Zagrebačka banka Group unaudited financial results Q4 2025

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

   2. Balance sheet as at 31 December 2025

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

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

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

   6. Notes to the financial statements

We continued to deliver strong performance, supported by stable operating income and a cost base that reflects our commitment to operational excellence. Our capital and liquidity positions remain solid, and the credit portfolio is prudently managed with adequate provisioning.

We remain deeply connected to our community, actively supporting the economy and the society in which we operate. This is achieved through our leading role in financing loans across the market, by continuously investing in superior user experiences and the security of our solutions, by maintaining a resilient payment infrastructure, and providing a wide range of services to both corporates and individuals.

We are actively transforming our culture, driving simplification and digitalization across our organization and processes to ensure long-term sustainability. We continue to advance our ESG ambitions and remain fully committed to initiatives that generate positive environmental, social, and governance impact.

We are also dedicated to being an employer of choice by supporting our people through comprehensive work-life balance and wellbeing initiatives, fostering an environment in which our employees can thrive both professionally and personally.

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

• Operating income: EUR 1,042 million
• Operating expenses: EUR 357 million
• Profit before impairment and other provisions: EUR 669 million
• Impairment and other provisions: EUR 12 million
• Loans and advances to customers : EUR 15,867 million
• Deposits from customers : EUR 21,646 million

1. Management report for the period from 1 January to 31 December 2025 (continued) Operating income amounted to EUR 1,042 million, increased by EUR 2 million (+0.2%) Y/Y:

   • Net interes t income amounted to EUR 693 million, the decrease was EUR 31 million (-4.3%).

   • Net fee and commis s ion income amounted to EUR 257 million, increased by EUR 23 million (+9.8%).

   • Net trading and other income and expens es amounted to EUR 92 million, increased by EUR 10 million (+12.2%).

     Operating expens es amounted to EUR 357 million, at the same level as in first nine months of 2024. Cost to income ratio equals to 32.57%. Profit before impairment and other provisions amounted to EUR 669 million, decreased by EUR 7 million (-1.0%), as a result of the previously described movements in Operating income and Operating expenses. Impairment and other provisions write back amounted to EUR 12 million. Total assets of the Group amounted to EUR 28,370 million, higher by EUR 2,424 million (+9.3%) BoY.
     • Net loans and advances to customers amounted to EUR 15,867 million, increased by EUR 2,199 million (+16.1%) in retail and corporate lending.
     • Deposits from customers remain the key source of funding, reaching EUR 21,646 million. The increase of EUR 900 million (+4.3%) was primarily driven by the growth in retail deposits, confirming customer trust and the stability of the funding base.
     • Deposits from credit institutions at EUR 1,607 million, higher by EUR 777 million (+93.5%). Financial results for the period from 1 January to 31 December 2025

       Zagrebačka banka Group Income s tatement (EURm)			Δ 2025 vs 2024
       	2025	2024	EURm	%
       	1	2	3 (1-2)	4 (3/2)
       Interest income	898	955	(57)	(6,0 %)
       Interest expense	(205)	(231)	26	(11,3 %)
       Net interes t income	693	724	(31)	(4,3 %)
       Fee and commission income	315	284	31	10,9 %
       Fee and commission expense	(58)	(50)	(8)	16,0 %
       Net fee and commission income	257	234	23	9,8 %
       Net trading and other income and expenses	92	82	10	12,2 %
       Operating income	1.042	1,040	2	0,2 %
       Operating expenses	(357)	(352)	(5)	1,4 %
       Cash contributions to resolution funds and deposit guarantee schemes	(16)	(13)	(3)	23,1%
       Profit before impairment and other provisions	669	675	(6)	(1,0 %)
       Impairment and other provisions	12	(15)	27	(180,0 %)
       Profit from operations	681	660	21	3,2 %
       Share of profit from associates	5	6	(1)	(16,7 %)
       Profit before tax	686	666	20	3,0 %
       Income tax	(114)	(110)	(4)	3,6 %
       Net profit	572	556	16	2,9 %
       Attributable to equity holders of the Bank	571	555	16	2,9 %
       Attributable to non-controlling interests	1	1	-	-
       Net profit	572	556	16	2,9 %

