Earnings release
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krusokapital.com 1 | 7 PRESS RELEASE NET INCOME 9M25: >+100% Y/Y Net income: 6.2 million (6.7 million adjusted to include non-recurring items) Pawn loans: 154.5 million, +20% y/y Total income: 26.0 million, +48% y/y Milan, 6 November 2025 The Board of Directors of Kruso Kapital has approved the consolidated financial statements as at 30 September 2025, reporting a sharp y/y increase (>100%) with net income at 6,246 thousand, confirming the growth reported in the prior quarters. The net income includes the contribution by Pignus – Crédito Economico Popular (CEP), the Portuguese subsidiary consolidated in November 2024. Al 30 September 2025, there were roughly 96 thousand pawn contracts underlying the 154.5 million loans (ex PPA), on the rise on a yearly basis, thanks also to CEP’s consolidation. With regard to the pawn loan business in Italy, 50 auctions of pawned assets were held in the period (39 in the same period of 2024), with a higher number of lots y/y. Total income rose by 48% y/y (26.0 million vs 17.6 million on 30.9.2024), mainly driven by the contribution of pawn loans, as a result of greater loan volumes and higher profitability, higher auction commissions and CEP’s contribution. Net interest income, standing at 10.3 million, grew y/y, sustained by a higher interest income (+28%), driven by the loan increase, CEP’s contribution (consolidated since 4Q24) and higher margines, which more than offset the negative impact from the 0.5 million premium tied to the portfolio purchased in January 2025 and reported as interest income, the negative PPA impact (0.8 million), virtually stable interest expense and a declining cost of funding on the wake of the evolution of the 3M Euribor. Net fees and commissions, at 15.7 million, rose by 54% y/y, driven by the loan increase, CEP’s contribution, and to a significant extent by the higher contribution of pawn auctions and the higher number of lots y/y. Loan loss provisions, basically unchanged y/y, since 1Q25 have been subject to the new lending policies, which, in addition to introducing a new loan classification, entailed also the adoption of new collective provisioning parameters. Operating costs, at 16.3 million, rose 29% y/y driven by: higher personnel expenses tied to CEP’s consolidation. Currently the headcount stands at 145 employees on 30.09.2025 vs 98 on 30.09.2024;
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krusokapital.com 2 | 7 PRESS RELEASE higher other administrative expenses for 1.9 million, generated by CEP’s consolidation (0.6 mil- lion), higher costs reported by KK in Italy, related to extraordinary advisory costs, e.g.. for the Credit Linked Note, higher IT expenses IT (0.3 million) and other running costs; the change in net impairment of intangible assets, mainly ascribable to the share of premium (0.4 million) generated by the portfolio purchased in January 2025, and to a minor extent to the recog- nition of CEP’s trademark (included in the PPA carried out in 2Q25, the trademark’s value during the period was 0.2 million). Income before taxes increased by more than 100% y/y, driven by the strong growth in revenues, featuring a faster rate compared to cost dynamics. Income from investments in associates, at 0.2 million non-recurring, stemmed from the partial payment tied to the earnout clause stipulated as part of the acquisition of Kruso Art, following an agreement with the former partners of the company (already registered in 2Q25). Net income came in at 6.2 million, reporting a y/y increase driven by the improved result of the ordinary management. Net of the non-recurring items illustrated above (earn out and PPA), the adjusted net income would add up to 6.7 million. Total assets, up roughly by 5% over 31.12.2024, mainly comprised customer loans amounting to 154.8 million originated by the pawn loans business (0.3 million PPA) and by a goodwill totaling 40.1 million, of which 28.4 million generated by the acquisition of the ex IntesaSanpaolo business line Pegno, 1.2 million by the acquisition of the company Kruso Art (ex Art-Rite) and 10.5 million by the acquisition of CEP (down from 11.5 million on 31.12.24 following the completion of the purchase price allocation process in 2Q25 (PPA)). Changes in Intangible assets y/y were due to the recognition of a large share of the premium generated by the purchase of a loan portfolio in January 2025, net of the share amortized over the period, and to the goodwill and trademark adjustments described above following the PPA process. Financial liabilities measured at amortized cost included: due to customers totaling 9.1 million (8.4 million on 30.6.2025) tied to auction surpluses (the amount is retained for 5 years and posted on the balance sheet as payables to customers, and in case it remains unclaimed it turns into a contingent asset), on the rise driven by the strong in- crease in auctions and in the total number of auctioned lots; due to banks, which included funding from several banks, comprising the Parent Company. Financial liabilities designated at Fair Value refer exclusively to the issuance of a 1.5 million Credit Linked Note (CLN) in 2Q25, backed primarily by a sleeve of the Italian pawn loan portfolio secured by gold (on issuance it amounted to 2 million, the decline is due to the evolution of the underlying loan portfolio). A second 3 million CLN was underwritten in October.
