Powszechny Zaklad Ubezpieczen Spolka AkcyjnaGPW: PZU

Financial statement of the PZU Group

Mar 2, 2026 at 11:59 AM UTC · Issued by Powszechny Zaklad Ubezpieczen Spolka Akcyjna

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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
		Treasury shares	Supplementary capital	Other reserve capital	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
		Treasury shares	Supplementary capital	Other reserve capital	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
No.	Name of the entity	Registered office	Date of obtaining control / significant influence	31 December 2025	31 December 2024	Line of business and website
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
No.	Name of the entity	Registered office	Date of obtaining control / significant influence	31 December 2025	31 December 2024	Line of business and website
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
No.	Name of the entity	Registered office	Date of obtaining control / significant influence	31 December 2025	31 December 2024	Line of business and website
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
No.	Name of the entity	Registered office	Date of obtaining control / significant influence	31 December 2025	31 December 2024	Line of business and website
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
No.	Name of the entity	Registered office	Date of obtaining control / significant influence	31 December 2025	31 December 2024	Line of business and website
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 liquidation9)	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 liquidation10)	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
No.	Name of the entity	Registered office	Date of obtaining control / significant influence	31 December 2025	31 December 2024	Line of business and website
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
1. 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.
2. 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
Assets	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
Equity and liabilities	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
Statement of comprehensive income	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
Statement of Cash Flows	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
Dividend-related information	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