Business
Alior Bank S A : Financial document (Alior Bank 2025 EN)
Alior Bank S A : Financial document (Alior Bank 2025
About this update from Alior Bank Sa
PRESENTATION OF RESULTS FOR 2025 ALIOR BANK SA | FEBRUARY 24, 2026 1 Operating activities 2 Credit risk 3 Financial results 4 Other issues 5 Tytuł piątego działu AGENDA 1 OPERATING ACTIVITIES ANOTHER SUCCESSFUL YEAR FOR ALIOR BANK, A RECORD 4Q 25 In 4Q 25, revenues amounted to PLN bn 1.49 net interest income of PLN bn 1.26 (-4% y/y) net commission income of PLN mn 240 (+9% y/y) In 2025, revenues amounted to PLN bn 6.01 net interest income of PLN bn 5.13 (-1% y/y) net commission income of PLN mn 906 (+4% y/y) Alior Bank Group's net profit in 4Q 25 amounted to PLN mn 688 (+12% y/y) Alior Bank Group's net profit for 2025 amounted to PLN bn 2.37 (-3 y/y) ROE in 4Q 25 was 21.7% In 2025, the ROE ratio was 19,6% Low credit risk costs CoR in 4Q 25 amounted to PLN mn 50, and the CoR% The number of relational retail customers was 1.7 mn (107 k more than at the end of 2024) The number of mobile app users was 1.67 mn (17% more than at the end of 2024) An increase in sales of Alior Bank loans in 4Q 25, total loan sales amounted to PLN bn 8.0, an increase of 12% y/y in 2025, total loan sales amounted to PLN bn 29.3, an increase of 17% y/y Growth of the deposit portfolio At the end of 2025, the value of liabilities to customers amounted to PLN bn 82.6 and increased by 7% y/y Record quarter for Alior Leasing ratio was 0.29% (-0.31 pp. y/y) in 2025, the CoR amounted to PLN mn 328, and the CoR% ratio was 0.49% (-0.13 pp. y/y) The NPL ratio was 5.64% This represents a decrease of 1.18 pp. over the past year The leasing portfolio amounted to PLN bn 7.2 at the end of 2025 (+9% y/y) Sales in 4Q 25 amounted to PLN mn 961 (+14% y/y) and this was historically the highest quarterly sales Assets (PLN bn) Deposits* (PLN bn) Gross Performing Loans** (PLN bn) +9% 2024 2025 93,3 101,8 +7% 2024 2025 76,9 82,6 +5% 2024 2025 60,8 63,9 C/I 4Q 25 NIM 4Q 25 ROE 4Q 25 COR 4Q 25 TCR 2025 37.9% ~0.0 pp. y/y 5.38% -0.63 pp. y/y 21.7% -0.6 pp. y/y 0.29% -0.31 pp. y/y 17.63% -0.64 pp. y/y C/I 2025 NIM 2025 ROE 2025 COR 2025 NPL 2025 38.2% +3.2 pp. y/y 5.60% -0.38 pp. y/y 19.6% -4.3 pp. y/y 0.49% -0.13 pp. y/y 5.64% -1.18 pp. y/y * Liabilities to customers ** Volume of gross loans classified to stages 1 and 2, without Repo/BuySellBack transactions (PLN bn 0,6 at the end of 2024 and PLN bn 0,4 at the end of 2025) ALIOR BANK ON A PATH OF DYNAMIC GROWTH WE CONSISTENTLY DEVELOP CUSTOMER RELATIONS RETAIL CUSTOMERS Number of relationship customers (mn) Users of Alior Bank mobile app (mn) +7% / +107 k +17% / +240 k 1,68 1,64 1,60 1,62 1,70 4Q 24 1Q 25 2Q 25 3Q 25 4Q 25 1,67 1,59 1,49 1,52 1,43 4Q 24 1Q 25 2Q 25 3Q 25 4Q 25 Share of mobile app users among relationship and installment customers (%) % of e2E sales initiated in the mobile channel (%) 43,6% 45,0% 45,5% +5 pp. 47,3% 48,6% 37,5% 38,1% 40,0% 40,7% +5.1 pp. 42,6% 4Q 24 1Q 25 2Q 25 3Q 25 4Q 25 4Q 24 1Q 25 2Q 25 3Q 25 4Q 25 WE MAINTAIN HIGH SALES OF MORTGAGES RETAIL CUSTOMERS 20,5 20,9 20,8 20,7 20,7 20,5 23,0 22,3 21,6 20,9 +7% 43,9 43,1 42,3 41,6 41,1 +13% Balance of assets of retail customers (PLN bn) 7,2 7,0 43,1 41,7 41,2 41,4 38,8 15,7 15,4 15,1 15,3 15,1 8,0 0, 3 6,3 0, 4 7,4 0,3 5,9 5,4 0,4 0,6 7,0 6,9 6,0 65,8 69,9 69,9 71,8 74,3 4Q 24 1Q 25 2Q 25 3Q 25 4Q 25 Current accounts Term deposits Bank-issued derivative securities and others Investment funds Financial instruments in brokerage accounts Sale of non-mortgage loans to retail customers Gross loans to retail customers (PLN bn) 4Q 24 1Q 25 2Q 25 3Q 25 4Q 25 Consumer loans Loans for real estate Sale of mortgage loans to retail customers (PLN bn) (PLN bn) +14% +36% +2% 2,0 2,0 2,1 2,2 2,0 8,3 6,9 1,8 1,3 