KRUK Spólka Akcyjna (KRU) Corporate presentation summary

Business overview and strategy

• Leading player in retail unsecured debt markets in Poland, Romania, Italy, and Spain, with a 19% ROE and low leverage (2.6x net debt/cash EBITDA, 1.3x net debt/equity).

• Purchased 2,347 debt portfolios with a nominal value of PLN 144bn, investing PLN 20.3bn and recovering PLN 26.8bn to date.

• Strategy 2025-2029 targets PLN 15bn new investments, PLN 29bn recoveries over 20 years, ~20% ROE, and PLN 0.5bn in digital transformation.

• Focus on operational excellence, process reengineering, analytics, and technology to drive growth and efficiency.

• Expansion into new markets, including first debt portfolio purchase in France in 2024.

Financial performance and results

• Q1 2026 net profit reached PLN 262m (+4% y/y), with PLN 513m invested in debt portfolios (+124% y/y) and PLN 971m in recoveries (+5% y/y).

• Cash EBITDA rose 6% y/y to PLN 656m; revenue was PLN 783m (-2% y/y); operating expenses fell 3% y/y.

• Equity at PLN 5.6bn (+18% y/y), net debt at PLN 7.0bn (+15% y/y), and assets at PLN 13.6bn (+16% y/y).

• Estimated remaining collections (ERC) at PLN 26.9bn, with a gross IRR of 20.9% in 2025.

• Dividend of PLN 20 per share recommended for 2026.

Market position and geographical segments

• Holds 24% share in Poland, 70% in Romania, 31% in Italy, and 12% in Spain for unsecured retail debt purchases.

• In Q1 2026, 88% of investments and 60% of recoveries were outside Poland; Italy accounted for 67% of investments.

• Portfolio carrying amounts: Poland PLN 4.4bn, Italy PLN 3.5bn, Romania PLN 2.1bn, Spain PLN 1.8bn, other markets PLN 0.2bn.

• Positive deviation between actual and projected recoveries in all major markets.

• Plans to increase investment activity in Spain and further assess the French market.