Zagrebačka banka Group unaudited financial results Q1 2025

1. Management report for the period from 1 January to 31 March 2025

2. Statement of the persons responsible for the preparation of the financial statements

3. Financial statements (TFI-KI statements)

   1. General data as at 31 March 2025

   2. Balance sheet as at 31 March 2025

   3. Income statement for the period from 1 January to 31 March 2025

   4. Cash flow statement for the period from 1 January to 31 March 2025

   5. Statement of changes in equity for the period from 31 December 2024 to 31 March 2025

   6. Notes to the financial statements

We have continued achieving good results. Operating income is stable, costs demonstrate operational excellence. Capital and liquidity positions are strong, credit portfolio is adequately covered by provisions.

We are strongly connected with our community, providing support to the economy and the society in which we operate. We are doing this by financing most loans in the market, by investing in optimal user experiences as well as in the security of our solutions, by maintaining the robust payment infrastructure and offering the wide scale of services to companies and citizens.

We are transforming our culture, working on simplification and digitalization of our organization and processes to assure sustainability. We continue to progress on our ESG ambition and are committed to activities that have an overall positive impact considering environmental, social and governance factors.

We are striving to be the best employer possible, by supporting our employees through work-life balance and wellbeing initiatives.

Major contributors to Group result are Zagrebačka banka dd, UniCredit Bank dd Mostar and UniCredit Leasing Croatia doo.

• Operating income: EUR 263 million
• Operating expenses: EUR 85 million
• Profit before impairment and other provisions: EUR 176 million
• Impairment and other provisions: EUR 4 million
• Loans and advances to customers: EUR 14,231 million
• Deposits from customers: EUR 20,880 million

1. Management report for the period from 1 January to 31 March 2025 (continued) Operating income amounted to EUR 263 million, increased by EUR 10 million (+4%) Y/Y:

   • Net interest income amounted to EUR 173 million, the decrease was EUR 8 million (-4.4%).

   • Net fee and commission income amounted to EUR 62 million, increased by EUR 5 million (+8.8%).

   • Net trading and other income and expenses amounted to EUR 28 million, increased by EUR 13 million (+86.7%).

     Operating expenses - at EUR 85 million, higher by EUR 3 million (+3.7%). Cost to income ratio equals to 32.32%. Profit before impairment and other provisions amounted to EUR 176 million, increased by EUR 7 million (+4.1%), as a result of the previously described movements in Operating income and Operating expenses. Impairment and other provisions write back amounted to EUR 4 million. Total assets of the Group amounted to EUR 26,282 million, higher by EUR 336 million (+1.3%) BoY.
     • Net loans and advances to customers amounted to EUR 14,231 million, increased by EUR 562 million (+4.1%) in retail and corporate lending.
     • Deposits from customers represent primary source of funding, amounted to EUR 20,880 million. EUR 134 million (+0.6%) increase was realized mainly in retail.
     • Deposits from credit institutions at EUR 873 million, higher by EUR 42 million (+5.1%).

Zagreb, 30 April 2025

Geopolitical tensions and market uncertainties

At the end of March 2025, the Group's assets were not significantly directly impacted by the geopolitical tensions. Our operations remain indirectly affected, as the overall macro-economic scenario evolves. The market environment continues to be uncertain.

The impacts of uncertainties continue to evolve as of the date of this report. As such, it is fluctuant as to the full magnitude that they will have on the macro-economic scenario and consequentially on the Group's future financial condition and results of operations.

The Group continues to support our clients, while it adequately assesses their creditworthiness, carefully considering the risk classification as well as the related impact on financial reporting.

While having a strong capital and liquidity position, as well as the assets covered by prudent loan provisions, the Group is actively monitoring the situation and assessing its impact on operations, financial performance, capital position and cash-flows.

