Operating activities

In the mass insurance segment, PZU:

changing PZU Uprawy (crop insurance) insurance offer, i.e.:

• meeting formal obligations by:
  • expanding the catalog of subsidized crops cofinanced by the state budget, including sunflower, phacelia, flax, hemp, leguminous fodder plants, herb and mustard;
  • introducing provisions on deductible for fruit crops from trees or bushes and for strawberries up to 35% of the sum insured;
  • changing the applicability period for the spring frost risk from April 15 to April 1;
• improving product competitiveness by:
  • expanding insurance coverage for legume crops by adding protection for fire risk at seed maturity;
  • expanding coverage to include partial damage to nursery crops;
  • adding a provision to determine the sum insured for straw that is in the field in the period of 14 days after harvesting;
  • reducing the minimum plant density for winter rye and winter barley accepted for insurance against the risk of negative overwintering effects;
  • reducing the minimum plant density for winter wheat and winter rye to qualify damage caused by the risk of negative overwintering effects;
• clarifying the provisions on the damage area by:
  • clarifying the definition of total damage in the scope of insurance of vegetables and ornamental plants;
  • adding time bands which depend on the date of sowing/planting ground vegetables and the value of the maximum percentage of damage for these time bands (in the scope of total damage caused to ground vegetable crops);

extending the PZU DOM (house insurance) insurance offer through a comprehensive modification of insurance coverage, implementation of new tariff principles and launch of new sales pathways; the most important changes include:

• changing the scope of coverage by:
  • leaving one insurance option in the “all-risk” formula;
  • including basic insurance coverage for breakage;
  • including burglary in the basic coverage of property insurance;
  • extending coverage to include failure of a photovoltaic installation and heat pump;
  • extending the coverage for pets (under household movable property insurance) beyond the insured location;
  • expanding the coverage of private TPL insurance to include coverage that was available in additional clauses, e.g. leased property, and to cover events related to the insured’s ownership of all real estate in Poland;
  • insuring fixed elements at new value;
  • increasing the age for a single-family house of non-combustible construction to 50 years for new value;
• implementing new sales pathways, including the introduction of new insurance proposal and policy templates, as well as the addition of new questions and estimated real estate value for apartments and single-family houses, so that the offer and sum insured are better tailored to the customer’s needs and the actual value of the real estate.

Additionally, in the second half of 2025:

• a number of definitions were simplified and clarified regarding the furnishings of the estate and the fixed elements of non-residential buildings. Portable medical equipment was also added to household movable property;
• the PZU DOM product was made widely available for sale at Bank Pekao;
• a new special PZU Rowerzysta (bicycle insurance) offer was introduced. Among other things, the policy provides support in case of accidents and burglary and theft of the bicycle. The basis of the PZU Rowerzysta product is ADD insurance. In the event of an accident while using a bicycle, it provides financial support, such as benefits for permanent injury, hospital allowance or reimbursement for additional medical treatment. The policy will also provide the client with access to assistance services in Poland. A bicycle can also be insured against burglary, such as from a single-family home or a cart. The sum insured is up to PLN 30 000. With a MOD insurance for bicycles, a client can also receive compensation for damage, destruction or loss of a bicycle caused by a fortuitous event (e.g. flood, fire, rescue operation), accident or robbery. The offer is available in the digital channel as well as at PZU branches and PZU agents;

refreshing the PZU Wojażer offer:

• extending one of the assistance services – asic Package; the service “Transportation of the insured’s body to the place of burial” will be provided regardless of the cause of the insured’s death (up to the sum insured for medical expenses and assistance insurance: Basic Package); until now, this service was provided only in the event of the insured person’s death as a result of an accident or sudden illness;
• introducing a ban on the sale of PZU Wojażer insurance for travel to the Russian Federation and Belarus due to the international sanctions imposed on these states and possible difficulties in the provision of medical and assistance services;
• providing a new way to contact the PZU Assistance Center to arrange medical assistance; currently, the customer can contact the PZU Assistance Center in two ways: by phone or by selecting the new option: Wojażer – Ask for Assistance on the website, where they will connect with a consultant after a few steps; it’s a convenient and often free form of contact (e.g. via Wi-Fi) based on mobile data transfer, especially useful in countries with high costs of telephone communications. Additionally, changes in the second half of 2025 included:
  • the limit for dental treatment costs was increased (PLN 2 thousand);
  • the limit for treatment related to pregnancy and childbirth up to the 32nd week was lifted;
  • ocean sailing was singled out in the catalog of high-risk sports;

Developing the offer of voluntary general TPL insurance, including expansion of the territorial scope of the policy, making the basic coverage more flexible and introducing coverage for intentional damage. Changes to the product also include an expansion of basic territorial coverage. It currently covers 30 countries – the territory of the European Union, Switzerland, Norway and Iceland. The new insurance release provides liability coverage for individuals, legal entities, business and non-business owners of property (e.g., owners of townhouses) and noncorporate entities such as general partnerships and limited partnerships. With the modification of general TPL, they can take advantage of the extended basic coverage, including liability for: business and property owned, the product marketed, tenant of the real estate and tenant of the movable property.

Making the range of insurance offered to small and medium-sized enterprises more attractive, including: refreshing the PZU Doradca, PZU dla wspólnot i spółdzielni oraz Towarzystw Budownictwa Społecznego general liability products. Consistent changes in the basic coverage across the three products allow the offer to be tailored to the individual client’s needs by being able to exclude product TPL or property tenant TPL from the basic coverage. The basic territorial coverage includes the insured’s TPL for damages arising in the territory of the countries of the European Union, Switzerland, Norway and Iceland. Included in the basic TPL insurance coverage is liability for damages for which the insured is liable, including, but not limited to:

• those arising from the transmission of infectious diseases including HIV, COVID 19;
• those related to the administration or management of roads;
• those resulting from the provision of maintenance services, cleaning of roads and roadside lanes, sidewalks, squares and parking lots;
• those caused to things brought in by hotel guests in connection with the liability of maintaining hotels and similar establishments;

Within corporate insurance, most changes which PZU focused on, involved making the offering more appealing for fleet clients and leasing companies, and continuously making cooperation with intermediaries more effective.

