Kruk S.a · GPW:KRU
Kruk — KRUK Spólka Akcyjna — Q1 2026 Earnings Presentation
27 slides from Kruk's earnings presentation, Apr 30, 2026
Slide 1: Q1 2026 Results Presentation
Q1 2026 Results Presentation KRUK Group 29 April 2026 (unaudited data)
Slide 2: PLN 262 million in net profit in Q1 2026
PLN 262 million in net profit in Q1 2026 PLN 513 million (+124% y/y) PLN 971 million (+5% y/y) PLN 656 million (+6% y/y) Debt portfolio investments Recoveries from purchased portfolios Cash EBITDA PLN 271 million (-4% y/y) PLN 262 million (+4% y/y) 19% Profit before tax Net profit Rolling ROE (LTM)*
Slide 3: Summary of Q1 2026 results
Summary of Q1 2026 results 3
Slide 4: KRUK recovers PLN 1.0 billion and invests PLN 0.5 billion in Q1 2026
KRUK recovers PLN 1.0 billion and invests PLN 0.5 billion in Q1 2026 Share of total recoveries by market • Recoveries from purchased portfolios grew by PLN 48 million (5%) year on year, mainly on improved recoveries achieved in Italy (up PLN 22 million year on year) and Romania (up PLN 20 million).
Slide 5: Cash EBITDA rises 6% year on year to PLN 656 million
Cash EBITDA rises 6% year on year to PLN 656 million ✓ Net profit amounted to PLN 262 million (up PLN 11 million, or 4% year on year). Net profit ✓ Profit before tax at PLN 271 million (down PLN 10 million, or 4% year on year). PLN 262 million ✓ EBITDA reached PLN 403 million (down PLN 6 million, or
Slide 6: KRUK Group: robust balance sheet, broad access to financing and consistent delivery of the strategic plan
KRUK Group: robust balance sheet, broad access to financing and consistent delivery of the strategic plan ✓ Equity represents 42% of the KRUK Group’s financing sources. The interest-bearing net debt to equity ratio was 1.3x Equity (maximum contractual level: 3.0x), with the interest-bearing net debt
Slide 7: Geographical and operating segments
Geographical and operating segments 7
Slide 8: KRUK Group by segments in Q1 2026
KRUK Group by segments in Q1 2026 Unallocated / Head Poland Romania Italy Spain Other markets KRUK Group Office (PLN million) Q1 2026 Q1 2025 Q1 2026 Q1 2025 Q1 2026 Q1 2025 Q1 2026 Q1 2025 Q1 2026 Q1 2025 Q1 2026 Q1 2025 Q1 2026 Q1 2025 Expenditure on debt portfolios 346 N/A 513 229 62 19 78 75 74
Slide 9: KRUK Group's operations in Poland
KRUK Group’s operations in Poland Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 (PLN million) Q1 2026 Q1 2025 y/y 2024 2024 2024 2025 2025 2025 2025 2026 Expenditure on debt portfolios 62 19 222% 222 181 552 19 349 50 225 62 Recoveries 389 379 3% 385 349 361 379 398 386 400 389 Portfolio carrying amount 4,396 3,994 10% 3
Slide 10: KRUK Group's operations in Romania
KRUK Group’s operations in Romania Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 (PLN million) Q1 2026 Q1 2025 y/y 2024 2024 2024 2025 2025 2025 2025 2026 Expenditure on debt portfolios 78 75 3% 69 77 95 75 57 131 310 78 Recoveries 187 167 12% 178 168 179 167 178 180 184 187 Portfolio carrying amount 2,099 1,652 27% 1,48
Slide 11: KRUK Group's operations in Italy
KRUK Group’s operations in Italy Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 (PLN million) Q1 2026 Q1 2025 y/y 2024 2024 2024 2025 2025 2025 2025 2026 Expenditure on debt portfolios 346 74 365% 111 136 467 74 120 410 166 346 Recoveries 248 227 10% 177 177 218 227 219 275 248 248 Portfolio carrying amount 3,479 2,675 30
Slide 12: KRUK Group's operations in Spain
KRUK Group’s operations in Spain Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 (PLN million) Q1 2026 Q1 2025 y/y 2024 2024 2024 2025 2025 2025 2025 2026 Expenditure on debt portfolios 11 14 -16% 142 317 54 14 34 13 62 11 Recoveries 131 128 2% 119 146 147 128 145 137 146 131 Portfolio carrying amount 1,812 1,838 -1% 1,771
Slide 13: KRUK Group's operations in France, the Czech Republic, Slovakia and Germany
KRUK Group’s operations in France, the Czech Republic, Slovakia and Germany Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 (PLN million) Q1 2026 Q1 2025 y/y 2024 2024 2024 2025 2025 2025 2025 2026 Expenditure on debt portfolios 16 47 -65% 20 32 17 47 18 18 32 16 Recoveries 17 24 -30% 24 24 30 24 47 32 21 17 Portfolio carr
Slide 14: Wonga, loan business in Poland and Romania
