CIG Pannónia Életbiztosító : Pannonia Life Insurance Plc. - Quarterly Report Q4 2025

About this update from Cig Pannonia Life Insurance Plc

REPORT QUARTERLY On the basis of the consolidated financial statements prepared according to the International Financial Reporting Standards adopted by the EU Q4 2025 27 February 2026, Budapest CONTENTS PREAMBLE, SUMMARY 3 FINANCIAL STATEMENTS 12 RESTATEMENT 19 CHANGES IN THE ACCOUNTING POLICY 23 OPERATING SEGMENTS 24 NUMBER OF EMPLOYEES, OWNERSHIP STRUCTURE 30 INFORMATION PUBLISHED IN THE PERIOD 31 DISCLAIMER 32 PREAMBLE The Issuer would like to draw the attention of Shareholders and other capital market actors to the fact that this report, similarly to the practice followed in the past two years, was prepared in accordance with IFRS 17 as expected by regulation, which remains unique in the domestic market. To be transparent in this matter we point out that we have refined our accounting practices related to certain reinsurance settlements, including the settlement of cash flows arising from these between periods, compared to the methodology used in previous years. Concordantly, we are republishing our financial statements for 2024, as detailed in section 3. Restatement. In this report, the columns for the comparative period already contain the restated data. SUMMARY Economic summary CIG Pannónia Life Insurance Public Limited Company (registered office: 1097 Budapest Könyves Kálmán krt. 11, building "B"; company registration number: 01 10 045857; court of registration: Registry Court of the Metropolitan Court (hereinafter: Issuer or Company ) publishes on this day its report for the fourth quarter of 2025 (hereinafter: Report ), which includes its consolidated, unaudited data in accordance with the International Financial Reporting Standards adopted by the EU (hereinafter: EU IFRS ). The Report has been prepared in accordance with the provisions of IAS 34. Significant results of the first four quarters of 2025: Our consolidated technical result increased by HUF 4,709 million. Excluding last year's exceptional item, the HUF 4,519 million increase in reserves for Italian guarantee cases, annual growth was HUF 190 million, or 8%, in 2025. Our reported profit after tax is HUF 3,958 million. After filtering out the impact of the Italian guarantee cases, the HUF 1,195 million decrease in profit is primarily attributable to the changing yield environment. Our consolidated premium income increased by 4% year-on-year, exceeding HUF 59.8 billion; Life Insurance premiums decreased by 1%, while EMABIT premiums increased by 18% in one year. The different channels contributed to varying degrees to the 4% increase in premium income: the banking channel increased its annual premium income from sold policies by 3%, the independent channel by 4%, and the alternative channel by 12%. Our premium income increased in the areas of credit protection insurance (HUF 2.4 billion), corporate property insurance (HUF 614 million), and retail property insurance (HUF 545 million). At the same time, there's a decline in premium income in the case of unit-linked (UL) insurance (HUF 1.6 billion). Our insurer's capital position is stable, our consolidated capital adequacy ratio is 221%. 3 Drivers of the change in the GWP Credit coverage insurance increased by HUF 2 356 million UL insurance by the banking channel and independent broker chanel decresed by HUF 1 605 million -corporate property and liability products increased by HUF 614 million Our consolidated profit after tax is HUF 3 958 million Our modified insurance technical result increased 8% by YoY: HUF 4 709 million 4% Our GWP increased by in a year -1% Life insurer's premium +18% EMABIT's premium Consolidated Capital Adequacy 221% Increase in sales network +3% bank network +4% independent broker chanel +12% alternative network Interpretation of the results for 2025 Our consolidated after-tax profit in 2025 is HUF 3,958 million. Our quarterly results, though by different degrees, were positive in every period. The differences between the performance indicators for each period are partly due to external factors, such as changes in investment fund returns, and partly due to internal factors, such as changes in concluded contractual obligations or insurance assumptions in each period. Due to the methodology of the so-called year-to-date (cumulative) approach, quarterly results are not determined independently, but are calculated as the difference between the cumulative results from the beginning of the year and the cumulative results of the previous quarter, which also contributes to the volatility of quarterly results.. 5000 4000 3000 million HUF 2000 1000 0 Quarterly profit after tax for the years 2025, 2024 and 2023 4000 3 958 3 367 3 069 2 048 2 874 2 140 1 952 804 634 472 -2 435 -177 472 804 -177 739 1 576 1 335 562 1 390 1 021 1 228 921 590 3500 3000 2500 million HUF 2000 1500 1000 500 0 -1000 -500 -2000 -1000 -1500 -3000 Q1 Q2 Q3 Q4 2023 PTD 2024 PTD 2025 PTD 2023 YTD 2024 YTD 2025 YTD PTD: period-to-date, YTD: year-to-date -2000 The main components of the annual change in profit after tax are shown in the figure below: Change of consolidated profit after tax, 2025 Q1-Q4 vs 2024 Q1-Q4 +3 324 m +525% 4 709 -243 -197 3 958 -945 634 7000 6000 5000 million HUF 4000 3000 2000 1000 0 PAT 2024 Q1-Q4 Ins. Tecn. Earnings Found Manager's Earnings Taxes Other Earnings PAT 2025 Q1-Q4 PAT: Profit after tax Q4 2025 PÉNZÜGYI KIMUTATÁSOK The nearly HUF 4 billion in after-tax profit and the significant change are primarily due to the increase in technical earnings, which improved by HUF 4,709 million over the course of the year. When explaining last year's results, we discussed in detail the negative impact of the Italian guarantee cases on the results. There is no similar extraordinary item for 2025. Excluding this effect (HUF 4,519 million), our technical result improved by HUF 190 million, or 8%, during the reporting period. Our other results show four main effects: (i) hedging transactions offsetting the foreign exchange risks of the reserves with a value of HUF - 300 million; (ii) negative changes in yields, especially short-term yields, reduced our investment results by HUF 550 million; (iii) the positive impact of excess returns from outperforming benchmark returns and other items improved our results by HUF 250 million (including the annual return on investments reclassified at the beginning of the year due to the extra profit tax regulation); (iv) other costs and expenses decreased our profit by a total of HUF 345 million. Overall, it can be said that both