BEST's profit jumps 144% to PLN 46M in first full quarter after Kredyt Inkaso merger
What's the deal? Polish debt collection group BESTDealroom has a profile for this one. Try Dealroom → reported PLN 46 million in second-quarter net profit attributable to parent-company shareholders, up 144% year on year, in the first fully comparable period after its merger with rival Kredyt InkasoDealroom has a profile for this one. Try Dealroom →. Operating revenue rose 21% to PLN 188.17 million, while operating profit climbed 58% to PLN 81.36 million.
Why now? The quarter is the first clean read on the combined business following last year's merger. The numbers suggest the larger scale is translating into higher profitability, with operating costs up only about 3% against far faster revenue growth.
The first-half picture: BEST generated PLN 83.8 million in consolidated net profit for the six months, roughly 260% more than a year earlier. Operating revenue rose 42% to PLN 348.81 million, and cash EBITDA reached PLN 292.04 million, up from PLN 193.83 million. Results also benefited from a positive PLN 6 million portfolio revaluation, versus a PLN 16 million writedown a year earlier.
What's the endgame? Collections from managed portfolios remain the core business. First-half collections reached PLN 470.9 million, up 34% year on year; BEST collected PLN 773 million across all of 2025, putting the group on a path toward PLN 1 billion in annual collections. International markets — Italy, Romania, and Bulgaria — accounted for around 18% of second-quarter collections.
Stepping up: The group is buying more debt portfolios, investing PLN 189.7 million in the quarter and PLN 276 million in the first half, up 35%. The nominal value of portfolios bought reached almost PLN 958 million. BEST expects full-year investment to exceed the 2025 record of more than PLN 590 million, with over a third now deployed outside Poland.
What could go wrong? Heavier investment has not lifted leverage. Net debt to equity fell from 1.25 at the end of 2025, staying well below the group's maximum of 2.5. BEST ended the half with more than PLN 70 million in cash and over PLN 310 million in unused bank facilities, and completed two public bond issues to fund further growth.
The signal: The results show consolidation paying off in a fragmented European debt-collection market. By combining scale, cutting financing costs, and expanding abroad, BEST is turning the Kredyt Inkaso deal into a platform for growth beyond Poland.
Image credit: Jorge Lascar