1,3 1,3 1,7 5,4 3,8 3,3 3,4 3,5 5,7 3,7 12,3 X1.9 0,7 1,0 1,4 1,3 1,3 3,7 14,0 5,0 2024 2025 4Q 24 1Q 25 2Q 25 3Q 25 4Q 25 2024 2025 4Q 24 1Q 25 2Q 25 3Q 25 4Q 25 Cash loans Consumer finance WE SIMPLIFY BANKING BY ADDING NEW FEATURES AND CHANGES TO THE APP INTERFACE RETAIL CUSTOMERS From 19.02 new Desktop and login High availability and customer ratings -66% reduction in offline time (y/y) 68% NPS 4Q 25 4.6 4.6 New useful functions New services: e-Government Office Digital Investments Intuitive and simple: "Products" tab "Payments" tab "Offers" tab "Contact and Help" section Offer: New communication formats New "Offers" section SALES GROWTH IN THE BUSINESS CUSTOMER SEGMENT* BUSINESS CUSTOMER Gross loan volume of Business Customers (PLN bn) -5% 17,5 17,5 17,4 17,4 16,7 Gross loan volume of Business Customers (PLN bn) non-performing portfolio 2,8 2,7 2,6 2,7 2,5 -14% IV kw. 24 I kw. 25 II kw. 25 III kw.25 IV kw. 25 IV kw. 24 I kw. 25 II kw. 25 III kw.25 IV kw. 25 4Q 24 1Q 25 2Q 25 3Q 25 4Q 25 4Q 24 1Q 25 2Q 25 3Q 25 4Q 25 Total credit limit granted (PLN bn) 14% 2,4 2,8 2,2 2,5 2,8 V kw.24 I kw.25 II kw.25 III kw.25 IV kw. 25 The gross loan portfolio in the Small and Medium segments amounted to PLN bn 5.4 at the end of 4Q 25 to and thus increased by 5% y/y Loan sales in 4Q 25 amounted to PLN bn 2.8 (+14% y/y) I 4Q 24 1Q 25 2Q 25 3Q 25 4Q 25 * subsegments Micro/Small/Medium/Large AN INCREASE IN DEPOSIT VOLUMES BUSINESS CUSTOMER Deposit volume of Business Customers (PLN bn) Active debit cards (k) +0.4% 22,6 21,3 22,8 23,0 23,4 +3% 109,2 110,5 110,1 110,1 109,6 V kw. 24 I kw. 25 II kw.25 III kw. 25 IV kw. 25 IV kw. 24 I kw. 25 II kw.25 III kw. 25 IV kw. 25 I 4Q 24 1Q 25 2Q 25 3Q 25 4Q 25 4Q 24 1Q 25 2Q 25 3Q 25 4Q 25 % share of online account sales in the Micro segment +3 pp. 72% 73% 67% 71% 75% IV kw.24 I kw.25 II kw. 25 III kw. 25 IV kw. 25 An increase in deposit volume (+3% y/y) We maintain a high level of the number of customers with an active debit card We maintain a high share of online account sales in the Micro segment (+3 pp. y/y) 4Q 24 1Q 25 2Q 25 3Q 25 4Q 25 3 080 840 819 852 739 6 577 6 624 2024 2025 4Q 24 1Q 25 2Q 25 3Q 25 4Q 25 4Q 24 1Q 25 2Q 25 3Q 25 4Q 25 Alior Leasing's sales in 2025 amounted to PLN mn 3 370 and were 9% higher y/y Alior Leasing's sales in 4Q25 amounted to PLN mn 961 and were 14% higher y/y, this is the highest quarterly sales in the company's history The share of individual asset classes remains stable. In 4Q 25, 47% of sales were for vehicles up to 3.5 t, 36% for vehicles over 3.5 t, and 18% of sales were machinery and equipment According to ZPL data, the company's share in sales in 4Q 25 amounted to 2.8% and increased y/y by 0.1 pp., in particular the share in the category of vehicles over 3.5 t increased by 1.1 pp. to 6.3%. The share in the total leasing market portfolio remains stable at 3.0% +14% 3 370 +13% Lease and loans portfolio (PLN mn) +9% +3% 961 6 963 7 143 6 785 +9% ALIOR LEASING'S PORTFOLIO GREW +9% Y/Y RECORD SALES IN 4Q 25 Sale of leases and loans (PLN mn) 2 CREDIT RISK Regulatory ratios of Alior Bank Group Liquidity ratios: LCR, NSFR 21,44% 21,78% 21,08% 21,43% 20,51% 20,23% 20,61% 20,75% 20,07% 257% 245% 227% 214% 202% 191% 177% 181% 187% 143% 141% 144% 145% 148% 148% 146% 146% 149% 17,83% 18,27% 17,46% 17,53% 17,11% 17,37% 17,65% 17,63% 17,15% 16,97% 17,12% 16,78% 16,97% LCR NSFR TCR CET 1 / Tier 1 MREL TREA 4Q 23 1Q 24 2Q 24 3Q 24 4Q 24 1Q 25 2Q 25 3Q 25 4Q 25 4Q 23 1Q 24 2Q 24 3Q 24 4Q 24 1Q 25 2Q 25 3Q 25 4Q 25 Tier 1 and TCR ratios at the end of December 2025 significantly exceed regulatory minimums*, by respectively 813 bps (PLN bn 4.8) and 613 bps (PLN bn 3.7). The consolidated MREL TREA ratio of Alior Bank Group at the end of December 2025 was 21.43% (257 bps above the