Dalibor Ćubela

Chief Executive Officer,

Chairman of the Management Board

Jasna Mandac

Tatjana Antolić Jasnić

Member of the Management Board

Gianluca Totaro

Member of the Management Board

Member of the Management Board

Pavel Vinter

Member of the Management Board

Slaven Rukavina

Aleksandra Rašić

Member of the Management Board Member of the Management Board

Pursuant to the provisions of the Capital Market Act, to the best of our knowledge:

1. the set of financial statements of Zagrebačka banka Group, prepared in accordance with International Financial Reporting Standards (IFRS) as adopted in the European Union, gives a true and fair view of the assets and liabilities, profit and loss, financial position and business operations of Zagrebačka banka Group;

2. the Management Report includes a fair overview of the development and results of operations and of the position of Zagrebačka banka Group.

Ante Križan Jasna Mandac

Head of Accounting, Regulatory Reporting and Tax

Member of the Management Board

Additional info:

Public Relations

e-mail: PR@unicreditgroup.zaba.hr https://www.zaba.hr

1. General data as at 31 March 20251

   
   
   

   1 Average number of employees in head office and branch network of Zagrebačka banka dd in Q1 2025 amounts to 4,455.

2. Balance sheet as at 31 March 2025

   in EUR
   Submitter: Zagrebačka banka d.d.
   Item 1	ADP code	Last day of the preceding business year	Current period
   	2	3	4
   Assets
   Cash, cash balances at central banks and other demand deposits (from 2 to 4)	001	4,877,694,428	4,938,689,470
   Cash in hand	002	640,701,611	572,020,223
   Cash balances at central banks	003	3,934,055,331	4,071,910,199
   Other demand deposits	004	302,937,486	294,759,048
   Financial assets held for trading (from 6 to 9)	005	50,323,229	49,971,738
   Derivatives	006	49,617,381	49,335,423
   Equity instruments	007	705,848	636,315
   Debt securities	008	0	0
   Loans and advances	009	0	0
   Non-trading financial assets mandatorily at fair value through profit or loss (from 11 to 13)	010	122,517,237	130,537,127
   Equity instruments	011	8,014,627	10,971,863
   Debt securities	012	114,502,610	119,565,264
   Loans and advances	013	0	0
   Financial assets at fair value through profit or loss (15 + 16)	014	0	0
   Debt securities	015	0	0
   Loans and advances	016	0	0
   Financial assets at fair value through other comprehensive income (from 18 to 20)	017	1,062,778,541	1,680,624,287
   Equity instruments	018	679,296	712,560
   Debt securities	019	1,062,099,245	1,679,911,727
   Loans and advances	020	0	0
   Financial assets at amortised cost (22 + 23)	021	19,095,154,147	18,733,128,408
   Debt securities	022	1,917,190,310	2,268,068,503
   Loans and advances	023	17,177,963,837	16,465,059,905
   Derivatives - hedge accounting	024	98,962,299	115,519,865
   Fair value changes of the hedged items in portfolio hedge of interest rate risk	025	18,748,406	-4,433,082
   Investments in subsidiaries, joint ventures and associates	026	17,380,880	18,421,942
   Tangible assets	027	355,595,861	372,277,702
   Intangible assets	028	59,400,641	57,397,027
   Tax assets	029	70,403,987	65,315,570
   Other assets	030	117,625,188	125,003,278
   Fixed assets and disposal groups classified as held for sale	031	0	0
   Total assets (1 + 5 + 10 + 14 + 17 + 21 + from 24 to 31)	032	25,946,584,844	26,282,453,332
   Liabilities
   Financial liabilities held for trading (from 34 to 38)	033	47,414,005	43,088,996
   Derivatives	034	47,414,005	43,088,996
   Short positions	035	0	0
   Deposits	036	0	0
   Debt securities issued	037	0	0
   Other financial liabilities	038	0	0
   Financial liabilities at fair value through profit or loss (from 40 to 42)	039	125,582,615	127,981,073
   Deposits	040	0	0
   Debt securities issued	041	0	0
   Other financial liabilities	042	125,582,615	127,981,073
   Financial liabilities measured at amortised cost (from 44 to 46)	043	22,242,219,824	22,508,460,199
   Deposits	044	21,576,765,195	21,753,574,246
   Debt securities issued	045	594,488,057	694,843,690
   Other financial liabilities	046	70,966,572	60,042,263
   Derivatives - hedge accounting	047	158,832,762	128,162,908
   Fair value changes of the hedged items in portfolio hedge of interest rate risk	048	7,317,606	-5,887,284
   Provisions	049	240,960,295	230,759,495
   Tax liabilities	050	17,593,208	17,016,319
   Share capital repayable on demand	051	0	0
   Other liabilities	052	286,574,660	711,648,668
   Liabilities included in disposal groups classified as held for sale	053	0	0
   Total liabilities (33 + 39 + 43 + from 47 to 53)	054	23,126,494,975	23,761,230,374
   Equity
   Capital	055	850,068,233	850,068,233
   Share premium	056	465,253,748	465,253,748
   Equity instruments issued other than capital	057	0	0
   Other equity	058	1,996,305	1,996,305
   Accumulated other comprehensive income	059	-9,685,310	-10,683,503
   Retained profit	060	892,447,355	999,013,370
   Revaluation reserves	061	0	0
   Other reserves	062	61,175,022	61,175,022
   ( - ) Treasury shares	063	-268,443	-268,443
   Profit or loss attributable to owners of the parent	064	555,106,299	150,495,989
   (--) Interim dividends	065	0	0
   Minority interests [non-controlling interests]	066	3,996,660	4,172,237
   Total equity (from 55 to 66)	067	2,820,089,869	2,521,222,958
   Total equity and liabilities (54 + 67)	068	25,946,584,844	26,282,453,332

