Slides
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9M 2026 Results Presentation KRUK Group 27 October 2026
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PLN 753 million in net profit for 9M 2026 * Last 12 months. ** Including share buybacks Recoveries from purchased portfolios PLN 1,212 million (-15% y/y) Investments in debt portfolios PLN 794 million (-11% y/y) Profit before tax PLN 2,049 million (+2% y/y) Cash EBITDA PLN 753 million (-14% y/y) Net profit 17% Rolling ROE (LTM)* PLN 12.2 billion (+9% y/y) Portfolio carrying amount 2.7x (Q3 2025: 2.6x) Net debt/cash EBITDA PLN 2,971 million (+2% y/y) Paid in 2026 (PLN 2.2 billion paid in 2015–2026**) 2 PLN 391 million dividend
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Summary of results for 9M 2026 3
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• Expenditure on portfolio purchases reached PLN 1,212 million (PLN -215 million or -15% y/y). The largest investments were made in Italy (PLN 442 million), Poland (PLN 337 million) and Romania (PLN 244 million). • 94% of all funds were invested in unsecured retail portfolios. • In nominal terms, the purchased debt totalled PLN 4.2 billion. • The market for unsecured retail portfolios, particularly in Poland, remained highly competitive. KRUK recovers nearly PLN 3 billion and invests PLN 1.2 billion in 9M 2026 Share of total recoveries by market • Recoveries from the KRUK Group’s purchased portfolios grew by PLN 50 million y/y (+2%), mainly on higher recoveries recorded in Italy (PLN +46 million y/y), Romania (PLN +26 million y/y) and Spain (PLN +21 million y/y). • Foreign markets accounted for 61% of the total amount recovered by the Group. • Of the total recoveries, PLN 2.7 billion (92%) was attributable to unsecured debt portfolios, primarily from the consumer sector. • The deviations between actual and projected recoveries* in the third quarter totalled PLN 8 million, compared with PLN 64 million a year earlier. Recoveries were below the Management Board's expectations, particularly in Romania and Spain. Poland 39% Romania 19% Italy 26% Spain 15% Other markets 2% Recoveries from purchased portfolios PLN 2,971 million (+2% y/y) 6% 6% 8% 7% 4% 4% 5% 1% Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Investments in debt portfolios PLN 1,212 million (-15% y/y) Poland 28% Romania 20% Italy 36% Spain 13% Other markets 3% Share of expenditure by market * The line item ‘Deviations in actual recoveries, decreases due to early collections in collateralised cases, and payments from the 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 [%]*
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Cash EBITDA amounted to more than PLN 2 billion and net profit to PLN 753 million Net profit PLN 753 million (-14% y/y) ✓ Net profit amounted to PLN 753 million (PLN -124 million, or -14% y/y). ✓ Profit before tax reached PLN 794 million (PLN -97 million, or -11% y/y). ✓ EBITDA came in at PLN 1,169 million (PLN -97 million, or -8% y/y). ✓ Cash EBITDA reached PLN 2,049 million (PLN +42 million, or +2% y/y). ✓ Return on equity (ROE) stood at 17%. ✓ Revenue from purchased portfolios came in at PLN 2,091 million, compared with PLN 2,181 million the year before. ✓ Revaluation of projected recoveries booked by the Group in the reporting period totalled PLN 278 million, compared with PLN 386 million in the previous year. The deviation between actual and projected recoveries* was PLN 87 million, compared with PLN 191 million a year earlier. Interest income on debt portfolios rose from PLN 1,632 million to PLN 1,801 million y/y. ✓ 70% of the total revaluation of projected recoveries from unsecured retail portfolios in Q3 2026 was attributable to the revaluation of projected recoveries until August 2031 (over the subsequent 59 months). ✓ Revenue in 9M 2026 was affected by exchange differences of PLN -73 million (PLN -14 million in the third quarter alone), due mainly to depreciation of RON against