Powszechny Zaklad Ubezpiecze? Spólka Akcyjna : Financial statement of the PZU Group

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Powszechny Zakład Ubezpieczeń Spółka Akcyjna Group Consolidated financial statements for the year ended 31 December 2025 prepared in accordance with International Financial Reporting Standards Table of contents Consolidated profit and loss account 4 Consolidated statement of other comprehensive income 5 Consolidated statement of financial position 6 Consolidated statement of changes in equity 8 Consolidated cash flow statement 10 Supplementary information and notes 12 Introduction 12 Composition of PZU Group 15 Shareholder structure 31 Key management 32 Supervisory Board of the parent company 34 Significant accounting policies and significant estimates and judgments 35 Segment reporting 45 Risk management 53 Equity management 109 Fair value 110 Insurance and reinsurance contracts 123 Result on investment activity 188 Interest income calculated using the effective interest rate, and equalized to them 191 Other net investment income 191 Result from derecognition of financial instruments and investments not measured at fair value through profit or loss 192 Result from allowances for expected credit losses 192 Net movement in fair value of assets and liabilities measured at fair value 193 Revenue from commissions and fees 194 Fee and commission expenses 195 PZU Group operating expenses not related to insurance services 195 Interest expenses 196 Legal risk costs of foreign currency mortgage loans 196 Employee expenses 196 Other operating income 197 Other operating expenses 198 Income tax 198 Earnings per share 201 Goodwill 201 Intangible assets 204 Property, plant and equipment 208 Investment property 210 Entities accounted for using the equity method 212 Loan receivables from clients (including finance lease receivables) 212 Financial derivatives 214 Assets pledged as collateral for liabilities 228 Investment financial assets 229 Other receivables 234 Other assets 234 Expected credit losses 235 Cash and cash equivalents 249 Equity attributable to equity holders of the parent company 249 Subordinated liabilities 252 Liabilities on the issue of own securities 254 Liabilities to banks 256 Liabilities to clients under deposits 256 Other liabilities 257 Provisions 259 Deferred tax 266 Assets and liabilities held for sale 269 Leases 269 Assets securing receivables, liabilities and contingent liabilities 273 Contingent assets and liabilities 274 Offsetting financial assets and financial liabilities 275 Notes to the consolidated cash flow statement 277 Disputes 278 Related party transactions 281 Headcount 289 Other information 289 Consolidated profit and loss account Consolidated profit and loss account Note 1 January - 31 December 2025 1 January - 31 December 2024 Insurance service result before reinsurance 5,925 4,307 Insurance revenue 30,882 29,423 Insurance service expenses (24,957) (25,116) Net income or expenses from reinsurance contracts held (1,124) (792) Reinsurance premium allocation (2,031) (1,882) Amounts recoverable from reinsurers 907 1,090 Insurance service result 11 4,801 3,515 Insurance finance income or expenses 12 (2,023) (1,565) Finance income or expenses from reinsurance 12 (20) 140 Interest income calculated using the effective interest rate, and equalized to them 13 28,562 28,367 Interest income calculated using the effective interest rate 27,369 27,097 Income of a nature similar to interest 1,193 1,270 Other net investment income 14 157 373 Result from derecognition of financial instruments and investments not measured at fair value through profit or loss 15 97 8 Result from allowances for expected credit losses 16 (1,305) (1,486) Net movement in fair value of assets and liabilities measured at fair value 17 1,928 946 Revenue from commissions and fees 18 5,436 5,165 Fee and commission expenses 19 (1,237) (1,323) PZU Group's non-insurance operating expenses 20 (11,206) (10,514) Interest expenses 21 (7,415) (8,243) Legal risk costs of foreign currency mortgage loans 22 (819) (729) Other operating income 24 1,841 1,728 Other operating expenses 25 (950) (685) Operating profit 17,847 15,697 Share of the net financial results of entities measured by the equity method (5) 8 Profit before tax 17,842 15,705 Income tax 26 (3,855) (3,484) Net profit, of which: 13,987 12,221 - profit attributable to the equity holders of the Parent Company 6,699 5,342 - profit (loss) attributable to holders of non-controlling interests 7,288 6,879 Weighted average basic and diluted number of common shares 27 863,334,967 863,358,403 Basic and diluted earnings (loss) per ordinary share (in PLN) 27 7.76 6.19 Consolidated statement of other comprehensive income Consolidated statement of other comprehensive income Note 1 January - 31 December 2025 1 January - 31 December 2024 Net profit 13,987 12,221 Net other comprehensive income 1,933 669 Subject to subsequent reclassification to profit or loss 1,780 686 Valuation of debt instruments 1,413 155 Reclassification of debt instruments valuation for the profit and loss account (40) 45 Measurement of loan receivables from clients (6) 6 Insurance finance income or expenses (640) 495 Reinsurance finance income or expenses 56 (16) Foreign exchange translation differences (28) (38) Cash flow hedging, including: 1,471 202 Gains and losses on fair value measurement of financial instruments hedging cash flows in the portion constituting an effective hedge 861 (907) Gains and losses on cash flow hedging financial instruments reclassified to profit or loss 610 1,109 Income tax 26 (446) (163) Not to be reclassified to profit or loss in the future 153 (17) Valuation of equity instruments 211 (82) Reclassification of real property from property, plant and equipment to investment property 2 61 Actuarial gains and losses related to employee provisions 2 (2) Income tax 26 (62) 6 Total comprehensive income 15,920 12,890 - comprehensive income attributable to equity holders of the Parent Company 7,219 5,828 - comprehensive income attributable to holders of non-controlling interests 8,701 7,062 Consolidated statement of financial position Assets Note 31 December 2025 31 December 2024 Goodwill 28 2,816 2,792 Intangible assets 29 3,824 3,745 Property, plant and equipment 30 4,588 4,256 Investment property 31 3,103 3,159 Entities accounted for using the equity method 32 61 69 Insurance contract assets 11 124 108 Reinsurance contract assets 11 3,990 4,042 Assets pledged as collateral for liabilities 35 1,558 1,404 Assets held for sale 49 585 595 Loan receivables from clients (including finance lease receivables) 33 249,098 232,166 Financial derivatives 34 7,540 5,384 Investment financial assets 36 234,515 222,315 Measured at amortized cost 148,960 158,550 Measured at fair value through other comprehensive income 68,848 53,131 Measured at fair value through profit or loss 16,707 10,634 Deferred tax assets 48 2,134 2,244 Current income tax receivables 54 6 Other receivables 37 4,626 