KRUK Spólka Akcyjna (KRU) investor relations material

Business overview and strategy

• Leading player in retail unsecured debt markets in Poland, Romania, Italy, and Spain, with a 19% ROE and low leverage (2.6x net debt/cash EBITDA, 1.3x net debt/equity).

• Purchased 2,394 debt portfolios with a nominal value of PLN 146bn, investing PLN 20.6bn and recovering PLN 28.4bn to date.

• Strategy 2025-2029 targets PLN 15bn in new investments, PLN 29bn in recoveries over 20 years, and PLN 0.5bn in digital transformation.

• Focus on operational excellence, process reengineering, analytics, and technology to drive growth and efficiency.

• Dividend policy pays out at least 30% of profits; PLN 390m paid in 2025, with a 4.6% yield.

Financial performance and results

• H1 2026 net profit was PLN 555m (down 5% y/y), with investments in purchased debt portfolios at PLN 864m (+7% y/y) and recoveries at PLN 2,011m (+5% y/y).

• Cash EBITDA reached PLN 1,398m (+8% y/y), and portfolio carrying amount rose to PLN 12bn (+12% y/y).

• Operating expenses fell by 2% y/y, and finance costs dropped by 11% y/y, aided by interest rate hedging.

• Equity increased to PLN 5.5bn (+16% y/y), with net debt at PLN 7.3bn and robust access to financing.

• Estimated remaining collections (ERC) at end Q2 2026 were PLN 27.2bn, with recent investment vintages showing gross IRR of 19.4–22.7%.

Geographical and segment performance

• In H1 2026, 69% of investments and 60% of recoveries were outside Poland, with Italy leading in new investments (PLN 405m) and recoveries (PLN 519m).

• Poland: PLN 266m invested, PLN 804m recovered, 38% of portfolio carrying amount.

• Romania: PLN 144m invested, PLN 367m recovered, 17% of portfolio carrying amount.

• Italy: PLN 405m invested, PLN 519m recovered, 29% of portfolio carrying amount.

• Spain: PLN 23m invested, PLN 286m recovered, 15% of portfolio carrying amount.