       Financial results for the period from 1 January to 31 December 2025 (continued)

       Zagrebačka banka Group Balance sheet (EURm)			Δ 2025 vs. 2024
       	31 Dec 2025	31 Dec 2024	EURm	%
       	1	2	3 (1-2)	4 (3/2)
       Cash, cash balances at central banks and other demand deposits	3,558	4,878	(1.320)	(27,1 %)
       Financial assets at fair value through profit or loss	182	149	33	22,1 %
       Fair value changes of the hedged items in portfolio hedge of interest rate risk	(47)	19	(66)	(347,4 %)
       Non-trading financial assets mandatorily at fair value through profit or loss	123	123	-	-
       Financial assets at fair value through other comprehensive income	1,888	1,063	825	77,6 %
       Financial assets at amortised cost:	22,036	19,095	2.941	15,4 %
       Debt securities	2,867	1,917	950	49,6 %
       Loans and advances to credit institutions	3,302	3,509	(207)	(5,9 %)
       Loans and advances to customers	15,867	13,669	2.198	16,1 %
       Tangible and intangible assets	412	415	(3)	(0,7 %)
       Investments in subsidiaries. joint ventures and associates	12	17	(5)	(29,4 %)
       Other assets	206	187	19	10,2 %
       Total assets	28,370	25,946	2.424	9,3 %
       Financial liabilities held for trading	269	333	(64)	(19,2 %)
       Fair value changes of the hedged items in portfolio hedge of interest rate risk	(33)	7	(40)	(571,4 %)
       Financial liabilities measured at amortised cost:	24,637	22,242	2,395	10.8 %
       Debt securities issued	1,296	594	702	118.2 %
       Deposits from credit institutions	1,607	831	776	93.4 %
       Deposits from customers	21.646	20,746	900	4.3 %
       Other financial liabilities	88	71	17	23.9%
       Provisions for risks and charges	212	241	(29)	(12.0 %)
       Other liabilities	320	304	16	5.3%
       Total liabilities	25,405	23,126	2,279	9.9 %
       Equity	2,965	2,820	145	5.1 %
       Total equity and liabilities	28,370	25,946	2,424	9.3 %

       Zagreb, 6 February 2026

       Significant events and transactions

       Geopolitical tensions and market uncertainties

       At the end of December 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

       
       
       

       Ivana Lonjak Dam

       Stefano Gison

       
       
       

       Member of the Management Board Member of the Management Board

       
       
       

       Aleksandra Rašić

       Member of the Management Board Member of the Management Board

       Slaven Rukavina

       
       
       

       Member of the Management Board

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

   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.

   
   
   

   Jasna Mandac

   Member of the Management Board

   Additional info:

   Public Relations

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

3. Financial statements (TFI-KI statements)

1. General data as at 31 December 20251

   Annex 1

   ISSUER'S GENERAL DATA

   Reporting period:

   to

   Year:

   Quarter:

   Quarterly financial statements

   egis tration number (MB):

   Issuer's home Member State code:

   Entity's registration number (MBS):

   Pers onal identification

   number (OIB):

   LEI:

   Ins titution

   code:

   Name of the is s uer: Zagrebačka banka d.d.

   Pos tcode and town:

   Zagreb

   treet and hous e number: Trg bana Josipa Jelačića 10

   E-m ail addres s :zaba@unicreditgroup.zaba.hr

   Web addres s :www.zaba.hr

   Number of employees (end of the reporting

   Cons olidated report:

   (KN-not cons olidated/KD-cons olidated)

   Audited:

   (RN-not audited/RD-audited)

   Names of s ubs idiaries (according to IFRS):

   Regis tered office:

   MB:

   UniCredit Leas ing Croatia d.o.o.

