Intrum AB (publ) announces a fully guaranteed SEK 7.5 billion equity capital raise to accelerate its strategy and deleveraging path

The Capital Raise will be effected through a fully committed directed issue of shares of approximately SEK 1.5 billion (the “Directed Issue”) to selected investors as well as a fully underwritten rights issue of approximately SEK 6 billion (the “Rights Issue”). The Directed Issue will, among other things, increase the institutional ownership of the Company and a majority of the investors participating in the Directed Issue have also undertaken to provide guarantee commitments for the Rights Issue. The Chairman of the Intrum Board of Directors, President & CEO, CFO, and other members of the Executive Management Team support the transaction and intend to subscribe for their pro rata shares in the Rights Issue.

To implement the Capital Raise, the board of directors of the Company (the “Board”) has today (i) resolved to propose that an Extraordinary General Meeting to be held on 9 June 2026 (the “EGM”) authorises the Board to resolve on the Directed Issue, and (ii) resolved to carry out the Rights Issue, subject to subsequent approval by the EGM. Intrum will also host a webcast today, including the presentation of its Q1 2026 financial results, at 09:00 CEST.
 
On 29 January 2026, the Company announced the results of its strategic review and set new financial targets. The Intrum 2030 strategy focused on deleveraging and derisking the business in the near-term, while the long-term strategy focused on driving profitability through efficiencies and performance in Servicing and becoming the most attractive investing partner. Following the Capital Raise, the financial targets announced as part of Intrum 2030 are expected to be accelerated and will put Intrum in a stronger position to take advantage of the market opportunity ahead (see below in the section “Financial targets”). The primary objective of the Capital Raise is to strengthen the Company’s balance sheet position, while some proceeds are expected to be used to support growth in profitability through continued disciplined new portfolio investments and selected acceleration of current efficiency and performance initiatives, including process improvements, technology, data and AI. Pursuant to such deleveraging and faster path to refinancing of existing debt facilities, it is expected that the interest burden of the current weighted average cost of debt of 7.6 percent will be substantially reduced.

Expected impact of the Capital Raise

• The 2030 target includes Servicing Leverage ratio of approximately 3.0x in 2030, defined as net debt/Servicing EBITDA[1]. The Capital Raise accelerates the achievement of this target to 2028 when total and Servicing leverage is expected to be around 3.0x
• The Capital Raise will allow for up to approximately SEK 7 billion of additional portfolio investments over the period 2026-2028, which is expected to drive growth in profitability and cash generation
• Potential for dividend distributions from financial year 2028
• Intrum reiterates targets as announced as part of Intrum 2030; (i) a total cost level of SEK 10-11bn in 2030, depending on Servicing top-line growth. 2026 cost guidance is 5 percent below 2025 underlying cost base, assuming FX rates as of January 2026, and (ii) servicing EBIT-margin of 30-35 percent by 2030

Based on these financial targets and as a result of the Capital Raise, Intrum will create shareholder value through deleveraging and derisking its business, while improving operational performance – which should lead to lower funding costs and lower cost of capital. Reduced interest expenses and operational costs will be the main drivers of improved profitability in the short- to medium-term.

Magnus Lindquist, Chairman of the Intrum Board of Directors said:
Following the 2025 recapitalisation and the launch of Intrum 2030, the Board sees this Capital Raise as a decisive step to strengthen Intrum’s financial position and support faster execution of the strategy. The proposed structure combines execution certainty with the opportunity for existing shareholders to participate. As Chairman and a shareholder, I intend to subscribe for my pro rata share, alongside the CEO, CFO and other members of the Executive Management Team, reflecting our alignment with shareholders and confidence in Intrum’s path forward.

Johan Åkerblom, President & CEO of Intrum, said:
We are making progress on cost discipline and margin resilience and now have an opportunity to move faster to restore income growth and improve operational performance. This SEK 7.5 billion Capital Raise gives us the financial flexibility to do that and marks an important step in the next phase of Intrum. By applying the majority of the proceeds to manage our debt, we expect to bring forward our deleveraging path by around two years. The proceeds will also enable an increased investment pace where we see clear, attractive returns, and an acceleration of operational excellence initiatives as well as AI and tech transformation which will further support growth in profitability. This Capital Raise gives Intrum much greater resilience and a stronger platform for long-term value creation.
   
The Rights Issue
Those who on the record date for the Rights Issue are registered as shareholders of shares in Intrum and are eligible to participate in the Rights Issue will receive subscription rights for each existing share. If not all new shares are subscribed for with subscription rights, new shares will be allotted by the Board, up to the maximum amount of the Rights Issue, in the following order (except for such shareholders who reside in certain unauthorised jurisdictions):
 
Firstly, allotment shall be made to others who have applied for subscription of shares without subscription rights (the general public in Sweden and “qualified investors”), pro rata in relation to their applied interest.
 