our technical and other results may continue to be affected by changes in the domestic and international financial and investment markets. The volatility of exchange rates and yields is also reflected in our income statement for 2025. The HUF 4,709 million increase in our technical result was as follows by portfolio groups: Change of Ins. Technical Earnings by portfolio groups, 2025 Q1-Q4 vs 2024 Q1-Q4 +4 709 m 4 089 13 2 651 461 73 784 -202 219 -2 058 245 179 -1 090 -62 4000 3000 2000 million HUF 1000 0 -1000 -2000 ITE 2024 Q1-Q4 Group products Individual produc ts Single premium UL products Regular premium UL products Trad. regular prem. savings Risk life insurance prod. Credit coverage insur ance Motor insurance Corporate proper ty ins. Suretyship insuran ce Retail property insur ance ITE 2025 Q1-Q4 -3000 prod. prod. ITE: Insurance Technical Earnings Group life, accident and health products (annual profit improvement: HUF 461 million): The claims ratios of the group service financing health insurances, the group life, accident and health insurance portfolios and the MVM accident insurance portfolios improved compared to the same period of the previous year, which improved our results. The improvement in the claims ratio is partly due to the review of group service financing health insurance premiums at the end of the previous year and partly to the release of claims reserves related to the portfolio group. Individual life, accident and health insurance products (annual profit improvement: HUF 73 million): The Insurer's profitable individual accident insurance portfolio (which includes the Company's 'Bajtárs' products) grew and so has the Insurer's result. Single premium UL products (annual profit decline: HUF 202 million): The portfolio group's return fell short of the level forecast for 2025 at the end of 2024. Hence, on lower-than-expected managed assets, lower fund-proportionate management fees can be applied, resulting in a decrease in the contract service margin (CSM) and consequently the yearly results. Furthermore, at the end of the previous year, the Insurer released claims reserves, which had a one-time positive impact on the result in 2024, this effect did not occur in 2025. Regular premium UL products (annual profit decline: HUF 1,090 million): The decline in profit is due to four reasons: (i) There was no need for a similar claims expenditure release this year than in 2024, which leads to a deterioration in a year-on-year comparison. (ii) The return on investments behind insurance policies fell short of the planned level in 2025, which led to a decline in the contractual service margin (CSM) and thus to a decline in the result. (iii) Changes in the technical (cost) assumptions reviewed at the end of the period negatively affected the portfolio group's results. (iv) Portfolio management and renewal commissions exceeded the amount forecast for the reporting period at the end of the year, which also reduced the portfolio group's results. The combined effect of all these factors is that the result has decreased compared to last year. Traditional regular premium savings products (annual profit decline: HUF 62 million): The Insurer released claims reserves related to the portfolio group in the previous year, while in 2025 the value of claims reserves did not change significantly, thus last year's improvement in results was not repeated this year. Risk life insurance products (annual profit improvement: HUF 179 million): The portfolio group's result increased compared to the same period of the previous year primarily due to improving claims ratios of group life, accident and health insurance. In addition, the portfolio group's traditional regular premium risk insurance policy portfolio grew, which also contributed to the growth of the portfolio group's results. Credit coverage insurance and account protection products (annual profit increase: HUF 245 million): The main reasons of the improvement in results: (i) our portfolio is continuously growing, which reduces the unit costs of the portfolio group, thereby increasing profits; (ii) expenses related to reinsurance coverage also decreased, which likewise improved the result of the contract group. Motor insurance products (annual profit improvement: HUF 219 million): The reason behind the improvement in profit is basically due to the decrease in claims costs and expenses - i.e. the claims ratio. The other reason is the decrease in reinsurance unit expenses, which also improved our results. Corporate property insurance products (annual profit improvement: HUF 784 million): The product group keeps being characterised by a low claims ratio and an increasing portfolio. Besides, the improvement in the result is supported by the reinsurance agreements covering own risks and the reduction of their costs, and the favourable changes to these contractual terms and conditions. The Insurer valuates portfolios belonging to direct products and related reinsurance contracts independently of each other. Revenue recognition is based on the ratio of services incurred and services expected at the end of the period, which does not necessarily develop in parallel on the direct and reinsurance sides, and this also affects the result recognised for the given period for the product group. Suretyship insurance products (annual profit improvement: HUF 4,089 million): The improvement in the result of the portfolio group's technical result is the result of three effects: (i) in 2024, the negative impact of Italian guarantee cases amounted to HUF 4,519 million, which did not occur this year; (ii) also the aforementioned exchange rate effect of HUF 300 million increased the result of this contract group; (iii) however, the handling of legal matters relating to Italian suretyship products and the related increase in claims reserves had a negative impact on our results. Retail property insurance products (annual profit increase: HUF 13 million): The slight change in profit is the result of several effects: (i) The increase in the stock of products that have been running for 2-3 years - i.e. home and travel insurances - principally improves our result, but (ii) new product launches - e.g. asset insurance - still generate a loss in the first periods due to start-up and other overhead costs. Premium income From 2022, our fee income grew dynamically until the end of 2024. Our premium growth rate has slowed in 2025. This is partly due to the price competition's impact in the insurance market and the Company's prudent operation, as a result of which the Company does not wish to keep certain risky