Major new products included:

• further development of pricing models for small and medium-sized fleets (up to 70 vehicles) through the use of further pricing variables and even better pricerisk matching in the fleet insurance segment;
• introduction of professional liability insurance for technology activities. The product is aimed at entrepreneurs in the information technology industry, especially those performing activities related to software and IT consulting. The subject of insurance is professional liability, i.e.: violations concerning technological and professional services or technological products;
• making the offer of general TPL insurance for businesses more attractive by expanding the coverage in the basic variant and introducing additional clauses dedicated to selected types of business activity. At the same time, the tariff was refreshed to better match the insured risk;
• further development and popularization of the Ryzyko PRO program, including for smaller clients.
• developing the platform https://mojafirma.pzu.pl
• mojaFirma.pzu.pl platform is becoming a strategic tool for institutional clients and their representative – brokers, enabling the comprehensive preparation of offers fully online, without unnecessary formalities, with 24/7 access and automatic risk assessment. Other insurance products were added to the previously implemented CARGO product, including CYBER insurance aimed at companies with revenues of up to PLN 100 million, with maximum coverage options of up to PLN 5 million in sum insured, TPL for drone operators, which is a new mandatory insurance introduced in 2025, and D&O insurance for smaller companies, covering companies with revenues of up to PLN 100 million, with sum insured of up to PLN 10 million.

In the area of financial insurance, PZU actively supports initiatives that help Polish companies grow while also benefiting the environment and helping to mitigate the adverse effects of climate change. Insurance guarantees provided by PZU are one of the instruments through which PZU supports clients and business partners by securing the performance of contracts in key areas such as energy, construction, and scientific and innovative activities. There is also ongoing cooperation with financial institutions and companies representing the defense industry.

In 1H2025, PZU implemented a simplified process for selling small guarantees, and in 4Q2025 started works on preparing an automated assessment pathway for customers applying for a low-amount exposure limit in the insurance guarantees product.

At the same time, PZU continued its cooperation with leasing companies for GAP financial loss insurance. In terms of mortgage payment insurance, it entered into an insurance contract with a new bank and continued cooperation with existing partners (including banks in the PZU Group). In order to mitigate emerging risks, PZU conducts constant monitoring of the portfolio and the impact of the geopolitical situation on the portfolio. On an ongoing basis, it is taking measures to mitigate emerging risks.

Activities of PZU Życie under group, individually continued and health insurance included:

• introducing new flexible terms with broader coverage and options in PZU na Życie Plus insurance. Changes to the product include no grace period for basic insurance and the ability to add additional packages (e.g., oncology, accident) and insurance for loved ones (spouse, children) under the same conditions;
• providing new service and sales functionalities that allow clients to modify their insurance much more easily, without having the need for contract renewals or filling out an accession declaration;
• expanding the coverage in group offerings for SMEs and extending the special offering in PZU Pod Dobrą Opieką insurance to the food service industry. The product is available in “PZU Ochrona i Zdrowie” and “PZU Życie Pod Ochroną” variants. The new solution for the SME segment expands benefits for selected industries (food service, in addition to the existing special offer for transportation and services), increasing the attractiveness of our offering. Group insurance for the SME sector at PZU remains a key component of the coverage system, providing access to life insurance and medical care in a “combined” formula (one policy and one premium);
• increasing the appeal of our offering for individual customers leaving group insurance, including with the introduction of additional insurance to individually continued insurance Support in the event of hospital treatment due to an accident. Thanks to our insurance, our clients can receive financial support to help cover the cost of treatment, rehabilitation, care or other ongoing needs to get their health back and be able to work again faster. PZU’s comprehensive proposition makes it possible to build a full customer coverage path throughout the entire period in which the consequences of an accident are being mitigated (accident insurance): from the benefit for the insured hospital stay, through the stay in the hospital rehabilitation ward, the benefit for the insured ICU stay and surgery, the benefit in the form of a pharmacy card, up to the reimbursement of medical expenses incurred due to the insured accident. The coverage applies worldwide and around the clock.

PZU Życie’s efforts in the area of individual protection insurance and protection and unit-linked insurance:

• development of the PZU Perspektywa na przyszłość insurance offer in the conservative variant by increasing the maximum age of the insured from 70 to 72 and reducing the minimum insurance period from 5 to 3 years;
• making the offer of PZU Ochrona Każdego Dnia term life insurance more attractive by better matching the premium to the risk of specific client groups, which translates into the ability to choose a higher level of insurance coverage for the same price;
• making available for sale at PZU branches a lifetime package insurance under the PZU Pakiet na Życie i Zdrowie product with people in the “silver economy” generation in mind. The new offering is an expanded scope of protection while tailoring the solution to the needs of this client group;
• introducing new additional insurance for treatment abroad, Leczenie za granicą, for both adults and children. The insurance covers the arrangement of treatment and costs, including personalized therapies that may not be available in Poland, up to €2 million. For malignant tumors eligible for personalized therapy, in both variants offered by PZU (Standard and Premium), coverage additionally includes molecular profiling and results analysis, medical care in line with recommendations of personalized therapy experts, and services to support further treatment options. PZU Życie has introduced a solution available in two variants and with expanded coverage, giving customers greater product availability. The insurance is offered to customers between 18 and 64 years of age who have individual basic life insurance with PZU or who are taking out one of the following insurances: PZU Perspektywa na Przyszłość, PZU Wsparcie Najbliższych, PZU Ochrona Każdego Dnia;
• engaging in efforts to change the current premium payment model in insurance linked to cash loans offered by PZU Group banks. A key element of this effort is the shift from a single insurance premium to a regular premium model, payable monthly. This solution contributes to the PZU Group’s resilience to fluctuations in the credit market. The process of adjusting the product offering at Alior Bank has been completed – the new regular premium life insurance product was implemented in May 2025. A similar product change was implemented at Bank Pekao SA in the second half of the year;
• expanding the offer of insurance with a guaranteed sum insured, PZU Pewny Profit and PZU Bezpieczne Jutro, offered in cooperation with PZU Group banks, to include additional insurance periods of 4 and 5 years (for the PZU Pewny Profit product) and 4 years (for PZU Bezpieczne Jutro). Sales with additional insurance periods in the banking channel began in November 2025 and will begin in February 2026 for Branches.