Secondly, allotment shall be made to the underwriting investors and the banks in accordance with their respective guarantee undertakings, whereby allotment shall be made pro rata in relation to their respective guarantee undertakings, and, to the extent this cannot be achieved, by drawing of lots.
 
Detailed terms and conditions for the Rights Issue, including the subscription price, the increase in share capital and the number of shares to be issued, are expected to be resolved upon by the Board and announced on or around 3 June, 2026. The record date for participation in the Rights Issue is expected to be on or around 11 June, 2026. The subscription period is expected to run from and including 15 June, 2026 up to and including 29 June, 2026, or a later date as resolved by the Board. Trading in subscription rights is expected to take place on Nasdaq Stockholm during the period from and including 15 June, 2026 up to and including 24 June, 2026. Trading in BTAs (Sw. betalda tecknade aktier) is expected to take place on Nasdaq Stockholm during the period from and including 15 June, 2026 up to and including 9 July, 2026.
 
The Rights Issue is subject to approval by the EGM to be held on or around 9 June, 2026. The convening notice for the EGM will be announced in a separate press release. The resolution on the Directed Issue and the Rights Issue will also require that the EGM resolves to amend the limits for the share capital and the number of shares in the company’s articles of association.

The Directed Issue
Subject to the approval at the EGM, investors including Kistefos AS, Funds managed by Carnegie Fonder, Funds managed by DNB Asset Management, Toluma AS, and additional strategic investors (the “Directed Issue Investors”) have committed to subscribe to shares in the Directed Issue in an amount of approximately SEK 1.5 billion. Such shares will be issued pursuant to a resolution by the Board, based on the proposed issue authorization to be resolved by the EGM. The subscription price per share in the Directed Issue will correspond to the subscription price per share in the Rights Issue, as expected to be resolved upon by the Board of Directors and announced on or around 3 June, 2026. Registration of the new shares in the Directed Issue is expected to take place in connection with registration of the new shares in the Rights Issue, and the new shares issued in the Directed Issue will not receive any subscription rights to participate in the Rights Issue. The Directed Issue Investors will be subject to a separate lock-up undertaking ending on the date of the final conversion of the interim shares (Sw. betalda tecknad aktier) into shares in the Rights Issue, subject to customary exceptions.

Following an overall assessment and careful consideration, the Board of Directors considers that the implementation of the Directed Issue, with deviation from the shareholders’ preferential rights, in combination with the Rights Issue, constitutes a better alternative for the Company and its shareholders than carrying out an isolated rights issue as it maximises the subscription price and issue take-up. The Board assesses that this procedure, viewed objectively, is in the joint interest of both the Company and its shareholders. In making this assessment, the Board has in particular considered the following:

• The Directed Issue enables the Company to introduce new shareholders and increase the institutional ownership of the Company
• An isolated rights issue is assessed, in light of prevailing market volatility and uncertain market conditions, to entail an increased risk of adverse impact on the share price. By including the Directed Issue, the Company believes that it creates increased stability in the process by introducing a number of new investors in the shareholder structure through a guaranteed placing who may otherwise not be able to participate through a rights issue
• The combination of the Directed Issue and the Rights Issue enables existing shareholders to partially protect their ownership interests, while at the same time providing the Company with strategically valuable ownership
• A majority of the investors participating in the Directed Issue have also undertaken to support the Rights Issue by providing guarantee commitments for the Rights Issue, thereby de-risking the execution of the Rights Issue
• The implementation of the Directed Issue is assessed to be achievable at lower cost and with less complexity than an isolated rights issue, which would likely require additional underwriting structures and thereby result in higher costs and/or increased dilution.

The Board’s overall assessment is therefore that the reasons for deviating from the shareholders’ preferential rights in the Directed Issue outweigh the reasons supporting the main principle of preferential rights, and that the Directed Issue, in combination with the Rights Issue, constitutes the most advantageous alternative for the Company and all its shareholders.

In connection with the resolution on the Directed Issue, the Board of Directors has given particular consideration to the requirement of market terms. The terms of the Directed Issue (and thereby the terms of the Rights Issue) have been set through an arm’s-length bookbuilding-like negotiation with the investors in the Directed Issue, thereby securing that the terms of both issues are on market terms.

Subscription and Underwriting Comments
The President & CEO, CFO, Chairman of the Intrum Board of Directors, and members of the executive management team are supportive of the Capital Raise and intend to subscribe for their pro rata shares in the Rights Issue. Nordic Capital, holding 7.8 percent of the shares in Intrum, has undertaken to support the transaction and vote in favour for both the Directed Issue and the Rights Issue. A consortium of investors including several of which that are participating in the Directed Share Issue, have undertaken to guarantee the Rights Issue up to a sum of approximately SEK 3,7 billion (the “Underwriting Investors”). The Banks have entered into a standby underwriting agreement with Intrum, whereby they have committed, subject to customary conditions, to enter into an underwriting agreement, covering the remaining portion of the Rights Issue. The Rights Issue is thus fully underwritten.
 