3. Income statement for the period from 1 January to 31 March 2025

   in EUR
   Submitter: Zagrebačka banka d.d.
   Item	ADP code	Same period of the previous year		Current period
   		Cumulative	Quarter	Cumulative	Quarter
   1	2	3	4	5	6
   Interest income	001	237,406,273	237,406,273	224,474,592	224,474,592
   (Interest expenses)	002	56,457,753	56,457,753	51,260,003	51,260,003
   (Expenses on share capital repayable on demand)	003	0	0	0	0
   Dividend income	004	1,125,240	1,125,240	2,683,899	2,683,899
   Fees and commissions income	005	66,317,574	66,317,574	73,189,348	73,189,348
   (Fees and commissions expenses)	006	9,427,481	9,427,481	11,399,398	11,399,398
   Gains or (-) losses on derecognition of financial assets and liabilities not measured at fair value through profit or loss, net	007	0	0	0	0
   Gains or (-) losses on financial assets and liabilities held for trading, net	008	-2,149,431	-2,149,431	-2,683,624	-2,683,624
   Gains or losses on non-trading financial assets mandatorily at fair value through profit or loss, net	009	21,212	21,212	57,842	57,842
   Gains or (-) losses on derecognition of financial assets and liabilities at fair value through profit or loss, net	010	0	0	0	0
   Gains or (-) losses from hedge accounting, net	011	52,764	52,764	327,256	327,256
   Exchange rate differences [gain or (-) loss], net	012	8,106,325	8,106,325	8,994,155	8,994,155
   Gains or (-) losses on derecognition of of investments in subsidiaries, joint ventures and associates, net	013	0	0	0	0
   Gains or (-) losses on derecognition of non-financial assets, net	014	258,533	258,533	276,099	276,099
   Other operating income	015	9,380,702	9,380,702	19,820,923	19,820,923
   (Other operating expenses)	016	1,779,819	1,779,819	1,972,617	1,972,617
   Total operating income, net (1 - 2 - 3 + 4 + 5 - 6 + from 7 to 15 - 16)	017	252,854,139	252,854,139	262,508,472	262,508,472
   (Administrative expenses)	018	67,521,840	67,521,840	70,464,600	70,464,600
   (Cash contributions to resolution boards and deposit guarantee schemes)	019	2,091,786	2,091,786	2,223,622	2,223,622
   (Depreciation)	020	14,699,303	14,699,303	14,804,246	14,804,246
   Modification gains or (-) losses, net	021	0	0	0	0
   (Provisions or (-) reversal of provisions)	022	707,360	707,360	-2,520,942	-2,520,942
   (Impairment or (-) reversal of impairment on financial assets not measured at fair value through profit or loss)	023	-15,700,846	-15,700,846	-1,507,247	-1,507,247
   (Impairment or (-) reversal of impairment of investments in subsidiaries, joint ventures and associates)	024	895	895	8	8
   (Impairment or (-) reversal of impairment on non-financial assets)	025	-436,008	-436,008	53,489	53,489
   Negative goodwill recognised in profit or loss	026	0	0	0	0
   Share of the profit or (-) losses of investments in subsidiaries, joint ventures and associates accounted for using the equity method	027	1,155,392	1,155,392	1,374,248	1,374,248
   Profit or (-) loss from fixed assets and disposal groups classified as held for sale not qualifying as discontinued operations	028	0	0	0	0
   Profit or (-) loss before tax from continuing operations (17 - 18 to 20 + 21 - from 22 to 25 + from 26 to 28)	029	185,125,201	185,125,201	180,364,944	180,364,944
