KRUK in 2025: PLN 3.9 billion in recoveries and PLN 2.2 billion invested in new debt portfolios
Recoveries from purchased debt portfolios posted by the KRUK Group for 2025 totalled PLN 3,920 million, up by 11% year on year. In the three months to 31 December 2025, recoveries reached PLN 999 million, up by 7% year on year and down by 1% quarter on quarter. The deviation between actual and projected recoveries in the three months to 31 December 2025 was PLN 34 million*.
“In 2025, we posted our highest recoveries on record, reaching a quarterly level of PLN 1 billion in the second half of the year. Across our core markets, recoveries increased year on year. We continue to focus on improving process efficiency, including solutions designed to strengthen client self-service,” says Piotr Krupa, CEO of KRUK S.A. “We saw double-digit year-on-year growth in amounts recovered from the Polish and Italian markets in the fourth quarter. In Spain, recoveries remained stable on a month-to-month basis, which is a positive development compared with the beginning of the year, although we believe a longer observation period is needed to draw firm conclusions. Total recoveries in the fourth quarter were 7% higher year on year, but 1% lower compared with the third quarter. This reflected the third-quarter base effect – a significant payment related to the acquisition of a corporate portfolio in Italy, which added several million euros to our third-quarter recoveries. Looking across all the markets combined, in the fourth quarter of 2025 we achieved recoveries that exceeded our accounting estimate by 4%**”.
In 2025, the KRUK Group invested PLN 2.2 billion in debt portfolios with a nominal value of PLN 10.1 billion, compared with PLN 2.8 billion of debt investments with a nominal value of PLN 14.6 billion made in 2024. 87% of all these purchases involved unsecured retail debt. In the three months to 31 December 2025, KRUK invested PLN 796 million in debt portfolios with an aggregate nominal value of PLN 3.6 billion.
“Given our decision taken early in the year, which in practice put new investments in Spain on hold, investment outlays of PLN 2.2 billion in 2025 represent a very good result. As in previous years, the majority of our investments were directed towards unsecured retail debt portfolios. Foreign markets accounted for the largest share of our investment activity, i.e. 71% of total outlays, primarily in Italy. In Poland, our investments totalled PLN 643 million. We are also continuing to invest in the French market, working with local third-party servicers. The competitive environment in each of the markets remains rational, and we are working to make the best use of our competitive advantages. We reaffirm our investment target of PLN 15 billion for the period 2025–2029,” concludes Piotr Krupa.
Further details will be provided when the Company releases its fourth-quarter 2025 results on 26 February 2026.
* The ‘deviation of actual recoveries from budgeted figures, decreases on early collections in collateralised cases, and payments from the original creditor’ item of the financial statements;
** The percentage deviation between actual and projected recoveries 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’.