contracts with though premiums in its portfolio, and partly due to the changed market situation. The impact of alternative investment and savings forms on our sales opportunities is particularly evident in the life insurance market. Our total premium income has still increased, but we cannot be satisfied with this and our goal is to reverse last year's trend. Quarterly premium income 2022 Q1- 2025 Q4 4.3% 20000 17 071 17 124 15 781 14 509 13 647 13 448 13 441 12 119 11 324 10 612 10 855 10 203 8 850 7 957 7 516 7 015 18000 16000 14000 million HUF 12000 10000 8000 6000 4000 2000 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2 2025 Q3 2025 Q4 Quarterly premium income in 2025, 2024 and 2023 70000 60000 50000 million HUF 40000 30000 20000 59 794 70000 46 353 57 347 32 904 40 275 42 995 17 124 26 628 31 670 21 467 17 071 14 509 15 781 12 119 13 647 13 448 13 441 10 612 10 855 10 203 11 324 60000 50000 40000 30000 20000 10000 10000 0 0 Q1 Q2 Q3 Q4 PTD - 2023 PTD - 2024 PTD - 2025 YTD - 2023 YTD - 2024 YTD - 2025 PTD: period-to-date, YTD: year-to-date Our portfolio group statement clearly illustrates that a significant part of our growth stems from three portfolio groups: (i) credit coverage insurances; (ii) corporate property insurances; (iii) retail property insurances. Overall, fewer premiums were received from UL insurance policies, due to a decrease in premiums for single-premium UL insurances. Change in premium income by portfolio group, 2025 Q1-Q4 vs 2024 Q1-Q4 +2 447 m +4% 614 545 59 794 2 356 269 -147 57 347 387 -9 1 323 141 -104 -2 928 62 000 61 000 60 000 million HUF 59 000 58 000 57 000 56 000 55 000 Premium income 2024 Q1-Q4 Group products Individual products Single premium UL prod. Regular premium UL pr. Trad. regular prem. sav. Risk life insurance prod. Credit coverage ins. Motor insurance Corporate property ins. Suretyship ins. prod. Retail property ins. prod. Premium income 2025 Q1-Q4 54 000 MAIN EVENTS AND RESULTS OF THE REPORTING PERIOD (REFERENCE PERIOD, Q4) IN THE TIMELINE OF CAPITAL DISCLOSURES AND PREVIOUS EVENTS Company and group level events in the period covered by the Report, closure of the third quarter of the financial year 2025 Our Company - in accordance with the provisions set out in the Corporate Calendar of Events for the year 2025 1 - published its third quarter report for the current year on 28 November 2025 2 . Presentation of changes in the Company's management The Board of Directors of CIG Pannónia Life Insurance Plc. convened an Extraordinary General Meeting on 3 September 2025 for 6 October 2025, starting at 9:00 a.m. (General Meeting), the agenda of which was published in accordance with Chapter VIII, Section 8 of the Company's Articles of Association in the notice of the General Meeting 3 . The only item on the agenda of the duly convened General Meeting was the election of Dr. Dávid Kozma as a new member of the Board of Directors and the determination of his remuneration, the detailed justification for which was published in full by our company at the same time as the announcement of the General Meeting on all official publication sites 4 . At the duly convened and successfully held General Meeting, 58.78% of shareholders (55,504,162 shares) participated, and with the support of 100% of the shareholders present, the proposal concerning the number and composition of the Board of Directors was accepted. Subject to the approval of the Hungarian National Bank, Dr. Dávid Kozma, our company's Deputy Chief Executive Officer for Business Support and Legal Affairs, was elected 5 . The decision of the supreme body was approved by the Hungarian National Bank in its resolution No. H-EN-II-130/2025 dated 28 November 2025, thereby authorising the employment of Dr. Dávid Kozma as a senior executive and member of the Board of Directors 6 . Basically parallel with this announcement, our company has also complied with the provisions of Section 55(1) of Act CXX of 2001 on the Capital Markets and Section 15(1) of Decree 24/2008. (VIII. 15.) of the Minister of Finance, by immediately notifying shareholders that Dr. Péter Bogdánffy, member and chairman of the Company's Board of Directors and member of CIG Pannónia First Hungarian General Insurer cPlc., will - in accordance with his letter dated 28 November 2025 - resign from his positions on the Board of Directors of the aforementioned companies due 30 November 2025. The Boards of Directors of the Companies acknowledged the above decision with regret, but understood the reasons beyond the control of the Companies, and thanked Dr. Péter Bogdánffy for his outstanding contribution to the Companies' recent achievements, both in their board resolution and in the extraordinary announcement 7 , with particular regard to his personal contribution to the various phases of the conclusion of the so-called Italian cases, which was also reflected in our recent results 8 . 15 years on the Budapest Stock Exchange As CIG Pannónia Life Insurance Public Limited Company and the CIG Pannónia Group, which it represents on the capital market, entered the Budapest Stock Exchange as an issuer 15 years ago and has thus been part of the Hungarian capital market for 15 years, on this festive occasion, following the ringing of the BSE anniversary bell, on 7 November 2025, between 11 a.m. and 1 p.m., it held an investor event and institutional professional day. CEO Dr. István Fedák reported on the results of the five years following the ownership and management changes that took place in the early 2020s, and the current status of the market position consistently built in line with the Growth Strategy created by the Company, which by today means that the CIG Pannónia Group has become one of the most stable medium-sized players in the Hungarian insurance sector and is able to ensure further development through continuous innovation 9 . Our company published the presentation given at the Investor Event, which is based on our previously published information and results, on all official publication sites as At the same time it informed the public that following the CEO's presentation at the event, an institutional investor meeting was held, at which Attila Vágó, investment manager at MBH Alapkezelő Zrt., specifically addressed analysts and explained from an analyst point of view the general logic towards insurer data within the reporting standards required by IFRS 17, mandatory for the Issuer. 