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krusokapital.com 3 | 7 PRESS RELEASE Shareholders’ Equity on 30.09.2025 totaled 55.7 million, up compared to 31.12.2024 (49.5 million). On 30 September 2025, Total own funds (Total Capital) on a stand-alone basis came to 25.1 million (the same in terms of CET1), and the Total Capital Ratio (TCR) rose to 26.2% as compared to 30.6.2025 (23.6%) and 31.12.2024 (22%). The q/q increase in TCR was due to the net income for the period, and to a lower extent to a slight reduction in RWAs, which dipped from 97.5 million on 30.6.2025 to 95.9 million on 30.9.2025 (92 million on 31.12.2024), as a result of the decrease in NPEs. The TCR remains well above the minimum capital requirement, which as of 4Q25 shall go from 6% to 8%, following the sale of a CLN in 4Q25 to institutional investors1. *** Operating outlook Interest rates in 2025 have supported the positive pawn loan business contribution to total revenues. Considering the evolution in the first nine months of 2025 and the assumptions of the primary market players, during the later part 2025, the price of gold is expected to exceed the levels reached at the end of 2024, in line with the trend reported in recent months. Based on the Company’s expectations, pawn loans volumes should increase in Italy, partly as a result of the purchase of portfolios, and we also expect a further consolidation in Greece and Portugal. The subsidiaries, PP Grecia and Kruso Art, are currently developing their business activities; in particular, Kruso Art operates in a sector characterized by high volatility. Consequently, based on current trends, on the whole we do not expect them to make a positive contribution to the 2025 net income. The eligibility of gold as collateral to mitigate risks will no longer be deemed valid no earlier than 1.1.2026 (estimated data of transposition of CRR III in the Bank of Italy Circular 288/2015). As to the voluntary Takeover Bid on all ordinary shares of Banca Sistema launched by Banca CF+ S.p.A., note that, subject to the occurrence of the change of control event, Kruso Kapital will be required to recognize a total estimated non-recurring amount of roughly 0.7 million through profit or loss. This amount is attributable to retention agreements and to the 3-year incentive plan (LTI) approved in April 2024 by the Shareholders of Banca Sistema and Kruso Kapital, and it is recognized on an accrual basis. *** 1 The Total Capital Ratio assuming the adoption of CRR3 (i.e., ineligibility of non-investment gold as collateral, and new method to calculate operational risk) would come to 15.1%. For Kruso Kapital, CRR3 is not expected to be adopted before 1 January 2026.
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krusokapital.com 4 | 7 PRESS RELEASE All financial amounts reported in this press release are expressed in euros. Contatti: CFO & Investor Relations Carlo Di Pierro Tel. +39 335.5288794 E-mail carlo.dipierro@krusokapital.com Ufficio Stampa Gruppo Banca Sistema Patrizia Sferrazza Tel. +39 02 80280354 - +39 335.7353559 E-mail newsroom@KrusoKapital.com Carlotta Bernardi Tel. + 39 333.9477814 E-mail c.bernardi@barabino.it Euronext Growth Advisor Alantra Capital Markets E-mail ega@alantra.com Kruso Kapital S.p.A. Kruso Kapital, parte del Gruppo Banca Sistema e quotata sul segmento Euronext Growth Milan di Borsa Italiana nasce come denominazione sociale nel novembre del 2022 ed è il primo operatore parte di un gruppo bancario operativo sia nel business del credito su pegno sia nel mercato delle case d’aste di preziosi, oggetti d’arte e altri beni da collezione. Attraverso i suoi marchi, i suoi prodotti e i suoi servizi innovativi, la società è attiva nella valutazione e nel finanziamento di beni di valore e opere d’arte; in particolare, nel settore del credito su pegno opera con le filiali a marchio ProntoPegno in Italia e in Grecia, mentre con il marchio Credito Economico Popular opera in Portogallo, offrendo prestiti alle persone garantiti da un oggetto a collaterale. Attraverso la sua casa d’aste Art-Rite è inoltre protagonista nel mercato dell’arte moderna, contemporanea, antica oltre che in alcuni segmenti da collezione come la filatelia e le auto classiche. Con sede principale a Milano, Kruso Kapital è presente con 15 filiali ad Asti, Brescia, Civitavecchia, Firenze, Livorno, Mestre, Napoli, Palermo, Pisa, Parma, Rimini, Roma, Sanremo, Torino, 1 ad Atene e 16 tra Lisbona e Porto, ed impiega in totale 145 risorse avvalendosi di una struttura multicanale.
