1. What is it?

Europe's largest debt collector. Swedish-headquartered but pan-European. Formed from the merger of Intrumand Lindorff, a debt-funded buyout in 2017 which some see as the original sin behind the company's €5.34bn-equivalent debt stack and persistent failure to hit its 3.5x leverage target.

Like most debt collectors, it both services third party non-performing loan portfolios and buys and collects from its own portfolios. It has historically done mostly the latter, but has been trying to pivot to the former. In FY 23, its adjusted EBIT from servicing was SEK 2.19bn (€197m at the December balance sheet date) against SEK 5.15bn from investing (its own portfolios)