Q1 2025 Kruk SA Earnings Call Transcript
(audio in progress) at KRUK. And it's my pleasure to present Q1 results of 2025. I'm using the presentation that is available on our website.
This was a good first quarter of the year and a good start. We earned PLN252 million, which is somewhat more than we budgeted for the start of the year. It is less than we earned in the first quarter of 2024. But for the good reasons, last year was a record high level of revaluation. This year, we probably will see revaluation to be spread more evenly across quarters. And also because of that, we'll see net profit to be more evenly spread over the quarters.
But if you look at the underlying P&L elements, recoveries were strong. Costs were somewhat lower than planned in terms of overhead. And this result was better than planned despite the fact that we had higher legal costs than we budgeted, and they were higher in Spain and in Italy.
On the other hand, we had an extra gain on Wonga, which came from an important synergy. We see better collections on Wonga's
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