WARSAW, Feb 21, 2026, 09:56 CET — The market has shut its doors.
- Kruk dropped 9.26% to 451 zlotys on Friday, marking the steepest loss in the WIG20.
- Preliminary numbers from the company show a fourth-quarter net profit of 208 million zlotys. Cash EBITDA landed at 658 million zlotys.
- The full Q4 report lands Feb. 26, with management set to host their call the next day, Feb. 27.
Kruk shares slid 9.26% to 451 zlotys on Friday, notching the biggest decline on the WIG20 after the Polish debt collector published preliminary fourth-quarter figures. 1
Trading was mostly flat in Warsaw, with the WIG20 dipping a slight 0.04% to close at 3,383.82. Not much else stirred, though that small shift still stood out in the quiet. 2
The weekend shutdown gives investors a pause to assess whether these initial numbers will alter expectations going into next week’s comprehensive report and the management call.
Kruk is projecting a consolidated net profit of 208 million zlotys for the fourth quarter, with cash EBITDA forecast at 658 million zlotys. The company also highlighted a net debt-to-cash EBITDA ratio of 2.6 expected by the end of 2025, a figure watched closely by both lenders and shareholders. 3
Kruk’s top executive, Piotr Krupa, pointed to record-breaking preliminary numbers for net profit and cash EBITDA—levels the group hasn’t seen before. He did, however, single out Spain as a laggard, with recoveries missing the mark there. “If confirmed, these results will be fully aligned with the targets set out in our 2025–2029 strategy, despite lower-than-expected recoveries in Spain,” Krupa said. 4
Kruk has scheduled its results videoconference for Feb. 27, lining up CFO and management board member Michał Zasępa to represent the company. The call is slated to start at 14:30 CET, with specifics outlined in the event notice. 5
Kruk buys up debt portfolios, then tries to pull in as much cash as it can over time. Each quarter, results can swing depending on the amount it collects and how many new portfolios it lands. But there’s more under the hood—collections breakdowns by country, portfolio purchase prices, and the bite taken out by funding costs all weigh heavily, not just the profit number at the end.
Polish shares ended the session little changed Friday, as decliners edged out gainers in Warsaw, according to Investing.com. Kruk slumped to the lowest spot on the leaderboard, with Allegro and Modivo posting losses just behind. 6
Kruk’s numbers remain preliminary and unaudited; the company cautioned they might change. Should Spanish collections deteriorate more, or if the detailed figures on recoveries and investment spending reveal surprises, the stock could remain under pressure.
