KRUSO KAPITAL APPROVES CONSOLIDATED RESULTS AS AT 30 SEPTEMBER 2025

At 30 September 2025,there were roughly 96 thousand pawn contracts underlying the 154.5 million loans(ex PPA), on the rise on a yearly basis, thanks also to CEP’s consolidation. With regard to the pawn loan business in Italy, 50 auctions of pawned assets were held in the period (39 in the same period of 2024), with a higher number of lots y/y.  

Total income rose by 48% y/y (26.0 million vs 17.6 million on 30.9.2024),mainly driven by the contribution of pawn loans, as a result of greater loan volumes and higher profitability, higher auction commissions and CEP’s contribution.

Net interest income, standing at 10.3 million, grew y/y, sustained by a higher interest income (+28%), driven by the loan increase, CEP’s contribution (consolidated since 4Q24) and higher margines, which more than offset the negative impact fromthe 0.5 million premium tied to the portfolio purchased in January 2025 and reported as interest income, the negative PPA impact (0.8 million), virtually stable interest expense and a declining cost of funding on the wake of the evolution of the 3MEuribor.

Net fees and commissions, at 15.7 million, rose by 54% y/y, driven by the loan increase, CEP’s contribution, and to a significant extent by the higher contribution of pawn auctions and the higher number of lots y/y. Loan loss provisions, basically unchanged y/y, since 1Q25 have been subject to the new lending policies, which, in addition to introducing a new loan classification, entailed also the adoption of new collective provisioning parameters.

Operating costs, at 16.3 million, rose 29% y/y driven by:

• higher personnel expenses tied to CEP’s consolidation. Currently the headcount stands at 145 employees on 30.09.2025 vs 98 on 30.09.2024;
• higher other administrative expenses for 1.9 million, generated by CEP’s consolidation (0.6 million), higher costs reported by KK in Italy, related to extraordinary advisory costs, e.g.. for the Credit Linked Note, higher IT expenses IT (0.3 million) and other running costs;
• the change in net impairment of intangible assets, mainly ascribable to the share of premium (0.4 million) generated by the portfolio purchased in January2025, and to a minor extent to the recognition of CEP’s trademark (included in the PPA carried out in2Q25, the trademark’s value during the period was 0.2 million).

Income before taxes increased by more than 100% y/y, driven by the strong growth in revenues, featuring a faster rate compared to cost dynamics.

Income from investments in associates, at 0.2 million non-recurring, stemmed from the partial payment tied to the earnout clause stipulated as part of the acquisition of Kruso Art, following an agreement with the former partners of the company (already registered in 2Q25).

Net income came in at 6.2 million, reporting a y/y increase driven by the improved result of the ordinary management. Net of the non-recurring items illustrated above (earn out and PPA), the adjusted net income would add up to 6.7 million.

Totalassets, up roughly by 5% over 31.12.2024, mainly comprised customer loans amounting to 154.8 million originated by the pawnloans business (0.3 million PPA) and by a goodwill totaling 40.1 million, ofwhich 28.4 million generated by the acquisition of the ex Intesa Sanpaolo business line Pegno, 1.2 million by the acquisition of the company Kruso Art(ex Art-Rite) and 10.5 million by the acquisition of CEP (down from 11.5million on 31.12.24 following the completion of the purchase price allocation process in 2Q25 (PPA)). Changes in Intangible assets y/y were due to the recognition of a large share of the premium generated by the purchase of a loan portfolio in January 2025, net of the share amortized over the period, and to the goodwill and trademark adjustments described above following the PPA process.

Financial liabilities measured at amortized cost included:

• due to customers totaling 9.1 million (8.4 million on 30.6.2025) tied to auction surpluses (the amount is retained for 5 years and posted on the balance sheet as payables to customers, and in case it remains unclaimed it turns into a contingent asset), on the rise driven by the strong increase in auctions and in the total number of auctioned lots;
• due to banks, which included funding from several banks, comprising the Parent Company.

Financial liabilities designated at Fair Value refer exclusively to the issuance of a 1.5million Credit Linked Note (CLN) in 2Q25, backed primarily by a sleeve of the Italian pawn loan portfolio secured by gold (on issuance it amounted to 2 million, the decline is due to the evolution of the underlying loan portfolio). A second3 million CLN was underwritten in October.

Shareholders’ Equity on 30.09.2025 totaled 55.7 million, up compared to31.12.2024 (49.5 million).

On 30 September2025, Total own funds (Total Capital) on a stand-alone basis came to 25.1 million(the same in terms of CET1), and the Total Capital Ratio (TCR) rose to 26.2%as compared to 30.6.2025 (23.6%) and 31.12.2024 (22%). The q/q increase in TCR was due to the net income for the period, and to a lower extent to a slightreduction in RWAs, which dipped from 97.5 million on 30.6.2025 to 95.9 million on30.9.2025 (92 million on 31.12.2024), as a result of the decrease in NPEs.

The TCR remains well above the minimum capital requirement, which as of 4Q25 shall go from 6% to 8%,following the sale of a CLN in 4Q25 to institutional investors.  The TotalCapital Ratio assuming the adoption of CRR3 (i.e., ineligibility of non-investment gold as collateral, and new method to calculate operational risk) would come to 15.1%. For Kruso Kapital, CRR3 is not expected to be adopted before 1 January 2026.

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