Kruso Kapital (KK) H2 2024 earnings summary

Executive summary

• Consolidated net profit reached €4.5 million in 2024, up 56% year-over-year, driven by higher total income and successful portfolio acquisitions in Italy and Portugal.

• Total income rose 27.3% to €24.7 million, mainly from collateralised lending, with digital policies and online auctions expanding significantly.

• The group completed its IPO, transitioned to the Euronext Growth Milan market, and executed several strategic acquisitions, including Pignus - Credito Economico Popular in Portugal.

Financial highlights

• Net interest income increased by 34.7% to €10.4 million, while net fee and commission income grew 19.2% to €14.3 million year-over-year.

• Operating costs rose 15.3% to €17 million, mainly due to higher personnel expenses and non-recurring IPO and acquisition costs.

• Loans and receivables with customers increased 18.5% to €143.8 million, reflecting growth in Italy, Portugal, and Greece.

• Total assets reached €204.5 million, up 21.9% from 2023.

• Share capital increased to €24.6 million post-IPO.

Outlook and guidance

• Collateralised loan volumes in Italy are expected to grow further in 2025, supported by portfolio acquisitions and stable gold prices.

• The company will classify loans overdue by more than 90 days as "past due" from Q1 2025 and, from 2026, gold collateral will no longer be eligible for credit risk mitigation under new regulations.