• the development of the Podróże travel insurance offering by extending coverage to include chronic diseases, and increasing sums insured in medical expenses and private TPL insurance. The new offer is available from June 2025;
• the improvement of the Twoje Auto i Twoja Mini Flota offerings by integrating MOD insurance with supplemental insurance, to make one convenient product; increasing the limits (i.a., in Szyby 24 i Kluczyki Plus) and expanding the SmartCasco coverage. The new offer is available from June 2025;
• refreshing the home and apartment insurance offerings through a major product overhaul, with update coverage, definitions, limits and sums insured. Autumn novelties included coverage against vandalism by a third party committing the act in the insured’s apartment, while being there with the insured’s consent, (insurer liable for damage up to PLN 10,000) or theft of movable property from a balcony, a garden belonging as property to the apartment, or from the land on which the insured’s single-family house is located. DOM insurance allows a great deal of flexibility, so coverage can be tailored to the customers’ needs. In addition, the scope of the Housing Assistance was clarified and expanded (implementation in January 2026).

• implementation of LINK4’s offerings into Lendi’s mortgage calculator in Q4 2025;
• introduction of the New Agent Zone, a tool that becomes the central module of agents’ work, allowing fast and efficient customer service without unnecessary paperwork or downtime;
• the launch of the Sales Academy, a program that supports the development of the competencies of our Agents and builds an effective, loyal sales network

Lietuvos Draudimas is the largest and the most experienced insurer, the leader of the Lithuanian insurance market and the largest insurance company in the Baltic Countries. The people of Lithuania have each year recognized Lietuvos Draudimas as the most trusted brand in the insurance sector. The brand is known to 90% of Lithuanian residents (Brand Survey 2024, KOG Institute). The Verslo žinios daily put Lietuvos Draudimas second among leaders in the financial sector and third among the top 500 Lithuanian business leaders (in 2024). By the end of 2025, Lietuvos Draudimas was operating in more than 80 branches across Lithuania, in both large cities and smaller towns, as well as through an online store. A professional customer service center and an electronic self-service website are available, where customers can conveniently report claims and handle other insurancerelated matters.

Since the beginning of 2025, the company has consistently continued to support the pursuit of stable growth, applying the principles of sustainable and safe lifestyles to both business activity and organizational culture. Lietuvos Draudimas has sought to ensure a secure future for its customers by listening to their needs, providing reliable and innovative solutions, and building long-term trust. The main goal was not only to provide the highest quality services, but also to be a trusted partner, supporting customers in making informed decisions. Cooperation with partners supporting sustainable development has also been strengthened.

Key initiatives supporting core business operations include:

• the launch of the first synergy between the insurances offered by Lietuvos Draudimas and PZU Litwa Życie, under which a client buying non-life insurance can receive additional life insurance protection. It is an innovative solution on the Lithuanian non-life insurance market;
• pursuing the Power project which delivers significant revenue and profit growth through the implementation of next-generation pricing methods, more accurate segmentation and risk selection at the customer level, and optimization of the risk assessment process;
• strengthening cooperation with car service providers, providing MTPL and MOD insurance customers with higher quality service and more convenient service, with a new digital claims processing platform launched at the end of 2025, available to selected repair shops, enabling the exchange of insurance data and faster claims processing;
• planning for the development of business analytics capabilities – supported by the new Flow project which uncovers new potential areas to test and redefine – with three pilot projects implemented, providing valuable insights into the differences between the needs and behaviors of different customer segments in the market;
• ensuring digital accessibility on all digital platforms: website, self-service, e-commerce and mobile app. Two new self-service innovations were offered: the ability for mass clients to upload photographs of their real estate themselves, and the ability to purchase MTPL through an automated cross-selling process;
• developing www.savasld.lt, a self-service portal allowing the online reporting of claims – the system allows the submission of essential documents and photos, as well as the use of remote inspection tools for damage assessment supporting the valuation (especially for claims under motor and property insurance) and automatic claims payments. All documents and the history of the claims service process are stored in the Saperion filing system;
• streamlining the process of claims handling and payment process as regards motor, accident, health and property insurance – the payment is processed automatically after the customer confirms in the selfservice portal www.savasld.lt that they agree to have the insurance benefit calculated by the loss adjuster paid to them;
• continuing the active management of auto claims with a high probability of cash settlement – introducing predictive modeling to increase detection of fraudulent cases;

PZU Litwa Życie operates in a highly competitive market with seven other life insurance companies. The company ranks third in the life insurance market in terms of aided awareness.

