Intrum announces terms of fully guaranteed SEK 7.5 billion capital raise

Summary

• The subscription price in the Rights Issue and the Directed Issue is SEK 2.45 per share. Intrum is expected to raise proceeds of approximately SEK 7.5 billion before issue costs.
• The record date for the right to participate in the Rights Issue with preferential rights is 11 June, 2026, and the subscription period runs from and including 15 June, 2026 up to and including 29 June, 2026.
• The Rights Issue comprises a maximum of 2,433,254,634 new shares.
• Those who are registered as shareholders in Intrum on the record date will receive one (1) subscription right for each share held in Intrum. One (1) subscription right will entitle to subscription for eighteen (18) new shares in Intrum.[1]
• The Capital Raise is conditional upon approval by the EGM to be held on 9 June, 2026. As the maximum number of new shares in the Rights Issue and the Directed Issue will amount to approximately 3,045,499,531, the Board withdraws agenda items 9a and b in the Board’s complete proposals to the EGM.
• The subscription price per share in the Directed Issue shall correspond to the subscription price per share in the Rights Issue, corresponding to SEK 2.45 per share. The Directed Issue shall therefore amount to approximately 612,244,897 shares.
• The Directed Issue will, among other things, increase the institutional ownership of the Company and a majority of the investors participating in the Directed Issue have also undertaken to provide guarantee commitments for the Rights Issue. The Chairman of the Board, President & CEO and CFO have undertaken to subscribe for their pro rata shares in the Rights Issue.
• Deutsche Bank AG and DNB Bank ASA (the “Underwriting Banks”) have entered into an underwriting commitment with Intrum, subject to customary conditions, covering the remaining portion of the Rights Issue. The Rights Issue is thus fully underwritten.
• The primary objective of the Capital Raise is to strengthen the Company’s balance sheet position. Some proceeds are also expected to be used to support profitability measures through continued, disciplined new portfolio investments, and selected acceleration of current efficiency and performance initiatives, including process improvements, technology, data and AI. Pursuant to such deleveraging and a faster path to refinancing of existing debt facilities, it is expected that the interest burden of the current weighted average cost of debt (7.6 percent) will be substantially reduced.
• In connection with the Rights Issue, the Company will prepare a prospectus in accordance with the European Parliament and Council Regulation (EU) 2017/1129 (the “Prospectus Regulation”). The Prospectus will be published by the Company before the subscription period begins. The Prospectus is expected to be published around 12 June, 2026.

Terms of the Rights Issue
Those who are registered as shareholders in the Company in the share register prepared by Euroclear Sweden on the record date will receive one (1) subscription right for each share held in the Company. One (1) subscription right will entitle to subscription for eighteen (18) new shares in the Company.

Holders of shares shall have priority right to subscribe for new shares in proportion to their existing shareholding. If not all the shares are subscribed for with subscription rights, the board of directors shall, up to the maximum amount of the Rights Issue, resolve on allotment of the remaining shares, whereby such shares firstly shall be allotted to those who also have subscribed for shares by exercise of subscription rights (irrespective of whether the subscriber was registered as a shareholder on the record date or not), pro rata in relation to the number of subscription rights that have been exercised for subscription of shares, and to the extent this is not possible, by drawing of lots; secondly shall be allotted to others who have applied for subscription without subscription rights (the general public in Sweden and “qualified investors”), pro rata in relation to their applied interest, and to the extent this is not possible, by drawing of lots; and thirdly, to the guarantors who have provided guarantee undertakings to the Company in accordance with their respective guarantee undertakings, whereby allotment shall be made pro rata in accordance with their respective guarantee undertakings, and to the extent this is not possible, by drawing of lots.

The Rights Issue may increase Intrum's share capital by a maximum of SEK 57,969,858.40, from SEK 3,245,829.485763 to SEK 61,215,770.334752. The number of shares in the Company may be increased by a maximum of 2,433,254,634, from 136,245,464 to 2,569,500,098.

The subscription price in the Rights Issue is SEK 2.45 for each share subscribed for. Intrum is expected to raise proceeds of approximately SEK 6 billion before issue costs.

The record date for the right to participate in the Rights Issue with preferential rights is 11 June, 2026. The subscription period runs from and including 15 June, 2026 up to and including 29 June, 2026. Trading in subscription rights takes place on Nasdaq Stockholm during the period from and including 15 June, 2026 up to and including 24 June, 2026, and trading in paid subscribed shares (Sw. Betalda Tecknade Aktier) takes place on Nasdaq Stockholm during the period from and including 15 June 2026 up to and including 6 July, 2026. Subscription by exercise of subscription rights shall be made by cash payment. Notification of subscription without exercise of subscription rights shall be made during the subscription period. The Board shall have the right to extend the subscription period and the term of payment, which – in such case – would be announced through a press release as soon as such decision has been taken.

