Slides
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Warsaw, October 30th, 2025 9M’25 Financial Results New horizons for loan growth
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New horizons for loan growth Recurring net profit up 10% y/y Lending revival with 8% y/y loan portfolio growth Strong growth in digital channels Robust capital position 11
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Key achievements - financials Business achievements Macro & Financial results Appendix 2
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New horizons for loan growth Net profit reported ROE C/I incl./excl. BGF Tier 1 Assets Loan portfolio COR NPL PLN 5.2 bn 21.5% 34.5%/ 31.7% 15.6% PLN 338 bn +4% y/y PLN 199 bn +8% y/y 43 bps 4.5% 33
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Double-digit growth in lending in key strategic segments Cash loan volume Micro financing volume PLN bn PLN bn 3Q 24 3Q 25 3Q 24 3Q 25 12.5 4.9 13.9 5.7 +11% +15% 4 MID+SME financing volume PLN bn 3Q 24 3Q 25 38.9 44.0 +13%
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5 All our businesses contributed to 9M’25 performance Retail banking New sales of cash loans (net) Income from FX transactions Acquisition in MID segment New sales of Micro financing CustodyNew sales of SME financing Active mobile banking customers Debt issuance fees MID+SME financing volume +18% +18%+33% +14% +13%+15% +9% +12%+13% Enterprise banking Corporate banking Note: Enterprise Banking segment consists of former MID and SME segments 9M’25 (vs 9M’24)
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Key achievements - financials Business achievements Macro & Financial results Appendix 6
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Good start to the new strategy of Bank Pekao 7 R O E (%) C / I (%, incl./excl. BGF) Dividend² (%) Target 202 7 >18¹ <35 50-75 65-75CoR ( bps) Execution 9M’25 2 1 . 5 34.5/31.7 75³ 43 Strategic goals of Bank Pekao Bank Pekao Strategy 2025-2027 Growth Accessibility Efficiency ...the onlyway is up! 1 Assuming the NBP reference rate of 3.5% at the end of 2027 2 Dividend payout ratio 3 Dividend payout ratio from 2024 profit
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8 We systematically expand our offer for our clients Retail banking • Behavioral protection service – a free solution available in Pekao24 and the PeoPay app, designed to enhance client security against fraud attempts • “Reading Pays Off” educational campaign – aimed at helping teachers and parents foster reading habits in children while introducing financial education from the early stages of school • “With Wisent to the Stock Market” series – promoting corporate activity in the capital market • Expanded client onboarding functionality – available both in-branch and remotely • Revitalization of corporate digital banking – improvements in PekaoBiznes24 • New, revitalized mobile banking for businesses – PeoBIZ 2.0 • Simplification and shortening of client-signed documents • Introduction of VAT account application in the self-service area of PekaoBiznes24 Enterprise & Corporate banking
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Continued growth in active mobile banking customers – 85,000 new active users added in 3Q’25 Active mobile banking customers m PEX digital sales of total % 3Q 24 3Q 25 3Q 24 3Q 25 3.4 86 3.7 87 +9% +1 pp 3.5 m Number of active PeoPay users (+11% y/y) 9 – Behavioral protection – typing patterns, cursor movements, and finger swipes on the screen can be used to create an individual behavioral profile for each client, enhancing the security of data and funds in digital banking – Split Payment transfer series – Additional app activation security – a QR code displayed in the original app ensures safe activation on a new device – Usability improvements – optimizations to the screens for submitting instructions and requesting certificates
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We consistently support development of our clients 10 PLN 1 bn 5Y BONDS Co-Arranger, Additional Dealer EUR 134 m TERM FACILITY Agent and Security Agent Transactions EUR 740 m ESG KPI LINKED REVOLVING CREDIT FACILITY Mandated Lead Arranger PLN 61 m INVESTMENT LOAN Lender PLN 1 bn 7Y EUROBONDS Sole Arranger, Dealer PLN 153 m INVESTMENT FACILITY Mandated Lead Arranger PLN 600 m 3Y BONDS Co-Arranger, Dealer, Issue Coordinator PLN 100 m Loan for local government units Miasto Białystok
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Key achievements - financials Business achievements Macro & Financial results Appendix 11