To support business operations:

• it implemented a project to transition into an asset management system; the selection and migration process was structured, and a new manager was selected based on past performance, cost efficiency and a transparent investment process;
• it launched an initiative to analyze market trends, the level of competition, customer expectations and the demand in the area of retirement solutions, and to identify potential benefits for portfolio development;
• in order to strengthen brand awareness, it has launched work on positioning the www.pzu.lt website. These include headline optimization, link management, content creation, external link building and also publishing articles on news portals.
• it launched a project involving cooperation with Lietuvos Draudimas on digital sales, and since November PZU Litwa Życie products have been positioned on the Lietuvos Draudimas self-service platform;
• it has continued improving the functionality of the self-service system, with the focus on optimizing administrative processes and on changes to improve customer service.

AAS BALTA is a leading provider of non-life insurance in Latvia. For more than three decades, BALTA has consistently delivered value, built customer trust and adapted to emerging trends, maintaining its leadership status in terms of volume, customer recognition and brand reputation. Of all the insurance entities in the market, BALTA has the strongest brand recognition, and also maintains the top position in first-choice preferences, which strengthens the company’s dominant position in the market and allows it to build an extensive customer base. BALTA’s commitment to sustainability is evident in its responsible business practices and active support for local communities. In 2025, an ESG strategy for 2025–2030 was adopted, setting the direction in which the company will lead on environmental, social and corporate governance issues.

In support of business activities:

• in response to a growing number of scams (fake investment platforms, romance scams, text messages with links triggering payments to scammers), it developed a digital risk insurance product to protect customers if they lose money due to fraud;
• it strengthened its leadership position in the third party liability insurance market with a newly developed D&O insurance product;
• as part of social responsibility activities, it introduced the “Safe from Day One” dedicated to parents who want to insure their newborns against accidents free of charge for the first year and receive discounts for subsequent years, and it continued the “Crazy Safe Summer” campaign, providing free insurance against accidents during the summer for more than 26,000 children in Latvia, including children from Ukraine;
• it carried out work to streamline the claims handling process, with a prompt payment process fully implemented in the area of health insurance for cases handled automatically, and it expanded the automation process for handling MOD insurance claims;
• in June, it launched a campaign to promote sustainable solutions in the event of damage to a car windshield – repairing it instead of replacing it with a new one – and the results of the campaign indicated a significant increase in windshield repair rates;
• it optimized the functionality of self-service platforms and mobile applications for clients to ensure that products and services are available to as broad an audience as possible;
• it revised its Sustainable Development Policy to clearly define priority areas based on the UN Sustainable Development Goals and clarify the basic principles of sustainable development. These include not only ethical business practices and responsibility to the climate and environment, but also responsible risk management, social safety, well-being and development, and creating positive experiences for employees and clients.

Lietuvos Draudimas’ Estonian branch was operating in 2025 under conditions significantly different from before due to the transformation of the local insurance market. Of key importance was the introduction of a new tax on purchased cars, which changed the dynamics of vehicle sales and consequently affected the structure of the motor insurance portfolio. In addition, a decline in rates was observed in this segment, forcing an adjustment in the pricing strategy and a focus on operational efficiency and diversification of offerings.

The company focused on product development and attracting new customers:

• since January, policies have ceased to be e-mailed to clients after they have been purchased from the online store; instead, clients are redirected to download documents from the self-service portal;
• in order to increase motor insurance sales, promotional campaigns were implemented in estores of PZU („PZU E-Store”) and SEB;
• work has been completed on a new MTPL+ insurance product for older cars and small vans, which can be purchased through online channels (PZU e-store and SEB e-store). The MTPL+ package covers three additional insurances – road accident, collision with a large wild animal and PZU roadside assistance. Vehicle owners thus have the opportunity to purchase additional MOD insurance to their MTPL insurance;
• in November 2024, the law requiring compulsory medical malpractice professional indemnity insurance (MedMal) for medical providers came into force, and PZU Estonia was the only insurance distributor in this market; in 2025, the product was optimized, and in addition, the renewal process was fully automated;
• work continued on the integration of CABAS (tool used to estimate costs of damage repaired under motor insurance claims) and TIA (the underlying production software) tools, so that claims valued in CABAS can be automatically validated. The system is expected to be operational in 2026.

PZU Ukraine continued to operate in the insurance market despite the ongoing armed conflict. In 2025, work was carried out to update its insurance products to comply with the requirements of new insurance regulations.

Measures were implemented, based on analysis of tariff adequacy results and market conditions, to improve profitability:

• insurance terms and tariff creation rules for the MTPL product were updated, technical assistance service was canceled, and a portfolio analysis was conducted to identify unprofitable fleets;
• pricing in travel insurance was updated, and commission levels were modified;
• a number of changes have been made to health insurance: to the general terms and conditions of insurance and the procedures for providing services to insured persons;
• a new online store was successfully launched at the start of Q2, ensuring continuity of client service during the transition from the previous store to the new one;
• cooperation with brokers was expanded in the areas of comprehensive property insurance, cargo and car transport insurance, and the maintenance of the medical insurance portfolio;
• advertising campaigns were carried out for car dealers to increase awareness of the PZU Ukraine brand among the largest dealers in the market.

In addition, timely configuration of Cisco Firewall and WAF web applications is being carried out, and appropriate changes are being made to cyber defense processes, as required by the Security Service of Ukraine.

In 2025, PZU Ukraina Życie continued to provide life insurance services, ensuring the conclusion of new insurance contracts in all sales channels as well as the support and maintenance of the existing portfolio, including the constraints related to the armed conflict, as well as the support and servicing of the existing portfolio.

In 2025, the company intensified its new business policy: insurance underwriting was expanded, maximum sums insured were raised across all sales channels, and two new endowment products dedicated to the corporate sales channel were introduced.

