KRUK 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 to PLN 656 million (+6% YoY). Trailing ROE (LTM) came in at 19% (Q1 2025: 21%). EBITDA margin stood at 52% and net profit margin at 34%.

Operating revenue of PLN 783 million (-2% YoY) reflects a lower portfolio-revision uplift (PLN 94 million vs PLN 133 million a year earlier, -29%) and lower lending-segment revenue (PLN 50 million vs PLN 72 million, -30%). Interest income from portfolios, however, rose to PLN 592 million (vs PLN 530 million a year earlier), reflecting the growing book.

Recoveries and purchases

• Recoveries rose to PLN 971 million (+5% YoY). Trailing-12-month recoveries: PLN 3.97 billion.
• Purchases of new portfolios PLN 513 million (+124% YoY) - driven by heavy Italian buying (PLN 346 million, 67% of capex).
• Total nominal value of receivables purchased in Q1 2026: PLN 1.7 billion.
• Recoveries exceeded the accounting plan by PLN 34 million (Q1 2025: PLN 51 million). Positive variances have run above plan for many quarters.

Balance sheet and capital

• Group assets PLN 13.57 billion (+16% YoY), of which portfolio and loan investments PLN 12.64 billion.
• Equity PLN 5.64 billion (+18% YoY), retained earnings PLN 5.01 billion.
• Net interest-bearing debt PLN 7.02 billion, comprising bank loans PLN 3.39 billion plus bonds PLN 4.00 billion.
• Net debt / equity 1.3x (covenant cap 3.0x).
• Net debt / cash EBITDA 2.6x (covenant cap 4.0x).
• Cash EBITDA / interest expense 6.1x (covenant minimum 3.0x).
• Available credit facilities PLN 4.6 billion, undrawn PLN 1.3 billion.

Annual performance (12M scale)

Aggregating the 2025 quarters: revenue PLN 3.19 billion, EBITDA PLN 1.64 billion, cash EBITDA PLN 2.67 billion, net profit PLN 1.09 billion. Full-year recoveries PLN 3.92 billion, purchases PLN 2.22 billion. These are record operating levels for the group.

Cost management

Operating costs PLN 380 million (-3% YoY), driven by lower legal and bailiff fees (PLN 129 million, -6% YoY). Personnel costs rose slightly (PLN 152 million, +3% YoY). The operating-costs-to-recoveries ratio dropped to 25% (Q1 2025: 28%) - a scale and digital-transformation effect. Q1 2026 spending on digital transformation totalled PLN 24.3 million.