Interim report
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This document is a translation of a document originally issued in Polish. The only binding version is the original Polish version The notes presented on pages 27 to 33 form an integral part of the condensed interim consolidated financial statements of the PKO Bank Polski S.A. Group for the three -month period ended Page 1/83 REPORT OF THE PKO BANK POLSKI S.A. GROUP FOR THE THIRD QUARTER OF 2025
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REPORT OF THE PKO BANK POLSKI S.A. GROUP FOR THE THIRD QUARTER OF 2025 Page 2/83 SELECTED CONSOLIDATED FINANCIAL DATA SELECTED CONSOLIDATED FINANCIAL DATA PLN million EUR million 01.01- 30.09.2025 01.01- 30.09.2024 Change % (A-B)/B 01.01- 30.09.2025 01.01- 30.09.2024 Change % (D-E)/E A B C D E F Net interest income 18,197 15,973 13.9% 4,295 3,713 15.7% Net fee and commission income 3,876 3,857 0.5% 915 897 2.0% Net expected credit losses and net impairment allowances on non- financial assets (1,087) (1,084) 0.3% (257) (252) 2.0% Administrative expenses (6,945) (6,212) 11.8% (1,639) (1,444) 13.5% Profit before tax 10,644 9,433 12.8% 2,512 2,193 14.5% Net profit (including non-controlling shareholders) 7,968 6,859 16.2% 1,881 1,594 18.0% Net profit attributable to the parent company 7,967 6,858 16.2% 1,881 1,594 18.0% Earnings per share for the period - basic (in PLN/EUR)* 6.37 5.49 16.0% 1.50 1.28 17.2% Net comprehensive income 9,739 8,455 15.2% 2,299 1,965 17.0% Total net cash flows (1,554) (2,380) (34.7%) (367) (553) (33.6%) SELECTED CONSOLIDATED FINANCIAL DATA PLN million EUR million 30.09.2025 31.12.2024 Change % (A-B)/B 30.09.2025 31.12.2024 Change % (D-E)/E A B C D E F Total assets 554,568 525,225 5.6% 129,900 122,917 5.7% Total equity 55,259 52,370 5.5% 12,944 12,256 5.6% Share capital 1,250 1,250 - 293 293 - Number of shares (in million)* 1,250 1,250 - 1,250 1,250 - Book value per share (in PLN/EUR)* 44.21 41.90 5.5% 10.36 9.81 5.6% Total Capital Ratio (%) 17.95 19.04 (5.7%) 17.95 19.04 (5.7%) Tier 1 45,726 45,089 1.4% 10,711 10,552 1.5% Tier 2 4,635 3,039 52.5% 1,086 711 52.7% * As there were no dilutive instruments, diluted earnings per share are equal to basic earnings per share.
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REPORT OF THE PKO BANK POLSKI S.A. GROUP FOR THE THIRD QUARTER OF 2025 Page 3/83 SELECTED SEPARATE FINANCIAL DATA SELECTED SEPARATE FINANCIAL DATA PLN million EUR million 30.09.2025 31.12.2024 Change % (A-B)/B 30.09.2025 31.12.2024 Change % (D-E)/E A B C D E F Total assets 530,013 500,747 5.8% 124,148 117,189 5.9% Total equity 52,641 49,767 5.8% 12,330 11,647 5.9% Share capital 1,250 1,250 - 293 293 - Number of shares (in million)* 1,250 1,250 - 1,250 1,250 - Book value per share (in PLN/EUR)* 42.11 39.81 5.8% 9.86 9.32 5.8% Total Capital Ratio (%) 19.66 21.26 (7.5%) 19.66 21.26 (7.5%) Tier 1 43,716 42,899 1.9% 10,240 10,040 2.0% Tier 2 4,635 3,039 52.5% 1,086 711 52.7% * As there were no dilutive instruments, diluted earnings per share are equal to basic earnings per share. SELECTED FINANCIAL STATEMENT ITEMS HAVE BEEN TRANSLATED INTO EUR AT THE FOLLOWING RATES 01.01- 30.09.2025 01.01- 30.09.2024 arithmetic mean of the NBP exchange rates at the end of a month (income statement, statement of comprehensive income and cash flow statement items) 4.2365 4.3022 30.09.2025 31.12.2024 NBP mid exchange rates at the date indicated (statement of financial position items) 4.2692 4.2730 SELECTED SEPARATE FINANCIAL DATA PLN million EUR million 01.01- 30.09.2025 01.01- 30.09.2024 Change % (A-B)/B 01.01- 30.09.2025 01.01- 30.09.2024 Change % (D-E)/E A B C D E F Net interest income 17,293 15,210 13.7% 4,082 3,535 15.5% Net fee and commission income 3,264 3,292 (0.9%) 770 765 0.7% Net expected credit losses and net impairment allowances on non- financial assets (922) (893) 3.2% (218) (208) 4.8% Administrative expenses (6,172) (5,491) 12.4% (1,457) (1,276) 14.2% Profit before tax 10,259 9,332 9.9% 2,422 2,169 11.7% Net profit 7,807 6,946 12.4% 1,843 1,615 14.1% Earnings per share for the period - basic (in PLN/EUR)* 6.25 5.56 12.4% 1.48 1.29 14.7% Net comprehensive income 9,724 8,395 15.8% 2,295 1,951 17.6% Total net cash flows (1,368) (2,197) (37.7%) (323) (511) (36.8%)
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REPORT OF THE PKO BANK POLSKI S.A. GROUP FOR THE THIRD QUARTER OF 2025 Page 4/83 TABLE OF CONTENTS SUMMARY OF OPERATIONS IN THE THIRD QUARTER OF 2025 ................................................................................................................................................................................................ 7 1. MAJOR EVENTS, INCLUDING NON-TYPICAL EVENTS ............................................................................................................................................................................................. 7 1.1. EU-WIDE STRESS TESTS ................................................................................................................................................................................................................................................... 7 1.2. EXPANSION OF THE BRANCH IN ROMANIA ............................................................................................................................................................................................................... 7 1.3. STRATEGIC COOPERATION AGREEMENT WITH THE POLISH ARMAMENTS GROUP ........................................................................................................................................... 7 1.4. OFFER FOR UNIFORMED SERVICES ............................................................................................................................................................................................................................... 8 1.5. MORTGAGE LOANS IN CONVERTIBLE CURRENCIES AND WITH FLOATING INTEREST RATES ........................................................................................................................... 8 1.6. SECURITIES ISSUED BY ENTITIES OF THE BANK'S GROUP ....................................................................................................................................................................................... 9 1.7. INTEREST RATE BENCHMARKS REFORM IN POLAND ................................................................................................................................................................................................ 9 1.8. OTHER SIGNIFICANT EVENTS....................................................................................................................................................................................................................................... 10 2. INFORMATION ON THE SUPERVISORY BOARD AND MANAGEMENT BOARD OF THE BANK ................................................................................................................ 10 3. BUSINESS CONDITIONS .............................................................................................................................................................................................................................................. 11 3.1. MACROECONOMIC ENVIRONMENT .......................................................................................................................................................................................................................... 11 3.2. SITUATION ON THE FINANCIAL MARKET ................................................................................................................................................................................................................... 12 3.3. ECONOMIC SITUATION ON THE UKRAINIAN MARKET........................................................................................................................................................................................... 12 3.4. UKRAINIAN BANKING SECTOR .................................................................................................................................................................................................................................. 12 4. BUSINESS DEVELOPMENT AND FINANCING ......................................................................................................................................................................................................... 13 5. RISK MANAGEMENT ..................................................................................................................................................................................................................................................... 17 FINANCIAL POSITION AFTER THE THIRD QUARTER OF 2025 .................................................................................................................................................................................................. 18 FACTORS THAT DETERMINE FUTURE PERFORMANCE ................................................................................................................................................................................................................. 20 CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS OF THE PKO BANK POLSKI S.A. GROUP FOR THE NINE-MONTH PERIOD ENDED 30 SEPTEMBER 2025 .................................................................................................................................................................................................................................................. 23 CONSOLIDATED INCOME STATEMENT ............................................................................................................................................................................................................................ 23 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME .......................................................................................................................................................................... 24 CONSOLIDATED STATEMENT OF FINANCIAL POSITION ...................................................................................................................................................................................... 25 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY ........................................................................................................................................................................................ 26 CONSOLIDATED STATEMENT OF CASH FLOWS ......................................................................................................................................................................................................... 28 SUPPLEMENTARY INFORMATION....................................................................................................................................................................................................................................... 30 1. ACTIVITIES OF THE GROUP ......................................................................................................................................................................................................................................... 30 2. CHANGES IN THE GROUP COMPANIES .................................................................................................................................................................................................................. 32 3. APPROVAL OF THE CONSOLIDATED FINANCIAL STATEMENTS ......................................................................................................................................................................... 32 4. REPRESENTATION BY THE MANAGEMENT BOARD ............................................................................................................................................................................................. 32 5. GOING CONCERN ......................................................................................................................................................................................................................................................... 33 6. THE BASIS FOR PREPARATION OF THE FINANCIAL STATEMENTS .................................................................................................................................................................... 33 7. CHANGES IN ACCOUNTING POLICIES APPLICABLE FROM 1 JANUARY 2025 AND EXPLANATION OF THE DIFFERENCES BETWEEN PREVIOUSLY PUBLISHED FINANCIAL STATEMENTS AND THESE FINANCIAL STATEMENTS ............................................................................................................................................................................................. 33 8. NEW STANDARDS AND AMENDMENTS TO STANDARDS ................................................................................................................................................................................... 34 9. SEGMENT REPORTING .................................................................................................................................................................................................................................................. 35 10. INTEREST INCOME AND EXPENSE ............................................................................................................................................................................................................................ 37 11. FEE AND COMMISSION INCOME AND EXPENSES ............................................................................................................................................................................................... 39 12. NET ALLOWANCES FOR EXPECTED CREDIT LOSSES ............................................................................................................................................................................................. 41 13. IMPAIRMENT OF NON-FINANCIAL ASSETS ........................................................................................................................................................................................................... 41 14. COST OF THE LEGAL RISK OF MORTGAGE LOANS IN CONVERTIBLE CURRENCIES ..................................................................................................................................... 42 15. ADMINISTRATIVE EXPENSES ...................................................................................................................................................................................................................................... 43 16. INCOME TAX EXPENSE ................................................................................................................................................................................................................................................. 44 17. AMOUNTS DUE FROM BANKS ................................................................................................................................................................................................................................... 44 18. HEDGE ACCOUNTING AND OTHER DERIVATIVE INSTRUMENTS ...................................................................................................................................................................... 44 19. SECURITIES...................................................................................................................................................................................................................................................................... 46 20. LOANS AND ADVANCES TO CUSTOMERS ............................................................................................................................................................................................................... 47 21. AMOUNTS DUE TO BANKS .......................................................................................................................................................................................................................................... 48 22. AMOUNTS DUE TO CUSTOMERS ................................................................................................................................................................................................................................ 48 23. FINANCING RECEIVED ................................................................................................................................................................................................................................................. 49 24. PROVISIONS ................................................................................................................................................................................................................................................................... 50 25. OFF-BALANCE SHEET LIABILITIES RECEIVED AND GRANTED ........................................................................................................................................................................... 51 26. LEGAL CLAIMS ................................................................................................................................................................................................................................................................ 51 27. SHAREHOLDING STRUCTURE OF THE BANK .......................................................................................................................................................................................................... 58
