Interim Report January - March 2006

• Consolidated revenues amounted to SEK 709.3 M (645.7) in the first quarter 2006, a 9.8 percent increase, of which 5.7 percentage points were organic and 1.2 from acquisitions. • Operating earnings (EBIT) increased to SEK 120.4 M (99.9), a 20.5 percent improvement year on year. The operating margin expanded to 17.0 percent (15.5). • Earnings before tax were SEK 107.9 M (89.9), a 20.0 percent increase. • Quarterly net earnings were SEK 80.9 M (67.4). • Earnings per share before dilution were SEK 1.01 SEK (0.76) for the quarter, a 33 percent increase. • Investment in Purchased Debt amounted to SEK 138.4 M (91.1), a 52 percent increase. The service line increased quarterly revenues by 51.1 percent to SEK 97.9 M (64.8), and achieved an operating margin of 39.7 percent (30.2).

January–March 2006: Revenues and Earnings Consolidated revenues in the first quarter where SEK 709.3 M (645.7). Of revenue gains of 9.8 percent, 5.7 percentage points are organic, 3.0 percentage points are from currency effects and 1.2 percentage points are from ac-quisitions in Ireland and Slovakia. Growth was good on many markets, including one of the Group’s biggest markets, Finland. Good expansion is sustaining in southern and Eastern European countries. Consistently firm cost control was a contributor to healthy earnings performance in most countries. The sustained positive performance of the Purchased Debt service line contributed to the Group’s earnings performance. Operating earnings were SEK 120.4 M (99.9). Earnings before tax for the quarter increased to SEK 107.9 M (89.9); net earnings were SEK 80.9 M (67.4). Geographic regions, January–March 2006 Sweden, Norway & Denmark The region’s revenues for the first-quarter amounted to SEK 154.9 M (150.9) a 2.7 percent increase. Operating earnings were SEK 39.1 M (37.0), equivalent to an operating margin of 25.2 percent (24.5). Sweden is stable at a high level. Norway is heading in the right direction in terms of ongoing restructuring activities, targeted at more normal profitability. Denmark is in high growth and continuing to deliver operating margin gains. The Netherlands, Belgium & Germany The region’s quarterly revenues were SEK 140.2 M (134.5), a 4.2 percent increase. Operating earnings where SEK 25.1 M (20.3), equivalent to an operating margin of 17.9 percent (15.1). Operations in the Netherlands are growing, with good operating margins. Germany performs positively, mainly through increased efficiency and cost control. Belgium is tracing revenue growth, although ex-penses increased somewhat. Switzerland, Austria & Italy The region’s quarterly revenues were SEK 101.4 M (94.1) in the quarter, a 7.8 percent increase. Operating earnings amounted to SEK 24.3 M (17.9), equivalent to an operating margin of 24.0 percent (19.0). The whole region is con-tributing to the revenue gains and operating margin expansion. France, Spain & Portugal The region’s revenues for the quarter amounted to SEK 107.8 M (82.7), an increase of 30.4 percent. Operating earnings amounted to SEK 24.0 M (12.1), equivalent to an operating margin of 22.3 percent (14.6). The higher vol-ume is having a positive effect on the operating margin. The whole region is growing, with the largest increases in Portugal and Spain, due to increased collection from Group owned portfolios. Finland, Estonia, Latvia & Lithuania The region’s quarterly revenues were SEK 88.5 M (74.9), an 18.2 percent increase. Operating earnings where SEK 28.1 M (24.0), equivalent to an operating margin of 31.8 percent (32.0). Finland, the biggest country in the region, is making stable, good progress, with organic revenue growth above the Group average. United Kingdom & Ireland The region’s revenues for the quarter were SEK 72.5 M (72.3), a 0.3 percent increase. Operating earnings where SEK –11.7 M (–1.9). Scotland is in robust revenue growth, with positive operating earnings (EBIT). Ireland’s revenue growth is increasing with lower losses than in the previous year, but earnings levels are unsatisfactory. The operations in England are still posting heavy losses. A restructuring program is being implemented. As a consequence, employee headcount was reduced by 36 in the quarter to 291, and further reductions are expected. A number of key customers have given Intrum Justitia continued support and expanded their assignments, while the downturn from older portfolios and previously downsized or terminated customer contracts has reduced revenues. Intrum Justitia is retaining its objective to progressively eliminate these losses in 2006. Poland, Czech Republic, Slovakia & Hungary The region’s revenues for the quarter were SEK 44.0 M (36.3), an increase of 21.2 percent. Operating earnings amounted to SEK 11.9 M (5.5) equivalent to an operating margin of 27.0 percent (15.2). The Polish company continues to be affected by low activity in Purchased Debt. Progress in the Czech Republic and Hungary has contributed positively to regional revenues and earnings. The Slovakian company Creditexpress, now Intrum Justitia Slovakia s.r.o., is consolidated from the second quarter 2005 and has had a positive impact on regional revenues and earnings. Since April 2003 there is a 40 percent minority interest in the region’s companies. Purchased Debt service line Service line revenues increased by 51.1 percent in the first quarter of the year, from SEK 64.8 M to SEK 97.9 M. Operating earnings amounted to SEK 38.9 M (19.6). The revenue increase benefited from the Group’s increased rate of investment in since 2005. In accordance with IFRS, Intrum Justitia applies an ac-counting model where the book value of each debt portfolio, and therefore quarterly