Slide 1: Interim Report April — June 2024
18 July 2024 Interim Report April — June 2024 Andrés Rubio, President & CEO Emil Folkesson, Interim CFO intrum
Slide 2: Today's presenters
Today’s presenters Andrés Rubio President & CEO Emil Folkesson Interim CFO intrum
Slide 3: Second quarter 2024 highlights
Second quarter 2024 highlights Internal development Continued trend of increasing profitability in Servicing and Investing income decreasing by shifting to capital light Ophelos live in the Netherlands reducing collection cost by 50% Realised cost savings of SEK 0.9 bn by the end of Q2 Income grew 1
Slide 4: Successfully closed back book transaction
Successfully closed back book transaction Raised significant liquidity and accelerated deleveraging Validates ERC and book value on a significant portion of our investment portfolio Cements servicing relationship with Cerberus, a top NPL investor Shifts assets from proprietary balance sheet investme
Slide 5: https://deals.is.kroll.com/intrum
• • • • • • https://deals.is.kroll.com/intrum
Slide 6: Front book capital partnership
Front book capital partnership Status Term-sheet signed with Cerberus to invest in NPLs across entire Intrum footprint; definitive agreement expected to be in place by YE2024 Agreement will be over three years and increase total investment volumes Intrum will maintain a minority share of capital inv
Slide 7: Investing: what we said at the Capital Markets Day in Sep '23
Investing: what we said at the Capital Markets Day in Sep ‘23 Overarching goal: Pivoting towards capital light r 1) Extract value from existing book 2) Unparalleled investing platform 3) Investment management Maintain collection performance Leverage our proprietary pipeline Use 3rd party capital to
Slide 8: NPLs continue to increase and cost of debt to remain high in near-term
NPLs continue to increase and cost of debt to remain high in near- term EU Banks reported continued rise in NPLs with further 2% increase QoQ in Q1 ‘24! High borrowing cost will remain in the near term ECB is expected to cut ~75 bps in 2024, putting the policy rate at the end of the year still over
Slide 9: Servicing: significant increase in adj. EBIT margin in Q2
Servicing: significant increase in adj. EBIT margin in Q2 Adj. Income and adj. EBIT Margin for Servicing HB RTM adj. income == RTM adj. EBIT margin * RTM adj. income up 9% and 23% 14572, CAGR adj. EBIT margin up 1 ppt. vs. Qi ‘24 * Adj. EBIT margin on a positive trajectory, expected to continue to i
Slide 10: Servicing: performance momentum across our regions
Servicing: performance momentum across our regions Performance improvement between @2 2023 - Q2 2024 on RTM-basis Sweden Northern Europe Ext. Servicing Income 6% growth 0, Adj. EBIT growth 40% Adj. EBIT margin +2 ppt expansion intrum France Middle Europe 6% 15% +2 ppt Italy Southern Europe 2% 16% +3
Slide 11: Cost Reduction Initiatives
Cost Reduction Initiatives Intrum expects to save SEK 1.5bn of costs through two phases of cost-saving initiatives by the end of 2025 and as of Q2-24, we have already achieved SEK 0.9bn of savings Cost Savings Program — Phase One Cost Savings Program — Phase Two e Phase One consist of initiatives wi
Slide 12: Investing: sharp increase in value extraction from back book
Investing: sharp increase in value extraction from back book RTM net cash extraction, SEK bn * RTM net cash extraction of SEK 8.4 bn vs. average of SEK 3.0 bn over last three years M (2,783) at an IRR of 18% (15%) 9 8 7 6 5 + New Investments of SEK 425 4 3 2 2.4 * Investing book value of SEK ' 26 bn
Slide 13: Investing: strong collectability above active forecast