Shareholders who choose not to participate in the Rights Issue will have their ownership diluted by up to 94.7 percent[2], but will have the possibility to partly financially compensate for the dilution effect by selling their subscription rights. The Rights Issue in combination with the Directed Issue will have a total dilutive effect for existing shareholders not participating in the Rights Issue of about 95.7 percent[3].

The Rights Issue is subject to approval by the EGM to be held on 9 June, 2026, and requires that the EGM resolves to amend the limits for the share capital and the number of shares in the company’s articles of association.

The notice to the EGM and the complete proposals are available at Intrum’s webpage https://www.intrum.com/.As the maximum number of new shares in the Rights Issue and the Directed Issue will amount to approximately 3,045,499,531, the Board has resolved to withdraw agenda items 9a and b in the Board’s complete proposals to the EGM.

The Directed Issue
Subject to the approval by the EGM, investors including Kistefos AS, Funds managed by Carnegie Fonder, Funds managed by DNB Asset Management, Toluma AS, and additional strategic investors (the “Directed Issue Investors”) have committed to subscribe for shares in the Directed Issue in an amount of approximately SEK 1.5 billion. Such shares will be issued pursuant to a resolution by the Board, based on the proposed issue authorization to be resolved by the EGM.

The subscription price per share in the Directed Issue shall correspond to the subscription price per share in the Rights Issue, corresponding to SEK 2.45 per share. The Directed Issue shall therefore amount to approximately 612,244,897 shares.

Following an overall assessment and careful consideration, the Board considers that the implementation of the Directed Issue, with deviation from the shareholders’ preferential rights, in combination with the Rights Issue, constitutes a better alternative for the Company and its shareholders than carrying out an isolated rights issue as it increases the issue take-up. The Board assesses that this procedure, viewed objectively, is in the joint interest of both the Company and its shareholders. In making this assessment, the Board has in particular considered the following:

• The Directed Issue enables the Company to introduce new shareholders and increase the institutional ownership of the Company
• An isolated rights issue is assessed, in light of prevailing market volatility and uncertain market conditions, to entail an increased risk of adverse impact on the share price. By including the Directed Issue, the Company believes that it creates increased stability in the process by introducing a number of new investors in the shareholder structure through a guaranteed placing who may otherwise not be able to participate through a rights issue
• The combination of the Directed Issue and the Rights Issue enables existing shareholders to partially protect their ownership interests, while at the same time providing the Company with strategically valuable ownership
• A majority of the investors participating in the Directed Issue have also undertaken to support the Rights Issue by providing guarantee commitments for the Rights Issue, thereby de-risking the execution of the Rights Issue
• The implementation of the Directed Issue is assessed to be achievable at lower cost and with less complexity than an isolated rights issue, which would likely require additional underwriting structures and thereby result in higher costs

The Board’s overall assessment is therefore that the reasons for deviating from the shareholders’ preferential rights in the Directed Issue outweigh the reasons supporting the main principle of preferential rights, and that the Directed Issue, in combination with the Rights Issue, constitutes the most advantageous alternative for the Company and all its shareholders.

In connection with the resolution on the terms of the Directed Issue, the Board has given particular consideration to the requirement of market terms. The terms of the Directed Issue have been set through an arm’s-length bookbuilding-like negotiation with the investors in the Directed Issue, thereby securing that the terms are on market terms. Further, given the dilution on Intrum’s expected market value following from the Rights Issue, the subscription price in the Directed Issue is deemed by the Board to be on market terms.

Registration of the new shares in the Directed Issue is expected to take place in connection with registration of the new shares in the Rights Issue, and the new shares issued in the Directed Issue will not receive any subscription rights to participate in the Rights Issue. The Directed Issue Investors will be subject to a separate lock-up undertaking ending on the date of the final conversion of the interim shares (Sw. betalda tecknad aktier) into shares in the Rights Issue, subject to customary exceptions.

Subscription and Underwriting Comments
The President & CEO, CFO and Chairman of the Board are supportive of the Capital Raise and have undertaken to subscribe for their pro rata shares in the Rights Issue. Nordic Capital, holding 7.8 percent of the shares in Intrum, has undertaken to support the transaction and vote in favour for both the Directed Issue and the Rights Issue. Defa Endeavour, holding approximately 1.95 percent of the shares in Intrum, has undertaken to subscribe for shares in an amount of SEK 117 million and vote in favour of both the Directed Issue and the Rights Issue. A consortium of investors including several of which that are participating in the Directed Share Issue, have undertaken to guarantee the Rights Issue up to a sum of approximately SEK 3 billion.

The Underwriting Banks have entered into an underwriting agreement with Intrum, whereby they have committed, subject to customary conditions, covering the remaining portion of the Rights Issue. The Rights Issue is thus fully underwritten.

Lock-up undertakings 
The board members and Executive Management Team have undertaken not to, without the prior written consent from the Underwriting Banks, and with customary exceptions, sell their respective holdings of shares in the Company or otherwise enter into transactions with similar effect for a period ending 180 days after the announcement of the final outcome in the Rights Issue, expected on or around 1 July, 2026. 