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REPORT OF THE PKO BANK POLSKI S.A. GROUP FOR THE THIRD QUARTER OF 2025 Page 5/83 28. FAIR VALUE HIERARCHY .............................................................................................................................................................................................................................................. 59 29. FINANCIAL ASSETS AND FINANCIAL LIABILITIES NOT PRESENTED AT FAIR VALUE IN THE CONSOLIDATED STATEMENT OF FINANCIAL POSITION .............. 61 30. CREDIT RISK MANAGEMENT ...................................................................................................................................................................................................................................... 62 31. MANAGEMENT OF INTEREST RATE RISK, CURRENCY RISK AND LIQUIDITY RISK ....................................................................................................................................... 66 32. CAPITAL ADEQUACY ..................................................................................................................................................................................................................................................... 67 33. DIVIDENDS AND PROFIT APPROPRIATION ............................................................................................................................................................................................................ 68 34. TRANSACTIONS WITH THE STATE TREASURY AND RELATED ENTITIES ........................................................................................................................................................... 68 35. OTHER INFORMATION ................................................................................................................................................................................................................................................. 69 36. EVENTS THAT OCCURRED AFTER THE DATE ON WHICH THE FINANCIAL STATEMENTS ARE PREPARED ............................................................................................... 70 CONDENSED INTERIM SEPARATE FINANCIAL STATEMENTS OF PKO BANK POLSKI S.A. FOR THE NINE-MONTH PERIOD ENDED 30 SEPTEMBER 2025 ........................................................................................................................................................................................................................................................................... 71 SEPARATE INCOME STATEMENT .......................................................................................................................................................................................................................................... 71 SEPARATE STATEMENT OF COMPREHENSIVE INCOME ....................................................................................................................................................................................... 72 SEPARATE STATEMENT OF FINANCIAL POSITION .................................................................................................................................................................................................... 73 SEPARATE STATEMENT OF CHANGES IN EQUITY ...................................................................................................................................................................................................... 74 SEPARATE STATEMENT OF CASH FLOWS ....................................................................................................................................................................................................................... 75 SUPPLEMENTARY INFORMATION....................................................................................................................................................................................................................................... 77 1. GENERAL INFORMATION ............................................................................................................................................................................................................................................ 77 2. SECURITIES...................................................................................................................................................................................................................................................................... 78 3. LOANS AND ADVANCES TO CUSTOMERS ............................................................................................................................................................................................................... 78 4. AMOUNTS DUE TO CUSTOMERS ................................................................................................................................................................................................................................ 79 5. OFF-BALANCE SHEET LIABILITIES RECEIVED AND GRANTED ........................................................................................................................................................................... 79 6. FAIR VALUE HIERARCHY .............................................................................................................................................................................................................................................. 79 7. FINANCIAL ASSETS AND FINANCIAL LIABILITIES NOT PRESENTED AT FAIR VALUE IN THE STATEMENT OF FINANCIAL POSITION .............................................. 81 8. CAPITAL ADEQUACY ..................................................................................................................................................................................................................................................... 82 9. RELATED-ENTITY TRANSACTIONS – CAPITAL LINKS ............................................................................................................................................................................................ 82
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REPORT OF THE PKO BANK POLSKI S.A. GROUP FOR THE THIRD QUARTER OF 2025 – DIRECTORS’ COMMENTARY TO THE FINANCIAL RESULTS OF THE PKO BANK POLSKI S.A. GROUP FOR THE NINE-MONTH PERIOD ENDED 30 SEPTEMBER 2025 The notes presented on pages 27 to 33 form an integral part of the condensed interim consolidated financial statements of the PKO Bank Polski S.A. Group for the three -month period ended Page 6/83 DIRECTORS’ COMMENTARY TO THE FINANCIAL RESULTS OF THE PKO BANK POLSKI S.A. GROUP FOR THE NINE-MONTH PERIOD ENDED 30 SEPTEMBER 2025
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REPORT OF THE PKO BANK POLSKI S.A. GROUP FOR THE THIRD QUARTER OF 2025 – DIRECTORS’ COMMENTARY TO THE FINANCIAL RESULTS OF THE PKO BANK POLSKI S.A. GROUP FOR THE NINE-MONTH PERIOD ENDED 30 SEPTEMBER 2025 Page 7/83 The Powszechna Kasa Oszczędności Bank Polski Spółka Akcyjna Group (PKO Bank Polski S.A. Group or the Bank’s Group or Group) is one of the largest groups of financial institutions in Poland and in Central and Eastern Europe. The Parent of the Group is Powszechna Kasa Oszczędności Bank Polski Spółka Akcyjna ( PKO Bank Polski S.A. or the Bank). PKO Bank Polski S.A. is the largest commercial bank in Poland and the leading bank on its domestic market in terms of the scale of operations, equity, loans, savings, number of Customers and size of the distribution network. PKO Bank Polski S.A. is a universal bank that services individuals, legal entities and other Polish and foreign entities. SUMMARY OF OPERATIONS IN THE THIRD QUARTER OF 2025 1. MAJOR EVENTS, INCLUDING NON-TYPICAL EVENTS 1.1. EU-WIDE STRESS TESTS The Bank participated in the 2025 edition of the EU -wide stress test conducted by the European Banking Authority (EBA) in cooperation with the Polish Financial Supervision Authority (KNF), the European Central Bank (ECB) and the European Systemic Risk Boar d (ESRB). The test involved 64 banks from 16 European Union (EU) countries and Norway, covering 75% of total banking assets in the EU and Norway. The 2025 EU -wide stress test does not apply a predefined pass/fail threshold and is instead intended to serve as an important source of information for the purposes of the Supervisory Review and Evaluation Process (SREP). The results assist competent authorities in assessing the Bank’s ability to meet applicable prudential requirements under stress scenarios. The Bank ranked among the most stable banks in Europe, confirming its strong capital resilience to adverse macroeconomic developments. Throughout the projection horizon, the Bank’s capital ratios would remain above regulatory minima. According to the results of the stress test, the Bank’s consolidated Common Equity Tier 1 (CET1) ratio would stand at 20.03% under the baseline scenario and at 16.40% under the adverse scenario in 2027, while the consolidated CET1 ratio at the end of 2024 would amount to 16.19% un der CRR3 (used as the basis for the projected data) and to 17.39% without taking into account the effects of CRR3 implementation. On a fully loaded basis, the Bank’s consolidated CET1 ratio at the end of 2027 would amount to 19.95% under the baseline scena rio and to 16.32% under the adverse scenario, while at the end of 2024 it would amount to 15.58% under CRR3 and to 16.80% without taking into account CRR3-related changes. 1.2. EXPANSION OF THE BRANCH IN ROMANIA In July 2025, the branch of PKO Bank Polski S.A. in Romania granted a loan to Maspex Romania to finance the acquisition of Purcari Wineries – one of the largest producers of premium wine and brandy in Central and Eastern Europe. The Maspex Group’s transaction, valued at PLN 165 million, enabled the acqu isition of more than 71% of Purcari Wineries' shares. This resulted in Maspex gaining control of the leading wine producer in the region, which manages over 2,000 hectares of vineyards. 1.3. STRATEGIC COOPERATION AGREEMENT WITH THE POLISH ARMAMENTS GROUP In the third quarter of 2025, the Bank signed a strategic cooperation agreement with the Polish Armaments Group S.A. (PGZ), under which the Bank will provide comprehensive financial support to PGZ and its subsidiaries, in particular in the areas of: • liquidity and market risk management, • financing of defence contracts concluded on domestic and foreign markets, • payment services and cash management for PGZ and the PGZ Capital Group, • financing of investments increasing the production capacity of the PGZ Capital Group or covering new manufacturing capabilities in the armaments sector, • financing and settlement of foreign trade transactions in foreign currencies included in the Bank’s currency basket. The agreement also provides an employee benefits programme for the employees of the PGZ Capital Group, including a special mortgage loan offer and a cash loan. It provides for the possibility of launching credit lines for PGZ and the defence sector, with a total target value not exceeding the Bank Group’s large exposure limit. PKO Bank Polski has declared its readiness to co-finance not only commercial contracts but also the financing of supply chains, technology partners and PGZ export projects.
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REPORT OF THE PKO BANK POLSKI S.A. GROUP FOR THE THIRD QUARTER OF 2025 – DIRECTORS’ COMMENTARY TO THE FINANCIAL RESULTS OF THE PKO BANK POLSKI S.A. GROUP FOR THE NINE-MONTH PERIOD ENDED 30 SEPTEMBER 2025 Page 8/83 1.4. OFFER FOR UNIFORMED SERVICES The Bank has introduced a special offer for active and retired officers, pensioners and civilian employees of uniformed services, including the Police, Border Guard, State Fire Service, State Protection Service, National Revenue Administration, special services, Prison Service, Marshal Guard, Armed Forces of the Republic of Poland, Military Fire Protection Service, and the Polish Armaments Capital Group. As part of the offer, clients can benefit from, among other things, a free (for two years) PKO Konto bez Granic account, preferential cash loan and mortgage loan terms, and an additional discount on PKO MOTO car insurance. They can also receive special terms for the purchase or rental of cars. The special offer is available until 2 July 2026. 1.5. MORTGAGE LOANS IN CONVERTIBLE CURRENCIES AND WITH FLOATING INTEREST RATES • CJEU CASE-LAW On 11 September 2025, the Advocate General of the CJEU delivered an opinion in Case C -471/24 concerning PLN- denominated mortgage loans with a variable interest rate based on WIBOR. In that opinion, the Advocate General indicated that national courts are precluded from examining WIBOR itself as a reference index (including the methodology for determining it). Furthermore, the opinion states that Directive 93/13 “does not oblige the lender to supply directly more detailed information on the methodology for determining the reference index than that which is required under Regulation 2016/1011” (BMR), but obliges the lender to “inform the consumer of the names of the reference indices and of their administrators and the potential implications on the consumer.” The Advocate General’s opinion confirms that the use of the WIBOR benchmark in loan agreements is consistent with the BMR and does not create material legal risks for banks. In July 2025, the Regional Court in Warsaw referred questions for a preliminary ruling to Court of Justice of the European Union (CJEU) in Case C -510/25. The questions concern the compatibility of EU law with the judicial practice whereby courts automatically set off the claims of the consumer and the bank when settling an invalid loan agreement. The court noted that such a set -off could result in the consumer’s claim arising only when the sum of the consumer’s payments exceeds the amount of the loan capital disbursed to him or her. On 30 June 2025, the Warsaw-Praga Regional Court referred questions for a preliminary ruling to the CJEU in a case brought by a borrower against the Bank concerning a PLN -denominated loan agreement. The questions re late to the possibility of examining contractual terms — entered into before 1 January 2018 — relating to a variable interest rate clause based on WIBOR, particularly in the context of the bank’s information obligations and the assessment of the unfairness of contractual terms concluded before the entry into force of the BMR. The Bank is awaiting service of the CJEU’s request document initiating the proceedings. On 25 September 2025, the Regional Court in Warsaw referred questions for a preliminary ruling t o the CJEU in a case brought by a borrower against the Bank concerning a PLN -denominated loan converted into CHF. The questions relate to the bank’s information obligations and the assessment of the unfairness of contractual terms based on the WIBOR and LI BOR reference indices. The Bank is awaiting service of the CJEU’s request document initiating the proceedings. • SETTLEMENT PROGRAMME In the third quarter of 2025, PKO Bank Polski S.A. continued offering settlements to retail customers who have mortgage-backed loans in foreign currencies (CHF and EUR). The settlements are proposed during mediation proceedings conducted by the Mediation Centre of the Polish Financial Supervision Authority (PFSA). The bank also offers settlements on a large scale for loans that are subject to court proceedings. By 30 September 2025, more than 67.5 thousand mediation applications were registered. The total number of settlements concluded as at 30 September 2025 was 57.0 thousand, of which 43.5 thousand were concluded in mediation proceedings and 13.5 thousand in court proceedings. • INCREASED COST OF LEGAL RISK OF MORTGAGE LOANS IN CONVERTIBLE CURRENCIES In the third quarter of 2025, the Group increased the allowance for the cost of legal risk of mortgage loans in convertible currencies (CHF and EUR) by PLN 1,153 million. The amount of these costs is mainly due to changes in the estimated statutory interest accrued during disputes with customers, an update of the forecast for new court cases, and an adjustment of the legal risk assessment model parameters.