Investing: strong collectability above active forecast RTM gross cash collections, M SEK 13 586 12573 11485 Q2 @ @ at @2 @ 4 AQ @Q2 @ @ 2021 2022 2023 Performance index vs. active forecast 116% 115% | | | | 103% 102% Q2 Q3 Q4 Ql Q2 Q3 Q4 Qi Q2 Q3 Q4 Ql Q2 2021 2022 2023 2024 intrum RTM gross cash co
Slide 14: Leading the way to a sound economy
Leading the way to a sound economy How many individuals have we helped? 4.9M individuals became debt free with Intrum in the last 12 months What do our customers think of us? 4.3/5 customer satisfaction rating for the last 12 months average What have we delivered for our clients? 122 bn was collecte
Slide 15: Financials
v — inancia F intrum
Slide 16: Group key financials: growing income and resilient cash generation
Group key financials: growing income and resilient cash generation SEK M Q22024 Q22023 Change% RTM FY 2023 Income 5,006 4,978 1 20,395 20,000 Adjusted income 5,006 4,978 1 20,395 20,000 EBIT' 1,237 1,293 -4 4157 4,364 Items affecting comparability 7 175, -90 1,502 1,422 Adjusted EBIT 1,254 1,468 “15
Slide 17: Servicing: positive profitability momentum
Servicing: positive profitability momentum Adjusted EBIT External income 3,019 2,740 10 12,117 11,444 Internal income 672 719 6 2,455 2,518 —R™ Adjusted income 3,691 3,459 7 14,572 13,962 EBIT 616 451 37 1,487 1,370 2,969 Items affecting comparability 76 13, -33 858 821 Adjusted EBIT 692 563 23 2,34
Slide 18: Investing: solid collection performance of a diminishing book
Investing: solid collection performance of a diminishing book SEKM Q22024 Q22023 Change% RTM FY 2023 Income 1,958 2,238 2 8,206 8,545 Adjusted income 1,958 2,238 -12 8,206 8,545 EBIT 888 1,293 31 4,425 4,957 Items affecting comparability S| 29 -103 214 191 Adjusted EBIT 887 1,322 33 4,639 5,148 Cash
Slide 19: Cost program development vs Boost baseline
Cost program development vs Boost baseline SEKbn — RTMQU‘23 RTM @2 ‘24 Cash Cost 11.8 bn Internal factors External factors 0.6 07 _ mm 17 -0.5 Decrease in Costin costimplied by acquired/disposed ! volume change businesses Inflation & FX Salary increase Cost Savings 2 % HB Internal factors [J Externa
Slide 20: Cost program development vs FY 2023
Cost program development vs FY 2023 SEK bn FY ‘23 RTM Q2°24 Cash Cost bn + Moving comparator to FY2023 2024 Cash Cost excl M&A effect 12.5 bn 2024 Cash Cost incl M&A effect 13.5 bi + Substantial savings in H1 2024 * 2024 Costs excl M&A is down SEK 0.4 bn RTM Q2 ‘24 vs. RTM Q4 ‘23 1 1 ! 1.0 1 H + Cos
Slide 21: Net debt development and underwriting IRRs
Net debt development and underwriting IRRs Net debt development, SEK bn Maturity profile, SEK M 57.9 — 20.000 1 i 16000 12000 eh 49.4 72 -0.7 8000 i |_| 2024 2025 2026 2027 2028 a a mCP mEURbond mSEKMTN =PP &RCF utilised mUnutilisedRCF mTermloan ai24! Cash flow Disposal Investing 2 FX Q2'24 Underwri
Slide 22: intrum
intrum
Slide 23: Ophelos implementation in BE&NL shows positive results
Ophelos implementation in BE&NL shows positive results BE&NL status * Continued ramp up of volume during the quarter * Securing key features and stability to onboard high volumes of cases * Collecting key data for ML decision engine intrum Impact to date — Amicable cases NL Inbound phone calls per c
Slide 24: Medium term financial targets: progress since CMD in September '23
Medium term financial targets: progress since CMD in September ‘23 Starting point (Q2 2023 RTM) Q2 2024 14% CAGR 2026 Target ~10% SEK . >25% 3.5x CAGR ~30bn External Servicing adjusted Total Servicing adjusted Proprietary Investing book L P A 9 q everage ratio income growth EBIT margin value excl. r
Slide 25: Refinancing and Recapitalisation - Next Steps
