Kruso Kapital (KK) investor relations material

Executive summary

• Intermediation margin rose 7.0% year-over-year to €18.5 million for the first half of 2026, driven by increased funding operations and higher credit profitability at 21.9%.

• Operating costs increased 9.8% year-over-year to €11.6 million, mainly due to higher personnel expenses from organizational growth and non-recurring administrative costs related to the uplisting to Euronext Milan.

• Pre-tax profit remained stable year-over-year at €6.8 million; adjusted for variable personnel costs and non-recurring items, pre-tax profit would be €6.2 million.

• Net profit for the period was €4.4 million, essentially flat compared to the previous year.

Financial highlights

• Interest income grew 15.4% year-over-year to €10.4 million, while interest expenses decreased 2.4% to €2.3 million.

• Net interest margin increased 21.7% year-over-year to €8.1 million.

• Net commissions were slightly down 1.5% year-over-year at €10.4 million.

• Total assets rose 8.4% since December 2025 to €233.0 million, with customer loans up 9.6% to €170.0 million.

• Equity increased to €62.6 million, up from €58.2 million at year-end 2025.

Outlook and guidance

• Management expects continued positive performance in Italy and Portugal, in line with the 2026-28 Industrial Plan.

• Anticipates stable margins and loan growth in the second half of the year, with funding costs rising due to diversification strategies.

• Market consensus expects medium-term gold prices to remain at or above 2025 averages.