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REPORT OF THE PKO BANK POLSKI S.A. GROUP FOR THE THIRD QUARTER OF 2025 – DIRECTORS’ COMMENTARY TO THE FINANCIAL RESULTS OF THE PKO BANK POLSKI S.A. GROUP FOR THE NINE-MONTH PERIOD ENDED 30 SEPTEMBER 2025 Page 9/83 For details of the cost of legal risk, see the condensed interim consolidated financial statements of the PKO Bank Polski S.A. Group for the nine-month period ended 30 September 2025 (Financial statements of the Bank's Group) – note 14 "Cost of legal risk of mortgage loans in convertible currencies". 1.6. SECURITIES ISSUED BY ENTITIES OF THE BANK'S GROUP • DOMESTIC BOND ISSUE PROGRAMME On 24 September 2025, the Bank issued ten -year bonds with a total nominal value of PLN 2 billion under the “PLN 5 billion Own Bond Issue Programme”. The bonds bear a variable interest rate equal to the sum of the WIBOR 6M reference index and a margin of 175 bps. The Bank has the right to redeem the bonds early after five years from the issue date, and on each anniversary thereafter until the redemption date, subject to the approval of the PFSA. On 29 September 2025, the PFSA approved the classification of the subordinated bonds as Tier II capital instruments of the Bank. The bonds were introduced to trading in the alternative trading system on Catalyst. • ISSUE OF MORTGAGE COVERED BONDS OF PKO BANK HIPOTECZNY S.A. In the third quarter of 2025, PKO Bank Hipote czny S.A. (the Company) did not carry out any new covered bond issues and redeemed one maturing issue with a nominal value of PLN 0.5 billion. As at 30 September 2025, the total value of the Company’s covered bonds issued (domestically and internationally) was PLN 7.24 billion. As at 30 September 2025, the Bank’s portfolio included covered bonds with a total nominal value of PLN 0.506 billion. • PKO BANK HIPOTECZNY S.A. BOND ISSUE In the third quarter of 2025, under the Bond Issue Programme, PKO Bank Hipotecz ny S.A. (the Company) issued bonds with a total nominal value of PLN 1 billion and redeemed bonds with a total nominal value of PLN 0.75 billion (without excluding bonds subscribed for by Group companies). The Company’s bond issues are governed by the Bond Issue Programme Agreement concluded with the Bank. Under this agreement, the maximum nominal value of the issued and outstanding bonds amounts to PLN 6 billion. Under the same agreement, the Bank undertakes to subscribe for PKO Bank Hipoteczny S.A. bonds under a guarantee arrangement up to a total nominal value of PLN 1 billion. As at 30 September 2025, the Company’s liability under the bonds issued at nominal value amounted to PLN 2.8 billion. As at 30 September 2025, the Bank’s portfolio contained no bonds issued by the Company. • PKO LEASING S.A. BOND ISSUES In the third quarter of 2025, PKO Leasing S.A. (the company) issued bonds with a total nominal value of PLN 2.55 billion and redeemed bonds with a total nominal value of PLN 2 billion (without exclu ding bonds subscribed for by Group companies). The company’s bond issues are governed by an issue agreement concluded with PKO Bank Polski S.A., under which the maximum nominal value of the issued and outstanding bonds amounts to PLN 3 billion (the limit was increased in June 2025 from PLN 2.5 billion). Bond issues carried out under the aforementioned agreement are not covered by any guarantees, including any guarantee provided by the Bank. As at 30 September 2025, the company’s debt arising from the issue of the aforementioned bonds at nominal value amounted to PLN 3 billion. 1.7. INTEREST RATE BENCHMARKS REFORM IN POLAND On 29 August 2025, the Steering Committee of the National Working Group for Benchmark Reform announced the adoption of a recommendation on standard OIS transactions based on the POLSTR® index. On 2 September 2025, the Steering Committee informed that on 1 September 2025 the POLSTR® Interest Rate Index had been applied for the first time in the domestic financial market. Therefore, POLSTR® gai ned a status of a benchmark in accordance with the requirements of the EU Benchmark Regulation. On 15 September 2025, the Steering Committee announced the adoption of recommendations for new banking, leasing and factoring products based on POLSTR®.
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REPORT OF THE PKO BANK POLSKI S.A. GROUP FOR THE THIRD QUARTER OF 2025 – DIRECTORS’ COMMENTARY TO THE FINANCIAL RESULTS OF THE PKO BANK POLSKI S.A. GROUP FOR THE NINE-MONTH PERIOD ENDED 30 SEPTEMBER 2025 Page 10/83 On 30 September 2025, GPW Benchmark SA issued a statement on the discontinuation of the calculation of WIBID® and WIBOR® reference rates for selected fixing tenors. 1.8. OTHER SIGNIFICANT EVENTS • RATING ACTIONS On 23 September 2025, the rating agency Moody's Investors Service: a) upgraded PKO Bank Polski S.A.'s Baseline Credit Assessment (BCA) to baa1, its long -term counterparty risk rating to A1 and the rating of Senior Non-Preferred unsecured bonds to Baa1. It also affirmed the Bank's long- term deposit ratings at A2 a nd short -term deposit ratings at P -1, as well as the rating of Senior Preferred unsecured bonds at A3. The stable outlook was also affirmed, b) upgraded PKO Bank Hipoteczny S.A.'s long-term counterparty risk rating to A1 and its long -term counterparty risk assessment to A1(cr). In the third quarter of 2025, the Bank's ESG rating from Sustainalytics improved from 21.8 to 19.1 (a change in risk level from medium to low). The MSCI and FTSE Russell ratings remained unchanged. • INCIDENTAL BREACH OF BEST PRACTICES 2021 In the third quarter of 2025, there was an incidental breach of Principle 4.9.1 of the “Best Practice for GPW Listed Companies 2021”, according to which candidatures for members of the Supervisory Board should be submitted in time to enable shareholders present at the General Meeting to make an informed decision, but no later than 3 days before the General Meeting. By 21 August 2025 (3 days before the EGM), shareholde rs had submitted only one candidate for a member of the Supervisory Board of PKO Bank Polski S.A. (the remaining candidates were presented after that date). The Bank reported the incidental breach in report 2/2025. • SANCTIONS In the third quarter of 2025, the Bank continuously implemented restrictions and changes resulting from sanctions imposed on Russia and Belarus, in particular the addition of new Russian banks to the sanctions list and further trade restrictions. 2. INFORMATION ON THE SUPERVISORY BOARD AND MANAGEMENT BOARD OF THE BANK • SUPERVISORY BOARD OF THE BANK On 25 August 2025, the Extraordinary General Meeting (EGM) of the Bank appointed Tomasz Siemiątkowski, Małgorzata Prochwicz-O’Shaughnessy and Anna Zabłocka-Wiercińska as members of the Supervisory Board. The EGM confirmed both the individual suitability of the newly appointed members of the Supervisory Board and the collective suitability of the entire body. As of 1 September 2025, Mr Tomasz Siemiątkowski was appointed Chair of the Supervisory Board. Ms Katarzyna Zimnicka-Jankowska was appointed Deputy Chair of the Supervisory Board. Composition of the Supervisory Board as at 30 September 2025: 1. Tomasz Siemiątkowski, Chair of the Supervisory Board, 1. Katarzyna Zimnicka-Jankowska, Deputy Chair of the Supervisory Board, 2. Marek Panfil, Secretary of the Supervisory Board, 3. Maciej Cieślukowski, Member of the Supervisory Board, 4. Jerzy Kalinowski, Member of the Supervisory Board, 5. Hanna Kuzińska, Member of the Supervisory Board, 6. Andrzej Oślizło, Member of the Supervisory Board, 7. Małgorzata Prochwicz-O’Shaughnessy, Member of the Supervisory Board, 8. Jerzy Śledziewski, Member of the Supervisory Board, 9. Paweł Waniowski, Member of the Supervisory Board, 10. Anna Wiercińska-Zabłocka, Member of the Supervisory Board. Biographical notes of members of the Bank’s Supervisory Board are available on the Bank's website.
