Slides
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KRUK Group General Presentation
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Agenda • Introduction – in a nutshell • KRUK Group – who we are • Operations and current results – an overview • Geographical segments – how we operate locally • Additional information 2
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Introduction – in a nutshell 3
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KRUK Group at a glance ✓ No. 1 in Poland, Romania, Italy and Spain in retail unsecured debts market ✓ Stable Management Board led by the founder, with a shareholding of near 10% ✓ We pay dividend 30% or more of profits ✓ Since 2011 KRUK shares have been listed at WSE ✓ 57% of managerial positions are held by women ✓ High profitability 19% ROE LTM Q2 2026 ✓ Low debt 2.6x net debt to cash EBITDA 1.3x net debt to Equity ✓ Credit rating Ba1 by Moody’s ✓ 2,394 purchased debt portfolios with PLN 146bn of total nominal value 2,075 FTE 525 FTE 544 FTE 482 FTE 15 FTE 23 286 Investments Recoveries 405 519 Investments Recoveries 26 34 Investments Recoveries 266 804 Investments Recoveries 144 367 Investments Recoveries 47% 25% 14% 13% 1%% Revenue share PLNm PLNm PLNm PLNm PLNm PLNm PLNm PLNm PLNm PLNm * 91% 7%Segments’ share in revenue debt purchase & collection consumer lending credit management services From a start-up founded in 1998 to one of the largest industry players in the World Data for Q1 2026 or as at Mar 31st, 2026. * Servicing of French assets is outsourced. 4
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569 309 367 570 489 1,283 976 1,394 781 456 1,738 2,311 2,972 2,828 2,223 864 2.2 1.9 1.9 1.6 1.5 2.2 2.1 2.3 2.3 1.7 1.7 2.1 2.4 2.7 2.6 2.6 0.00 0.50 1.00 1.50 2.00 2.50 3.00 0 500 1000 1500 2000 2500 3000 3500 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 H1 2026 KRUK has been creating long-term value for years * LTM return on equity. ** Workforce (FTEs) – the number reflected in the cost of salaries and wages, calculated based on full-time job equivalents rather than the actual number of employees. Investments in debt portfolios (PLN million) and net debt/cash EBITDA Recoveries from debt portfolios (PLN million) Net profit (PLN million) and RoE (%)* 5 2024 2025 H1 2026 Cumulative number of purchased cases (in millions) 13.1 13.7 13.9 Cumulative expenditure on purchased debt portfolios (PLNm) 17,562 19,785 20,649 Cumulative nominal value of purchased debt portfolios (PLNm) 132,580 142,632 145,459 Cumulative recoveries from purchased debt portfolios (PLNm) 22,478 26,398 28,409 Workforce (FTEs)** 3,567 3,631 3,660 341 452 538 712 825 992 1,369 1,577 1,782 1,834 2,216 2,627 3,062 3,536 3,920 2,011 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 H1 2026 66 81 98 152 204 249 295 330 277 81 695 805 984 1,074 1,086 55528% 26% 24% 26%26% 24% 20% 19% 14% 4% 27% 25% 26% 24% 20% 19% -70 -60 -50 -40 -30 -20 -10 0 10 20 30 40 50 60 70 80 90 100 110 120 130 140 150 160 170 180 190 200 210 220 230 240 250 260 270 280 290 300 310 320 330 340 350 360 370 380 390 400 410 420 430 440 450 460 470 480 490 500 510 520 530 540 550 560 570 580 590 600 610 620 630 640 650 660 670 680 690 700 710 720 730 740 750 760 770 780 790 800 810 820 830 840 850 860 870 880 890 900 910 920 930 940 950 960 970 980 990 1000 1010 1020 1030 1040 1050 1060 1070 1080 1090 1100 1110 1120 1130 1140 1150 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 H1 2026 Net profit ROE (%)*
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KRUK Group – who we are 6
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We are an international business with 28 years of growth in Europe KRUK Group – who we are ✓ We are one of the most experienced players in Europe in terms of debt purchase and collection ✓ We have purchased 2,394 debt portfolios with a nominal value of PLN 146 billion (EUR 34 billion) ✓ We have invested PLN 20,6 billion (EUR 4.8 billion) ✓ To date, we have recovered PLN 28,4 billion (EUR 6.6 billion) from the investments ✓ We have moved from a start-up to the one of the largest industry player in the World ✓ Our experience and ability to improve efficiency underlie our competitive advantage: ✓ Portfolio valuations based on millions of records ✓ Process control through statistical algorithms ✓ Economies of scale ✓ Ability to improve process efficiency ✓ In Poland, with 28 years of experience, we have 19% share in retail unsecured debts purchase market in H1 2026 ✓ In Romania, with 19 years of experience, we have 37% share in retail unsecured debts purchase market in H1 2026 ✓ We have 11 years of experience operating in Italy, with a 55% share in Italy’s retail unsecured debt purchase market in H1 2026 ✓ We have 11 years of experience operating in Spain, with a 8% share in Spain’s retail unsecured debt purchase market in H1 2026 ✓ We have achieved a high level of diversification (62% of assets in the form of debt portfolios is located outside Poland) Our business footprint covers four large European markets We plan to grow further ✓ NPL markets grow in line with GDP growth and economic cycles ✓ KRUK has the potential to grow its market share in the countries where it operates ✓ Entering new European markets provides growth potential in the longer term. In January 2024 we purchased first debt portfolio in France. ✓ ROE LTM as at the end of H1 2026 was 19%, ✓ EBITDA margin for H1 2026 was 52%, LTM net profit margin for H1 2026 was at 35% ✓ Since 2011 until end of H1 2026, EBITDA CAGR and net profit CAGR were 21% ✓ EPS CAGR since 2011 until H1 2026 was 20% ✓ Net debt/equity ratio on the level of 1.3x ✓ Our history is that of a stable and crisis-resilient business which has always been profitable We are a highly profitable and low-debt business which is rapidly growing and has shown resilience to the crisis 7
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KRUK Group – who we are We are committed to improving efficiency through Lean and technology ✓ Development of an automated debt collection process ✓ Development of automation and robotisation (operationally); artificial intelligence and machine learning (development of analytics) ✓ Lean* for KRUK is an effective tool to build a learning organisation We pay dividends ✓ Dividend policy providing for payment of 30% or more of the profit to the shareholders ✓ For 2025, KRUK paid dividend of PLN 390 million, which translated into PLN 20 dividend per share. The dividend yield was 4.6%. ✓ Over 11 years, we paid profits of PLN 2.2 billion to the shareholders in the form of dividends and a share buyback. ✓ The CEO is the company’s founder ✓ The Management Board holds near 10% of KRUK shares ✓ The share-based incentive scheme covers approximately 150 managers ✓ KRUK’s organisational culture supports the company’s value growth and is based on respect, cooperation, development, responsibility and simplicity Managers are motivated to build long-term company value We operate ethically ✓ ESG strategy is incorporated in KRUK’s operational strategy since 2022 ✓ Inclusivity and gender equality are important for us – ca. 57% of management positions are occupied by women ✓ We have been engaged in financial literacy projects, promoting the Day Without Debt project for 17 years ✓ We operate ethically and professionally, each year receiving the Ethics Certificate from the Association of Financial Companies (ZPF) in Poland * LEAN to system zarządzania przedsiębiorstwem opierający się na zasadach pozwalających na minimalizowaniu marnotrawstw i ciągłym doskonaleniu procesowym. 8
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Complementary management team Piotr Krupa CEO, President of the Management Board A shareholder and co-founder of KRUK S.A., President of the Management Board since 2005. He graduated in law from the University of Wrocław. He completed court training and is a legal counsel. He was the winner of the ‘EY Entrepreneur of the Year 2017’ competition in the main category and in the ‘Production and Services’ category. Michał Zasępa CFO Member of the Supervisory Board of KRUK in 2005- 2010. Member of the Management Board since 2010, responsible for financial management and investor relations. A graduate of the Warsaw School of Economics. He studied management at the University of Wisconsin and Stockholm School of Economics. Piotr Kowalewski COO With KRUK since 2004. Member of the Management Board since 2020. Responsible for the unsecured retail debt recovery strategy. He graduated in managerial econometrics from the Wrocław Academy of Economics (currently the Wroclaw University of Economics and Business) and in computer science and management from the Wrocław University of Technology. He also completed a post-graduate programme in business psychology at the WSB University. Urszula Okarma CIO With KRUK since 2002. Member of the Management Board since 2006. Responsible for investments and legal support. She graduated in finance and banking from the Wrocław Academy of Economics (currently the Wroclaw University of Economics and Business). Adam Łodygowski CDTO Member of of the Management Board since 2020. Responsible for debt portfolio valuations and IT. He graduated from the Poznań University of Technology and University of Hanover in the field of numerical methods in construction. He studied and worked as an academic researcher at Louisiana State University and was awarded the title of Doctor of Science and a Master’s degree in financial mathematics. 9