requirement**). Currently, the Bank meets the criteria of the KNF (Polish Financial Supervision Authority) allowing for the payment of dividends up to 50% of net profit. * Current regulatory minimum (Tier 1 / TCR): CRR minimum (6% / 8%) + conservation buffer (2.5%) + countercyclical buffer (1%). Additionally, the Group received a recommendation from the KNF to maintain a P2G add-on of 2.26% ** The current MREL TREA ratio for the Alior Bank Group set by the Bank Guarantee Fund (BFG) (consolidated, including the combined buffer requirement) is: 18.86% STABLE AND SAFE POSITION OF THE BANK: CAPITAL AND LIQUIDITY SURPLUS WELL ABOVE REGULATORY MINIMUMS Alior Bank Group - cost of risk (CoR%) Alior Bank Group - NPL ratio 2,39% 2,80% 1,60% 1,51% 0,98% 0,62% 0,49% 14,48% 13,16% 11,77% 9,80% 8,58% 6,81% 5,64% 2019 2020 2021 2022 2023 2024 2025 2019 2020 2021 2022 2023 2024 2025 The Bank successfully continues to transform its credit risk management strategy, which translates into significant resilience of the loan portfolio to the demanding macroeconomic environment. The cost of risk ratio (CoR%) in 2025 was 0.49%, with settlements of NPL portfolio sales transactions for which the Bank recognized a significant profit in 2Q 25 and 4Q 25 having a significant impact on costs of risk. CoR% after excluding profit from these transactions would be approx. 0.8%. We do not currently identify risks that could have a significant negative impact on CoR levels. Assuming no significant macroeconomic changes in the coming years, we expect the risk costs of the Alior Bank Group to not exceed 0.8%. The Bank has consistently reduced the share of NPL loans in the portfolio, achieving a ratio of 5.64% at the end of 2025, despite the default of a significant client in 3Q 25. The path of reducing the share of NPL loans in the Bank's portfolio is in line with the strategy of reducing the NPL ratio below 5% by the end of 2026. RISK COSTS IN A TREND OF CONSISTENT IMPROVEMENT Impaired loans (PLN bn) NPL reserve coverage ratio* Cost of Risk - CoR%** 0 6,81% 6,69% 6,18% 6,29% 5,64% 3,62 3,94 4,16 4,22 4,27 0 0 0 0 4Q 24 1Q 25 2Q 25 3Q 25 4Q 25 Stage 3 NPL Ratio 52,7% 51,9% 51,4% 50,4% 50,4% 4Q 24 1Q 25 2Q 25 3Q 25 4Q 25 0,74% 0,72% 0,60% 0,29% 0,20% 4Q 24 1Q 25 2Q 25 3Q 25 4Q 25 Impaired loans - segments NPL provision coverage* - segments CoR% - segments** 2,91% 3,06% 2,67% 2,78% 2,30% 4Q 24 1Q 25 2Q 25 3Q 25 4Q 25 Retail Segment 59,3% 60,0% 59,4% 59,7% 59,3% 47,2% 47,9% 47,2% 13,65% 13,11% 12,41% 12,95% 11,90% 49,1% 50,1% 4Q 24 1Q 25 2Q 25 3Q 25 4Q 25 Retail Segment 2,52% -0,60% 0,92% 0,62% 0,78% -0,13% 0,89% 0,96% 0,62% -0,10% Corporate Segment (excl. BSB / Repo) * Managerial presentation ** By quarter (QTD) Corporate Segment 4Q 24 1Q 25 2Q 25 3Q 25 4Q 25 Retail Segment Corporate Segment GRADUAL IMPROVEMENT IN THE QUALITY OF THE LOAN PORTFOLIO 3 FINANCIAL RESULTS -49 (-1%) -55 (-4%) In 4Q 25, revenues amounted to PLN bn 1.49 net interest income of PLN bn 1.26 (-4% y/y) net commission income of PLN mn 240 (+9% y/y) In 2025, revenues amounted to PLN bn 6.01 net interest income of PLN bn 5.13 (-1% y/y) net commission income of PLN mn 906 (+4% y/y) 6 060 6 011 2024 2025 1 545 1 524 1 531 1 490 1 465 4Q 24 1Q 25 2Q 25 3Q 25 4Q 25 The net profit of the Alior Bank Group in 4Q 25 amounted to PLN mn 688 and increased by PLN mn 73 compared to the result from 4Q 24 The net profit of the Alior Bank Group in 2025 amounted to PLN bn 2.37 and was lower by PLN mn 78 compared to the result from 2024 Net profit adjusted for the impact of the revaluation of the net tax asset would amount to PLN mn 593 in 4Q 25 and PLN bn 2.27 in 2025 Net profit (PLN mn) +415 (+20%) -78 (-3%) +73 (+12%) 688 640 615 563 476 2 445 2 367 2024 2025 4Q 24 1Q 25 2Q 25 3Q 25 4Q 25 NET PROFIT DUE TO LOWER