   Samobors ka ces ta 145, 10000 Zagreb 1329162

   UniCredit Bank d.d.

   Kardinala Stepinca bb, 88000 Mos tar 7700822

   Allianz ZB d.o.o., Zagreb

   Heinzelova 70, 10000 Zagreb 1581864

   ZB eplus

   Samobors ka ces ta 145, 10000 Zagreb 1500937

   Bookkeeping firm:

   (Yes /No)

   (nam e of the bookkeeping firm)

   Contact pers on: Ferizović Antica

   (only name and s urname of the contact pers on)

   Telephone:

   E-m ail addres s :antica.ferizović@unicreditgroup.zaba.hr

   Audit firm: KPMG Croatia d.o.o.

   (nam e of the audit firm)

   Certified auditor:

   No

   RN

   KD

   4388

   10000

   307

   PRNXTNXHBI0TSY1V8P17

   92963223473

   80000014

   HR

   3234495

   4

   2025

   31.12.2025

   1.1.2025

   
   
   

   1 Average number of employees in head office and branch network of Zagrebačka banka dd in year 2025 amounts to 4,430.

2. Balance sheet as at 31 December 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	4,116,065,270
   Cash in hand	002	640,701,611	612,712,907
   Cash balances at central banks	003	3,934,055,331	3,216,493,254
   Other demand deposits	004	302,937,486	286,859,109
   Financial assets held for trading (from 6 to 9)	005	50,323,229	46,802,537
   Derivatives	006	49,617,381	45,987,126
   Equity instruments	007	705,848	815,411
   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	140,765,045
   Equity instruments	011	8,014,627	10,987,669
   Debt securities	012	114,502,610	129,777,376
   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	1,910,513,557
   Equity instruments	018	679,296	1,027,076
   Debt securities	019	1,062,099,245	1,909,486,481
   Loans and advances	020	0	0
   Financial assets at amortised cost (22 + 23)	021	19,095,154,147	21,334,714,481
   Debt securities	022	1,917,190,310	2,890,279,656
   Loans and advances	023	17,177,963,837	18,444,434,825
   Derivatives - hedge accounting	024	98,962,299	105,600,280
   Fair value changes of the hedged items in portfolio hedge of interest rate risk	025	18,748,406	-15,508,274
   Investments in subsidiaries, joint ventures and associates	026	17,380,880	13,651,947
   Tangible assets	027	355,595,861	360,982,182
   Intangible assets	028	59,400,641	56,411,723
   Tax assets	029	70,403,987	57,758,551
   Other assets	030	117,625,188	107,805,223
   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	28,235,562,522
   Liabilities
   Financial liabilities held for trading (from 34 to 38)	033	47,414,005	41,553,594
   Derivatives	034	47,414,005	41,553,594
   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	123,091,320
   Deposits	040	0	0
   Debt securities issued	041	0	0
   Other financial liabilities	042	125,582,615	123,091,320
   Financial liabilities measured at amortised cost (from 44 to 46)	043	22,242,219,824	24,606,978,090
   Deposits	044	21,576,765,195	23,246,361,094
   Debt securities issued	045	594,488,057	1,295,666,193
   Other financial liabilities	046	70,966,572	64,950,803
   Derivatives - hedge accounting	047	158,832,762	142,722,533
   Fair value changes of the hedged items in portfolio hedge of interest rate risk	048	7,317,606	-8,981,333
   Provisions	049	240,960,295	204,502,407
   Tax liabilities	050	17,593,208	11,069,315
   Share capital repayable on demand	051	0	0
   Other liabilities	052	286,574,660	286,499,326
   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	25,407,435,252
   Equity
   Capital	055	850,068,233	850,068,233
   Share premium	056	465,253,748	465,451,715
   Equity instruments issued other than capital	057	0	0
   Other equity	058	1,996,305	1,025,291
   Accumulated other comprehensive income	059	-9,685,310	4,370,041
   Retained profit	060	892,447,355	999,568,930
   Revaluation reserves	061	0	0
   Other reserves	062	61,175,022	61,175,022
   ( - ) Treasury shares	063	-268,443	-182,895
   Profit or loss attributable to owners of the parent	064	555,106,299	442,040,674
   (--) Interim dividends	065	0	0
   Minority interests [non-controlling interests]	066	3,996,660	4,610,259
   Total equity (from 55 to 66)	067	2,820,089,869	2,828,127,270
   Total equity and liabilities (54 + 67)	068	25,946,584,844	28,235,562,522

