SPÓŁKA AKCYJNA
KRUK
KRUK Spółka Akcyjna
SPÓŁKA AKCYJNA
Listed on the Warsaw Stock ExchangeKRUK Spółka Akcyjna
KRUK S.A. is a Polish debt management group founded in 1998 in Wrocław, one of the largest in Europe. Listed on the WSE since 2011 (WIG20), with bonds on Catalyst and the Stockholm Nasdaq. The main business line is investing in its own debt portfolio (mostly retail, unsecured) and collecting on own account. The Group operates in 5 investment markets — Poland, Romania, Italy, Spain, France — and provides debt-collection services on commission in Poland, Spain and Italy. The supplementary business is consumer lending (Wonga.pl in Poland, Novum in Romania). At end of Q1'26 the balance-sheet value of the debt portfolio reached PLN 12.0 bn (+16% YoY), ERC PLN 26.9 bn, Group assets PLN 13.57 bn. Q1'26 delivered net profit of PLN 262 m (+4% YoY), cash EBITDA of PLN 656 m (+6%), trailing ROE of 19%. The Group employs 3,643 people. The net debt / cash EBITDA ratio of 2.6x provides substantial credit headroom. The recommended 2025 dividend is PLN 20/share.
What KRUK actually sells and operates.
The main business line: buying debt portfolios (mostly retail, unsecured) from banks and lenders. Collection on own account. 5 markets: Poland, Romania, Italy, Spain, France. Q1'26 portfolio value: PLN 12 bn.
Debt-collection services on commission from banks and finance companies in Poland, Spain and Italy. A low-capital fee-based business complementing the main investment model.
Polish online consumer-loan platform. Provides vertical integration: lending + collection. Generates an own portfolio for KRUK.
Romanian consumer-loan platform, the Romanian equivalent of Wonga.pl. Portfolio growth in the rising Romanian consumer-credit market.
1Q26 portfolio value
PLN 12.0 bn
ERC (Q1'26)
PLN 26.9 bn
Q1'26 net profit
PLN 262 m
Trailing ROE
19%
Q1'26 collections
PLN 971 m
Net debt / EBITDA
2.6x
Recom. 2025 dividend
PLN 20/share
Employees
3,643 FTE
Market capitalisation
7.75B PLN
Ranked #25 among the largest Polish companies in WIG-POLAND.
No arrears identified in the analyzed sources
No arrears or bankruptcy proceedings identified in the analyzed sources.
Main activity
82.91.ZActivities of collection agencies and credit bureaus
Other activities
Selected excerpts from our analysis of KRUK. Full analysis on the Analysis tab.
KRUK S.A., founded in 1998 in Wrocław, is one of the largest debt-management groups in Europe. Its core business is investing in its own portfolios of receivables (mainly retail, unsecured) and collecting them on its own account. The group operates across five investment…
Read the full company profile KRUKKRUK's business model rests on three pillars: purchasing and servicing receivables portfolios on its own account, providing third-party collection services, and unsecured consumer lending. The dominant line - generating more than 90% of revenue - is recoveries from purchased…
Explore the business model KRUKKRUK kept operating profitability high in Q1 2026 despite a very low base for portfolio-revision uplifts compared with the prior year. Net profit reached PLN 262 million (+4% YoY), gross profit PLN 271 million (-4% YoY), EBITDA PLN 404 million (-1% YoY) and cash EBITDA rose…
See full financial performance KRUKCredibility rating
66.8 / 100
Good credibility
Insolvency risk
Very low
Low threat
Closure risk
1
/ 100
Risk comparison - scale 0 (safe) → 100 (critical)
No instability signals - ownership, management, PKD codes and company name remain relatively stable.
Shareholder changes
0
0/21 yrs
Board changes
8
8/21 yrs
PKD changes
6
6/21 yrs
Name changes
0
0/21 yrs
Data from 21 years of registry activity.
Payment reliability score from 2008–2025
Current: C (67/100)
Trend: deteriorating (-4.1 pts/year)
Moderate payment credibility - the company is able to meet its obligations, but some indicators warrant caution.
Standard limit from 2008–2025
Current: 693.2 M PLN
Safe: 311.9 M PLN
Difference between risk models
Closure - probability of ceasing operations (operational continuity). Insolvency - probability of formal bankruptcy / restructuring. The models use different data - results can diverge significantly when balance-sheet data is incomplete.
