Intrum (INTRUM) Q3 2026 earnings summary

Executive summary

• Q3 income fell 6% YoY to SEK 3,820m and adjusted EBIT declined 21% to SEK 976m; reported EBIT was SEK -266m after a SEK 1,517m German goodwill impairment.

• Capital raise, Orange associate sale and cost control reduced Servicing leverage to 4.5x from 5.7x at year-end 2025; the target is 3.0x by 2028.

• SEK 617m was invested in Q3 at a blended 17% IRR; collections remained in line with the active forecast.

Financial highlights

• Q3 total income was SEK 3,820m versus SEK 4,056m YoY; adjusted EBIT was SEK 976m versus SEK 1,234m.

• Net loss attributable to parent shareholders was SEK 1,487m versus net income of SEK 396m; EPS was SEK -0.47 versus SEK 3.00, with comparability affected by the Q3 share issue.

• Adjusted Q3 costs were SEK 2,831m, down 3% YoY; rolling 12-month adjusted costs were SEK 11.8bn versus SEK 12.3bn at year-end 2025.

• Investing adjusted EBIT was SEK 408m versus SEK 625m; reported EBIT included a SEK 430m associate disposal gain, while income declined with the smaller book.

Outlook and guidance

• Total costs are targeted at SEK 11bn in 2027; 2026 costs are expected below SEK 12bn, with additional programme costs in Q4 and further cost-plan details due with Q4 results.

• Full-year 2026 External servicing income is expected to be lower than in 2025; 2027 top-line expectations remain cautious, while cost reductions are expected to support higher Servicing margins.

• Annual portfolio replenishment investment is targeted at ~SEK 3bn at required returns; Q4 volume is expected to exceed Q3 at similar returns, subject to one or two potentially binary deals.

• Operational Excellence expanded to 17 markets and is expected to complete ~1 year earlier; roughly 1,000 fewer FTEs are expected entering 2028 than today.