Kruk S.a · GPW:KRU
Kruk — KRUK Spólka Akcyjna — Q4 2025 Earnings Presentation
41 slides from Kruk's earnings presentation, Feb 27, 2026
Slide 1: Q4 2025 Results Presentation
Q4 2025 Results Presentation KRUK Group 26 February 2026 (unaudited data)
Slide 2: KRUK delivers record-breaking profit figures for 2025
KRUK delivers record-breaking profit figures for 2025 of ca. PLN 1.1 billion PLN 2,223 million (-21% y/y) PLN 3,920 million (+11% y/y) PLN 2,665 million (+12% y/y) Investments in debt portfolios Recoveries from purchased portfolios Cash EBITDA PLN 1,136 million (+12% y/y) PLN 1,086 million (+1% y/y)
Slide 3: Summary of 2025 results
Summary of 2025 results 3
Slide 4: KRUK has been creating long-term value for years
KRUK has been creating long-term value for years 3500Investments in debt portfolios (PLN million) and net 3.00 Cash EBITDA debt/cash EBITDA 2.7 2,665 2,972 2.6 3000 2,828 2.50 2,374 2.3 2.3 2.1 2.4 2.2 2.2 2,104 2.1 2500 2,311 1.9 1.9 2,223 2.00 1,809 1.7 1.7 2000 1.6 1,548 1.5 1,738 1.50 1,394 1,23
Slide 5: Over PLN 2.2 billion invested in new debt portfolios
Over PLN 2.2 billion invested in new debt portfolios despite temporary scale-back of investments in Spain, and record-high recoveries of PLN 3.9 billion Share of each market in total recoveries • Recoveries from the KRUK Group’s purchased portfolios grew by PLN 383 million y/y (+11%), mainly on high
Slide 6: PLN 126 million increase in profit before tax
PLN 126 million increase in profit before tax (+12% y/y) ✓ 2025 net profit came in at PLN 1,086 million (PLN +11 million, or +1% y/y). Net profit ✓ 2025 profit before tax reached PLN 1,136 million (PLN +126 million, or +12% y/y). PLN 1,086 million ✓ EBITDA amounted to PLN 1,643 million (PLN +168 mil
Slide 7: KRUK Group: robust balance sheet, broad access to financing
KRUK Group: robust balance sheet, broad access to financing and consistent delivery of the strategic plan ✓ Equity represents 41% of the KRUK Group’s financing sources. The interest-bearing net debt to equity ratio was 1.3x (maximum contractual level: 3.0x), with the interest-bearing net debt to cas
Slide 8: Geographical and operating segments
Geographical and operating segments 8
Slide 9: KRUK Group in 2025: segment overview
KRUK Group in 2025: segment overview Unallocated / Poland Romania Italy Spain Other markets KRUK Group Head Office (PLN million) 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 Expenditure on debt portfolios 643 1087 573 770 847 541 N/A 2,223 2,828 264 122 114 88 1,562 1,444 70
Slide 10: Debt purchase market in Poland in 2025
Debt purchase market in Poland in 2025 • In 2025, the level of non-performing unsecured consumer debt remained similar Poland Non-performing bank loans (PLN billion) year on year, at approximately PLN 23 billion. • The estimated total debt supply in nominal terms was PLN 16.5 billion, of which 40 un
Slide 11: KRUK Group's operations in Poland
KRUK Group’s operations in Poland Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 (PLN million) 2025 2024 y/y 2024 2024 2024 2024 2025 2025 2025 2025 Expenditure on debt portfolios 643 1,087 -41% 132 222 181 552 19 349 50 225 Recoveries 1,562 1,444 8% 348 385 349 361 379 398 386 400 Portfolio carrying amount 4,429 4,059 9%
Slide 12: Debt purchase market in Romania in 2025
Debt purchase market in Romania in 2025 Romania Impaired bank loans (PLN billion) 18 16.4 17.0 • Non-performing debt assets held by Romanian banks amounted to PLN 17 billion (+12% y/y). Tysiące 16 14 • Unsecured retail debt portfolios sold on the Romanian market in 2025 were 12 10 worth PLN 1.8 bill
Slide 13: KRUK Group's operations in Romania
KRUK Group’s operations in Romania Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 (PLN million) 2025 2024 y/y 2024 2024 2024 2024 2025 2025 2025 2025 Expenditure on debt portfolios 573 264 117% 23 69 77 95 75 57 131 310 Recoveries 709 684 4% 160 178 168 179 167 178 180 184 Portfolio carrying amount 2,033 1,620 25% 1,438 1
Slide 14: Debt purchase market in Italy in 2025
