Powszechny Zaklad Ubezpiecze? Spólka Akcyjna : Presentation - PZU Group financial results

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Exceptional year for PZU Group Financial results in 2025 and 4Q25 Warsaw, 26 February 2026 Contents Exceptional results in 2025 3 Strategic priorities and their implementation 8 Business development 18 Financial results in 4Q25 24 PZU Group Strategy 2025-2027 35 Annexes 37 1. Exceptional results in 2025 Exceptional results in 2025 Strategic priorities and their implementation Business development in 4Q25 Results in 4Q25 Strategy Annexes Record results with a secure capital position FY2025 Revenues insurance revenue PLN 30.9 bn + 1.5 bn y/y FY2025 Profitability net profit 1 PLN 6.7 bn aROE 20.7% 3 3Q25 FY2025 Capital position Solvency II ratio Dividend dividend per share 2 PZU Group 234% PLN 4.47 PZU SA 245% dividend yield ~ 6% Attributable to equity holders of the parent company Paid in 2025 4 aROE - attributable to owners of the parent company, annualized return on equity excluding the cumulative effect of change in discount rates for valuation of insurance liabilities Exceptional results in 2025 Strategic priorities and their implementation Business development in 4Q25 Results in 4Q25 Strategy Annexes Insurance service result PLN 4,801 m (vs. PLN 3,515 m in 2024) Result on investment portfolio PLN 2,784 m (vs. PLN 2,463 m in 2024 ) aROE 20.7% 3 Operating margin 1 27.4% (vs. 27.0% in 2024) Combined ratio 2 86.2% (vs. 92.5% in 2024 ) Dynamic income growth in 2025 FY2025 Net profit (PLN m) 4,516 3,235 2,107 2,183 5,342 +25.4% +4% 6,699 Increase y/y +40% 2024 2025 1,254 1,192 1,215 1,681 543 1,760 1,995 1,470 1,474 588 886 1,138 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 Insurance Banks Life insurance (Poland) Non-life insurance in PZU Group (Poland) aROE in 2025, attributable to owners of the parent company, return on equity excluding the cumulative effect of change in discount rates for valuation of insurance liabilities 5 Exceptional results in 2025 Strategic priorities and their implementation Business development in 4Q25 Results in 4Q25 Strategy Annexes Non-motor insurance revenue (PLN bn) Scale-up and development of complementary offerings Individual protection insurance revenue 1 (PLN m) PZU Group 7.9 8.7 Increase y/y +10.3% 12.2024 12.2025 Sales growth in insurance against fire and other damage to property 870 744 12.2024 12.2025 Dynamic growth of the portfolio of protection insurance Increase y/y +16.9% Assets PLN 535 bn +32 bn y/y 1,890 Health Pillar Revenue (PLN m) +14.4% 2,162 12.2024 12.2025 Growing importance of remote service channels for patients Increase y/y 81.9 65.8 Assets of external clients of TFI PZU, Pekao TFI and Alior TFI (PLN bn) 12.2024 12.2025 TFI PZU - #1 among "non-bank" TFIs +PLN +5.1 bn in inflows 1 +12.4% Increase y/y +24.6% 1 excluding transactions on dedicated fund Exceptional results in 2025 Strategic priorities and their implementation Business development in 4Q25 Results in 4Q25 Strategy Annexes High rating and secure foundation for doing business Credit rating and financial strength rating A- POSITIVE 234% SII Solvency II ratio significantly over 200% Solvency II for PZU Group at 234% 1 Average for European insurers is 212% 1 > 80% bonds Dominant share of bonds in the investment portfolio Bonds represent 85% of the investment portfolio, including 71% represented by sovereign bonds Stability of return rates owing to the portfolio structure and long-term management strategy Closed currency position 100% ≥ A Effective reinsurance protection The reinsurance program to limit the impact of catastrophic events and others 45% of PZU reinsurers with 2 AA rating and 55% with 2 A rating As at 30 September 2025 S&P rating at at 31 December 2025 7 Exceptional results in 2025 Strategic priorities and their implementation Business development in 4Q25 Results in 4Q25 Strategy Annexes We are building readiness for changes in the market environment Excerpt from PZU Group's 3Q25 result presentation (Warsaw, 20 November 2025) 9 Exceptional results in 2025 Strategic priorities and their implementation Business development in 4Q25 Results in 4Q25 Strategy Annexes In 2025, we launched measures to strengthen all business pillars Supporting key investments Renewing the value proposition for partners Business pillar Key activities launched Mass non-life insurance Corporate non-life insurance Improving tariffs: effectiveness of models, modernization of tools Modernization and expansion of product scope Alignment of products with company segments Modernization of the claims handling system Life insurance Bancassurance and investments International business Digitization and automation of processes, including ✓ development of self-service by expanding the scope of service in myPZU Development of strategic partnerships Expansion of investment products for external Foreign expansion through inward reinsurance customers Matching products to changing demographics Development of ✓ standalone products in Intensification of cooperation with foreign companies the banking channel and increase in efficiency of insurance fraud detection Increase in profitability and revenues Development of a network of medical facilities through M&A and greenfield Health Launching transformation of organizational culture Agreement with social partners People Launch of AI Transformation project Acceleration of time-to-market through work model transformation, including implementation of LowCode Technology 