3. Income statement for the period from 1 January to 31 December 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	717,862,395	241,830,087	671,564,864	229,076,141
   (Interes t expenses)	002	173,685,622	59,433,127	153,004,274	55,253,975
   (Expenses on share capital repayable on demand)	003	0	0	0	0
   Dividend income	004	1,159,681	13,174	3,428,559	28,638
   Fees and commissions income	005	211,285,395	76,355,720	235,948,832	87,227,255
   (Fees and commissions expenses)	006	38,426,251	18,116,286	42,456,236	16,526,352
   Gains or (-) losses on derecognition of financial assets and liabilities not measured at fair value through profit or loss, net	007	-1,191,679	-1,191,679	146	47
   Gains or (-) losses on financial assets and liabilities held for trading, net	008	13,082,336	7,950,899	-4,310,170	3,836,220
   Gains or losses on non-trading financial assets mandatorily at fair value through profit or loss, net	009	-554,425	235,442	-293,896	-119,793
   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	221,335	104,560	288,970	42,506
   Exchange rate differences [gain or (-) loss], net	012	4,484,171	-1,778,838	24,308,617	3,201,548
   Gains or (-) losses on derecognition of of investments in subsidiaries, joint ventures and associates, net	013	0	0	-456,300	0
   Gains or (-) losses on derecognition of non-financial assets, net	014	925,495	328,676	1,311,203	798,096
   Other operating income	015	57,082,112	21,363,665	57,853,351	15,584,435
   (Other operating expenses)	016	9,588,811	1,516,789	6,118,374	2,090,786
   Total operating income, net (1 - 2 - 3 + 4 + 5 - 6 + from 7 to 15 - 16)	017	782,656,132	266,145,504	788,065,292	265,803,980
   (Adminis trative expenses)	018	211,608,073	70,859,158	209,773,887	70,611,950
   (Cas h contributions to resolution boards and deposit guarantee schemes)	019	6,310,704	2,123,524	6,747,256	2,257,750
   (Depreciation)	020	45,672,520	16,381,332	46,954,556	16,172,195
   Modification gains or (-) losses, net	021	0	0	0	0
   (Provis ions or (-) reversal of provisions)	022	-3,982,111	3,512,155	-15,044,274	3,028,323
   (Impairment or (-) reversal of impairment on financial assets not measured at fair value through profit or loss)	023	-20,388,889	-7,106,594	14,064,538	10,431,495
   (Impairment or (-) reversal of impairment of investments in subsidiaries, joint ventures and associates)	024	343,021	0	8	0
   (Impairment or (-) reversal of impairment on non-financial assets)	025	-253,515	87,155	-152,366	86,217
   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	4,515,129	1,966,181	4,118,411	1,241,129
   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	547,861,458	182,254,955	529,840,098	164,457,179
   (Tax expense or (-) income related to profit or loss from continuing operations)	030	91,636,099	30,629,705	87,216,386	26,895,315
   Profit or (-) loss after tax from continuing operations (29 - 30)	031	456,225,359	151,625,250	442,623,712	137,561,864
   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	456,225,359	151,625,250	442,623,712	137,561,864
   Attributable to minority interest [non-controlling interests]	036	532,658	173,476	583,036	211,371
   Attributable to owners of the parent	037	455,692,701	151,451,774	442,040,676	137,350,493
   STATEMENT OF OTHER COMPREHENSIVE INCOME
   Income or (-) loss for the current year	038	456,225,359	151,625,250	442,623,712	137,561,864
   Other comprehensive income (40+ 52)	039	18,848,999	22,172,074	14,051,802	989,429
   Items that will not be reclassified to profit or loss (from 41 to 47 + 50 + 51)	040	838,772	-38,243	-613,835	-1,307,404
   Tangible assets	041	948,562	-48,826	-1,075,599	-1,807,842
   Intangible assets	042	0	0	0	0
   Actuarial gains or (-) losses on defined benefit pension plans	043	0	0	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	21,426	3,142	317,850	214,885
   value through other comprehensive income, net	047	0	0	0	0
   other comprehensive income [hedged item]	048	0	0	0	0
   other comprehensive income [hedging instrument]	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	-131,216	7,441	143,914	285,553
   Items that may be reclassified to profit or loss (from 53 to 60)	052	18,010,227	22,210,317	14,665,637	2,296,833
   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	8,944,083	18,032,585	1,296,397	-712,989
   Hedging instruments [not designated elements]	056	0	0	0	0
   Debt instruments at fair value through other comprehensive income	057	12,172,794	8,354,323	16,263,070	3,460,033
   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	-3,106,650	-4,176,591	-2,893,830	-450,211
   Total comprehensive income for the current year (38 + 39; 62 + 63)	061	475,074,358	173,797,324	456,675,514	138,551,293
   Attributable to minority interest [non-controlling interest]	062	598,206	219,087	633,850	242,626
   Attributable to owners of the parent	063	474,476,152	173,578,237	456,041,664	138,308,667

