KRUK Spólka Akcyjna (KRU) investor relations material

Executive summary

• 9M 2026 net profit attributable to owners was PLN 752.9m, down 14% YoY; cash EBITDA rose 2% to PLN 2,048.5m and recoveries rose 2% to PLN 2,970.7m.

• FY 2026 is expected to miss budgeted profit goals, with results potentially below FY 2025, as weaker back-book recoveries, lower revaluations and Romanian FX losses weighed on results.

• Portfolio purchases declined 15% to PLN 1,211.6m; investment discipline, operational improvement and strong funding access remain priorities.

Financial highlights

• 9M revenue was PLN 2,299.2m, operating profit PLN 1,110.7m, profit before tax PLN 794.4m and net profit PLN 753.3m, all down YoY.

• Purchased-portfolio revenue was PLN 2,090.9m, down 4.1%; recovery revaluations were PLN 278.4m versus PLN 385.8m, while portfolio interest income rose to PLN 1,801m from PLN 1,632m.

• Romanian leu depreciation reduced 9M revenue by PLN 73m, including PLN 15m in Q3; finance costs were PLN 316.3m, down 4% YoY.

• Operating expenses excluding depreciation and amortisation were PLN 1,130.4m, down 1% YoY; digital transformation costs and expenditure totaled PLN 89.8m.

• Q3 revenue was PLN 726.9m, operating profit PLN 325.5m and net profit PLN 198.3m; diluted EPS was PLN 9.70.

Outlook and guidance

• FY 2026 is expected to miss budgeted bottom-line goals; results may fall below FY 2025.

• Portfolio investment guidance was reduced from PLN 2.5bn to ~PLN 2bn; after PLN 1.2bn deployed in 9M, at least PLN 800m is needed in Q4 to meet the revised level, which remains uncertain.

• Q4 portfolio supply is typically high and considered sufficient; management hopes for improvement from 2027, with the 2027 budget being finalized.

• Technology transformation is expected to deliver visible benefits from 2029 through faster, lower-cost collections and improved success rates.

• Estimated remaining collections at 30 September 2026 were PLN 27.6bn, up from PLN 27.2bn at Q2 2026.