Slides
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Third quarter 2026 Results presentation
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© Intrum Third quarter 2026 highlights 2 Servicing EBIT margin 25% 30-35% Target 2030 Capital raise, asset sale and good cost control takes the Servicing leverage ratio to 4.5x, compared to 5.7x at year end 2025 Negative Servicing income trend from H1 2026 continues, leading to goodwill impairment of SEK 1.5bn in Germany. Operational excellence programme accelerated Notes: All figures are rolling 12 months Financial targets are on an unadjusted basis, while current figures are adjusted for IACs Servicing leverage ratio 3.0x Target 2028 Total costs (SEK bn) 12.3 10-11 Target 2030 Year end 2025 5.7x Investment pace increased while returns remained high. SEK 617m was invested in the quarter at a 17% blended IRR 4.5x Year end 2025 11.8 Q3 2026 Q3 202625% Q3 2026 Year end 2025
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© Intrum Servicing: Stable margins 3 External servicing income (SEK m) & Organic growth (%) Servicing adjusted EBIT (SEK m) & adj. EBIT margin (%) 2 411 2 658 3 074 3 290 3 448 3 481 3 408 3 332 3 342 17% 25% 25% Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Adj. EBIT RTM Adj. EBIT Margin RTM 2 911 3 466 3 028 2 979 2 916 3 348 2 737 2 878 2 743 -6% Q3 2024 -6% Q4 2024 -1% Q1 2025 -3% Q2 2025 +3% Q3 2025 +1% Q4 2025 -5% Q1 2026 -2% Q2 2026 -6% Q3 2026 External servicing income Organic growth • Organic growth in Traditional markets only partially offset natural decline in Specialised markets • Traditional markets, excluding Germany, grew by 3% in the quarter • Stable RTM adjusted EBIT margin at 25%. Cost focus and operational excellence programme has been supporting the margin
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© Intrum • The interplay between growth in the rest of markets vs natural decay in Italy, Greece and Spain has developed as expected • Traditional markets, excluding Germany, generated 4% organic growth • UK and Germany are the outliers when comparing expected development vs actual • Over the past year, we have strengthened sales leadership in 8 markets, including a new Managing Director in UK and a new commercial lead in Germany • Also increased new sales capacity by 30% and introduced a more structured approach to commercial performance External servicing income dynamics continue External servicing income evolution (SEK m) & Organic growth (%), YTD Q3 2026 vs Q3 2025 4 8 922 8 741 8 358 Q3 2025 2% Traditional markets excl. Germany -4% Greece, Italy, Spain -2% UK -1% Germany -2% Savoy and FX (inorganic) Q3 2026 -2% In line with Strategic plan
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© Intrum Germany Operational excellence programme accelerated in Q3 Process diagnostics Implementation phase Initial plan Accelerated plan Q1 Q2 Q3 Q4 Q1 20272026 • 7 countries in 2026 • Central OpEx team had limited capacity • Analysis phase duration of ~3 months per country to validate and identify improvement areas and build local change momentum • 17 countries in 2026 • Programme expected to take c.1 year less to fully achieve • Expanded Central OpEx team able to engage with more markets • Analysis phase duration shortened to ~8-9 weeks for extended support and ~4 months for lighter support markets. Level of central support dependent on impact potential Country Norway Finland Sweden France Spain Norway Germany Finland Sweden UK Italy France Spain Belgium Netherlands Poland Denmark Portugal Austria Slovakia Czech Rep. Greece Greece 5