Listed on the Warsaw Stock Exchange
KRUISIN: PLKRK0000010Główny Rynek
Ranked #25 in WIG-Poland
Founded
September 7, 2005
20 years in operation
Legal form
SPÓŁKA AKCYJNA
Registry: RejP
Headquarters
WROCŁAW
DOLNOŚLĄSKIE
Primary PKD
82.91.Z
Activities of collection agencies and credit bureaus
Share capital
19.5 M PLN
Shareholders
N/A
Board
5 people
Sup. board: 7
Filed years
18 years
2008–2025
Registry entries
137
latest: April 27, 2026
Revenue
2.5 B PLN
2025
Net profit
1.1 B PLN
2025
Assets
13.0 B PLN
2025
Equity
5.3 B PLN
2025
EBITDA
1.6 B PLN
2025
Listing data for KRUK on the Warsaw Stock Exchange (GPW) - share price, session change, market segment, industry sector, ISIN code and stock-index membership.
Quotes, shareholders, announcements
KRU
ISIN: PLKRK0000010
Global Legal Entity Identifier (LEI) for KRUK from the GLEIF database - code, status, BIC, registered address and registration details.
LEI code
259400T1FZYBIW8XUJ78
Legal name
"KRUK" SPÓŁKA AKCYJNA
Registry number
0000240829
Jurisdiction
PL
Registered address
Wrocław Bolkowska 353-612 WrocławPLHeadquarters
Same as registered address.
Rate business credibility - KRUK.
Consumer brand owned by this company.
Umbrella brand
Lider rynku zarządzania wierzytelnościami w Europie Środkowo-Wschodniej — windykacja i obrót portfelami długów.
Visit website
News
The Kruk SA management board recommends PLN 18 per share from 2025 profits - around PLN 340 m in total. It continues a policy distributing roughly 50% of net profit, supported by expansion in Italy, Romania, Spain, and Germany. At the current price of about PLN 520 the dividend yield reaches approximately 3.5%. Ownership is dispersed - mainly OFE pension funds, investment funds, and free float, with no State Treasury stake and no dominant strategic investor.
Ranking
Composition of WIG20 at the end of April 2026: the 20 largest and most liquid companies on the Warsaw Stock Exchange. The State Treasury controls eight constituents; foreign capital dominates three more. LPP's share price hits a record PLN 21,880 - over 2,300 times higher than the cheapest WIG20 share, Tauron at PLN 9.47.
KRUK is one of the largest debt-management firms in Europe. PLN 12 billion of portfolio book value, PLN 26.9 billion of ERC and operations in five investment markets. Scale provides cost and negotiation advantages when buying from banks and financial institutions.
Gross IRR on 2025-vintage portfolios was 20.9% versus 22.7% in both 2023 and 2024. Money multiple dropped from 2.4x to 2.3x. This reflects rising competition for portfolio purchases, especially in Italy, where KRUK placed 67% of Q1 2026 capex. Margin compression is a…
Explore the weaknesses KRUKBank activity in NPL portfolio sales remains high - MREL requirements, capital-adequacy pressure and a preference for cleaner balance sheets force regular receivables disposals. With a PLN 13.6 billion balance sheet and PLN 1.3 billion of undrawn facilities, KRUK has the…
Explore the opportunities KRUKThe drop in 2025-vintage gross IRR to 20.9% (from 22.7% in 2024) reflects pricing pressure in portfolio auctions, particularly in Western Europe. Further margin compression would lower the profitability of new vintages and could force a more conservative purchase pace.
Explore the key risks KRUKKRUK competes in the debt-management segment across five European markets. Its differentiators are balance-sheet scale (PLN 12 billion of portfolios), geographic diversification and many years of experience in unsecured retail collections. Competition is intense and often…
See the competitive analysis KRUKExecution against a record investment pipeline - after PLN 513 million of capex in Q1 2026 (+124% YoY) and PLN 796 million in Q4 2025, KRUK is running a high-velocity buying cycle. Market consensus pencils in full-year capex of PLN 2.2-2.5 billion, similar to 2025. IRR on new…
Explore the outlook KRUKKRUK does not publish a single formal multi-year strategy document. Instead, it communicates direction through its dividend policy, IR calendar and quarterly presentations. In this sense, the 2025-2029 strategy consists of several consistent priorities.
Explore the strategy KRUKThe dividend policy, adopted under Management Board resolution 5/2025, applies from fiscal year 2025 to 2029. Key principles:
See the dividend policy KRUKGLEIF data, retrieved 2026-05-20.
View 259400T1FZYBIW8XUJ78 on GLEIFRegistered shareholders of KRUK, the chain leading to the ultimate owner, and the geographic origin of the capital.
Share capital
19.5 M PLN
Natural persons exercising effective control over KRUK and authorised representatives - data from the Polish Central Register of Beneficial Owners (CRBR) maintained by the Ministry of Finance.
KRUK is a public company listed on the Warsaw Stock Exchange and is not required to file beneficial-owner information with the CRBR.
Exemption: The obligation does not apply to joint-stock companies that are public companies within the meaning of the Polish Act on Public Offerings.
Why? The risk of concealing the identity of controlling persons in listed companies is considered lower thanks to the transparency of the shareholding structure.
