Michal Zasepa
CFO & Member of the Management Board

Good afternoon. My name is Michal Zasepa, I'm CFO at KRUK. Welcome to the results presentation for the first quarter of 2026. [Operator Instructions]

Let me now go through the presentation. The presentation is also available on our website. So let's start. In the first quarter of 2026, KRUK had PLN 262 million of net profit. This is roughly what we expected for this quarter. However, the structure of the results was somewhat different than we budgeted.

If you look at the top line, it was somewhat lower than we planned. On the other hand, we also saw lower cost. But overall, we believe this was a decent result. And with this result, we, of course, need to concentrate more on recoveries in the following quarters to improve the revenues, possibly also continue to extract some cost efficiencies, but our target for this year profit is not changed. We don't give forecast, but we -- you know that we have a target of at least 12% growth on the profit before tax in order to receive the allocation for the warrant program, and we would like to see it happen.

This was a good quarter for deployment of money into new portfolios, PLN 530 million, especially good in Italy and it's double what we invested more than double what we invested in the previous -- in the quarter -- first quarter of the previous year. The company continues to be well capitalized and with good access to the funding and moderate leverage level.

If you look deeper, you can see that we exceeded on the