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REPORT OF THE PKO BANK POLSKI S.A. GROUP FOR THE THIRD QUARTER OF 2025 – DIRECTORS’ COMMENTARY TO THE FINANCIAL RESULTS OF THE PKO BANK POLSKI S.A. GROUP FOR THE NINE-MONTH PERIOD ENDED 30 SEPTEMBER 2025 Page 11/83 • MANAGEMENT BOARD OF THE BANK In the third quarter of 2025, there were no changes in the composition of the Bank’s Management Board. Composition of the Bank’s Management Board as at 30 September 2025: 1. Szymon Midera, President of the Management Board in charge of the Management Board President’s division, 2. Krzysztof Dresler, Vice-President of the Management Board in charge of the Finance and Accounting Division, 3. Ludmiła Falak-Cyniak, Vice -President of the Management Board in charge of the Corporate and Investment Banking Division, 4. Piotr Mazur, Vice-President of the Management Board in charge of the Risk Management Division, 5. Tomasz Pol, Vice-President of the Management Board in charge of the Retail and Corporate Banking Division, 6. Marek Radzikowski, Vice -President of the Mana gement Board in charge of the Operations and International Banking Division, 7. Michał Sobolewski, Vice-President of the Management Board in charge of the Administration Division, 8. Mariusz Zarzycki, Vice-President of the Management Board in charge of the Technology Division. Biographical notes of the current members of the Bank's Management Board are available on the Bank's website. • CHANGES IN THE OWNERSHIP STRUCTURE OF THE BANK’S SHARES AND THE RIGHTS ATTACHED TO THEM BY MEMBERS OF THE MANAGEMENT AND SUPERVISORY STAFF Name and surname Number of shares as at the date of publication of the report Purchase Disposal Number of shares as at the date of publication of the report for H1 2025 Piotr Mazur, Vice-President of the Management Board 8,000 - - 8,000 Tomasz Pol, Vice-President of the Management Board 12,787 - - 12,787 As at the date of publication, the remaining members of the Management Board and all members of the Supervisory Board did not hold any shares in the Bank. 3. BUSINESS CONDITIONS 3.1. MACROECONOMIC ENVIRONMENT Monthly data suggest that GDP growth may have accelerated in the third quarter of 2025 compared with the 3.4% y/y recorded in the second quarter of 2025. Economic activity remained uneven – the industrial sector saw a moderate recovery concentrated in investment goods, while construction output continued to decline year-on-year. Retail sales stayed on a growth path, though their momentum was constrained by a rising share of spending on services, including hospitality and catering. The external environment remained challenging – stagnation in Germany has persisted, and the European industrial sector continues to feel the impact of the 15% tariffs imposed by the United States on imports from the EU. Since June, the registered unemployment rate has risen unusually for the summer months – reaching 5.6% in September 2025, up 0.6 p.p. year-on-year. The increase was not driven by mass layoffs but by fewer people leaving the unemployment rolls, following labour office reforms. Wage growth in the enterprise sector fell below 8.0% y/y in the third quarter, in line with the expected normalisation of labour cost dynamics. In real terms, wages are growing slightl y above 4%, thus supporting consumption. In July 2025, inflation fell to 3.1% y/y from 4.1% y/y in June, returning to the NBP's tolerance band (2.5% +/ - 1 p.p.). In August and September, inflation declined further to 2.9% y/y, with available forecasts (including the NBP's) suggesting inflation will stabilise around current levels through end-2025. Core inflation also eased but remains above headline. Improving inflation dynamics prompted the Monetary Policy Council (MPC) to cut rates – following a 50 bps cut in May 2025, the MPC delivered further 25 bps cuts in July and September. The reference rate ended Q3 at 4.75%, with another 25 bps cut in October bringing it to 4.5%. At the same time, the MPC flagged upside risks to inflation, including expansionary fiscal policy, still-elevated wage growth, strong domestic demand, and household energy prices. The MPC sees room for further cuts but has signalled it will decide meeting-by-meeting, guided by incoming data. NBP interest rates at the end of the third quarter of 2025 • reference rate ` 4.75% • bill discount rate 4.85% • bill rediscount rate 4.80% • Lombard rate 5.25% • deposit rate 4.25%
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REPORT OF THE PKO BANK POLSKI S.A. GROUP FOR THE THIRD QUARTER OF 2025 – DIRECTORS’ COMMENTARY TO THE FINANCIAL RESULTS OF THE PKO BANK POLSKI S.A. GROUP FOR THE NINE-MONTH PERIOD ENDED 30 SEPTEMBER 2025 Page 12/83 3.2. SITUATION ON THE FINANCIAL MARKET The third quarter of 2025 proved favourable for holders of Polish equities and bonds, accompanied by a slight weakening of the domestic currency. Yields on Polish government bonds fell sharply at the short end of the curve, while longer maturities declined only marginally. At end -September, market yields stood at 4.27% for two -year bonds, 4.85% for five-year bonds and 5.47% for ten -year bonds – down 33 bps, 9 bps and 5 bps respectively from end-June. The uneven movements in the yield curve – that is, the wi dening gap between long -term and short-term bond yields – were driven by investor positioning: in the case of shorter maturities, investors focused on the prospect of a series of rate cuts following falling inflation, while in the case of longer maturities, concerns over public finances played a significant role, particularly the high budget deficit and rising public -sector debt. The zloty weakened modestly against the euro and dollar during the quarter, depreciating roughly PLN 0.02 and PLN 0.04 respectively. The Polish currency was supported by solid economic growth relative to most European peers but weighed down by growing expectations of rate cuts and heightened fiscal concerns, including the high budget deficit and rising public debt. These concerns were reflected in Fitch and S&P's downgrade of Poland's rating outlook from stable to negative. The Warsaw Stock Exchange maintained its uptrend until mid-August, when the WIG index reached an all-time high of 112 thousand points. Sentiment soured followin g the announcement of a new bank levy. In the second week of August, the index fell 7% before resuming its climb. In the third quarter, Warsaw -listed stocks rose just under 2%, bringing the year-to-date gain to 33.6%. 3.3. ECONOMIC SITUATION ON THE UKRAINIAN MARKET In the second quarter of 2025, GDP growth slowed to 0.8% y/y from 0.9% y/y in the first quarter of 2025. The outcome was below the National Bank of Ukraine's (NBU) July forecast of 1.1% y/y. For the full year 2025, the NBU expects GDP to grow by 2.1 %, weaker than the NBU's earlier estimates. A stronger recovery is hampered by the ongoing war — Russian attacks on infrastructure, the energy sector, and industrial facilities. The labor market faces difficulties in accessing workers, although a positive factor (from a macroeconomic stability perspective) is the moderation in wage growth. Slower wage growth, combined with easing food inflation, should support the continued decline in CPI inflation (11.9% y/y in September 2025, below the NBU's July forecast of 13.1% y/y). The NBU's policy rate has stood at 15.5% since March 2025. The hryvnia exchange rate remains stable, and the NBU is gradually liberalizing foreign exchange restrictions. 3.4. UKRAINIAN BANKING SECTOR According to NBU data, 60 banks were operating as at the end of August 2025. As at the end of August, total assets of the banking sector increased by 12.4% y/y to UAH 3.55 trillion, while equity rose by 15% y/y to UAH 439.2 billion. As at the end of August 2025, the return on assets (ROA) stood at 4.62% and the return on equity (ROE) at 39.6%, both below the levels recorded at the beginning of the year. The capital position of banks remains strong, with the capital adequacy ratio as at the end of August 2025 at 15.0%, slightly below the December 2024 level of 17.4%. The credit recovery continued – in August 2025, total loan volume increased by 19.5% y/y (the fastest pace since early 2015) to UAH 1.36 trillion. Household loans grew the fastest, rising by 24% y/y in August 2025, while corporate loans i ncreased by 11.9% y/y. In August 2025, total deposits rose 11.6% y/y, with household deposits up 14.3% and corporate deposits up 5%. Deposit growth continues to decelerate. The loan-to-deposit ratio climbed to 47.0% in August 2025, well above the December 2024 low of 41.7%.
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REPORT OF THE PKO BANK POLSKI S.A. GROUP FOR THE THIRD QUARTER OF 2025 – DIRECTORS’ COMMENTARY TO THE FINANCIAL RESULTS OF THE PKO BANK POLSKI S.A. GROUP FOR THE NINE-MONTH PERIOD ENDED 30 SEPTEMBER 2025 Page 13/83 4. BUSINESS DEVELOPMENT AND FINANCING ACHIEVEMENTS OF PKO BANK POLSKI S.A. PRODUCT DEVELOPMENT IN RETAIL BANKING, CORPORATE AND HOUSING MARKETS MORTGAGE BANKING In the third quarter of 2025, the share of fixed -rate mortgage loans in new sales (granted by PKO Bank Polski S.A. and PKO Bank Hipoteczny S.A.) reached 67.3%, while their total share in the portfolio of PLN -denominated mortgage loans as at 30 September 20 25 increased to 44.6% (compared to 42.4% as at 30 June 2025). DEPOSIT OFFERING In the third quarter of 2025, the Bank launched the following deposit products: • a term deposit for new funds of up to PLN 250 thousand with an interest rate of 4.5% per annum for the first three months and up to 4% per annum thereafter, • "Lokata dla Ciebie III" ("Deposit for You III"), available in six different variants, offering interest rates ranging from 1.6% to 3% per annum. The deposit was available from 17 July 2025 to 10 October 2025. In the third quarter of 2025, the Bank offered promotions: • for new funds in the Plus Savings Account, with a promotional interest rate of 5% per annum from 27 June 2025 to 31 July 2025, and two further editions in August and September with a rate of 4.75% per annum for new funds up to PLN 250 thousand for a period of 90 days, • on Pierwsze Konto Oszczędnościowe (First Savings Account – an account for people up to the age of 18) with an interest rate of up to 7% per annum on systematic savings of up to PLN 10 thousand. The promotion is valid from 1 June 2025 to 31 January 2026. The average interest rate on new term deposits in PLN (for individuals and enterprises) in the third quarter of 2025 was 3.15%. The average interest rate on all term deposits in PLN placed with PKO Bank Polski S.A. was 3.1% in the third quarter of 2025, compared to 2.9% in the second quarter of 2025 and 3.3% in the third quarter of 2024. HOUSING ACCOUNT UNDER THE GOVERNMENT’S FIRST HOME PROGRAMME A promotional interest rate of 3.75% per annum applies until the end of 2025. BUSINESS ACCOUNT VIA MOBYWATEL The Bank made available the application for opening a business account entirely online — using the mObywatel application, customers can verify their identity wi thout visiting a branch, using a courier service, or submitting paper documents. This is one of the most innovative solutions in the Polish banking sector. PERSONAL ACCOUNT The Bank launched a promotional offer for new customers – "Bonus for You – Edition 3". Opening a "Konto za Zero" ("Zero-Fee Account") from 1 July to 30 September 2025 enables customers to receive a refund of card or BLIK spending of up to PLN 500. FINANCING – CASH LOAN In the third quarter of 2025, sales of cash loans were 53% higher c ompared to the same period of the previous year. As at 30 September 2025, the Bank's portfolio grew by nearly 19% y/y, consolidating its leading position in the cash loan market. • 89% of loan agreements were concluded digitally – in a paperless format. • 45% of loans were granted through remote channels – without the involvement of a Bank advisor. • 46% of loans were granted with a fixed interest rate.
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REPORT OF THE PKO BANK POLSKI S.A. GROUP FOR THE THIRD QUARTER OF 2025 – DIRECTORS’ COMMENTARY TO THE FINANCIAL RESULTS OF THE PKO BANK POLSKI S.A. GROUP FOR THE NINE-MONTH PERIOD ENDED 30 SEPTEMBER 2025 Page 14/83 DEVELOPMENT OF CORPORATE BANKING AND THE SERVICES OF THE BROKERAGE OFFICE CORPORATE BANKING Conclusion of 14 syndicated loan agreements and 2 amendments to existing syndicated loan agreements, with a total value of over PLN 7.3 billion and nearly EUR 0.3 billion. The Bank's share amounted to over PLN 2.2 billion and over EUR 0.1 billion, respectively. Conclusion of an agreement within a banking consortium for the issuance of corporate bonds with a value of PLN 1 billion. Conclusion of 28 municipal bond issue agreements with a total value of nearly PLN 0.5 billion. Introduction of cash management products and services and new pricing packages — BIZNES LITE and BIZNES PRO — for small corporate clients. CLIMATE RISK ADD- ON ESTIMATION MECHANISMS Development of mechanisms for estimating add-on levels in accordance with the guidelines of climate stress tests, and provision of data on the assigned add-on levels for the purpose of incorporating them into client assessment. SERVICES OF THE BROKERAGE OFFICE In the third quarter of 2025, the value of turnover in the secondary equity market reached PLN 22.1 billion, accounting for 9.58% of the market turnover and placing PKO Bank Polski's Brokerage Office in 2nd position in the brokerage office ranking. Acting as global co -coordinator and joint bookrunner, the Brokerage Office conducted a public share offering of BNP Paribas Bank Polska S.A. through an accelerated bookbuilding process, with a value of PLN 239 million. The Brokerage Office introduced a s pecial offer for the opening of investment accounts for new individual clients between 15 September and 31 October 2025. The promotion provides for an exemption from account maintenance fees until the end of 2028. At the end of September 2025, the Brokerage Office: • maintained 171.7 thousand securities and cash accounts, as well as 735.4 thousand registration accounts; • serviced participation units in 397 funds and sub -funds managed by 10 investment fund management companies. CORPORATE BANKING FINANCING Extension of the maximum repayment period for non -revolving working capital loans and Multi-Purpose Credit Limits to 48 months. Launch of a new credit process for selected clients — transactions up to PLN 5 million are carried out without the involvement of a risk analyst, based on an automated risk assessment. DEVELOPMENT OF INSURANCE PRODUCTS PKO ŻYCIE LIFE INSURANCE In the third quarter of 2025, 93.4 thousand policies were sold, with gross written premiums amounting to PLN 63 million. A foreign medical treatment module was added to the offer. PKO DOM HOME INSURANCE In the third quarter of 2025, 135.3 thousand policies were sold, with gross written premiums amounting to PLN 60.2 million. PKO MOTO MOTOR INSURANCE In the third quarter of 2025, 54.9 thousand policies were sold, with gross written premiums amounting to PLN 56.3 million. Sales of insurance policies were launched for clients holding a lease on the insured asset. DEVELOPMENT OF IT PROJECTS AND OTHER SERVICES PKO PAY LATER BLIK PAY LATER Extension of the PKO Pay Later functionality to include the BLIK Pay Later deferred payment method. The maximum limit amount was increased from PLN 2 thousand to PLN 4 thousand, and the minimum purchase amount was reduced from PLN 50 to PLN 30. As at the end of 2025, approximately 308 thousand customers were active users of the service, and the total amount of limits granted reached PLN 344 million. Customers have so far executed nearly 12.2 million transactions, totalling PLN 1.8 billion. 99% of transactions were executed using a BLIK code.