   (Tax expense or (-) income related to profit or loss from continuing operations)	030	30,856,154	30,856,154	29,707,692	29,707,692
   Profit or (-) loss after tax from continuing operations (29 - 30)	031	154,269,047	154,269,047	150,657,252	150,657,252
   Profit or (-) loss after tax from discontinued operations (33 - 34)	032	0	0	0	0
   Profit or (-) loss before tax from discontinued operations	033	0	0	0	0
   (Tax expense or (-) income related to discontinued operations)	034	0	0	0	0
   Profit or ( - ) loss for the year (31 + 32; 36 + 37)	035	154,269,047	154,269,047	150,657,252	150,657,252
   Attributable to minority interest [non-controlling interests]	036	187,945	187,945	161,263	161,263
   Attributable to owners of the parent	037	154,081,102	154,081,102	150,495,989	150,495,989
   STATEMENT OF OTHER COMPREHENSIVE INCOME
   Income or (-) loss for the current year	038	154,269,047	154,269,047	150,657,252	150,657,252
   Other comprehensive income (40+ 52)	039	-1,558,950	-1,558,950	-1,001,747	-1,001,747
   Items that will not be reclassified to profit or loss (from 41 to 47 + 50 + 51)	040	-77,766	-77,766	-66,052	-66,052
   Tangible assets	041	-51,751	-51,751	-75,906	-75,906
   Intangible assets	042	0	0	0	0
   Actuarial gains or (-) losses on defined benefit pension plans	043	-30,112	-30,112	0	0
   Fixed assets and disposal groups classified as held for sale	044	0	0	0	0
   Share of other recognised income and expense of entities accounted for using the equity method	045	0	0	0	0
   Fair value changes of equity instruments measured at fair value through other comprehensive income	046	-5,322	-5,322	3,334	3,334
   Gains or (-) losses from hedge accounting of equity instruments at	047	0	0	0	0
   Fair value changes of equity instruments measured at fair value	048	0	0	0	0
   Fair value changes of equity instruments measured at fair value	049	0	0	0	0
   Fair value changes of financial liabilities measured at fair value through profit or loss attributable to changes in their credit risk	050	0	0	0	0
   Income tax relating to items that will not be reclassified	051	9,419	9,419	6,519	6,519
   Items that may be reclassified to profit or loss (from 53 to 60)	052	-1,481,184	-1,481,184	-935,695	-935,695
   Hedge of net investments in foreign operations [effective portion]	053	0	0	0	0
   Foreign currency translation	054	0	0	0	0
   Cash flow hedges [effective portion]	055	0	0	-2,616,766	-2,616,766
   Hedging instruments [not designated elements]	056	-3,477,024	-3,477,024	0	0
   Debt instruments at fair value through other comprehensive income	057	1,414,899	1,414,899	1,303,106	1,303,106
   Fixed assets and disposal groups classified as held for sale	058	0	0	0	0
   Share of other recognised income and expense of investments in subsidiaries, joint ventures and associates	059	0	0	0	0
   Income tax relating to items that may be reclassified to profit or (-) loss	060	580,941	580,941	377,965	377,965
   Total comprehensive income for the current year (38 + 39; 62 + 63)	061	152,710,097	152,710,097	149,655,505	149,655,505
   Attributable to minority interest [non-controlling interest]	062	201,937	201,937	170,697	170,697
   Attributable to owners of the parent	063	152,508,160	152,508,160	149,484,808	149,484,808