Wonga, loan business in Poland and Romania (PLN million) Q1 2026 Q1 2025 y/y Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Loans originated in the period 276 224 23% 161 175 191 224 241 252 264 276 (principal) Carrying amount of loans 638 538 19% 469 473 503 538 561 588 612 638 Rev
Slide 15: Financials
Financials 15
Slide 16: KRUK Group: P&L by business segment (presentation format)
KRUK Group: P&L by business segment (presentation format) PLN million Q1 2026 Q1 2025 y/y Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 PURCHASED DEBT PORTFOLIOS Expenditure on debt portfolios 513 229 124% 565 743 1,185 229 577 622 796 513 Recoveries 971 923 5% 883 864 935 923 987
Slide 17: KRUK Group: P&L by geographical segment (presentation format)
KRUK Group: P&L by geographical segment (presentation format) Q1 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 PLN million y/y 2026 2025 2024 2024 2024 2025 2025 2025 2025 2026 Operating income 783 802 -2% 732 844 583 802 797 803 788 783 Poland 346 367 -6% 365 386 321 367 364 367 421 346 Romania 148 160 -7% 153 187 14
Slide 18: KRUK Group: cash flows (presentation format)
KRUK Group: cash flows (presentation format) PLN million Q1 2026 Q1 2025 r/r Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Cash flows from operating activities 488 537 -9% 497 412 419 537 450 513 488 488 Recoveries − purchased debt portfolios 971 923 5% 883 864 935 923 987 1,011 99
Slide 19: KRUK Group: selected items of the statement of financial position
KRUK Group: selected items of the statement of financial position (presentation format) 31 Mar 31 Dec 30 Sep 30 Jun 31 Mar 31 Dec 30 Sep 30 Jun 31 Mar 31 Dec PLN million 2026 2025 2025 2025 2025 2024 2024 2024 2024 2023 ASSETS Cash and cash equivalents 367 213 314 266 229 215 178 181 285 388 Investm
Slide 20: Financing structure
Financing structure Bank credit 3M WIBOR + margin of 2.5–4.65pp in PLN, variable rate: PLN 3,073 million** facilities drawn % 1M/3M WIBOR + 1.7–2.95pp 1M EURIBOR + 1.7–2.95pp PLN 284 million* based on WIBOR PLN 3,012 million* based on EURIBOR Bonds % fixed for PLN: 4.0pp 3M EURIBOR + margin of 4.0–6
Slide 21: Group: ERC at PLN 26.9 billion
KRUK Group: ERC at PLN 26.9 billion Estimated remaining collections (ERC) by years of servicing as at the end of period Q1 2026 ERC: PLN 26.9 billion 4.00 3.72 3.60 Q4 2025 ERC: PLN 26.2 billion (PLN billion) 3.50 3.38 3.34 2.98 2.90 3.00 2.56 2.48 2.50 2.15 2.11 Q1 2026 Q4 2025 2.00 1.84 1.79 1.60
Slide 22: Group: actual vs projected recoveries and revaluation of projected recoveries
KRUK Group: actual vs projected recoveries and revaluation of projected recoveries Deviation between actual and projected recoveries and other items* • In recent quarters, KRUK has PLN million Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 delivered from 104% to 123% of projected recoveries*. A. Re
Slide 23: Additional information
Additional information 23
Slide 24: Sustainability at KRUK Group in Q1 2026
Sustainability at KRUK Group in Q1 2026 PEOPLE • The KRUK Group delivered a range of financial • Gender equality: 62% women and 38% men across the AFFECTED education initiatives for affected communities, including Group, including 57% women in management positions. COMMUNITIES, Learning About Financ
Slide 25: Investor Relations
Investor Relations Selected IR events planned for 2026 Shareholders with ownership interests above 3%** Date Event Shareholder Ownership interest 9 January Arctic’s Nordic Debt Collection Webinar OFE Nationale Nederlanden 13.46% 24–25 March PKO BP Securities CEE Capital Markets Conference, London OF
Slide 26: Legal disclaimer
Legal disclaimer The following information relates to the content of this document, its oral presentation by KRUK S.A. or any person acting on behalf of KRUK S.A., the information contained in this document and any information provided when responding to questions which may arise in connection with
Slide 27: Thank you.
Thank you. KRUK S.A. ul. Wołowska 8 51-116 Wrocław, Poland https://en.kruk.eu/ Investor Relations contact: ir@kruksa.pl Investor website: https://en.kruk.eu/investor-relations ESG: https://en.kruk.eu/esg