5,258 Other assets 38 634 587 Cash and cash equivalents 40 16,233 15,127 Total assets 535,483 503,257 Consolidated statement of financial position (cont.) Equity and liabilities Note 31 December 2025 31 December 2024 Equity Equity attributable to equity holders of the parent company 35,471 32,111 Share capital 41.1 86 86 Other capital 41.3 25,419 22,076 Treasury shares (6) (7) Supplementary capital 18,668 17,491 Other reserve capital 5,574 3,923 Accumulated other comprehensive income 1,183 669 Retained earnings 9,966 9,949 Retained profit 3,267 4,607 Net profit 6,699 5,342 Non-controlling interest 2.4 37,182 33,146 Total equity 72,653 65,257 Liabilities Insurance contract liabilities 11 45,872 43,642 Reinsurance contract liabilities 11 38 35 Subordinated liabilities 42 7,951 5,099 Liabilities on the issue of own securities 43 22,449 18,086 Liabilities to banks 44 6,024 6,895 Liabilities to clients under deposits 45 348,642 334,193 Financial derivatives 34 6,148 6,132 Current income tax liabilities 895 1,818 Other liabilities 46 17,872 15,946 Provisions 47 3,171 2,756 Deferred income tax liabilities 48 3,767 3,374 Liabilities directly associated with assets classified as held for sale 49 1 24 Total liabilities 462,830 438,000 Total equity and liabilities 535,483 503,257 Consolidated statement of changes in equity Consolidated statement of changes in equity Equity attributable to equity holders of the parent company Non-controlling interest Total equity Share capital Other capital Retained earnings Total Treasury shares Supplementary capital Other reserve capital Accumulated other comprehensive income Revaluation reserve Insurance finance income or expenses Reinsurance finance income or expenses Actuarial gains and losses related to provisions for employee benefits Foreign exchange translation differences Note 41.1 2.4 As at 1 January 2025 86 (7) 17,491 3,923 (834) 1,657 (61) (9) (84) 9,949 32,111 33,146 65,257 Total comprehensive income - - - - 1,016 (516) 46 2 (28) 6,699 7,219 8,701 15,920 Net profit (loss) - - - - - - - - - 6,699 6,699 7,288 13,987 Net other comprehensive income - - - - 1,016 (516) 46 2 (28) - 520 1,413 1,933 Transaction with the shareholders of the parent company - - 1,172 1,651 - - - - - (6,682) (3,859) (4,671) (8,530) Distribution of financial result - - 2,252 1,651 - - - - - (3,903) - (4,671) (4,671) PZU dividend - - (1,080) - - - - - - (2,779) (3,859) - (3,859) Other changes - 1 5 - (6) - - - - - - 6 6 Transactions in treasury shares - 1 1 - - - - - - - 2 - 2 Sales of equity instruments designated at fair value through other comprehensive income - - 2 - (2) - - - - - - - - Transactions with holders of non-controlling interests - - (2) - - - - - - - (2) 3 1 Other - - 4 - (4) - - - - - - 3 3 As at 31 December 2025 86 (6) 18,668 5,574 176 1,141 (15) (7) (112) 9,966 35,471 37,182 72,653 Consolidated statement of changes in equity (continued) Consolidated statement of changes in equity Equity attributable to equity holders of the parent company Non-controlling interest Total equity Share capital Other capital Retained earnings Total Treasury shares Supplementary capital Other reserve capital Accumulated other comprehensive income Revaluation reserve Insurance finance income or expenses Reinsurance finance income or expenses Actuarial gains and losses related to provisions for employee benefits Foreign exchange translation differences Note 41.1 2.4 As at 31 January 2024 86 (4) 15,804 2,218 (948) 1,258 (48) (8) (47) 11,726 30,037 30,515 60,552 Total comprehensive income - - - - 138 399 (13) (1) (37) 5,342 5,828 7,062 12,890 Net profit (loss) - - - - - - - - - 5,342 5,342 6,879 12,221 Net other comprehensive income - - - - 138 399 (13) (1) (37) - 486 183 669 Transaction with the shareholders of the parent company - - 1,665 1,705 - - - - - (7,118) (3,748) (4,424) (8,172) Distribution of financial result - - 2,519 1,705 - - - - - (4,224) - (4,424) (4,424) PZU dividend - - (854) - - - - - - (2,894) (3,748) - (3,748) Other changes - (3) 22 - (24) - - - - (1) (6) (7) (13) Transactions on treasury shares - (3) - - - - - - - - (3) - (3) Sales of equity instruments designated at fair value through other comprehensive income - - 24 - (24) - - - - - - - - Transactions with holders of non-controlling interests - - (2) - - - - - - - (2) (7) (9) Other - - - - - - - - - (1) (1) - (1) As at 31 December 2024 86 (7) 17,491 3,923 (834) 1,657 (61) (9) (84) 9,949 32,111 33,146 65,257 Consolidated cash flow statement Consolidated cash flow statement Note 1 January - 31 December 2025 1 January - 31 December 2024 Profit before tax 17,842 15,705 Adjustments (7,176) (6,400) Amortization of intangible assets and depreciation of property, plant and equipment 1,517 1,499 Net movement in fair value of assets and liabilities measured at fair value (1,928) (946) Realized gains/losses from investing activities and result from allowances for expected credit losses 1,377 1,565 Net foreign exchange differences 41 (159) Interest income and expenses (8,183) (8,359) Movement 4,694 22,604 Change in loans receivable from clients (including finance lease receivables) (18,207) (14,673) Movement in liabilities under deposits 14,630 30,297 Movement in insurance contract assets and liabilities 1,574 1,709 Movement in reinsurance contract assets and liabilities 111 (527) Movement in receivables (102) (39) Movement in liabilities 1,553 (443) Movement in liabilities under investment contracts 278 477 Movement in participation units and investment certificates of investment funds 557 315 Other 4,300 5,488 Income tax paid (4,841) (3,568) Net cash flows from operating activities 10,519 28,341 Cash flow from investing activities Inflows 1,493,173 2,222,230 - sale of investment property 19 - - sale of intangible assets and property, plant and equipment 281 203 - sale of ownership interests and shares 1,054 780 - realization of debt securities 803,635 1,588,479 - closing of buy-sell-back transactions 511,185 447,092 - closing of term deposits with credit institutions 130,882 142,837 - realization of other investments 36,304 38,863 - interest received 9,717 3,890 - dividends received 71 64 - increase in cash due to the change in the scope of consolidation 3 4 - other investment proceeds 22 18 Consolidated cash flow statement (continued) Consolidated cash flow statement Note 1 January - 31 December 2025 1 January - 31 December 2024 Expenditures (1,498,946) (2,249,015) - purchase of investment property (54) (8) - purchase of intangible assets and property, plant and equipment (1,508) (1,390) - purchase of ownership interests and shares (1,089) (775) - purchase of ownership interests and shares in subsidiaries (27) (60) - decrease in cash due to the sale of entities and change in the scope of consolidation (11) - - purchase of debt securities (817,686) (1,619,038) - opening of buy-sell-back transactions (510,084) (446,664) - purchase of term deposits with credit institutions (131,710) (142,586) - purchase of other investments (36,743) (38,458) - other