EUR. Revenue PLN 2,299 million (-4% y/y) Operating and administrative expenses PLN 1,130 million (-1% y/y) ✓ Operating expenses excluding depreciation and amortisation (direct and indirect costs, administrative expenses, and other operating expenses) fell by PLN 6 million (-1%) y/y. ✓ The decrease in costs was mainly attributable to lower service expense (PLN -21 million, -8%), while court fees (PLN +6 million, +2%) and other operating expenses (PLN +6 million, +9%) increased. ✓ In 9M 2026, digital transformation costs and expenditure totalled PLN 89.8 million, of which about 13% were operating expenses. ✓ The ratio of operating expenses to recoveries** in the third quarter of 2026 went up to 25%, from 22% the year before. The increase in the ratio resulted both from lower recoveries y/y (down by PLN 50 million, owing to lower-than-expected recoveries in the third quarter of 2026 and a higher recovery base in the third quarter of 2025 attributable to the acquisition of a corporate portfolio in Italy) and from higher costs y/y in the purchased debt portfolios line (PLN +14 million, mainly due to higher court costs (PLN +14 million, +13% y/y)). ✓ Employment at the end of the third quarter of 2026 totalled 3,655 FTEs (+4 FTEs y/y). ✓ The PLN 12 million decrease in finance costs was mainly attributable to the partial redemption of interests in net assets and reclassification of foreign exchange gains/(losses) upon settlement of the net investment hedge. In the third quarter alone, finance costs amounted to PLN 121 million, up 11% y/y. ✓ The total notional amount of interest rate hedging transactions at the end of the third quarter of 2026 was PLN 4,064 million. The effect of the hedges on the Group’s results for 9M 2026 amounted to PLN +61 million. Finance costs PLN 316 million (-4% y/y) * The line item ‘Deviations in actual recoveries, decreases due to early collections in collateralised cases, and payments from the 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
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Robust balance sheet and broad access to financing ✓ Equity represents 42% of the KRUK Group’s financing sources. The interest-bearing net debt to equity ratio was 1.2x (maximum contractual requirement: 3.0x), with the interest-bearing net debt to cash EBITDA ratio at 2.7x (maximum contractual requirement: 4.0x). ✓ The ratio of cash EBITDA to interest on debt was 6.3x (minimum contractual requirement: 3.0x). ✓ As at 30 September 2026, available lines of credit totalled PLN 4.6 billion, including undrawn facilities of PLN 1 billion. ✓ In October 2026, KRUK S.A. increased its revolving credit facility by EUR 265 million to a maximum of EUR 1,020 million and extended the availability of the facility to 3 July 2031. The bank syndicate comprises: DNB Bank ASA as agent, ING Bank Śląski S.A., Santander Bank Polska S.A., Powszechna Kasa Oszczędności Bank Polski Spółka Akcyjna, Bank Polska Kasa Opieki S.A. ✓ In 9M 2026, KRUK S.A. issued PLN 600 million of PLN-denominated bonds with the longest tenor of over seven 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 5.8 billion (+14% y/y) and net debt PLN 7.2 billion (+7% y/y) Assets PLN 13.8 billion (+9% y/y) ✓ The carrying amount of the Group’s investments in debt portfolios was PLN 12.2 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 710 million, representing 5% of the Group’s assets. 6