1 https://www.bse.hu/newkibdata/129178188/CIG_2025_calendar.pdf 2 https://www.bse.hu/site/newkib/en/2025.11./CIG_Pannonia_Life_Insurance_Plc._-_Quarterly_Report_Q3_2025_129358280 3 https://www.bse.hu/site/newkib/en/2025.09./NOTICE_OF_INVITATION_TO_THE_EXTRAORDINARY_GENERAL_MEETING_-_06._10._2025_129313190 4 https://www.bse.hu/site/newkib/en/2025.09./Proposal_and_draft_resolution_related_to_the_agenda_item_on_the_agenda_of_the_extraordinary_general_ meeting 129313299 5 https://www.bse.hu/site/newkib/en/2025.10./Resolutions_of_the_General_Meeting_on_items_on_the_ Agenda_of_the_Extraordinary_Gerenral_ Meeting 129330848 6 https://www.bse.hu/site/newkib/en/2025.11./Information_on_the_authorization_of_persons_in_senior_positions_129358688 7 https://www.bse.hu/site/newkib/en/2025.11./Extraordinary_Information_on_the_resignation_of_a_senior_person 129358702 8 https://www.bse.hu/site/newkib/en/2025.10./Information_on_the_exposure_arising_from_Italian_matters_of_CIG_Pannonia_Life_Insurance_Plc_consolidated_ subsidiary_129337238 9 https://www.bet.hu/site/newkib/en/2025.11./Inf._on_the_holding_of_an_investor_professional_day_organized_on_the_occasion_of_the_15th_anniversary_of_ the_CIG_Pannonia_Group_s_presence_on_the_SE_129346895 Events planned by our Company for 2026 On 31 December 2025, our Company published the dates of all events that were determined in advance by the Board of Directors of CIG Pannónia Life Insurer Plc., setting the planned dates both for the quarterly, and the annual, 2025 financial year closing and thus the planned dates for the disclosures related to the closing 10 . Disclosures made by the Company after the reporting period As a result of the personnel changes described in section 1.2.2, our company elected Dr. István Fedák as the new chairman of the Board of Directors at the Life Insurer 11 . As a result of EMABIT's management's strategic review of Italian cases reaching the highest value limit - announced in February 2025, which included an examination of the adequacy of reserves and the necessary corrections - and the preventive measures taken as a result, EMABIT is facing a lawsuit in a case involving damages amounting to nearly 70% of the value of claims still pending in the period following our announcement on October 17, 2025. The claim is based on the CIG Pannónia Group's litigation modeling and involves a payment obligation of less than 65% of the capital claim, ensuring a final settlement. with a payment obligation of less than 65% of the principal claim and ensuring final settlement, but resulting in the termination of the lawsuit and excluding further claims by the plaintiff. EMABIT will fulfill its payment obligation under the settlement within 90 days of receiving the signed settlement proposal (February 13, 2026). In our announcement on this matter, we emphasized that this significant litigation was settled by agreement in accordance with the reserves reviewed and adjusted in 2024, in an amount not exceeding the reserves established therein, using EMABIT's own resources. This also means that the subordinated loan capital of the owner has still not been drawn down. Based on a legal and financial analysis of the processes, the Board of Directors of EMABIT will review the issue of keeping the subordinated loan capital of the owner available in the first half of this year and will decide on its maintenance or termination. CIG Pannónia Life Insurer Plc. 10 https://www.bse.hu/site/newkib/en/2025.12./Corporate_Action_Timetable_of_CIG_Pannonia_Life_Insurance_Plc_for_2026_129375939 11 https://www.bse.hu/site/newkib/en/2026.01./Information_Approval_of_the_Appointment_of_a_Board_Member_129384457 FINANCIAL STATEMENTS 2025 Q1-Q4 (A) 2024 Q1- Q4 (B) restated Change (A)-(B) Consolidated Statement of Comprehensive Income - cumulated data (Data in million HUF) Insurance Revenue 33 119 27 509 5 610 Insurance service expenses -27 194 -26 204 -990 Reinsurance expense - allocation of premium -4 867 -4 520 -347 Amount of recoverables from reinsurance 1 425 1 248 177 Insurance service result 2 483 -1 967 4 450 Interest income calculated using the effective interest method 1 705 1 869 -164 Investment income 4 005 25 410 -21 405 Impairment and impairment reversal of financial assets 16 -4 20 Investment expenses -2 016 -853 -1 163 Yield on investment accounted for using equity method (profit) 817 1 060 -243 Investment income 4 527 27 482 -22 955 Insurance financial result -2 191 -23 645 21 454 Reinsurance financial result 72 116 -44 Change in the fair value of liabilities relating to investment contracts -133 -1 049 916 Financial result -2 252 -24 578 22 326 Premium and commission income from investment contracts 93 282 -189 Other operating costs -643 -301 -342 Other (non-financial) income 338 120 218 Other (non-financial) expenses -410 -423 13 Profit/Loss before taxation 4 136 615 3 521 Tax income/expenses -259 -36 -223 Deferred tax income/expenses 81 55 26 Profit/Loss after taxation 3 958 634 3 324 OCI from change in fair value of other financial assets at fair value 200 -826 1 026 OCI from insurance contracts -86 394 -480 OCI from reinsurance contracts 41 102 -61 Comprehensive income, would be reclassified to profit or loss in the future 155 -330 485 Comprehensive income, wouldn't be reclassified to profit or loss in the future 274 766 -492 Other comprehensive income 429 436 -7 Total comprehensive income 4 387 1 070 3 317 Consolidated Statement of Comprehensive Income - cumulated data (cont.) (Data in million HUF) 2025 Q1-Q4 (A) 2024 Q1-Q4 (B) restated Change (A)-(C) Profit/loss after taxation attributable to the Company's shareholders 3 958 634 Weighted average number of shares 93 954 254 93 954 254 EPS (basic) 42.1 6.7 35.4 Profit/loss after taxation attributable to the Company's shareholders 3 958 634 Weighted average number of shares 94 428 260 94 428 260 EPS (diluted) 41.9 6.7 35.2 Number of average shares used to calculate earnings per share Date Issued ordinary sha- Treasury shares res (no.) (no.) Days Weighted average number of shares 31.12.2024 94 428 260 474 006 365 93 954 254 31.12.2025 94 428 260 474 006 365 93 954 254 The treasury shares transferred to the Company's Employee Shareholder Program (hereinafter: MRP ) do not legally qualify as treasury shares, however, the MRP is included in the consolidation, therefore the transferred shares reduce the number of ordinary shares outstanding when calculating earnings per share. 