expenditures for investments (34) (36) Net cash flows from investing activities (5,773) (26,785) Cash flows from financing activities Inflows 334,697 287,272 - proceeds from loans and borrowings 54 677 1,226 - proceeds on the issue of own debt securities 54 46,085 37,118 - opening of repurchase transactions 54 287,935 248,928 Expenditures (338,213) (291,370) - dividends paid to equity holders of the parent 41.2.1.1 (3,859) (3,748) - dividends to owners of non-controlling interests (4,671) (4,424) - repayment of loans and borrowings 54 (2,124) (1,091) - redemption of own debt securities 54 (39,036) (32,255) - closure of repurchase transactions 54 (287,781) (249,164) - interest on loans and borrowings 54 (3) (10) - interest on outstanding debt securities 54 (348) (393) - expenditures on leases - capital part 54 (317) (237) - expenditures on leases - interest part 54 (74) (48) Net cash flows from financing activities (3,516) (4,098) Total net cash flows 1,230 (2,542) Cash and cash equivalents at the beginning of the period 15,127 17,702 Movement in cash due to foreign exchange differences (124) (33) Cash and cash equivalents at the end of the period, including: 40 16,233 15,127 - restricted cash 10 9 Supplementary information and notes Introduction Compliance statement These consolidated financial statements of the Powszechny Zakład Ubezpieczeń Spółka Akcyjna Group ("consolidated financial statements" and "PZU Group", respectively) have been prepared in line with the International Financial Reporting Standards as endorsed by the European Commission ("IFRS"), published and in force as at 31 December 2025. Period covered by the statements These consolidated financial statements cover the period of 12 months, from 1 January to 31 December 2025, and include comparative figures for the period of 12 months, from 1 January to 31 December 2024. Approval of the statements These consolidated financial statements were signed and authorized for publication by the Management Board of Powszechny Zakład Ubezpieczeń Spółka Akcyjna on 25 February 2026 and will be subject to approval by the shareholder meeting of Powszechny Zakład Ubezpieczeń Spółka Akcyjna. Functional and presentation currency The functional and presentation currency of PZU and other entities based in Poland is the Polish zloty. Unless noted otherwise, all amounts presented in these consolidated financial statements are stated in millions of Polish zloty. The functional currency of the companies domiciled in Ukraine is the Ukrainian hryvnia, the euro is the functional currency of the companies domiciled in Lithuania, Latvia and Sweden. and for the company domiciled in the United Kingdom it is the British pound. Going concern assumption These consolidated financial statements have been drawn up under the assumption that the PZU Group remains a going concern in the foreseeable future, i.e. in the period of at least 12 months after the end of the reporting period. As at the date of signing these consolidated financial statements, there are no facts or circumstances that would indicate a threat to the ability of the PZU Group to continue its activity in the period of 12 months after the end of the reporting period as a result of an intentional or an induced discontinuation or a material curtailment of its hitherto activity. Discontinued operations Both in 2025 and in 2024, the PZU Group did not discontinue any material type of activity. Glossary The most important terms, abbreviations and acronyms used in the consolidated financial statements are explained below. Names of companies Balta - AAS "BALTA". Alior Bank - Alior Bank SA. Alior Bank Group - Alior Bank with its subsidiaries listed in section 2.2. Pekao Group - Pekao with its subsidiaries listed in section 2.2. Idea Bank - Idea Bank SA. LD - AB "Lietuvos draudimas". Link4 - Link4 Towarzystwo Ubezpieczeń SA. Pekao - Bank Polska Kasa Opieki SA. PG TUW - Polski Gaz Towarzystwo Ubezpieczeń Wzajemnych in liquidation. PG TUWnŻ - Polski Gaz Towarzystwo Ubezpieczeń Wzajemnych na Życie in liquidation. PFR - Polski Fundusz Rozwoju SA. PIM - Pekao Investment Management SA. PZU, Parent Company - Powszechny Zakład Ubezpieczeń Spółka Akcyjna. PZU Finance AB - PZU Finance AB (publ.) in likvidation. PZU LT GD - UAB "PZU Lietuva gyvybes draudimas". PZU CO - PZU Centrum Operacji SA. PZU Ukraina - PRJSC IC "PZU Ukraine". PZU Ukraina Życie - PRJSC IC "PZU Ukraine Life Insurance". PZU Życie - Powszechny Zakład Ubezpieczeń na Życie Spółka Akcyjna. TFI PZU - Towarzystwo Funduszy Inwestycyjnych PZU SA. TUW PZUW - Towarzystwo Ubezpieczeń Wzajemnych Polski Zakład Ubezpieczeń Wzajemnych. Other terms BFG - Bank Guarantee Fund. CDI - core deposit intangible. CGU - cash generating unit. CSM - contractual service margin. EBA - European Banking Authority. ECL - expected credit losses. Forbearance - tools used to restructure debt, most frequently taking the form of arrangements provided to the debtor by the creditor. FRA - Full retrospective approach. GMM - General measurement model, for measurement of insurance contracts according to IFRS 17. CODM - chief operating decision maker within the meaning of IFRS 8 - Operating segments. WSE - Warsaw Stock Exchange. IBOR - Interbank Offered Rate. IRS - Interest rate swap. PZU's standalone financial statements for 2025 - annual standalone financial statements of Powszechny Zakład Ubezpieczeń Spółka Akcyjna for 2025, prepared in accordance with PAS, signed by the PZU Management Board on 25 February 2026. KNF - Polish Financial Supervision Authority. Commercial Company Code - Act of 15 September 2000 entitled Commercial Company Code. Baltic countries - Lithuania (LD, PZU LT GD), Latvia (Balta), Estonia (LD branch). LGD - loss given default, expressed as a percentage of the total exposure in case of a counterparty's insolvency. LIC - Liability for incurred claims. LRC - Liability for remaining coverage. MRA - Modified retrospective approach. MSSF - International Financial Reporting Standards, as endorsed by the European Commission, published and in force as at 31 December 2025. NBP - National Bank of Poland. PAA - Premium allocation approach. PD - probability of default of a counterparty over a specified time horizon. POCI - Purchased or originated credit-impaired financial assets. Tax Group - PZU Tax Group - on 10 November 2023, a Tax Group agreement was signed, covering 14 companies: PZU, PZU Życie, Link4, PZU CO, PZU Pomoc SA, Ogrodowa-Inwestycje sp. z o.o., PZU Zdrowie SA, Tulare Investments sp. z o.o., TFI PZU, Ipsilon sp. z o.o., PZU Finanse sp. z o.o., PZU LAB SA, Omicron Bis SA, PZU Projekt 01 SA. The Tax Group was established for a period of 3 years - from 1 January 2024 to 31 December 2026 - and the Head of the First Mazowiecki Tax Office in Warsaw issued a registration decision on 13 December 2023. PZU is the parent company representing the Tax Group. The Tax Group performs settlements with the Tax Office on a monthly basis. PZU pays advances for corporate income tax that are due from all the companies