Record-high financial results and consistent delivery of strategy
Today, the Management Board of KRUK S.A. has released KRUK’s financial results for the twelve and three months ended 31 December 2025. The Group’s net profit for the full year 2025 reached PLN 1,086 million, marking a 1% increase year on year, and profit before tax amounted to PLN 1,136 million, up by 12% compared with 2024. Cash EBITDA stood at PLN 2,665 million, a 12% rise from the year before. The profit and cash EBITDA figures represent the highest full-year results in the KRUK Group’s history. Net profit for the fourth quarter of 2025 came in at PLN 208 million, an 81% increase year on year, with cash EBITDA for the period at PLN 658 million, showing 25% year-on-year growth.
Recoveries from purchased debt portfolios in the full year 2025 totalled PLN 3,920 million (up by 11% year on year), while investments in debt portfolios amounted to PLN 2,223 million (down by 21% compared with the year before). Foreign markets accounted for 71% of the total investments and 60% of all cash recovered.
‘2025 marks another year in which both our profits and cash EBITDA reached all-time highs for the KRUK Group’s full-year performance. When we announced our new Strategy for 2025–2029 in January, we shared our ambitious goals with the market. Let me reiterate that we intend to focus on what we do best and drive forward our business growth by scaling up operations, enhancing process efficiency, and pursuing digital transformation. I am proud to say that in 2025 our efforts brought us closer to achieving the intended strategic objectives,’ says Piotr Krupa, CEO and President of the Management Board of KRUK S.A. ‘We invested more than PLN 2.2 billion in debt portfolios and recovered a record sum of nearly PLN 4 billion. Importantly, we identified additional recovery potential, primarily in the Polish market, notwithstanding the recognition in 2025 of a nearly PLN 500 million revaluation of projected recoveries and PLN 225 million excess of actual cash recovered. Our long term management target for recoveries from purchased debt portfolios as at 31 December 2025 was PLN 34 billion, relative to estimated remaining collections of PLN 26 billion.’
At the end of 2025, the Group held assets of PLN 13 billion, a 12% increase year on year. The carrying amount of the Group’s investments in debt portfolios was PLN 11.6 billion, accounting for 89% of its assets. Equity rose by 18% on the end of 2024, to PLN 5.3 billion. The net debt to cash EBITDA ratio was 2.6 at the end of 2025, compared with 2.7 at year-end 2024.
‘We embarked on a digital transformation journey and were integrating insights from behavioural economics into our operational processes. Out of the approximately PLN 0.5 billion in planned transformation investment, we have already allocated approximately PLN 68.5 million. Earlier this year, we also announced the beginning of work to separate the Group’s operating activities from the investment function and to seek for KRUK S.A. (which is to remain a listed company) the status of an Alternative Investment Company (ASI) (equivalent to an Alternative Investment Fund as defined in the AIFMD). The reorganisation will support more effective delivery of the 2025–2029 Strategy, while preparing the Group for further growth in investments beyond the Strategy period. Looking ahead, I can see KRUK as I have always envisaged it – a technologically robust and process-oriented organisation. In 2025, we initiated efforts to achieve this goal while continuing to upscale the business and enhance performance.’
The KRUK Group’s workforce size was maintained broadly unchanged year on year, at 3,631 FTEs, compared with 3,567 in 2024. 57% of all director positions were held by women. KRUK continues to rank as the world’s largest debt collection company in terms of market capitalisation.
‘I am deeply appreciative of KRUK’s employees, who not only delivered our ambitious operational targets but also, with incredible commitment, set about the Group’s transformation. Realising the scale and complexity of this process for the organisation, I see all the more reason to thank our team for the first year of building the new KRUK. Our workforce size has remained within the strategic limit and I am pleased that KRUK’s employees are open to embrace change in their established way of working and performing tasks,’ says Piotr Krupa. ‘In accordance with our existing Dividend Policy, in recommending a dividend payment for 2025, we will consider the need to sustain KRUK’s long-term growth and safe debt levels. For the past 11 years, we have made regular profits distributions to our shareholders,’ adds Piotr Krupa.
The full unaudited report is available here
The final performance figures will be disclosed in the KRUK Group’s audited consolidated report for 2025, scheduled for issue on 10 March 2026.