KRUK Spólka Akcyjna (KRU) investor relations material

Executive summary

• Net profit for the first nine months of 2025 was PLN 877 million, down 9% year-over-year, with record cash EBITDA of PLN 2,007 million, and recoveries from purchased portfolios at PLN 2,921 million, up 12% year-over-year.

• Revenue increased 3% year-over-year to PLN 2,403 million, with notable growth in Italy (+21%) and Spain (+5%).

• Investments in new debt portfolios declined 13% year-over-year to PLN 1,427 million.

• Q3 and year-to-date results are strong, with more even quarterly performance compared to last year.

• Record high cash EBITDA and recoveries, with strong funding and digital transformation progress.

Financial highlights

• Net profit: PLN 877 million (–9% y/y); EPS: PLN 45.20 (–9% y/y); revenue: PLN 2,403 million (+3% y/y); cash EBITDA: PLN 2,007 million (+13% y/y); EBITDA margin: 53%.

• Operating expenses rose 10% year-over-year to PLN 1,136 million, mainly due to salary hikes and digital transformation.

• Finance costs increased to PLN 328 million (+13% y/y), mainly due to higher debt, partially offset by lower interest rates and hedging gains.

• Net cash from operating activities: PLN 427.7 million (up from PLN 95.2 million y/y).

• Total assets: PLN 12,629.7 million (up from PLN 11,648.9 million at year-end 2024).

Outlook and guidance

• Management sees no circumstances threatening the Group’s going concern status for the next 12 months.

• Less conservative recovery projections for the next 6 months, reducing deviation between actual and projected recoveries.

• Estimated remaining collections (ERC) as of 30 September 2025 at PLN 24.7 billion, up from PLN 23.9 billion in the previous quarter.

• Digital transformation program underway, with major benefits expected from 2028 onward.

• No formal growth forecast, but internal targets require at least 12% annual profit before tax growth.