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© Intrum Investing: Collections in line with forecast 1. Colle ction index does not include JVs 109% 111% 111% 111% 111% 109% 109% 109% 109% 108% 107% 102% 101% 101% 101% 101% 102% 103% 103% 103% 102% 101% 2 4 6 8 10 12 14 0 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Collection index RTM vs original forecast vs active forecast Gross collections 6 • Collections in line with active forecast with a performance index of 101% RTM • SEK 617m Portfolio investments made in the quarter, at a high blended IRR of 17% • New investments YTD of SEK 1.2bn already at 2025 full year level • Aim to reach replenishment levels (c.SEK 3bn annually) while maintaining return requirements Gross collections (SEK bn) & collection index vs original and active forecast (RTM %)
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Third quarter financials
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© Intrum Group key financials 8 Third quarter 12 months SEK m Q3 2026 Q3 2025 % Change RTM FY 2025 % Change Total income 3,820 4,056 -6 16,120 17,030 -5 Share of associates and JVs 429 102 n/a 827 532 55 Total costs -4,512 -4,733 -5 -16,467 -17,147 -4 Net credit gains/losses -3 -8 -67 545 19 n/a EBIT -266 -583 -54 1,024 435 n/a Items affecting comparability 1,243 1,818 n/a 4,231 4,910 -14 Adjusted EBIT 976 1,234 -21 5,255 5,345 -2 Net financial expense -948 1,473 n/a -3,331 -193 n/a Tax expenses -189 -485 -61 -1,180 -1,314 -10 Non-controlling interest -84 -8 n/a -443 -356 24 Net income1 -1,487 396 n/a -3,930 -1,429 n/a Servicing leverage ratio2 4.5x 5.7x Adjusted total costs -2,831 -2,916 -3 -11,811 -12,269 -4 Number of employees (FTEs) 7,999 8,580 -7 7,999 8,381 -5 • Income decreased due to lower Servicing income and smaller investment book • Share of associates and JVs includes SEK 430m divestment gain. Income from remaining investing portfolios will fluctuate quarter by quarter • Total costs include a SEK 1.5bn impairment of goodwill due to underperformance in Germany (related goodwill fully written dow n) • Cost control continues to be good. Somewhat ahead of full year guidance, when adjusted for c.SEK 300m Savoy costs, due to its reclassification from the JV line • Net financial expense includes one-offs such as SEK -111m due to New Money Notes redemption, SEK -82m related to bond buy backs, and c.SEK -73m consent fees SEK bn 1. Amounts attributable to the Parent’s shareholders 2. Comparative periods have been re-calculated to reflect full consolidation of Savoy group 5,7x 5,8x 6,2x 4,5x 20.3 25.2 20.5 24.9 20.2 25.5 18.9 18.3 Q4 2025 Q1 Q2 Q3 Investing debt Servicing debt Servicing leverage
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© Intrum Servicing 9 Third quarter 12 months SEK m Q3 2026 Q3 2025 % Change RTM FY 2025 % Change External income 2,743 2,916 -6 11,706 12,270 -5 Internal income 356 387 -8 1,448 1,560 -7 Total income 3,099 3,302 -6 13,154 13,830 -5 Share of associates and JVs 19 14 36 94 69 35 Total costs -4,023 -4,179 -4 -14,569 -15,087 -3 EBIT -906 -863 5 -1,322 -1,188 11 Items affecting comparability 1,658 1,605 3 4,664 4,669 0 Adjusted EBIT 752 742 1 3,342 3,481 -4 Adjusted Servicing EBIT margin, % 24 22 2 25 25 0 Change in external income, % -6 0 -6 -6 -3 -3 -thereof organic growth -6 3 -9 -3 0 -3 -thereof Savoy cons. impact -1 0 -1 0 0 0 -thereof foreign exchange 1 -3 4 -2 -3 1 Q1 2024 Q2 Q3 Q4 Q1 2025 Q2 Q3 Q4 Q1 2026 Q2 25% Q3 2.2 2.3 2.4 2.7 3.1 3.3 3.4 3.5 3.4 3.3 3.3 Servicing adjusted EBIT (RTM) Servicing adjusted EBIT margin (RTM) SEK bn • Stable Servicing adjusted EBIT RTM margin of 25% • Previous trends continue. Organic growth in Traditional markets only partially offset the natural decline in Specialised markets
