KRUK Spólka Akcyjna (KRKKF) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good afternoon or good morning. Welcome to a call conference for True Group. My name is Michał Zasempa. It's my pleasure to host you to this meeting. I'll be using the presentation which is available on our website since yesterday. Please let me guide you through the Q4 or full year 2025. And in the meantime, and after my presentation, please use the Q&A functionality here in Teams to ask your questions. I will answer them after the presentation. So let's start. 2025 is a record year for the business. If you look at operating profit measures such as EBITDA, Cash EBITDA, there is a healthy growth of 12%. It's also 12% that our assets grew by. The net profit growth is much smaller and the result for that is taxation. There was a release in tax assets last year. There was more tax that we paid or created additional reserve provision for deferred tax assets this year. But fundamentally, this has been a healthy growth for 2025, despite the fact that during the 2025 Romanian lei depreciated versus Euro and Poli Zloty, which cost us about 41 million Zloty, and despite the fact that we have increasingly invested and spent money on digital transformation, the OPEX for the digital transformation, which started at the beginning of 2025, was for the year about 30 million Zloty. So you have this 70 million Zloty of additional costs, that occurred in 2025, depressed our results. Still, the business grew by about 12% on operating level and onto profit before tax level. We ended that year with 11.6 billion zloty of portfolio worth on our balance sheet and then 11% growth with healthy indebtedness level at 2.6, net debt to cash in BDA with record high recoveries, investments, moderate, somewhat lower than our initial plan, they were 2.2 million, but on the other hand, with decent ret...