Presentation - PZU Group financial results (Q1 2026)

PZU Group

financial results for 1Q26

Warsaw, 14 May 2026

Commentary on PZU Group's performance and growth prospects

CEO

Bogdan Benczak

CFO

Maciej Fedyna

CEO

Solid 2026 opening with less favorable market conditions

1Q26

Revenues

insurance revenue

PLN 7.8 bn

PLN +243 m y/y

1Q26

Profitability

net profit1

PLN 1.4 bn aROE 15.7%3

2025

Capital position

solvency II ratio

PZU Group 239%

PZU SA 237%

Recommendation

Dividend

dividend per share2

PLN 4.8

dividend yield ~7.6%

1. Attributable to equity holders of the parent company.

2. Management Board Recommendation dated 13th May, 2026

3. 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 4

High returns for shareholders

Total shareholder return on PZU shares from May 12, 2010 (IPO) to May 12, 2026

+500%

+400%

+300%

+200%

+100%

Payment date

8th October, 2026

On 13 May 2026 the PZU Supervisory Board positively assessed the Management Board's recommendation on the distribution of net profit for 2025, plus the amount transferred from the supplementary capital created from the net profit for 2024. Final decision on disbursement of the net profit will be made by the General Meeting of PZU shareholders.

5

-

PZU TR

. Dividend per share paid (PLN)

.4,47

. 4,34

1,.09

.

2,00

. .

1,70

.

1,40

.

2,50 2,80

. .

3,50

.

.2,40

1,70

2,60

.

2,.24

2

,97

.

3,00

.

.1,94

2,08

Proposed dividend per share

PLN 4.8

+410%

(PLN 63.18)

Record date

17th September, 2026

WIG

+211%

Secure capital position

Credit rating and financial strength rating

A-

POSITIVE

239% SII

Solvency II ratio significantly over 200%

• Solvency II for PZU Group at 239%1

• Average for European insurers is 214%1

  >80% bonds

  Dominant share of bonds in the investment portfolio

• Bonds represent 87% of the investment portfolio, including

  73% 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 with2 AA rating and 55% with2 A rating

1. As at 31 December 2025

2. S&P rating at at 31 December 2025 6

Market leader in Poland ... strengthens its position in Ukraine

Market shares in 2025

Non-life insurance market

Other 22.8%

(share <10%)

PZU, TUW PZUW, LINK4 31.4%

VIG 10.4%

Ergo 14.9% Talanx 20.5%

Life insurance market - regular premium

Others 34.9%

(share <10%)

Nationale Nederlanden 10.3%

Grupa PZU 40.7%

EUR 21 m

Net profit in 2025

EUR 38 m

Insurance revenues in 2025

Allianz 14.1%

7

... and consolidates assets in Poland

Target

PZU Group

Implementation of

multibrand

Increased competitiveness of the PZU Group,

measured by growth in market share while

maintaining the profitability of both brands.

Key strategic rationale for the merger of the companies

PZU

Distribution networks

LINK4

PZU Group

Full utilization of the strong LINK4 brand and capabilities

Increased value and attractiveness of channels

Strengthening and development of the LINK4 brand

Simplification and improved operational/capital efficiency

Strengthening PZU's market position by leveraging

the complementarity of the leading PZU brand and

LINK4's unique competencies

A broader product offering and access to two

brands, enhancing the sales potential of exclusive agents, branches, multi-agencies, and partners

New distribution channels, ability to leverage PZU's

scale, and greater resilience to adverse cycles and price wars in the motor insurance market

A streamlined operating model, unified processes,

and a coherent and efficient multi-brand model

supporting the achievement of the PZU Group

Legal merger registration planned for 1Q27

8

Strategy objectives

Key growth areas in 2026

Non-motor insurance revenue (PLN bn)

Individual protection insurance revenue1 (PLN m)

2.0

2.1

Increase y/y

+3.5%

03.2025 03.2026

Sales growth in insurance

Health Pillar Revenue (PLN m)

against fire and other damage to property

255

199

03.2025 03.2026

Assets of external clients

of TFI PZU, Pekao TFI and Alior TFI (PLN bn)

