Kruso Kapital (KK) H2 2025 earnings summary

Executive summary

• Net profit doubled year-over-year to €8.8 million, driven by organic growth and full-year contribution from CEP in Portugal.

• Loan book for pawn credit reached €155.1 million, up 8% year-over-year, with strong performance in both Italy and Portugal.

• Intermediation margin rose 44.9% year-over-year to €35.8 million, supported by higher loan volumes, increased margins, and auction commissions.

Financial highlights

• Net profit: €8.8 million, +95% year-over-year.

• Intermediation margin: €35.8 million, +44.9% year-over-year.

• Operating costs: €21.9 million, +28.7% year-over-year, mainly due to consolidation of CEP and higher administrative expenses.

• Cost/income ratio improved to 61% from 69% in 2024.

• Total assets: €215.0 million, +5.1% year-over-year.

• Equity: €58.3 million, up from €49.5 million at end-2024.

Outlook and guidance

• Initiated securitization process to diversify funding and reduce reliance on main banking partner.

• Preliminary activities started for potential translisting to Euronext Milan regulated market.