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REPORT OF THE PKO BANK POLSKI S.A. GROUP FOR THE THIRD QUARTER OF 2025 – DIRECTORS’ COMMENTARY TO THE FINANCIAL RESULTS OF THE PKO BANK POLSKI S.A. GROUP FOR THE NINE-MONTH PERIOD ENDED 30 SEPTEMBER 2025 Page 15/83 CONTACTLESS BLIK PAYMENTS The number of contactless BLIK transactions completed via the IKO app by 30 September 2025 was nearly 361.6 million. In the third quarter of 2025 alone, nearly 53.6 million transactions were executed. ARTIFICIAL INTELLIGENCE (AI) The Bank is actively developing innovative AI -based solutions designed for broad use both in its internal processes and to enhance customer service efficiency. In the third quarter of 2025, the Bank launched the semantic search engine szukAI in two strateg ic areas – Corporate Banking and the Contact Centre. Testing of Copilot – an intelligent AI assistant that supports employees in their daily work, facilitates access to information and helps them perform tasks more quickly – also began in the third quarter. In addition, the Bank uses a modern tool called OCREME, based on OCR technology and advanced AI models. OCREME automates the analysis and extraction of data from various types of documents. AUTOMATION AND ROBOTISATION The centralisation of customer service via telephone has been completed. The Bank redirected calls from branch landlines to the 24/7 helpline. In the third quarter of 2025, all bots handled over 6.6 million calls. As at 30 September 2025, nearly 76 million calls had been completed in total. Bots handled the largest volume of customer conversations in the following areas: • Voice Assistant in IKO – 30.9 million, • helpline - 25 million, • Soft debt collection (payment reminders) – 7.3 million, • NPS surveys – 4.8 million, • Cash loan offering – 3.1 million. activation confirmation for the mObywatel app – 1.9 million. In the third quarter of 2025, 70 new ATMs were installed, including 68 modern recyclers with deposit and withdrawal functions. More than half of all self -service devices are now equipped with a deposit function. DEVELOPMENT OF FUNCTIONALITIES IN ELECTRONIC AND MOBILE BANKING CHANNELS IKO MOBILE APPLICATION Implementation of new functionalities: • enabling online shopping payments through the PKO Pay Later service when selecting the BLIK Pay Later payment method, • for business customers – including options to view and edit company data, apply for a corporate debit card, view and sign credit agreements, link a corporate credit card to BLIK payments, and make transfers from corporate credit cards, • introduction of a new deposit under the 'Mój Kapitał' ('My Capital') offering with a bonus, • option to submit an instruction to cancel an overdraft limit. Implementation of changes to existing functionalities: • adding the merchant’s name and logo in the credit card transaction history, • expanding availability of public transport tickets and parking payments to new locations, • ability to move used vouchers to the archive, • option to download the digital mortgage loan agreement.
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REPORT OF THE PKO BANK POLSKI S.A. GROUP FOR THE THIRD QUARTER OF 2025 – DIRECTORS’ COMMENTARY TO THE FINANCIAL RESULTS OF THE PKO BANK POLSKI S.A. GROUP FOR THE NINE-MONTH PERIOD ENDED 30 SEPTEMBER 2025 Page 16/83 ELECTRONIC BANKING SERVICE IPKO Implementation of new functionalities: • submission of omnichannel applications for cash loans, credit cards and overdraft limits, • PKO ID solution – an additional security layer for authorised operations, • applications and servicing of cards linked to a child's account, • new value-added service – Cinema City voucher codes, • availability of new products: new -fund term deposits and My Capital deposits with a bonus, • gift cards for 10 new partners (including Zalando, Media Expert, Wakacje.pl and Circle K). Implementation of changes to existing functionalities: • new notification formats for customers with overdue liabilities, • application of functional limitations following the expiry of an identity document, • Dobry Start (Good Start) application for the new benefit period, • investment alerts in PKO Inwestomat. CHILD FINANCES IN IPKO Implementation of new functionalities: • enabling parents to cancel pending transactions, • parent authorisation for internal transfers, • adjustment of the so-called "time pause" function in limit-change processes. PKO JUNIOR APPLICATION Introduction of a new Profile section within the app, allowing users to personalise and manage their application settings. ELECTRONIC BANKING SERVICE IPKO BIZNES Implementation of new functionalities: • temporary blocking of personalised prepaid cards, • automatic submission of a card-closure request immediately upon card cancellation. PKO LEASING WEBSITE Launch of a retention programme (multichannel campaigns) for customers with expiring agreements. DISTRIBUTION NETWORK OF PKO BANK POLSKI S.A. RETAIL BRANCHES 8 branch relocations and 16 branch upgrades. CORPORATE BRANCHES Since the third quarter of 2025, the structure of the corporate sales network has been reorganised, with enterprise banking offices transformed into corporate client offices. ACHIEVEMENTS OF THE PKO LEASING S.A. GROUP (PKO LEASING GROUP) PARTNERSHIP WITH JAMEEL MOTORS POLAND Signing of an agreement under the captive model* with Jameel Motors Poland. The new partner of PKO Leasing S.A. is part of the international Jameel Motors brand — a leading automotive industry provider and direct importer of the most r ecognizable passenger and commercial vehicle brands. *the captive model is based on cooperation between an importer of new vehicles and a selected financial institution on an exclusive basis, under which the importer and its sales network promote the finan cial partner's product offering among their customers EXCLUSIVE FINANCIAL PARTNER OF PORSCHE FINANCIAL SERVICES POLSKA Signing of a cooperation agreement with Porsche Financial Services Polska. PKO Leasing S.A. became the exclusive financial partner of the Porsche brand in Poland and provides customers of Porsche's dealer network in Poland with access to convenient vehicle financing options in the form of leasing, long-term rental, or lease loans. CONSORTIUM WITH SOLARIS BUS & COACH Signing of agreements for the delivery of the first batches under the PKO Leasing S.A. and Solaris Bus & Coach consortium to supply Miejskie Przedsiębiorstwo Komunikacyjne in Kraków with 190 buses and Miejskie Przedsiębiorstwo Komunikacyjne in Łódź with 64 buses. EXPANSION OF THE ELECTRIC VEHICLE FLEET WITHIN THE PCM S.A. GROUP – MASTERLEASE BRAND Expansion of the electric vehicle fleet within the PCM S.A. Group – Brand Masterlease, as part of the strategy to support electromobility (1.43 thousand vehicles).
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REPORT OF THE PKO BANK POLSKI S.A. GROUP FOR THE THIRD QUARTER OF 2025 – DIRECTORS’ COMMENTARY TO THE FINANCIAL RESULTS OF THE PKO BANK POLSKI S.A. GROUP FOR THE NINE-MONTH PERIOD ENDED 30 SEPTEMBER 2025 Page 17/83 ACHIEVEMENTS OF PKO TOWARZYSTWO FUNDUSZY INWESTYCYJNYCH S.A. (PKO TFI S.A.; COMPANY) LEADING POSITIONS IN THE INVESTMENT FUND MARKET As at the end of the third quarter of 2025, the net asset value of funds managed by the company amounted to PLN 73.1 billion. This allowed the company to strengthen its 1st place in the overall investment fund market (with a market share of 17.95%) and maintain its 1 st place in the retail fund segment (with a market share of 22.52%)*. As of 30 September 2025, the company managed 58 in vestment funds and sub-funds. In the third quarter of 2025, the net sales of investment funds managed by the company amounted to PLN 4.5 billion — marking a record quarter in the history of PKO TFI S.A. (including PLN 0.5 billion within the Employee Capital Plans (PPK) framework). Bond sub-funds remained the most popular investment category among participants and investors, with net sales reaching PLN +3.9 billion. The undisputed leader in terms of net sales was the PKO Short-Term Treasury Bond Sub-Fund, which recorded inflows of PLN 2.8 billion in the third quarter of 2025. PPK MARKET LEADER PKO TFI S.A. remains the consistent leader in the Employee Capital Plans (PPK) market. The company's market share in this segment stood at 30.9%* as at the end of September 2025. As at the end of the third quarter of 2025, assets managed under the dedicated PKO Emerytura – sfio PPK fund amounted to PLN 12.6 billion. * Source: Analizy Online 5. RISK MANAGEMENT The risk management system is aimed at ensuring the profitability of business activities while ensuring control over the risk level and maintaining it within the system of limits and risk tolerance limits adopted by the Bank and the Bank’s Group in the cha nging macroeconomic and legal environment. These activities are aimed at improving processes and effectively embedding risk management in the organisational culture, ensuring comprehensive risk information for decision -making, and safeguarding shareholder capital and customer deposits while maintaining operational efficiency. The primary objective is to ensure adequate management of all types of risk related to its business. For a detailed description of the Group's risk management policies, please refer to the report entitled "Capital adequacy and other information of the Powszechna Kasa Oszczędności Bank Polski Spółka Akcyjna Group subject to disclosure as at 31 December 2024". The Group has maintained a safe level of liquidity, allowing for a quick and ef fective response to potential threats. In the third quarter of 2025, the PKO structured its sources of financing by adjusting its deposit offering (in particular interest rates on deposits) to meet current needs and by raising funds from the financial mark et through the issue of bonds. The liquidity of KREDOBANK S.A., despite the on-going war in Ukraine, remained at a stable and safe level. In the third quarter of 2025, the Bank undertook activities aimed at shaping the balance sheet structure in a manner ensuring that the supervisory stress test results for interest rate risk in the banking book (SOT NII and SOT EVE) remain within the defined supervisory limits. The Group has the "Transition Plan of the PKO Bank Polski S.A. Group" (the Plan), aimed at supp orting the achievement of the long-term objective of the Paris Agreement — making efforts to limit the temperature increase to 1.5°C above pre-industrial levels. Information on the Plan was presented in the PKO Bank Polski S.A. Group Report for the first q uarter of 2025, in Chapter 5 "Risk management". In the third quarter of 2025, the Sustainable Development Committee decided to extend the scope of the Plan to include the commercial real estate portfolio and the portfolio of PKO Leasing S.A. Work is currently underway to define and approve decarbonisation targets for the extended scope. The Bank completed a gap analysis of the EBA/GL/2025/01 Guidelines on the management of environmental, social and governance (ESG) risks. The Bank considers these Guidelines an important element of the regulatory framework. At this stage, the Bank has already implemented or is in the process of developing internal regulations, processes and measures that largely comply with the requirements set out in the ESG Guidelines.
