Intrum AB (publ)

Intrum AB reported its Q2 2026 earnings, highlighting a strategic shift that improved its service leverage ratio to 4.3 on a pro forma basis, down from 6.2, following a capital raise and a SEK2.4 billion portfolio sale. However, servicing income growth lagged, with a 3% total decline and organic growth at minus 2%, making it challenging to achieve flat servicing income for 2026. Traditional markets grew organically by 5%, representing 45% of total income, while specialized markets, particularly Greece and Spain, declined 4% on a total basis, with organic growth of 6%. The company reduced headcount by 8% year-on-year and kept servicing EBIT margin stable at 25%, with a long-term target of 30% to 35%. Portfolio investments totaled SEK197 million at a 19% blended IRR, and net income was positive, though a one-off tax expense of almost SEK100 million related to a tax audit in Italy weighed on results. CEO Johan Akerblom noted that headwinds in specialized markets are structural, while CFO Masih Yazdi confirmed the long-term cost target of SEK10-11 billion remains, but softer top-line growth may push toward the lower end.