KRUK Group announces Q1 2024 earnings

The Management Board of KRUK S.A. has today released KRUK’s financial results for the first quarter of 2024. The KRUK Group’s net profit amounted to PLN 338 million, up 44% y/y, while recoveries from purchased debt portfolios reached PLN 854 million, up 18% y/y. Cash EBITDA for the first quarter of 2024 was PLN 604 million, up 14% y/y.

“We kicked off the first quarter of 2024 on a very positive note, achieving strong performance in both cash EBITDA and net results. The PLN 338 million net profit marks the highest quarterly result in KRUK’s history, as does the PLN 604 million cash EBITDA. I am especially pleased with the first-quarter results, as every market made a positive contribution. Recoveries were higher than we planned, which is a result of improvement in our operational efficiency, contributing to revenue growth,” says Piotr Krupa, President of the Management Board and CEO of KRUK S.A.

In the first quarter of 2024, KRUK invested PLN 335 million in debt portfolios with an aggregate nominal value of PLN 2.2 billion. A vast majority of the investment (96%) were purchases of unsecured retail debt. The Group made the highest investments in Italy (40%) and Poland (39%). The ratio of net debt to cash EBITDA at the end of the first quarter of 2024 was 2.3, with the margin of 26% for the last 12 months.

“We have solid foundations and good access to financing, which positions KRUK strongly in the competitive landscape. We are not resting on our laurels; instead, we are concentrating on further technological transformation and the international expansion of the Group. Our actions are in line with our strategy, and our plans are consistently ambitious. This year promises to be a good one,” said Piotr Krupa, President of the Management Board and CEO of KRUK S.A.

KRUK Group’s full report for Q1 2024:

https://en.kruk.eu/investor-relations/reports/interim-reports