Debt purchase market in Italy in 2025 Italy Impaired bank loans (PLN billion) • Non-performing debt assets held by Italian banks fell significantly in 293 2021–2023, whereupon they have stabilised at a relatively high level. • According to the KRUK Group’s estimates, in 2025 the aggregate supply of
Slide 15: KRUK Group's operations in Italy
KRUK Group’s operations in Italy Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 (PLN million) 2025 2024 y/y 2024 2024 2024 2024 2025 2025 2025 2025 Expenditure on debt portfolios 770 847 -9% 134 111 136 467 74 120 410 166 Recoveries 969 769 26% 196 177 177 218 227 219 275 248 Portfolio carrying amount 3,160 2,729 16% 2,19
Slide 16: Debt purchase market in Spain in 2025
Debt purchase market in Spain in 2025 Spain Impaired bank loans (PLN billion) • Based on KRUK’s estimates, the nominal value of retail and corporate debt 131 portfolios sold in Spain in 2025 reached approximately PLN 85 billion. • The total amount invested by debt purchasers on the Spanish market wa
Slide 17: KRUK Group's operations in Spain
KRUK Group’s operations in Spain Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 (PLN million) 2025 2024 y/y 2024 2024 2024 2024 2025 2025 2025 2025 Expenditure on debt portfolios 122 541 -77% 27 142 317 54 14 34 13 62 Recoveries 557 538 4% 126 119 146 147 128 145 137 146 Portfolio carrying amount 1,811 1,898 -5% 1,693 1,7
Slide 18: Operations in France, the Czech Republic, Slovakia and Germany
KRUK Group’s operations in France, the Czech Republic, Slovakia and Germany Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 (PLN million) 2025 2024 y/y 2024 2024 2024 2024 2025 2025 2025 2025 Expenditure on debt portfolios 114 88 30% 19 20 32 17 47 18 18 32 Recoveries 124 102 22% 23 24 24 30 24 47 32 21 Portfolio carrying
Slide 19: Wonga, consumer lending business in Poland and Romania
Wonga, consumer lending business in Poland and Romania (PLN million) 2025 2024 y/y Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Value of loans granted (principal) 982 679 44% 152 161 175 191 224 241 252 264 Carrying amount of loans 612 503 22% 426 469 473 503 538 561 588 612 Reven
Slide 20: Financials
Financials 20
Slide 21: KRUK Group: P&L by business segment
KRUK Group: P&L by business segment (presentation format) PLN million 2025 2024 y/y Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 PURCHASED DEBT PORTFOLIOS Expenditure on debt portfolios 2,223 2,828 -21% 335 565 743 1,185 229 577 622 796 Recoveries 3,920 3,536 11% 854 883 864 935 9
Slide 22: KRUK Group: P&L by geographical segment
KRUK Group: P&L by geographical segment (presentation format) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 PLN million 2025 2024 y/y 2024 2024 2024 2024 2025 2025 2025 2025 Operating income 3,191 2,908 10% 748 732 844 583 802 797 803 788 Poland 1,520 1,409 8% 337 365 386 321 367 364 367 421 Romania 579 628 -8% 148 153 1
Slide 23: KRUK Group: cash flows
KRUK Group: cash flows (presentation format) PLN million 2025 2024 y/y Q1 2024Q2 2024Q3 2024Q4 2024Q1 2025Q2 2025Q3 2025Q4 2025 Cash flows from operating activities 1,988 1,806 10% 478 497 412 419 537 450 513 488 Recoveries − purchased debt portfolios 3,920 3,536 11% 854 883 864 935 923 987 1,011 99
Slide 24: Selected items of the statement of financial position
KRUK Group: selected items of the statement of financial position (presentation format) 31 Dec 30 Sep 30 Jun 31 Mar 31 Dec 30 Sep 30 Jun 31 Mar 31 Dec 30 Sep PLN million 2025 2025 2025 2025 2024 2024 2024 2024 2023 2023 ASSETS Cash and cash equivalents 213 314 266 229 215 178 181 285 388 194 Investm
Slide 25: Financing structure
Financing structure The Group follows a strategy of repaying debt using existing assets, without the need for debt rollover. Bank credit 3M WIBOR + 2.7–4.65pp in PLN, with variable rate: PLN 2,525 million** facilities drawn % 1M/3M WIBOR + 1.9–2.95pp 1M EURIBOR + 2.3–2.95pp PLN 801 million* based on
Slide 26: Group: ERC at PLN 26.2 billion
KRUK Group: ERC at PLN 26.2 billion Estimated remaining collections (ERC) by years of servicing as at the end of period 2025 ERC: PLN 26.2 billion 4.00 3.60 2024 ERC: PLN 23.1 billion (PLN billion) 3.50 3.30 3.34 3.09 3.00 2.90 2.66 2.48 2025 2024 2.50 2.22 2.11 2.00 1.92 1.79 1.58 1.55 1.33 1.36 1.
