Intrum - comment

Management will include weighing up possible further liability management in the upcoming strategic review. Q3 was soft, with collections materially down even on Q225. Concrete replies to questions regarding the balance of key stats in the business going forward will have to wait until said strategic review, which we expect in Q425. However, in any event, the business will have to earn more EBITDA to carry its substantial surviving leverage. Efficiency alone should not be enough, since management have been seeking to improve operations for as long as we know the debt collector. New Money Notes and the front end of the bond curve are maturing in September 2027.