to the Tax Office, while the companies transfer the CIT advances related to their business activities to PZU. PLET - Polish Life Expectancy Tables published annually by the Central Statistical Office of Poland. Banking Law - the Act of 29 August 1997 entitled Banking Law. PZR - Accounting Act of 29 September 1994 and regulations issued thereunder. IASB - International Accounting Standards Board. BMR - Regulation (EU) 2016/1011 of the European Parliament and of the Council of 8 June 2016 on indices used as benchmarks in financial instruments and financial contracts or to measure the performance of investment funds. Capital Requirements Regulation, CRR - Regulation (EU) 2013/575 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012. Consolidated financial statements - consolidated financial statements of the PZU Group prepared in accordance with IFRS for the year ended 31 December 2025. SPPI test - solely payments of principal and interest test. CJEU - Court of Justice of the European Union. UKNF - Office of the Polish Financial Supervision Authority. BFG Act - Act of 10 June 2016 on the Bank Guarantee Fund, the deposit guarantee scheme and resolution. Insurance Activity Act - Act of 11 September 2015 on Insurance and Reinsurance Activity. Supplementary Oversight Act - Act of 15 April 2005 on supplementary oversight over credit institutions and insurance undertakings, reinsurance undertakings and investment firms comprising a financial conglomerate. Act on Trading in Financial Instruments - Act on Trading in Financial Instruments of 29 July 2005. VaR - value at risk. VFA - variable fee approach. EBA Guidelines - guidelines on legislative and non-legislative moratoria on loan repayments applied in light of the COVID-19 crisis (EBA/GL/2020/02) of 2 April 2020 (as amended). PZU Ordinary Shareholder Meeting - Ordinary Shareholder Meeting of Powszechny Zakład Ubezpieczeń Spółka Akcyjna. Composition of PZU Group Key information on the PZU Group Key information on the parent company Name of the reporting entity Powszechny Zakład Ubezpieczeń Spółka Akcyjna Legal form Spółka Akcyjna Registered office Poland Country of registration Poland Registration address of the entity's offices Rondo Ignacego Daszyńskiego 4, 00-843 Warsaw Principal place of business Rondo Ignacego Daszyńskiego 4, 00-843 Warsaw, Poland Core business property and casualty insurance (65.12 according to the Polish Classification of Business Activity and the Statistical Classification of Economic Activities in Europe). National Court Register (Krajowy Rejestr Sądowy) District Court of the Capital City of Warsaw, 13th Commercial Division of the National Court Register, Commercial Register - KRS 0000009831 ‌PZU Group companies and associates No. Name of the entity Registered office Date of obtaining control / significant influence % of the share capital and % of votes held directly or indirectly by PZU Line of business and website 31 December 2025 31 December 2024 Consolidated insurance undertakings 1 Powszechny Zakład Ubezpieczeń SA Warsaw n/a n/a n/a Non-life insurance. https://www.pzu.pl/grupa-pzu/spolki/pzu-sa 2 Powszechny Zakład Ubezpieczeń na Życie SA Warsaw 18.12.1991 100.00% 100.00% Life insurance. https://www.pzu.pl/pl/grupa-pzu/spolki/pzu-zycie 3 Link4 Towarzystwo Ubezpieczeń SA Warsaw 15.09.2014 100.00% 100.00% Non-life insurance. https://www.link4.pl/ 4 Towarzystwo Ubezpieczeń Wzajemnych Polski Zakład Ubezpieczeń Wzajemnych Warsaw 20.11.2015 100.00% 100.00% Non-life insurance. https://www.tuwpzuw.pl/ 5 AB "Lietuvos draudimas" Vilnius (Lithuania) 31.10.2014 100.00% 100.00% Non-life insurance. http://www.ld.lt/ 6 AAS "BALTA" Riga (Latvia) 30.06.2014 100.00% 100.00% Non-life insurance. http://www.balta.lv/ 7 PRJSC IC "PZU Ukraine" Kiev (Ukraine) 1.07.2005 100.00% 100.00% Non-life insurance. http://www.pzu.com.ua/ 8 PRJSC IC "PZU Ukraine Life Insurance" Kiev (Ukraine) 1.07.2005 100.00% 100.00% Life insurance. http://www.pzu.com.ua/ 9 UAB "PZU Lietuva gyvybes draudimas" Vilnius (Lithuania) 8.04.2004 100.00% 1) 99.34% Life insurance. https://pzugd.lt/ 10 Polski Gaz Towarzystwo Ubezpieczeń Wzajemnych in liquidation 2) Warsaw 25.01.2024 100.00% 100.00% Non-life insurance. https://www.link4.pl/ 11 Polski Gaz Towarzystwo Ubezpieczeń Wzajemnych na Życie in liquidation 2) Warsaw 25.01.2024 100.00% 100.00% Life insurance. https://polskigaztuw.pl/pgtuwnz_oferta/ Consolidated companies - Pekao Group 12 Bank Pekao SA Warsaw 7.06.2017 20.02% 20.03% Banking services. https://www.pekao.com.pl/ 13 Pekao Bank Hipoteczny SA Warsaw 7.06.2017 20.02% 20.03% Banking services. http://www.pekaobh.pl/ 14 Pekao Leasing sp. z o.o. Warsaw 7.06.2017 20.02% 20.03% Lease services. http://www.pekaoleasing.com.pl/ 15 Pekao Investment Banking SA Warsaw 7.06.2017 20.02% 20.03% Brokerage services. http://pekaoib.pl/ 16 Pekao Inwestycje Dłużne sp. z o.o. Warsaw 15.12.2025 20.02% n/a Auxiliary financial activities. 17 Pekao Faktoring sp. z o.o. Lublin 7.06.2017 20.02% 20.03% Factoring services. https://www.pekaofaktoring.pl/ 18 Pekao Towarzystwo Funduszy Inwestycyjnych SA Warsaw 11.12.2017 20.02% 20.03% Creation, representing and management of mutual funds. https://pekaotfi.pl/ 19 Centrum Kart SA Warsaw 7.06.2017 20.02% 20.03% Auxiliary financial services. http://www.centrumkart.pl/ No. Name of the entity Registered office Date of obtaining control / significant influence % of the share capital and % of votes held directly or indirectly by PZU Line of business and website 31 December 2025 31 December 2024 Consolidated companies - Pekao Group - continued 20 Pekao Financial Services sp. z o.o. Warsaw 7.06.2017 46.82% 3) 46.82% 3) Transfer agent. http://www.pekao-fs.com.pl/pl/ 21 Pekao Direct sp. z o. o. Kraków 7.06.2017 20.02% 20.03% Call center services. https://www.pekaodirect.pl/ 22 Pekao Property SA in liquidation Warsaw 7.06.2017 20.02% 20.03% Development activities. 23 Pekao Fundusz Kapitałowy sp. z o.o. (4) Warsaw 7.06.2017 20.02% 20.03% Development activities. 24 Pekao Investment Management SA Warsaw 11.12.2017 20.02% 20.03% Asset management. https://pekaotfi.pl/o-nas/pekao-investment-mangament 25 PeUF sp. z o.o. Warsaw 20.07.2021 20.02% 20.03% Auxiliary financial activities. Consolidated companies - Alior Bank Group 26 Alior Bank SA Warsaw 18.12.2015 31.93% 31.94% Banking services. https://www.aliorbank.pl/ 27 Alior Services sp. z o.o. Warsaw 18.12.2015 31.93% 31.94% Other activity supporting financial services, excluding insurance and pension funds. 28 Alior Leasing sp. z o.o. Warsaw 18.12.2015 31.93% 31.94% Lease services. https://www.aliorbank.pl/wlasna-dzialalnosc/alior-leasing.html 29 Meritum Services ICB SA Gdańsk 18.12.2015 31.93% 31.94% IT services. 30 Alior Towarzystwo Funduszy Inwestycyjnych SA Warsaw 18.12.2015 31.93% 31.94% Asset management services and management of Alior SFIO subfunds. https://www.aliortfi.com/ 31 AL Finance sp. z o.o. Katowice 30.01.2017 31.93% 31.94% Agency activities. 32 Corsham sp. z o.o. Warsaw 4.02.2019 31.93% 31.94% No business conducted. 