Slide 27: Historical recoveries until year-end 2025
KRUK Group: historical recoveries until year-end 2025 2004–2010 expenditure (PLN million) Recoveries in the successive years of servicing to expenditure in 2004–2010 90% 2004-2006 183 80% 2007 70% 2008 60% 2009 104 50% 2010 81 82 40% 65 30% 20% 10% 0% 2004-2006 2007 2008 2009 2010 1 2 3 4 5 6 7 8 9
Slide 28: Historical recoveries until year-end 2025
KRUK Group: historical recoveries until year-end 2025 2016–2020 expenditure (PLN million) Recoveries in the successive years of servicing to expenditure in 2016–2020 45% 2016 1,398 40% 2017 1,288 35% 2018 973 30% 2019 771 25% 2020 20% 460 15% 10% 5% 0% 2016 2017 2018 2019 2020 1 2 3 4 5 6 7 8 9 10 2
Slide 29: Historical recoveries by portfolio acquisition date
KRUK Group: historical recoveries Historical recoveries for 2004–2025 portfolios Period 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 TOTAL 2004-2006* 68% 78% 40% 31% 30% 27% 30% 31% 33% 31% 29% 26% 23% 20% 20% 21% 22% 23% 24% 23% 14% 24% 668% 2007 23% 70% 39% 30% 24% 23% 24% 22% 21% 20%
Slide 30: Recoveries from portfolios by acquisition vintage
KRUK Group: recoveries from portfolios by acquisition vintage as a share of total recoveries Recoveries from portfolios by acquisition vintage as a share of total recoveries Acquisition period 2004- 2011- PLN million 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2010 2015 2024 120 409 272 170 23
Slide 31: Actual vs projected recoveries
KRUK Group: actual vs projected recoveries and revaluation of projected recoveries Deviation between actual and projected recoveries and other items* Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 • In recent quarters, KRUK has PLN million 2022 2022 2022 2022 2023 2023 2023 2023 2024 2024 2024 2024
Slide 32: Delivery of the 2025–2029 Strategy
Delivery of the 2025–2029 Strategy
Slide 33: Key elements of the 2025–2029 Strategy
Key elements of the 2025–2029 Strategy 2025–2029 Strategy: Delivery of the Strategy in 2025: ✓ KRUK Management Board reaffirms the target of investing PLN 15 billion over the Strategy period. In ✓ ~PLN 15 billion → new investments in debt 2025, despite the scale-back of investment activity in Spain,
Slide 34: Operational and investment excellence
2025–2029 Strategy: operational and investment excellence Operational excellence Investment excellence (PLN billion) (PLN billion) 15.0 11.1 34 6.0 26 26 0.5 2.2 2004-2010 2011-2018 2019-2024 2025-2029 Historical recoveries from 2002 to 31 Dec 2025 20-year accounting estimate of recoveries from debt
Slide 35: Strategy: digital transformation
2025–2029 Strategy: digital transformation – analytics & technology (New Horizon) In 2025, KRUK continued its digital transformation journey in line with the adopted roadmap. Under the New Horizon programme (establishment of a new analytics & technology ecosystem), the Group implemented a series of
Slide 36: Legal and organisational transformation
2025–2029 Strategy: KRUK Group’s legal and organisational transformation We are adjusting the Group’s organisational structure so as to separate operating activities from the investment What are we doing? function, and KRUK S.A. will seek to obtain the status of an Alternative Investment Company (AS
Slide 37: Additional information
Additional information 37
Slide 38: Delivery of the ESG Strategy
Delivery of the ESG Strategy KRUK Group’s strategic commitments towards UN Sustainable Development Goals WORKFORCE SOCIETY • Maintaining gender equality: 62% of the KRUK The KRUK Group held a number of educational Group’s workforce were female and 38% were initiatives aimed at enhancing financial ma
Slide 39: 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% 26 February Issue of the Q4 2025 report OFE Allianz Polska 11.63% 10 Ma
Slide 40: 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 41: Thank you.
Thank you. KRUK S.A. ul. Bolkowska 3 53-612 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