Powszechny Zaklad Ubezpiecze? Spólka Akcyjna : Management Board report on the activity of the PZU Group and PZU SA

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Annual Report 2025 Management Board's report on the activity of the PZU Group and PZU SA for the year ended 31 December 2025 pzu.pl INSURANCE | HEALTH | INVESTMENT | BANKING Infographics used in the Report insurance banks health politics investments innovations icons and buttons directing to links About the Group Business model Environment Strategy and perspectives Risk management Performance and dividend Corporate governance Sustainable development Other information Statement of the Management Board ‌Table of Contents To go to the desired page, click on the corresponding item in the table. Letter from the President to Shareholders 7 Letter from the Chairman of the Supervisory Board 8 About PZU Group 20 Group characteristics 21 Products and services 21 Mission, vision, values 23 Brand 25 PZU Group's structure 26 Fundamental principles of PZU and PZU Group management 29 Milestones of PZU Group's growth 30 Participation in associations and industry organizations 31 Selected awards and distinctions 33 Business model 35 Capital and value creation 36 Value chain 47 Supply chain 48 Operating activities 52 Insurance 52 Health care 61 Investments 62 Banking 64 Other areas 67 Sales and distribution 70 Insurance products 70 Health products 74 Investment products 75 Banking products 76 Environment and factors important for the development of the PZU Group 78 Factors and events affecting PZU Group's operations in 2025 79 The most important economic trends in Poland and abroad 82 Situation in the world economy 82 Trends in the Polish economy 82 External environment in the Baltic Countries and Ukraine 84 Insurance sector in Poland and Baltic Countries compared to Europe 87 Description of the insurance markets on which PZU Group companies operate 89 Polish health care sector compared to Europe 94 The health care market in Poland 95 Polish banking sector compared to Europe 97 Situation on the banking market in Poland 99 Financial markets in Poland and around the world 101 Global and local equity and bond market 101 Polish investment and pension fund market 103 Main factors affecting PZU share prices 105 Bank Pekao and Alior Bank share prices 107 Regulations pertaining to the insurance market and the financial markets in Poland 108 External and internal factors relevant to the development of the PZU Group 111 Macroeconomic and geopolitical factors 111 Legal and regulatory factors 112 Factors specific to business segments 114 Internal factors 117 Annual Report 2025 Management Board's report on the activity of the PZU Group and PZU SA for the year ended 31 December 2025 4 INSURANCE | HEALTH | INVESTMENT | BANKING About the Group Business model Environment Strategy and perspectives Risk management Performance and dividend Corporate governance Sustainable development Other information Statement of the Management Board Strategy and perspectives 118 Strategic ambitions by 2027 119 Implementation of the strategy in 2025 125 PZU Group reorganization towards a holding structure 129 A strategic perspective 130 Risk management 132 PZU Group's risk profile 133 Risk management system 143 Risk map 146 Risk sensitivity 153 Internal control system 155 Operation of the risk management system and internal control system in 2025 157 Performance and dividend 160 Key factors affecting the financial results achieved 161 PZU Group's revenues and costs 164 PZU Group's asset and liability structure 168 Contribution of segments to the consolidated result 170 PZU's standalone results 179 Impact of PZU Group strategy implementation on 2025 results 182 Dividend 184 Capital and Dividend Policy 184 Disbursement of dividends 185 KNF's stance on the Dividend Policy in 2026 185 Financial rating 187 Analysts' predictions 189 Statement on the application of corporate governance 191 Sustainability Statement 263 Other information 387 Management Board Statement on the Accuracy of the Reports 390 Annexes 392 PZU Group's financial data 393 SFDR disclosure 408 Glossary of terms 411 Alternative Performance Measures 417 Annual Report 2025 Management Board's report on the activity of the PZU Group and PZU SA for the year ended 31 December 2025 5 INSURANCE | HEALTH | INVESTMENT | BANKING

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