4. Cash flow statement for the period from 1 January to 31 March 2025

   in EUR
   Submitter: Zagrebačka banka d.d.
   Item	ADP code	Same period of the previous year	At the reporting date of the current period
   1	2	3	4
   Operating activities - direct method
   Interest received and similar receipts	001	0	0
   Fees and commissions received	002	0	0
   (Interest paid and similar expenditures)	003	0	0
   (Fees and commissions paid)	004	0	0
   (Operating expenses paid)	005	0	0
   Net gains/losses from financial instruments at fair value through statement of profit or loss	006	0	0
   Other receipts	007	0	0
   (Other expenditures)	008	0	0
   Operating activities - indirect method
   Profit/(loss) before tax	009	185,125,201	180,364,944
   Adjustments:		0	0
   Impairment and provisions	010	-15,429,494	-3,974,700
   Depreciation	011	14,699,303	14,804,246
   Net unrealised (gains)/losses on financial assets and liabilities at fair value through statement of profit or loss	012	5,014,356	-3,540,491
   (Profit)/loss from the sale of tangible assets	013	9,666,460	-276,099
   Other non-cash items	014	-180,948,520	-180,612,176
   Changes in assets and liabilities from operating activities
   Deposits with the Croatian National Bank	015	-804,798	1,162,924,982
   Deposits with financial institutions and loans to financial	016	-484,330,326	87,743,430
   Loans and advances to other clients	017	-203,761,050	-551,932,237
   Securities and other financial instruments at fair value through other comprehensive income	018	-37,510,645	-607,146,437
   Securities and other financial instruments held for trading	019	-2,486,411	2,042,521
   Securities and other financial instruments at fair value through statement of profit or loss, not traded	020	-61,173,395	-3,839,762
   Securities and other financial instruments mandatorily at fair value through statement of profit or loss	021	0	-5,062,654
   Securities and other financial instruments at amortised cost	022	-147,029,703	-361,460,827
   Other assets from operating activities	023	-42,230,829	-6,297,487
   Deposits from financial institutions	024	-59,192,242	18,402,859
   Transaction accounts of other clients	025	-422,603,012	-248,312,987
   Savings deposits of other clients	026	-301,529,574	9,352,122
   Time deposits of other clients	027	268,251,226	301,743,418
   Derivative financial liabilities and other liabilities held for trading	028	0	0
   Other liabilities from operating activities	029	-58,095,325	-41,122,750
   Interest received from operating activities [indirect method]	030	242,883,908	199,896,867
   Dividends received from operating activities [indirect method]	031	0	0
   Interest paid from operating activities [indirect method]	032	-45,253,195	-55,131,626
   (Income tax paid)	033	-15,385,892	-25,692,764
   Net cash flow from operating activities (from 1 to 33)	034	-1,352,123,957	-117,127,608
   Investing activities
   Cash receipts from the sale / payments for the purchase of tangible and intangible assets	035	-19,517,692	-30,053,766
   Cash receipts from the sale / payments for the purchase of investments in branches, associates and joint ventures	036	-2,216,883	0
   Cash receipts from the sale / payments for the purchase of securities and other financial instruments held to maturity	037	0	0
   Dividends received from investing activities	038	1,119,482	2,400,367
   Other receipts /payments from investing activities	039	0	0
   Net cash flow from investing activities (from 35 to 39)	040	-20,615,093	-27,653,399
   Financing activities
   Net increase/(decrease) in loans received from financing activities	041	-44,692,475	114,414,571
   Net increase/(decrease) in debt securities issued	042	284,811,386	100,355,633
   Net increase/(decrease) in Tier 2 capital instruments	043	0	0
   Increase in share capital	044	0	0
   (Dividends paid)	045	361,779	0
   Other receipts /(payments) from financing activities	046	0	0
   Net cash flow from financing activities (from 41 to 46)	047	240,480,690	214,770,204
   Net increase/(decrease) of cash and cash equivalents (34 + 40 + 47)	048	-1,132,258,360	69,989,197
   Cash and cash equivalents at the beginning of period	049	6,202,080,797	4,877,694,428
   Effect of exchange rate fluctuations on cash and cash equivalents	050	-8,106,325	-8,994,155
   Cash and cash equivalents at the end of period (48 + 49 + 50)	051	5,061,716,112	4,938,689,470

