KRUK Spólka Akcyjna (KRU) investor relations material

Executive summary

• Net profit for Q1 2026 reached PLN 262,485 thousand, up 4% year-over-year, with cash EBITDA rising 6% to PLN 656,208 thousand and revenue slightly below plan.

• Expenditure on new debt portfolios more than doubled year-over-year to PLN 513 million, with significant activity in Italy and Romania.

• The business remains well-capitalized with strong access to funding and moderate leverage.

• Dividend of PLN 20 per share recommended, totaling PLN 391 million, consistent with the policy to pay at least 30% of consolidated net profit.

• Operating expenses fell 3% year-over-year, mainly due to lower legal costs.

Financial highlights

• Cash recoveries from purchased portfolios rose 5% year-over-year to PLN 971 million, with 60% from foreign markets.

• Net profit attributable to owners was PLN 262,290 thousand in Q1 2026.

• Return on equity (ROE) stood at 19% on a rolling LTM basis.

• Net debt/cash EBITDA ratio remained stable at 2.6x, supporting dividend policy.

• Portfolio carrying amount reached PLN 12 billion, up 16% year-over-year.

Outlook and guidance

• Investment expectations for 2026 remain at PLN 2.5–2.8 billion, with a focus on improving recoveries and cost efficiencies.

• Management expects continued positive deviation between actual and projected recoveries.

• Dividend policy maintained, with regular payouts and focus on sustainable growth.

• Lower EBITDA expected for 2026 due to absence of one-off gains and lower sales.

• Anticipated lower effective tax rate for 2026 due to successful bond issuance and internal cash management.