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The Polish economy is gaining momentum, but “a four at the front” in GDP growth is now expected in 2026 12Source: Bank Pekao, Statistics Poland, NBP – The Polish economy is expected to accelerate in 2025, but to a lesser extent than previously anticipated. Due to a delayed start of the investment cycle and the ongoing weakness in European industry, we have revised down our GDP growth forecast for 2025 from 4.0% to 3.6%. Compared with our earlier assumptions, the contribution of private consumption will be significantly higher – we now project it to grow by 3.9% this year. – In 2026, growth is expected to further accelerate, supported by ramping up investment activity, monetary easing, and the first tangible effects of increased defence and infrastructure spending in Europe. GDP growth and its key components % y/y Weighted average GDP growth of Poland’s trading partners % y/y -15 -10 -5 0 5 10 15 20 2020 2021 2022 2023 2024 2025 2026 GDP Private consumption Investments -15 -10 -5 0 5 10 15 20 2005 2007 2009 2011 2013 2015 2017 2019 2021 2023 2025 Average 2005-19 -15 -10 -5 0 5 10 15 20 2020 2021 2022 2023 2024 2025 2026 GDP Private consumption Investments -15 -10 -5 0 5 10 15 20 2005 2007 2009 2011 2013 2015 2017 2019 2021 2023 2025 Average 2005-19
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Inflation is finally on target, and the MPC is expected to continue cutting interest rates CPI inflation with forecast NBP interest rate with expectations 13Source: Bank Pekao, Statistics Poland, NBP, Refinitiv, Bloomberg – Such favourable conditions for bringing inflation back to target have not been seen in several years: a strong PLN, lower energy prices, recent inflation surprises, slowing wage growth, and a generally disinflationary global environment. As a result, the outlook points clearly toward a return of inflation to target. – The direction for NBP interest rates is downward, with uncertainty only around the pace of cuts. The Monetary Policy Council is expected to cut rates once more this year and by 75 basis points next year. In our view, the terminal interest rate in Poland will be 3.5%, to be reached in the first half of 2026. % y/y % 0 2 4 6 8 10 12 14 16 18 20 2018 2019 2020 2021 2022 2023 2024 2025 2026 0 1 2 3 4 5 6 7 2020 2021 2022 2023 2024 2025 2026 CPI inflation Core inflation NBP reference rate Pekao forecast Market valuation Consensus 0 2 4 6 8 10 12 14 16 18 20 2018 2019 2020 2021 2022 2023 2024 2025 2026 0 1 2 3 4 5 6 7 2020 2021 2022 2023 2024 2025 2026 CPI inflation Core inflation NBP reference rate Pekao forecast Market valuation Consensus
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54 358 100 741 59 702 111 191 69 573 13 922 44 049 87 407 57 065 107 045 Double-digit growth dynamics in key loans – cash loans +11% and MID+SME loans +13% Retail loan volumes1 Corporate loan volumes2 PLN m PLN m Sep 2024 Jun 2025 Sep 2025 Sep 2024 Jun 2025 Sep 2025 66 575 12 526 38 893 82 898 68 629 13 516 42 472 85 906 +5.4% +10.4% 141 Gross loans 2 Gross loans, Corporate and Enterprise segments including leasing and factoring, excl. BSB and reverse repo transactions. – Total loans increased by 8% y/y – +5% y/y growth in retail loan portfolio, including: • +11% y/y growth in cash loan volume with PLN 1.9 bn in new net sales in 3Q’25 (+15%) • +5% y/y growth in mortgage loan volume with PLN 3.1 bn in new mortgage sales in 3Q’25 (+48% y/y) – Corporate loans up 10% y/y. Strong loan growth for enterprises (MID + SME) of 13% y/y and large corporate loan growth of 19% y/y 7 490 7 4403 912 7 5083 797 3 761 Consumer loans PLN mortgage loans MID+SMEOther retail loans Corporate loans Public sector +11.1% +4.5% +13.3% +9.8%
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121 389 130 118 Increase in total deposit base by 6% y/y and increase in volume of investment funds by 28% y/y Customer retail savings Corporate deposits1 PLN m PLN m Sep 2024 Jun 2025 Sep 2025 Sep 2024 Jun 2025 Sep 2025 153 973 146 288 30 216 36 513 38 719 151 858 +3.8% +28.1% +7.6% 15 – Total deposit base increased by 6% y/y, including retail deposits up 4% y/y – Record net sales of investment products exceeding PLN 15 bn in 9M’25 (+15% y/y) Retail deposits Mutual funds (Pekao TFI) 130 650 1 Including liabilities from securities issuance
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9 502 9 268 10 290 4.21 4.23 Dynamics excluding effect of payment moratoria 4.24 4.23 3 261 3 380 +81 3 461 Average WIBOR 3M 5.86% 5.85%5.86% 5.36% 5.86% 4.88%5.35% -9 bps+2 bps+5.2%+8.3% 3 414 4.29 -234 3 446 4.26 X X Effect of payment moratoria 3 430 4.15 Increase in net interest income by 8% y/y Net interest income Net interest margin (adjusted for effect of payment moratoria) PLN m % 16 3Q 24 4Q24 1Q 25 2Q 25 3Q 253Q 24 4Q24 1Q 25 2Q 25 3Q 25 9M 24 9M 259M 24 9M 25
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302 325 6.21% 6.01% 270 292 2.23% 1.98% +7.8% +8.0% 328 277 2.22 % 285 2.18% 323306 318 288 2.11% Interest on liabilitiesInterest on assets (without payment moratoria effect) +7.1% +7.2 % 325 292 2.01% 296 1.83% 6.07% 5.80% 6.16%6.25% 6.19% Increased business scale and lower cost of financing liabilities Interest-bearing assets Interest-bearing liabilities PLN bn PLN bn 17 3Q 24 4Q24 1Q 25 2Q 25 3Q 253Q 24 4Q24 1Q 25 2Q 25 3Q 259M 24 9M 25 9M 24 9M 25