33 RBL_VC sp. z o.o. Warsaw 7.11.2019 31.93% 31.94% Venture capital fund management activities. 34 RBL_VC sp. z o.o. ASI SKA Warsaw 17.04.2020 31.93% 31.94% Venture capital fund management activities. 35 Alior Leasing Individual sp. z o.o. Warsaw 23.10.2023 31.93% 31.94% Finance lease Consolidated companies - PZU Zdrowie Group 36 PZU Zdrowie SA Warsaw 2.09.2011 100.00% 100.00% Medical services. https://www.pzu.pl/pl/grupa-pzu/spolki/pzu-zdrowie 37 Centrum Medyczne Medica sp. z o.o. Płock 9.05.2014 100.00% 100.00% Medical services. https://www.plock.pzuzdrowie.pl/ 38 Sanatorium Uzdrowiskowe "Krystynka" sp. z o.o. Ciechocinek 9.05.2014 99.09% 99.09% Hospital, physical therapy and spa services. http://www.sanatoriumkrystynka.pl/ 39 Przedsiębiorstwo Świadczeń Zdrowotnych i Promocji Zdrowia ELVITA- Jaworzno III sp. z o.o. Jaworzno 1.12.2014 100.00% 100.00% Medical services. https://www.jaworzno.pzuzdrowie.pl/ 40 Przedsiębiorstwo Usług Medycznych PROELMED sp. z o.o. Łaziska Górne 1.12.2014 57.00% 57.00% Medical services. http://www.proelmed.pl/ No. Name of the entity Registered office Date of obtaining control / significant influence % of the share capital and % of votes held directly or indirectly by PZU Line of business and website 31 December 2025 31 December 2024 Consolidated companies - PZU Zdrowie Group - continued 41 Centrum Medyczne Gamma sp. z o.o. Warsaw 8.09.2015 100.00% 100.00% Medical services. http://www.cmgamma.pl/ 42 Tomma Diagnostyka Obrazowa SA Poznań 9.12.2019 100.00% 100.00% Medical services. https://tomma.com.pl/ 43 Bonus-Diagnosta sp. z o.o. Poznań 9.12.2019 100.00% 100.00% Medical services. 44 Boramed Centrum Medyczne sp. z o.o. Warsaw 31.05.2023 100.00% 100.00% Medical services. https://www.boramed.pl/ 45 Humana Medica Omeda sp. z o.o. 5) Białystok 28.11.2025 100.00% n/a Medical services. https://omeda.pl/ # Consolidated companies - other companies 46 Powszechne Towarzystwo Emerytalne PZU SA Warsaw 8.12.1998 100.00% 100.00% Management of pension funds. https://www.pzu.pl/pl/grupa-pzu/spolki/pte-pzu 47 PZU Centrum Operacji SA Warsaw 30.11.2001 100.00% 100.00% Auxiliary activity associated with insurance and pension funds. https://www.pzu.pl/grupa-pzu/spolki/pzu-centrumoperacji 48 Towarzystwo Funduszy Inwestycyjnych PZU SA Warsaw 30.04.1999 100.00% 100.00% Creation, representing and management of mutual funds. https://www.pzu.pl/pl/grupa-pzu/spolki/tfi-pzu 49 PZU Pomoc SA Warsaw 18.03.2009 100.00% 100.00% Provision of assistance services. https://www.pzu.pl/grupa-pzu/spolki/pzu-pomoc 50 PZU Finance AB (publ.) in likvidation Stockholm (Sweden) 2.06.2014 100.00% 100.00% Financial services. 51 PZU Finanse sp. z o.o. Warsaw 8.11.2013 100.00% 100.00% Financial and accounting services. 52 Tower Inwestycje sp. z o.o. Warsaw 27.08.1998 100.00% 100.00% Development activity, operation and lease of properties. https://www.pzu.pl/pl/grupa-pzu/spolki/tower-inwestycje 53 Ogrodowa-Inwestycje sp. z o.o. Warsaw 15.09.2004 100.00% 100.00% Buying, operating, renting and selling real estate. http://www.ogrodowainwestycje.pl/ 54 Arm Property sp. z o.o. Kraków 26.11.2014 100.00% 100.00% Purchase and sale of real estate. 55 Ipsilon sp. z o.o. Warsaw 2.04.2009 100.00% 100.00% No business conducted. 56 PZU LAB SA Warsaw 13.09.2011 100.00% 100.00% Consulting and training services, development of technology innovation to support technical and procedural security processes and risk management. https://www.pzu.pl/pl/grupa-pzu/spolki/pzu-lab 57 Omicron BIS SA Warsaw 28.08.2014 100.00% 100.00% No business conducted. No. Name of the entity Registered office Date of obtaining control / significant influence % of the share capital and % of votes held directly or indirectly by PZU Line of business and website 31 December 2025 31 December 2024 Consolidated companies - other companies - continued 58 LLC SOS Services Ukraine Kiev (Ukraine) 1.07.2005 100.00% 100.00% Assistance services. 59 PZU TECH SA (formerly PZU CASH SA) 6) Warsaw 15.09.2017 100.00% 100.00% Other service activities in the field of information technology and computer technology. 60 Tulare Investments sp. z o.o. Warsaw 15.09.2017 100.00% 100.00% No business conducted. 61 PZU Projekt 01 SA Warsaw 1.09.2020 100.00% 100.00% No business conducted. 62 UAB "B10 biurai" Vilnius (Lithuania) 14.03.2023 100.00% 100.00% Property management. 63 UAB "B10 apartamentai" Vilnius (Lithuania) 14.03.2023 100.00% 100.00% Property management. Consolidated companies - Armatura Group 64 Armatura Kraków SA Kraków 7.10.1999 100.00% 100.00% Production and sale of radiators and sanitary fittings and administration and management of the group. https://www.kfa.pl/ 65 Aquaform Ukraine ТОW in liquidation Zhytomyr (Ukraine) 15.01.2015 100.00% 100.00% No business conducted. Consolidated companies - mutual funds 66 PZU SFIO Universum Warsaw 15.12.2009 n/a n/a Investment of funds collected from fund members. 67 PZU FIZ Aktywów Niepublicznych Sektora Nieruchomości 2 Warsaw 21.11.2011 n/a n/a As above. 68 PZU FIZ Aktywów Niepublicznych BIS 1 Warsaw 12.12.2012 n/a n/a As above. 69 PZU FIZ Aktywów Niepublicznych BIS 2 Warsaw 19.11.2012 n/a n/a As above. 70 inPZU Akcje Polskie Warsaw 10.05.2018 n/a n/a As above. 71 inPZU Akcje Rynków Rozwiniętych Warsaw 10.05.2018 n/a n/a As above. 72 inPZU Obligacje Rynków Wschodzących Warsaw 10.05.2018 n/a n/a As above. 73 inPZU Akcje Rynków Wschodzących Warsaw 28.10.2019 n/a n/a As above. 74 inPZU Akcje Polskie Małych i Średnich Spółek (formerly inPZU Akcje CEEplus) 7) Warsaw 28.10.2019 n/a n/a As above. 75 PZU FIZ Legato Absolutnej Stopy Zwrotu Warsaw 11.08.2021 n/a n/a As above. 76 inPZU Akcje Rynku Surowców Warsaw 15.12.2021 n/a n/a As above. 77 inPZU Akcje Rynku Złota Warsaw 15.12.2021 n/a n/a As above. 78 inPZU Akcje Sektora Zielonej Energii Warsaw 15.12.2021 n/a n/a As above. 79 inPZU Akcje Sektora Informatycznego Warsaw 15.12.2021 n/a n/a As above. 80 inPZU Akcje Sektora Nieruchomości Warsaw 15.12.2021 n/a n/a As above. No. Name of the entity Registered office Date of obtaining control / significant influence % of the share capital and % of votes held directly or indirectly by PZU Line of business and website 31 December 2025 31 December 2024 Consolidated companies - mutual funds - continued 81 inPZU Akcje Europejskie Warsaw 15.12.2021 n/a n/a Investment of funds collected from fund members. 82 inPZU Obligacje Skarbowe Amerykańskie (formerly inPZU Obligacje Inflacyjne) 7) Warsaw 15.12.2021 n/a n/a As above. 83 PZU Dłużny Korporacyjny Warsaw 12.04.2023 n/a n/a As above. 84 inPZU Złoto (formerly inPZU Akcje Sektora Biotechnologii) 8) Warsaw 7.09.2023 n/a n/a As above. 85 inPZU Akcje Sektora Cyberbezpieczeństwa Warsaw 7.09.2023 n/a n/a As above. 86 inPZU Akcje Sektora Technologii Kosmicznych Warsaw 7.09.2023 n/a n/a As above. 87 inPZU Zielone Obligacje Warsaw 7.09.2023 n/a n/a As above. 88 inPZU Obligacje Korporacyjne High Yield Warsaw 7.09.2023 n/a n/a As above. 89 inPZU Puls Życia 2070 Warsaw 4.01.2024 n/a n/a As above. 90 PZU FIZ Forte Absolutnej Stopy Zwrotu Warsaw 28.01.2025 n/a n/a As above. 