2025 Q4 2025 Q3 2025 Q2 (A) (B) (C) 2025 Q1 (D) 2024 Q4 (E) restated 12 Change (A)-(E) Consolidated Statement of Comprehensive Income - individual quarterly data (Data in million HUF) Insurance Revenue 8 490 9 155 8 046 7 428 8 142 348 Insurance service expenses -7 829 - 6 868 - 6 452 - 6 045 - 9 882 2 053 Reinsurance expense - allocation of premium 153 - 1 860 - 1 474 - 1 686 - 441 594 Amount of recoverables from reinsurance -980 803 754 848 - 1 348 368 Insurance service result -166 1 230 874 545 - 3 529 3 363 Interest income calculated using the effective interest method 429 396 451 429 474 - 45 Investment income 1 464 5 193 - 3 605 953 9 022 - 7 558 Impairment and impairment reversal of financial assets 1 6 2 7 - 4 5 Investment expenses -1 020 -917 - 29 - 50 - 482 - 538 Yield on investment accounted for using equity method (profit) 288 149 192 188 585 - 297 Investment income 1 162 4 827 - 2 989 1 527 9 595 - 8 433 Insurance financial result -474 - 4 072 3 492 - 1 137 - 8 158 7 684 Reinsurance financial result -44 15 57 44 - 5 - 39 Change in the fair value of liabilities relating to investment contracts -5 -198 88 - 18 - 400 395 Financial result -523 - 4 255 3 637 - 1 111 - 8 563 8 040 Premium and commission income from investment contracts 14 30 20 29 111 - 97 Other operating costs -135 -344 - 77 - 87 - 84 - 51 Other (non-financial) income 217 97 11 13 66 151 Other (non-financial) expenses -226 -80 - 49 - 55 - 238 12 Profit/Loss before taxation 343 1 505 1 427 861 -2 642 2 985 Tax income/expenses 37 -138 - 101 - 57 135 - 98 Deferred tax income/expenses 211 -141 10 1 72 139 Profit/Loss after taxation 591 1 226 1 336 805 -2 435 3 026 OCI from change in fair value of other financial assets at fair value 88 197 233 - 318 - 589 677 OCI from insurance contracts -82 -189 - 38 223 442 - 524 OCI from reinsurance contracts 56 -51 52 - 16 24 32 Comprehensive income, would be reclassified to profit or loss in the future 62 -43 247 - 111 - 123 185 Comprehensive income, wouldn't be reclassified to profit or loss in the future -81 -218 299 274 - 96 15 Other comprehensive income -19 -261 546 163 - 219 200 Total comprehensive income 572 965 1 882 968 - 2 654 3 226 12 The retrospective amendment presented under point 3. Restatement is included in the fourth quarter column for the entirety of 2024 ASSETS 31 December 2025 (A) 31 December 31 December 2024 res (B) tated 2023 restated (C) Change (A)-(B) Total Liabilities Net Assets 167 386 25 550 161 802 21 120 121 073 23 150 5 584 4 430 Total Shareholder's Equity 25 550 21 120 23 150 4 430 SHAREHOLDERS' EQUITY Total Assets 192 936 182 922 144 223 10 014 Insurance contract liabilities 156 780 149 816 110 375 6 964 Reinsurance contract liabilities 227 386 305 - 159 Financial liabilities -Investment contracts 5 391 5 942 4 763 - 551 Financial liabilities-derivatives 5 224 - - 219 Lease liabilities 563 470 314 93 Provisions 655 339 262 316 Other liabilities 3 743 4 588 5 021 - 845 Liabilities to shareholders 22 37 33 - 15 Consolidated Statement of Financial Position (Data in million HUF) Intangible Assets 2 138 991 934 1 147 Property, plant and equipment 104 96 117 8 Right-of use assets 547 444 271 103 Deferred tax asset 580 544 474 36 Investment in associates 1 031 1 282 777 - 251 Insurance contract assets 980 1 145 1 190 - 165 Reinsurance contract assets 4 359 3 136 2 415 1 223 Investments for policyholders of unit-linked life insurance policies 135 308 127 680 94 424 7 628 Financial asset - Investment contracts 5 391 5 942 4 763 - 551 Financial asset - derivatives 335 - 130 335 Other financial assets at fair value 36 832 38 395 35 979 -1 563 Other assets and prepayments 75 81 80 - 6 Other receivables 626 589 177 37 Cash and cash equivalents 4 630 2 597 2 492 2 033 LIABILITIES Share capital 3 116 3 116 3 116 - Capital reserve 1 153 1 153 1 153 - Treasury shares - 32 - 32 - 32 - Share-based payments 43 - - 43 Other reserves - 55 -484 - 920 429 Retained earnings 21 325 17 367 19 833 3 958 Consolidated Changes in Equity Q1-Q4 2025 (Data in million HUF) Share capital Capital Share-based Treasury shares Other reserves Retained shar Total s' earnings eholder equity Balance on 31 December 2024 (restated) 3 116 1 153 - -32 - 484 17 367 21 120 Total Comprehensive income Other comprehensive income - - - - 429 - 429 Profit in reporting year - - - - - 3 958 3 958 Transactions with equity owners, recognised directly in equity Share-based payments - - 43 - - - 43 Balance on 31 3 116 1 153 43 -32 -55 21 325 25 550 Consolidated Changes in Equity Q1-Q4 2024 restated (Data in million HUF) Share capital Capital Treasury shares Other reserves Retained shar Total s' earnings eholder equity Balance on 31 December 2023 (restated) 3 116 1 153 -32 - 920 19 833 23 150 Total comprehensive income (restated) Other comprehensive income (restated) - - - 436 - 436 Profit in reporting year (restated) - - - - 634 634 Transactions with equity holders, recognised directly in equity Dividend payment - - - - -3 100 -3 100 Balance on 31 December 2024 3 116 1 153 -32 - 484 17 367 21 120 reserve payment December 2025 Reserve (restated) Consolidated Statement of Cash Flows (Data in million HUF) 2025 Q1-Q4 2024 Q1- Q4 restated Profit/loss after taxation 3 958 634 Modifying items Depreciation and amortisation 531 485 Unplanned depreciation, assets written off - 2 - Booked/reversed impairment, debt cancelled - 16 4 Result of assets sales - 184 - 386 Share-based payment 43 - Exchange rate changes 830 - 797 Share of the profit or loss of associates accounted for using the equity method - 854 -1 097 Deferred tax - 78 - 55 Income taxes 259 44 Income on interest - 1 705 -1 869 Result of derivatives - 905 473 Provisions 316 77 Dividend received - 103 - 72 Termination of leasing assets - 26 - 27 Interest cost 30 4 Change of active capital items: Increase / decrease of investments for policyholders of unit-linked life insurance policies (-/+) - 7 628 - 33 255 Increase / decrease of financial assets - investment contracts (-/+) 551 -1 179 Increase / decrease assets resultant of reinsurance (-/+) - 1 182 - 618 Increase / decrease of other assets and active accrued and deferred items (-/+) - 321 517 Increase / decrease of liabilities resultant of reinsurance (-/+) - 159 80 Increase / decrease of insurance contract liabilities (+/-) 6 877 39 835 Increase / decrease of investment contracts (+/-) - 551 1 179 Increase / decrease of insurance contracts assets (+/-) 165 45 Increase / decrease of other liabilities (+/-) - 796 - 388 Increase / decrease capital owner liability (+/-) - 15 3 Paid income taxes 31 - 972 Cash flows from operating activities - 934 2 663 Consolidated Statement of Cash Flows continuation (Data in million HUF) Cash flow from investing activities 2025 Q1-Q4 2024 Q1- Q4 restated Purchase of debt instruments (-) - 184 864 - 128 860 Sales of debt instruments (+) 186 334 127 732 Purchase of tangible and intangible assets (-) - 1 501 - 358 Sales of tangible and intangible assets (+) - 