earnings, is based on an estimate of future cash flows updated quarterly. For the first quarter, this estimate did not imply any reason to revise book values. The corresponding estimate made in the first quarter 2005 did not result in any adjustment. The operating margin was 39.7 percent, compared to 30.2 percent in the previous year. The Group’s conscious emphasis on, and increased resources for, this service line are continuing. Investments in portfolios in the first quarter amounted to SEK 138.4 M, compared to SEK 91.1 M for the first quarter 2005. As of March 31 the Group’s purchased debt portfolios had a book value of SEK 934.1 M (408.9), an increase of 128 percent. Depreciation/Amortization Quarterly operating earnings were charged with depreciation/amortization of SEK 20.6 M (21.6). Operating earnings before depreciation/amortization therefore amounted to SEK 141.0 M (121.5). Intangible fixed assets, accounted in the Balance Sheet and attributable to acquisitions, amounted to SEK 18.8 M (0.0), and were amortized by SEK 1.3 M (0.0) in the quarter. Net Financial Items The quarter’s net financial items amounted to SEK –12.5 M (–10.0). Interest expenses were higher than in the corresponding quarter of the previous year due to a higher debt level following share redemption. Tax Quarterly earnings were charged with a tax rate of 25 per-cent. The Group’s companies have tax loss carry forwards corresponding to SEK 529.5 M for which no deferred tax receivables are reported. The Group’s tax expense is dependent in part on how earnings are distributed between subsidiaries in different countries with different tax rates. For 2006 and beyond, the estimated tax expense of 25 percent of pre-tax earn-ings is reiterated. Cash flow and Investments Cash flow from operating activities amounted to SEK 69.9 M (66.8) in the quarter. The quarter’s investments in debt portfolios amounted to SEK 138.4 M (91.1). For the full-year 2006 the Group anticipates investments in tangible and intangible fixed assets of SEK 100–120 M, compared to SEK 96.9 M in 2005. Financing Net debt as of March 31, 2006 amounted to SEK 1,172.6 M, compared to SEK 1,192.7 M at year-end 2005. Shareholders’ equity including minority shares amounted to SEK 1,392.6 M, compared to SEK 1,316.1 M on December 31, 2005. As of March 31, 2006 the Group had liquid assets of SEK 262.5 M, compared to SEK 198.5 M on December 31, 2005. On March 31, 2006 unutilized credit facilities amounted to SEK 648.2 M. The corresponding figure on December 31, 2005 was SEK 628.8 M. Goodwill Consolidated goodwill amounted to SEK 1,563.6 M, com-pared to SEK 1,573.4 M at year-end 2005. The change in the quarter is due to fluctuating exchange rates. Human Resources The average number of employees in the quarter was 2,821 (2,838). The number of employees decreased mainly in the English subsidiary. Parent Company The publicly listed parent company, Intrum Justitia AB (publ), owns the subsidiaries, provides the Group’s head office functions, and handles certain Group-wide development, services and marketing activities. The parent company had revenues of SEK 12.6 M (11.5) and reported pre-tax earnings of SEK –14.0 M (1.3). It invested SEK 1.1 M (0.0) in fixed assets in the quarter and had liquid assets of SEK 0.0 M (0.0) at year-end. The average number of employees was 24 (23). Market Outlook Economic activity in Europe is expected to remain high in 2006, as will consumer spending. A further increase in debt levels can therefore be anticipated. As a whole, market progress in 2006 should benefit Intrum Justitia, with the opportunity to increase volumes in its core business and generate a steady flow of collection cases. For 2006 to be successful, it is also important that the Group takes advantage of opportunities in the Purchased Debt service line. The Intrum Justitia share Intrum Justitia’s market capitalization as of March 31, 2006 was SEK 5,573 M (5,014). In the period January 1–March 31 2006, the share price decreased from SEK 73.25 to SEK 71.00, or by 3 percent. The number of shareholders on March 31, 2006 was 5,259 (4,411). Annual General Meeting 2006 Later today, at 4 pm (CET), Intrum Justitia AB (publ), will hold the Annual General Meeting at the World Trade Center in Stockholm, Sweden. Capital Markets Day On May 18, 2006 Intrum Justitia will arrange a capital markets day in Stockholm for analysts, investment managers and journalists. Reporting Dates The Interim Report for the second quarter (April–June) 2006 will be published on July 25, 2006. The Interim Report for the third quarter (July–September) 2006 will be published on November 8, 2006. Stockholm, April 25, 2006 Intrum Justitia AB (publ) Jan Roxendal President & Chief Executive Officer This Interim Report has not been reviewed by the company’s auditors. Denna delårsrapport finns även på svenska. Presentation of the Interim Report This Interim Report and presentation material are avail-able at www.intrum.com > Investors. President & CEO Jan Roxendal and CFO Monika Elling will comment on the report at an analyst meeting and simultaneous telephone conference today at 9:00 a.m. CET. Location: Operaterrassen in Stockholm. The presentation can also be followed via www.financialhearings.com To participate by telephone, call +44 207 162 0025. A re-corded version will be available through May 2, 2006 by telephone +44 207 031 4064, using the code 701833. For further information, please contact: Jan Roxendal, President & Chief Executive Officer Tel: +46 8 546 10 206 Monika Elling, Chief Financial Officer Tel: +46 8 546 10 206, mobile: +46 705 120 201 Anders Antonsson, Investerar Relations Tel: +46 8 546 10 206, mobile: +46 703 367 818