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Digital transformation entered the operational scale-up phase ✓ In July 2026, after 1.5 years of intensive work, we launched the new system in Poland in its MVP version, beginning to handle actual client cases. ✓ This was a significant stage of the programme, marking the transition from preparatory and development work to the use of the new ecosystem in day-to-day operational processes. ✓ Business results on cases within the scope of the MVP were in line with expectations and are a positive indicator for recoveries at full scale. ✓ In September, KRUK deployed further business functionalities and increased the number of cases handled in the new ecosystem. ✓ The phased approach to developing the solution allows its scope to be expanded further with subsequent releases. ✓ In parallel, KRUK continued preparations to roll out the MVP in Romania and Italy, drawing on the experience gained from the implementation in Poland. New ecosystem Data governance and data quality management ✓ We continued work on developing data domains and business definitions and glossaries, strengthening the foundations for consistent data management. ✓ In parallel, we worked on developing the Microsoft Purview environment as the central source of information about data, data definitions, data owners and business relationships. ✓ These activities support laying the foundations for broader and more consistent use of data in business processes and for further digital transformation. 7
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Geographical and operating segments 8
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s (PLN million) Poland Romania Italy Spain Other markets Unallocated and Head Office KRUK Group 9M 2026 9M 2025 9M 2026 9M 2025 9M 2026 9M 2025 9M 2026 9M 2025 9M 2026 9M 2025 9M 2026 9M 2025 9M 2026 9M 2025 Expenditure on debt portfolios N/A 1,212 1,427 Recoveries N/A 2,971 2,921 Carrying amount of purchased debt portfolios (PLN billion) N/A 12.2 11.2 Percentage of total portfolio carrying amount N/A 100% 100% Revenue 7 9 2,299 2,403 Purchased debt portfolios N/A 2,091 2,181 Credit management services N/A 41 43 Loan segment N/A 159 170 Gross profit 5 4 1,477 1,581 EBITDA -137 -127 1,169 1,267 Cash EBITDA -137 -127 2,049 2,007 337 244 442 154 34418 263 604 60 82 1,170 551 767 431 52 1,163 525 720 410 102 4.5 2.1 3.5 1.9 0.2 4.2 1.8 3.1 1.8 0.2 37% 17% 29% 15% 2% 38% 16% 28% 16% 2% 1,085 310 576 288 33 1,098 447 511 292 46 912 306 568 273 32 921 437 500 279 43 18 8 1617 10 13 3 156 4 160 10 772 221 322 144 12 789 367 265 128 28 704 194 282 118 8 706 339 227 101 20 962 439 481 276 27 948 427 447 232 80 KRUK Group by segments in 9M 2026 9
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KRUK Group’s operations in Poland (PLN million) 9M 2026 9M 2025 y/y Expenditure on debt portfolios 337 418 -19% Recoveries 1,170 1,163 1% Portfolio carrying amount 4,547 4,239 7% Revenue 1,085 1,098 -1% Purchased debt portfolios 912 921 -1% Revaluation of projected recoveries 203 203 0% Credit management services 18 17 5% Loan segment 156 160 -3% Gross profit 772 789 -2% EBITDA 704 706 0% Loan segment 80 83 -4% Cash EBITDA 962 948 2% Portfolio profitability (LTM)* 29% 30% -4% • KRUK’s investments in Poland amounted to PLN 337 million (-19%), representing 28% of the Group’s total expenditure in the period. The nominal value of the purchased portfolios was PLN 978 million. The market for the acquisition of debt portfolios remains highly competitive. • Amounts recovered in Poland reached PLN 1,170 million, accounting for 39% of the Group’s total recoveries. • The carrying amount of purchased debt portfolios was PLN 4.5 billion. The Polish portfolios accounted for 37% of the carrying amount of all debt portfolios held by the KRUK Group. • Total revenue in 9M 2026 was largely unchanged y/y. • In Poland, KRUK recorded an excess of actual cash recovered over projected recoveries. • Gross profit fell by 2% y/y. EBITDA remained largely unchanged y/y. Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 552 19 349 50 225 62 204 71 361 379 398 386 400 389 415 366 4,059 3,994 4,258 4,239 4,429 4,396 4,519 4,547 321 367 364 367 421 346 391 348 267 294 312 315 363 292 333 286 47 61 70 72 124 57 93 53 6 6 6 5 5 6 5 6 49 68 46 46 53 47 52 56 203 264 261 264 307 242 288 242 174 237 233 236 282 221 266 217 25 40 21 22 29 21 28 31 268 322 319 307 319 318 347 297 32% 33% 31% 30% 30% 31% 31% 29% * 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