Dynamic growth of the portfolio of protection insurance

69.6

85.9

Increase y/y

+28.1%

Increase y/y

> PLN 6 m

+23.4%

users of the

mojePZU platform

509

551

Increase y/y

+8.1%

03.2025 03.2026 03.2025 03.2026

Growing importance of remote service channels for patients

TFI PZU - #1 on the market in terms of net sales, with

+2.2 bn in inflows 9

1Q26

Net profit (PLN m)

Solid results in a challenging business environment

1,681

1,192 1,215

2Q24 3Q24 4Q24

1,995

1,470 1,474

2Q25 3Q25 4Q25

Insurance service result

PLN 1,137 m

(vs. 1,251 m in 1Q25)

Result on investment portfolio

PLN 655 m

(vs. 733 m in 1Q25)

aROE

15.7%3

Operating margin1

25.3%

(vs. 24.2% in 1Q25)

Combined ratio2

86.8%

(vs. 82.5% in 1Q25)

1,760

1,254

1,362

1,267

1Q24

Insurance

1Q25

1Q26

Banking

1. Life insurance (Poland)

2. Non-life insurance in PZU Group (Poland)

   
   
   

3. aROE in 1Q26, attributable to owners of the parent company, return on equity excluding the cumulative effect of change in discount rates for valuation of insurance liabilities

10

Strategic initiatives supporting the growth and competitiveness of the PZU Group

1 2 3

Distribution - "odNowa" program Claims handling - process changes

Investments in innovation

Real support for exclusive agents through modern work tools, including a CRM providing a full customer view, as well as operational improvements increasing efficiency and agent comfort

Changes in claims handling reducing service time and accelerating the process from reporting to inspections The result is higher operational efficiency and improved customer experience

Strengthened commitment to innovation through participation in the Innovate.Poland program. Expansion of the offering with an additional ETF - PZU ETF GOLD Portfelowy FIZ

mojePZU - new functionalities

Simplification of service and increased personalization through anew dashboard in mojePZU. Focus on efficiency, availability, and new features, including the ability to call for assistance

Health pillar - network development

Development of the in-house medical network - in 2Q25, 7 new facilities are planned to open (in Warsaw, Poznań, and Bydgoszcz) Expansion of the partner network by 175 new locations

11

"odNowa" program supporting exclusive agents

1

Real tool-based support for tied agents Gradual implementation of additional solutions

Dedicated program for tied agents

A package of attractive benefits, initiatives, and tools

strengthening agents' operational efficiency

January 2026

Increased product value

• Multibrand: LINK4 motor insurance

• Attractive SME industry package offering

12

Changes in claims handling processes improving efficiency

2

Vehicle claims handling

-2.1

days

Average handling time for MOD and MTPL claims

Average time from reporting to inspection

Share of resolution in claims settlements

MTPL

p.p.

+9

MOD

p.p.

+4 -2.9

days

1Q26 vs. 1Q25

1Q26 vs. 1Q25 1Q26 vs. 1Q25

13

Commitment to innovation and increasing activity in the ETF market

3 1 Participation of PZU in the Program

• On 20 April 2026, PFR Ventures, PFR SA, BGK, and PZU SA signed a cooperation agreement launching the Innovate Poland Program, which will unlock investment in Polish innovative enterprises.

• Planned investor commitment under the program is estimated at at least PLN 4 bn.

• Investments implemented through private equity, growth, venture capital, and private debt funds

1. PZU ETF funds

   • Over PLN 19 m in assets across two PZU ETFs as of end-March 2026.

   • PZU ETF WIG20 TR + mWIG40 TR Portfelowy FIZ provides exposure to the dynamically growing Polish economy

   • PZU ETF MSCI World Portfelowy FIZ provides exposure to a basket of shares of the world's largest listed

     companies

2. 3rd PZU ETF on the market

   • 11 May 2026 - launch of the third PZU ETF - PZU ETF GOLD Portfelowy FIZ on the WSE

   • Reaching a new customer segment for PZU interested in exposure to the global gold market

3. Promotional campaign for PZU ETFs at 0% fee

   
   
   

   • Promoting PZU investments in a new channel of exchange-traded clients

14

Main strategic goals until 2027 and their implementation

Gross insurance revenue1 (PLN m)

1Q26

PLN 7.8 bn

>36 mld zł

KPI FY 2027

We are growing consistently - gross insurance revenues increased by PLN 243 m y/y in 1Q26, confirming the effectiveness of the business model and sales structure, and providing a solid base for achieving the PLN 36 bn target by 2027

