Profil:
Kruk SAKruk debt collector posts PLN 292.6 mln net profit in Q3 2025, above expectations
Listed debt collector Kruk posted a PLN 292.6 million (EUR 68.9 mln) net profit in the third quarter of 2025, above the PAP Biznes consensus of PLN 281.9 million (EUR 66.3 mln), the company's financial report has shown. Kruk's EBITDA amounted to PLN 432 million (EUR 101.7 mln) against the market expectations of PLN 427.3 million (EUR 100.6 mln).
Below are Kruk's results for the third quarter of 2025 in relation to PAP Biznes consensus and previous results.
| Q3 2025 | results | consensus | difference | y/y | q/q | YTD 2025 | y/y |
| PLN mln | PLN mln | % | % | % | |||
| Revenues | 803.4 | 813.6 | -1.30% | -4.80% | 0.70% | 2403.1 | 3.40% |
| EBITDA | 432 | 427.3 | 1.10% | -12.10% | 1.40% | 1267.2 | -2.10% |
| EBIT | 414.9 | 408.1 | 1.70% | -12.90% | 1.00% | 1219 | -2.20% |
| Attrib. net profit | 292.6 | 281.9 | 3.80% | -17.80% | -12.00% | 876.6 | -8.60% |
| EBITDA margin | 53.80% | 52.10% | 1.65 | -4.47 | 0.34 | 52.73% | -2.93 |
| EBIT margin | 51.60% | 50.20% | 1.49 | -4.76 | 0.15 | 50.72% | -2.91 |
| net margin | 36.40% | 34.60% | 1.79 | -5.77 | -5.26 | 36.48% | -4.76 |
In the third quarter of 2025, Kruk's cash EBITDA amounted to PLN 707.1 million (EUR 166.4 mln). The consensus forecasts for cash EBITDA were in the range of PLN 684.4-693.4 million (EUR 161-163.1 mln).
Repayments from acquired portfolios amounted to PLN 2.92 billion (EUR 687.3 mln), up 12 percent year on year.
"The results are very good and in line with our expectations, especially considering the seasonality of the third quarter in southern markets. After three quarters, we have already achieved over 80 percent of last year's net profit," said Kruk's CEO Piotr Krupa, quoted in a press release following the publication of company's quarterly report.
"It is also worth noting the cash strength of the results – both the amount of repayments and the level of cash EBITDA were the highest in Kruk's history," he stressed.
CEO Krupa emphasised that intensive work is underway in the company's key markets on digital transformation and strategy implementation.
"I greatly appreciate the commitment of our employees, seeing not only the maintenance of process stability, but also continuous improvement in efficiency," he added.
As reported, Kruk's total revenues in the third quarter of 2025 amounted to PLN 2.4 billion (EUR 564.7 mln), up 3 percent year on year.
Revenues from servicing acquired portfolios reached PLN 2.18 billion (EUR 513.2 mln) in this period, which represents a 3 percent year-on-year increase .
Kruk added that of the PLN 1.43 billion (EUR 336.5 mln) invested by the company in the first three quarters of 2025, the largest share was accounted for by investments in Italy (42 percent) and Poland (29 percent of all investments).
It was also indicated that debt ratios remain at a moderate level (net debt/cash EBITDA ratio of 2.6), with high profitability (ROE LTM 20 percent).
mbi/ han/ ao/