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© Intrum Investing 10 Third quarter 12 months SEK m Q3 2026 Q3 2025 % Change RTM FY 2025 % Change Income 1,075 1,127 -5 4,386 4,717 -7 Share of associates and JVs 410 88 n/a 733 463 58 Total costs -645 -584 10 -2,490 -2,515 -1 Net credit gains/losses -3 -8 -67 545 19 n/a EBIT 838 623 34 3,174 2,684 18 Items affecting comparability -430 1 n/a -430 23 n/a Adjusted EBIT 408 625 -35 2,744 2,707 1 Book value1 23,650 26,338 -10 23,650 25,336 -7 Gross collections 1,895 1,793 6 7,294 7,501 -3 New investments 617 303 n/a 1,595 1,151 39 IRR new investments, % 17 18 -0.5 18 18 0 2% 4% 6% 8% 10% 12% 14% 16% 18% 20% 22% Q1 2024 Q2 Q3 Q4 Q1 2025 Q2 Q3 Q4 Q1 2026 Q2 Q3 RTM avg. net unlevered underwriting IRR Cost of funds Unlevered net IRR Cost of funds 2.4x 18% 7.75% 1. Comparative periods have been re-calculated to reflect full consolidation of Savoy group • Income decreased due to smaller book • Savoy income tends to be seasonally weaker in Q3, higher Total costs level due to consolidation • SEK 617m Portfolio investments in the quarter, at a blended IRR of 17% • YTD investments of SEK 1.2bn already at FY 2025 level
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© Intrum Working on plan to approach SEK 11bn total costs in 2027 11 • Cost discipline demonstrated in the last two years, through 20% decrease in Personnel costs and 14% decrease in Other costs • Currently undergoing a fundamental review of the cost base in order to approach SEK 11bn total costs in 2027 • The Operational excellence programme will transform our ways of working • Has led to extra costs in Q3 (IACs), and we expect more in Q4 • Further details on the plan to come in conjunction with Q4 7.1 6.9 6.6 6.3 6.2 5.9 5.8 5.7 14.0 13.5 12.9 12.5 12.3 11.9 11.9 11.8 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 10-11bn Target 2030 Adjusted costs RTM (SEK bn) 9,354 9,042 8,855 8,580 8,381 8,267 8,149 7,999 Personnel costs Other Savoy FTEs
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Third quarter summary
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© Intrum Building financial strength and investment pace 13 Lower leverage and cost of financing Goodwill in Germany fully written down Operational excellence programme accelerated – Working on plan to approach SEK 11bn total costs in 2027 Investing YTD Investments already at FY 2025 levels Aim to reach replenishment levels (c.SEK 3bn annually) while maintaining return requirements Negative External servicing income trends continue Stable adjusted EBIT margin Servicing
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Appendix
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© Intrum Intrum’s markets structure Outstanding debt Net debt and maturity profile Portfolio investments including associates and JVs Current Money-on-Money multiple Estimated Remaining Collections (ERC) Associates and joint ventures Unsecured portfolio vintages Financial calendar 1 2 3 4 5 6 7 8 9 Content 15
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© Intrum Traditional markets are debt servicing markets with similar business models. These include Austria, Belgium, Denmark, Finland, France, Germany, Ireland, the Netherlands, Norway, Poland, Portugal, Sweden, and Switzerland Specialised markets are characterised by bespoke set-ups such as joint ventures and/or country-specific business models. These include Greece, Italy, Spain and the United Kingdom Investing-focused markets include Czech Republic, Hungary and Slovakia 16 1. Intrum’s markets structure
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© Intrum 2. Outstanding debt 17 Notes: Bonds issued from Intrum Investments and Financing AB FX as of 30 Sep 2026 Currency Nominal amount (m) Amount (SEK m) Coupon rate Coupon frequency Maturity date ISIN Exchange notes / 2 Lien EUR 159 1,807 7.75% Quarterly 11/09/2027 XS3099983598 SEK 376 376 7.75% Quarterly 11/09/2027 XS3099986427 EUR 594 6,729 7.75% Quarterly 11/09/2028 XS3099990296 SEK 795 795 7.75% Quarterly 11/09/2028 XS3099994520 EUR 589 6,674 8.50% Quarterly 11/09/2029 XS3099995337 SEK 795 795 8.50% Quarterly 11/09/2029 XS3099996145 EUR 737 8,346 8.50% Quarterly 11/09/2030 XS3099996814 SEK 953 953 8.50% Quarterly 11/09/2030 XS3099996905 Senior secured notes / 1.5 Lien EUR 525 5,949 7.00% Semi-annually 15/07/2031 XS3438544630 Term Loan / 1.5 Lien EUR 25 283 EURIBOR + 4.50% 31/03/2027 RCF / 1 Lien EUR 461 5,220 EURIBOR + 3.75% 30/06/2028 Total, as of 30 Sep 2026 37,927