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Lower sensitivity to interest rate changes 18 Interest rate risk profile – Natural sensitivity to falling interest rates resulting mainly from non-interest bearing deposits (15-20 bps NIM decline for 100 bps lower rates) – Consistently executed hedging strategy through fixed-rate securities and derivative instruments – ~90% share of periodically fixed-rate loans in new mortgage sales; share in total portfolio >35% – The actual sensitivity of net interest income to interest rate declines is mitigated by the ability to adjust term deposit pricing Assets Liabilities Capital Treasury bonds/ covid bonds Fixed rate/secured mortgages Current accounts Other deposits Other interest -bearing assets Other liabilities Exposure to interest rate changes ~15% of assets VARIABLE rate FIXED rate (inc. periodically fixed rate ) FIXED rate (for falling interest rates) VARIABLE rate (economically)
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Increase in net fee and commission income by 9% y/y Net fee and commission income PLN m 19 – Growing contribution of capital market-related income, including asset management, due to growth in investment fund assets – Positive effects of distribution of treasury bonds (PLN 10.6 bn in net sales in 9M’25, +30% y/y) Loans Cards FX commercial fees Bank account and other feesAsset management & brokerage 7874 776 713 3Q 24 4Q 24 1Q 25 2Q 25 3Q 25 +7.6% +0.3% 174162 146 179 152 206 184 134 73 -6.8%+1.3% +16.2%+6.5% +30.1% +29.0% +5.0% +6.1% 0.0% +2.0% y/y y/y 732 146 172 176 165 9M 24 9M 25 230 454 427 523 444 2 078 551 245 460 555 453 2 264 +9.0% 86 765 163 189 191 136 86 767 151 190 188 152
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Personnel costs Non-personnel, D&A costs 3 816 4 067 9M 24 9M 25 34.7 34.5 9M 24 9M 25 -0.2 p p 279 404 BGF and PFSA charges +6.6% 1 428 1 329 +10.1% +44.8% 30.8 32.8 +1.4 p p 263504 1 376 38.5 3Q 24 4Q 24 1Q 25 2Q 25 3Q 25 3Q 24 4Q 24 1Q 25 2Q 25 3Q 25 32.233.0 1 362 28 778 912 792 840 805 459 516 537 536 557 1 237 2 394 2 437 1 422 1 630 Personnel costs Non-personnel, D&A costs 3 816 4 067 9M 24 9M 25 34.7 34.5 9M 24 9M 25 -0.2 p p 279 404 BGF and PFSA charges +6.6% 1 428 1 329 +10.1% +44.8% 30.8 32.8 +1.4 p p 263504 1 376 38.5 3Q 24 4Q 24 1Q 25 2Q 25 3Q 25 3Q 24 4Q 24 1Q 25 2Q 25 3Q 25 32.233.0 1 362 28 778 912 792 840 805 459 516 537 536 557 1 237 2 394 2 437 1 422 1 630 Cost/Income ratio at 34.5% Operating costs Cost/Income (incl. BGF) PLN m % 20 – Increase in personnel expenses in 9M’25 mainly due to inflation-linked salary indexation – Increase in non-personnel expenses and depreciation by 15% in 9M’25 – Increase in BFG and KNF contributions by 45% y/y in 9M’25 – Cost/Income ratio (incl. BFG) at 34.5% in 9M’25
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Cost of risk below the Strategy assumptions Cost of risk PLN m bps 3Q 24 4Q 24 1Q 25 2Q 25 3Q 25 3Q 24 4Q 24 1Q 25 2Q 25 3Q 259M 24 9M 25 43 198 58 272 21 – Cost of risk at 49 bps in 3Q’25 and 43 bps YTD – Cost of risk in the corporate segment affected by a moderate increase in credit losses and additional provisions for exposures to a single capital group – Cost of risk in the retail segment remained at a low level 1 Segment division excluding ex-Idea Bank pb.1 Group Business entities Individual clients 3Q 24 2Q 25 3Q 25 43 4948 33 75 85 45 63 33 153 624611 48 231 240 49
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Stable asset quality NPL ratio1 NPL coverage ratio % % 3Q 24 4Q 24 1Q 25 2Q 25 3Q 25 3Q 253Q 24 4Q 24 1Q 25 2Q 25 4.7 4.2 4.54.5 4.14.0 73 7171 22 – NPL ratio below 5% – Stable coverage ratio 1 Ratio for non-financial sector at 09’25 – 4.7% 17 Pekao excl. Idea Pekao total 1518 56 5653 75 19 56 ex-Idea portfolio (covered by BGF guarantee) Underlying NPL NPL coverage: Stage 3 NPL coverage: Stage 1-2 Group Business entities Individual clients 0.40.50.5 Business entities Individual clients 64 97 11 30 53 67 3Q 24 2Q 25 3Q 25 4.7 4.54.5 6.3 6.36.3 2.32.32.7 4.5 4.0 0.5 71 17 54 4.5 4.1 0.4 71 18 53
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Strong capital position – capital surplus over 4.5 pp. Dividend potential in line with the Strategy (50-75% of net profit) CET 1 Total capital adequacy ratioTier 1 % %% Minimum requirements 2025 Payment criterion up to 50% / 75% of net profit Pekao Group Minimum requirements 2025 Payment criterion up to 50% / 75% of net profit Pekao Group Minimum requirements 2025 Payment criterion up to 50% / 75% of net profit Pekao Group 9.0 12.5 10.510.0 13.5 11.5 15.6 17.0 15.6 +6.6 pp +4.5 pp+5.1 pp 23Note: Criterion for paying out up to 50% of net profit is the minimum requirement for the Group increased by the value of the target level of the countercyclical buffer of 1 pp. Criterion for paying out up to 75% of profit is additional share of NPLs in the portfolio of receivables from the non-financial sector at a level of up to 5%.
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Minimum requirement for own funds and eligible liabilities (MREL) MREL % MREL-TREA requirements Sep 2025 MREL-TEM requirements Sep 2025 18.0 1.9 5.6 0.3 19.9 5.921.9 1.6 10.2 0.7 23.5 10.9 24 – Total MREL-TREA requirement is 19.9%1, while subordinated MREL-TREA requirement is 18.0%1 of total risk exposure – Total MREL-TEM requirement is 5.9%, while subordinated MREL-TEM requirement is 5.6% of total exposure measure – Both total and subordinated MREL-TREA and MREL-TEM requirements are met subordinated MREL instruments unsubordinated MREL instruments 4.5 % Of which combined buffer requirement 1 Taking into account combined buffer requirement of 4.49 pp.