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krusokapital.com 5 | 7 PRESS RELEASE Attachments • Consolidated balance sheet • Consolidated income statement
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krusokapital.com 6 | 7 PRESS RELEASE KRUSO KAPITAL : CONSOLIDATED STATEMENT OF FINANCIAL POSITIONAmounts in thousands of EuroItem30.09.2025 31.12.2024 % ChangeAssets10.Ca s h a nd ca s h equivalents 8,705 9,016 -3.4%40.Fi nancial as s ets mea sured at a mortis ed cos t 154,963 143,879 7.7% a ) loans and recei va bl es wi th banks 138 34 305.9% b) loans and recei va bl es wi th cus tomers 154,825 143,845 7.6%80.Property a nd equipment 4,385 4,612 -4.9%90.Inta ngi bl e as s ets 43,497 43,264 0.5%of which: goodwill 40,070 41,155 -2.6%100.Ta x a s sets 667 404 65.1%120.Other as s ets 3,278 3,309 -0.9%Total Assets 215,495 204,484 5.4%Liabilities and equity10.Fi nancial li abili ties meas ured a t amorti s ed cos t 142,968 141,830 0.8% a ) l iabil iti es 142,968 141,830 0.8%30.Fi nancial li abili tes meas ured at fai r val ue 1,466 - n.a.60.Ta x l ia bil ities 5,452 3,998 36.4%80.Other lia bi lities 8,397 7,354 14.2%90.Pos t-employment benefi ts 859 872 -1.5%100.Provis i on for ri s ks and cha rges 632 971 -34.9%110. + 140. + 150. + 160.Share capita l, s hare premium, res erves , val ua tion s hares 49,475 44,959 10.0%170.Profi t for the year 6,246 4,500 38.8%Total liabilities and equity 215,495 204,484 5.4%
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krusokapital.com 7 | 7 PRESS RELEASE KRUSO KAPITAL: CONSOLIDATED INCOME STATEMENTSAmounts in thousands of EuroItem30.09.2025 30.09.2024 % Change10.Interes t a nd s imi la r income 13,724 10,731 27.9%20.Interes t a nd s imi la r expens es (3,393) (3,361) 1.0%30.Net interest income 10,331 7,370 40.2%40.Fee a nd commis s i on i ncome 15,934 10,300 54.7%50.Fee a nd commis s i on expens es(213) (118) 80.5%60.Net fee and commissione income 15,721 10,182 54.4%110.Net res ul t of other fi na ncia l as s ets a nd li abi li ties meas ured a t fa ir va lue (30) - n.a.120.Total income 26,022 17,552 48.3%130.Net impa irment los s es /ga ins (105) (95) 10.5%150.Net financial income 25,917 17,457 48.5%160. a)Pers onnel expens es (6,988) (6,219) 12.4%160. b)Other adminis trative expens es (7,260) (5,330) 36.2%180. + 190.Net impa irment los s es on property a nd equipment/inta ngi ble as s ets (2,044) (1,228) 66.4%200.Other opera ting income 1 189 -99.5%210.Operating costs (16,291) (12,588) 29.4%220.Gai ns (los ses ) on equity i nves tments 190 - n.a.260.Pre-tax profit from continuing operations 9,816 4,869 >100%270.Income ta xes (3,570) (2,020) 76.7%300.Profit for the year 6,246 2,849 >100%