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KRUK Group’s operations in Romania (PLN million) 9M 2026 9M 2025 y/y Expenditure on debt portfolios 244 263 -7% Recoveries 551 525 5% Portfolio carrying amount 2,066 1,796 15% Revenue 310 447 -31% Purchased debt portfolios 306 437 -30% Revaluation of projected recoveries 48 145 -67% Credit management services 0 0 -3% Loan segment 4 10 -64% Gross profit 221 367 -40% EBITDA 194 339 -43% Cash EBITDA 439 427 3% Portfolio profitability (LTM)* 26% 34% -25% Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 95 75 57 131 310 78 66 100 179 167 178 180 184 187 181 184 1,620 1,652 1,685 1,796 2,033 2,099 2,058 2,066 140 160 135 153 131 148 73 89 136 156 132 149 128 145 70 90 35 54 52 39 28 29 18 1 0 0 0 0 0 0 0 0 4 4 2 4 3 3 2 -1 110 133 109 125 99 120 41 60 100 125 100 114 90 111 32 50 142 136 146 145 145 153 142 144 41% 41% 38% 34% 31% 30% 30% 26% • Expenditure on portfolio purchases in Romania reached PLN 244 million (-7% y/y). The nominal value of debt purchased in the period was PLN 578 million. Investments in debt portfolios made in Romania accounted for 20% of the Group’s total debt purchases in the period. • Recoveries from Romanian debt portfolios amounted to PLN 551 million (+5% y/y), representing 19% of the Group’s total recoveries. The third quarter was the second consecutive quarter with recoveries below the Management Board’s expectations. • At the end of the reporting period, the carrying amount of purchased debt portfolios was PLN 2.1 billion (+15% 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 310 million (-31% y/y), due mainly to a lower revaluation of projected recoveries coupled with a negative effect of the RON depreciation in the second and third quarters (the total currency effect on revenue in Romania was PLN -73 million in 9M 2026, compared with PLN -35 million a year earlier). The deviation between actual and projected recoveries in Romania was positive. • Gross profit and EBITDA fell y/y (-40% and -43%, respectively) mainly on the back of a decline in revenue. * 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. 11
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KRUK Group’s operations in Italy • On the Italian market, KRUK invested PLN 442 million (-27% y/y; 36% of total expenditure) to purchase debt with a nominal value of PLN 1.7 billion. • Amounts recovered from Italian portfolios reached PLN 767 million (+6% 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 576 million, mainly on higher interest income. In Italy, in 9M 2026, KRUK recorded an excess of actual recoveries over the projected amount. • The increase in gross profit (+22% y/y) and EBITDA (+24% 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) 9M 2026 9M 2025 y/y Expenditure on debt portfolios 442 604 -27% Recoveries 767 720 6% Portfolio carrying amount 3,512 3,110 13% Revenue 576 511 13% Purchased debt portfolios 568 500 14% Revaluation of projected recoveries 37 51 -26% Credit management services 8 10 -24% Gross profit 322 265 22% EBITDA 282 227 24% Cash EBITDA 481 447 7% Portfolio profitability (LTM)* 21% 23% -10% Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 467 74 120 410 166 346 60 37 218 227 219 275 248 248 271 248 2,729 2,675 2,795 3,110 3,160 3,479 3,486 3,512 138 160 185 166 165 177 213 186 135 157 181 163 163 175 210 183 0 17 31 3 -2 8 26 4 4 3 3 3 3 3 3 3 68 80 102 83 86 92 131 99 55 69 91 67 70 80 117 85 138 139 128 180 156 154 178 149 21% 23% 24% 23% 23% 22% 22% 21% 12