1 - Result of derivatives 351 - 119 Interest received 1 417 1 454 Dividend received 1 207 664 Cash flow from investing activities 2 944 514 Cash flow from financing activities Interest paid - 30 - 4 Lease instalments payment - 111 - 151 Lease interest payment - 39 - 15 Capital reduction - - Dividend payment - -3 100 Cash flow from financing activities - 181 -3 270 Impacts of exchange rate changes and interests 204 199 Net increase / decrease of cash and cash equivalents (+/-) 2 033 105 Cash and cash equivalents at the beginning of the period 2 597 2 492 Cash and cash equivalents at the end of the period 4 630 2 597 RESTATEMENT The Insurer has reviewed the accounting treatment of profit sharing related to its reinsurance contracts held in accordance with IFRS 17 and IFRS TRG AP3 13 guidance. In the previous practice, profit sharing was reported in the cash flows as an item reducing premium, while in the actual data it was reported as a reinsurance claims recovery, which resulted in methodological inconsistency. The Insurer determined that a defined part of the profit sharing based on the claims ratio qualifies as reinsurance claims recovery, and that the reinsurance contracts in question contain an investment component, as this part of the reinsurance premium is recovered in all circumstances (through claims recovery or profit sharing). According to the modified methodology, in cash flows, the investment component of profit sharing is taken into account as an item that reduces both the forecasted reinsurance premiums and the expected reinsurance claim recoverables (including profit sharing), and therefore cannot have an impact on results. The investment component is the part of the profit sharing that is realised even if the claims assumption is 0%, and its amount is determined based on the rules for calculating profit sharing, taking into account the factors affecting the premium. During the reporting period, in the actual data the investment component is determined at the same time as the reinsurance expenses are accounted for, ensuring that the reinsurance premium, the profit sharing, and the investment component are consistent over time. The Insurer presents the reserves formed for profit sharing, which are related to previous reporting periods and are recognised as expenses but are financially not yet settled with the reinsurance partner, in the actual data as reinsurance claims recoverables, as part of the liabilities / receivables related to the incurred claims. In the Insurer's opinion, the modified methodology reflects the principles of IFRS 17 better, with particular regard to the separate presentation of investment components and the consistent treatment of claims recovarables. The modification in the methodology does not change the total amount of reinsurance cash flows, but it does have a reclassification and timing effect within the IFRS 17 balance sheet's and income statement's lines and between the different periods. The reclassification effect occurs also in the case of portfolio groups valuated using the PAA and GMM methods, i.e. the income statement lines for Reinsurance expense - allocation of premium and Recoverables from reinsurers both decreased as a result of the recalculation. The timing effect is much more pronounced in the case of reinsurance portfolios valuated using the GMM valuation method, as with this method, the expense incurring due to premiums transferred to reinsurers occurs during the lifetime of the contracts, i.e. over the long term, and thus the investment component's reducing effect is likewise realised at a slower pace. At the same time, the Insurer shall account for reductions in reinsurance claim recoveries due to the investment component immediately in the year in which they occur. Consequently, the total capital effect of HUF 770 million recognised for 2024 and earlier years is mainly a timing issue and will appear in the results in the financial years following 2024, in parallel with the expiry of the portfolios. The tables below show a comparison of the consolidated statement of comprehensive income for 2024, and the consolidated statements of financial position as of 31 December 2024 and 2023 respectively, according to the originally published and the restated methods. 13 AP3: Commissions and reinstatement premiums in reinsurance contracts issued [reposted on 12 September 2018] Consolidated statement of comprehensive income 2024 Q1- Q4 restated 2024 Q1- Q4 original Change (Data in million HUF) Insurance revenue 27 509 27 294 -215 Insurance service expenses - 26 204 - 26 196 8 Reinsurance expense - allocation of premium - 4 520 - 5 732 - 1 212 Amount recoverables from reinsurance 1 248 3 178 1 930 Insurance service result - 1 967 - 1 456 511 Interest income calculated using the effective interest method 1 869 1 869 - Investment income 25 410 25 410 - Impairment and reversed impairment of financial assets - 4 - 4 - Investment expenses -853 -853 - Yield on investment accounted for using equity method (profit) 1 060 1 060 - Investment income 27 482 27 482 - Insurance financial result - 23 645 - 23 645 - Reinsurance financial result 115 172 57 Change in the fair value of liabilities relating to investment contracts - 1 049 - 1 049 - Financial results - 24 579 - 24 522 57 Premium and commission income from investment contracts 282 282 - Other operating costs -301 -301 - Other (non-financial) income 120 120 - Other (non-financial) expenses -423 -423 - Profit/loss before taxation 614 1 182 568 Tax income / (expenses) -36 -37 - 1 Deferred tax income / (expenses) 55 134 79 Total profit/loss after taxation 633 1 279 646 OCI from change in fair value of other financial assets at fair value -826 -826 - OCI from insurance contracts 394 394 - OCI from reinsurance contracts 102 115 13 Comprehensive income, would be reclassified to profit or loss in the future -330 -317 13 Comprehensive income, wouldn't be reclassified to profit or loss in the future 766 766 - Other comprehensive income 436 449 13 Total comprehensive income 1 069 1 728 659 ASSETS 31 December 2024 restated 31 December 2024 original Change Total Shareholder's Equity 21 120 21 890 770 LIABILITIES Total assets 182 922 183 672 750 Consolidated Statement of Financial Position (Data in million HUF) Intangible assets 991 991 - Property, plant and equipment 96 96 - Right-of use assets 444 444 - Deferred tax asset 544 486 -58 Subsidiaries - - - Investment in associates 1 282 1 282 - Insurance contract assets 1 145 1 145 - Reinsurance contract assets 3 136 3 985 849 Investments for policyholders of unit-linked life insurance