   
   
   
   1. Financial statements (TFI-KI statements) (continued)

5. Statement of changes in equity for the period from 31 December 2024 to 31 March 2025

   		for the period from 31.12.2024	to 31.3.2025												in EUR
   Sources of equity changes	ADP code	Attributable to ow ners of the parent											Non-controlling interest		Total
   		Equity	Share premium	Equity instrumen ts issued other than capital	Other equity	Accumulat ed other comprehen sive income	Retained profit	Revaluation reserves	Other reserves	( ) Treasury shares	Profit or ( - ) loss attributable to owners of the parent	(-) Interim dividends	Accumulate d other comprehen sive income	Other items
   1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16
   Opening balance [before restatement]	001	850,068,233	465,253,748	0	1,996,305	-9,685,310	892,447,355	0	61,175,022	-268,443	555,106,299	0	361,576	3,635,084	2,820,089,869
   Effects of error corrections	002	0	0	0	0	0	0	0	0	0	0	0	0	0	0
   Effects of changes in accounting policies	003	0	0	0	0	0	0	0	0	0	0	0	0	0	0
   Opening balance [current period] (1 + 2 + 3)	004	850,068,233	465,253,748	0	1,996,305	-9,685,310	892,447,355	0	61,175,022	-268,443	555,106,299	0	361,576	3,635,084	2,820,089,869
   Ordinary shares issue	005	0	0	0	0	0	0	0	0	0	0	0	0	0	0
   Preference shares issue	006	0	0	0	0	0	0	0	0	0	0	0	0	0	0
   Issue of other equity instruments	007	0	0	0	0	0	0	0	0	0	0	0	0	0	0
   Exercise or expiration of other equity instruments issued	008	0	0	0	0	0	0	0	0	0	0	0	0	0	0
   Conversion of receviables to equity instruments	009	0	0	0	0	0	0	0	0	0	0	0	0	0	0
   Capital reduction	010	0	0	0	0	0	0	0	0	0	0	0	0	0	0
   Dividends	011	0	0	0	0	0	-448,338,737	0	0	0	0	0	0	0	-448,338,737
   Purchase of treasury shares	012	0	0	0	0	0	0	0	0	0	0	0	0	0	0
   Sale or cancellation of treasury shares	013	0	0	0	0	0	0	0	0	0	0	0	0	0	0
   Reclassification of financial instruments from equity to liability	014	0	0	0	0	0	0	0	0	0	0	0	0	0	0
   Reclassification of financial instruments from liability to equity	015	0	0	0	0	0	0	0	0	0	0	0	0	0	0
   Transfers among components of equity	016	0	0	0	0	0	555,106,299	0	0	0	-555,106,299	0	0	0	0
   Equity increase or ( - ) decrease resulting from business combinations	017	0	0	0	0	0	0	0	0	0	0	0	0	0	0
   Share based payments	018	0	0	0	0	0	0	0	0	0	0	0	0	0	0
   Other increase or (-) decrease in equity	019	0	0	0	0	12,989	-201,547	0	0	0	0	0	0	4,880	-183,678
   Total comprehensive income for the current year	020	0	0	0	0	-1,011,182	0	0	0	0	150,495,989	0	9,434	161,263	149,655,504
   Closing balance [current period] (from 4 to 20)	021	850,068,233	465,253,748	0	1,996,305	-10,683,503	999,013,370	0	61,175,022	-268,443	150,495,989	0	371,010	3,801,227	2,521,222,958