INTEREST RATES AND HIGHER LEGAL RISK COSTS Total revenue (PLN mn) PLN mn 4Q 24 3Q 25 4Q 25 % y/y y/y % q/q q/q 2024 2025 % y/y y/y Total Income 1 544,9 1 531,3 1 490,3 -4% -54,7 -3% -41,0 6 060,0 6 010,8 -1% -49,2 Net interest income 1 312,0 1 296,1 1 264,8 -4% -47,1 -2% -31,3 5 183,7 5 134,9 -1% -48,8 Net fee and commission income 221,1 233,9 240,2 9% 19,1 3% 6,3 867,0 905,7 4% 38,7 Other income 11,9 1,2 -14,8 - -26,7 -1303% -16,0 9,3 -29,8 - -39,1 Total costs -773,6 -804,6 -750,7 -3% 22,9 -7% 53,9 -2 862,2 -3 074,5 7% -212,3 General administrative expenses -585,9 -564,8 -565,2 -4% 20,7 0% -0,4 -2 117,6 -2 295,4 8% -177,8 Impairment of non-financial assets -0,3 -0,6 -12,6 - -12,3 2160% -12,1 -1,7 -13,9 706% -12,2 Net expected credit losses -99,0 -123,8 -50,5 -49% 48,5 -59% 73,4 -403,8 -328,1 -19% 75,7 Cost of fx mortgage legal risk -18,2 -41,4 -50,1 175% -31,9 21% -8,7 -59,4 -151,1 155% -91,8 Banking tax -70,2 -74,0 -72,3 3% -2,2 -2% 1,7 -279,7 -285,9 2% -6,2 Gross profit 771,3 726,7 739,5 -4% -31,8 2% 12,8 3 197,9 2 936,4 -8% -261,5 Income tax -156,2 -163,9 -51,8 -67% 104,4 -68% 112,0 -752,9 -569,3 -24% 183,5 Net profit 615,1 562,8 687,7 12% 72,6 22% 124,9 2 445,0 2 367,0 -3% -78,0 Net interest margin (NIM) Cost of funding (CoF) Cost of risk (CoR) Cost / Income ratio (C/I) Loan / Deposit ratio (L/D) Return on equity (ROE) Total Capital Ratio (TCR) 6,00% 1,82% 0,60% 37,9% 79,4% 22,3% 18,27% 5,61% 1,73% 0,72% 36,9% 80,2% 18,9% 17,65% 5,38% 1,53% 0,29% 37,9% 77,1% 21,7% 17,63% - - - - - - - -0,63 pp. -0,29 pp. -0,31 pp. 0 pp. -2,3 pp. -0,6 pp. -0,64 pp. - - - - - - - -0,23 p.p. -0,2 p.p. -0,43 p.p. +1 p.p. -3,1 p.p. +2,8 p.p. -0,02 p.p. 5,98% 1,93% 0,62% 34,9% 79,4% 23,9% 18,27% 5,60% 1,72% 0,49% 38,2% 77,1% 19,6% 17,63% - - - - - - - -0,38 pp. -0,21 pp. -0,13 pp. +3,2 pp. -2,3 pp. -4,3 pp. -0,64 pp. In 4Q 25, the net profit amounted to PLN mn 687.7, which corresponded to a return on equity (ROE) ratio of 21.7% Transactions on derivatives are less and less burdensome on the Bank's net interest income. Their impact in 4Q 25 amounted to PLN mn -29, for comparison, in 4Q 24, this impact amounted to PLN mn -102 and PLN mn -58 in 3Q 25 In 4Q 25, the Bank recognized PLN mn 50 costs of legal risk due to mortgage loans in foreign currencies. The additional provision is related to the increase in the number of disputes and changes in the model assumptions, in particular the change in the assumptions regarding the target level of disputes In 4Q 25, the Bank increased the value of the provision related to disputes arising from the so-called "Free Loan Sanction" by PLN mn 14 The change in the CIT rate in 2026 resulted in a revaluation of receivables and liabilities due to deferred income taxes, which resulted in an increase in the Bank's net profit in 4Q 25 by PLN mn 94.6 INCOME STATEMENT -4% -13% y/y 7 234 6 918 Interest income and expenses (PLN mn) -9% -5% Interest margin and financing cost* CoF NIM NIM - CoR 6,00% 5,88% 5,74% 1 706 5 528 1 703 5 215 ~0% y/y -6% y/y 1 808 1 770 1 754 1 743 1 650 5,41% 5,15% 5,54% 5,61% 5,38% 4,89% 5,09% -2 050 -1 783 1,82% 1,87% 1,74% 1,73% 1,53% 423 429 430 433 410 -3% y/y 1 385 1 341 1 324 1 311 1 240 -10% y/y -496 -485 -465 -447 -385 -22% y/y 4Q 24 1Q 25 2Q 25 3Q 25 4Q 25 2024 2025 Other Interest Income Interest Cost Loans Interest Income** Net interest income (PLN mn) 4Q 24 1Q 25 2Q 25 3Q 25 4Q 25 Loan / Deposit Ratio -1%/-2%*** 5 184 5 135 Effect of "credit moratoria" on NII 5 246 -62 -4% -2% 1 312 1 296 1 285 1 289 1 265 77,1% 79,4% 78,5% 78,5% 80,2% * Managerial p 2 re 0 s 2 en 4 tation, QTD 2025 4Q 24 1Q 25 2Q 25 3Q 25 4Q 25 4Q 24 1Q 25 2Q 25 3Q 25 4Q 25 ** Interest income from loans, debt purchased, and leasing *** NIM and interest income growth adjusted for "credit moratoria" provisions in 