policies 127 680 127 680 - Financial asset - Investment contracts 5 942 5 942 - Financial asset - Derivatives - - - Other financial assets at fair value 38 395 38 395 - Other assets and prepayments 81 81 - Other receivables 589 548 -41 Cash and cash equivalents 2 597 2 597 - Insurance contract liabilities 149 816 149 816 - Reinsurance contract liabilities 386 366 -20 Financial liabilities - Investment contracts 5 942 5 942 - Financial liabilities - Derivatives 224 224 - Lease liabilities 470 470 - Provisions 339 339 - Other liabilities 4 588 4 588 - Liabilities to shareholders 37 37 - Total Liabilities 161 802 161 782 -20 NET ASSETS 21 120 21 890 770 SHAREHOLDERS' EQUITY Share capital 3 116 3 116 - Capital reserve 1 153 1 153 - Treasury shares -32 -32 - Share-based payment - - - Other reserves -484 -491 -7 Retained earnings 17 367 18 144 777 ASSETS 31 December 31 December 2023 restated 2023 original Change LIABILITIES Total assets 144 223 144 253 30 Share capital 3 116 3 116 - Capital reserve 1 153 1 153 - Treasury shares -32 -32 - Share-based payment - - - Other reserves -920 -940 -20 Retained earnings 19 833 19 967 134 (Data in million HUF) Intangible assets 934 934 - Property, plant and equipment 117 117 - Right-of use assets 271 271 - Deferred tax asset 474 337 -137 Subsidiaries - - - Investment in associates 777 777 - Insurance contract assets 1 190 1 242 52 Reinsurance contract assets 2 415 2 558 143 Investments for policyholders of unit-linked life insurance policies 94 424 94 424 - Financial asset - Investment contracts 4 763 4 763 - Financial asset - Derivatives 130 130 - Other financial assets at fair value 35 979 35 979 - Other assets and prepayments 80 80 - Other receivables 177 149 -28 Cash and cash equivalents 2 492 2 492 - Insurance contract liabilities 110 375 110 220 -155 Reinsurance contract liabilities 305 376 71 Financial liabilities - Investment contracts 4 763 4 763 - Financial liabilities - Derivatives - - - Lease liabilities 314 314 - Provisions 262 262 - Other liabilities 5 021 5 021 - Liabilities to shareholders 33 33 - Total Liabilities 121 073 120 989 -84 NET ASSETS 23 150 23 264 114 SHAREHOLDERS' EQUITY Total Shareholder's Equity 23 150 23 264 114 Q4 2025 CHANGES IN THE ACCOUNTING POLICY CHANGES IN THE ACCOUNTING POLICY For financial years beginning on or after 2025, the following amended mandatory standards have become effective and are not expected to have a material impact on the financial statements: Amendments to IAS 21 on the effects of changes in foreign exchange rates: Lack of exchangeability of foreign currency (01.01.2025) Amendments to IFRS 9 Financial Instruments and IFRS 7 Financial Instruments Disclosures: amendments to the classification and measurement of financial instruments (01.01.2026) Annual improvement of IFRS 1, IFRS10, IAS7 (01.01.2026) For financial years beginning on or after 2027, the following standards will become mandatory, whose impact on the financial statements is still under review by the Company: IFRS 18 Presentation and disclosure in financial statements (01.01.2027) IFRS 19 Subsidiaries without public accountability: disclosures (01.01.2027). OPERATING SEGMENTS ASSETS CIG Life Insurance segment CIG Non-Life insurance segment Other Adjusting items of financial statement deduction (consolidation) Total Total Assets 182 136 18 314 556 -8 070 192 936 Segment information Q1-Q4 2025 (Data in million HUF) Intangible assets 1 223 915 - - 2 138 Property, plant and equipment 98 6 - - 104 Right-of-use assets 321 226 - - 547 Deferred tax assets 393 187 - - 580 Subsidiaries 7 960 - - -7 960 - Associated companies 51 - - 980 1 031 Insurance contract assets 976 4 - - 980 Reinsurance contract assets 635 3 724 - - 4 359 Investments for policyholders of unit-linked life insurance policies 135 308 - - - 135 308 Financial assets - Investments contracts 5 391 - - - 5 391 Financial asset - Derivatives 53 282 - - 335 Other financial assets at fair value 24 716 12 116 - - 36 832 Other assets and prepayments 57 18 - - 75 Other receivables 480 143 - 3 626 Treasury share - - 175 - 175 - Receivables from associates 53 495 370 - 918 - Cash and cash equivalents 4 421 198 11 - 4 630 LIABILITIES CIG Life Insurance segment CIG Non-Life insurance segment Other Adjusting items of financial statement deduction (consolidation) Total Registered capital 3 116 1 120 232 -1 352 3 116 Capital reserve 4 019 12 075 - - 14 941 1 153 Treasury shares - 32 - - - - 32 Share-based payments 21 22 - - 43 Other reserves 9 - 64 - - - 55 Retained earnings 17 429 -5 197 322 8 771 21 325 (Data in million HUF) Insurance contract liabilities 149 727 7 053 - - 156 780 Reinsurance contract liabilities 74 153 - - 227 Financial liabilities - Investment contracts 5 391 - - - 5 391 Financial liabilities - Derivatives 5 - - - 5 Loans and financial reinsurance - - - - - Lease liabilities 330 233 - - 563 Provisions 462 193 - - 655 Other liabilities 1 067 2 674 2 - 3 743 Intercompany payables 496 52 - - 548 - Liabilities to shareholders 22 - - - 22 Total Liabilities 157 574 10 358 2 - 548 167 386 NET ASSETS 24 562 7 956 554 -7 522 25 550 Shareholder's equity Total shareholder's equity 24 562 7 956 554 -7 522 25 550 Consolidated statement of comprehensive income CIG Life Insurance segment CIG Non-Life insurance segment Other Adjusting items of financial statement deduction (consolidation) Total (Data in million HUF) Insurance revenue 15 793 17 326 - - 33 119 Insurance service expenses - 13 613 - 13 581 - - - 27 194 Reinsurance expense- allocation of premium - 794 -4 073 - - -4 867 Amount recoverables from reinsurance - 27 1 452 - - 1 425 Insurance service result 1 359 1 124 - - 2 483 Interest income calculated using the effective interest method 1 220 485 - - 1 705 Investment income 5 028 875 - -1 898 4 005 Impairment and reversed impairment of financial assets 12 4 - - 16 Investment expenses -1 271 - 745 37 - 37 -2 016 Yield on investment accounted for using equity method (profit) 1 068 - - - 251 817 Investment income 6 057 619 37 -2 186 4 527 Insurance financial result -2 351 160 - - -2 191 Reinsurance financial result - 1 73 - - 72 Change in the fair value of liabilities relating to investment contracts - 133 - - - - 133 Financial results -2 485 233 - - -2 252 Premium and commission income from investment contracts 93 - - - 93 Other operating costs - 396 - 242 - 9 4 - 643 Other (non-financial) income 475 86 9 - 232 338 Other (non-financial) expenses - 563 - 75 - 228 - 410 Profit/loss before taxation 4 540 1 745 37 -2 186 4 136 Tax income / (expenses) - 176 - 83 - - - 259 Deferred tax income / (expenses) - 109 190 - - 81 