In addition, the Company has undertaken not to, without the prior written consent from the Underwriting Banks, and except as relates to any incentive programs for the Group employees or earn-out obligations payable in shares existing as at the hereof, issue, offer, pledge, sell, contract to sell or otherwise dispose of shares of the Company or any securities of the company that are substantially similar to shares, or enter into any other agreement or arrangement having a similar effect for a period a period ending 180 days after the announcement of the final outcome in the Rights Issue, expected on or around 1 July, 2026. 

Prospectus
Comprehensive information regarding the Rights Issue will be included in the prospectus which is expected to be published on or around 12 June, 2026.

Indicative timetable for the Capital Raise
The timetable below is preliminary and may be subject to change:

For more information, please contact:
Investor Relations
Annie Ho, Head of Treasury & Investor Relations
ir@intrum.com

Media Inquiries
Brunswick Group (as advisers to Intrum)
Oscar Karlsson, Partner, Stockholm
okarlsson@brunswickgroup.com
+46709627842

Joe Caldwell, Director, London
jcaldwell@brunswickgroup.com
+447834502448

Important notice
This press release and the information herein is not for publication, release or distribution, in whole or in part, directly or indirectly, in or into the United States, Australia, Belarus, Canada, Hong Kong, Japan, New Zealand, Russia, Singapore or South Africa or any other state or jurisdiction in which publication, release or distribution would be unlawful or where such action would require additional prospectuses, filings or other measures in addition to those required under Swedish law.

The press release is for informational purposes only and does not constitute an offer to sell or issue, or the solicitation of an offer to buy or acquire, or subscribe for, any of the securities mentioned herein (collectively, the “Securities”) or any other financial instruments in Intrum AB (publ) (“Intrum”). Any offer in respect of any securities in connection with the Rights Issue will only be made through the prospectus that Intrum expects to publish on or about 12 June 2026 on www.intrum.com (the “Prospectus”). Before investing in any securities in the Rights Issue, persons viewing this announcement should ensure that they fully understand and accept the risks which will be set out in the Prospectus, if published. No reliance may be placed for any purpose on the information contained in this announcement or its accuracy or completeness. No offer will be made to, nor application forms will be approved from, subscribers (including shareholders), or persons acting on behalf of subscribers, in any jurisdiction where applications for such subscription would contravene applicable laws or regulations, or would require additional prospectuses, filings, or other measures in addition to those required under Swedish law. Measures in violation of the restrictions may constitute a breach of relevant securities laws.

None of the Securities have been or will be registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”), or under any securities laws of any state or other jurisdiction in the United States, and may not be offered, pledged, sold, delivered or otherwise transferred, directly or indirectly, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act and in compliance with applicable other securities laws. There will not be any public offering of any of the Securities in the United States.

In the United Kingdom, this press release is directed only at, and communicated only to, persons who are “qualified investors” (as defined in paragraph 15 of Schedule 1 to the Public Offers and Admissions to Trading Regulations 2024) who: (i) have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the “Order”), (ii) are high net worth entities falling within Article 49(2)(a) to (d) of the Order, or (iii) are persons to whom an invitation or inducement to engage in investment activity (within the meaning of section 21 of the Financial Services and Markets Act 2000) may otherwise lawfully be communicated or caused to be communicated (all such persons together being referred to as “Relevant Persons”). Any person in the United Kingdom that is not a Relevant Person should not act or rely on the information included in this press release or use it as basis for taking any action. In the United Kingdom, any investment or investment activity that this press release relates is available only to, and will be engaged in only with, Relevant Persons.

This press release contains forward-looking statements that reflect Intrum’s current view of future events as well as financial and operational development. Words such as “intend”, “assess”, “expect”, “may”, “plan”, “estimate” and other expressions involving indications or predictions regarding future development or trends, not based on historical facts, identify forward-looking statements and reflect Intrum’s beliefs and expectations and involve a number of risks, uncertainties and assumptions which could cause actual events and performance to differ materially from any expected future events or performance expressed or implied by the forward-looking statement. The information contained in this press release is subject to change without notice and, except as required by applicable law, Intrum does not assume any responsibility or obligation to update publicly or review any of the forward-looking statements contained in it and nor does it intend to. You should not place undue reliance on forward-looking statements, which speak only as of the date of this press release. As a result of these risks, uncertainties and assumptions, you should not place undue reliance on these forward-looking statements as a prediction of actual future events or otherwise.

[1] Excluding shares held in treasury. In total, there are 136,245,464 issued shares in Intrum. As of the date of this press release, the Company holds 1,064,651 shares in treasury which do not entitle to participation in the Rights Issue.
[2] Calculated including the 1,064,651 shares which Intrum holds in treasury but not including the Directed Issue.
[3] Calculated including the 1,064,651 shares which Intrum holds in treasury but not including the Directed Issue.