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Recurring net profit up ~10% y/y Net profit generation PLN m 3Q 24 4Q 24 1Q 25 2Q 25 3Q 259M 24 9M 25 25 – +10% y/y growth of recurring net profit in 9M’25 mainly due to: • increase in net interest income (+8% y/y) • increase in net fee & commission income (+9% y/y) • increase in loan (+8% y/y) and deposit volumes (+6% y/y) – RoE at 21,5% – Cost/Income ratio (inc. BGF) at the level of 34.5% Adjusted dynamics Includes (net amounts): – effect of payment moratoria (2Q’24: -PLN 190 m, 4Q’24: +PLN 66 m ) – CHF related provisions (1Q’24: -PLN 37 m, 2Q’24: -PLN 206 m, 3Q’24 –PLN 56 m, 4Q’24: -PLN 370 m; 1Q’25: -PLN 49 m; 2Q’25: -PLN 309 m; 3Q’25: -PLN 18 m) – provisions related to consumer protection (3Q’24: -PLN 11 m, 4Q’24: -PLN 41 m, 2Q’25: -PLN 108 m) – BGF charges (1Q’24: -PLN 239 m, 1Q’25: -PLN 307 m; 2Q’25: -PLN 26 m; 3Q’25: -PLN 25 m) – costs of PFSA (1Q’24: -29 m, 3Q’24: -PLN 3 m, 1Q’25: -PLN 35 m, 3Q’25: -PLN 2 m) 4 764 5 191 1 828 1 612 1 685 1 601 -770 +3%+10% 5 534 6 070 1 898 1 958 2 076 2 044 -879 -70 -346 -391 -443 1 905 1 950 -45
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2626 New horizons for loan growth Recurring net profit up 10% y/y Lending revival with 8% y/y loan portfolio growth Strong growth in digital channels Robust capital position
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27 Key achievements - financials Business achievements Macro & Financial results Appendix
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RETAIL BANKING: 15% y/y growth in cash loan sales 28 Cash loan volume growth Market shares - consumer loan portfolio in PLN New sales of cash loans1 PLN m % PLN m 0% 1% 2% 3% 4% 5% 6% 7% 8% 9% 10% Dec 23 Dec 24 Sep 25 7.4% 377 304 313 1 275 1 299 1 407 1 652 1 603 1 720 3Q 24 4Q 24 1Q 25 2Q 25 3Q 25 +15% 12 526 13 516 Sep 24 Jun 25 Sep 25 +11% 86% 87% 88% 89% 89% Sales in electronic channels ² Sales in branches Sales in electronic channels 1 Net sales – solely new money 2 Share in number 13 922 371 1 584 1 956 409 1 497 1 906 – Cash loan sales up by PLN 1.9bn (+15% y/y) – Visible acceleration in portfolio growth, outperforming the sector – +29% y/y increase in digital channel sales in 9M’25 – Sales growth driven by attractive offers among top market deals and a strong online marketing campaign
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29 RETAIL BANKING: Increase in mortgage loan sales by 48% y/y PLN mortgage volume growth Market share development in total mortgage New sales of mortgage loans PLN m % PLN m 5% 6% 7% 8% 9% 10% 11% 12% 13% 14% 15% Dec 23 Dec 24 Sep 25 13.5% 66 575 68 629 Sep 24 Jun 25 Sep 25 +5% +48% 2 098 2 570 2 425 3Q 24 4Q 24 1Q 25 2Q 25 3Q 25 69 573 2 768 3 098 – 48% y/y growth in mortgage loan sales in 3Q’25 – 5% y/y increase in the mortgage loan portfolio – New edition of the settlement program for CHF mortgage holders – over 9,000 settlements concluded with clients since the launch of the “Settlement 2%” program
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RETAIL BANKING: Continued growth in the number of clients and personal accounts 30 Number of individual customers Current accounts: gross sales Gross sales of new credit cards ths ths ths 6 567 6 780 6 730 3Q 24 3Q 252Q 25 +2% +162 ths Increase in number of individual customers y/y 142 123 133 22 21 22 20 125 3Q 24 3Q 252Q 251Q 254Q 24 3Q 24 3Q 252Q 251Q 254Q 24 19 129 – Strong quarterly sales of nearly 130k Przekorzystne Account and Świat Premium Account – with 41% accounts opened by clients under 26 years old – In 3Q’25, the Bank continued its “Superpowers on the Go” marketing campaign, which attracted strong interest in innovative payment rings and the purchase of e-vignettes via the PeoPay app
