Intrum AB

Latest Results (01.09.2026):

This is a summary of Intrum AB’s results for the Second quarter 2026. Group total income was SEK 4,053m (‑4% vs Q2 2025), EBIT was SEK 1,137m, adjusted EBIT SEK 1,151m, and earnings per share SEK 1.32 (down from 2.69). Net debt stood at SEK 45,720m. The quarter showed continued operational pressure in specialised markets but progress on balance‑sheet strengthening through a SEK 7.5bn fully guaranteed capital raise, a SEK 2.4bn portfolio sale, and subsequent capital market actions and a 35% JV sale that the company completed after quarter‑end.

Key financials (Q2 2026)

Total income: SEK 4,053m (‑4% year‑on‑year). EBIT: SEK 1,137m (down vs SEK 1,326m). Adjusted EBIT: SEK 1,151m (‑17% vs prior). Net income attributable to Intrum AB: SEK 178m (‑45%). EPS: SEK 1.32 (‑51%). Net financial expense improved to SEK ‑576m (‑33%).

Segment performance — Servicing

Servicing external income SEK 2,878m (‑3%). Traditional markets grew (mid single‑digit organic), but Specialised markets (notably Greece and Spain) declined and weighed on overall Servicing income. Servicing EBIT was SEK 747m; Servicing EBIT margin remained ~23%.

Segment performance — Investing

Investing income SEK 1,172m (‑4%). Collection performance was in line with forecast (collection index 102%). Intrum invested SEK 197m in the quarter at an IRR of ~19%. Book value of portfolio investments decreased to SEK 25,307m (reflecting a capital‑light approach).

Balance sheet, liquidity and capital actions

Net debt was SEK 45,720m at 30 June 2026. During Q2 the company executed a SEK 7.5bn fully guaranteed capital raise and a SEK 2.4bn portfolio sale (both cited as supporting rating upgrades). After quarter‑end Intrum completed a fully subscribed rights issue (raising ~SEK 6bn before costs), a directed issue to Kistefos (~SEK 500m) and closed the sale of its remaining 35% stake in Orange (net proceeds ~EUR 217m).

Ratings and financing

S&P and Moody’s upgraded Intrum’s credit ratings to B‑ and B3 respectively following the balance‑sheet measures. Intrum also refinanced and reprofiled debt (including bond transactions referenced in the report) to support deleveraging.

Cost base and efficiency

Total costs in Q2 were SEK 2,999m (down slightly year‑on‑year). Personnel expenses fell (FTEs reduced to ~8,149), while IT and some legal costs increased. Management highlighted an Operational Excellence acceleration to further address costs and performance.

Other notable items and adjustments

The quarter includes effects from the full consolidation of the Savoy group (from 31 March) which changed comparatives. Tax expense was impacted by a one‑off SEK 97m prior‑years adjustment in Italy. Items affecting comparability in EBIT were small (SEK 14m in Q2).