2Q 24 of PLN mn 86 and PLN mn 24 release of "credit moratoria" provisions in 3Q 24 VOLUME GROWTH AND LOWER COST OF FUNDS STABILIZE INTEREST INCOME, DESPITE AN INTEREST RATE DECLINE 2024 2025 +2% y/y -8% y/y -4% y/y +23% y/y +2% y/y +28% y/y -14% y/y (net) Bancassurance (net) Leasing, loans and advances Brokerage commissions (net) Transaction margin on currency exchange transactions Other fee/provision cost and income (net) Payment and credit cards service (net) 25 -18 209 -14 -15 -18 -16 +4% y/y 20 18 21 19 82 84 21 28 58 60 20 20 +1% y/y +3% y/y +60% y/y +9% y/y -17% y/y -14% y/y 4Q 24 1Q 25 2Q 25 3Q 25 4Q 25 The increase in the result on fx transactions by PLN mn 7 y/y was mainly due to increased retail client activity The decrease in the result on payment and credit card servicing by PLN mn 4 y/y resulted from a change in the method of creating provisions for card payment settlements, which results in a more even distribution of the costs of this activity between quarters in 2025. The increase in brokerage commissions by PLN mn 10 y/y was mainly due to the growing volume of assets in investment funds and in the Individual Investment Advisory service, as well as the increase in the activity of retail customers transacting on the Warsaw Stock Exchange * Net fee and commission income in the period in 4Q 24 accounts for the presentation change in brokerage commissions 73 240 79 -63 45 906 867 +9% +3% IMPROVED COMMISSION RESULT IN 4Q 25 (+9% Y/Y) Net Fees and Commissions Income (PLN mn)* +4% 79 22 57 16 20 41 73 19 56 16 Bank accounts, transfers, cash operations 221 58 18 75 44 47 45 240 234 222 311 175 62 79 -72 318 90 230 72 179 2 118 41 +8%/+5%**** 2 295 107 Operating costs (PLN mn) ~0% -4% 565 565 550 616 586 -8% y/y 302 312 315 335 327 - % y/y -21% y/y 188 +6% y/y 178 159 144 177 11 65 11 64 11 65 75 62 82 -6% y/y 255 270 670 568 1 238 1 263 +164% y/y C/I ratio** C/I normalized*** C/I reported 42,0% 39,0% +18% y/y +2% y/y 38,6% 38,8% 37,9% 37,1% 36,1% 37,9% 36,9% 37,9% 2024 2025 4Q 24 1Q 25 2Q 25 3Q 25 4Q 25 4Q 24 1Q 25 2Q 25 3Q 25 4Q 25 Employee expenses General and administrative costs* Amortization and depreciation Costs of Bank Guarantee Fund In 4Q 25, operating costs amounted to PLN mn 565 and decreased by 4% (by PLN mn 21) compared to operating costs in 4Q 24, the decrease was mainly due to lower employee costs by PLN mn 25 and depreciation costs lower by PLN mn 17 (in 4Q 24 there was an accumulation of costs related to the creation of an additional holiday reserve and additional depreciation of capital expenditures). The Bank's operating costs in 2025 increased by PLN mn 178 (+8% y/y) compared to the previous year, that is to PLN mn 2 295. The increase in operating costs was mainly influenced by an increase in the amount of BFG contributions (+PLN mn 67 y/y) and an increase in IT costs (+PLN mn 45 y/y). The increase in operating costs, adjusted for the impact of the cost of BFG contributions, amounted to +5% y/y in 2025. * General management expenses include taxes and charges ** By quarter (QTD) *** The ratio is calculated assuming a linear quarterly distribution of the contribution to the BFG compulsory restructuring fund **** y/y growth excluding BFG costs STABILIZATION OF OPERATING EXPENSES IN 2025 Consistent implementation of an ambitious strategy Market leader in Consumer Finance A distinctive, refreshed brand An agile business model built on modern technologies and a variety of distribution channels Stable and predictable costs of risk due to highly competent management High return on equity (ROE) Stable capital position, high surplus over regulatory requirements Part of the PZU Group, leader in the insurance market Dividend payment WHY ALIOR BANK? 4 OTHER ISSUES Investments accompany consumption Inflation