As part of business operations in 2025, PZU Ukraina Życie:

• provided high-quality service to the existing portfolio of insurance contracts, timely and full payout of claims and redemption amounts, and continuity of contact center services;
• completed the implementation of exclusively alternative, paperless communication methods with customers across all sales channels, using e-mail, User Account, Viber, Contact Center and website inquiries;
• the option to send clients messages via the Viber messenger was introduced, including a personalized link to pay the insurance premium through the Easy Pay service, for agency and brokerage sales channels;
• insurance application forms were updated, and templates of both standard and indexed insurance certificates were refined and implemented for agency and brokerage sales channels, while work continued on preparing the necessary templates of insurance agreements for the corporate sales channel.

• a boom in the debt and equity markets;
• high sales activity in the secondary market of EPSs (52 acquisitions of EPSs);
• the development of the product portfolio and its modification, in particular the creation of two new closed-end funds: PZU FIZ Obligacji Korporacyjnych and PZU FIZ Private Debt;
• development of the inPZU service and offering and the support actions;
• systematic contributions as part of ECSs and EPSs;
• a regular increase in the number of savers under ECSs, EPSs and HPP;
• National Central Bank policy in the area of interest rates;
• declines in Polish bond yields, increasing their valuation;
• interest rate cuts by central banks.

In 2025, in the retail banking and private banking segments, the Bank focused on adapting services for individual customers, so that they could use the solutions more intuitively and in line with their expectations. Various groups of customers were supported, including younger people and those in the labor force, with solutions offered in response to their needs in everyday situations.

In 2025, a total of 497,500 Mega Beneficial Accounts and World Premium Accounts were opened, including 172,500 for customers under the age of 26. By the end of 2025, the Bank was serving 6.7 million individual customers, including 1.2 million under the age of 26.

In 2025, World Premium Account sales remained strong, with a total of 36,000 accounts opened dedicated to affluent customers depositing a minimum of PLN 200,000 in the Bank’s savings products. More than 21,000 of these accounts were opened by new customers.

Among the account’s most popular benefits were an attractively priced Premium Savings Account with promotions for new customers (e.g., 6% up to PLN 200,000 for 4 months), a special offer of 10,000 miles under the Miles&More program for the purchase and active use of a “Bison Credit Card,” or access to a wide range of savings and investment products, including the opportunity to purchase Treasury Bonds.

The Private Banking segment saw record acquisitions in 2025, with nearly 2 thousand new customers. Cooperation has also been established with more than 300 Family Foundations within the Family Office.

Sales results were significantly influenced by marketing campaigns carried out in 2025 for the Mega Beneficial Account with a high-interest Savings Account and the “Bargains with Bison” discount program. Clients were provided with the comprehensive package of “Superpowers on the go” solutions addressing the customers’ special needs related to travel during holidays and annual leaves. Innovative payment rings and the ability to purchase e-vignettes through the PeoPay app were very popular with customers. As part of its partnership with LOT Polish Airlines and Miles & More, activities promoting airline miles collection for transactions made with the Bison Credit Card were further pursued. The card is currently used by more than 34,700 customers.

In 2025, further editions of online account opening promotions were carried out, under which clients who met the conditions of the promotion, i.e. actively used a debit card and gave marketing consents, could receive appealing bonus transferred to their account of up to PLN 400.

Intensive efforts aimed at building the Bank’s brand image among young customers were made, such as supporting the passions of its customers – sports, gaming, music (e.g., Bank Pekao was a partner of the Bittersweet Festival in Poznań). It actively promoted card sales and the PeoPay application among young clients, introducing new card images inspired by gaming, and offering a special rewards catalog and promotion for people registering a card with such an image as part of the Mastercard Priceless Moments program. In addition, the Bank offers the Mega Beneficial Account for customers between the ages of 18 and 26 free of charge. Furthermore, the “ABCs of Saving” guide has been made available to help young customers learn how to consciously manage their finances and make responsible financial decisions.

The Bank was active in promoting sales of accounts for children and the youth. Parents were encouraged to open their child’s first account through dedicated and appealing special offers, including attractive interest rates on the My Sweetie savings account. Savings accounts were in high demand among individual customers in 2025, with cyclical special offers for new customers and holders of Savings Accounts and Premium Savings Accounts with an appealing interest rate of 7.0% for 4 months up to PLN 100,000, which translated into an increase in the total balance in savings accounts by the end of December 2025 by almost PLN 2.1 billion (+7.5%).

Customers who prefer traditional forms of investment were offered a wide range of term deposits with attractive interest rates. Deposits were available both through remote channels (e.g., Lokuj z Nami, Lokata dla Ciebie) and in branches. Customers were also interested in savings products for children under the age of 18, including My Sweetie accounts and Piggy Banks, allowing savings to be set aside for specific purposes.

In 2025, very good sales results were achieved in cash loans. They amounted to PLN 7.4 billion in terms of net volume, up 17% from 2024. The gross value of new contracts signed amounted to PLN 8.9 billion.

High sales and a high share of net volume in the value of signed contracts (new financing provided to customers) translated into a 13.1% y/y increase in the value of the cash loan portfolio. In 2025, record sales of electronic cash loans were achieved, at PLN 6.0 billion, or +25% y/y. There has been a consistent increase in the share of loans granted remotely through the Pekao24 service, in the PeoPay mobile application and through the Bank’s hotline.

Sales processes were developed, focusing on customer convenience by implementing new loan offers and solutions that simplify obtaining financing and transferring loans from other banks and at the same time raise the level of security.

In 2025, new solutions were implemented to make it easier for customers to take advantage of cash loans, including:

• an increase in the limit of the loan available without the spouse’s consent to PLN 100,000;
• a new Risk-Based Pricing policy model that enables offering a lower price to customers with the best risk profile;
• new consolidation processes, making it easier to transfer a loan to Bank Pekao or combine the installments paid in Pekao, which allows customers to reduce the amount of installments paid or obtain additional financing;
• new regular premium CPI insurance for cash loans;
• very competitive pricing terms for loans on offer.

