Slides
Page 1
H1 2026 Results Presentation KRUK Group 26 August 2026
Page 2
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 2 PLN 391 million dividend
Page 3
Summary of H1 2026 results 3
Page 4
• 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’ 4 Deviation between actual and projected recoveries [%]*
Page 5
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. 5
Page 6
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. 6
Page 7
Geographical and operating segments 7
Page 8
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 8
Page 9
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)
Page 10
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. 10
Page 11
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
Page 12
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. 12
Page 13
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
Page 14
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% 14
Page 15
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
Page 16
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% 16
Page 17
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% 17
Page 18
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% 18EBITDA margin calculated as EBITDA for the last 4 quarters in relation to the carrying amount of loans at the end of the last quarter.
Page 19
Financials 19
Page 20
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. 20
Page 21
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) 21
Page 22
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. 22
Page 23
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 23
Page 24
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 24 Equity Liabilities Investments in purchased debt portfolios Carrying amount of loans Other assets
Page 25
* • 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 25 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.
Page 26
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’ 26
Page 27
Additional information 27
Page 28
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
Page 29
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.
Page 30
Investor Relations Selected IR events planned for 2026 Equity analyst recommendations Shareholder Ownership interest OFE Nationale Nederlanden 14.34% OFE Allianz Polska 11.60% Piotr Krupa 8.98% OFE Generali 8.44% OFE PZU Złota Jesień 8.44% OFE Vienna 5.84% Major shareholders* Date Author Recommendation Price target June 2026 DM BDM Accumulate PLN 432.70 March 2026 DM mBanku Buy PLN 528.99 March 2026 Bank Pekao BM Buy PLN 549.00 Research coverage 304 364 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: StrefaInwestorow.pl KRUK as the 25th most liquid stock on the WSE* 30 Date Event 26 August Issue of H1 2026 report 7–8 September BM Pekao 23rd Annual Emerging Europe Investment Conference , Warsaw 21–22 September DNB Carnegie Debt Collection Conference, London 1–2 October PKO by the Sea Conference, Sopot 27 October Issue of Q3 2026 report 18–19 November PKO BP Securities - CEE Capital Markets Conference, New York 1–12 December WOOD’s Winter Wonderland EMEA Conference, Prague
Page 31
Legal disclaimer The following information relates to the content of this document, its oral presentation by KRUK S.A. or any person acting on behalf 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 this document (jointly the“Presentation”). The materials contained in this Presentation have been prepared by KRUK S.A. (the“Company”). No part of this Presentation may be reproduced or used for any purpose without the consent of the Company. The information contained in this Presentation has been compiled and prepared with due care, based on facts and data taken from sources believed by the Company to be reliable, in particular based on the financial statements. This 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 this 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 this Presentation is made available. The Company does not guarantee that the information contained in this Presentation is complete and does not accept any liability for the consequences of investment decisions made on the basis of this 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. This 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 theCompany’s control, which may cause theCompany’s actual results or achievements to differ materially from the expected results or achievements expressed or implied by such projections. Please be also aware that the data contained in this Presentation may become outdated. Unless stated otherwise, the Company accepts no duty to provide information about any data becoming outdated. 31
Page 32
Thank you. KRUK S.A. ul. Wołowska 8 51-116 Wrocław, Poland https://pl.kruk.eu/ Investor Relations contact: ir@kruksa.pl Investor website: https://en.kruk.eu/investor-relations ESG: https://en.kruk.eu/esg