back on target 10,0 5,0 0,0 Change in GDP (real, %, y/y) and it's composition (p.p.), Poland 4,6 5,3 3,0 3,6 0,2 -… 6,9 CPI, Poland (%, y/y) 20 15 10 -5,0 konsumpcja GD spożycie publiczne inwestycje household consumption inventory public spending net export investments GDP 2019 2020 2021 2022 2023 2024 2025 5 0 zapasy eksport netto PKB Inflacja bazowa (%, r/r) Inflacja CPI (%, r/r) Dec-21 Jun-22 Dec-22 Jun-23 Dec-23 Jun-24 Dec-24 Jun-25 Dec-25 NBP rate lowered to 4% Core inflation (%, y/y) CPI (%, y/y) 2,5% 15 Rate in the CEE region (base, %) 10 5 0 In 2025, the economic recovery gradually accelerated. While in the first half of the year GDP growth averaged about 3.2% y/y, in the second half it was already close to 4% y/y. The full-year growth is 3.6% compared to 3% in 2024 Poland, Hungary, Czechia The economic situation was driven by domestic consumption (+3.9% y/y) and investment (+4.2% y/y). This meant a rebound compared to 2024, when domestic consumption played the main role (+4.4% y/y) and investment recorded negative dynamics (-0.9% y/y) However, investment demand was in an early, unstable phase. Private sector spending on fixed assets accelerated only in the second half of the year, and the construction sector showed clearer signs of improvement only in the fourth quarter An important element of the economic landscape was the recovery in Polish industry, where the economic situation accelerated over the year, and in the whole of 2025 an increase of 3% was recorded compared to 0.6% in 2024 In the second half of 2025, inflation returned in a more sustained manner to the NBP inflation target (2.5% +/- 1 pp). Feb-06 Feb-10 Feb-14 Feb-18 Feb-22 Feb-26 NBP MNB CNB Source: GUS, NBP, Bloomberg, own analysis DAM Alior This was facilitated, by among others the persistently low inflation in goods, which is due, among others to intensified industrial competition from China In the conditions of rapidly decreasing inflation, it was possible to reduce interest rates. The MPC cut rates by a total of 175 bps over the year, including the main rate from 5.75% to 4.00% 2025: A BROADER RECOVERY AND RETURN TO THE INFLATION TARGET 4,0 GDP growth in 2025 (%) 3,5 3,0 2,5 2,0 1,5 1,0 0,5 0,0 110 105 100 95 90 85 80 New orders in industry, Germany Polska Cypr Bułgaria Hiszpania Chorwacja Czechy Dania Litwa Grecja Portugalia Holandia Szwecja Łotwa Belgia Rumunia Słowenia Francja Słowacja Luksemburg Austria Włochy Estonia Węgry Niemcy Finlandia Poland Cyprus Bulgaria Spain Croatia Czechia Denmark Lithuania Greece Portugal Holland Sweden Latvia Belgium Romania Slovenia France Slovakia Luxembourg Austria Italy Estonia Hungary Germany Finland Dec-21 Jun-22 Dec-22 Jun-23 Dec-23 Jun-24 Dec-24 Jun-25 Dec-25 2021=100, ceny stałe średnia 3m 2021=100, constant prices average 3M Rate cuts in Europe have slowed down 14 Interest rates 9 4 -1 In 2025, the EU's economic growth accelerated to around 1.6% from 1.1% in 2024 and is expected to remain at a similar level in 2026 Poland remains one of the leaders in GDP growth in the EU. Of the largest economies, Spain once again stood out positively (nearly 3% growth), while Germany (+0.2%) stood out negatively EU exports, including Germany, in the second half of 2025 were under pressure from higher tariffs imposed by the US on goods from the EU and increased Chinese competition. Nevertheless, cyclical factors and the planned significant fiscal stimulation in Germany support the economic situation in industry, and at the end of 2025 the first signs of the German sector recovering from the crisis appeared The Polish industrial sector has a significant exposure to exports to Germany, and more broadly to the EU. The stabilization of the recovery in the EU and the expected acceleration in Germany is a factor supporting