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Competent and proficient Supervisory Board Krzysztof Kawalec (Deputy Chair) Ewa Radkowska- Świętoń (Chair) Rafał Mikusiński Jacek Poświata Dominika Bettman Piotr Stępniak Piotr Szczepiórkowski Investment Director at ING Investment Management Polska S.A., fund manager at Aviva Investors Polska S.A., Vice President of the Management Board of Nationale Nederlanden PTE S.A., President of the Management Board of Skarbiec TFI S.A. and Skarbiec Holding S.A. Currently, member of the supervisory board of Ipopema Securities S.A. Manager at IFFP Sp. z o.o., Member of the Management Board and Chief Financial Officer at Magellan S.A., then Vice President of the Management Board and Chief Operating Officer of Magellan S.A. Currently, member of the supervisory boards of BFF Slovakia s.r.o. and BFF MedFinance s.r.o. Has 35 years of experience in financial markets, particularly in asset management, ALM and capital markets. Former Deputy Chair of the Polish Financial Supervision Authority and its representative on the ESMA Board of Supervisors. Previously Partner Associate at Deloitte Advisory and Management Board member at MetLife companies. Currently an independent Supervisory Board member of Forum TFI. Advisory Partner and Chairman for Central and Eastern Europe at Bain & Company, and previously founder and Managing Partner of Bain Poland/CEE. Former Managing Director of McKinsey Poland. Has 35 years of experience in strategic advisory, transformation, international expansion and M&A. Advisor to the Supervisory Board of OSHEE S.A. and former Supervisory Board member of KGHM S.A. General Manager of Microsoft Poland, CEO and CFO at Siemens Sp. z o.o., member of the Supervisory Board of Santander Bank Polska, President of the Council of the SGH Warsaw School of Economics, member of the programme boards for the European Economic Congress (EEC), the Open Eyes Economy Summit (OEES), and the European Forum for New Ideas (EFNI) President of the Management Board of GETIN Holding S.A., Vice President of the Management Board of Lukas Bank S.A. Currently member of supervisory boards of BFF Bank S.p.A, BFF Polska S.A., Grupa Kęty S.A., VRG S.A. Commercial Union Polska Group, President of the Management Board of Commercial Union PTE, Member of the Audit Committee of the Chamber of Commerce of Pension Fund Companies (IGTE), Vice President of the Management Board of Aviva TU na Życie, Chair and Deputy Chair of the Life Insurance Committee of the Polish Chamber of Insurance 10
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Hasło KRUK Group – milestones and business model BUSINESS PARTNERS DEBT COLLECTION PROCESS (amicable, court litigation & enforcement) Banks | Loan providers | Insurance firms | Telecom operators | Other purchased debt portfolios Shared debt collection platform, tools and infrastructure (IT, telco, call centre) credit management consumer debt portfolios mortgage debt portfolios corporate and SME debt portfolios Business modelMilestones 1998 KRUK is established 2003 KRUK emerges as a leader of the debt collection market in Poland; KRUK purchases its first debt portfolio in Poland 2007 KRUK purchases its first debt portfolio in Romania 2011 first listing on the Warsaw Stock Exchange; 2015 KRUK purchases its first debt portfolio in Italy 2016 KRUK purchases its first debt portfolio in Spain 2020 rapid development of online tools, remote work process efficiency maintained during pandemic 2021 Cash recoveries from purchased portfolios exceed PLN 2bn 2023 Portfolio investments reach PLN 3bn and recoveries come in at PLN 3bn 2024 KRUK purchases its first debt portfolio in France 2025 Announcement of Strategy for 2025-2029 and launch of digital transformation 11
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Mission, vision and values Mission We guide our clients toward a path out of debt. We operate ethically and effectively, while educating society about responsible financial management. Vision We are building a world of financial balance based on mutual trust, where promises and commitments are fully honoured. Our values stay the same: Respect Mutual respect is the cornerstone of our business. We treat everyone as we would like to be treated. Collaboration Together, we can achieve more. We build relationships based on partnership, and clear rules. We foster open and honest communication. Accountability Each of us is accountable for our decisions, actions, and inactions, and the consequences they bring. Simplicity Simplicity is beautiful. We simplify our processes and eliminate inefficiencies. Done is better than perfect. Development We are committed to continuous improvement. We have an innate drive for progress that persists under any circumstances, even when we achieve success. 12
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KRUK – outlook for the coming years ✓ Resources directed towards organic growth with focus on the markets where we are present ✓ Focus on organisational culture and LEAN ✓ Operational excellence with focus on unsecured debt ✓ Conservative approach to debt and liquidity management. We do not issue debt with the assumption that it will need to be refinanced. ✓ Further footprint expansion in Europe, but based on a selective and long-term approach. ✓ Verification of the French market potential. ✓ Secured debt accounting for not more than 25% of the portfolios’ value 2,075 FTE 525 FTE 544 FTE 482 FTE 15 FTE Portfolio carrying amount: PLN 0.2bn 19% 55% 37% 8% % Market share of unsecured retail debt in H1 2026 * From a start-up founded in 1998 to one of the largest industry players in the World Portfolio carrying amount: PLN 4.5bn Portfolio carrying amount: PLN 2.1bn Portfolio carrying amount: PLN1.8bn Portfolio carrying amount: PLN 3.5bn 94% 6% Investments in debt portfolios in H1 2026: 864 mln zł Purchased debt portfolios Credit management Loan products Unsecured retail Mortgage Corporate and SME Poland ✓ ✓ ✓ ✓ ✓ Romania ✓ ✓ ✓ ✓ Italy ✓ ✓ ✓ Spain ✓ ✓ ✓ Other markets ✓ unsecured secured 13
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Strategy 2025–2029 Strategy 2025–2029: Drive business growth through scaling operations, enhancing process efficiency, and digital transformation INVESTMENT EXCELLENCE OPERATIONAL EXCELLENCE PROCESS REENGINEERING DATA GOVERNANCE KRUK’s WAY OF WORKING ANALYTICS AND TECHNOLOGY People Risk management 14
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Strategy 2025–2029 Summary of key strategy elements ✓ ~PLN 15 billion → new investments in debt portfolios ✓ Ambition for recoveries from our existing debt portfolios at PLN 29 billion over the next 20 years ✓ Profit growth potential both during the strategy period and over the long term ✓ ~20% ROE ✓ PLN 20 billion → doubling the carrying amount of debt portfolios ✓ PLN 0.5 billion → investment in digital transformation ✓ Cost optimisation achieved through continuous process improvements, economies of scale, and technological advancements ✓ Maintaining the net debt / cash EBITDA ratio below 3.0, allowing for a temporary exceedance if necessary Strategic goal: Drive business growth through scaling operations, enhancing process efficiency, and digital transformation. 15
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KRUK is a debt investment and collection business with extensive experience Call Center Online tools Written communication Field advisors Court litigation Enforcement process Debt portfolio valuation and purchase Debt collection of purchased portfolios ✓ Banks regularly sell debt portfolios: • to improve their liquidity position, • to meet regulatory requirements, • due to tax law considerations. ✓ Valuation of portfolio done on over 20 years of debt purchase experience – 2,347 portfolios purchased and hundreds of valuations yearly performed since start of the business. ✓ After auction is won debt is purchased at a high discount, typically for 5% -25% of its nominal value. 0.1 0.2 0.4 0.7 0.9 1.0 1.3 2.0 2.4 2.7 3.0 3.73.7 6.0 6.7 7.7 8.8 9.0 9.7 11.0 12.1 13.1 13.7 13.9 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 H1 2026 Number of cases purchased by KRUK (cumulative, millions) ✓ Debt collection is performed at various stages: • Amicable process • Court litigation and enforcement process • Hybrid proces. ✓ The process is assessed for efficacy at every stage, with the optimum model selected. ✓ Estimated remaining collections (ERC) as of end of Q1 2026 were PLN 26,9bn. 16
