KRUK Group with over PLN 1 billion in net profit for 2024

Today, the Management Board of KRUK S.A. has released KRUK’s financial results for the twelve and three months ended 31 December 2024. The Group’s net profit for 2024 reached PLN 1,074 million, marking a 9% increase year on year, and cash EBITDA stood at PLN 2,374 million, a 13% rise from the previous year. Both figures represent the highest full-year results in the Group’s history. In the fourth quarter of 2024, net profit came in at PLN 115 million, a 49% decrease year on year, with cash EBITDA for the period at PLN 604 million, showing 25% year-on-year growth. Recoveries from purchased debt portfolios in 2024 totalled PLN 3,536 million (up by 15% year on year), while investments in debt portfolios amounted to PLN 2,828 million (down by 5% compared with the year before).

“I’m extremely pleased with the KRUK Group’s performance in 2024, as we closed the accounts with net profit in excess of PLN 1 billion. Coupled with record-high cash EBITDA, this success marks a fitting conclusion to our 2019–2024 strategic plan. The Group’s overall performance would have been even stronger were it not for negative EBITDA in Spain, reflecting the necessary revaluation of projected recoveries from certain portfolios. Upon thorough analysis, we identified two key factors behind this revision: one was due to delays in court proceedings affecting case resolution timelines, while the other had to do with different performance of bank-originated cases purchased in 2022 and 2023 compared with baseline cases used for the portfolio valuation. In response, we are strengthening our Spanish legal team and implementing process adjustments to ensure we can better anticipate and navigate both current and future challenges. All the other geographies made a positive contribution to the Group’s financial results. Notably, our Italian operations had a record-breaking year, delivering an impressive PLN 262 million in EBITDA,” says Piotr Krupa, CEO and President of the Management Board of KRUK S.A. “We remain an undisputed leader in the purchase of unsecured retail debt portfolios across Poland, Romania, Italy, and Spain. Also, as at the end of 2024, KRUK boasted the highest market capitalisation among publicly listed debt collection companies worldwide. Last year, we also expanded our foothold into the French market, where we acquired our first 13 portfolios in partnership with a local debt servicer. We have entered 2025 with strong momentum, kicking off the year by announcing our new five-year strategy, where we reaffirmed our commitment to KRUK’s continued growth.”

At the end of 2024, the Group held assets of PLN 11.6 billion, a 17% increase year on year. The carrying amount of the Group’s investments in debt portfolios was PLN 10.5 billion and accounted for 90% of its assets. Equity rose by 19% on the end of 2023, to PLN 4.5 billion. The net debt to cash EBITDA ratio was 2.7 at the end of 2024, compared with 2.4 at year-end 2023.

“In our core business line of purchased debt portfolios, cash recoveries exceeded PLN 3.5 billion, while revenue climbed to PLN 2.6 billion. The expansion of our core operations also translated into PLN 2.8 billion of new investments, for which we purchased portfolios worth nominally more than PLN 14.6 billion. Over the 2019–2024 strategy period, we made total portfolio investments of over PLN 11 billion, generating more than PLN 15 billion in recoveries over the six years. Additionally, we launched our digital transformation, a critical pillar of our future growth strategy, as we continue to expand our business in the years ahead,” says Piotr Krupa.

The KRUK Group maintained a strong representation of women in senior managerial roles at 58%, compared with 58% in 2023, and a low employee turnover rate of 12%, compared with 11.1% in 2023. KRUK also continued financial education initiatives, including the Day Without Debt project.

“A motivated and close-knit team is, to me, the foundation of a well-functioning organisation and the key to success. I take pride in being part of such team and am deeply impressed by how effectively and enthusiastically our people set ambitious goals – and achieve them. As part of our new strategy for 2025–2029, we have outlined a clear roadmap for growth, focusing on business scale-up, enhancing process efficiency and digital transformation. It’ll be an intensive period, but the expected outcomes – both within the strategy’s timeframe and beyond – will propel KRUK into a new era. We anticipate that by 2030, despite nearly doubling our investments and handling over 50% more cases, our total headcount will not rise above 4,000,” adds Piotr Krupa. “Our efforts are also appreciated by investors, with whom we have consistently shared our earnings through dividends. Since our IPO on the Warsaw Stock Exchange in 2011, KRUK's total shareholder return has exceeded 900% as at year-end 2024. When making our dividend recommendation for 2024, the management board will carefully balance our investment plans with the need to maintain a safe debt level. Our ultimate priority remains KRUK’s long-term, sustained growth.”

The full unaudited report is available here .

The final performance figures will be disclosed in the KRUK Group’s audited consolidated report for 2024, scheduled for issue on 27 March 2025.