Polish's economic prospects Węgry Czechy Strefa euro USA Feb-06 Feb-10 Feb-14 Feb-18 Feb-22 Feb-26 Polska Poland Hungary Czechia USA Eurozone At the same time, consumer inflation in the EU and the Eurozone returned to the target (2%) during 2025. With the prospect of a continued moderate recovery and stabilization of inflation, the ECB is also stabilizing interest rates from mid-2025 onwards Source: Bloomberg, own analysis DAM Alior SIGNALS OF INDUSTRIAL AWAKENING IN THE EUROZONE DESPITE CUSTOMS WARS The Polish economy stands out positively within the EU Signs of recovery in German industry Accelerating investments will support the economic situation Rates even lower thanks to favorable inflation conditions 15 GDP growth with main components, Poland 6,9 5,3 3,0 3,6 3,3 3,8 0,2 10 5 0 -5 Investments (real, %, y/y) GDP (real, %, y/y) 2021 2022 2023 2024 2025 2026P 2027P Inwestycje (realnie, %, r/r) Konsumpcja prywatna (realnie, %, r/r) PKB (realnie, %, r/r) Private consumption (real, %, y/y) CPI and interest rates, Poland 16 5,75 4,00 3,25 3,25 2,6 2,3 1,75 5,75 6,75 14 12 10 8 6 4 2 0 2021 2022 2023 2024 2025 2026P 2027P Inflacja CPI - średnio (%, r/r) Stopa bazowa NBP - koniec okresu (%) CPI - average (%, y/y) NBP base rate - EoP (%) 2024 2025 2026P 2027P Economic indicators GDP (real, %, y/y) 3.0 3.6 3.8 3.3 Investments (real, %, y/y) -0.9 4.2 8.9 3.9 Private consumption (real, %, y/y) 2.9 3.7 3.4 3.1 CPI (average, %, y/y) 3.6 3.6 2.6 2.3 Unemployment rate (average, %) 5.1 5.4 5.8 5.7 NBP base rate (EoP, %) 5.75 4.00 3.25 3.25 Banking sector (volumes, %, y/y) 6.9 8.6 6.9 8.3 7.9 5.8 7.2 6.2 6.6 7.1 Total loans Residential mortgages (PLN) Consumer Corporate Total deposits 3.4 8.4 5.7 4.8 7.9 5.7 7.9 8.1 8.9 9.7 Source: GUS, NBP, own analysis DAM Alior The economic recovery in Poland in 2026 will accelerate slightly and be more complete. We expect GDP to grow by 3.8% vs. 3.6% in 2025. Economic growth will be characterized by a stabilization of the recovery in private consumption (+3.4%) and a marked acceleration in investment demand (nearly +9%), among others supported by the spending of EU funds. The situation in foreign demand should continue to improve The labor market has "loosened" slightly in 2025. On the one hand, entrepreneurs are more cautious about hiring due to increased wage cost pressure, and on the other hand, demographic issues are eroding the labor supply. The unemployment rate at the end of 2026 will be similar to that at the end of 2025 (5.7%) Nominal wage growth will normalize (below 7% on average), after a period of significant increases Inflation will remain in the range of deviations from the target (2.5% +/- 1 pp). In 2026, we still see chances for surprises with lower-than-forecasted inflation. In such an environment, we see the potential for further cuts in NBP interest rates, by a total of 75 bps throughout 2026. In 2026, we expect a moderate acceleration in lending, which will be supported by lower interest rates and a favorable economic situation. We expect an increase in the value of total loans by 6.9% y/y, mortgage loans (PLN) by 8.6% y/y, consumer loans by 6.9%, and corporate loans by 8.3% 2026: ECONOMIC ACCELERATION WITHOUT INFLATIONARY PRESSURE ACCOMPANIED BY LOWER INTEREST RATES Alior Bank has embarked on the largest transformation of its work model in its history - at the first stage, 1300 people involved in the creation and development of all the bank's products and services fully switched to an agile work methodology. This will speed up the response to customer needs, increase efficiency and open up space for experimentation. Alior Bank has started strategic cooperation with the global leader in marketing technology, Adobe and implementation partner Dentsu Polska in order to launch a new