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KRUK’s other business lines ✓ We offer credit management services in Poland, Spain and Italy ✓ KRUK has provided credit management services since 1999. ✓ Such services are usually remunerated on a success fee basis. ✓ We manage consumer, mortgage and corporate debt portfolios at any stage of amicable or court collection. ✓ Business partner decides whether to hold a new tender for outstanding cases or a debt sale auction. ✓ Companies with strong credit management capabilities have the advantage of knowledge in bidding for portfolios. ⁓1,5 million cases in 2025 314 thousand of advanced loans in 2025 Credit management services Consumer lending ✓ We provide short-term cash loans in Poland and Romania under the Wonga and Novum brands. ✓ NOVUM products are offered to clients who have a history of regular repayments or have repaid their debts to the Group, while Wonga.pl’s products are offered on the open market. ✓ We operate through online (Wonga) and traditional channels. 17
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ENVIRONMENT Sustainability at KRUK Group in H1 2026 The KRUK Group Sustainability Strategy for 2026–2029 was adopted, based on three pillars: Ethical Debt Collection, People and Environment. KRUK Group Sustainability Strategy • The Strategy sets out objectives, areas of focus and performance indicators within the environmental, social and governance areas. • The Strategy was developed in alignment with the business strategy, supporting the organisation’s long-term development. ETHICAL DEBT COLLECTION PEOPLE Clients, Affected communities, Workforce We are committed to the security, development and quality of life of our clients, employees and affected communities. We believe that the debt recovery process can be conducted with respect for client dignity, transparently and responsibly. Repaying our debt to the planet. % of Group employees trained in cybersecurity min. 90% Number of fines imposed on Group companies during the reporting year by personal data protection authorities 0 Number of financial education initiatives implemented across the Group during the reporting year min. 4 % of the underrepresented gender in management ≥ 40% % gender pay gap by job category ≤ 2% Selected objectives and targets under the People pillar % of Group employees trained in business ethics and responsible client service practices Number of confirmed human rights violations in client relations min. 95% 0 Number of final decisions/rulings concerning infringements by Group companies issued by consumer protection authorities and industry organisations 0 Selected objectives and targets under the Ethical Debt Collection pillarClients Assessment of the ease of digital interaction involved in entering into settlement agreements (using the CES methodology, on a scale of 1–5) ≥4.5 Affected communities Workforce % of total employee turnover ≤ 12% Scope 1 greenhouse gas emissions % of low-emission vehicles within the Group’s fleet max. 1,805 tCO2e in 2040 min. 78% in 2040 % of procurement procedures worth at least PLN 100 thousand for which GHG emissions data were obtained from suppliers 100% Selected objectives and targets under the Environment pillar
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PEOPLE GOVERNANCE We care for our people. We create an environment where technology and responsible conduct go hand in hand. We act where support and knowledge are needed most. We believe long-term success is grounded in ethical business conduct, transparency and responsible decision- making. ENVIRONMENT AWARDS Repaying our debt to the planet. Independent assessments and awards confirm the quality of our efforts and effective delivery of our goals. Sustainability at KRUK Group in H1 2026 • The KRUK Group implemented an updated Code of Ethics, a core element of the Group-wide governance framework. • KRUK S.A. received the ZPF Ethical Audit Certificate for 2025, confirming its adherence to high ethical standards and responsible approach to client and stakeholder relations. • In Poland, the supplier risk assessment survey was expanded to cover additional sustainability matters, and implementation of the process was launched across the Group. AWARDS • As at 30 June, women accounted for 62% of the KRUK Group’s workforce, while men accounted for 38%. Women represented 57% of employees at top management level. • Voluntary employee turnover was 5% annually, with total employee turnover at 11%. • Employees with disabilities accounted for 2.3% of the KRUK Group’s workforce. • In May, the General Meeting appointed a new Supervisory Board, as a result of which women currently account for 25% of the Management Board and Supervisory Board composition. • The KRUK Group carried out a number of financial education initiatives for affected communities. • The Group continued to refine its self-service tools for clients and enhance organisational resilience in cybersecurity and personal data protection. • KRUK was again named Ethical Company in the Large Enterprises category in the Puls Biznesu and PwC competition. • In April, the KRUK Group received LGBT+ Diamond Award for Employer of the Year. • KRUK S.A. ranked 11th in Wprost weekly’s 50 Best Employers in Poland ranking, moving up 1 place compared with the previous edition. • KRUK S.A. was also named Dream Employer in Diversity & Inclusion (DEI). • Measures were taken to reduce emissions from the vehicle fleet, including continued replacement of vehicles with lower-emission models. • The Group purchased guarantees of origin for 300 MWh of renewable electricity covering its sites in Poland.
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2025 net profit [PLNm] KRUK compared with industry peers Competition in the markets where KRUK is present Q4 2025 net profit [PLNm] 1) 2) 1) Exchange rate as of Dec 31 2025; 2) Own calculations based on publicly available data * Link Financial together with its’ sister company, LCM Partners Country of origin Polish market Romanian market Italian market Spanish market ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ * 20 276 208 204 141 84 53 40 1,086 925 677 445 222 152
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KRUK compared with industry peers Source: Companies’ financial reports and presentations. Own calculations based on publicly available data. Market capitalization calculated at Feb 26th, 2026 Return on equity (ROE) Net Debt / Cash EBITDA LTM Net Debt / Equity Market capitalisation [EURm] 20% 2.6x 1.3x 2,153 10% 3.9x 2.3x 201 11% 2.4x 1.7x 783 16% - 3.3x 1,155 26% 2.4x 3.9x 1,235 Neg 6.1x 3.2x 475 Neg 4.1x 3.6x 402 39% 1,8x 2,9x 1,137 Data based on 2025 results 1) 2) 3) 21
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Operations and current results – an overview 22
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PLN 555 million in net profit for H1 2026 * Last 12 months. Recoveries from purchased portfolios PLN 864 million (+7% y/y) Investments in purchased debt portfolios PLN 590 million (+1% y/y) Profit before tax PLN 1,398 million (+8% y/y) Cash EBITDA PLN 555 million (-5% y/y) Net profit 19% Rolling ROE (LTM)* PLN 12 billion (+12% y/y) Portfolio carrying amount 2.6x (H1 2025: 2.5x) Net debt/cash EBITDA PLN 2,011 million (+5% y/y) Paid on 3 June 2026 23 PLN 391 million dividend
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Key achievements The KRUK Group is undergoing a digital transformation. In H1 2026, total expenditures amounted to PLN 55.2 million, of which 11% were costs. International expansion 69% of investments and 60% of recoveries in markets outside Poland 11th place among the 50 best employers in Poland, according to the weekly magazine Wprost Ethical Audit Certificate awarded by the Association of Financial Companies in Poland 57% of managerial positions at the KRUK Group held by women *Market capitalisation as at 18 August 2026. One of the best employers in Poland PLN 8.4 billion KRUK ranking as the world’s largest debt collection company in terms of market capitalisation* Technological development 24
