Q3 2025 Kruk SA Earnings Call Transcript
Key Points
- Kruk SA (FRA:83I) reported a net profit close to PLN900 million for the first nine months of 2025, indicating strong financial performance.
- The company achieved record-high cash EBITDA of over PLN2 billion, showcasing robust operational efficiency.
- Recoveries reached a record PLN2.9 billion, aligning with the company's ambitious operational plans.
- Kruk SA (FRA:83I) has good access to funding, with increased banking lines and attractive terms in the Polish bond market.
- The company is optimistic about future growth, with plans to expand investments in Poland, Romania, and potentially new markets like France, UK, and US.
- The company's return on equity (ROE) decreased due to the inclusion of a relatively weak Q4 from 2024 in the 12-month calculation.
- Investments in new portfolios were lower than the previous year, with some uncertainty in winning all planned portfolios.
- Operating costs increased due to salary hikes and investments in the New Horizon digital transformation program.
- The Spanish market remains unstable, with ongoing legal system reorganization and higher risk compared to other markets.
- Finance costs rose with the growing value of debt, although partially offset by hedging gains.
Good afternoon. My name is Michal Zasepa. I'm CFO at KRUK. It's my pleasure to host this meeting where I will present the Q3 and nine months results for 2025 for the KRUK Group.
I hope you see the presentation that I'm sharing; the presentation that is available on our website. Please give me now several minutes to present.
In the meantime and after, please ask question via question-and-answers interface here at Teams. I will answer your questions after I deliver the presentation.
Let's start. This was another very good quarter for the company. After nine months, we have earned close to PLN900 million of net profit. This is as expected. We are, in our view, on the way to deliver what will be most likely the best net profit in our history for 2025.
In other words, we expect this nine months to build our good position to have record high profits for the full year, despite the fact that the nine months of 2024 were higher than for this year. But last year, we had an extra high net profit in
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