91 PZU FIZ Corporate Bonds Warsaw 1.04.2025 n/a n/a As above. 92 PZU FIZ Private Debt Warsaw 25.09.2025 n/a n/a As above. Consolidated companies - special purpose vehicles of PZU FIZ Aktywów Niepublicznych Sektora Nieruchomości 2 93 PH 3 sp. z o.o. Warsaw 28.01.2011 100.00% 100.00% Real property management. 94 PH 3 sp. z o.o. SKA Warsaw 28.01.2011 100.00% 100.00% As above. 95 Portfel Alliance Silesia I BIS sp. z o.o. in liquidation 9) Warsaw 29.03.2013 100.00% 100.00% As above. 96 Portfel Alliance Silesia III sp. z o.o. Warsaw 2.10.2012 100.00% 100.00% As above. 97 Portfel Alliance Silesia IV sp. z o.o. Warsaw 4.10.2012 100.00% 100.00% As above. 98 Portfel Alliance Silesia V sp. z o.o. Warsaw 8.10.2012 100.00% 100.00% As above. 99 Portfel Alliance Silesia VII sp. z o.o. in liquidation 10) Warsaw 4.10.2012 100.00% 100.00% As above. 100 Portfel PB 1 sp. z o.o. Warsaw 3.10.2012 100.00% 100.00% As above. 101 Portfel PB 2 sp. z o.o. Warsaw 8.10.2012 100.00% 100.00% As above. 102 Portfel PH 1 sp. z o.o. Warsaw 2.10.2012 100.00% 100.00% As above. 103 Portfel PH 2 sp. z o.o. Warsaw 8.10.2012 100.00% 100.00% As above. 104 EBP 1 sp. z o.o. Warsaw 28.09.2018 100.00% 100.00% As above. 105 EBP 2 sp. z o.o. Warsaw 11.07.2012 100.00% 100.00% As above. 106 EBP 3 Sp. z o.o. Warsaw 13.07.2012 100.00% 100.00% As above. No. Name of the entity Registered office Date of obtaining control / significant influence % of the share capital and % of votes held directly or indirectly by PZU Line of business and website 31 December 2025 31 December 2024 Consolidated companies - special purpose vehicles of PZU FIZ Aktywów Niepublicznych Sektora Nieruchomości 2 - continued 107 Ogrody Lubicz sp. z o.o. Kraków 25.07.2012 100.00% 100.00% Real property management. 108 Portfel PM1 sp. z o.o. in liquidation 10) Warsaw 9.10.2012 100.00% 100.00% As above. 109 3 PB 1 sp. z o.o. Warsaw 22.03.2012 100.00% 100.00% As above. 110 3 PB 1 sp. z o.o. SKA Warsaw 22.03.2012 100.00% 100.00% As above. 111 Portfel2 PH5 sp. z o.o. Warsaw 28.11.2014 100.00% 100.00% As above. 112 2 PB 1 sp. z o.o. Warsaw 13.12.2011 100.00% 100.00% As above. 113 2 PB1 sp. z o.o. SKA Warsaw 13.12.2011 100.00% 100.00% As above. 114 2 PB 2 sp. z o.o. Warsaw 8.02.2012 100.00% 100.00% As above. 115 2PB3 sp. z o.o. Warsaw 12.07.2012 100.00% 100.00% As above. 116 2PB4 sp. z o.o. Warsaw 11.07.2012 100.00% 100.00% As above. 117 2PB5 sp. z o.o. Warsaw 25.07.2012 100.00% 100.00% As above. 118 2 PM 1 sp. z o.o. Warsaw 28.03.2014 100.00% 100.00% As above. 119 2PM2 sp. z o.o. Warsaw 4.12.2012 100.00% 100.00% As above. 120 2 PM 3 sp. z o.o. Warsaw 13.08.2014 100.00% 100.00% As above. 121 2PM4 sp. z o.o. Warsaw 7.11.2014 100.00% 100.00% As above. 122 2 PM 5 sp. z o.o. Warsaw 7.11.2014 100.00% 100.00% As above. No. Name of the entity Registered office Date of obtaining control / significant influence % of the share capital and % of votes held directly or indirectly by PZU Line of business and website 31 December 2025 31 December 2024 Associates 123 re58 SA (formerly Sigma BIS SA) 11) Warsaw 03.10.2019 34.00% 34.00% Advertising activity. https://www.re58.pl/ 124 Logistics Services SA in liquidation (formerly RUCH SA) 12) Warsaw 23.12.2020 30.92% 30.92% Retail sale of newspapers and stationery in specialized stores. 125 Krajowy Integrator Płatności SA 13) Poznań 31.03.2021 7.67% 7.68% Other monetary intermediation. https://tpay.com/ 1) As of 27 February 2025, PZU became the owner of 100% of the shares of UAB "PZU Lietuva gyvybes draudimas" entitling to 100% of the votes at the General Meeting of Shareholders. 2) By decision of 17 October 2025, the KNF revoked the license to conduct insurance activity of Polski Gaz Towarzystwo Ubezpieczeń Wzajemnych in liquidation, and by decision of 16 January 2026, the license of Polski Gaz Towarzystwo Ubezpieczeń Wzajemnych na Życie in liquidation. 3) PZU directly holds a 33.5% equity stake in Pekao Financial Services sp. z o.o. while Pekao holds 66.5%. 4) By a resolution of the Extraordinary Shareholders' Meeting of June 4, 2025, the liquidation of the company was repealed and it was decided that the company would continue to exist. 5) Information on the company's acquisition is presented in section 2.3.1. 6) The new name of the company became effective on 9 April 2025. 7) The new name of the fund became effective on 2 April 2025. 8) The new name of the fund became effective on 28 August 2025. 9) On 1 July 2025, the company Shareholders' Meetings passed resolution to open liquidation. 10) On 1 July 2025, the companies' Shareholders' Meetings passed resolutions to open liquidation, and on 27 January 2026 to close the liquidation. 11) The new name of the company became effective on 18 June 2025. 12) The new name of the company became effective on 11 June 2025. On June 27, 2025, the General Meeting passed a resolution to dissolve the company and open its liquidation. 13) Pekao's associate in which it holds a 38.33% stake. Therefore, the Management Board of PZU believes that PZU Group has a significant influence on this company. Changes in the scope of consolidation and structure of PZU Group Detailed accounting rules applicable to the recognition of acquisition transactions are presented in section 6.3. Mergers of companies ‌On 28 November 2025, PZU Zdrowie acquired 150 shares with a nominal value of PLN 1 thousand each, representing 100% of the share capital of Humana Medica Omeda sp. z o.o. ("Humana Medica") and entitling it to 100% of the votes at the Shareholder Meeting of Humana Medica. The acquisition of Humana Medica is intended to support the development of PZU Zdrowie's network of own facilities and to expand the scope of services provided to include surgical procedures. Humana Medica is a modern medical center located in the center of Białystok. The facility cooperates with experienced specialists in many fields, including allergology, endocrinology, gastroenterology, gynaecology, paediatrics and urology. It is equipped with modern medical equipment and two fully equipped operating theatres. The acquisition of Humana Medica is consistent with the strategic objectives set out in the PZU Zdrowie Strategy for 2025-2027, enabling the elimination of a significant "white spot" on the map of own facilities, an increase in revenues from FFS and NFZ, and improved channeling of patient traffic to own facilities. Goodwill recognized in the consolidated financial statements reflects the assumed growth in the scale of services in this segment and the increase in the volume of services generated by health insurance, while improving profitability by retaining part of the margin within the PZU Group. Humana Medica has been consolidated since 28 November 2025. Purchase price allocation of the acquisition of Humana Medica Omeda sp. z o.o. The PZU Group made the provisional settlement of the acquisition, applying the principles of IFRS 3 Business Combinations as of the dates of obtaining control. The allocation process of the share purchase prices was carried out