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31 RETAIL BANKING: Another quarter of strong investment product sales performance Retail deposits Investment products: AUM Investment products: net sales² PLN m PLN m PLN m Other investment products1 Investment funds 146 288 153 973 151 858 3Q 24 3Q 252Q 25 3Q 24 3Q 252Q 25 3Q 24 3Q 252Q 251Q 254Q 24 +4% 31 308 37 705 40 008 27 280 38 019 42 06158 588 75 724 82 069 +40% 4 536 3 767 4 906 5 293 +23% 5 562 – PLN 2.2 bn – new record for monthly net sales of investment products, achieved in July ’25 – In 3Q’25, the Family Office successfully established partnerships with 85 Family Foundations. Since the office’s launch in May 2023, the Bank now manages a total of 588 Family Foundation accounts 1 Other investment products include structured products, bonds, insurance investment products for retail clients and Private Banking, PPK 2 Net sales of total investment products of Retail individual and Private customers
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32 ENTERPRISE BANKING: Increase in MID+SME financing volumes by 13% y/y Sales of SME financing Financing volumes Customer acquisition PLN m PLN m # Loans Leasing and Factoring MID Enterprises SME 1 022 954 1 174 530 692 550 1 552 1 646 1 723 1 293 719 2 012 1 276 691 1 967 27 554 30 459 31 553 11 339 12 013 12 496 38 893 42 472 44 049 Sep 24 Jun 25 Sep 25 +13%+27% 895 1 022 930 3Q 24 3Q 252Q 253Q 24 4Q 24 3Q 252Q 251Q 25 – Expansion of client onboarding functionality – both in-branch and remotely – Revitalization of PekaoBiznes24 electronic banking – New version of mobile banking for businesses – PeoBIZ 2.0 – Increase in the number of new loan transactions: +23% in MID and +12% in SME in 9M’25
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Net profit generation path in 9M’25 Revenue growth was the key driver of the y/y increase in net profit PLN m 33 4 764 5 191 +788 +234 +185 -251-97 -13 -119-77 -223 9M 24 Net profit Net interest income Non-interest income 1 Payment moratoria Operating costs Underlying cost of risk Costs of legal risk of foreign currency mortgage loans Provisions related to consumer protection Bank tax, CIT and others BGF charges 9M 25 Net profit 1 Excluding provision related to consumer protection
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CHF mortgage loans portfolio and CHF portfolio provisions in Pekao compared to the market 34 CHF mortgage loans portfolio and CHF portfolio provisions PLN bn Note: CHF loan portfolio including off-balance sheet transfers. Data for Pekao as at September 30, 2025, for Bank 2 & Bank 4 as at December 31, 2024, for other banks as at June 31, 2025. Source: financial statements, current reports, own calculations according to a consistent methodology CHF portfolio provisions % CHF portfolio provisions as % of CHF mortgage loans portfolio 7 .9 7 .2 5.8 5.6 3.4 2.7 1.7 1.1 0.4 0.4 12.7 8.0 8.2 8.9 5.2 4.6 3.2 2.4 0.6 0.5 B a nk 4B a nk 2B a nk 1 B a nk 3 Pe ka o B a nk 5 B a nk 8B a nk 6 160% 111% 140% 160% 188% 131% 144%150% CHF mortgage loans portfolio B a nk 9 168% B a nk 7 213%
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Limited risk of CHF portfolio 35 Structure of CHF mortgage loans pcs – One of the smallest portfolios on the market, one of the highest reserve coverage – ~75% of the portfolio fully repaid or converted to PLN as a result of concluded settlements – Decrease in inflow of lawsuits on active contracts 37.6 ths C H F 2,2 bn 7.9 ths 19.3 ths 1.4 ths 9.0 ths Loans subject to reserve Repaid Final court judgements Settlements Active contracts ~20% in courts ~75% in court
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Robust financial and liquidity position 36 LCR and NSFR Loans/Deposits1 Leverage ratio % % % 1 Customer financing (excluding reverse repo transactions) / amounts due to clients, including debt securities (excluding repo transactions) 67 66 69 Sep 24 Jun 25 Sep 25 250 239 243 232 234 174 175 174 173 168 3Q 24 4Q 24 1Q 25 2Q 25 LC R N SFR 7.2 6.9 6.7 Sep 24 Jun 25 Sep 25 Regulatory minimum =3,0% 3Q 25
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Change in Total Capital Ratio 37 TCR quarterly change % -0.1% -0.6% 0.5% 17.0%17. 2% Jun 2025 Sep 2025Change in capital requirement Retention of part of 1H'25 profit Other changes – TCR decreased by 0.2 pp, mainly due to higher capital requirements for credit risk, despite including 25% of 1H’25 profit, following KNF approval