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• Expenditure on portfolio purchases reached PLN 864 million (PLN +59 million or +7% y/y). The Group’s largest investments were made in Italy (PLN 405 million) and Poland (PLN 266 million). • 94% of all funds were invested in unsecured retail portfolios. • In nominal terms, the purchased debt totalled PLN 2.8 billion. PLN 2 billion in recoveries and PLN 864 million in expenditure on new debt portfolios in H1 2026 Share of total recoveries by market • Recoveries from the KRUK Group’s purchased portfolios grew by PLN 100 million y/y (+5%), mainly on higher recoveries recorded in Italy (PLN +74 million y/y) and Poland (PLN +27 million y/y). • Foreign markets accounted for 60% of the total amount recovered by the Group. • Of the total recoveries, PLN 1.8 billion (92%) was attributable to unsecured debt portfolios, primarily from the consumer sector. • Recoveries in H1 exceeded accounting projections in Poland, Romania, Spain and Italy. Total positive deviation* between actual and projected recoveries was PLN 79 million (5%). Poland, 40% Romania, 18% Italy, 26% Spain, 14% Other, 2% Recoveries from purchased portfolios PLN 2,011 million (+5% y/y) 6% 6% 8% 7% 4% 4% 5% Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Investments in purchased debt portfolios PLN 864 million (+7% y/y) Poland, 31% Romania, 17% Italy, 47% Spain, 3%Other, 3% Share of expenditure by market * The line item ‘Deviation between actual and projected recoveries, decreases on early collections in collateralised cases, payments from original creditor’ in the financial statements. The percentage deviation is determined as the ratio of ‘deviation between actual and projected recoveries’ to the difference between ‘actual recoveries’ and ‘deviation between actual and projected recoveries’ 25 Deviation between actual and projected recoveries [%]*
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Cash EBITDA increased +8% y/y, to PLN 1.4 billion Net profit PLN 555 million (-5% y/y) ✓ Net profit amounted to PLN 555 million (PLN -29 million, or -5% y/y). ✓ Profit before tax reached PLN 590 million (PLN +5 million, or +1% y/y). ✓ EBITDA came in at PLN 823 million (PLN -12 million, or -1% y/y). ✓ Cash EBITDA reached PLN 1,398 million (PLN +98 million, or +8% y/y). ✓ Return on equity (ROE) stood at 19%. ✓ Revenue from purchased portfolios came in at PLN 1,436 million, compared with PLN 1,600 million the year before. ✓ Revaluation of projected recoveries booked by the Group in the reporting period totalled PLN 226 million, compared with PLN 271 million in the previous year. The deviation between actual and projected recoveries* was PLN 79 million, compared with PLN 127 million a year earlier. Interest income on debt portfolios rose from PLN 1,068 million to PLN 1,190 million y/y. ✓ 70% of the total revaluation of projected recoveries from unsecured retail portfolios in Q1 2026 was attributable to the revaluation of projected recoveries until May 2033 (over the subsequent 84 months). ✓ Revenue in H1 2026 was affected by net foreign exchange losses of PLN -59 million, due mainly to depreciation of RON against EUR. Revenue PLN 1,572 million (-2% y/y) Operating and administrative expenses PLN 749 million (-2% y/y) ✓ Operating expenses excluding depreciation and amortisation (direct and indirect costs, administrative expenses, and other operating expenses) fell by PLN 15 million (-2%) y/y. ✓ Their decrease was mainly driven by lower costs of services (PLN -8 million, or -5%), court fees (PLN -7 million, or -3%) and other operating expenses (PLN -8 million, or -5%). ✓ In H1 2026, digital transformation costs and expenditure totalled PLN 55.2 million, of which about 11% were operating expenses. ✓ The ratio of operating expenses to recoveries** in Q2 2026 went down to 22%, from 23% the year before. ✓ At the end of H1 2026, employment stood at 3,660 FTEs (+21 FTEs, +1% y/y). ✓ The PLN 24 million decrease in finance costs was mainly attributable to the partial disposal of interests in the net assets of a subsidiary and reclassification of foreign exchange gains/(losses) upon settlement of the net investment hedge. ✓ The total notional amount of interest rate hedging transactions at the end of H1 2026 was PLN 4,033 million. The effect of the hedges on the Group’s results for H1 2026 amounted to PLN +53 million. Finance costs PLN 196 million (-11% y/y) * The line item ‘Deviation between actual and projected recoveries, decreases on early collections in collateralised cases, payments from original creditor’ in the financial statements. ** The ratio of operating expenses to recoveries is calculated by dividing direct and indirect costs related to purchased debt portfolios by recoveries. 26
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Robust balance sheet and broad access to financing ✓ Equity represents 41% of the KRUK Group’s financing sources. The interest-bearing net debt to equity ratio was 1.3x (maximum contractual requirement: 3.0x), with the interest-bearing net debt to cash EBITDA ratio at 2.6x (maximum contractual requirement: 4.0x). ✓ The ratio of cash EBITDA to interest on debt was 6.7x (minimum contractual requirement: 3.0x). ✓ As at 30 June 2026, available lines of credit totalled PLN 4.5 billion, including undrawn facilities of PLN 0.9 billion. ✓ In H1 2026, KRUK S.A. issued PLN 600 million of PLN-denominated bonds with a tenor of over 7 years, at 3M WIBOR + 2.5pp – the lowest margin in KRUK’s history for comparable instruments. ✓ In April 2026, KRUK S.A. exercised, for the first time ever, its option for early mandatory redemption at the issuer’s request and redeemed PLN 120 million of Series AL3 bonds bearing interest at 3M WIBOR + 4.5pp. Equity PLN 5.5 billion (+16% y/y) and net debt PLN 7.3 billion (+16% y/y) Group’s assets PLN 13.5 billion (+12% y/y) ✓ The carrying amount of the Group’s investments in purchased debt portfolios was PLN 12 billion, accounting for 89% of its assets. Unsecured debt represented 93% of the carrying amount of KRUK’s debt holdings. ✓ The carrying amount of loans originated was PLN 680 million, representing 5% of the Group’s assets. 27
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* • Estimated remaining collections (ERC) as at 30 June 2026 were PLN 27.2 billion (vs PLN 26.9 billion in the previous quarter) • 70% of the total revaluation of projected recoveries from unsecured retail portfolios in Q1 2026 was attributable to the revaluation of projected recoveries until May 2033 (over the subsequent 84 months). 3.71 3.38 2.99 2.59 2.16 1.86 1.62 1.44 1.28 1.15 1.01 0.88 0.78 0.66 0.52 1.20 3.72 3.38 2.98 2.56 2.15 1.84 1.60 1.41 1.24 1.11 0.98 0.85 0.74 0.65 0.51 1.19 0.00 0.50 1.00 1.50 2.00 2.50 3.00 3.50 4.00 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16+ (PLN billion) Servicing year (1 servicing year = 12 consecutive months) Q2 2026 Q1 2026 * KRUK Group: ERC at PLN 27.2 billion Estimated remaining collections (ERC) by servicing year at end of period Q2 2026 ERC: PLN 27.2 billion Q1 2026 ERC: PLN 26.9 billion 28 Year of purchase 2022 2023 2024 2025 Gross IRR* 19.4% 22.7% 22.7% 20.9% Money multiple* 2.2 2.3 2.4 2.3 • For portfolios purchased in 2022–2024, the KRUK Group maintains a money multiple of 2.2–2.4x across annual investment vintages. The discount rate (gross IRR before costs) for those annual vintages ranges from 19.4% to 22.7%. Gross IRR and money multiple by investment vintage* * Gross IRR calculated separately for each portfolio as at the acquisition date as the internal rate of return on recoveries and expenditure, and then weighted by the share of total expenditure expressed in the Polish złoty (PLN). Money multiple calculated as the ratio of historical and projected lifetime recoveries to expenditure incurred on the relevant portfolios, as at the last day of a given year, for portfolios purchased in that year.
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KRUK Group: actual vs projected recoveries and revaluation of projected recoveries Deviation between actual and projected recoveries and other items* PLN million Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 A. Recoveries 923 987 1,011 999 971 1,039 B. Deviation between actual and projected recoveries and other items* 51 76 64 34 34 45 C. Percentage deviation* (B / (A-B)) 6% 8% 7% 4% 4% 5% PLN million Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 A. Revaluation of projected recoveries 133 139 114 111 94 132 B. Portfolio carrying amount 10,388 10,797 11,186 11,633 12,001 12,043 C. Revaluation relative to carrying amount [%] (A/B) 1.3% 1.3% 1.0% 1.0% 0.8% 1.1% Deviation between actual and projected recoveries and other items* • KRUK has achieved 104%– 108% of its accounting recovery projections in the recent quarters shown*. • KRUK has consistently maintained a positive deviation between actual and projected recoveries*, achieving an average excess of PLN 80 million* since 2022. • In Q2 2026, KRUK revised its recovery projections, which represented 1.1% of the portfolio carrying amount and related mainly to Polish and Romanian portfolios. * The line item ‘Deviation between actual and projected recoveries, decreases on early collections in collateralised cases, payments from original creditor’ in the financial statements. The percentage deviation is determined as the ratio of ‘deviation between actual and projected recoveries’ to the difference between ‘actual recoveries’ and ‘deviation between actual and projected recoveries’ 29
