Intrum AB 2026年第二季度财报电话会议纪要

发布时间：2026-08-28 一、AI总结内容 一、核心要点 1. 本次是执行新战略的第二个季度，公司完成24亿欧元投资组合出售，穆迪信用评级提升，表演者基础杠杆率从6.2降至4.3，长期目标为3.0。 2. 运营转型持续推进，流程自动化等措施实现成本同比降8%，过去12个月成本率为11.9，2030年目标为10-11，传统市场季度有机增长5%，但专业市场同比降4%，希腊、西班牙、意大利及英国表演者市场增长承压。 3. 加速推进运营卓越项目，已在5国开展，将扩大覆盖国家，目标3年内FD基础效率提升30%-40%，开发通用解决方案复制到不同市场，已识别的储蓄超预期，部分或2026年产生小幅负面影响。 4. 投资同比完成1.97亿欧元，按此前目标执行，投资回报比达43%，主要受Savoy合并影响，未来或随投资提速进一步上升，2026年服务业务净收入低于预期，EBIT利润率维持25%，TOIL为30%-35%。 5. 2026年全年服务业务收入指引或需调整至目标区间下限，2027年成本轨迹将另行说明，西班牙专业市场逆风将持续，希腊相对稳定，英国、德国传统市场有增长空间，德国因新客户上线延迟和原有客户表现波动承压。 二、投资线索 1. 利用资本筹集获得的财务灵活性，正推进27年期、28年期债券回购，以降低利息支出和短期期限，未来6-12个月或有更多此类操作，银行循环信贷安排（RCF）谈判持续推进。 2. 正推进与第三方合作伙伴的合资投资，匈牙利市场有潜在机会，将采用自有资金与合作伙伴资金混合方式，不改变投资纪律，会聚焦有吸引力回报的独立大交易，部分交易需数季度落地。三、风险与关注 1. 专业市场尤其是希腊、西班牙、意大利及英国部分细分市场持续承压，西班牙虽为最大不动产服务商，但不动产销售后续空间有限，MPL增长短期难抵消不动产相关收入下降。 2. 德国市场平台迁移耗时超预期，影响新客户上线和流程优化，服务业务净收入增长不及预期，投资提速或导致 blended 内部收益率（IR）下降，但会保持IR高于融资成本。 3. 运营卓越项目推进中，部分地区流程稳定性不足，财务方面意大利税务审计产生约1亿欧元一次性税务支出，对EBIT产生影响，Savoy合并带来约1亿欧元额外季度成本，2026年可能无法完全抵消。 4. 未来或保持较低投资节奏，投资落地存在时间差，外汇对冲安排影响财务净额，非欧元货币剩余敞口仍存，部分会议附录信息曾缺失后更正补充。 二、音频原文（转写） Welcome to the interim q two twenty six report presentation for the first part of the presentation participants will be in listen only mode during the questions and answers session participant s are able to ask questions by dialing pound keyfive on their telephone keypad now i will handthe conference over to ceo johann ackerblaum andc f omassy yasdi please go aheadthank you and good morning everyone welcome to this second quarter report call we start with the first page where we want to do a couple of highlights.I like to comment that i mean this is the second quarterwhere we are executing on our new strategythe number one priority when we introduced our strategy was how to improve the leverage and the banner sheet of the company.And as you all know a huge amount of work has been dedicated to do exactly so into two with the capital race and the twopoint four billion portfolio sale and we have also seen the effects of that by standing upon moody'improving our credit ratingsa service leverage ratio on a performer basis has moved from sixpoint two to four point three.And the long termtarget is three point zero.We also see that ouroperation transformation is continuing to pay offour costs are developing according to plan andwhen looking at these which is one of the thingsthat we are working with making our processes automated aified or just more efficient as reduced by eight per cent year on ear our total costsare currently at eleven point nine on a rollingtwelvestwelve months basis and the target in twenty thirty is ten to eleven depending on our servicing income.呃the growth that we have in our traditional markets we see the fourth quarter of growthwe see actually high growth in this quarterthan previous quarters.But it's not sufficientoff said the decline that we have in the specialized markets.And therefore given that we had a negative growth in q one as well even though it was higher than q two we do see that it is goingto be more challenging to achieve the logic flatservicing income that we want to achieve in twenty twenty sixthe servicing ebeth margin remainsat twenty five and the toil is thirty to thirty five per cent.Stay the margins on the servicingi mean we are now at twenty five we've been attwenty five for i think the third quarter in therow and we have a good organic growth in the traditional markets we maintain the strong cost discipline.But we will now accelerate on the costside so we will accelerate our progress our operational excellence programme and we will includemore countries going forward we have five countries right now that operates under it and we will see how many countries we will have by the endof the year but it will bematerial increase versus todayto illustrate livid more the dynamics around our externating servicing income you can see here that first of all the savoid consolidation it moves basically external income to internal income so you have a minus negative one thereon a year on year.Comparison the speciali markets they go down four per cent of which organic rose is sixand the traditional markets they help.Two per cent up on a total basis with an organicgrowth of five per cent.The decline as we discussed many times before is in particular in greece.And spain and partially in italy.And then u k has a performer that is impacted by slower and delayed new sales so it's actually slightly different dynamics depending on which country you lookatin the traditional markets which is forty five per cent of the income we have organic growthof five per cent.And most of them are growing and we have a couple of top top contributors we dohowever see er.Challenge right now in germany where we have had issues both with on boarding ofnew clients which has been taking much longer than expected and we also have a bit of performance challenges with some of the existing clientsbut we are doing a transformation.To get this fully in line and this could be mo