Slide Deck From Our Intrum Webinar Held On 26/4/24:

1. Business overview and situational background including Q1 24 results review

2. Estimated priming capacity – total baskets for secured debt (for possible Uptiering Transaction) and for Restricted Payments / Permitted Investments (for possible Dropdown Transaction)

3. Scenarios 1A-C – Break-Up (base, bear and bull). SUNs recoveries

4. Scenarios 2A-C – Qualified Receivables Financing (base, bear and bull). SUNs recoveries

5. Scenarios 3A-C – Restructuring (base, bear and bull). SUNs recoveries

6. Scenarios 4A-C – Holistic Uptiering & Dropdown Transaction (base, bear and bull). SUNs recoveries

7. Scenario 5 – Uptiering & Dropdown Transaction only for 2024 maturities, RCF and TL. SUNs recoveries

8. Can Servicing FY 26 targets (Adj EBIT > SEK 4bn, > 25% margin) be met and how?

9. Market value of remaining portfolios owned post back book sale to Cerberus JV – marking to market for current net unleveraged IRR, outsourced servicing fee rate and any ERC haircut

10. Back book disposal to Cerberus JV – potential cash distributions to Intrum from 35% equity stake in Cerberus JV; net IRRs to Cerberus

11. Financial projections, valuation and sensitivities – base, bear and bull cases

12. doValue (pure servicer focused on Southern Europe) – comparison to Intrum’s Servicing business; why latter warrants higher EV / Adj EBITDA multiple

13. Servicer M&A transaction multiples and review of major transactions – excl. Spanish Real Estate Servicers

14. Spanish Real Estate Servicers M&A transaction multiples

15. Performance of Spanish Real Estate Servicers (competing with Intrum’s Solvia, Aktua and Haya servicing businesses in Spain). Comparison of Altamira (owned by doValue), Aliseda and Servihabitat vs Intrum-owned servicers in Spain

16. Estimating a weighted average EV / EBITDA multiple for Intrum’s Servicing business, reflecting very different structural dynamics across its geographic markets

17. Ophelos – Potential EBITDA upside

18. Asset Management – Potential EBITDA upside

19. Stressed CMS firms – comparing investment case for Intrum SUNs vs Lowell SSNs

20. Q&A