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REPORT OF THE PKO BANK POLSKI S.A. GROUP FOR THE THIRD QUARTER OF 2025 – DIRECTORS’ COMMENTARY TO THE FINANCIAL RESULTS OF THE PKO BANK POLSKI S.A. GROUP FOR THE NINE-MONTH PERIOD ENDED 30 SEPTEMBER 2025 Page 18/83 FINANCIAL POSITION AFTER THE THIRD QUARTER OF 2025 Financial data is presented on a management basis. The PKO Bank Polski S.A. Group's consolidated net profit for the nine months of 2025 amounted to PLN 7,967 million, up by PLN 1,109 million compared with the corresponding period of 2024. The change in net profit was driven by: 1) an improvement in the result on business activities, which reached PLN 22,963 million (up by PLN 2,054 million y/y), mainly as a result of an increase in net interest income by PLN 2,224 million and an increase in net fee and commission income by PLN 19 million, with a decrease in other net income by PLN 189 million y/y, 2) a deterioration in net write -downs and impairment1 by PLN 58 million, mainly due to a PLN 61 million increase in the legal risk cost of mortgage loans in convertible currencies, 3) an increase in administrative expenses by PLN 732 million, resulting from higher employee benefit expenses (up by PLN 359 million), regulatory costs (up by PLN 234 million), non -personnel expenses (up by PLN 91 million), and depreciation and amortisation expenses (up by PLN 48 million). 6 858 7 967 2 224 19 -498 -234 -189 -152 -61 Net profit 3rd quarter 2024 Net interest income Net fee and commission income Administrative expenses (excluding regulatory costs) Regulatory costs Other net income Other items Cost of legal risk of mortgage loans Net profit 3rd quarter 2025 Change in net profit of the PKO Bank Polski S.A. Group (in PLN million) +1 109 1) 1) This item comprises tax on certain financial institutions, share in profits/ (losses) of associates and joint ventures, and profit/(loss) attributable to non- controlling shareholders. Owing to its performance for the nine months of 2025, the Group reported the following levels of key financial performance, cost of risk and capital adequacy indicators: • return on equity as measured by ROE stood at 19.6% on an annual basis (+3.6 p.p. y/y), the improvement in the ratio was driven by an increase in annualised net profit, • net interest margin was 4.88% on an annual basis (excluding the impact of "credit holidays") (+0.16 p.p. y/y), the margin level was positively affected by an increase in annualised net interest income, mainly driven by lower costs on customer deposits and higher interest income from securities, • operating efficiency as measured by the C/I ratio stood at 29.9% on an annual basis (-0.3 p.p. y/y), which was achieved thanks to a significant improvement in the result on business activities, more than compensating for the increase in administrative expenses, • the cost of credit risk on an annualised basis stood at ( -)0.34% at the end of September 2025, down 0.07 p.p. compared with the same period of the previous year, mainly due to consumer loans, 1Net write-offs and impairment – result on allowances for expected credit losses, result on impairment of non -financial assets, result on loans measured at fair value through profit or loss and cost of legal risk associated with mortgage loans in convertible currencies.
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REPORT OF THE PKO BANK POLSKI S.A. GROUP FOR THE THIRD QUARTER OF 2025 – DIRECTORS’ COMMENTARY TO THE FINANCIAL RESULTS OF THE PKO BANK POLSKI S.A. GROUP FOR THE NINE-MONTH PERIOD ENDED 30 SEPTEMBER 2025 Page 19/83 • the total capital ratio stood at 17.95%, down 0.08 p.p. compared with the end of September 2024, and the core Tier 1 capital ratio amounted to 16.29%, down 1.06 p.p. The decline mainly resulted from higher capital requirements following the implementation of the CRR3 regulation and the effect of higher lending volumes, partially offset by an increase in own funds owing to the issuance of subordinated capital bonds, profit accumulation for 2024, and the mid-year inclusion of the profit for the first half of 2025. Events which had a significant impact on the net profit of the Group achieved in the 9 months of 2025 compared with the corresponding period of 2024: RESULT ON BUSINESS ACTIVITIES • an increase in net interest income driven by: ✓ an increase in interest income on securities by PLN 1,146 million y/y, mainly due to an improvement in average portfolio interest rate resulting from higher yields on new purchases, accompanied by an increase of approximately PLN 16 billion y/y in the average securities portfolio, ✓ a decrease in interest expenses on customer deposits by PLN 594 million y/y, primarily resulting from lower average deposit rates following changes in the deposit structure (a higher share of lower -interest current deposits), despite an increase of more than PLN 29 billion y/y in the average deposit volume, ✓ a decrease in interest expenses related to hedge accounting by PLN 270 million y/y, mainly driven by lower interest rates, with the volume of hedge transactions increasing by nearly PLN 20 billion y/y, ✓ an increase in interest income on financing granted to customers by PLN 621 million y/y (including an impact of PLN 488 million from "credit holidays" recognized in 2024 ), related to an increase in portfolio volume by nearly PLN 22 billion, despite lower average interest rates on both PLN - and FX-denominated assets, ✓ with an increase in external funding costs by PLN 216 million y/y, associated with a higher average volume of the Bank's own debt securities, resulting from bond issues carried out in 2024 and 2025, • an increase in net fee and commission income due to higher commissions from investment funds, higher margins on foreign exchange transactions, higher commissions from operating leases and higher account commissions, partially offset by lower commissions from brokerage, card (mainly as a result of high commissions from settlements with card organizations in 2024), lending and other activities, • a deterioration in net othe r income, mainly as a result of a decrease in other operating income (including the establishment in 2025 of a PLN 197 million provision for consumer protection issues) and in net insurance income, partly offset by higher net foreign exchange income and an increase in result on financial transactions2. ADMINISTRATIVE EXPENSES • an increase in employee benefit expenses by PLN 359 million y/y (mainly as a result of wage adjustments), • an increase in non-personnel expenses by PLN 91 million y/y (mainly concerning higher marketing, advertising and IT expenditure, partly offset by lower court fees in cases brought by customers against the Bank concerning foreign currency mortgage loans), • an increase in regulatory costs by PLN 234 million y/y, driven by hig her contributions and payments to the bank guarantee fund (including an increase of PLN 50 million in the contribution to the resolution fund and the reinstatement in 2025 of the bank guarantee fund contribution in the amount of PLN 159 million), • an increase in depreciation and amortisation expenses by PLN 48 million y/y (mainly resulting from higher amortisation of IT intangible assets). NET WRITE-DOWNS AND IMPAIRMENT • an increase in the cost of legal risk of mortgage loans in convertible currencies by PLN 61 million y/y, resulting from changes in the estimated statutory interest accrued during disputes with customers, an updated forecast of the number of new court cases, and an adjustment of parameters in the legal risk assessment model, • higher charges for credit risk allowances by PLN 11 million y/y – the increase in provisions for granted financial commitments and guarantees was offset by an improved result on the portfolio of financing granted to customers, • a more favourable result on allowances on non-financial assets by PLN 14 million y/y, related among others to lower allowances on property, plant and equipment. 2Result on financial transactions – result on financial transactions and gains and/or losses on derecognition of financial instruments less the result on loans measured at fair value through profit and/or loss.
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REPORT OF THE PKO BANK POLSKI S.A. GROUP FOR THE THIRD QUARTER OF 2025 – DIRECTORS’ COMMENTARY TO THE FINANCIAL RESULTS OF THE PKO BANK POLSKI S.A. GROUP FOR THE NINE-MONTH PERIOD ENDED 30 SEPTEMBER 2025 Page 20/83 As a result of measures taken in the third quarter of 2025, the scale of operations increased compared to both the corresponding period of the previous year and the end of 2024: • total assets reached nearly PLN 555 billion, which represents an increase of almost PLN 48 billion year-on-year and PLN 29 billion compared to the end of 2024, • customer deposits 3 amounted to PLN 440 billion, i.e. an i ncrease of PLN 36 billion compared to the end of September 2024 (mainly as a result of an increase in retail and private banking deposits and, to a lesser extent, in corporate and SME deposits) and an increase of approximately PLN 21 billion compared to th e end of December 2024, • financing granted to customers4 amounted to nearly PLN 305 billion, increasing by PLN 28 billion year-on-year and by approximately PLN 18 billion compared to the end of December 2024. The increase covered most categories except for foreign currency mortgage loans and factoring receivables in the corporate segment, • the banking and trading securities portfolio 5 amounted to PLN 204 billion, i.e. an increase of PLN 22 billion compared to the end of September 2024 (mainly due to higher holdings of government bonds and treasury bills) and an increase of approximately PLN 13 billion compared to the end of December 2024, • total equity amounted to over PLN 55 billion, an increase of nearly PLN 5 billion compared to the end of September 2024 and PLN 3 billion compared to the end of December 2024. In the third quarter of 2025, the Bank's Group reported a further increase in the scale of operations, particularly increasing compared to the corresponding period of the previous year: • the number of customers by nearly 324 thousand, to over 12.4 million, mainly in the retail customer segment, • the number of current accounts serviced by nearly 283 thousand, to 9.7 million. As at 30 September 2025, the Bank's Group increased its market share in loans to 18.6% (+0.4 p.p. y/y) and in savings to 21.7% (+0.6 p.p. y/y). Moreover, it strengthened its leading position in the retail investment fund market, with a market share of 22.5% (+1.7 p.p. y/y). FACTORS THAT DETERMINE FUTURE PERFORMANCE The Group identifies risk factors arising from macroeconomic and regulatory changes. In the global economy: • barriers to international trade, primarily the U.S. tariff policy and other countries' responses to growing protectionism, as well as the impact of international trade restrictions on the condition of the global economy; • increased geopolitical risk, with the threat of escalating conflicts in Ukraine, in the Middle East, around Taiwan and their impact on commodity prices, risk appetite and supply chains; • significant vola tility in financial markets reflecting extremely high uncertainty related to trade policy and geopolitical tensions, as well as political instability, including in France; • continued relatively low rates of global economic growth, including in euro area co untries; • changes in climate policy, including the accelerating energy transition, shifts in the stringency of environmental requirements, and climate change itself and its consequences. In the Polish economy: • the regulations currently being processed incl ude increasing the corporate income tax rate for, among others, domestic banks (to 30% in 2026, 26% in 2027 and 23% from 2028 onwards), and accordingly for tax capital groups comprising at least one domestic bank. The entry into force of these provisions would require a remeasurement of the deferred tax asset and liability for 2025. The higher tax rates would be applied in calculating tax prepayments in 2026; • pending legislation concerning a reduction in the tax rate on certain financial institutions, including domestic banks, whereby the rate is to be set at 0.0329% in 2027 and 0.0293% from 2028 onwards; • a complex political situation potentially hampering the smooth implementation of economic policy; 3Customer deposits – amounts due to customers. 4Financing granted to customers – loans and advances granted to customers (including finance lease receivables) and municipal and corporate bonds (excluding the bonds of international financial organizations) presented in securities, other than securities held for trading. 5Securities (banking and trading portfolio) – securities less municipal and corporate bonds, and bonds of international financial organisations,
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REPORT OF THE PKO BANK POLSKI S.A. GROUP FOR THE THIRD QUARTER OF 2025 – DIRECTORS’ COMMENTARY TO THE FINANCIAL RESULTS OF THE PKO BANK POLSKI S.A. GROUP FOR THE NINE-MONTH PERIOD ENDED 30 SEPTEMBER 2025 Page 21/83 • the expected maintenance of solid economic growth, with rising consumption and a recovery in investment activity, in the face of still weakened foreign demand; • the scale and pace of inflows, as well as distribution to final beneficiaries of EU funds, and the possibility of their quick utilisation with the risk of supply constraints; • the risk of intensified competition from foreign ent ities, mainly from China, seeking alternative markets due to rising tariffs in the United States; • the path of further changes in NBP interest rates and the level and interest rate of the reserve requirement; • the situation in financial markets, which may reflect, among others, increased geopolitical risk and weaker public finance sector prospects identified by rating agencies, particularly through rising yields on Polish debt securities; • the sustainability of the recovery in credit demand, both in light of completed and expected interest rate cuts and in connection with the revival of private investment; • the risk of fines being imposed by the PFSA as part of ongoing administrative proceed ings in connection with suspected: – breach by the Bank of the requirements of the Regulation on key information documents for retail collective investment products and insurance investment products, – failure to fulfil the obligation to apply financial security measures as specified in the Anti-Money Laundering and Counter-Terrorist Financing Act, in connection with irregularities identified during an inspection; • the risk of a fine being imposed by the President of UOKiK as part of proceedings pending agains t the Bank concerning violations of collective consumer interests in handling complaints about "unauthorised transactions," modification clauses, and clauses on interest rate changes in standard contract templates for certain consumer products; • CJEU rulin gs on mutual settlements between the parties to CHF mortgage loan agreements following their annulment; • the risk of an unfavourable trend in case law resulting in an increase in borrowers' use of the free credit sanction due to inadequate — in the opinion of customers or law firms specialising in pursuing such claims — compliance by the Bank with its obligations under the Consumer Credit Act, including as a result of a potential challenge by the CJEU or national courts to the possibility of charging interest on so-called financed costs of consumer loans that are not disbursed directly to the borrower; • the introduction of the Long-Term Funding Ratio and its impact on the long-term funding market; • an increase in capital requirements resulting from the entry into force of the higher countercyclical buffer level (currently 1% and targeted at 2% from September 2026); • the risk associated with the implementation of the new benchmark index POLSTR® and its impact on the financial market.
