Kruso Kapital (KK) Q3 2025 earnings summary

Executive summary

• Net income for the first nine months of 2025 more than doubled year-over-year, reaching €6.2 million (€6.7 million adjusted for non-recurring items), driven by strong growth in pawn loans and the consolidation of the Portuguese subsidiary CEP.

• Total income rose 48% year-over-year to €26.0 million, mainly due to increased loan volumes, higher profitability, and greater auction commissions.

• The number of pawn contracts and auctions increased significantly, with 96,000 contracts and 50 auctions held, up from 39 in the prior year.

Financial highlights

• Net income: €6.2 million, up over 100% year-over-year; adjusted net income: €6.7 million.

• Total income: €26.0 million, up 48% year-over-year.

• Net interest income: €10.3 million, up 40.2% year-over-year, supported by a 28% increase in interest income.

• Net fees and commissions: €15.7 million, up 54% year-over-year.

• Operating costs: €16.3 million, up 29% year-over-year, mainly due to higher personnel and administrative expenses.

• Pre-tax profit: €9.8 million, more than doubled year-over-year.

Outlook and guidance

• Pawn loan volumes in Italy expected to increase, with further consolidation anticipated in Greece and Portugal.

• Subsidiaries PP Grecia and Kruso Art are developing but are not expected to contribute positively to 2025 net income.

• Gold prices are projected to exceed 2024 levels, supporting collateral values.

• Regulatory changes (CRR III) regarding gold as collateral are expected from January 2026.