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Financing structure Bank credit facilities drawn PLN 634 million* based on WIBOR PLN 2,973 million* based on EURIBOR% 1M/3M WIBOR + of 1.7–2.95pp 1M EURIBOR + of 1.7–2.95pp 12,043 680 812 8,010 5,525 ASSETS EQUITY AND LIABILITIES Debt under bank credit facilities (drawn) Amount available (undrawn) under credit facilities Bonds3,808 3,607 941 Category 1 Net debt/equity: 1.3x (maximum contractual requirement: 3.0x) Net debt/cash EBITDA: 2.6x (maximum contractual requirement: 4.0x) Cash EBITDA/interest on debt: 6.7x (minimum contractual requirement: 3.0x) 50 578 1,092 698 125 200 400 600 3,693 3,115 2,023 1,325 1,200 1,000 600 0 2026 2027 2028 2029 2030 2031 2032 2033 Planned for redemption in the year* Projected balance at year-end* Bonds % in PLN, variable rate: PLN 2,952 million** in PLN, fixed rate: PLN 65 million** in EUR, variable rate: PLN 791 million** 3M WIBOR + 2.5–4.65pp fixed for PLN: 4.0pp 3M EURIBOR + 4.0–6.5pp PLN 4,098 million of the Group’s debt** is represented by IRS/CIRS contracts and fixed-rate bonds PLN 1,412 million of the Group’s debt** is WIBOR-sensitive debt 55%** 19%** PLN 1,905 million of the Group’s debt** is EURIBOR-sensitive debt 26%** * Nominal values as at 30 June 2026 (PLN million), including the redemption of PLN 65 million-worth of AK4 bonds in July 2026 ** Debt presented in nominal amounts. Total outstanding balance: PLN 13,535 million 30 Equity Liabilities Investments in purchased debt portfolios Carrying amount of loans Other assets
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Geographical segments – how we operate locally 31
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s (PLN million) Poland Romania Italy Spain Other markets Unallocated and Head Office KRUK Group H1 2026 H1 2025 H1 2026 H1 2025 H1 2026 H1 2025 H1 2026 H1 2025 H1 2026 H1 2025 H1 2026 H1 2025 H1 2026 H1 2025 Expenditure on debt portfolios N/A 864 805 Recoveries N/A 2,011 1,910 Carrying amount of purchased debt portfolios (PLN billion) N/A 12.0 10.8 Percentage of total portfolio carrying amount N/A 100% 100% Revenue 5 4 1,572 1,600 Purchased debt portfolios N/A 1,436 1,446 Credit management services N/A 27 29 Loan segment N/A 105 120 Gross profit 3 0 1,025 1,036 EBITDA -90 -87 823 835 Cash EBITDA -90 -87 1,398 1,300 266 144 405 23 26 368 132 194 47 64 804 367 519 286 34 776 345 445 273 71 4.5 2.1 3.5 1.8 0.2 4.3 1.7 2.8 1.8 0.2 38% 17% 29% 15% 2% 39% 16% 26% 17% 2% 737 221 390 199 20 732 295 345 188 36 626 216 385 189 20 606 288 338 180 34 11 5 1012 7 9 2 100 5 114 6 530 161 223 100 7 525 242 182 64 24 487 144 197 83 2 470 226 160 48 18 665 295 332 180 16 641 282 268 142 55 KRUK Group by segments in H1 2026 32
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KRUK Group’s operations in Poland (PLN million) H1 2026 H1 2025 y/y Expenditure on debt portfolios 266 368 -28% Recoveries 804 776 4% Portfolio carrying amount 4,519 4,258 6% Revenue 737 732 1% Purchased debt portfolios 626 606 3% Revaluation of projected recoveries 150 131 14% Credit management services 11 12 -2% Loan segment 100 114 -13% Gross profit 530 525 1% EBITDA 487 470 4% Loan segment 49 61 -20% Cash EBITDA 665 641 4% Portfolio profitability (LTM)* 31% 33% -7% • KRUK’s investments in Poland amounted to PLN 266 million (-28%), representing 31% of the Group’s total expenditure in the period. The nominal value of the purchased portfolios was PLN 700 million. • Amounts recovered in Poland reached PLN 804 million (+4% y/y), accounting for 40% of the Group’s total recoveries. • The carrying amount of purchased debt portfolios was PLN 4.5 billion. The Polish portfolios accounted for 38% of the carrying amount of all debt portfolios held by the KRUK Group. • Total revenue increased by +1%, driven mainly by higher revaluation of projected recoveries y/y. In Poland, KRUK recorded an excess of actual cash recovered over projected recoveries. • Gross profit and EBITDA rose y/y (+1% and +4%, respectively) mainly on the back of revenue growth. Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 181 552 19 349 50 225 62 204 349 361 379 398 386 400 389 415 3,601 4,059 3,994 4,258 4,239 4,429 4,396 4,519 386 321 367 364 367 421 346 391 329 267 294 312 315 363 292 333 102 47 61 70 72 124 57 93 6 6 6 6 5 5 6 5 51 49 68 46 46 53 47 52 287 203 264 261 264 307 242 288 262 174 237 233 236 282 221 266 32 25 40 21 22 29 21 28 282 268 322 319 307 319 318 347 37% 32% 33% 31% 30% 30% 31% 31% * LTM portfolio profitability calculated as the sum of revenue from purchased portfolios for the last 12 months divided by the arithmetic mean of the portfolio value at the beginning and at the end of the last 12 months. 33
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KRUK Group’s operations in Romania (PLN million) H1 2026 H1 2025 y/y Expenditure on debt portfolios 144 132 9% Recoveries 367 345 7% Portfolio carrying amount 2,058 1,685 22% Revenue 221 295 -25% Purchased debt portfolios 216 288 -25% Revaluation of projected recoveries 48 106 -55% Credit management services 0 0 -24% Loan segment 5 6 -21% Gross profit 161 242 -33% EBITDA 144 226 -36% Cash EBITDA 295 282 5% Portfolio profitability (LTM)* 30% 41% -27% Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 77 95 75 57 131 310 78 66 168 179 167 178 180 184 187 181 1,570 1,620 1,652 1,685 1,796 2,033 2,099 2,058 187 140 160 135 153 131 148 73 186 136 156 132 149 128 145 70 75 35 54 52 39 28 29 18 0 0 0 0 0 0 0 0 1 4 4 2 4 3 3 2 158 110 133 109 125 99 120 41 150 100 125 100 114 90 111 32 132 142 136 146 145 145 153 142 43% 41% 41% 38% 34% 31% 30% 30% • Expenditure on portfolio purchases in Romania reached PLN 144 million (+9% y/y). The nominal value of debt purchased in the period was PLN 333 million. Investments in debt portfolios made in Romania accounted for 17% of the Group’s total debt purchases in the period. • Recoveries from Romanian debt portfolios amounted to PLN 367 million (+7% y/y), which represented 18% of the Group’s total recoveries. • At the end of the reporting period, the carrying amount of purchased debt portfolios was PLN 2.1 billion (+22% y/y). The Romanian portfolios accounted for 17% of the carrying amount of all debt portfolios held by the KRUK Group. • Revenue went down to PLN 221 million (-25% y/y), due mainly to a lower revaluation of projected recoveries coupled with a negative effect of the RON depreciation in Q2. The deviation between actual and projected recoveries in Romania was positive. • Gross profit and EBITDA fell by -33% and -36% y/y, respectively, reflecting mainly the revenue decline. * LTM portfolio profitability calculated as the sum of revenue from purchased portfolios for the last 12 months divided by the arithmetic mean of the portfolio value at the beginning and at the end of the last 12 months. 34
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KRUK Group’s operations in Italy • On the Italian market, KRUK invested PLN 405 million (+108% y/y; 47% of total expenditure) to purchase debt with a nominal value of PLN 1.6 billion. • Amounts recovered from Italian portfolios reached PLN 519 million (+17% y/y), accounting for 26% of the Group’s total recoveries. • At the end of the reporting period, the carrying amount of debt portfolios acquired on that market was PLN 3.5 billion, representing 29% of the total carrying amount of debt portfolios held by the KRUK Group. • Revenue increased by 13% to PLN 390 million, mainly on higher interest income. In Italy, KRUK recorded an excess of actual recoveries over the projected amount. • The increase in gross profit (+23% y/y) and EBITDA (+23% y/y) was mainly driven by revenue growth. * LTM portfolio profitability calculated as the sum of revenue from purchased portfolios for the last 12 months divided by the arithmetic mean of the portfolio value at the beginning and at the end of the last 12 months. (PLN million) H1 2026 H1 2025 y/y Expenditure on debt portfolios 405 194 108% Recoveries 519 445 17% Portfolio carrying amount 3,486 2,795 25% Revenue 390 345 13% Purchased debt portfolios 385 338 14% Revaluation of projected recoveries 34 48 -30% Credit management services 5 7 -26% Gross profit 223 182 23% EBITDA 197 160 23% Cash EBITDA 332 268 24% Portfolio profitability (LTM)* 22% 23% -6% Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 136 467 74 120 410 166 346 60 177 218 227 219 275 248 248 271 2,354 2,729 2,675 2,795 3,110 3,160 3,479 3,486 144 138 160 185 166 165 177 213 141 135 157 181 163 163 175 210 18 0 17 31 3 -2 8 26 3 4 3 3 3 3 3 3 81 68 80 102 83 86 92 131 68 55 69 91 67 70 80 117 105 138 139 128 180 156 154 178 24% 21% 23% 24% 23% 23% 22% 22% 35
