Arctic Credit FLASH: Intrum - Intrum: Two-notch upgrade from Moody's

Research evidence excerpt

Arctic Credit FLASH: Intrum - Intrum: Two-notch upgrade from Moody's

Intrum

INTRUM SS | Debt Collectors | Credit Company Flash | 12 June 2026 | 13:49

Intrum: Two-notch upgrade from Moody's Financials and outstanding bonds

● Previously positive outlook, but two-notch move is incrementally positive Key Figures Credit (SEKm) Dec-23 Dec-24 Dec-25 Dec-26e Dec-27e Outstanding bonds

● Equity helps to de-risk structure, with best risk/ reward in the 2028s Revenue 19,987.6 18,060.0 17,030.0 16,194.9 16,109.7 Ticker INTRUM 8 09/11/27

● Longer end of curve also benefits, though weaker recent operational result considered Adj. EBITDA 12,859.4 10,842.0 9,157.0 8,659.9 8,398.4 Recommendation Market Perform

Net interest (3,516.0) (4,889.0) (192.0) (4,117.3) (2,665.1)

Moody's upgrades CFR to B3 from Caa2 Ticker INTRUM 7¾ 11/09/2027

Adj. net profit 1,401.5 4,171.3 2,778.7 895.1 1,509.9

Moody’s upgraded Intrum’s CFR by two notches to B3 from Caa2, while the 2L notes were Recommendation Market Perform

Total equity 18,941.0 15,467.0 12,773.0 23,334.1 24,704.0

upgraded to Caa1 from Caa3 and the 1.5L notes to B2 from B3. The outlook was changed to stable

Total assets 92,182.3 80,182.0 67,381.9 64,775.1 66,145.0 Ticker INTRUM 7 ¾ 09/11/28

from positive. The action follows shareholder approval of the capital raise earlier this week, paving Gross debt 60,481.0 51,412.0 43,987.0 32,417.0 32,417.0 Recommendation Outperform

the way for the fully underwritten SEK 7.5bn equity raise, with proceeds expected to be used for Cash and cash equivalents 3,769.0 2,504.0 2,574.0 394.9 2,824.7

deleveraging, portfolio investments and efficiency initiatives. Net interest bearing debt 56,712.0 48,908.0 41,413.0 32,022.1 29,592.3 Ticker INTRUM 8½ 11/09/2029

Recommendation Market Perform