KRUK Splka Akcyjna KRKKF 2026年第二季度财报电话会议纪要

发布时间：2026-08-28 一、AI总结内容 一、核心要点 1. 2026年上半年净盈利5.55亿欧元，无同比增长，资产增长12%、现金增长8%、回收率增长5%，下半年将贡献预期增长；上半年资产购置8.64亿欧元，仅达全年25亿欧元投资指引的一半，因波、罗等市场竞争激烈，未在回报要求上妥协导致部分资产错失。 2. 半年度业绩受罗马尼亚货币贬值影响减少约5000万欧元，此外因计划3%的回收率未达成，全年25亿欧元资产购置指引未调整，但实现难度因市场竞争、回报要求提升而加大。 3. 欧洲各市场表现：波兰市场为高价值银行类资产，竞争激烈致收购占比下降；罗马尼亚供应同比持平，受货币贬值拖累，选举后新政府组建不确定性存风险；意大利供应稳定，有初级、二级市场机会；西班牙问题已解决；法国市场受法律程序拖累，不影响业绩但获未来改进经验；波兰、罗马尼亚及新增罗马尼亚消费信贷业务中，罗马尼亚信贷业务当前亏损，预计2年后盈利。 4. 公司推进两项转型项目：波兰新IP系统7月完成首批小单测试；计划2027年或2026年下半年转型为另类投资基金。 二、投资线索 1. 下半年将恢复收购组合，目标25亿欧元全年资产购置；2026年全年整体内部收益率（IRR）预计与2025年持平或略低，仍保持20%左右；2026年上半年内部权益收益率19%，仍处健康区间。 2. 资产增长快于回收率增长系新收购的组合回收周期更长（20年）、首年回收占比低，且当前收购价格受竞争推高，但仍符合IRR20%的要求。 3. 采用特定指标衡量经营现金流，与EBITDA差异系行业核算特性，源于回收额与收购价的差额 三、风险与关注 1. 波兰、罗马尼亚市场竞争激烈，可能导致无法达成25亿欧元全年资产购置目标，甚至低于预期；罗马尼亚选举相关政策不确定性存在，或影响市场环境。 2. 新收购组合回收周期长，短期回收率增长不及资产增长；转型项目存在进度、复杂操作等风险，需观察后续推进效果。 3. 罗马尼亚信贷业务启动阶段成本高，短期或持续亏损，需关注其盈利恢复进度。 二、音频原文（转写） the results for the segment. So this is a summary slide which shows where we are in terms of investment. This eight hundred and sixty four million of the asset growth versus last year. But this is somewhat below our expectations. We hope wewill be able to achieve a much better results in second half of the year. Therefore, we sustainthis guideline of two point five billion. But w e want to tell you the markets will make. is competitive, especially in Poland and Romania. So the risk was rather on the downside. It's lower than it's less likely that we exceed this targetand it's somewhat more likely that we will havesome shortage versus this target if we decide, as we did in the second and first half of this year, not to compromise on the other arms on the expected returns. On performance which is the trend. yeah. recovery is more strong, but we hope there would be a few 嗯。 and dozens minerals and more than the number oflots you know you see. the revenue was some of the うん。negative effect. by the depreciation of the permanent labor that cost us roughly fifty million. 咁样嘅诶诶诶，你你你你有冇发觉？ 呃。What I'm very happy about is the significant improvement of. recovery. and profitability of the skirmish business in second quarter. I think we've gone that long away from January 2026. So today the legal process I would manage it is alsowith are much better today than they used to beas expected as we are communicating to you. theafter-first quarter of the year, therefore, weare ready to come back to buying more portfoliosin the second half. 保存与报废设置 It is also good tosee that all of our markets were profitable. Ifyou look Call the words here on the edit. The foreign shows healthy growth, Romania shows. goodprofitability under crest. but by and by the depreciation of the currency equally showed a verynice growth I mentioned. 可以。 friends it's not doing very well very successful. In any couple process now that the work process continues to be somewhat disappointed that thebusiness has not begun. This is early stage. weall learn what to improve when we start to build our operational pressures. Possibly sometime n ext year. that I can infer. So the cash flow generation has been very strong As evidence here bythis one almost. Once poured, the lid is lockedin. of cash and yield. Let's look now at the market by market in Poland, and the volume of portfolios offered on the market was relatively small, this three billion, however these were portfolios of high value, so there were not many secondary markets, usually with much cheaper transactions but more bigger banking type portfolios which represent high recovery potential. and command high prices, but also competition for these portfolios were high, and this is evidenced by this price of thirty four percent. In this quite competitive environment, we did not compromise onthe returns, and we decided to be ready to giveup some of the portfolios and, as a result, ourmarket share is lower than in start of the year.We thought the second half of the year would bebetter for us with the in Poland. The results were very good. for the business as you see hererecoveries. revaluation one of the highest in the past couple of quarters and we are quite happywith the underlying and profitability, so alsoshows you being a big business in common levelsin other markets. We can't afford. not to participate quarter after quarter with cyclical. and changing and competitive environment that we can嗯 Press the gas pedal in less competitive markets and press the brake pedal. in more competitivemarkets. And this is how we optimize deployinga lot of capital. というわけで、今日も挨拶。 As you read. In Romania, the supply was similarto when it was last year. ええ、いる？The market alsooffered usually the big banking portfolios and again え、但し Similar at st. Paul, competition was almost quite high. And this is better than by this high price. versus nominal 40 and 6%, we had about 40%. the share that we gained at market inthe six months. The following first six months o f 2036. results were depressed by the depreciation of land that illustrates the PNL. the