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KRUK Group’s operations in Spain • The amount invested by KRUK in Spain was PLN 154 million (13% of total expenditure), purchasing debt portfolios with a nominal value of PLN 826 million. The Group selectively resumed investment activity in the Spanish market. • Amounts recovered from Spanish portfolios reached PLN 431 million (+5% y/y), accounting for 15% of the Group’s total recoveries. In the third quarter alone, recoveries fell short of expectations, which may reflect stronger seasonality in Spain in the July–September period than in previous years. • At the end of the reporting period, the carrying amount of debt portfolios acquired on that market was PLN 1.9 billion, representing 15% of the total carrying amount of debt portfolios held by the KRUK Group. • Revenue in 9M 2026 was largely unchanged y/y. • The deviation between actual and projected recoveries in 9M 2026 was negative, due to weaker recoveries in the third quarter alone. • 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) 9M 2026 9M 2025 y/y Expenditure on debt portfolios 154 60 157% Recoveries 431 410 5% Portfolio carrying amount 1,865 1,824 2% Revenue 288 292 -1% Purchased debt portfolios 273 279 -2% Revaluation of projected recoveries -5 -9 47% Credit management services 16 13 20% Gross profit 144 128 13% EBITDA 118 101 17% Cash EBITDA 276 232 19% Portfolio profitability (LTM)* 19% 12% 59% Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 54 14 34 13 62 11 11 132 147 128 145 137 146 131 156 145 1,898 1,838 1,837 1,824 1,811 1,812 1,765 1,865 -38 98 90 104 93 98 101 89 -44 94 86 100 89 94 95 84 -145 0 -9 0 -3 -1 0 -4 6 4 5 4 5 5 6 5 -99 17 47 64 36 38 62 44 -108 9 39 53 27 30 53 35 83 43 98 91 85 66 114 96 11% 12% 14% 12% 20% 20% 20% 19% 13
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KRUK Group’s operations in other markets • Expenditure on debt portfolios in France amounted to PLN 34 million. • Recoveries from portfolios held in the ‘Other markets’ reached PLN 52 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 still holds 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 222 million, representing 2% of the total carrying amount of debt portfolios held by the KRUK Group. • Segment revenue totalled PLN 33 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. (PLN million) 9M 2026 9M 2025 y/y Expenditure on debt portfolios 34 82 -58% Recoveries 52 102 -49% Portfolio carrying amount 222 216 3% Revenue 33 46 -28% Purchased debt portfolios 32 43 -24% Revaluation of projected recoveries -5 -4 -42% Gross profit 12 28 -56% EBITDA 8 20 -62% Cash EBITDA 27 80 -66% Portfolio profitability (LTM)* 7% 30% -78% Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 17 47 18 18 32 16 9 9 30 24 47 32 21 17 18 18 194 229 222 216 200 215 215 222 19 15 21 9 -25 12 8 12 18 15 19 8 -25 12 8 12 -1 0 -4 0 -36 0 -4 -1 12 10 13 5 -31 7 0 6 6 8 10 2 -34 5 -3 6 17 17 38 25 12 9 7 11 33% 32% 34% 30% 9% 7% 7% 7% 14
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Loan business – Wonga in Poland and Romania; Novum in Poland • Wonga.pl disbursed 251 thousand cash loans in Poland, with a net amount of PLN 720 million (+22% y/y). In Poland, Novum disbursed 26 thousand loans, with a net amount of PLN 180 million (+45% y/y). In Romania, Wonga disbursed 3.8 thousand loans with a principal amount of PLN 14.3 million. • The carrying amount of loans granted by Wonga was PLN 520 million (+19% y/y). The carrying amount of loans granted by Novum was PLN 155 million (+38% y/y). • Revenue from the consumer lending business in Poland and Romania amounted to PLN 159 million (-6% 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 74 million (-15% y/y). • LTM EBITDA margin to the carrying amount of loans* as at the end of the third quarter of 2026 was 15%, compared with 19% in the previous year. (PLN million) 9M 2026 9M 2025 y/y Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Loans originated in period (principal) 914 716 28% 191 224 241 252 264 276 308 331 Carrying amount of loans 710 588 21% 503 538 561 588 612 638 680 710 Revenue 159 170 -6% 52 72 49 49 56 50 55 55 EBITDA 74 87 -15% 27 42 22 23 30 21 27 26 LTM EBITDA margin to carrying amount of loans* 15% 19% -25% 22% 24% 22% 19% 19% 15% 15% 15% 15EBITDA margin calculated as EBITDA for the last four quarters to the carrying amount of loans at the end of the last quarter.