Bank Pekao is the only bank in Poland to offer tuition loans to cover paid medical studies. Students can apply for a loan at the beginning of each semester and benefit from interest rate subsidies, a guarantee provided by BGK, and potential full or partial forgiveness. To date, nearly 5,700 customers have taken advantage of the loan, for a total amount of more than PLN 1.26 billion, of which nearly PLN 420 million has already been disbursed for semester loan tranches.

In 2025, sales of mortgage loans reached PLN 10.8 billion, a 35% y/y increase compared to PLN 8.0 billion in sales of standard loans in 2024 (excluding PLN 3.3 billion in loans under the “Bezpieczny Kredyt 2%” (Secure Loan 2%) sold in 2024 under the government’s housing support program).

The mortgage offerings have been continuously updated and adapted to changing market conditions and clients’ needs. The offering was expanded to include, among other things, products for the uniformed services and for customers refinancing loan obligations from other banks. Preferential terms were also introduced for loans of more than PLN 500,000, allowing the Bank to reach out more widely to wealthier customers, from larger cities, with specific financial needs.

October 2025 saw the launch of the new PZU Dom housing insurance, available both as a product linked to a mortgage loan and as a stand-alone product for all customers.

In 2025, in bancassurance, Bank Pekao has expanded its offerings with two new insurance products available in all distribution channels: regular premium CPI insurance linked to the PEX product, and PZU DOM real estate insurance with broad coverage, available both as part of the mortgage loan, and stand-alone.

Intensive marketing efforts and personalized communication using the CRM system have been carried out to increase the customers’ awareness of the insurance offerings and current special offers, including those concerning travel or motor insurance during the holidays.

Insurance products were increasingly popular with customers, and high y/y sales growth was achieved in insurance not linked to bank products. The number of standalone policies sold in 2025 was 80% higher y/y. The sales growth rate for motor insurance was +58%, and for travel insurance, it was +86% y/y.

The share of mortgage loans sold with insurance (for which such an offer may have been available) remained at a stable high level of 94.2%. For the number of cash loans sold, the share was 34.3%. In 2025, insurance policies worth more than PLN 820 million in premium written were sold, a record level in the Bank’s bancassurance area. The bancassurance market share was 16.2% at the end of 2025.

Corporate banking includes the small and medium-sized enterprise (SME) segment and the medium-sized corporation (MID) segment. In this area, automation and digitization efforts continued in 2025, also with the development of new functionalities in electronic banking and increased scope of customer self-service. Focusing on streamlining processes and improving the quality of service, competitive advantages in the SME and MID segments were strengthened, further improving the Bank’s position in the market.

Corporate banking includes servicing large corporations and major groups of companies, public sector clients, financial institutions, commercial real estate and specialized financing, as well as clients of the Brokerage House. In the Corporate Banking segment, the focus was on the development of individual business areas, using modern tools that support the work of advisors, product specialists and analysts. At the end of 2025, more than 7,000 corporate customers were served. Gross corporate loan volume amounted to 64.8 billion (+10% y/y), while loans to the public sector stood at 11.5 billion (+10% y/y).

The Pekao Mutual Fund Management Company (Pekao TFI) is member of the Pekao Group. It is the longestoperating mutual fund management company in Poland. It offers modern products for investing in the domestic and foreign markets. The company establishes savings programs, including solutions under the third pillar of Poland’s pension system, and also provides portfolio management services and operates Employee Capital Schemes. Pekao TFI is listed in the ECS registry and its offerings are available at  www.mojeppk.pl.

As at 31 December 2025, the net asset value of Pekao TFI’s investment funds (including Employee Capital Schemes) totaled PLN 41.2 billion, up by PLN 9.0 billion or 28.1% compared to the end of December 2024.

In 2025, Alior Bank implemented the Bank’s strategy in the development of digital sales channels and cooperation with PZU Group.

Alior Bank has released a new simplified process for applying for additional funds as part of an external loan or consolidation, aimed at clients who have a calculated pre-approved limit. The process is available both on Alior Online and on the Alior Mobile app. The focus on the continuous development of online processes and offers was reflected in the clients’ growing interest in the loan sales processes available online. In 2025, their volume sales increased by 40% compared to the previous year.

In H1 2025, as part of a cross-selling strategy with PZU Group, life and unemployment insurance with a monthly premium was implemented in response to client needs.

Alior Bank gradually adjusted its cash loan price offerings, taking care of their profitability and competitiveness with the other offerings available on the market. Fixed-rate products continued to be the most popular with clients, giving them the comfort of predictability in the costs associated with their loan agreements.

In Q2 2025, Alior Bank launched a multi-channel marketing campaign for a new cash loan offer with a fixed interest rate of 9.00%. The special offer was available to individual clients who did not have cash loans or consolidation loans at Alior Bank on the date of application. Activities included communication through various channels, such as television, the Internet, social media, media in sales networks and micromarketing activities. In addition, internal communication channels such as Alior Online, Alior Mobile, SMS and push notifications were used. The offer was very popular, hence it attracted new clients.

In Q3 2025, the New Offer Model was introduced, reducing the number of offers and unifying them across all channels, making the list of loans and credits more transparent to the client in terms of availability of offers. The next step was to continue the marketing campaign for a cash loan with a fixed interest rate of 8.79% for clients who did not have cash loans or consolidation loans at Alior Bank in any of the 36 months preceding the month of application. In addition, at the beginning of December, the interest rate on this offer was reduced by an additional 1 p.p. for consolidation loan amounts of PLN 100,000 and above.

Alior Bank’s 2025 cash loan sales volume is up 20% over the previous year.