campaign platform based on the Adobe Experience Platform . This is another step in the bank's digital transformation, aimed at improving communication with customers and at the same time achieving the goals of the "Alior Bank. Or nothing" strategy. The Supervisory Board and the Management Board, headed by Wojciech Kostrzewa and Piotr Żabski, officially opened the new office in Varso Tower . This is a new chapter in the history of our bank. The new headquarters combines modernity with functionality, which is productive to development and innovation. Alior Bank took 3rd place in the ranking of Forbes Polska magazine "Company Friendly Bank". Thus, the Bank moved up two places compared to last year. SELECTED ACHIEVEMENTS IN 4Q 25 Alior Mobile Alior Bank has introduced to customers a new version of the Alior Mobile app. The implementation of the refreshed app is the next step in the implementation of the strategy of "Alior Bank. Or nothing" and in consistently increasing innovation and digitization of services. The changes were presented during a press conference in the newest branch in Varso Tower. Alior Business and Alior Business Mobile Alior Bank has introduced to business customers the new Alior Business online banking system and the Alior Business Mobile app, which replace the existing BusinessPro and BusinessPro Lite solutions. The new version of Alior Business and Alior Business Mobile was presented during a press conference. NEW OPENING - ALIOR MOBILE AND ALIOR BUSINESS 1 campaign promoting new Alior Konto Plus 2 new version of the portal www.aliorbank.pl launch in mid-January 2026 the campaign supports the goal of new acquisitions planned implementation in mid-April refinement of usability and visual hierarchy for a better customer experience, visual refresh accounting for the latest trends WE CONTINUE ACTIONS SUPPORTING THE ACQUISITION OF CLIENTS AND THE BANK'S IMAGE Alior Bank's Brokerage House In 2025, the brokerage house's commission result was 23% higher than a year earlier and reached nearly PLN mn 90. In 4Q 25 alone, it was over PLN mn 28 (+60% y/y). Particularly high growth is recorded in open-ended funds (FIO) and Investment Advisory assets and in the number of new IKE/IKZE accounts. Basic Operating Data: The number of brokerage accounts exceeded 96.6k (+3.2% y/y) The number of IKE/IKZE accounts (brokerage and Alior TFI funds) was 14.4k (+37% y/y) The number of Alior Trader accounts was 8.5k (+3.8% y/y) Alior TFI In 4Q 25 Alior TFI maintained a high level of sales of investment funds. In 4Q 25, net inflows to funds amounted to PLN mn 306, and at the end of 2025, TFI reached assets of PLN bn 4.76. The largest inflows were recorded in funds with a relatively low risk profile, Ostrożny and Konserwatywny , as well as in recently opened bond funds in foreign currencies: Euro Obligacji and Dolar Obligacji . Over the last 12 months, the growth rate of Alior TFI's AuM level has been greater than the growth of the market. In 4Q 25 alone, Alior TFI's assets grew similarly to the market, i.e., +8%. Alior TFI's share in market assets has grown from 1.1% to 1.2% over the last 12 months. Assets in Individual Advisory PLN bn 3.0 (+64% y/y) Assets in Open-end Investment Funds PLN bn 7.9 (+49% y/y) Sales of Structured Products YTD (gross) PLN mn 465 (-24% y/y) Net brokerage commissions (PLN mn) Assets under management in Alior TFI's open funds (PLN bn) +48% y/y Assets under management in non-dedicated funds* in Poland (PLN bn) +32% y/y +23% +60% 358 385 292 312 334 4,40 4,76 3,22 3,59 3,81 89,7 72,8 28,2 21,6 21,0 17,7 18,9 2024 2025 4Q 24 1Q 25 2Q 25 3Q 25 4Q 25 4Q 24 1Q 25 2Q 25 3Q 25 4Q 25 4Q 24 1Q 25 2Q 25 3Q 25 4Q 25 * Non-dedicated funds - funds addressed to a broader range of investors ALIOR BANK'S INVESTMENT SERVICES