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Items affecting MREL 38 MREL quarterly change % -0.8%1.3% 0.5% 23.5% 22.5% Jun 2025 Sep 2025Change in capital requirement Retention of part of 1H'25 profit Senior Preferred bond issuance completed in September – MREL ratio increased by 1 pp in 3Q’25, mainly due to: • EUR 500m Senior Preferred bond issuance completed in September • inclusion of 25% of 1H’25 profit, following KNF approval • higher capital requirements
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Debt issuances and capital structure 39 T2, SNP and SP debt issuances Instrument maturity profile1 Strong capital buffers above minimum requirements Nominal amount Series Interest rate Issue date Maturity date Optional redemption date SUBORDINATED DEBT (T2) PLN 1 250m A floating, WIBOR 6M+1.5% 30.10.2017 29.10.2027 - PLN 550m B floating, WIBOR 6M+1.5% 15.10.2018 16.10.2028 - PLN 200m C floating, WIBOR 6M+1.8% 15.10.2018 14.10.2033 15.10.2028 PLN 750m D+D1 floating, WIBOR 6M+1.7% 04.06.2019 04.06.2031 04.06.2026 PLN 750m E floating, WIBOR 6M+1.85% 04.04.2025 04.04.2035 04.04.2030 SENIOR NON-PREFERRED (SNP) AND SENIOR PREFERRED (SP) BONDS PLN 350m SN2 7.5% in the first 3 years; floating, WIBOR 6M+2.2% 28.07.2023 28.07.2027 28.07.2026 PLN 500m SN3 floating, WIBOR 6M+1.60% 26.04.2024 26.04.2029 26.04.2028 EUR 500m ESN1 5.5% in the first 3 years; floating, WIBOR 3M+2.4% 23.11.2023 23.11.2027 23.11.2026 EUR 500m ESN2 4.0% in the first 5 years; floating, EURIBOR 3M+1.8% 24.09.2024 24.09.2030 24.09.2029 EUR 500m ESN3 3.75% in the first 5 years; floating, EURIBOR 3M+1.65% 04.06.2025 04.06.2031 04.06.2030 EUR 500m ESP4 3.50% in the first 5 years; floating, EURIBOR 3M+1.10 23.09.2025 23.09.2032 23.09.2031 PLN 600m SP2 floating, WIBOR 6M+0.85% 30.07.2024 29.01.2027 30.01.2026 1 Including call option 8.0 17.0 16.04.5 6.5 8.0 19.9 23.5 24.0 current minimum requirements 3Q'25 capital structure current target capital structure T C R C B R M R E L +4 .5 pp 7.4 1 350 2 485 1 250 500 750 2 135 2 885 2 135 1 H 2 6 2 H 2 6 1 H 2 7 2 H 2 7 1 H 2 8 2 H 2 8 1 H 2 9 2 H 2 9 1 H 3 0 2 H 3 0 1 H 3 1 2 H 3 1 8.0 17.0 16.04.5 6.5 8.0 19.9 23.5 24.0 current minimum requirements 3Q'25 capital structure current target capital structure T C R C B R M R E L +4 .5 pp 7.4 1 350 2 485 1 250 500 750 2 135 2 885 2 135 1 H 2 6 2 H 2 6 1 H 2 7 2 H 2 7 1 H 2 8 2 H 2 8 1 H 2 9 2 H 2 9 1 H 3 0 2 H 3 0 1 H 3 1 2 H 3 1 PLN m %
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2025 Outlook: Solid and stable growth 40Source: Pekao Research forecasts as of October 2025 1 All non-housing loans; 2 Deposits + retail customers assets in investment funds units Economic outlook Banking sector outlook 2024 2025 2026 GDP, % 2.9 3.6 4.0 Private consumption, % y/y 3.1 3.9 3.7 Investments, % y/y -2.3 3.2 8.1 Unemployment, % eop 5.1 5.7 5.5 CPI, % avg 3.6 3.7 2.9 3M Wibor, % eop 5.84 4.50 3.69 Reference rate, % eop 5.75 4.50 3.50 Exchange rate EUR, eop 4.27 4.25 4.30 Exchange rate USD, eop 4.10 3.61 3.59 Public sector balance,% GDP -6.6 -6.9 -6.5 2024 2025 2026 Loans. % y/y 5.2 8.8 10.3 Retail. % y/y 2.7 5.0 10.1 Mortgage loans PLN 8.4 11.6 14.6 Consumer loans1 5.5 7.0 8.1 Corporate. % y/y 5.3 8.0 9.4 Savings2. % y/y 11.5 8.8 8.2 Deposits. % y/y 10.4 8.9 8.7 Retail. % y/y 9.6 8.9 8.2 Corporate. % y/y 3.8 8.0 9.0 – Economic growth is expected to accelerate to 3.6% in 2025 and 4.0% in 2026, driven by strong investment activity (particularly public investment) and robust private consumption. Inflation is declining faster than wage growth, which is boosting household purchasing power. – We are entering H2’25 with strong loan portfolio growth, particularly in PLN-denominated mortgage loans and corporate lending to large enterprises (+10.7% y/y in August, marking the third consecutive month of double-digit growth). This reflects both monetary easing and a gradually improving investment climate. In 2026, the retail loan portfolio is expected to post double- digit growth, while corporate lending is projected to accelerate to 9.4% y/y.