A credit card with a credit limit for any purpose is a product for an individual client available in all distribution channels: landline channels, telephone channels, as well as Alior Mobile and Alior Online. This is a form of deferred payment with the possibility of an interest-free period of up to 59 days for card payments and transfers, provided the debt is paid in full on time. In 2025, the Bank continued to promote the following credit cards: Mastercard OK! and Mastercard TU i TAM, the main benefit of which is reimbursement for card payments (charged accordingly at selected retail and service outlets in the case of Mastercard OK! and for transactions in a currency other than PLN in the case of Mastercard TU i TAM, additionally, the Mastercard TU i TAM credit card offers preferential currency conversion, i.e. settlement in over 150 currencies with no fees charged by the Bank). For Private Banking clients, the Bank offers the World Elite card with a higher limit and a package of services: Mastercard Concierge, an extensive package of travel insurance and assistance services, and Priority Pass, meaning access to airport lounges. The World Elite card is available without an issuance fee thanks to the continued in 2025 “No Card Issuance Fee to Start” promotion.

In 2025, the Bank continued to develop credit card sales through electronic and mobile banking (Alior Online and Mobile). Personalized limit offers were made available, and until 30 September 2025, clients could additionally take advantage of the „Card for 6+ on KLIK” promotion with the reward of an additional cashback of up to PLN 600 within the first 6 months of starting the contract. Within Alior Online and Mobile, clients have the option to launch an installment plan using their credit card, with a proposal to spread the transactions made into convenient installments.

Alior Bank saw a significant increase in mortgage sales in 2025, compared to 2024. During this period, Alior Bank offered clients a new version of its flagship special offer “Your Own Place, Wherever You Are” and also introduced new proposals: a special offer aimed at clients being employees of the uniformed services – “Own Place for the Uniformed Services” and a mortgage loan refinancing offer – “Refinance with Alior Bank.” As a consequence of the drop in interest rates, the Bank saw a rapid increase in mortgage loan sales.

Alior Bank’s offer includes mortgages in both variable rate and periodically fixed rate variants with a term of five years. In the structure of sales in H1 2025, the share of the periodic fixed rate reached nearly 90%. The sales structure is dominated by broadly defined housing purpose related to financing housing needs.

Alior Bank also actively participates in the “Apartment Without Down Payment” program, offering its clients the opportunity to finance up to 100% of the investment costs associated with their housing goal under the portfolio guarantee line of the Government Housing Fund (PLG-RFM) and, upon meeting certain conditions, to benefit from family repayment.

One of the primary acquisition products in the savings area in 2025 at Alior Bank was the Mega Savings Account. In January 2025, a new version of it was introduced, with an attractive rate in the market for both new and existing clients. In July 2025, the offer of savings accounts was expanded to include the Start Savings Account.

In addition, clients with a Personal Account were still able to activate the benefit of a higher interest rate on their savings account. The offer of savings accounts with promotional interest rates was supplemented by:

• the “Family 800+” variant, intended for clients who have applied for a parental benefit through Alior Online or whose personal account at the Bank has been credited with a benefit from the “Family 800+” program;
• the “Bonus for the Young” variant, intended for holders of the Like-Minded Account who are at least 13 years old but under 18, and from November 2024 also for children between the ages of 7 and 12.

In 2025, Alior Bank also offered term deposits with fixed rates in PLN, USD and EUR to retail clients. Clients could choose the optimal option of the savings period and open a deposit in a selected distribution channel (including Alior Online and Alior Mobile). Clients showed the greatest interest in deposits for new funds in PLN. Continuing efforts to digitize clients, a mobile deposit was offered, available exclusively on Alior Mobile for new users of the app. A Start Deposit dedicated to new clients opening a personal account with the bank was made available from April to July 2025. At the same time, the Bank was developing its retention offerings both in digital channels and in branches.

In the area of bancassurance in 2025, Alior Bank received the highest premiums written from offering investment and savings life insurance from the PZU Group’s offering. The Bank offered Individual life insurance with insurance equity funds “Multi Capital II”, under which clients can take out a life insurance policy and also have access to a number of insurance equity funds with different investment strategies, geographical region of the investment, profit potential and investment risk levels, as well as Individual life and endowment insurance “Safe Tomorrow” with a guaranteed sum insured, which has been extended to allow clients to choose a 48-month insurance period. The total earned premium volume from the two types of insurance in 2025 was more than PLN 400 million.

Regulatory product implementations have been an important issue in bancassurance. In 2025, Alior Bank focused on changing its model for offering insurance for cash loans from premiums payable in a single payment to premiums payable in monthly installments. In February 2025, individual accident insurance and unemployment insurance for borrowers of Alior Bank’s cash loans were implemented from PZU, while in May, the individual life insurance provided by PZU Życie for borrowers of cash loans from the Alior Bank was changed. An important implementation was the release of a new microservice facilitating the insurance sales model for cash loans in Q4 2025 in remote channels.

The stand-alone insurance products not linked to bank products, i.e., travel, motor and real estate insurance available online, continued an upward trend; these are products which are very important for the development of the bancassurance offering. Sales of these insurances were supported by marketing campaigns based on promotions and discounts, among other things. There was a particularly high increase in the number of policies sold for PZU Wojażer travel insurance. Starting in H2 2025, PZU NNW Edukacja insurance has been added to the range of insurance products that can be purchased through Alior Bank, with the youngest ones in mind.

The Bank also offered group insurance as an added benefit to its banking products. These included assistance and travel insurance under the Like-Minded Account, travel insurance linked to World Elite credit and debit cards, and group insurance for installment loans.

The bank continues its strategy based on offering primarily insurance in the so-called individual model, in which it acts as an insurance intermediary and receives remuneration in this respect. The group model, in which the Bank is the policyholder, is used for products that are free of charge to the client, complementing the parameters of a given banking product and providing additional benefits to the client.