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KRUK Group’s operations in Spain • The amount invested by KRUK in Spain was PLN 23 million (3% of total expenditure), purchasing debt portfolios with a nominal value of PLN 107 million. The Group is selectively resuming investment activity in the Spanish market. • Amounts recovered from Spanish portfolios reached PLN 286 million (+5% y/y), accounting for 14% of the Group’s total recoveries. • At the end of the reporting period, the carrying amount of debt portfolios acquired on that market was PLN 1.8 billion, representing 15% of the total carrying amount of debt portfolios held by the KRUK Group. • Despite very low expenditure, revenue growth y/y was recorded in the Spanish market, with a positive deviation between actual and projected recoveries. • Gross profit and EBITDA rose y/y, driven mainly by lower court and court enforcement officer fees. * LTM portfolio profitability calculated as the sum of revenue from purchased portfolios for the last 12 months divided by the arithmetic mean of the portfolio value at the beginning and at the end of the last 12 months. (PLN million) H1 2026 H1 2025 y/y Expenditure on debt portfolios 23 47 -52% Recoveries 286 273 5% Portfolio carrying amount 1,765 1,837 -4% Revenue 199 188 6% Purchased debt portfolios 189 180 5% Revaluation of projected recoveries -1 -9 94% Credit management services 10 9 15% Gross profit 100 64 57% EBITDA 83 48 74% Cash EBITDA 180 142 27% Portfolio profitability (LTM)* 20% 12% 72% Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 317 54 14 34 13 62 11 11 146 147 128 145 137 146 131 156 2,036 1,898 1,838 1,837 1,824 1,811 1,812 1,765 112 -38 98 90 104 93 98 101 108 -44 94 86 100 89 94 95 0 -145 0 -9 0 -3 -1 0 4 6 4 5 4 5 5 6 45 -99 17 47 64 36 38 62 38 -108 9 39 53 27 30 53 76 83 43 98 91 85 66 114 18% 11% 12% 14% 12% 20% 20% 20% 36
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KRUK Group’s operations in other markets • Expenditure on debt portfolios in France amounted to PLN 26 million. • Recoveries from portfolios held in the ‘Other markets’ reached PLN 34 million, accounting for 2% of the Group’s total. • The decline was mainly attributable to the sale of portfolios in Germany, the Czech Republic and Slovakia in 2025. The KRUK Group retained a part of its Czech portfolio, with the collection process handled by an external servicer. • At the end of the period, the carrying amount of purchased debt portfolios was PLN 215 million, representing 2% of the total carrying amount of debt portfolios held by the KRUK Group. The decrease in the carrying amount of portfolios starting from Q1 2025 resulted from the sale of some of the Group’s Czech, Slovak and German assets. • Segment revenue totalled PLN 20 million, its decline primarily reflecting the wind-down of operations in the Czech Republic and Slovakia. * LTM portfolio profitability calculated as the sum of revenue from purchased portfolios for the last 12 months divided by the arithmetic mean of the portfolio value at the beginning and at the end of the last 12 months. In H1 2026, KRUK held assets in France and the Czech Republic. In H1 2025, KRUK held assets in France, the Czech Republic, Slovakia and Germany. (PLN million) H1 2026 H1 2025 y/y Expenditure on debt portfolios 26 64 -60% Recoveries 34 71 -52% Portfolio carrying amount 215 222 -3% Revenue 20 36 -43% Purchased debt portfolios 20 34 -41% Revaluation of projected recoveries -4 -4 -13% Gross profit 7 24 -72% EBITDA 2 18 -88% Cash EBITDA 16 55 -71% Portfolio profitability (LTM)* 7% 32% -79% Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 32 17 47 18 18 32 16 9 24 30 24 47 32 21 17 18 189 194 229 222 216 200 215 215 13 19 15 21 9 -25 12 8 13 18 15 19 8 -25 12 8 0 -1 0 -4 0 -36 0 -4 8 12 10 13 5 -31 7 0 5 6 8 10 2 -34 5 -3 16 17 17 38 25 12 9 7 28% 33% 32% 34% 30% 9% 7% 7% 37
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Loan business – Wonga in Poland and Romania; Novum in Poland • Wonga.pl disbursed 162 thousand cash loans in Poland, with a net amount of PLN 470 million (+22% y/y). In Poland, Novum disbursed 14 thousand loans, with a net amount of PLN 107 million (+45% y/y). In Romania, Wonga disbursed 0.6 thousand loans with a principal amount of PLN 3 million. • The carrying amount of Wonga’s loan portfolio amounted to PLN 499 million (+20% y/y). The carrying amount of Novum’s loan portfolio amounted to PLN 145 million (+39% y/y). • Revenue from the consumer lending business in Poland and Romania amounted to PLN 105 million (-13% y/y). The decline in revenue was due mainly to a significant positive revaluation of projected recoveries for Wonga’s terminated loans in Q1 2025, amounting to PLN 21 million. • EBITDA of the loan business came in at PLN 48 million (-24% y/y). • EBITDA margin on the loan business in H1 2026 was 15%, compared with 24% in the previous year. (PLN million) H1 2026 H1 2025 y/y Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Loans originated in period (principal) 584 465 26% 175 191 224 241 252 264 276 308 Carrying amount of loans 680 561 21% 473 503 538 561 588 612 638 680 Revenue 105 120 -13% 52 52 72 49 49 56 50 55 EBITDA 48 64 -24% 32 27 42 22 23 30 21 27 LTM EBITDA margin* 15% 22% -32% 22% 22% 24% 22% 19% 19% 15% 15% 38EBITDA margin calculated as EBITDA for the last 4 quarters in relation to the carrying amount of loans at the end of the last quarter.
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Additional information 39
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KRUK compared with industry peers – one of the best credit ratings 40 Competitors (Outlook) BB - B- BB BB B SD B - (Outlook) Ba2 Ba2 B3 - Ba2 B2 Caa3 Ba1 (stable) BBB-/Baa3 BB+/Ba1 ● BB/Ba2 ●● ● ● ●● BB-/Ba3 B+/B1 B/B2 ●● ● B-/B3 ●● CCC+/Caa1 CCC/Caa2 CCC-/Caa3 ● CC/Ca S&P Moody's Data as of August 2026
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PLN million H1 2026 H1 2025 y/y Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 PURCHASED DEBT PORTFOLIOS Expenditure on debt portfolios 864 805 7% 743 1,185 229 577 622 796 513 351 Recoveries 2,011 1,910 5% 864 935 923 987 1,011 999 971 1,039 STATEMENT OF PROFIT OR LOSS Operating income 1,572 1,600 -2% 844 583 802 797 803 788 783 789 Purchased debt portfolios 1,436 1,446 -1% 777 512 715 731 735 717 719 717 Revaluation of projected recoveries 226 271 -17% 196 -64 133 139 114 111 94 132 Revenue attributable to the difference between projected and actual recoveries and other items* 79 127 -38% 91 53 51 76 64 34 34 45 Credit management services 27 29 -8% 14 15 14 16 14 13 13 14 Other products and services 110 125 -12% 54 55 74 51 54 58 52 58 Operating expenses 749 764 -2% 352 402 393 371 372 411 380 369 Court fees 231 238 -3% 113 116 138 100 105 125 129 101 Employee expenses and salaries 312 308 1% 137 169 148 160 151 156 152 160 EBITDA 823 835 -1% 492 181 409 426 432 376 404 420 EBITDA margin 52% 52% 58% 31% 51% 53% 54% 48% 52% 53% Finance income / costs -195 -219 11% -105 -113 -113 -106 -109 -114 -114 -81 of which: net foreign exchange gains/(losses) 36 0 12,371% 0 -1 -1 1 0 0 -1 37 Profit before tax 590 585 1% 371 53 281 305 306 245 271 319 Tax expense -35 -1 -2,813% -15 62 -29 28 -13 -37 -8 -27 Tax % 6% 0% 4% -118% 10% -9% 4% 15% 3% 8% Net profit 555 584 -5% 356 115 252 332 293 208 262 292 Net profit margin 35% 37% 42% 20% 31% 42% 36% 26% 34% 37% Rolling ROE (LTM) 19% 22% 27% 24% 21% 22% 20% 20% 19% 19% Cash EBITDA 1,398 1,300 8% 579 604 618 682 707 658 656 742 KRUK Group: P&L by business segment (presentation format) * Deviations between actual and projected recoveries, decreases on early collections in collateralised cases, payments from original creditor. 41
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PLN million H1 2026 H1 2025 y/y Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Operating income 1,572 1,600 -2% 844 583 802 797 803 788 783 789 Poland 737 732 1% 386 321 367 364 367 421 346 391 Romania 221 295 -25% 187 140 160 135 153 131 148 73 Italy 390 345 13% 144 138 160 185 166 165 177 213 Spain 199 188 6% 112 -38 98 90 104 93 98 101 Other markets 20 36 -43% 13 19 15 21 9 -25 12 8 EBITDA 823 835 -1% 492 181 409 426 432 376 404 420 EBITDA margin 52% 52% 58% 31% 51% 53% 54% 48% 52% 53% Finance income/costs -195 -219 11% -105 -113 -113 -106 -109 -114 -114 -81 Income tax -35 -1 - 2,813% -15 62 -29 28 -13 -37 -8 -27 Net profit 555 584 -5% 356 115 252 332 293 208 262 292 Net profit margin 35% 37% 42% 20% 31% 42% 36% 26% 34% 37% KRUK Group: P&L by geographical segment (presentation format) 42
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PLN million H1 2026 H1 2025 y/y Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Cash flows from operating activities 1,034 986 5% 412 419 537 450 513 488 488 546 Recoveries − purchased debt portfolios 2,011 1,910 5% 864 935 923 987 1,011 999 971 1,039 Operating expenses − purchased debt portfolios -475 -489 3% -235 -253 -260 -229 -224 -257 -246 -229 Operating margin − credit management services 8 9 -15% 3 3 4 5 4 3 4 4 Administrative expenses -201 -201 0% -89 -114 -94 -106 -114 -120 -97 -104 Other operating cash flow -308 -243 -27% -131 -152 -35 -208 -164 -137 -144 -164 Cash flows from investing activities -912 -870 -5% -767 -1,194 -284 -586 -636 -814 -533 -379 Expenditure on debt portfolio purchases -864 -805 -7% -743 -1,185 -229 -577 -622 -796 -513 -351 Other investing cash flow -48 -64 25% -24 -9 -55 -9 -15 -18 -20 -28 Cash flows from financing activities -79 -66 -21% 352 811 -239 173 171 225 200 -279 Issue of shares 13 5 141% 16 0 0 5 0 22 0 13 Dividend/share repurchase 390 0 - 0 0 0 0 -351 0 0 390 Increase in borrowings and lease liabilities 3,253 1,316 147% 684 1,762 458 857 1,162 1,424 1,363 1,889 Issue of bonds 600 500 20% 0 200 100 400 100 0 600 0 Decrease in borrowings and lease liabilities -3,328 -1,692 -97% -319 -1,188 -699 -993 -740 -1,263 -1,750 -1,578 Redemption of bonds 118 -218 154% -25 0 -168 -50 -25 0 -73 190 Other financing cash flow -1,124 24 -4,872% -3 37 70 -46 26 42 59 -1,183 Net cash flows 42 51 -18% -3 36 14 37 48 -102 154 -112 KRUK Group: cash flows (presentation format) * Including proceeds from the issue of Series AN2 bonds deposited in a technical account held with the broker, credited in the Group’s bank account after the reporting date, on 10 January 2023. 43