Refinancing and Recapitalisation - Next Steps c.51% of noteholders have already signed the Lock-Up Agreement. This is a high level of support for such a large capital structure and we are holding conversations with a large number of additional noteholders who have manifested their intention to sign
Slide 26: Q&A
Q&A intrum
Slide 27: Appendix
Appendix intrum
Slide 28: Table of content
Table of content Outstanding interest rate bearing debt Pro forma portfolio investments and ROI Current MoM Estimated Remaining Collections (ERC) Portfolio joint ventures Unsecured portfolio vintages Cleansing deck bridges Financial calendar ONOOR WD > intrum 28
Slide 29: 1. Outstanding interest rate bearing debt
1. Outstanding interest rate bearing debt Currency fa Amountin Couponrate Maturity date eS Cone ISIN EUR 469 5328 3.13% 7/15/2024 Semi-annually 1/15 finalcoupon _XS1634532748 SEK 1,500 1,500 7.27% 10/1/2024 Quarterly 07/03 final coupon SE0013102407 SEK 400 400 11.88% 07/03/2025 Annually 07/03 final
Slide 30: 2. Pro forma portfolio investments and ROI
2. Pro forma portfolio investments and ROI SEKm 11,854 12000 17.5% 175% 15.7% 147% 8,106 14.0% 9.000 14.4% 13.0% 7.324 7,538 13.9% 11.8% 2,683 Bae) 6000 iss 5508 3,780 5,012 33 530 1,258 1633 3 4M0 837 3141 831 4 3000 Peel 2783 1,436 eS) EA ~ 28 . 7 2015 2016 2017 2018 2019 2020 2022 2024 Portfolio
Slide 31: 3. Current MoM
3. Current MoM SEKM Q120 Q2 20 Q3 20 Q420 Q121 Q221 Q321 Q421 Q122 Q222 Q322 Q422 Q123 Q223 Q323 Q423 Qi24 Q224 Purchase price of portfolios acquired 1,650 1,267 837 1,256 1,443 1,680 1,445 2133 1,675 3,120 1,347 1147 1,675 2854 409 528 328 364 in quarter Lifetime ERC of portfolios acquired 3,036 2,
Slide 32: 4. Estimated Remaining Collections (ERC)
4. Estimated Remaining Collections (ERC) 15-year ERC of SEK 55.5 bn SEK bn 12.0 28% of ERC due next 24 months 9.0 60 [| O 3.0 | i | i P YI Y2 Y3 Y4 YS Y6 Y7 Y8 Yo Northern Europe = Middle Europe _m Southern Europe (SEKbn) Yi Y2 Y3 Y4 Y6 Y7 Ys Northern Europe 15 14 1,2 13 11 09 09 Middle Europe 3,0 2
Slide 33: 4. Estimated Remaining Collections (ERC)
4. Estimated Remaining Collections (ERC) ERC by Asset Class Real Estate 1%_\ _ Secured 9% Unsecured 90% _— ERC by Geography Northern CE Europe. Europe 4% 23% Southern Europe 29% Middle Europe 34% ERC by Investment type Forward flows 16% One-off investments 84% intrum ERC by Industry Real estate Othe
Slide 34: 5. Top Joint Ventures
5. Top Joint Ventures Intrum Investment share (Senior Investment (Intrum), Cash received to date Senior ranking debt remaining, Current ERC (Intrum), Portfolio Geography SEKM excluded), % SEKM (Intrum), ‘SEKM SEKM Savoy Italy 5,089 59% 5,027 818 512 Portland Italy 757 29% 234 él 328 Winter Italy N/A
Slide 35: 6. Unsecured portfolio vintages
6. Unsecured portfolio vintages Unsecured Purchase Collections Remai Totalestimated Totalmoney-on- i ‘ books, SEKM price to date ERC ‘collections esorieymidcisle Constant currency vintage evolution for unsecured books 3,50x 2.80x ee 240x = 1.40x 0.70x 0.00x <2010 2011YE 2013YE 2015YE 2017 YE_-«« 201
Slide 36: 7. Cleansing deck bridges
7. Cleansing deck bridges Cash Income 2024E 10.2 0.3 = 237 AD 15 Servicing Investing, Central Income Cash from JV Eliminations Total cash income Cash EBITDA 2024E 10.5 97 Cash EBITDA ACs adj. Cash EBITDA. (as reported) Cash Income 2028E 73 — a 26) A3 179 | | Servicing Investing Central Income Cash f
Slide 37: 8. Financial calendar
8. Financial calendar Financial calendar 23 October 2024 Interim report third quarter 2024 23 January 2025 Interim report fourth quarter 2024 intrum 37
Slide 38: Disclaimer
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 recommenda
Slide 39: Leading the way.
Leading the way. intrum