KRUK Spólka Akcyjna (KRU) investor relations material

Executive summary

• Net profit for H1 2026 was PLN 555 million, down 5% year-over-year, with revenue at PLN 1,572 million, a 2% decrease year-over-year; growth is expected in the second half.

• Cash EBITDA rose 8% year-over-year to PLN 1,398 million, while profit before tax increased 1% to PLN 590 million.

• Investments in purchased debt portfolios reached PLN 864 million (+7% y/y), with recoveries from purchased portfolios at PLN 2,011 million (+5% y/y).

• Dividend payout of PLN 20 per share (PLN 391 million total) paid in June 2026.

• Lower costs, especially legal, and decreased financial costs due to favorable hedging contributed to profitability.

Financial highlights

• Portfolio carrying amount increased 12% year-over-year to PLN 12 billion, with asset base growth indicating future revenue potential.

• Cash EBITDA for the period was nearly PLN 1.4 billion.

• Operating expenses fell 2% year-over-year to PLN 749 million; finance costs down 11% to PLN 196 million.

• Net debt/cash EBITDA ratio was 2.6x (vs. 2.5x in H1 2025), considered healthy.

• Gain from hedging instruments amounted to PLN 53 million.

Outlook and guidance

• Full-year investment target remains PLN 2.5 billion in portfolios, with only 860 million deployed in H1.

• Estimated remaining collections (ERC) at end of June 2026 were PLN 27.2 billion, up from PLN 26.9 billion in the previous quarter.

• Money multiple for 2022-2024 investment vintages maintained at 2.2–2.4x, with gross IRR between 19.4% and 22.7%.

• Expectation for improved results and profitability in the second half of 2026.

• Dividend policy targets payout of at least 30% of consolidated net profit, subject to net debt-to-cash EBITDA ratio at or below 3.0.