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KRUK Group: selected items of the statement of financial position (presentation format) PLN million 30 Jun 2026 31 Mar 2026 31 Dec 2025 30 Sep 2025 30 Jun 2025 31 Mar 2025 31 Dec 2024 30 Sep 2024 30 Jun 2024 31 Mar 2024 ASSETS Cash and cash equivalents 255 367 213 314 266 229 215 178 181 285 Investments in debt portfolios and loans 12,723 12,639 12,245 11,775 11,359 10,926 11,003 10,222 9,612 9,205 Other assets 557 562 575 541 474 508 431 414 429 454 Total assets 13,535 13,568 13,032 12,630 12,099 11,662 11,649 10,814 10,222 9,943 EQUITY AND LIABILITIES Equity 5,525 5,635 5,326 5,084 4,763 4,778 4,529 4,408 4,107 4,156 of which: Retained earnings 4,910 5,007 4,745 4,537 4,244 4,261 4,009 3,894 3,538 3,622 Liabilities 4,909 7,932 7,706 7,546 7,336 6,884 7,120 6,406 6,115 5,787 of which: Bank borrowings and leases 3,694 3,388 3,766 3,615 3,154 3,295 3,517 2,954 2,581 2,342 Bonds 3,815 3,996 3,461 3,468 3,387 3,027 3,110 2,914 2,943 2,939 Total equity and liabilities 13,535 13,568 13,032 12,630 12,099 11,662 11,649 10,814 10,222 9,943 FINANCIAL RATIOS Interest-bearing debt 7,509 7,384 7,227 7,083 6,541 6,322 6,627 5,868 5,524 5,281 Net interest-bearing debt 7,254 7,017 7,014 6,769 6,275 6,093 6,412 5,690 5,343 4,996 Net interest-bearing debt to equity 1.3 1.3 1.3 1.3 1.3 1.3 1.4 1.3 1.3 1.2 Net debt/cash EBITDA 2.6 2.6 2.6 2.6 2.5 2.6 2.7 2.5 2.4 2.3 44
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KRUK’s share in the primary market of unsecured retail debt portfolios Poland 29% 45% 24% 19% 2023 2024 2025 H1 2026 Debt purchase market in Poland in H1 2026 Unsecured retail debt supply (PLN billion) • The estimated total debt supply in nominal terms was PLN 3.8 billion, of which unsecured retail debt accounted for PLN 3.3 billion, while corporate and SME debt portfolios – for PLN 0.5 billion. • The average price, expressed as a price-to-face ratio, increased to 34%, driven mainly by the higher quality of debt cases and strong investor activity. • Expenditure on debt purchases in Poland amounted to PLN 1.2 billion, of which 90% was invested in unsecured retail debt. • KRUK’s share in expenditure on unsecured retail debt in the primary market is estimated at 19%. Poland 14.0 8.7 11.6 3.3 2.1 2.1 2.1 1.1 15% 24% 18% 34% 0% 5% 10% 15% 20% 25% 30% 35% 40% 0 2 4 6 8 10 12 14 16 18 2023 2024 2025 H1 2026 nominal value expenditure price (% of nominal value)
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Debt purchase market in Romania in H1 2026 • Unsecured retail debt portfolios sold on the Romanian market in H1 2026 were worth PLN 840 million in nominal terms. • The persistence of high debt prices reflects the continued better quality of assets, strong investor demand and absence of secondary market transactions (with the last significant activity recorded in 2023). • According to KRUK’s estimates, total expenditure on retail debt portfolios in Romania was PLN 384 million, with KRUK’s share at 37%. Unsecured retail debt supply (PLN billion)Romania 6.6 1.4 1.8 0.80.5 0.5 0.8 0.48% 37% 44% 46% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% 0 1 2 3 4 5 6 7 2023 2024 2025 H1 2026 nominal value expenditure price (% of nominal value) KRUK’s share in the primary market of unsecured retail debt portfolios Romania 63% 51% 70% 37% 2023 2024 2025 H1 2026
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Debt purchase market in Italy in H1 2026 • According to the KRUK Group’s estimates, in H1 2026 the aggregate supply of unsecured retail debt, SME and corporate debt portfolios was in excess of PLN 6.3 billion, of which unsecured retail debt amounted to PLN 4.8 billion (in nominal terms). • PLN 1.9 billion of unsecured retail debt was sold in the secondary market. • KRUK’s share in expenditure on unsecured retail debt in the primary market is estimated at 55%. Unsecured retail debt supply (PLN billion) 15.2 19.1 17.4 4.8 1.9 1.7 2.3 0.8 12% 9% 13% 16% 0% 5% 10% 15% 20% 25% 30% 35% 40% 0 5 10 15 20 25 2023 2024 2025 H1 2026 nominal value expenditure price (% of nominal value) Italy KRUK’s share in the primary market of unsecured retail debt portfolios Italy 47% 51% 31% 55% 2023 2024 2025 H1 2026
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Debt purchase market in Spain in H1 2026 • Based on KRUK’s estimates, the nominal value of retail and corporate debt portfolios sold in Spain in H1 2026 reached approximately PLN 15.1 billion. • Total investment by market participants amounted to PLN 455 million (excluding mortgage portfolios), with KRUK’s market share at 5%. • KRUK’s share in expenditure on unsecured retail debt in the primary market is estimated at 8%. • The Group is selectively resuming investment activity in the Spanish market. 26.3 37.7 13.7 4.91.8 2.5 1.3 0.37% 7% 9% 6% 0% 5% 10% 15% 20% 25% 30% 35% 40% 0 5 10 15 20 25 30 35 40 2023 2024 2025 H1 2026 nominal value expenditure price (% of nominal value) Unsecured retail debt supply (PLN billion)Spain KRUK’s share in the primary market of unsecured retail debt portfolios Spain 44% 33% 12% 8% 2023 2024 2025 H1 2026
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KRUK Group: historical recoveries until year-end 2025 The servicing period in the first year from the purchase may be shorter than 12 months. 2004–2010 expenditure (PLN million) 2011–2015 expenditure (PLN million) Recoveries in the successive years of servicing to expenditure in 2004–2010 Recoveries in the successive years of servicing to expenditure in 2011–2015 81 82 104 65 183 2004-2006 2007 2008 2009 2010 569 309 366 565 491 2011 2012 2013 2014 2015 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 2004-2006 2007 2008 2009 2010 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 2011 2012 2013 2014 2015
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KRUK Group: historical recoveries until year-end 2025 The servicing period in the first year from the purchase may be shorter than 12 months. 2016–2020 expenditure (PLN million) 2021–2025 expenditure (PLN million) 1,288 973 1,398 771 460 2016 2017 2018 2019 2020 Recoveries in the successive years of servicing to expenditure in 2016–2020 Recoveries in the successive years of servicing to expenditure in 2021–2025 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 1 2 3 4 5 6 7 8 9 10 2016 2017 2018 2019 2020 0% 5% 10% 15% 20% 25% 30% 35% 1 2 3 4 5 2021 2022 2023 2024 20251,736 2,306 2,980 2,829 2,223 2021 2022 2023 2024 2025
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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 Portfolio acquisition date 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% 20% 17% 14% 14% 15% 15% 15% 15% 14% 435% 2008 32% 51% 33% 28% 21% 19% 19% 17% 16% 17% 15% 13% 13% 13% 13% 13% 12% 12% 357% 2009 40% 78% 58% 51% 47% 46% 47% 43% 39% 37% 32% 31% 34% 35% 35% 35% 36% 724% 2010 34% 65% 49% 45% 48% 47% 49% 46% 41% 37% 33% 34% 34% 32% 29% 27% 650% 2011 20% 39% 35% 34% 34% 32% 30% 27% 25% 22% 22% 21% 20% 19% 18% 398% 2012 12% 29% 38% 32% 33% 33% 29% 30% 25% 25% 23% 22% 21% 19% 371% 2013 20% 40% 38% 38% 35% 31% 28% 24% 23% 21% 20% 17% 16% 351% 2014 14% 27% 23% 25% 28% 23% 19% 19% 16% 16% 14% 14% 238% 2015 14% 30% 31% 30% 28% 24% 24% 25% 21% 20% 18% 265% 2016 10% 32% 30% 29% 24% 27% 27% 23% 21% 18% 241% 2017 11% 24% 23% 20% 24% 23% 22% 17% 16% 180% 2018 11% 26% 24% 25% 23% 20% 17% 16% 162% 2019 11% 40% 34% 29% 26% 25% 21% 186% 2020 7% 40% 38% 30% 25% 23% 163% 2021 11% 29% 26% 22% 19% 107% 2022 10% 23% 23% 21% 77% 2023 12% 26% 23% 61% 2024 11% 27% 38% 2025 12% 12% The relation of historical recoveries in successive calendar years to expenditure on portfolios purchased in 2004-2025 may differ from year to year depending on a range of factors, including: • debt management process carried out by the KRUK Group • type and nature of debt portfolios purchased in a given year • shares of various geographies in total debt portfolio acquisitions in a given year • external environment, including legal and economic conditions * The servicing period in the first year from the purchase may be shorter than twelve months.