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

   in EUR
   Submitter: Zagrebačka banka d.d.
   Item	ADP code	Sam e period of the previous year	At the reporting date of the current period
   1	2	3	4
   Operating activities - direct method
   Interes t received and s imilar receipts	001	0	0
   Fees and commis s ions received	002	0	0
   (Interes t paid and s imilar expenditures )	003	0	0
   (Fees and commis s ions paid)	004	0	0
   (Operating expens es paid)	005	0	0
   Net gains /los s es from financial ins truments at fair value through s tatement of profit or los s	006	0	0
   Other receipts	007	0	0
   (Other expenditures )	008	0	0
   Operating activities - indirect method
   Profit/(los s ) before tax	009	665,985,563	686,511,070
   Adjus tments :		0	0
   Impairment and provis ions	010	-14,541,433	-12,786,273
   Depreciation	011	60,749,706	62,041,473
   Net unrealis ed (gains )/los s es on financial as s ets and liabilities at fair value through s tatement of profit or los s	012	5,913,003	-2,482,588
   (Profit)/los s from the s ale of tangible as s ets	013	-1,495,415	-1,660,766
   Other non-cas h items	014	-692,450,491	-703,606,663
   Changes in as s ets and liabilities from operating activities
   Depos its with the Croatian National Bank	015	-1,163,418,957	1,162,352,548
   Depos its with financial ins titutions and loans to financial	016	-234,785,207	-928,128,682
   Loans and advances to other clients	017	-928,954,656	-2,184,232,801
   Securities and other financial ins truments at fair value through other comprehens ive income	018	-31,753,390	-781,423,002
   Securities and other financial ins truments held for trading	019	1,806,823	-269,057
   Securities and other financial ins truments at fair value through s tatement of profit or los s , not traded	020	-1,455,086	-3,711,850
   Securities and other financial ins truments mandatorily at fair value through s tatement of profit or los s	021	-30,667,416	2,339,641
   Securities and other financial ins truments at amortis ed cos t	022	-175,533,148	-974,868,673
   Other as s ets from operating activities	023	-21,992,992	-36,867,290
   Depos its from financial ins titutions	024	-56,618,587	277,280,093
   Trans action accounts of other clients	025	461,120,804	1,183,616,524
   Savings depos its of other clients	026	42,937,320	51,926,681
   Time depos its of other clients	027	213,694,018	-286,523,936
   Derivative financial liabilities and other liabilities held for trading	028	0	0
   Other liabilities from operating activities	029	-45,921,862	-28,455,178
   Interes t received from operating activities [indirect method]	030	922,021,935	854,054,372
   Dividends received from operating activities [indirect method]	031	0	0
   Interes t paid from operating activities [indirect method]	032	-226,539,431	-213,298,821
   (Incom e tax paid)	033	-116,994,174	-110,493,394
   Net cas h flow from operating activities (from 1 to 33)	034	-1,368,893,073	-1,988,686,572