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Financials 16
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PLN million 9M 2026 9M 2025 y/y Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 PURCHASED DEBT PORTFOLIOS Expenditure on debt portfolios 1,212 1,427 -15% 1,185 229 577 622 796 513 351 347 Recoveries 2,971 2,921 2% 935 923 987 1,011 999 971 1,039 960 STATEMENT OF PROFIT OR LOSS Operating income 2,299 2,403 -4% 583 802 797 803 788 783 789 727 Purchased debt portfolios 2,091 2,181 -4% 512 715 731 735 717 719 717 655 Revaluation of projected recoveries 278 386 -28% -64 133 139 114 111 94 132 52 Revenue attributable to the difference between projected and actual recoveries and other items* 87 191 -55% 53 51 76 64 34 34 45 8 Credit management services 41 43 -4% 15 14 16 14 13 13 14 15 Other products and services 167 179 -7% 55 74 51 54 58 52 58 57 Operating expenses 1,130 1,136 -1% 402 393 371 372 411 380 369 381 Court fees 349 343 2% 116 138 100 105 125 129 101 119 Employee expenses and salaries 462 459 1% 169 148 160 151 156 152 160 150 EBITDA 1,169 1,267 -8% 181 409 426 432 376 404 420 346 EBITDA margin 51% 53% 31% 51% 53% 54% 48% 52% 53% 48% Finance income / costs -316 -328 4% -113 -113 -106 -109 -114 -114 -81 -121 of which: net exchange differences 35 0 16617% -1 -1 1 0 0 -1 37 0 Profit before tax 794 891 -11% 53 281 305 306 245 271 319 204 Tax expense -41 -14 -197% 62 -29 28 -13 -37 -8 -27 -6 Tax % 5% 2% -118% 10% -9% 4% 15% 3% 8% 3% Net profit 753 877 -14% 115 252 332 293 208 262 292 198 Net profit margin 33% 37% 20% 31% 42% 36% 26% 34% 37% 27% Rolling ROE (LTM) 17% 20% 24% 21% 22% 20% 20% 19% 19% 17% Cash EBITDA 2,049 2,007 2% 604 618 682 707 658 656 742 651 KRUK Group: P&L by business segment (presentation format) * Deviations in actual recoveries, decreases due to early collections in collateralised cases, and payments from the originalcreditor 17
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PLN million 9M 2026 9M 2025 y/y Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Operating income 2,299 2,403 -4% 583 802 797 803 788 783 789 727 Poland 1,085 1,098 -1% 321 367 364 367 421 346 391 348 Romania 310 447 -31% 140 160 135 153 131 148 73 89 Italy 576 511 13% 138 160 185 166 165 177 213 186 Spain 288 292 -1% -38 98 90 104 93 98 101 89 Other markets 33 46 -28% 19 15 21 9 -25 12 8 12 EBITDA 1,169 1,267 -8% 181 409 426 432 376 404 420 346 EBITDA margin 51% 53% 31% 51% 53% 54% 48% 52% 53% 48% Finance income/costs -316 -328 4% -113 -113 -106 -109 -114 -114 -81 -121 Income tax -41 -14 -197% 62 -29 28 -13 -37 -8 -27 -6 Net profit 753 877 -14% 115 252 332 293 208 262 292 198 Net profit margin 33% 37% 20% 31% 42% 36% 26% 34% 37% 27% KRUK Group: P&L by geographical segment (presentation format) 18
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PLN million 9M 2026 9M 2025 y/y Q4 2024Q1 2025Q2 2025Q3 2025Q4 2025Q1 2026Q2 2026Q3 2026 Cash flows from operating activities 1,458 1,500 -3% 419 537 450 513 488 488 546 425 Cash recoveries from purchased debt portfolios 2,971 2,921 2% 935 923 987 1,011 999 971 1,039 960 Operating expenses − purchased debt portfolios -713 -713 0% -253 -260 -229 -224 -257 -246 -229 -238 Operating margin − credit management services 14 14 2% 3 4 5 4 3 4 4 6 Administrative expenses -308 -314 2% -114 -94 -106 -114 -120 -97 -104 -107 Other operating cash flow -505 -407 -24% -152 -35 -208 -164 -137 -144 -164 -197 Cash flows from investing activities -1,293 -1,506 14% -1,194 -284 -586 -636 -814 -533 -379 -381 Expenditure on debt portfolio purchases -1,212 -1,427 15% -1,185 -229 -577 -622 -796 -513 -351 -347 Other investing cash flow -82 -79 -3% -9 -55 -9 -15 -18 -20 -28 -33 Cash flows from financing activities -112 106 -206% 811 -239 173 171 225 200 -279 -33 Issue of shares 13 5 140% 0 0 5 0 22 0 13 0 Dividend/share repurchase -391 -351 -11% 0 0 0 -351 0 0 -391 0 Proceeds from borrowings and lease liabilities 3,872 2,477 56% 1,762 458 857 1,162 1,424 1,363 1,889 619 Issue of bonds 600 600 0% 200 100 400 100 0 600 0 0 Repayment of borrowings and lease liabilities -3,937 -2,433 -62% -1,188 -699 -993 -740 -1,263 -1,750 -1,578 -609 Redemption of bonds -328 -243 -35% 0 -168 -50 -25 0 -73 -190 -65 Other financing cash flow 58 49 17% 37 70 -46 26 42 59 -22 22 Net cash flows 53 99 -47% 36 14 37 48 -102 154 -112 11 KRUK Group: cash flows (presentation format) 19