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REPORT OF THE PKO BANK POLSKI S.A. GROUP FOR THE THIRD QUARTER OF 2025 – CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS OF THE PKO BANK POLSKI S.A. GROUP FOR THE NINE-MONTH PERIOD ENDED 30 SEPTEMBER 2025, TOGETHER WITH THE CONDENSED INTERIM SEPARATE FINANCIAL STATEMENTS OF PKO BANK POLSKI S.A. FOR THE NINE-MONTH PERIOD ENDED 30 SEPTEMBER 2025 (IN PLN MILLION) Page 22/83 CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS OF THE PKO BANK POLSKI S.A. GROUP FOR THE NINE-MONTH PERIOD ENDED 30 SEPTEMBER 2025, TOGETHER WITH THE CONDENSED INTERIM SEPARATE FINANCIAL STATEMENTS OF PKO BANK POLSKI S.A. FOR THE NINE-MONTH PERIOD ENDED 30 SEPTEMBER 2025
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REPORT OF THE PKO BANK POLSKI S.A. GROUP FOR THE THIRD QUARTER OF 2025 – CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS OF THE PKO BANK POLSKI S.A. GROUP FOR THE NINE-MONTH PERIOD ENDED 30 SEPTEMBER 2025, TOGETHER WITH THE CONDENSED INTERIM SEPARATE FINANCIAL STATEMENTS OF PKO BANK POLSKI S.A. FOR THE NINE-MONTH PERIOD ENDED 30 SEPTEMBER 2025 (IN PLN MILLION) The notes presented on pages 30 to 70 form an integral part of the condensed interim consolidated financial statements of the PKO Bank Polski S.A. Group for the nine -month period ended 30 September 2025 Page 23/83 CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS OF THE PKO BANK POLSKI S.A. GROUP FOR THE NINE-MONTH PERIOD ENDED 30 SEPTEMBER 2025 CONSOLIDATED INCOME STATEMENT INCOME STATEMENT Note 3rd quarter period from 01.07.2025 to 30.09.2025 3 quarters YTD period from 01.01.2025 to 30.09.2025 3rd quarter period from 01.07.2024 to 30.09.2024 3 quarters YTD period from 01.01.2024 to 30.09.2024 Net interest income 6,062 18,197 5,727 15,973 Interest and similar income 10 8,337 25,140 8,177 23,537 of which calculated under the effective interest rate method 10 8,256 24,900 8,083 23,220 Interest expense 10 (2,275) (6,943) (2,450) (7,564) Net fee and commission income 1,347 3,876 1,299 3,857 Fee and commission income 11 1,813 5,231 1,768 5,072 Fee and commission expense 11 (466) (1,355) (469) (1,215) Other net income 287 870 276 1,053 Net income from insurance business, of which: 152 463 155 521 Insurance revenue (net of reinsurance) 384 1,138 379 1,094 Cost of insurance activities (net of reinsurance) (190) (564) (207) (479) Dividend income - 14 1 23 Gains/(losses) on financial transactions 69 203 14 116 Foreign exchange gains/ (losses) 74 189 (7) 140 Gains/(losses) on derecognition of financial instruments, of which 10 46 51 91 measured at amortized cost 2 6 11 29 Net other operating income and expense, of which: (18) (45) 62 162 other operating income 115 336 111 320 other operating expenses (133) (381) (49) (158) Result on business activities 7,696 22,943 7,302 20,883 Net allowances for expected credit losses 12 (211) (692) (222) (675) Impairment of non-financial assets 13 (114) (395) (96) (409) Cost of legal risk of mortgage loans in convertible currencies 14 (1,153) (3,375) (994) (3,314) Administrative expenses 15 (2,221) (6,945) (2,072) (6,213) Tax on certain financial institutions (339) (1,001) (316) (942) Share in profits and losses of associates and joint ventures 47 109 42 103 Profit before tax 3,705 10,644 3,644 9,433 Income tax expense 16 (867) (2,676) (1,179) (2,574) Net profit (including non-controlling shareholders) 2,838 7,968 2,465 6,859 Profit (loss) attributable to non-controlling shareholders 1 1 2 1 Net profit attributable to equity holders of the parent company 2,837 7,967 2,463 6,858 Earnings per share for the period - basic (in PLN)* 2.27 6.37 1.97 5.49 Weighted average number of ordinary shares during the period (in million)* 1,250 1,250 1,250 1,250 * As there were no dilutive instruments, diluted earnings per share are equal to basic earnings per share.
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REPORT OF THE PKO BANK POLSKI S.A. GROUP FOR THE THIRD QUARTER OF 2025 – CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS OF THE PKO BANK POLSKI S.A. GROUP FOR THE NINE-MONTH PERIOD ENDED 30 SEPTEMBER 2025, TOGETHER WITH THE CONDENSED INTERIM SEPARATE FINANCIAL STATEMENTS OF PKO BANK POLSKI S.A. FOR THE NINE-MONTH PERIOD ENDED 30 SEPTEMBER 2025 (IN PLN MILLION) The notes presented on pages 30 to 70 form an integral part of the condensed interim consolidated financial statements of the PKO Bank Polski S.A. Group for the nine -month period ended 30 September 2025 Page 24/83 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME STATEMENT OF COMPREHENSIVE INCOME 3rd quarter period from 01.07.2025 to 30.09.2025 3 quarters YTD period from 01.01.2025 to 30.09.2025 3rd quarter period from 01.07.2024 to 30.09.2024 3 quarters YTD period from 01.01.2024 to 30.09.2024 Net profit (including non-controlling shareholders) 2,838 7,968 2,465 6,859 Other comprehensive income 490 1,771 1,048 1,596 Items which may be reclassified to profit or loss 490 1,771 1,048 1,596 Cash flow hedges (net) (Note 19) 183 1,033 678 889 Gains/losses recognized in other comprehensive income (32) 522 765 (111) Amounts transferred from other comprehensive income to the income statement 258 753 73 1,209 Deferred tax (43) (242) (160) (209) Fair value of financial assets measured at fair value through other comprehensive income (net) 287 792 419 760 Remeasurement of fair value, gross 363 1,021 559 999 Gains /losses transferred to the profit or loss (on disposal) (8) (40) (40) (62) Deferred tax (68) (189) (100) (177) Currency translation differences on foreign operations 11 (68) (52) (76) Share in other comprehensive income of associates and joint ventures 8 14 6 24 Finance income and costs from insurance business, net 1 - (3) (1) Finance income and costs from insurance business, gross 1 - (4) (2) Deferred tax - - 1 1 Total net comprehensive income, of which attributable to: 3,328 9,739 3,513 8,455 equity holders of the parent 3,327 9,738 3,511 8,454 non-controlling interest 1 1 2 1
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REPORT OF THE PKO BANK POLSKI S.A. GROUP FOR THE THIRD QUARTER OF 2025 – CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS OF THE PKO BANK POLSKI S.A. GROUP FOR THE NINE-MONTH PERIOD ENDED 30 SEPTEMBER 2025, TOGETHER WITH THE CONDENSED INTERIM SEPARATE FINANCIAL STATEMENTS OF PKO BANK POLSKI S.A. FOR THE NINE-MONTH PERIOD ENDED 30 SEPTEMBER 2025 (IN PLN MILLION) The notes presented on pages 30 to 70 form an integral part of the condensed interim consolidated financial statements of the PKO Bank Polski S.A. Group for the nine -month period ended 30 September 2025 Page 25/83 CONSOLIDATED STATEMENT OF FINANCIAL POSITION STATEMENT OF FINANCIAL POSITION Note 30.09.2025 31.12.2024 ASSETS 554,568 525,225 Cash and balances with Central Bank 19,278 23,494 Amounts due from banks 17 8,136 5,089 Hedging derivatives 18 64 120 Other derivative instruments 18 2,014 1,999 Securities 19 224,453 210,531 Reverse repo transactions 606 892 Loans and advances to customers 20 283,806 266,158 Assets in respect of insurance activities 86 105 Property, plant and equipment under operating lease 2,907 2,653 Property, plant and equipment 3,232 3,320 Assets held for sale 3 11 Intangible assets 4,002 4,153 Investments in associates and joint ventures 309 291 Current income tax receivable 12 6 Deferred tax assets 2,126 3,056 Other assets 3,534 3,347 LIABILITIES AND EQUITY 554,568 525,225 LIABILITIES 499,309 472,855 Amounts due to Central bank 10 11 Amounts due to banks 21 3,277 2,373 Hedging derivatives 18 47 285 Other derivative instruments 18 1,824 2,396 Amounts due to customers 22 440,454 419,778 Liabilities in respect of insurance activities 1,900 2,449 Loans and advances received 23 1,183 1,268 Liabilities in respect of debt securities in issue 23 26,144 23,457 Subordinated liabilities 23 6,267 4,291 Other liabilities 9,474 8,188 Current income tax liabilities 450 899 Deferred tax liabilities 885 809 Provisions 24 7,394 6,651 EQUITY 55,259 52,370 Share capital 1,250 1,250 Reserves and accumulated other comprehensive income 34,723 30,503 Unappropriated profits 11,329 11,324 Net profit or loss for the period 7,967 9,304 Capital and reserves attributable to equity holders of the parent company 55,269 52,381 Non-controlling interests (10) (11)
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REPORT OF THE PKO BANK POLSKI S.A. GROUP FOR THE THIRD QUARTER OF 2025 – CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS OF THE PKO BANK POLSKI S.A. GROUP FOR THE NINE-MONTH PERIOD ENDED 30 SEPTEMBER 2025, TOGETHER WITH THE CONDENSED INTERIM SEPARATE FINANCIAL STATEMENTS OF PKO BANK POLSKI S.A. FOR THE NINE-MONTH PERIOD ENDED 30 SEPTEMBER 2025 (IN PLN MILLION) The notes presented on pages 30 to 70 form an integral part of the condensed interim consolidated financial statements of the PKO Bank Polski S.A. Group for the nine-month period ended 30 September 2025 Page 26/83 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR 9 MONTHS ENDED 30 SEPTEMBER 2025 Share capital Reserves and accumulated other comprehensive income Retained earnings Net profit or loss for the period Total capital and reserves attributable to equity holders of the parent company Total non- controlling interests Total equity Reserves Accumulated other comprehensive income Reserves and accumulated other comprehensive income Supplementa ry capital General banking risk fund Other reserves As at the beginning of the period 1,250 22,858 1,070 8,890 (2,315) 30,503 11,324 9,304 52,381 (11) 52,370 Transfer from retained earnings - - - - - - 9,304 (9,304) - - - Dividend - - - - - - (6,850) - (6,850) - (6,850) Transfer between retained earnings and equity, including reserve capital for the payment of dividends (including interim dividends) - 36 - 2,413 - 2,449 (2,449) - - - - Comprehensive income - - - - 1,771 1,771 - 7,967 9,738 1 9,739 As at the end of the period 1,250 22,894 1,070 11,303 (544) 34,723 11,329 7,967 55,269 (10) 55,259 FOR 9 MONTHS ENDED 30 SEPTEMBER 2024 Share capital Reserves and accumulated other comprehensive income Retained earnings Net profit or loss for the period Total capital and reserves attributable to equity holders of the parent company Total non- controlling interests Total equity Reserves Accumulated other comprehensive income Reserves and accumulated other comprehensive income Supplement ary capital General banking risk fund Other reserves As at the beginning of the period 1,250 22,860 1,070 7,138 (3,392) 27,676 10,810 5,502 45,238 (11) 45,227 Transfer from retained earnings - - - - - - 5,502 (5,502) - - - Dividend - - - - - - (3,237) - (3,237) - (3,237) Transfer between retained earnings and equity, including reserve capital for the payment of dividends (including interim dividends) - (2) - 1,756 - 1,754 (1,754) - - - - Comprehensive income - - - - 1,596 1,596 - 6,858 8,454 1 8,455 As at the end of the period 1,250 22,858 1,070 8,894 (1,796) 31,026 11,321 6,858 50,455 (10) 50,445
