In 2025, the BEST Group recorded a sharp rise in key operating and financial results: repayments from its claim portfolios exceeded PLN 773 million (+66% y/y), operating revenue reached PLN 573 million (+42% y/y), and cash EBITDA surpassed PLN 433 million (+74% y/y).
Expenditure on new claim portfolios reached PLN 590 million, representing an 87% increase over 2024. Furthermore, following the merger with Kredyt Inkaso, BEST assumed management of claim portfolios with a total fair value exceeding PLN 683 million.
This double-digit growth in key results is largely attributable to the merger with Kredyt Inkaso, completed on 1 April 2025, but also reflects the BEST Group’s expansion and investment in new claim portfolios. In the fourth quarter of 2025 alone, investment in such portfolios reached almost PLN 370 million, exceeding the total expenditure of the previous record-breaking year, 2024.
The BEST Group’s total investment in 2025 exceeded PLN 590 million, while the total nominal value of the 39 acquired claim portfolios surpassed PLN 2.1 billion.
Over PLN 100 million invested outside Poland as international repayment share rises
– A year ago, we joined forces through the merger of BEST and Kredyt Inkaso. As planned, we finalised the operational integration of both companies by the end of 2025, with the final step being the rebranding of the Romanian and Bulgarian companies acquired during the merger. 2026 will therefore be the first full year of operation for the expanded BEST Capital Group. Operating as a fully integrated, international organisation, we have a strong appetite for growth across all our active markets. We continue to invest actively in new claim portfolios; in 2025, we allocated over PLN 590 million for this purpose, of which over PLN 104 million was deployed outside Poland,” notes Krzysztof Borusowski, President of BEST S.A.
The nominal value of portfolios acquired by the BEST Group in Poland last year stood at approximately PLN 1.6 billion, while in international markets, the figure exceeded PLN 500 million.
As the BEST Group expands its geographical footprint, the share of recoveries from international portfolios within the Group’s total repayments continues to grow. In total, nearly PLN 136 million in repayments originated from foreign markets, accounting for almost 18% of all repayments from managed claim portfolios.
Optimisation of financing structure and costs
Following the merger with Kredyt Inkaso, BEST assumed the company’s liabilities, including interest-bearing liabilities valued at over PLN 403 million. This significant increase in interest-bearing debt substantially raised servicing costs, impacting the Group’s net profitability. Consequently, the net profit attributable to BEST shareholders in 2025 was slightly lower than the previous year at PLN 97 million (-6% y/y). However, the merger has enabled the refinancing of part of Kredyt Inkaso’s debt on significantly more favourable terms.
– We are consistently reducing the Group’s financing costs through the systematic redemption of older bond series, primarily those issued by Kredyt Inkaso. Last year, we redeemed bonds with a total value of nearly PLN 194 million, the vast majority of which were settled ahead of schedule. Simultaneously, we completed new bond issues worth nearly PLN 205 million on significantly more favourable terms. We are maintaining this momentum this year, having already conducted a first public offering worth over PLN 134 million, with further offerings planned under the prospectus approved in February by the Polish Financial Supervision Authority (KNF). We also have an ongoing multi-year programme for bond issues not requiring a prospectus, valued at up to PLN 1 billion. In parallel, we are planning further early redemptions of higher-cost series—we recently announced that we will redeem securities worth PLN 49 million in April, reports Marek Kucner, Vice-President of BEST S.A.
The BEST Group’s net debt-to-equity ratio stood at 1.26 at the end of 2025. Although higher than the 0.83 recorded at the end of 2024, it remains at a safe level and provides the Group with the capacity to comfortably finance its growth through debt. The maximum permissible value for this ratio, as specified in the terms of issue for BEST’s bonds, is 2.25.
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For more information, visit www.best.com.pl or contact us:
NBS Communications
e-mail: [email protected]
Krzysztof Woch | phone + 48 516 173 691
Maciej Szczepaniak | phone + 48 514 985 845