based on accounting data as at 30 November 2025. The consolidated financial statements contain the provisional fair value of the assets and liabilities acquired. During the goodwill calculation, no significant differences were identified between the carrying amount and the fair value of the acquired assets and liabilities. No intangible assets were found that were previously unrecognized in the financial statements of Humana Medica; no contingent liabilities requiring recognition were identified; no potential indemnification assets requiring recognition were identified. The tables below present the purchase price allocation of the acquisition of Humana Medica. Value of acquired net assets Humana Medica sp. z o.o. Provisional accounting Assets 13 Property, plant and equipment 10 Receivables 2 Cash and cash equivalents 1 Liabilities (13) Other liabilities (13) Value of net assets acquired - Calculated goodwill / gain from a bargain purchase Humana Medica sp. z o.o. Provisional accounting Purchase price 30 Net value of identifiable assets - Goodwill 30 Goodwill will not be deductible from taxable income. Financial data of the acquired company The table below shows the financial data of the company acquired in 2025 included in the consolidated profit and loss account. The data was prepared in accordance with IFRS and relates to the period when this company was under the control of the PZU Group. Data from the consolidated profit and loss account Other operating income 2 Other operating expenses (1) Operating profit 1 Profit before tax 1 Income tax - Net profit, including: 1 - profit attributable to the equity holders of the Parent Company 1 - profit (loss) attributable to holders of non-controlling interests - Acquisition of Pekao Direct sp. z o.o. In May 2025, Pekao acquired Pekao Direct Sp. z o.o. related to the provision of call-center services. The transaction did not affect the PZU Group's consolidated financial statements. Transfer of a group of assets and related liabilities of Pekao Bank Hipoteczny SA In October 2025, a separated part of the enterprise of Pekao Bank Hipoteczny SA was transferred to Pekao. The separated group of assets and related liabilities consisted primarily of a portfolio of foreign currency loans to retail and commercial customers, PLN-denominated loans to commercial customers, impaired PLN-denominated loans to retail customers, human resources and IT infrastructure, as well as related liabilities, constituting a functionally and organizationally separated part of the enterprise. The transaction did not affect the PZU Group's consolidated financial statements. Acquisition of the enterprise of Centrum Kart SA In November 2025, Pekao acquired the enterprise of Centrum Kart SA, primarily related to the provision of support services in the area of card transaction processing and payment card personalization. The transaction did not affect the PZU Group's consolidated financial statements. Changes to consolidation of mutual funds During 2025: funds under the control of the PZU Group were consolidated: PZU FIZ Forte Absolutnej Stopy Zwrotu (effective 28 January 2025), PZU FIZ Obligacji Korporacyjnych (effective 1 April 2025) and PZU FIZ Private Debt (effective 25 September 2025); funds over which the PZU Group ceased to exercise control were excluded from consolidation: inPZU Polskie Obligacje Skarbowe (as of 1 February 2025), inPZU Akcje Amerykańskie, inPZU Inwestycje Ostrożne Obligacji Krótkoterminowych (effective 30 June 2025) and inPZU Bitcoin (effective 31 December 2025). Liquidation of PZU Group company On April 8, 2025, FPB - Media sp. z o.o. was deleted from the National Court Register (KRS). The deletion did not affect the consolidated financial statements of the PZU Group. Sale of PZU Group company On 24 September 2025, PZU Corporate Member Limited was sold to Residual Services Limited. The selling price was 1 GBP. The transaction had no significant effect on the consolidated financial statements. ‌Non-controlling interest Accounting policy Non-controlling interests constitute that part of capital in a subsidiary that is not directly or indirectly attributable to the parent company. As at the date of acquisition of control, non-controlling interests are measured at the at the non-controlling interest's proportionate share in the fair value of the subsidiary's identifiable net assets. As at the subsequent balance sheet dates, the value of non-controlling interests is updated by the value of comprehensive income attributable to non-controlling interests. Quantitative data The table below presents subsidiaries with certain non-controlling interest (at present or in the past): Name of the entity 31 December 2025 31 December 2024 Pekao 1) 79.98% 79.97% Alior Bank 2) 68.07% 68.06% Przedsiębiorstwo Usług Medycznych PROELMED sp. z o.o. 43.00% 43.00% Sanatorium Uzdrowiskowe "Krystynka" sp. z o.o. 0.91% 0.91% PZU LT GD 3) - 0.66% 1) As a result, PZU also holds non-controlling interests in the Pekao's subsidiaries listed in the table in section 2.2. 2) As a result, PZU also holds non-controlling interests in the Alior Bank's subsidiaries listed in the table in section 2.2. 3) As of 27 February 2025, PZU owns 100% of the shares of UAB "PZU Lietuva gyvybes draudimas" entitling to 100% of the votes at the General Shareholder Meeting. Carrying amount of non-controlling interests 31 December 2025 31 December 2024 Pekao Group 28,348 25,541 Alior Bank Group 8,833 7,604 Other 1 1 Total 37,182 33,146 Both Pekao and Alior Bank conduct operations primarily in the territory of Poland. Presented below is condensed financial information for the Pekao Group and the Alior Bank Group included in the consolidated financial statements (without consolidation eliminations). The data of the Pekao Group and the Alior Bank Group incorporate the effect of adjustments resulting from the measurement of assets and liabilities to fair value as at the date control was acquired and their subsequent amortization over time. Assets Pekao Group Alior Bank Group 31 December 2025 31 December 2024 31 December 2025 31 December 2024 Goodwill 693 693 - - Intangible assets 2,202 2,216 660 586 Deferred tax assets 1,384 1,321 682 831 Other assets 257 206 105 94 Property, plant and equipment 2,276 2,103 829 698 Entities accounted for using the equity method 152 59 - - Assets held for sale 21 26 - - Assets pledged as collateral for liabilities 1,080 1,345 - 18 Loan receivables from clients (including finance lease receivables) 183,817 169,720 64,878 61,996 Financial derivatives 6,234 4,670 908 489 Investment financial assets 140,375 136,480 28,003 24,916 Measured at amortized cost 109,763 121,819 5,337 3,684 Measured at fair value through other comprehensive income 27,889 13,317 22,543 21,204 Measured at fair value through profit or loss 2,723 1,344 123 28 Current income tax receivables 1 - 46 - Other receivables 2,551 3,167 1,556 1,479 Cash and cash equivalents 11,287 12,269 4,063 2,123 Total assets 352,330 334,275 101,730 93,230 Equity and