6. Notes to the condensed interim financial statements

1. Financial liabilities at amortised cost

   			EUR million
   	31 March 2025		31 December 2024
   Deposits from customers Households	13,167		12,842
   Non-financial corporations	5,696		6,061
   State and public sector	1,397		1,301
   Other financial corporations	620		542
   	20,880		20,746
   Deposits from credit institutions	873		831
   Other financial liabilities	60		71
   Debt securities issued	695		594
   	22,508		22,242

2. Operating segments

   1. Profit for the period before tax

      							EUR million
      	Retail	Corporate and Investment	Leasing	Other	Total managerial reporting	Reconciliation to financial statements	Financial statements
      31 March 2025	108	57	4	12	181	-	181
      31 March 2024	96	69	3	17	185	-	185

      							EUR million
      31 March 2025	Retail	Corporate	Leasing	Other	Total	Reconciliation	Financial
      		and			managerial	to financial	statements
      		Investment			reporting	statements
      Segment's assets	6,146	6,391	702	12,960	26,199	-	26,199
      Investments in associates	-	-	-	18	18	-	18
      Deferred tax assets	-	-	5	60	65	-	65
      Segments' assets	6,146	6,391	707	13,038	26,282	-	26,282
      Segments' liabilities	13,243	6,379	639	3,483	23,744	-	23,744
      Current tax liabilities	-	-	1	16	17	-	17
      Total liabilities	13,243	6,379	640	3,499	23,761	-	23,761
      							EUR million
      31 December 2024	Retail	Corporate	Leasing	Other	Total	Reconciliation	Financial
      		and			managerial	to financial	statements
      		Investment			reporting	statements
      Segment's assets	6,663	6,427	913	11,856	25,859	-	25,859
      Investments in associates	-	-	-	17	17	-	17
      Deferred tax assets	-	-	5	65	70	-	70
      Segments' assets	6,663	6,427	918	11,938	25,946	-	25,946
      Segments' liabilities	13,979	6,538	642	1,950	23,109	-	23,109
      Current tax liabilities	-	-	1	17	18	-	18
      Total liabilities	13,979	6,538	643	1,967	23,127	-	23,127

   2. Statement of the financial position

      427

3. Changes in the composition of the Group

   Changes in the consolidation perimeter of Zagrebačka banka Group

   No changes in the consolidation perimeter of Zagrebačka banka Group in 2025.

4. Share capital

   Authorised and issued	31 March 2025		31 December 2024
   Issued share capital (EUR million)	850		850
   Number of shares	320,241,955		320,241,955

   Ordinary shares carry voting rights at shareholders' meetings, subject to a minimum shareholding of one share. The Bank does not have preference shares.

   The shareholder structure of the Bank as at 31 March 2025 and 31 December 2024 was as follows:

   			%
   	31 March 2025		31 December 2024
   UniCredit S.p.A.	96.19		96.19
   Other	3.81		3.81
   	100.00		100.00

   Consolidated Annual report of UniCredit S.p.A. Milan is publicly disclosed and available on the web.

5. Basic and diluted earnings per share

   For the purposes of calculating earnings per share. earnings are calculated as the profit after tax attributable to equity holders.

   		EUR million
   	31 March 2025	31 December 2024
   Profit after tax attributable to equity holders	151	555
   Weighted average number of ordinary shares	320,294,443	320,279,945

   Basic and diluted earnings per share (expressed in EUR per share)

   1.88 1.73

6. Risk management

   The major risks to which the Group is exposed are:

   • credit risk,

   • liquidity risk,

   • market risks and

   • operational risk.

   Information on the nature of the Group's exposure to risks, as well as on the methods used by the management to identify, measure and manage risks are in more details disclosed in the latest annual financial statements.

   Stress tests and multiple scenarios sensitivity analyses are performed. They are calibrated based on reasonable and realistic estimates and assumptions. Results confirm that the Group has a strong capital and liquidity positions, which are also in stressed conditions above the regulatory and internal thresholds.