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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 PLN million 2004- 2010 2011- 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2024 recoveries 120 409 272 170 237 196 116 383 539 773 323 n/a 2025 recoveries 114 387 237 158 218 161 105 329 480 686 767 277 Acquisition period 2004- 2010 2011- 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2024 recoveries 3% 12% 8% 5% 7% 6% 3% 11% 15% 22% 9% n/a 2025 recoveries 3% 10% 6% 4% 6% 4% 3% 8% 12% 18% 20% 7%
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Simplified model of revenue recognition from purchased debt portfolios acquired by KRUK Simplified example with hypothetical assumptions and values PERIOD 0 1 2 3 4 5 6 Σ Portfolio purchase value 100 Recoveries 50 60 45 30 20 15 220 Recoveries – Portfolio purchase value = Revenue -100 50 60 45 30 20 15 120 Discount rate 38% BALANCE SHEET CHANGES: 1. Valuation at the beginning of the period 100 88 60 38 22 11 3. Portfolio amortization (decrease in valuation; calculated as the difference between recoveries and revenue) 12 27 22 16 12 11 100 4. Valuation at the end of the period 88 60 38 22 11 0 PNL CHANGES: 2. Interest revenue 38 33 23 14 8 4 120 53
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Awards and distinctions Recently, the KRUK Group has received a number of awards and distinctions, including: • Following a successful ethical audit survey, KRUK S.A. was once again awarded the Ethical Audit Certificate by the ZPF Ethics Committee, which confirms the Company’s adherence to the ZPF Code of Good Practice. The certificate is valid until 31 March 2026. • 11th place among the 50 best employers in Poland, according to the weekly magazine Wprost • In recognition of its commitment to ethical business conduct and transparency, KRUK S.A. was once again honoured with the ‘Super Ethical Company’ title in the ‘Ethical Company’ competition organised by the Puls Biznesu daily and PwC. • The CEO of KRUK S.A., Piotr Krupa, ranked second in the CEO of the Year category in the Rekiny Biznesu ranking—prestigious capital market awards based on votes from over 4,400 individual investors. • The legal team at WONGA received prestigious recognition as the best in-house banking law team at Lexology’s European Awards 2025. • KRUK España was honoured as the ‘Multinational of the Year – Leader in Financial Services and Solutions’ in recognition of its consistent growth, customer-focused approach, and influential role in shaping the future of debt management in Spain. • The 2024 Annual Report won the First Grand Prize in the IRiP – The Best Annual Report competition, in the Banks and Financial Institutions category. 54
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Investor Relations Selected IR events planned for 2026 Equity analyst recommendations Shareholder Ownership interest OFE Nationale Nederlanden 13.46% OFE Allianz Polska 11.63% Piotr Krupa 8.72% OFE Generali 8.47% OFE Vienna 5.36% OFE PZU Złota Jesień 5.08% OFE UNIQA 4.11% Shareholders with ownership interests above 3%** Date Author Recommendation Price target March 2026 DM mBanku Buy PLN 528.99 March 2026 Bank Pekao BM Buy PLN 549.00 January 2026 DM PKO BP Hold PLN 523.00 Research coverage 304 319 0.00 100.00 200.00 300.00 400.00 500.00 600.00 700.00 2025 2026 Trading value Average monthly trading value PLNm Brokerage house Analyst Email address Citi Andrzej Powierża andrzej.powierza@citi.com mBank DM Michał Konarski michal.konarski@mdm.pl PKO BP DM Jaromir Szortyka jaromir.szortyka@pkobp.pl DM Pekao Michał Fidelus michal.fidelus@pekao.com.pl Trigon DM Grzegorz Kujawski grzegorz.kujawski@trigon.pl Wood & Co. Marta Jeżewska-Wasilewska marta.jezewska-wasilewska@wood.com DM BDM Maciej Bobrowski maciej.bobrowski@bdm.pl Average daily trading value: PLN 15.2 million *Source: in-house analysis based on www.gpw.pl **Source: stooq.pl KRUK as the 26th most liquid stock on the WSE* 55 Date Event 9 January Arctic’s Nordic Debt Collection Webinar 24–25 March PKO BP Securities CEE Capital Markets Conference, London 27 March Pekao 5th Financial Conference, Warsaw 31 March–1 April WOOD’s EME Conference, New York 29 April Issue of the Q1 2026 report 19 May mBank Spring Conference, Warsaw 26 May ERSTE Finest CEElection Equity Investor Conference 2026, Warsaw 15–16 June Pekao-BOFA Capital Markets Conference, London 26 August Issue of the H1 2026 report
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Legal disclaimer The following information relates to the content of this document, the oral presentation by KRUK S.A. or any person acting onbehalf of KRUK S.A., the information contained in this document and any information provided when responding to questions which may arise in connection with the presentation of thedocument (jointly the “Presentation”). The materials contained in the Presentation have been prepared by KRUK S.A. (the “Company”). No part of the Presentation may be reproduced or used for any purpose without the consent of the Company. The information contained in the Presentation has been compiled and prepared with due care, basedon facts and data taken from sources believed by the Company to be reliable, in particular based on the financial statements. The Presentation is for information purposes only and is not an offer within the meaning of civil law, a public offering within the meaning of the public offering regulations, or a proposal to purchase, an advertisement of or an invitation to purchase any securities of the Company. No part of the Presentation shall be taken as a commitment to enter into any agreement or establish any legal relationship involving the Company or its subsidiary. No information contained herein shall be construed as a recommendation or as investment, legal or tax advice, nor is it an indication that any investment or strategy is suitable for any institution or any other person to whom the Presentation is made available. The Company does not guarantee that the information contained in the Presentation is complete and does not accept any liability for the consequences of investment decisions made on the basis of the Presentation. Responsibility for such investment decisions and for any potential losses which may result from such decisions lies solely with the decision maker. Therefore, anyone who intends to make a decision regarding investment in the securities issued by the Company is advised to rely on information disclosed in official press releases by KRUK S.A. in accordance with applicable laws. The Presentation may include forward-looking statements and views concerning future and uncertain events, which are any statements other than those relating to historical data. Such forward-looking statements may involve identified or unidentified risks, uncertainties and other material factors beyond the Company’s control, which may cause the Company's actual results or achievements to differ materially from the expected results or achievements expressed or implied in such projections. Please be also aware that the data contained in the Presentation may become outdated. Unless stated otherwise, the Company accepts no duty to provide information about any data becoming outdated. 56
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Thank you. KRUK S.A. ul. Bolkowska 3 53-612 Wrocław, Poland https://en.kruk.eu/ Investor Relations contact: ir@kruksa.pl Investor website: en.kruk.eu/investor-relations ESG: https://en.kruk.eu/esg