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Consolidated balance sheet 41 PLN M SEP 24 JUN 25 SEP 25 Q/Q% Y/Y% Cash and cash equivalents 20 515 17 932 16 000 (10.8%) (22.0%) Loans and advances to banks 202 609 540 (11.3%) 167.3% Loans and advances to customers1 179 013 188 434 194 123 3.0% 8.4% Investment securities2 105 393 114 564 109 419 (4.5%) 3.8% Intangible assets 2 466 2 498 2 508 0.4% 1.7% Tangible fixed assets 1 948 2 053 2 076 1.1% 6.6% TOTAL ASSETS 324 411 339 634 338 224 (0.4%) 4.3% Amounts due to other banks 8 688 7 562 7 319 (3.2%) (15.8%) Financial liabilities held for trading 1 063 1 050 897 (14.6%) (15.6%) Amounts due to customers 251 263 266 056 261 841 (1.6%) 4.2% Debt securities issued 15 786 16 100 18 739 16.4% 18.7% Subordinated liabilities 2 833 3 543 3 604 1.7% 27.2% Other 14 121 14 163 12 608 (11.0%) (10.7%) Total liabilities 293 754 308 474 305 008 (1.1%) 3.8% Total equity 30 657 31 160 33 216 6.6% 8.3% 1 Including loans and advances from customers, receivables from finance leases and non-treasury debt securities; 2 Excluding non-treasury debt securities
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Consolidated income statement 42 PLN M 3Q 24 2Q 25 3Q 25 Q/Q% Y/Y% 9M 24 9M 25 Y/Y% Net interest income1 3 261 3 446 3 430 (0.5%) 5.2% 9 268 10 290 11.0% Net fee and commission 713 765 767 0.3% 7.6% 2 078 2 264 9.0% Operating income 4 022 4 252 4 309 1.3% 7.1% 11 700 12 810 9.5% Operating costs2 (1 237) (1 376) (1 362) (1.0%) 10.1% (3 816) (4 067) 6.6% Personnel cost (778) (840) (805) (4.2%) 3.5% (2 394) (2 437) 1.8% Non-personnel cost & depreciation (459) (536) (557) 3.9% 21.4% (1 422) (1 630) 14.6% OPERATING PROFIT 2 785 2 876 2 947 2.5% 5.8% 7 884 8 743 10.9% Provisions (198) (231) (240) 3.9% 21.2% (611) (624) 2.1% Costs of legal risk of foreign currency mortgage loans (56) (309) (18) (94.2%) (67.9%) (299) (376) 25.8% Guarantee funds charges 0 (26) (25) (3.8%) - (239) (358) 49.8% Banking tax (223) (215) (213) (0.9%) (4.5%) (671) (644) (4.0%) PROFIT BEFORE INCOME TAX 2 310 2 093 2 450 17.1% 6.1% 6 070 6 736 11.0% Income tax (481) (491) (544) 10.8% 13.1% (1 303) (1 542) 18.3% GROUP NET INCOME3 1 828 1 601 1 905 19.0% 4.2% 4 764 5 191 9.0% 1 NII excl. dividends and other income from equity investments, 2 Costs excl. guarantee funds charges and regulator and inl. FSA; 3 Net profit attributable to equity holders of the Bank Note: Data as reported
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Key performance indicators 43 3Q 24 2Q 25 3Q 25 Q/Q NET Y/Y NET 9M 24 9M 25 Y/Y NET ROE (%) 24.8% 20.3% 23.7% 3.38 -1.15 21.4% 21.5% 0.11 ROA (%) 2.3% 1.9% 2.2% 0.34 -0.04 2.0% 2.1% 0.05 NIM (%) 4.24% 4.26% 4.15% -0.11 -0.09 4.10% 4.23% 0.13 L/D (%) 66.9% 66.3% 68.7% 2.39 1.84 66.9% 68.7% 1.84 Cost/Income Ratio (%) 30.8% 32.4% 31.6% -0.75 0.85 32.6% 31.7% -0.87 Cost/Income Ratio inc. BGF (%) 30.8% 33.0% 32.2% -0.78 1.43 34.7% 34.5% -0.11 Cost of Risk (%) 0.43% 0.48% 0.49% 0.01 0.06 0.45% 0.43% -0.02 TCR 16.9% 17.2% 17.0% -0.20 0.10 16.9% 17.0% 0.10 Tier 1 15.6% 15.6% 15.6% 0.00 0.00 15.6% 15.6% 0.00
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Selected data 44 BANK SEP 24 JUN 25 SEP 25 Q/Q% Y/Y% Outlets 572 566 565 (0.2%) (1.2%) ATM’s 1 308 1 323 1 332 0.7% 1.8% Employees 12 605 13 778 13 803 0.2% 9.5% No of PLN current accounts (ths)1 8 560 8 835 8 906 0.8% 4.0% No of mortgage loan accounts (ths)2 359 340 338 (0.6%) (5.8%) No of clients holding a consumer loan accounts (ths)3 574 576 582 1.0% 1.4% Number of individuals acitive users electronic banking Pekao24 (ths)5 3 822 4 003 4 068 1.6% 6.4% Number of individuals with an access to mobile banking (ths)4 5 377 5 678 5 770 1.6% 7.3% GROUP SEP 24 JUN 25 SEP 25 Q/Q% Y/Y% Employees 15 220 15 027 15 076 0.3% (0.9%) Number of MF accounts (ths) 803 850 874 2.9% 8.9% Number of Brokerage accounts (ths) 205 206 207 0.5% 0.9% 1 Number of accounts including pre-paid card accounts; 2 Retail clients’ accounts; 3 Pożyczka Ekspresowa (Express Loan); 4 Including individuals and micro companies; 5Including individuals and micro companies
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Mutual Funds distributed by the Group 45 Mutual funds - volumes Pekao Investment Management S.A. PLN m % Third party funds distributed by the Group Pekao Investment Management S.A. Equity funds Balance funds Money and bonds funds Employee Capital Programs 26 398 33 681 3 351 4 011 29 749 37 692 31 803 3 748 35 551 Sep 2 4 Jun 2 5 Sep 2 5 +26.7% +6.0% 6% 17% 71% 6% Third party funds distributed by the Group Pekao Investment Management S.A. Equity funds Balance funds Money and bonds funds Employee Capital Programs 26 398 33 681 3 351 4 011 29 749 37 692 31 803 3 748 35 551 Sep 2 4 Jun 2 5 Sep 2 5 +26.7% +6.0% 6% 17% 71% 6%
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Ratings of Bank Pekao S.A. 46 30.09.2025 PEKAO POLAND FITCH RATINGS Long-term rating (IDR) BBB+ A- Short-term rating F2 F1 Viability rating bbb+ _ Outlook Stable Negative PEKAO POLAND S&P GLOBAL RATINGS Long-term rating A- A- Short-term rating A-2 A-2 Stand-alone bbb+ Outlook Stable Stable PEKAO POLAND MOODY’S INVESTORS SERVICE LTD unsolicited rating Long-term foreign-currency deposit rating A2 A2 Short-term deposit rating Prime-1 Prime-1 BCA baa2 – Outlook Negative Negative ESG RATINGS Institution ESG Rating MSCI A FTSE Russell 3,6 Morningstar Sustainalytics 19,5 Low risk S&P CSA 39/100 ISS ESG C-