10 Exceptional results in 2025 Strategic priorities and their implementation Business development in 4Q25 Results in 4Q25 Strategy Annexes We are building an edge in mass non-life insurance through improvement at all levels of the operating model Modernization of sales systems Launching efforts to replace the multiple sales path model with a single modern sales front for the Agent Optimization of tariffs and underwriting Start of tarification transformation : separation of modeling and portfolio management, strengthening of DS team, development of ML models, migration of analytics to the cloud, and implementation of MLOps and open-source technologies; Launched AI implementation in underwriting Development of product portfolio The PZU Dom has been updated, introducing a single comprehensive coverage; the PZU Rowerzysta offer has been launched, providing NNW and assistance coverage with the option to extend it to bike casco, TPL, child accident insurance and luggage insurance Effectiveness in claims handling Activities have been targeted at business transformation of the claims handling area by modernizing the claims handling system and improving insurance fraud detection 11 Comment: The products shown represent selected new offerings introduced by PZU in 2025 Exceptional results in 2025 Strategic priorities and their implementation Business development in 4Q25 Results in 4Q25 Strategy Annexes We offered customers new life insurance products and expanded access to our offerings through partners Riders to individual insurance Riders have been updated and introduced for customers with individual life insurance: in case of serious illnesses in the extended version (up to PLN 1 m) medical treatment abroad (up to EUR 2 m) Group insurance A group insurance pilot was conducted with the sum insured calculated as a multiple of the salary Integrated insurance In cooperation with LOT and Chubb, a new version of insurance has been launched "PZU Pomoc w Podróży LOT" , available when buying a ticket on lot.com Standalone insurance in bancassurance offering Property insurance has been introduced - PZU Dom for mortgages, as well as standalone for Bank Pekao customers; This is the bank's third product under this model, along with TPL/MOD and "Bezpiecznej podróży" 12 Comment: The products shown represent selected new offerings introduced by PZU in 2025 Exceptional results in 2025 Strategic priorities and their implementation Business development in 4Q25 Results in 4Q25 Strategy Annexes We have expanded our offerings to companies through underwriting and digitization, we are developing initiatives in foreign companies and foreign inward reinsurance Insurance guarantees The Small Guarantees program has been launched, allowing companies with revenues up to PLN 5 m, including those on a flat-rate tax scheme, to obtain insurance guarantees Digital solutions for businesses and brokers The mojaFirma.pzu.pl platform has been expanded with TPL insurance for drone operators; This is the fourth functionality made available to companies and brokers after the Cargo Platform, PZU Cyber and the D&O quoting module; AI solutions have been implemented with automatic analysis of quote requests Foreign companies In Lithuania, the functionalities of self-service portal in claims handling have been developed, in Latvia new demand modules and rates in tariffs have been implemented, in Estonia, automatic quotations added for clients that are logged in, in Ukraine the online sales of motor and travel insurance launched Foreign inward reinsurance A dedicated team was established, target markets were selected and new inward foreign reinsurance contracts were signed outside the PZU Group 13 Comment: The products shown represent selected new offerings introduced by PZU in 2025 Exceptional results in 2025 Strategic priorities and their implementation Business development in 4Q25 Results in 4Q25 Strategy Annexes We are investing in the Health area to support the continued rapid growth of facilities and services 1 Recapitalization of PZU Zdrowie to develop a network of medical facilities Opening of two 10.2025 2025 12.2025 2026 2 greenfield facilities 3 in Poznań and Lublin Acquisition of the company 4 Humana Medica Omeda in Białystok a multispecialty facility with hospital activities with a surgical and orthopedic profile Further dynamic growth planned: opening of more new greenfield facilities, further acquisitions, organic growth and intensive digitalization of services 14 Exceptional results in 2025 Strategic priorities and their implementation Business development in 4Q25 Results in 4Q25 Strategy Annexes We are a key investment hub for Poland by supporting the development of the economy and new segments of ETFs and Private Debt funds Letter of intent regarding PZU's participation in At least PLN 4 bn in support for Polish innovative enterprises The program will combine public capital (PFR and BGK, among others) and private capital (PZU as the first and largest commercial partner) Investments made through private equity and venture capital funds PZU ETF funds 17 March 2026 - planned debut of PZU's first ETF on the WSE Reaching a new group of customers for PZU focused on passive investing Successive development of the offer, availability in all brokerage houses and trading platforms PZU FIZ Private Debt Providing investors with exposure to an attractive segment of private corporate debt in the form of loans and bonds The fund's assets are growing rapidly and at the end of 2025 