Total profit/loss after taxation 4 255 1 852 37 -2 186 3 958 OCI from change in fair value of other financial assets at fair value 154 46 - - 200 OCI from insurance contracts - 41 - 45 - - - 86 OCI from reinsurance contracts 33 8 - - 41 Comprehensive income, would be reclassified to profit or loss in the future 146 9 - - 155 Comprehensive income, wouldn't be reclassified to profit or loss in the future 274 - - - 274 Other comprehensive income 420 9 - - 429 Total comprehensive income 4 675 1 861 37 -2 186 4 387 ASSETS CIG Life Insurance segment CIG Non-Life insurance segment Other Adjusting items of financial statement deduction (consolidation) Total Total Assets 168 574 19 508 528 - 5 688 182 922 Segment information 2024 Q1-Q4 (Data in million HUF) Intangible assets 673 318 - - 991 Property, plant and equipment 87 9 - - 96 Right-of-use assets 264 180 - - 444 Deferred tax assets 544 - - - 544 Subsidiaries 6 077 - - - 6 077 - Associated companies 51 - - 1 231 1 282 Insurance contract assets 1 120 25 - - 1 145 Reinsurance contract assets 699 2 437 - - 3 136 Investments for policyholders of unit-linked life insurance policies 127 680 - - - 127 680 Financial assets - Investments contracts 5 942 - - - 5 942 Financial assets - Derivatives - - - - - Other financial assets at fair value 22 371 16 024 - - 38 395 Other assets and prepayments 55 26 - - 81 Other receivables 487 98 1 3 589 Treasury share - - 176 -176 - Receivables from associates 155 189 325 -669 - Cash and cash equivalents 2 369 202 26 - 2 597 LIABILITIES CIG Life Insurance segment CIG Non-Life insurance segment Other Adjusting items of financial statement deduction (consolidation) Total Total shareholder's equity 19 866 6 073 525 - 5 344 21 120 (Data in million HUF) Insurance contract liabilities 140 418 9 398 - - 149 816 Reinsurance contract liabilities 53 333 - - 386 Financial Liabilities - Investment contracts 5 942 - - - 5 942 Financial Liabilities - Derivatives 224 - - - 224 Loans and financial reinsurance - - - - - Lease liabilities 279 191 - - 470 Provisions 303 36 - - 339 Other liabilities 1 263 3 322 3 - 4 588 Intercompany payables 189 155 - -344 - Liabilities to shareholders 37 - - - 37 TOTAL LIABILITES 148 708 13 435 3 -344 161 802 NET ASSETS 19 866 6 073 525 - 5 344 21 120 Shareholder's Equity Registered capital 3 116 1 120 229 - 1 349 3 116 Capital reserve 4 019 12 075 - - 14 941 1 153 Treasury shares -32 - - - -32 Share-based payments - - - - - Other reserve - 411 - 73 - - -484 Retained earnings 13 174 - 7 049 296 10 946 17 367 Consolidated statement of comprehensive income CIG Life Insurance segment CIG Non-Life insurance segment Other Adjusting items of financial statement deduction (consolidation) Total (Data in million HUF) Insurance revenue 14 896 12 613 - - 27 509 Insurance service expenses -12 378 - 13 826 - - -26 204 Reinsurance expense- allocation of premium - 719 - 3 801 - - -4 520 Amount recoverables from reinsurance 385 863 - - 1 248 Insurance service result 2 184 - 4 151 - - -1 967 Interest income calculated using the effective interest method 1 275 594 - - 1 869 Investment income 24 894 533 300 -317 25 410 Impairment and reversed impairment of financial assets - - 4 - - -4 Investment expenses -4 135 - 141 -368 3 791 -853 Yield on investment accounted for using equity method (profit) 555 - 15 490 1 060 Investment income 22 589 982 -53 3 964 27 482 Insurance financial result -23 459 - 186 - - -23 645 Reinsurance financial result 31 85 - - 116 Change in the fair value of liabilities relating to investment contracts -1 049 - - - -1 049 Financial results -24 477 - 101 - - -24 578 Premium and commission income from investment contracts 282 - - - 282 Other operating costs - 219 - 77 -18 13 -301 Other (non-financial) income 427 76 18 -401 120 Other (non-financial) expenses - 768 - 44 - 389 -423 Profit/loss before taxation 18 - 3 315 -53 3 965 615 Tax income / (expenses) -36 - - - -36 Deferred tax income / (expenses) 55 - - - 55 Total profit/loss after taxation 37 - 3 315 -53 3 965 634 OCI from change in fair value of other financial assets at fair value - 712 - 114 - - -826 OCI from insurance contracts 473 - 79 - - 394 OCI from reinsurance contracts 17 85 - - 102 Comprehensive income, would be reclassified to profit or loss in the future - 222 - 108 - - -330 Comprehensive income, wouldn't be reclassified to profit or loss in the future 766 - - - 766 Other comprehensive income 544 - 108 - - 436 Total comprehensive income 581 - 3 423 -53 3 965 1 070 QUARTERLY REPORT Q4 2025 NUMBER OF EMPLOYEES, OWNERSHIP STRUCTURE NUMBER OF EMPLOYEES, OWNERSHIP STRUCTURE The number of employees at the members of the Group was 212 on 31 December 2025. Composition of the Issuer's share capital (31 December 2025) Series of shares Nominal value (HUF/each) Issued number of shares Total nominal value (HUF) Series "A" 33 94 428 260 3 116 132 580 of this: treasury share - - - Amount of share capital - - 3 116 132 580 Series of shares Number of shares Number of voting issued shares Voting rights per share Total voting rights Number of treasury shares Number of voting rights connected to the shares (31 December 2025) Series "A" 94 428 260 94 428 260 1 94 428 260 - Owners Number of shares Ownership stake Voting rights The Issuer's ownership structure (31 December 2025) Domestic private individual 26 689 769 28.26% 28.26% Domestic institution 66 211 784 70.12% 70.12% Foreign private individual 100 736 0.11% 0.11% Foreign institution 42 152 0.04% 0.04% Nominee, domestic private individual 1 158 518 1.23% 1.23% Nominee, foreign private individual 169 947 0.18% 0.18% Nominee, foreign institution 43 789 0.05% 0.05% Unidentified item 11 565 0.01% 0.01% Total 94 428 260 100% 100% The Issuer engaged KELER Ltd. with keeping the shareholders' register. If, during the ownership verification, an account manager with clients holding CIGPANNONIA shares does not provide data regarding the shareholders, the owners of the unidentified shares are recorded as "unidentified item" in the shareholders' register. Name Registered seat The Issuer's share The Issuer's investments on 31 December 2025 CIG Pannonia First Hungarian General Insurance Company cPlc. 1097 Budapest, Könyves Kálmán krt. 11. 100,0% Pannonia PI-ETA Funeral Service Limited Liability Company 1097 Budapest, Könyves Kálmán krt. 11. 100,0% MBH Investment Fund Manager cPlc.* 1068, Budapest, Benczúr utca 11. 7,67% OPUS GLOBAL Plc. 1062 Budapest, Andrássy út 59. 1% Attention : This is an excerpt of the original content. To continue reading it, access the original document here .

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