KRUK reports results for the first three quarters of 2026
The KRUK Group’s net profit for the first three quarters of 2026 amounted to PLN 753 million, down 14% year on year. Recoveries from purchased portfolios totalled PLN 2,971 million, up 2% year on year. Revenue amounted to PLN 2,299 million, 4% lower year on year. Cash EBITDA for the period reached PLN 2,049 million, up 2% year on year.
– We are not satisfied with this year’s profit level. We generated more than PLN 750 million in net profit, which remains a solid result, but it is lower than a year ago and below our expectations. The main reason is recoveries falling short of our assumptions, which translates into lower revenue. At the same time, KRUK continues to demonstrate a very strong cash-generating capacity, a robust balance sheet and excellent access to financing – says Piotr Krupa, CEO of KRUK S.A. – The current environment requires us to place an even greater emphasis on efficiency. We are continuing our digital transformation, making increasingly extensive use of technology, data and automation, while also working to simplify the organisation and the way it is managed. We want KRUK to be more productive, cost-efficient and even better prepared for the next stage of growth. – adds Piotr Krupa.
In the first three quarters of 2026, KRUK invested PLN 1,212 million, with Italy (36%) and Poland (28%) accounting for the largest shares. KRUK’s assets increased to PLN 12.2 billion (up 9% year on year). Leverage ratios remained moderate (the net debt to cash EBITDA ratio was 2.7), with return on equity at 17% and net profit margin at 33%. In October 2026, KRUK increased its revolving credit facilities by EUR 265 million, to a maximum of EUR 1,020 million, while extending their availability until July 2031.
– In the fourth quarter, we expect to participate actively in tenders and aim to increase our level of investment. However, competition remains strong, particularly in Poland and Romania. We do not intend to buy growth at any cost or materially reduce our expected rates of return merely to achieve a specific investment level. Investment discipline remains our priority. At the same time, the increase and extension of the revolving credit facility further strengthen our financial flexibility. – says Piotr Krupa.
KRUK now operates in a more challenging and competitive environment than when it announced its Strategy for 2025–2029. Some of the risks identified at the time, particularly those relating to investment levels and recoveries relative to the Management Board’s aspirations, are beginning to materialise. The Group is assessing the impact of these changes on the pace of strategy execution and is adapting its actions to current market conditions.
– Our response to the changing environment will not involve lowering our investment standards. We want to focus on the areas where we have the greatest influence: the quality of new investments, maximising the value of the existing portfolio, productivity, cost discipline and technological transformation, which is intended to help us achieve better results both from new investments and from the more than PLN 12 billion asset portfolio we already hold – says Piotr Krupa. – Our overarching objective remains long-term shareholder value growth. Our first choice is attractive investments in debt portfolios that meet our return criteria. However, if investment opportunities remain limited for an extended period, while cash generation stays strong and the balance sheet remains sound, the potential for greater capital distributions to shareholders will increase. We want to allocate capital where it creates the greatest long-term value – concludes Piotr Krupa.
The full report for the first three quarters of 2026 is available here: Interim reports