liabilities Pekao Group Alior Bank Group 31 December 2025 31 December 2024 31 December 2025 31 December 2024 Equity Equity attributable to equity holders of the parent company 35,444 31,938 12,976 11,173 Share capital 263 263 1,306 1,306 Other capital 26,403 23,585 9,225 7,403 Retained earnings 8,778 8,090 2,445 2,464 Non-controlling interest 14 14 - - Total equity 35,458 31,952 12,976 11,173 Liabilities Subordinated liabilities 5,642 2,782 - - Liabilities on the issue of own securities 20,265 16,168 2,322 2,087 Liabilities to banks 5,436 6,736 589 160 Liabilities to clients under deposits 267,259 258,200 82,557 76,937 Derivatives 5,805 5,338 337 647 Current income tax liabilities 440 1,356 217 277 Other liabilities 9,370 9,415 2,304 1,610 Provisions 2,634 2,310 426 337 Deferred income tax liabilities 21 18 2 2 Total liabilities 316,872 302,323 88,754 82,057 Total equity and liabilities 352,330 334,275 101,730 93,230 Consolidated profit and loss account for the period from 1 January to 31 December 2025 PZU Group Exclusion of data of the Pekao Group Exclusion of data of the Alior Bank Group Elimination of consolidation adjustments PZU Group excluding the Pekao Group and the Alior Bank Group Insurance service result before reinsurance 5,925 - - - 5,925 Insurance revenue 30,882 - - - 30,882 Insurance service expenses (24,957) - - - (24,957) Net income or expenses from reinsurance contracts held (1,124) - - - (1,124) Reinsurance premium allocation (2,031) - - - (2,031) Amounts recoverable from reinsurers 907 - - - 907 Insurance service result 4,801 - - - 4,801 Insurance finance income or expenses (2,023) - - - (2,023) Finance income or expenses from reinsurance (20) - - - (20) Interest income calculated using the effective interest rate, and equalized to them 28,562 (19,285) (6,892) 280 2,665 Other net investment income 157 (267) (61) (16) (187) Result from derecognition of financial instruments and investments not measured at fair value through profit or loss 97 (98) (66) - (67) Result from allowances for expected credit losses (1,305) 820 376 - (109) Net movement in fair value of assets and liabilities measured at fair value 1,928 (189) 21 1 1,761 Revenue from commissions and fees 5,436 (4,116) (1,161) 243 402 Fee and commission expenses (1,237) 984 288 (36) (1) PZU Group's non-insurance operating expenses (11,206) 6,772 2,603 (462) (2,293) Interest expenses (7,415) 5,522 1,741 (73) (225) Legal risk costs of foreign currency mortgage loans (819) 664 155 - - Other operating income 1,841 (275) (143) 77 1,500 Other operating expenses (950) 424 172 (14) (368) Operating profit (loss) 17,847 (9,044) (2,967) - 5,836 Share of the net financial results of entities measured by the equity method (5) 5 - - - Gross profit (loss) 17,842 (9,039) (2,967) - 5,836 Income tax (3,855) 1,962 573 - (1,320) Net profit (loss) 13,987 (7,077) (2,394) - 4,516 - profit attributable to the equity holders of the Parent Company 6,699 (1,419) (764) - 4,516 - profit (loss) attributable to holders of non-controlling interests 7,288 (5,658) (1,630) - - Consolidated profit and loss account for the period from 1 January to 31 December 2024 PZU Group Exclusion of data of the Pekao Group Exclusion of data of the Alior Bank Group Elimination of consolidation adjustments PZU Group excluding the Pekao Group and the Alior Bank Group Insurance service result before reinsurance 4,307 - - - 4,307 Insurance revenue 29,423 - - - 29,423 Insurance service expenses (25,116) - - - (25,116) Net income or expenses from reinsurance contracts held (792) - - - (792) Reinsurance premium allocation (1,882) - - - (1,882) Amounts recoverable from reinsurers 1,090 - - - 1,090 Insurance service result 3,515 - - - 3,515 Insurance finance income or expenses (1,565) - - - (1,565) Finance income or expenses from reinsurance 140 - - - 140 Interest income calculated using the effective interest rate, and equalized to them 28,367 (18,886) (7,183) 261 2,559 Other net investment income 373 (196) 58 (8) 227 Result from derecognition of financial instruments and investments not measured at fair value through profit or loss 8 (11) (91) - (94) Result from allowances for expected credit losses (1,486) 890 470 - (126) Net movement in fair value of assets and liabilities measured at fair value 946 (320) (114) - 512 Revenue from commissions and fees 5,165 (3,731) (1,296) 202 340 Fee and commission expenses (1,323) 894 457 (28) - PZU Group's non-insurance operating expenses (10,514) 6,413 2,421 (424) (2,104) Interest expenses (8,243) 6,081 1,996 (60) (226) Legal risk costs of foreign currency mortgage loans (729) 669 60 - - Other operating income 1,728 (244) (269) 70 1,285 Other operating expenses (685) 269 149 (13) (280) Operating profit (loss) 15,697 (8,172) (3,342) - 4,183 Share of the net financial results of entities measured by the equity method 8 (7) - - 1 Gross profit (loss) 15,705 (8,179) (3,342) - 4,184 Income tax (3,484) 1,755 780 - (949) Net profit (loss) 12,221 (6,424) (2,562) - 3,235 - profit attributable to the equity holders of the Parent Company 5,342 (1,289) (818) - 3,235 - profit (loss) attributable to holders of non-controlling interests 6,879 (5,135) (1,744) - - Statement of comprehensive income Pekao Group Alior Bank Group 1 January - 31 December 2025 1 January- 31 December 2024 1 January - 31 December 2025 1 January- 31 December 2024 Net profit 7,077 6,424 2,394 2,562 Net other comprehensive income 1,252 151 604 92 Subject to subsequent reclassification to profit or loss 1,140 202 564 75 Valuation of debt instruments 404 163 265 (34) Measurement of loan receivables from clients (6) 6 - - Foreign exchange translation differences - - - (2) Cash flow hedging 1,014 80 449 129 Income tax (272) (47) (150) (18) Not subject to subsequent reclassification to profit or loss 112 (51) 40 17 Valuation of equity instruments 149 (62) 61 21 Actuarial gains and losses related to employee provisions 1 (1) - - Income tax (38) 12 (21) (4) Total net comprehensive income 8,329 6,575 2,998 2,654 Statement of Cash Flows Pekao Group Alior Bank Group 1 January - 31 December 2025 1 January- 31 December 2024 1 January - 31 December 2025 1 January- 31 December 2024 Net cash flows from operating activities 4,739 26,783 6,303 3,463 Net cash flows from investing activities (5,780) (27,946) (3,014) (1,545) Net cash flows from financing activities 167 746 (1,313) (2,052) Total net cash flows (874) (417) 1,976 (134) Dividend-related information Pekao Alior Bank 1 January - 31 December 2025 1 January- 31 December 2024 1 January - 31 December 2025 1 January- 31 December 2024 Date of ratifying the dividend 24 April 2025 17 April 2024 16 June 2025 26 April 2024 Record date 7 May 2025 24 April 2024 30 June 2025 10 May 2024 Dividend payment date 23 May 2025 10 May 2024 14 July 2025 24 May 2024 Dividend per share (PLN) 18.36 19.20 9.19 4.42 Dividend attributable to PZU Group 965 1,009 383 184 Dividend attributable to non-controlling interest 3,854 4,031 817 393

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