   
   
   
7. Measurement of fair values

Fair values are categorised into different levels in a fair value hierarchy based on the inputs used in the valuation techniques, as follows:

• Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities,

• Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices),

• Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).

The Group recognises transfers between levels of the fair value hierarchy at the end of the reporting period during which the change has occurred. More information about the assumptions applied in measuring fair values is disclosed in the last annual financial statements.

1. Measurement of fair values (continued)
   1. Financial instruments measured at fair value - fair value hierarchy

      EUR million

      Financial assets at fair value through profit or loss

      Debt securities held for trading

      Equity securities held for trading Financial assets mandatorily at fair

      value

      Derivative financial instruments Hedge accounting

      Fair value changes of the hedged

      items in portfolio hedge of interest rate risk

      Financial assets at fair value through other comprehensive income

      Debt securities at fair value through other comprehensive income

      Equity securities at fair value through other comprehensive income

      Total financial assets measured at fair value

      Financial liabilities at fair value through profit or loss

      Derivative financial instruments Hedge accounting

      Fair value changes of the hedged items in portfolio hedge of interest rate risk

      Financial liabilities measured at fair value

      Total financial liabilities measured at fair value

      31 March 2025 31 December 2024

      Level 1	Level 2	Level 3	Total	Level 1	Level 2	Level 3	Total
      -	-	-	-	-	-	-	-
      -	1	-	1	-	1	-	1
      -	8	3	11	115	5	3	123
      -	49	-	49	-	49	-	49
      -	116	-	116	-	99	-	99
      -	(4)		(4)	-	(19)	-	(19)
      -	170	3	173	115	135	3	253
      974	595	111	1,680	301	594	167	1,062
      -	-	1	1	-	-	1	1
      974	595	112	1,681	301	594	168	1,063
      974	765	115	1,854	416	729	171	1,316
      -	43	-	43	-	47	-	47
      -	128	-	128	-	160	-	160
      -	(6)	-	(6)	-	7	-	7
      -	128	-	128	-	126	-	126
      -	293	-	293	-	340	-	340

   2. Fair value of financial instruments not measured at fair value

      EUR million

      Fair value

      	Book value	Total	Level 1	Level 2	Level 3
      31 March 2025
      Financial assets at amortised cost	18,733	18,791	1,205	7,371	10,215
      Financial liabilities at amortised cost	22,508	22,502	-	732	21,770
      31 December 2024 Financial assets at amortised cost	19,095	18,417	939	6,530	10,948
      Financial liabilities at amortised cost	22,242	21,579	-	568	21,011

      Assumptions used in estimates and measurement of fair values are based on requirements of IFRS 13.

2. Commitments and contingencies Gross carrying amount Loan commitments given Financial guarantees given Commercial guarantees given

   Other commitments given

   Total EUR million 31 March 2025 31 December 2024

   Stage 1	Stage 2	Stage 3	Total	Stage 1	Stage 2	Stage 3	Total
   2,773	194	3	2,970	2,781	352	3	3,136
   382	33	9	424	394	35	10	439
   1,026	102	23	1,151	1,026	110	25	1,161
   43	2	1	46	41	3	-	44
   4,224	331	36	4,591	4,242	500	38	4,780

   EUR million 31 March 2025 31 December 2024

   	Stage 1	Stage 2	Stage 3	Total	Stage 1	Stage 2	Stage 3	Total
   ECL allowance
   Loan commitments given	(13)	(15)	(2)	(30)	(12)	(17)	(2)	(31)
   Financial guarantees given	(3)	(4)	(7)	(14)	(3)	(2)	(7)	(12)
   Commercial guarantees given	(12)	(7)	(11)	(30)	(14)	(7)	(12)	(33)
   Other commitments given	-	-	-	-	(1)	-	-	(1)
   Total	(28)	(26)	(20)	(74)	(30)	(26)	(21)	(77)

3. Events after the reporting period

There were no significant reportable events after the reporting period.