BEST significantly increased the scale of its operations after integrating Kredyt Inkaso. In the second quarter of 2026, the group generated PLN 46 million in net profit attributable to shareholders of the parent company, up 144% year on year. Operating revenue rose 21%, while operating profit increased 58%. The first half was even stronger: net profit reached PLN 83.8 million, more than three times the level recorded a year earlier. At the same time, the group is stepping up purchases of new debt portfolios and says investment in 2026 could exceed last year’s record.
The second quarter was the first fully comparable period following last year’s merger between BEST and Kredyt Inkaso. The results suggest that the larger scale of the combined business is now translating into higher profitability.
Consolidated net profit attributable to shareholders of the parent company amounted to PLN 46.04 million, compared with PLN 18.89 million a year earlier. Operating profit increased from PLN 51.38 million to PLN 81.36 million, while cash EBITDA rose to PLN 162.48 million from PLN 132.36 million.
Operating revenue reached PLN 188.17 million, compared with PLN 155.38 million in the second quarter of 2025. BEST said operating costs increased by only around 3%, far more slowly than revenue. The group also reduced financing costs, partly through refinancing older Kredyt Inkaso bond issues.
More than PLN 83 million in first-half profit
For the first six months of 2026, BEST generated PLN 83.8 million in consolidated net profit attributable to shareholders of the parent company, compared with PLN 23.27 million a year earlier, an increase of around 260%.
Operating revenue rose 42% to PLN 348.81 million, while cash EBITDA reached PLN 292.04 million, compared with PLN 193.83 million a year earlier. Operating costs increased 23% to around PLN 203 million, still well below revenue growth, lifting operating profit by 81% to almost PLN 146 million.
The results also benefited from a positive revaluation of debt portfolios of around PLN 6 million, compared with a PLN 16 million downward revaluation a year earlier. The group additionally reported around PLN 17 million in other one-off operating income.
Portfolio collections rise 34%
Collections from managed debt portfolios remain BEST’s core business. In the second quarter, the group recovered PLN 249.7 million, 8% more than a year earlier. First-half collections reached PLN 470.9 million, up 34% year on year.
For comparison, BEST collected PLN 773 million from portfolios in the whole of 2025. The current pace puts the group close to the level of PLN 1 billion in annual collections.
International operations are also becoming more important. BEST currently operates outside Poland in Italy, Romania and Bulgaria. In the second quarter, foreign markets accounted for around 18% of collections.
BEST steps up portfolio purchases
The group has also returned to more active purchases of new debt portfolios. It invested PLN 189.7 million in the second quarter, 15% more than a year earlier. First-half investment totalled PLN 276 million, compared with PLN 204.6 million a year ago, an increase of 35%.
The nominal value of portfolios purchased during the first six months reached almost PLN 958 million. BEST expects full-year investment to exceed the 2025 level of more than PLN 590 million. More than one-third of current investment is already taking place outside Poland.
Debt remains under control
Higher investment activity has not pushed up leverage. At the end of June, net debt to equity stood at 1.19, compared with 1.25 at the end of 2025, well below the group’s maximum permitted level of 2.5.
BEST ended the first half with more than PLN 70 million in cash and over PLN 310 million in unused bank facilities. Further investment is to be financed with operating cash flow, bank loans and bonds.
In the first half, the company completed two public bond issues worth a combined total of more than PLN 250 million. It also has a public issuance programme of up to PLN 500 million and a non-prospectus bond programme of up to PLN 1 billion.
Kredyt Inkaso integration is showing up in the numbers
The second-quarter figures matter because this was the first period allowing a clean comparison of the enlarged group following the Kredyt Inkaso integration. BEST increased revenue and collections while keeping cost growth much slower, which directly supported profitability.
Future performance will depend primarily on the pace of recoveries from existing portfolios, the effectiveness of the integration and the prices at which the group can acquire new debt packages. With PLN 276 million invested already in the first half, BEST is signalling that the merger is intended not only to cut costs, but also to support further growth in Poland and abroad.
This material is for informational purposes only and does not constitute investment advice.
