Earnings call transcript: Kruk H1 2026 profit flat as stock falls 7.6%

In Kruk's first-half earnings call for 2026, the Polish debt collector reported flat profits despite an 8% increase in cash EBITDA and modest revenue growth. Net profit remained unchanged at PLN 555 million, while the stock price dropped 7.59% to $410.5, nearing its 52-week low. Currency issues in Romania, amounting to a PLN 59 million negative impact, contributed to the profit shortfall.

Management maintained its target of PLN 2.5 billion for portfolio deployments but acknowledged higher downside risk. The company's strong cash flow and stable leverage did not offset the disappointment in earnings growth, with recovery timing being a key sensitivity factor. Despite the flat profit, InvestingPro rated Kruk as undervalued with a potential 26% upside.