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KRUK Group: selected items of the statement of financial position (presentation format) PLN million 30 Sep 2026 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 ASSETS Cash and cash equivalents 265 255 367 213 314 266 229 215 178 181 Investments in debt portfolios and loans 12,922 12,723 12,639 12,245 11,775 11,359 10,926 11,003 10,222 9,612 Other assets 604 557 562 575 541 474 508 431 414 429 Total assets 13,792 13,535 13,568 13,032 12,630 12,099 11,662 11,649 10,814 10,222 EQUITY AND LIABILITIES Equity 5,803 5,525 5,635 5,326 5,084 4,763 4,778 4,529 4,408 4,107 of which: Retained earnings 5,107 4,910 5,007 4,745 4,537 4,244 4,261 4,009 3,894 3,538 Liabilities 7,988 8,010 7,932 7,706 7,546 7,336 6,884 7,120 6,406 6,115 of which: Bank borrowings and leases 3,710 3,694 3,388 3,766 3,615 3,154 3,295 3,517 2,954 2,581 Bonds 3,764 3,815 3,996 3,461 3,468 3,387 3,027 3,110 2,914 2,943 Total equity and liabilities 13,792 13,535 13,568 13,032 12,630 12,099 11,662 11,649 10,814 10,222 FINANCIAL RATIOS Interest-bearing debt 7,475 7,509 7,384 7,227 7,083 6,541 6,322 6,627 5,868 5,524 Net interest-bearing debt 7,209 7,254 7,017 7,014 6,769 6,275 6,093 6,412 5,690 5,343 Net interest-bearing debt to equity 1.2 1.3 1.3 1.3 1.3 1.3 1.3 1.4 1.3 1.3 Net debt/cash EBITDA 2.7 2.6 2.6 2.6 2.6 2.5 2.6 2.7 2.5 2.4 20
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Financing structure Bank credit facilities drawn PLN 629 million* based on WIBOR PLN 2,988 million* based on EURIBOR% 1M/3M WIBOR + 1.7–2.95pp 1M EURIBOR + 1.7–2.95pp 12,212 710 869 7,988 5,803 ASSETS EQUITY AND LIABILITIES Debt under bank credit facilities (drawn) Amount available (undrawn) under credit facilities Bonds3,756 3,617 967 Kategoria 1 Net debt/equity: 1.2x (maximum contractual requirement: 3.0x) Net debt/cash EBITDA: 2.7x (maximum contractual requirement: 4.0x) Cash EBITDA/interest on debt: 6.3x (minimum contractual requirement: 3.0x) 50 577 1,104 700 125 200 400 600 3,706 3,129 2,025 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: - in EUR, variable rate: PLN 804 million** 3M WIBOR + 2.5–4.65pp fixed for PLN: 3M EURIBOR + 4.0–6.5pp PLN 4,064 million of the Group’s debt** is represented by IRS/CIRS contracts and fixed-rate bonds PLN 1,407 million of the Group’s debt** is WIBOR-sensitive debt 55%** 19%** PLN 1,903 million of the Group’s debt** is EURIBOR-sensitive debt 26%** * Nominal value as at 30 September 2026 (PLN million). ** Debt presented in nominal amounts. Total outstanding balance: PLN 13,792 million 21 Equity Liabilities Investments in debt portfolios Carrying amount of loans Other assets
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* • Estimated remaining collections (ERC) as at 30 September 2026 were PLN 27.6 billion (vs PLN 27.2 billion in the previous quarter) • 70% of the total revaluation of projected recoveries from unsecured retail portfolios in Q3 2026 was attributable to the revaluation of projected recoveries until August 2031 (over the subsequent 59 months). 3.75 3.46 3.06 2.60 2.19 1.90 1.66 1.47 1.31 1.17 1.02 0.89 0.79 0.66 0.52 1.17 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 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) 3 kw. 2026 2 kw. 2026 * KRUK Group: ERC at PLN 27.6 billion Estimated remaining collections (ERC) by servicing year at end of period Q3 2026 ERC: PLN 27.6 billion Q2 2026 ERC: PLN 27.2 billion 22 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 Q3 2026 A. Recoveries 923 987 1,011 999 971 1,039 960 B. Deviation between actual and projected recoveries and other items* 51 76 64 34 34 45 8 C. Percentage deviation* (B / (A-B)) 6% 8% 7% 4% 4% 5% 1% PLN million Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 A. Revaluation of projected recoveries 133 139 114 111 94 132 52 B. Portfolio carrying amount 10,388 10,797 11,186 11,633 12,001 12,043 12,212 C. Revaluation relative to carrying amount [%] (A/B) 1.3% 1.3% 1.0% 1.0% 0.8% 1.1% 0.4% Deviation between actual and projected recoveries and other items* • KRUK has achieved 101%– 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 approximately PLN 76 million* since 2022. • In the third quarter of 2026, KRUK revalued its recovery projections, which represented 0.4% of the portfolio carrying amount and related mainly to Polish portfolios. * The line item ‘Deviations in actual recoveries, decreases due to early collections in collateralised cases, and payments from the 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’ 23
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Additional information 24
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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. We show that responsible and honest attitudes matter because they build trust and strengthen social relationships. Sustainability at KRUK Group in Q3 2026 • In the third quarter of 2026, the KRUK Group's debt collection companies carried out initiatives to strengthen the culture of ethics and compliance.To mark International Compliance Officer Day, an awareness initiative was carried out, comprising communications on the importance of legal compliance, ethical conduct and the role of the Compliance function in the KRUK Group. ‘TO SIĘ CENI’ CAMPAIGN • Women accounted for 62% of the Group’s workforce, while men represented 38%, with women holding 58% of management positions. The proportion of women at top management level was 49%. • 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. • Women held 25% of positions in the Management Board and Supervisory Board of KRUK S.A. • The KRUK Group carried out a number of financial education initiatives for affected communities. • During the period under review, the KRUK Group in Poland launched the ‘To się ceni’ social campaign, aimed at promoting responsibility, integrity and meeting one’s obligations. The campaign shows that everyday decisions grounded in principles build trust between people and support the proper functioning of society and the economy. The campaign’s message is built around the stories of ‘everyday heroes’ – people who keep their word, take responsibility for their decisions and treat others fairly. • At the end of the third quarter of 2026, low-emission vehicles accounted for 32.11% of the entire Group’s fleet. • To mark Earth Overshoot Day, an educational campaign was conducted to raise awareness of the environmental impact of everyday consumer choices, and the results of the survey ‘Ecological Attitudes and Consumerism among Poles’ were presented.
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Investor Relations Selected IR events planned for 2026 Recommendations Shareholder Ownership interest OFE Nationale Nederlanden 13.43% OFE Allianz Polska 11.60% Piotr Krupa 8.70% OFE Generali 8.44% OFE Vienna 5.34% OFE PZU Złota Jesień 5.07% Major shareholders* Date Author Recommendation Price target October 2026 ODDO BHF Outperform PLN 423.00 June 2026 DM BDM Accumulate PLN 432.70 March 2026 DM mBanku Buy PLN 528.99 Research coverage 304 372 0.00 100.00 200.00 300.00 400.00 500.00 600.00 700.00 2025 2026 Trading value Average monthly trading value Million 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 26th most liquid stock on the WSE* 26 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 1–2 December WOOD’s Winter Wonderland EMEA Conference, Prague
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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. 27
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Thank you. KRUK S.A. ul. Bolkowska 3 53-612 Wrocław, Poland https://pl.kruk.eu/ Investor Relations contact: ir@kruksa.pl Investor website: https://pl.kruk.eu/relacje-inwestorskie ESG: https://pl.kruk.eu/esg