024	2023	Sep 2024	2023	2022	2021	2020
Adjusted Income1	4,171	4,378	13,207	12,698	18,214	17,705	18,960	17,655	16,730
Adjusted Direct Costs1	-2,221	-2,270	-7,091	-6,619	-9,524	-9,052	-8,317	-7,910	-7,908
- thereof personnel1	-1,211	-1,174	-3,848	-3,611	-5,166	-4,930	-4,086	-3,968	-3,923
- thereof non-personnel1	-1,010	-1,095	-3,243	-3,007	-4,357	-4,122	-4,231	-3,942	-3,985
Adjusted Indirect Costs1	-1,058	-1,279	-3,592	-3,721	-4,759	-4,889	-4,524	-3,312	-3,389
- thereof personnel1	-539	-615	-1,666	-1,825	-2,217	-2,376	-2,097	-1,617	-1,511
- thereof non-personnel1	-519	-665	-1,926	-1,896	-2,543	-2,513	-2,427	-1,695	-1,878
Adjusted Share of Associates and Joint Ventures1	60	175	332	490	542	700	545	581	306
Adjusted EBIT1	951	1,004	2,857	2,849	4,472	4,464	6,664	7,014	5,739
Adjusted D&A1	321	373	916	1,025	1,314	1,423	1,453	1,318	1,529
Adjusted EBITDA1	1,272	1,377	3,773	3,874	5,786	5,887	8,117	8,332	7,268
Adjusted Financial Items1	-859	-834	-2,577	-1,835	-3,686	-2,944	-2,409	-2,174	-2,062
Adjusted Tax 1	-419	-13	-747	-158	-1,309	-720	-1,129	-910	-555
Adjusted Net Income1	-327	158	-468	855	-522	801	3,126	3,930	3,122
Adjusted Net Income attributable to Parent company's shareholders1	-402	222	-262	769	-186	845	1,835	3,487	2,689
Average number of shares outstanding1	121	121	121	121	121	121	121	121	124
Adjusted EPS, SEK1	-3.34	1.84	-2.17	6.38	-1.54	7.01	15.21	28.86	21.70
Adjusted EBITDA1	1,272	1,377	3,773	3,874	5,786	5,887	8,117	8,332	7,268
Amortisation of Portfolio Investments1	871	877	2,658	2,500	3,517	3,360	5,320	4,311	4,308
Income from Associates and Joint Ventures1	-60	-175	-332	-490	-542	-700	-545	-581	-306
Cash from Associates and Joint Ventures1	29	139	267	463	393	590	347	248	338
Cash EBITDA from continuing operations1	2,112	2,217	6,366	6,348	9,156	9,137	13,238	12,310	11,608
Adjustment in respect of discontinued operations1					2,668	3,869
Cash EBITDA including discontinued operations1					11,824	13,001
1) 2024 and 2023 comparatives have been restated in respect of discontinued operations, see page 5 and 6 for a detailed breakdown

Net Debt Reconciliation

					Rolling 12
	Third quarter		9 months	months		Full year
	July-Sep	July-Sep	Jan-Sep	Jan-Sep	Oct 2023-
SEK M	2024	2023	2024	2023	Sep 2024	2023	2022	2021	2020
Borrowings	51,803	61,007	51,803	61,007	51,803	59,852	56,519	52,501	48,703
Lease Liability	605	718	605	718	605	637	712	805	871
Deferred Liabilities	440	346	440	346	440	348	384	406	1,073
Gross Debt	52,848	62,071	52,848	62,071	52,848	60,837	57,615	53,713	50,647
Cash and Cash Equivalents	-3,405	- 3,465	-3,405	- 3,465	-3,405	-3,966	-3,474	-4,553	-2,134
Net Debt before Other Obligations	49,443	58,606	49,443	58,606	49,443	56,871	54,141	49,160	48,513
Net Defined Benefit Liability	137	144	137	144	137	142	141	329	381
Payable to Non-controlling Interest	293	123	293	123	293	330	397	430	-
Net Debt after Other Obligations	49,873	58,873	49,873	58,873	49,873	57,342	54,678	49,919	48,894
Net Debt before Other Obligations/RTM cash EBITDA (proforma)					4.2	4.4	4.1	4.0	4.2

Q3 in brief Comment by the President and CEO Key financial metrics Segment overview Financial overviewFinancial reports Other information Definitions About IntrumIntrum  Interim report, third quarter 2024 10

Reconciliation

					Rolling 12
	Third quarter	9 months	months	Full year
	July-Sep	July-Sep	Jan-Sep	Jan-Sep	Oct 2023-
SEK M	2024	2023	2024	2023	Sep 2024	2023
INCOME RECONCILIATION1
Income	4,171	4,378	13,207	12,698	18,214	17,705
Adjusted Income	4,171	4,378	13,207	12,698	18,214	17,705
Portfolio Amortisation	871	877	2,658	2,500	3,517	3,360
Cash Income	5,041	5,255	15,865	15,199	21,731	21,065
EBITDA RECONCILIATION1
EBIT	-127	50	1,373	1,414	2,734	2,775
Depreciation and Amortisation	321	366	948	1,003	1,481	1,536
EBITDA	194	416	2,321	2,417	4,215	4,311
IAC - NCIs
Impairments / (Reversals)	672	71	676	80	720	124
Net Credit Gains/(Losses)	40	-11	32	-7	30	-9
- thereof Portfolio Investment Gains	-386	-461	-953	-1,059	-1,152	-1,258
- thereof Portfolio Investment Losses	427	450	985	1,051	1,183	1,249
Net Credit Gains/(Losses) from	-	110	-	265	1	266
discontinued operations
IAC - Restructuring
IT Transformational Costs	-	74	-	243	65	308
Merger & Acquisition	356	20	457	31	514	88
Group Restructuring	9	681	168	721	123	676
- therof cost saving program	11	583	65	583	23	541
IAC - NRIs
Hungarian Tax Effects	-	13	118	90	118	90
Other	-	3	1	35	1	35
Adjusted EBITDA	1,272	1,377	3,773	3,875	5,785	5,887
Cash Adjustments
Income from Associates and JVs	-60	-175	-332	-490	-542	-700
Cash from Associates and JVs	29	139	267	463	393	590
Portfolio Amortisation	871	2,214	2,658	2,500	3,517	3,360
Cash EBITDA	2,112	2,807	6,368	6,345	9,160	9,138
EPS RECONCILIATION1
Earnings Per Share, SEK	-10.04	-3.41	-23.07	0.30	-21.5	-1.56
IACs in EPS
Impairments / (Reversals)	5.58	0.59	5.61	0.66	5.97	1.03
Other Operating (Gains) / Losses	1.13	4.67	15.30	8.83	14.02	7.54
Adjusted Earnings Per Share, SEK	-3.33	1.85	-2.16	6.38	-1.53	7.01

1) 2024 and 2023 comparatives have been restated in respect of discontinued operations, see page 5 and 6 for a detailed breakdown