Intrum AB

Latest Results (23.05.2024):

Q1 2024 Income Growth

Intrum AB reported a significant increase in income for the first quarter of 2024, with figures reaching SEK 4,257 million, marking a 14% rise compared to SEK 3,748 million in the first quarter of 2023. This growth was primarily driven by the Servicing segment, particularly in Middle and Southern Europe.

Q1 2024 EBIT and Net Income

For the first quarter of 2024, Intrum AB experienced a decrease in EBIT, which fell to SEK 470 million from SEK 643 million in the same quarter of the previous year, a decline of 27%. Additionally, the net income attributable to the parent company's shareholders turned negative, posting a loss of SEK 238 million compared to a profit of SEK 23 million in Q1 2023.

Adjusted Financial Metrics

Intrum AB's adjusted income for Q1 2024 increased by 8% to SEK 4,891 million from SEK 4,524 million in Q1 2023. Adjusted EBIT also saw an 8% increase, rising to SEK 1,155 million from SEK 1,068 million. These improvements were largely attributed to mergers and acquisitions in the Servicing segment.

Cost Management and Strategic Initiatives

Intrum AB has been proactive in managing costs, recognizing SEK 148 million of costs related to executing an extended cost-saving program ahead of realizing the savings. The company also reported progress on several strategic initiatives, including operational enhancements in the Netherlands and significant cost savings from implemented measures.

Capital Structure and Debt Management

Intrum AB continues to optimize its capital structure amidst challenging market conditions. The company has initiated a comprehensive review of its debt capital structure to better align with its business plan and anticipated medium-term cash flows, focusing on reducing leverage and strengthening its financial profile.