Kruso Kapital (KK) investor relations material

Market leadership and business model

• Holds a leading position in the pan-European pawn credit sector, operating 34 branches across Italy, Greece, and Portugal.

• Offers a profitable, anticyclical, and low-risk lending model secured by high-value assets, mainly gold, watches, and jewelry.

• Maintains a diversified customer base, with increasing foreign client share and an average customer age of 56 in Italy.

• Digital transformation includes end-to-end digitalization, with 99% of auction bids online and blockchain-based processes.

• High redemption rates (92-95%) and no exposure to consumer credit risk due to asset-backed lending.

Financial performance and growth

• Customer loans reached €173.5 million in 2026, up 12% YoY, with total income at €36.9 million (+3.2%).

• H1 2026 net profit was €4.4 million, stable YoY despite higher non-recurring costs; total assets rose to €233 million (+8.4%).

• Operating costs increased by 9.8% YoY, mainly due to uplisting-related expenses, but were offset by other operating income.

• Total capital ratio remains strong, expected to stay at least 400 bps above the 8% regulatory minimum.

• Business plan targets customer loans of €206 million and total income of €43.7 million by 2028, with a cost/income ratio improving to 62%.

Strategic initiatives and market positioning

• Growth strategy includes organic expansion and new branch openings in all core markets, with M&A as a strategic option.

• Completed uplisting to Euronext Milan (EXM) in June 2026, enhancing free float to 35-40% and improving stock liquidity.

• Shareholding structure diversified among institutional investors and foundations.

• Focus on scalable operations, operational leverage, and supporting the circular economy through sustainable finance.

• Maintains high entry barriers and a reliable reputation, regulated by the Bank of Italy.