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20% 13% 6% 5%8%5% 42% 64% 16% 12% 8% Pekao Euro Stoxx 600 Banks PZU Group is the largest insurance and banking group in CEE ~480 bn PLN of assets. More than 22 million clients in 5 countries Polish Development Fund (PFR) is a group of financial and advisory institutions supporting companies, local governments and individuals P Z U S .A. P F R S .A. N N O F E A l l i a n z O F E Other O F E T F I Other 1 2 Poland E u r o p e U S A Other ISIN: P LP EK A O 0001 6 Bloom berg: P EO P W Reuters: P EO .W A 0 5 0 1 0 0 1 5 0 2 0 0 2 5 0 Jan 2 0 Apr 2 0 Jul 2 0 Oct 2 0 Jan 2 1 Apr 2 1 Jul 2 1 Oct 2 1 Jan 2 2 Apr 2 2 lJul 2 2 Oct 2 2 Jan 2 3 Apr 2 3 Jul 2 3 Oct 2 3 Jan 2 4 Apr 2 4 Jul 2 4 Oct 2 4 Jan 2 5 Apr 2 5 Jul 2 5 Oct 2 5 +227 % +239% SHAREHOLDERS: Diversified shareholder base 47 Shareholding structure Listing and valuation TSR Performance vs. sector (%)3 – The second largest bank in terms of assets (PLN 338 bn) and third largest bank in Poland in terms of market capitalization (PLN 50 bn) – Member of several local and global indices: WIG Banki, WIG 20, WIG 30, MSCI Emerging Markets, STOXX Europe 600 Index, FTSE Developed Equity Index, FTSE4Good – Reliable dividend payer: ~ PLN 22 bn dividend paid out over last decade – P/BV’25: 1.5x, P/E’25: 7.3x3 Source: 1 Polish Pension Funds semi-annual reports dated 30th of June 2025; 2 Source: Analizy online, as of 30th of June 2025; 3 Bloomberg as of 22nd of October 2025
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Investor Relations Team: Contact and calendar 48 CONTACT DETAILS Q&A RELATED TO THE PRESENTATION: Marcin Jabłczyński Head of Investor Relations ph.: +48 722 034 633 e-mail: marcin.jablczynski@pekao.com.pl Michał Handzlik ph.: +48 697 970 386 e-mail: michal.handzlik@pekao.com.pl Iwona Milewska ph.: +48 691 202 645 e-mail: iwona.milewska@pekao.com.pl FINANCIAL CALENDAR 27 February 2025 Annual Report 2024 and Webcasting 30 April 2025 First Quarter Report and Webcasting 7 August 2025 Semi-annual Report and Webcasting 30 October 2025 Third Quarter Report and Webcasting
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49 Disclaimer This presentation (the ”Presentation”) has been prepared by Bank Polska Kasa Opieki Spółka Akcyjna (“Bank”) for the clients, shareholders and financial analysts. The Presentation should not be treated as an offer or invitation to purchase any securities or financial instruments or as advice or recommendation in respect to such securities or financial instruments. The presented data are only general information and does not refer to an offer by the Bank for products or services. In order to take advantage of the services and products of the Bank, one should be thoroughly familiar with the characteristics of the particular service or product, its rules, risks and legal and tax consequences of the use of particular services or products. The strategy presented in the Presentation contains goals which are the ambition of the Management Board and do not constitute any financial results forecast. Rights for the Presentation as a whole are reserved to the Bank. The Presentation is subject to the protection provided by law, in particular: the Act dated 4 February 1994 on Copyright and Related Rights (consolidated text in Journal. Laws of 2006, No. 90, item. 631, as amended); the Act dated 27 July 2001 on the protection of Databases (Journal of Laws No. 128, item. 1402, as amended); the Act dated 16 April 1993 on Combating Unfair Competition (consolidated text in Journal of Laws of 2003 , No. 153, item 1503, as amended) and the Act dated 30 June 2000 on Industrial Property Law (consolidated text in Journal. Laws of 2003, No. 119, item. 1117, as amended). The Presentation may include forward looking statements, the Bank’s outlook for the future, future plans and strategies or anticipated events that are not historical facts. Since these statements are based on assumptions, expectations, projections and provisional data about future events, the content is inherently uncertain. Factors that could cause or contribute to differences in current expectations include, but are not limited to: (i) general economic conditions, among which the economic conditions of the business areas and the markets in which the Bank and its subsidiaries operate, (ii) the performance of financial markets (iii) changes in laws or regulations and (iv) general competitive conditions locally, regionally, nationally and/or internationally. The Bank does not undertake to publish any updates, modifications or revisions of the information, data or statements contained herein should there be any change in the strategy or intentions of the Bank, or should facts or events occur that affect the Bank’s strategy or intentions, unless such reporting obligations arise under applicable laws and regulations. Neither the Bank, nor any of its representatives shall be responsible for any loss or damage that may arise from the use of the Presentation or of any information contained herein or otherwise arising in connection to this Presentation. This presentation is not for distribution in or into countries where the public dissemination of the information contained herein may be restricted or prohibited by law.