Note: If a company is a joint-stock company but is not public (not listed on a stock exchange), the obligation to file with the CRBR still applies.
Answers to questions about the company's activity, registered office, identifiers, financial data, capital and control.
Three variables explain most of the price moves. First, new-portfolio investment pace — Q1'26 saw +124% YoY of investment; every investment round directly affects future ERC and EBITDA. Second, portfolio margin — IRR on newly purchased portfolios; competitive pressure compresses the margin. Third, collection cycle — whether portfolio collections (Q1'26: PLN 971 m, +5%) hold momentum amid the consumer cycle. Secondary: macro cycles in 5 countries, EUR/PLN rate, consumer regulation, dividend policy. An investor's first glance at KRUK should be investment pace and portfolio margin — these two variables shape most of the valuation.
Latest reporting year
2025
Available years
20
Filing entries
0
20 historical registry entries for KRUK
Share capital change, Articles of association amended, Change in Section 1 (basic data)
WR.VI NS-REJ.KRS/17871/25/977
Filing documents submitted (9 documents)
Share capital change, Articles of association amended, Change in Section 1 (basic data)
WR.VI NS-REJ.KRS/38360/25/835
Change in Section 1 (basic data)
WR.VI NS-REJ.KRS/38360/25/835/ADE
Share capital change, Articles of association amended, Change in Section 1 (basic data)
WR.VI NS-REJ.KRS/15353/26/493
Capital origin
kapitał krajowy
Ownership chain
Share capital
19,543,390.00 PLN
Shares outstanding
19,543,390
| Shareholder | Shares | Capital share | Votes | Vote share |
|---|---|---|---|---|
| NATIONALE-NEDERLANDEN Powszechne Towarzystwo Emerytalne S.A. | 2,624,300 | 13.43% | 2,624,300 | 13.43% |
| Powszechne Towarzystwo Emerytalne Allianz Polska S.A. | 2,266,466 | 11.60% | 2,266,466 | 11.60% |
| Porozumienie: p. Piotr Krupa. p. Sylwia Krupa. KRUPA Fundacja Rodzinna w organizacji | 1,699,965 | 8.70% | 1,699,965 | 8.70% |
| Generali Powszechne Towarzystwo Emerytalne SA | 1,650,065 | 8.44% | 1,650,065 | 8.44% |
| Vienna Powszechne Towarzystwo Emerytalne S.A. Vienna Insurance Group. | 1,044,523 | 5.34% | 1,044,523 | 5.34% |
| Powszechne Towarzystwo Emerytalne PZU S.A. | 989,865 | 5.06% | 989,865 | 5.06% |
| Other minor shareholders | 9,268,206 | 47.43% | - | - |
* z podmiotami zależnymi
Source: GPW (shareholders with ≥5% of capital or votes). Other minor shareholders are the public float.
Average annual headcount for KRUK and its capital group by year - figures disclosed in the issuer's annual reports.
Number of employees hired directly by the company.
As of 2020
1,230
| Year | Headcount | YoY change |
|---|---|---|
| 2020 | 1,230 | -268 (-17.9%) |
| 2019 | 1,498 | +129 (+9.4%) |
| 2018 | 1,369 | +10 (+0.7%) |
| 2017 | 1,359 | -250 (-15.5%) |
| 2016 | 1,609 | +242 (+17.7%) |
| 2015 | 1,367 | +197 (+16.8%) |
| 2013 | 1,170 | +254 (+27.7%) |
| 2011 | 916 |
Consolidated headcount across the capital group.
As of 2024
3,537
| Year | Headcount | YoY change |
|---|---|---|
| 2024 | 3,537 | +123 (+3.6%) |
| 2023 | 3,414 | +147 (+4.5%) |
| 2022 | 3,267 | +205 (+6.7%) |
| 2021 | 3,062 | -63 (-2%) |
| 2020 |
GPW data, retrieved June 4, 2026.
| 3,125 |
| -138 (-4.2%) |
| 2019 | 3,263 | +79 (+2.5%) |
| 2018 | 3,184 | +98 (+3.2%) |
| 2017 | 3,086 | -182 (-5.6%) |
| 2016 | 3,268 | +633 (+24%) |
| 2015 | 2,635 | +300 (+12.8%) |
| 2013 | 2,335 | +951 (+68.7%) |
| 2011 | 1,384 |
Competing companies or those operating in the same market segment as KRUK (in Wrocław, industry: Office administration).
WROCŁAW· Office administration
Revenue 2024: 81.2 M PLN
WROCŁAW· Office administration
Revenue 2023: 63.0 M PLN
WROCŁAW· Office administration
Revenue 2022: 23.6 M PLN
WROCŁAW· Office administration
Revenue 2023: 15.5 M PLN
WROCŁAW· Office administration
Revenue 2024: 4.5 M PLN
WROCŁAW· Office administration
Revenue 2024: 3.8 M PLN