Advisors
Deutsche Bank AG and DNB Carnegie Investment Bank AB (the “Underwriting Banks”) are acting as Joint Global Co-ordinators and Joint Bookrunners on the Capital Raise. Milbank and Kanter are acting as legal advisors to Intrum. A&O Shearman and Roschier are acting as legal advisers to Deutsche Bank AG and DNB Carnegie Investment Bank AB.
 
Prospectus
Comprehensive information regarding the Rights Issue will be included in the prospectus which is expected to be published on or around 12 June, 2026.

Indicative timetable for the Capital Raise
The timetable below is preliminary and may be subject to change:

For more information, please contact:
Investor Relations
Annie Ho, Head of Treasury & Investor Relations
ir@intrum.com

Media Inquiries
Brunswick Group (as advisers to Intrum)
Oscar Karlsson, Partner, Stockholm
okarlsson@brunswickgroup.com
+46709627842

Joe Caldwell, Director, London
jcaldwell@brunswickgroup.com
+447834502448

Important notice
This press release and the information herein is not for publication, release or distribution, in whole or in part, directly or indirectly, in or into the United States, Australia, Belarus, Canada, Hong Kong, Japan, New Zealand, Russia, Singapore or South Africa or any other state or jurisdiction in which publication, release or distribution would be unlawful or where such action would require additional prospectuses, filings or other measures in addition to those required under Swedish law.

The press release is for informational purposes only and does not constitute an offer to sell or issue, or the solicitation of an offer to buy or acquire, or subscribe for, any of the securities mentioned herein (collectively, the “Securities”) or any other financial instruments in Intrum AB (publ) (“Intrum”). Any offer in respect of any securities in connection with the Rights Issue will only be made through the prospectus that Intrum expects to publish on or about 12 June 2026 on www.intrum.com (the “Prospectus”). Before investing in any securities in the Rights Issue, persons viewing this announcement should ensure that they fully understand and accept the risks which will be set out in the Prospectus, if published. No reliance may be placed for any purpose on the information contained in this announcement or its accuracy or completeness. No offer will be made to, nor application forms will be approved from, subscribers (including shareholders), or persons acting on behalf of subscribers, in any jurisdiction where applications for such subscription would contravene applicable laws or regulations, or would require additional prospectuses, filings, or other measures in addition to those required under Swedish law. Measures in violation of the restrictions may constitute a breach of relevant securities laws.

None of the Securities have been or will be registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”), or under any securities laws of any state or other jurisdiction in the United States, and may not be offered, pledged, sold, delivered or otherwise transferred, directly or indirectly, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act and in compliance with applicable other securities laws. There will not be any public offering of any of the Securities in the United States.

In the United Kingdom, this press release is directed only at, and communicated only to, persons who are “qualified investors” (as defined in paragraph 15 of Schedule 1 to the Public Offers and Admissions to Trading Regulations 2024) who: (i) have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the “Order”), (ii) are high net worth entities falling within Article 49(2)(a) to (d) of the Order, or (iii) are persons to whom an invitation or inducement to engage in investment activity (within the meaning of section 21 of the Financial Services and Markets Act 2000 may otherwise lawfully be communicated or caused to be communicated (all such persons together being referred to as “Relevant Persons”). Any person in the United Kingdom that is not a Relevant Person should not act or rely on the information included in this press release or use it as basis for taking any action. In the United Kingdom, any investment or investment activity that this press release relates is available only to, and will be engaged in only with, Relevant Persons.

This press release contains forward-looking statements that reflect Intrum’s current view of future events as well as financial and operational development. Words such as “intend”, “assess”, “expect”, “may”, “plan”, “estimate” and other expressions involving indications or predictions regarding future development or trends, not based on historical facts, identify forward-looking statements and reflect Intrum’s beliefs and expectations and involve a number of risks, uncertainties and assumptions which could cause actual events and performance to differ materially from any expected future events or performance expressed or implied by the forward-looking statement. The information contained in this press release is subject to change without notice and, except as required by applicable law, Intrum does not assume any responsibility or obligation to update publicly or review any of the forward-looking statements contained in it and nor does it intend to. You should not place undue reliance on forward-looking statements, which speak only as of the date of this press release. As a result of these risks, uncertainties and assumptions, you should not place undue reliance on these forward-looking statements as a prediction of actual future events or otherwise.

[1] Assumes that the investment book has a loan-to-value of 80 percent reducing net debt divided by Servicing EBITDA.