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© Intrum Net debt (SEK bn) External debt - Maturity profile (SEK bn) 0.0 2026 0.3 2.2 2027 7.5 5.2 2028 7.5 2029 9.3 2030 5.9 2031 Term loan Exchange notes Senior secured notes RCF 1,5 0,7 External debt Notes payable Borrowings Other obligations Gross Debt -2.9 Cash and Cash Equivalents Net debt 37.9 39.5 40.1 37.2 18 3. Net debt and maturity profile
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© Intrum 4. Portfolio investments incl. associates and joint ventures 7 857 11 854 7 324 5 012 8 106 7 537 5 509 1 739 1 151 345 197 617 13% 12% 14% 13% 16% 19% 20% 18% -8% -6% -4% -2% 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 20% 22% 24% 12% 2017 2018 2019 2020 13% 2021 2022 2023 2024 2025 2026 Q3 2026 Q2 2026 Q1 2026 FY RTM avg. net unlevered underwriting IRR 19
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© Intrum SEK m Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Purchase price of portfolios acquired in quarter 1,675 2,854 409 528 328 364 294 486 264 136 294 432 227 154 614 Lifetime ERC of portfolios acquired in the quarter 3,936 6,738 917 1,189 788 886 708 1,229 567 304 676 1,019 490 410 1,209 Quarterly MoM, x 2.35 2.36 2.24 2.25 2.40 2.43 2.41 2.53 2.15 2.23 2.29 2.35 2.15 2.65 1.97 RTM MoM (avg. of quarterly MoM), x 2.16 2.30 2.29 2.31 2.31 2.33 2.37 2.44 2.38 2.33 2.30 2.27 2.26 2.36 2.28 Note: MoM adjusted to exclude the VAT component of portfolios plus certain portfolio investments outside of our typical investment mix 20 5. Current Money-on-Money multiple
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© Intrum 0 2 4 6 8 10 Y1 Y2 Y3 Y4 Y5 Y6 Y7 Y8 Y9 Y10 Y11 Y12 Y13 Y14 Y15 Traditional markets Specialised markets Investing-focused markets SEK bn 15-year ERC of SEK 45.5bn 32% of ERC due next 24 months ERC distribution (SEK bn) Y1 Y2 Y3 Y4 Y5 Y6 Y7 Y8 Y9 Y10 Y11 Y12 Y13 Y14 Y15 Total Traditional markets 2.4 2.1 1.8 1.6 1.4 1.3 1.1 1.0 0.9 0.8 0.7 0.5 0.3 0.1 0.0 16.0 Specialised markets 4.2 3.7 3.1 2.6 2.2 1.8 1.4 1.0 0.9 0.8 0.7 0.5 0.2 0.1 0.0 22.9 Investing-focused markets 1.2 1.0 0.9 0.7 0.6 0.5 0.4 0.3 0.3 0.2 0.2 0.1 0.1 0.0 0.0 6.5 Total 7.8 6.8 5.8 4.9 4.2 3.6 2.9 2.3 2.0 1.7 1.5 1.2 0.6 0.2 0.1 45.5 thereof JVs 0.1 0.2 0.1 0.1 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.7 21 6. Estimated Remaining Collections (ERC)
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© Intrum Secured 14% Unsecured 85% Real Estate 2% UK 19% Italy 15% Spain 13%Norway 12% Hungary 9% Germany 5% Greece 3% Sweden 4% Denmark 3% Other 17% ERC by asset class ERC by geography ERC by investment type ERC by industry One-off investments 84% Forward flows 16% Bank loans 66% Credit cards 11% Finance 9% Telecom 8% Real estate 1% Other 5% 22 6. Estimated Remaining Collections (ERC)
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© Intrum 7. Associates and joint ventures Portfolio Geography Senior ranking debt remaining (SEK m) Intrum Investment share excl. senior Intrum Investment (SEK m) Cash received to date by Intrum (SEK m) Current ERC to Intrum (SEK m) Portland Italy 240 29% 234 72 153 Winter Italy n/a 20% 200 196 41 Blue SPV Italy n/a 30% 371~ 212 358 Blue SPV Poland n/a 30% 50 0 141 Total 855 480 693 ~ Ongoing purchases in the vehicle 23 ERC distribution (SEK bn) Y1 Y2 Y3 Y4 Y5 Y6 Y7 Y8 Y9 Y10 Y11 Y12 Y13 Y14 Y15 Total Blue SPV 95 102 53 49 45 47 32 20 14 13 11 9 8 4 0 499 Portland 20 53 39 28 12 0 0 0 0 0 0 0 0 0 0 153 Winter 10 23 6 0 2 0 0 0 0 0 0 0 0 0 0 41 Total 125 178 99 77 59 47 32 20 14 13 11 9 8 4 0 693