   Inves ting activities
   Cas h receipts from the s ale / payments for the purchas e of tangible and intangible as s ets	035	-104,446,856	-61,190,486
   Cas h receipts from the s ale / payments for the purchas e of inves tments in branches , as s ociates and joint ventures	036	1,117,015	3,328,000
   Cas h receipts from the s ale / payments for the purchas e of s ecurities and other financial ins truments held to maturity	037	0	0
   Dividends received from inves ting activities	038	18,313	6,860,644
   Other receipts /paym ents from inves ting activities	039	0	0
   Net cas h flow from inves ting activities (from 35 to 39)	040	-103,311,528	-51,001,842
   Financing activities
   Net increas e/(decreas e) in loans received from financing activities	041	157,843,573	490,058,230
   Net increas e/(decreas e) in debt s ecurities is s ued	042	443,193,932	701,307,434
   Net increas e/(decreas e) in Tier 2 capital ins truments	043	0	0
   Increas e in s hare capital	044	0	0
   (Dividends paid)	045	-448,298,972	-448,319,918
   Other receipts /(paym ents ) from financing activities	046	0	0
   Net cas h flow from financing activities (from 41 to 46)	047	152,738,533	743,045,746
   Net increas e/(decreas e) of cas h and cas h equivalents (34 + 40 + 47)	048	-1,319,466,068	-1,296,642,668
   Cas h and cas h equivalents at the beginning of period	049	6,202,080,797	4,877,694,428
   Effect of exchange rate fluctuations on cas h and cas h equivalents	050	-4,920,301	-23,202,701
   Cas h and cas h equivalents at the end of period (48 + 49 + 50)	051	4,877,694,428	3,557,849,059

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

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

   		for the period from 31.12.2024	to 31.12.2025												in EUR
   Sources of equity changes	ADP code	Attributable to owners of the parent											Non-controlling interest		Total
   		Equity	Share premium	Equity instruments issued other than capital	Other equity	Accumulate d other comprehensi ve income	Retained profit	Revaluation res erves	Other res erves	( ) Treas ury s hares	Profit or ( - ) los s attributable to owners of the parent	(-) Interim dividends	Accumulated other comprehensi ve 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	197,967	0	0	0	0	0	0	0	0	0	0	0	197,967
   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	-687,500	0	0	0	0	-687,500
   Sale or cancellation of treasury shares	013	0	0	0	0	0	0	0	0	773,048	0	0	0	0	773,048
   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	-139,155	0	0	0	0	0	0	0	0	0	-139,155
   Other increase or (-) decrease in equity	019	0	0	0	0	6,773	221,726	0	0	0	-403	0	0	-326,157	-98,061
   Total comprehensive income for the current year	020	0	0	0	0	21,495,653	0	0	0	0	571,337,738	0	46,241	772,035	593,651,667
   Closing balance [current period] (from 4 to 20)	021	850,068,233	465,451,715	0	1,857,150	11,817,116	999,436,643	0	61,175,022	-182,895	571,337,335	0	407,817	4,080,962	2,965,449,098