>6.2 mld zł

KPI FY 2027

PZU Group net profit2 (PLN m)

1Q26

PLN 1.4 bn

Net profit remains very strong on a historical basis, despite a demanding and exceptionally high base in 1Q25, which confirms the PZU Group's sustained ability to generate solid results even in a more challenging environment; the current level of profitability effectively supports the achievement of the PLN 6.2 bn target by 2027

DPS (PLN)

Recommended

PLN 4.8

≥ 4.5

KPI FY 2027

We are systematically increasing value for shareholders. Since its IPO, PZU has already paid outnearly PLN 37 bn in dividends. On 13 May 2026, the Management Board recommended allocating PLN 4.1 bn from net profit for dividend payment, i.e. PLN 4.8 per share; the proposed amount is higher than the strategic ambition for this target for 2027

15

CFO

1. CEO Perspective: Main achievements and growth 2. CFO Perspective: Revenue and profitability 3. Annexes

PZU Group results under IFRS 17

COR

86.8%

1Q26

Margin on life insurance in Poland

25.3%

1Q26

1. Excluding the investment component

2. aROE - adjusted return on equity for cumulative other comprehensive income relating to insurance and reinsurance finance income and expenses

3. Only for non-life insurance in PZU Group in Poland

17

Non-life insurance

Insurance segments Insurance revenue Result*

Combined ration/margin

Combined ratio (COR)

COR ratio in non-life insurance (%) - KPI - Strategy for 2025-2027

82.5

86.8

+4.3

< 90%

03.2025 03.2026

*) The y/y change reflects the transfer of responsibility for the MSP Moto business line from the mass insurance segment to the corporate insurance segment. 18

Life insurance

Insurance segments Insurance revenue Result* Margin

24.2

25.3

+1.1

> 20%

Margin in life insurance in Poland (%) - KPI - Strategy for 2025-2027

03.2025 03.2026

19

Investment result

Debt instruments: 87% of the portfolio

Government debt: 73% of the portfolio

Secure portfolio structure

IFRS, PLN m 1Q25 4Q25 1Q26

Change

y/y

Change q/q

High profitability of the main portfolio

Investment income less interest expenses 5,533 5,488 4,931 (10.9%) (10.1%)

4.8% in 1Q26 (with FX on liabilities )

• Solid profitability of the core portfolio maintained - slightly lower income from variable-coupon instruments partially offset by higher yields on fixed-coupon instruments, supported by active portfolio management and purchases of Polish government bonds at high market yields

• Higher result from valuation and disposal of debt instruments - positive impact of FX differences on assets covering foreign currency liabilities partially offset by a decline in the valuation of fixed-coupon instruments. Additionally, the improvement versus the previous quarter was driven by a better result on the sale of part of the government bond portfolio and improved valuation of the corporate debt portfolio

• Higher result on equity instruments compared to the previous quarter, mainly due to a better valuation result in the healthcare sector, with a y/y decline driven in particular by last year's positive impact from valuation and disposal of part of the equity portfolio

• Lower y/y real estate portfolio result mainly due to a decrease in income from swap points

• The negative impact of other items mainly relates to temporary exchange rate differences in real estate valuations - which reverses over semi-annual periods

Banking activities including PPA 4,526 4,605 4,294 (5.1%) (6.8%)

Structure of the main portfolio by asset class and valuation methods

Return on FX core portfolio from liabilities (%)

Investment result allocated to insurance segments in relation to net insurance expenses and revenue* (PLN m)

Government debt

Foreign government debt

Corporate debt

3% 3%

12%

41%

3%

1% 1% 14%

Amortized cost

23%

6% 70%

9

8

7

6

Investment result allocated to insurance segments

303 249

Cash Real estate

Core portfolio: PLN 54.6 billion; PZU Życie investment products: PLN 8.2 bn

Shares

3%

7% 7%

3% 3%

Fair value through other comprehensive income

Fair value through result

5

4,8

4

3

2

1Q20 1Q21 1Q22 1Q23 1Q24 1Q25 1Q26

Net insurance finance income and expenses

* Excluding unit-linked and foreign operations

1Q25 1Q26

20