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© Intrum Unsecured books, SEK m Purchase price Collections to date Remaining ERC Total estimated collections Total money-on- money multiple <2010 5,556 15,166 935 16,101 2.90 2010 1,377 4,064 553 4,617 3.35 2011 1,361 4,226 587 4,813 3.54 2012 2,235 6,597 877 7,474 3.34 2013 1,629 4,685 642 5,327 3.27 2014 2,656 7,763 1,648 9,410 3.54 2015 3,016 6,122 1,697 7,819 2.59 2016 2,798 5,512 1,309 6,821 2.44 2017 3,177 5,533 1,500 7,033 2.21 2018 2,883 3,851 1,302 5,153 1.79 2019 4,940 6,091 3,155 9,245 1.87 2020 2,610 3,455 1,652 5,107 1.96 2021 4,307 5,121 4,084 9,205 2.14 2022 5,631 5,585 5,439 11,024 1.96 2023 4,566 4,294 5,915 10,209 2.24 2024 1,403 1,022 2,147 3,169 2.26 2025 1,025 497 1,907 2,403 2.35 2026 998 115 2,581 2,696 2.70 Total 52,168 89,698 37,931 127,629 2.45 8. Unsecured portfolio vintages Constant currency vintage evolution for unsecured books 0,00x 0,70x 1,40x 2,10x 2,80x 3,50x 4,20x 2010 YE 2012 YE 2014 YE 2016 YE 2018 YE 2020 YE 2022 YE 2024 YE 2026 YE < 2010 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Gross money-on-money multiple: Gross money-on-money multiple means the actual gross collections to date plus ERC as of the same date divided by the total amount paid for the portfolio at the date of purchase. Based on unaudited data 24
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© Intrum 4 February 2027 Interim report fourth quarter 2026 23 March 2027 Annual report 2026 22 April 2027 Annual General Meeting 9. Financial calendar 25
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© Intrum Disclaimer • The material in this presentation has been prepared by Intrum AB (publ) (“Intrum”). • This information is given in summary form and does not purport to be complete. Information in this presentation, including forecast financial information, should not be considered as advice or a recommendation to investors or potential investors in relation to holding. purchasing or selling securities or other financial products or instruments and does not take into account your particular investment objectives. financial situation or needs. Before acting on any information you should consider the appropriateness of the information having regard to these matters. any relevant offer document and in particular. you should seek independent financial advice. • All securities and financial product or instrument transactions involve risks, which include (among others) the risk of adverse or unanticipated market, financial or political developments and, in international transactions. currency risk. This presentation may contain forward looking statements including statements regarding our intent, belief or current expectations with respect to Intrum’s businesses and operations, market conditions, results of operation and financial condition, capital adequacy, specific provisions and risk management practices. Readers are cautioned not to place undue reliance on these forward-looking statements. • Intrum does not undertake any obligation to publicly release the result of any revisions to these forward-looking statements to reflect events or circumstances after the date hereof to reflect the occurrence of unanticipated events. While due care has been used in the preparation of forecast information, actual results may vary in a materially positive or negative manner. Forecasts and hypothetical examples are subject to uncertainty and contingencies outside Intrum’s control. Past performance is not a reliable indication of future performance. • All securities and financial product or instrument transactions involve risks. which include (among others) the risk of adverse or unanticipated market. financial or political developments and. in international transactions, currency risk. This presentation may contain forward looking statements including statements regarding our intent, belief or current expectations with respect to Intrum’s businesses and operations, market conditions, results of operation and financial condition, capital adequacy, specific provisions and risk management practices. Readers are cautioned not to place undue reliance on these forward-looking statements. Please read our most recent annual report for a better understanding of these risks and uncertainties. 26
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© Intrum