6. Notes to the financial statements Significant accounting policies

914

b

1. Financial liabilities at amortised cost

   			EUR million
   	31 December 2025		31 December 2024
   Deposits from customers Households	13,611		12,842
   Non-financial corporations	6,016		6,061
   State and public sector	1,294		1,301
   Other financial corporations	725		542
   	21,646		20,746
   Deposits from credit institutions	1,607		831
   Other financial liabilities	88		71
   Debt securities is sued	1,296		594
   	24,637		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 December 2025	311	273	10	90	684	(3)	681
      31 December 2024	319	255	8	76	658	3	660

      b) Statement of the financial pos	ition
      						EUR million
      31 December 2025 Retail	Corporate	Leasing	Other	Total	Reconciliation	Financial
      	and			managerial	to financial	statements
      	Investment			reporting	statements
      Segment's assets 7,821	7,570	701	12,211	28,157	-	28,157
      Investments in associates -	-	-	12	10	-	10
      Deferred tax assets -	-	5	50	58	-	58
      Segments' assets 7,821	7,570	706	12,273	28,370	-	28,370
      Segments' liabilities 14,936	6,672	641	3,045	25,394	1	25,935
      Current tax liabilities -	-	1	10	11	(1)	10
      Total liabilities 14,936	6,672	642	3,055	25,405	-	25,405
      						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

      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

   Authoris ed and is s ued	31 December 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 30 June 2025 and 31 December 2024 was as follows:

   			%
   	31 December 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 December 2025	31 December 2024
   Profit after tax attributable to equity holders	571	555
   Weighted average number of ordinary shares	320,320,833	320,279,945

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

   1,78 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 as s ets 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 as s ets 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 December 2025 31 December 2024

      Level 1	Level 2	Level 3	Total	Level 1	Level 2	Level 3	Total
      -	-	-	-	-	-	-	-
      -	1	-	1	-	1	-	1
      113	8	2	123	115	5	3	123
      -	43	-	43	-	49	-	49
      -	138	-	138	-	99	-	99
      -	47		47	-	(19)	-	(19)
      113	237	2	352	115	135	3	253
      1,120	685	82	1,887	301	594	167	1,062
      -	-	1	1	-	-	1	1
      1,120	685	83	1,888	301	594	168	1,063
      1,233	922	85	2,240	416	729	171	1,316
      -	37	-	37	-	47	-	47
      -	124	-	124	-	160	-	160
      -	(33)	-	(33)	-	7	-	7
      -	108	-	108	-	126	-	126
      -	236	-	236	-	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 December 2025
      Financial assets at amortised cost	22,036	21,648	1,613	8,918	11,117
      Financial liabilities at amortised cost	24,637	24,618	-	265	24,353
      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

   	Stage 1	Stage 2	31 December 2025 Stage 3 Total		Stage 1	Stage 2	EUR million 31 December 2024 Stage 3 Total
   Gross carrying amount
   Loan commitments given	3.393	113	15 3,521		2,781	352	3 3,136
   Financial guarantees given	395	57	2 454		394	35	10 439
   Commercial guarantees given	1,225	54	11	1,290	1,026	110	25	1,161
   Other commitments given	23	1	-	24	41	3	-	44
   Total	5,036	225	28	5,289	4,242	500	38	4,780

   	Stage 1	Stage 2	31 December Stage 3	2025 Total	Stage 1	Stage 2	EUR million 31 December 2024 Stage 3 Total
   ECL allowance Loan commitments given	(23)	(8)	(14)	(45)	(12)	(17)	(2) (31)
   Financial guarantees given	(3)	(4)	(1)	(8)	(3)	(2)	(7) (12)
   Commercial guarantees given	(14)	(3)	(6)	(23)	(14)	(7)	(12)	(33)
   Other commitments given	-	-	-	-	(1)	-	-	(1)
   Total	(40)	(15)	(21)	(76)	(30)	(26)	(21)	(77)

3. Events after the reporting period

There were no significant reportable events after the reporting period.