In the retail segment, Alior Bank also offers installment loans. In 2025, cooperation with additional Partners in the area of Consumer Finance was successfully expanded, which allowed the Bank to significantly increase the reach of its offerings. The implementation of key initiatives undertaken as part of the Bank’s Strategy continued, with a focus on maintaining and strengthening its leadership position in the installment loan market.

In 2025, activities in the business segment, in the face of changing market conditions and growing business expectations, focused on the implementation of strategic priorities that allow us to build a solid foundation for further growth, while ensuring the security and profitability of operations. Key initiatives included expansion of RES financing offerings, implementation of a new online banking project, automation and development of online sales processes, allowing entrepreneurs to open accounts on their own.

Alior Towarzystwo Funduszy Inwestycyjnych is part of the Alior Bank Group. The company was established in 2010, originally as a brokerage house, focusing primarily on asset management services.. In 2015, the company was transformed into an investment fund company, and took over the management of the ALIOR SFIO an investment fund. In the past, it was listed on the NewConnect market. Alior Bank gradually increased its capital involvement in the company, ultimately acquiring 100% of the shares and delisting the company from public trading.

Currently, Alior TFI’s activities focus on the management of ALIOR SFIO, an investment fund whose main distributor of participation units is Alior Bank. The company also holds a license to manage portfolios comprising one or more financial instruments.

As at 31 December 2025, the net asset value of Alior TFI’s investment funds totaled PLN 4.8 billion, up by PLN 1.5 billion or 48.0% compared to the end of December 2024.

PZU Pomoc provides auxiliary services to PZU Group companies:

• Managing the PZU repair network;
• organizing motor assistance services for LINK4 and InterEurope (a company outside the PZU Group), and additionally, providing assistance services for SOS Ukraine;
• conducting salvage auctions and sales after loss and damage incidents;
• supporting technical claims handling in motor claims;
• handling assistance products for PZU and PZU Życie (among others, legal consulting, organization of assistance services);
• managing the loyalty program, PZU Pomoc w Życiu Club – more than 2.2 million club members at the end of 2025;
• managing PZU Sport in the form of sports and recreation subscriptions, the PZU Benefits platform, and operating a loyalty program for individual shareholders of PZU called Moje Akcje PZU.

PZU LAB is a company dealing with advisory services and assistance in the implementation of all kinds of solutions improving the security of the strategic corporate customers of PZU and TUW PZUW.

The company cooperates with numerous academic centers and experienced experts (local and foreign). Constantly seeks new and effective technological solutions to enable mitigation of the risks that have the greatest impact on the insurance activity.

The PZU LAB team has developed methods for cooperation with the existing and prospective customers. First, the engineers identify critical installation sites, simulate critical events such as fire, flooding or explosion, and determine their consequences. Then the possible scenarios and the methods of minimizing the negative consequences are discussed. Ultimately, PZU LAB engineers implement innovative technological solutions in client companies that are to improve their safety.

PZU LAB has implemented Poland’s first product certification system in property damage prevention. The purpose of the certification system is to improve the effectiveness of products deployed to ensure the safety of enterprises and thus to reduce the instances of damage and the scope of losses to company assets. Certified products are marked with the patented “PZU LAB Approved” logo.

The company conducts intense safety-related educational and promotional activities. At the initiative of PZU LAB, the Maritime Industry Safety Forum, the Energy Industry Safety Forum and the Wood Industry Safety Forum are held annually. Moreover, a series of training courses entitled “Pyramid of competences” was launched for all participants in the insurance market, aiming to increase the level of knowledge in risk management among businesses.

This approach signifies an evolution in customer relations. PZU ceases to be only a seller of insurance and becomes a risk management advisor.

PZU Finanse sp. z o.o. is a service company established to keep accounting ledgers for subsidiaries of the PZU Group (excluding PZU and PZU Życie and PTE PZU).

PZU Centrum Operacji provides services supporting the operation of PZU Group companies. PZU Centrum Operacji’s line of business is the provision of the following services:

• auxiliary services related to insurance and pension funds;
• constant intermediation in conclusion of insurance agreements, financial and investment agreements, and assistance agreements;
• Contact Center;
• Data Center;
• printing services;
• IT services;
• keeping the accounting records;
• human resources and payroll;
• brokerage in selling and redeeming investment fund participation units and titles, as well as investment advice with regard to such instruments.

The company’s line of business is investment activity through the investment of free funds and development activity in the construction of commercial real estate.

The company conducted the office and retail project in a prestigious location in Wroclaw at ul. Oławska 35 (Plac Dominikański) in a venue occupied for the past several decades by an office building owned by PZU. This project is partially intended for the PZU Group’s needs and partially for lease. The investment is intended partly for the PZU Group’s needs and partly for rental. Currently, the Company is engaged in the business of leasing office and retail space in the building.

The core business of the Company is the commercial rental of office and commercial space in the City Gate office building owned by the Company in Warsaw.

The services of the Conference Center are provided on a designated area of nearly 800 sq m; the scope of the services includes commercial rental of professionally equipped conference and training rooms for the organization of conferences, business meetings, training courses and seminars. The services of the Ogrodowa 58 Business Center are provided on a designated area of 1480 sq m; the scope of the services includes commercial rental of 135 modern workstations.

Since October 1999, the PZU Group has held an equity stake in Armatura Kraków and since November 2020, PZU has been the sole shareholder.

The business of Armatura Kraków lies outside the domain of financial and insurance services. The group is a leading manufacturer in the sanitary and heating industry in Poland. It specializes in the manufacture of bathroom and kitchen taps, aluminum central heating radiators, shower cabins and screens, and a wide range of valves