exceeded PLN 259 m 15 Exceptional results in 2025 Strategic priorities and their implementation Business development in 4Q25 Results in 4Q25 Strategy Annexes We support the development of our offerings and the optimization of internal processes with further implementations of innovations and AI applications Development based on AI and AI-based projects PZU Ready for Startups AI Assistant innovation supports the building of real competitive advantage and enhances the value offered to customers PZU operates >30 solutions with an AI component, and other 30 are in the pipeline, including: optimization of manageability in claims handling and a tool for transcription and analysis of recordings of telephone calls with customers 90 pilots realized, of which >50 projects have been implemented generating for PZU >PLN 250 m in benefits . Among them are the monitoring of cyber threats and extracting data from quote requests An assistant based on generative artificial intelligence is regularly used by >50% of employees , who generated 1.7 m prompts in 2025 . Adoption of the tool is supported by 83 AI Ambassadors 16 Exceptional results in 2025 Strategic priorities and their implementation Business development in 4Q25 Results in 4Q25 Strategy Annexes We are transforming IT to deliver more changes faster and more efficiently In line with the IT Strategy, we have launched a comprehensive transformation of technology.. The potential of data and digital technology Modern work model Optimization of costs and increase in operational efficiency Data and business security Leveraging data , cloud solutions , AI and Low Code , we are transforming IT, ...to strengthen work model, cost efficiency, operational efficiency and safety 10% which is a significant source of business value We have strengthened IT-business cooperation , focus on developing competencies of the future to increase the efficiency of creating digital solutions By increasing the transparency of IT costs, effectively optimizing expenses and improving the cooperation model with technology providers Cybersecurity remains our foundation to ensure stability of operations and business continuity new business needs will be implemented using LowCode 20% shorter "time-to-market" for significant business changes 15% greater efficiency in IT development 100% critical systems covered by the digital resilience mechanisms developed under the strategy 17 Exceptional results in 2025 Strategic priorities and their implementation Business development in 4Q25 Results in 4Q25 Strategy Annexes PZU Group with high dynamics in non-motor insurance revenues Gross written premium (PLN bn) 1 and its dynamics (%, y/y) +2.1% PZU Group in Poland PZU Group in Poland - non-motor insurance Non-motor insurance Increase y/y +5.9% y/y +14.8% y/y +12.5% y/y 1 • In 4Q25, continued growth in mass insurance 5.45 5.57 +9.1% 3.05 2.52 2.79 2.66 4Q24 Non-motor Motor 4Q25 1.8 Corporate (gross written premium) 1.6 1.4 1.2 1.0 0.8 0.6 0.4 0.2 0.0 Mass (gross written premium) Corporate (insurance revenues)) 1.5 1.3 1.5 0.8 0. 0.6 4Q20 4Q21 4Q22 4Q23 4Q24 4Q25 9 (+5.9% y/y), and in the corporate segment (+12.5% y/y) 2 • Increase in home and SME insurance in the mass segment, corporate construction insurance and underground property insurance (including the renewal of long-term contracts) and insurance in the energy sector Motor insurance 1 • Lower sales of motor insurance (-5.2% y/y) , largely as a result of a continued consistent price increase policy aimed at improving portfolio profitability in an environment of Ratio of MOD to TPL policies (%) 2 MOD to TPL (%) strong price pressure and competition for customers, primarily individual customers 2018 2019 2020 2021 2022 2023 2024 2025 Gross written premium - external PZU, based on active policies, standardized ratio 19 Exceptional results in 2025 Strategic priorities and their implementation Business development in 4Q25 Results in 4Q25 Strategy Annexes PZU Życie with stable growth in the written premiums from group and individually continued insurance, decline of individual insurance growth PZU Życie gross written premiums from group and individually continued insurance (PLN m) Group and individually continued insurance 2.5% 4Q25 4Q24 4Q23 4Q22 PZU Życie gross written premiums from individual insurance (PLN m) -3% 770 Increase y/y 648 688 681 701 669 536 513 564 -39% 397 389 442 464 491 -6% +20% +24% 1 • Development of the portfolio of other group protection insurance and individually continued insurance 2 • 1,793 1,805 1,828 1,840 1,856 1,872 1,894 1,904 1,920 1,942 1,957 1,964 1,978 1,989 The higher level of premiums from insurance health insurance - the impact of the acquisition of accounts and tariff changes following the inflation of medical services 4Q22 4Q23 4Q24 4Q25 Individual insurance 1 • Decrease in written premiums from bancassurance mainly due to: implementing protection products with regular premiums in place of existing single premium contracts lower sales of life and endowment insurance 2 • with single premium and guaranteed sums insured Continued trend of growth in sales of individual life and endowment insurance , including an offering of insurance with bonuses (PZU Perspektywa na Przyszłość) and insurance bundles (PZU Pakiet na Życie i Zdrowie), tailored to life situation, age, and individual customers' needs Protection products Periodic investment products Single-premium investment products Investment contracts 20

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