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REPORT OF THE PKO BANK POLSKI S.A. GROUP FOR THE THIRD QUARTER OF 2025 – CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS OF THE PKO BANK POLSKI S.A. GROUP FOR THE NINE-MONTH PERIOD ENDED 30 SEPTEMBER 2025, TOGETHER WITH THE CONDENSED INTERIM SEPARATE FINANCIAL STATEMENTS OF PKO BANK POLSKI S.A. FOR THE NINE-MONTH PERIOD ENDED 30 SEPTEMBER 2025 (IN PLN MILLION) The notes presented on pages 30 to 70 form an integral part of the condensed interim consolidated financial statements of the PKO Bank Polski S.A. Group for the nine-month period ended 30 September 2025 Page 27/83 FOR 9 MONTHS ENDED 30 SEPTEMBER 2025 Accumulated other comprehensive income Share in other comprehensive income of associates and joint ventures Fair value of financial assets measured at fair value through other comprehensive income Cash flow hedges Finance income and costs from insurance business Actuarial gains and losses Currency translation differences on foreign operations Total As at the beginning of the period (43) (669) (1,122) 1 (27) (455) (2,315) Comprehensive income 14 792 1,033 - - (68) 1,771 As at the end of the period (29) 123 (89) 1 (27) (523) (544) FOR 9 MONTHS ENDED 30 SEPTEMBER 2024 Accumulated other comprehensive income Share in other comprehensive income of associates and joint ventures Fair value of financial assets measured at fair value through other comprehensive income Cash flow hedges Finance income and costs from insurance business Actuarial gains and losses Currency translation differences on foreign operations Total As at the beginning of the period (66) (1,021) (1,860) (1) (24) (420) (3,392) Comprehensive income 24 760 889 (1) - (76) 1,596 As at the end of the period (42) (261) (971) (2) (24) (496) (1,796)
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CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS OF THE PKO BANK POLSKI S.A. GROUP FOR THE NINE- MONTH PERIOD ENDED 30 SEPTEMBER 2025, TOGETHER WITH THE CONDENSED INTERIM SEPARATE FINANCIAL STATEMENTS OF PKO BANK POLSKI S.A. FOR THE NINE-MONTH PERIOD ENDED 30 SEPTEMBER 2025 (IN PLN MILLION) The notes presented on pages 30 to 70 form an integral part of the condensed interim consolidated financial statements of the PKO Bank Polski S.A. Group for the nine-month period ended 30 September 2025 Page 28/83 CONSOLIDATED STATEMENT OF CASH FLOWS 01.01- 30.09.2025 01.01- 30.09.2024 (restated) Cash flows from operating activities Profit before tax 10,644 9,433 Income tax paid (2,550) (2,357) Total adjustments: (3,904) (17,217) Depreciation and amortization (Note 15) 1,222 1,125 (Gains)/losses on investing activities (23) (50) Net interest income (from income statement) (18,197) (15,973) Interest received 19,139 17,949 Interest paid (5,854) (7,371) Dividends received (13) (13) Change in: Amounts due from banks (578) (25) hedging derivatives (396) (560) other derivative instruments (587) (1,143) securities (4,025) (3,595) loans and advances to customers (19,208) (12,089) reverse repo transactions 285 (3) assets in respect of insurance activities 19 (21) property, plant and equipment under operating lease (254) (367) non-current assets held for sale 8 1 other assets (562) (1,460) accumulated allowances for expected credit losses 390 (257) accumulated allowances on non-financial assets and other provisions 1,183 1,547 amounts due to the Central Bank (1) 30 amounts due to banks 903 (351) amounts due to customers 20,742 5,646 repo transactions - 2 liabilities in respect of insurance activities (549) (157) loan and advances received - (71) liabilities in respect of debt securities in issue 211 (109) other liabilities 1,499 (273) Other adjustments 742 371 Net cash from/used in operating activities 4,190 (10,141)
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REPORT OF THE PKO BANK POLSKI S.A. GROUP FOR THE THIRD QUARTER OF 2025 – CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS OF THE PKO BANK POLSKI S.A. GROUP FOR THE NINE-MONTH PERIOD ENDED 30 SEPTEMBER 2025, TOGETHER WITH THE CONDENSED INTERIM SEPARATE FINANCIAL STATEMENTS OF PKO BANK POLSKI S.A. FOR THE NINE-MONTH PERIOD ENDED 30 SEPTEMBER 2025 (IN PLN MILLION) The notes presented on pages 30 to 70 form an integral part of the condensed interim consolidated financial statements of the PKO Bank Polski S.A. Group for the nine-month period ended 30 September 2025 Page 29/83 01.01- 30.09.2025 01.01- 30.09.2024 (restated) Cash flows from investing activities Inflows from investing activities 253,533 607,400 Redemption and sale of securities measured at fair value through other comprehensive income 227,207 596,433 Redemption of securities measured at amortized cost 20,672 5,991 Interest received on securities measured at fair value through other comprehensive income 3,151 3,159 Interest received on securities measured at amortized cost 2,441 1,656 Proceeds from disposal of intangible assets, property, plant and equipment and assets held for sale 49 100 Other inflows from investing activities 13 61 Outflows on investing activities (255,440) (599,828) Purchase of securities measured at fair value through other comprehensive income (221,611) (571,997) Purchase of securities measured at amortized cost (33,213) (27,212) Purchase of intangible assets and property, plant and equipment (616) (618) Other outflows on investing activities - (1) Net cash from/used in investing activities (1,907) 7,572 Cash flows from financing activities Distribution of dividends (6,850) (4,837) Proceeds from debt securities in issue 18,149 19,593 Redemption of debt securities (15,470) (13,483) Proceeds from issue of subordinated bonds 2,000 - Repayment of loans and advances (80) (80) Payment of lease liabilities (215) (214) Repayment of interest on financial liabilities (1,371) (790) Net cash from financing activities (3,837) 189 Total net cash flows (1,554) (2,380) of which foreign exchange differences on cash and cash equivalents (89) (299) Cash and cash equivalents at the beginning of the period 27,293 30,212 Cash and cash equivalents at the end of the period 25,739 27,832
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CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS OF THE PKO BANK POLSKI S.A. GROUP FOR THE NINE- MONTH PERIOD ENDED 30 SEPTEMBER 2025, TOGETHER WITH THE CONDENSED INTERIM SEPARATE FINANCIAL STATEMENTS OF PKO BANK POLSKI S.A. FOR THE NINE-MONTH PERIOD ENDED 30 SEPTEMBER 2025 (IN PLN MILLION) Page 30/83 SUPPLEMENTARY INFORMATION 1. ACTIVITIES OF THE GROUP BASIC INFORMATION ON THE PARENT COMPANY: Name of the reporting entity Powszechna Kasa Oszczędności Bank Polski Spółka Akcyjna (PKO BANK POLSKI S.A. or THE BANK). Country of registration Poland Registered office Warsaw Address of the registered office of the entity On 27 June 2025, the address of the Bank with its registered office in Warsaw changed from: ul. Puławska 15, 02-515 Warsaw to: ul. Świętokrzyska 36, 00-116 Warsaw. National Court Register District Court for the Capital City of Warsaw in Warsaw, 12 th Commercial Division of the National Court Register Entry number 0000026438 Statistical ID No (REGON): 016298263 Principal activities A bank which services both Polish and foreign individuals, legal and other entities. Place of business: Poland and through Branches in the Federal Republic of Germany, the Czech Republic, the Slovak Republic, and Romania. KEY INFORMATION ON THE POWSZECHNA KASA OSZCZĘDNOŚCI BANK POLSKI SPÓŁKA AKCYJNA GROUP (THE GROUP) No. DIRECT SUBSIDIARIES REGISTERE D OFFICE ACTIVITY OWNERSHIP INTEREST (%) 30.09.2025 31.12.2024 1 PKO Bank Hipoteczny S.A. Warsaw banking activities 100 100 2 PKO Towarzystwo Funduszy Inwestycyjnych S.A. Warsaw investment fund management 100 100 3 PKO Leasing S.A. Warsaw leasing and lending 100 100 4 PKO BP BANKOWY PTE S.A. Warsaw pension fund management 100 100 5 PKO BP Finat sp. z o.o. Warsaw services, including transfer agent services and outsourcing of IT specialists 100 100 6 PKO Życie Towarzystwo Ubezpieczeń S.A. Warsaw life insurance 100 100 7 PKO Towarzystwo Ubezpieczeń S.A. Warsaw other personal insurance and property insurance 100 100 8 PKO Finance AB Sollentuna, Sweden financial services 100 100 9 KREDOBANK S.A. Lviv, Ukraine banking activities 100 100 10 NEPTUN - fizan1 Warsaw investing funds collected from fund participants 100 100 11 PKO VC - fizan1 Warsaw 100 100 1 the percentage of the Fund’s investment certificates held by the Bank is presented in the item “Share in capital”.
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REPORT OF THE PKO BANK POLSKI S.A. GROUP FOR THE THIRD QUARTER OF 2025 – CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS OF THE PKO BANK POLSKI S.A. GROUP FOR THE NINE-MONTH PERIOD ENDED 30 SEPTEMBER 2025, TOGETHER WITH THE CONDENSED INTERIM SEPARATE FINANCIAL STATEMENTS OF PKO BANK POLSKI S.A. FOR THE NINE-MONTH PERIOD ENDED 30 SEPTEMBER 2025 (IN PLN MILLION) Page 31/83 No. INDIRECT SUBSIDIARIES REGISTERED OFFICE ACTIVITY OWNERSHIP INTEREST (%)* 30.09.2025 31.12.2024 PKO Leasing S.A. GROUP 1 PKO Agencja Ubezpieczeniowa sp. z o.o. Warsaw intermediation in concluding insurance agreements 100 100 1.1 PKO Leasing Finanse sp. z o.o. Warsaw sale of post-lease assets 100 100 2 PKO Leasing Sverige AB Stockholm, Sweden leasing 100 100 3 Prime Car Management S.A. Gdańsk leasing, fleet management 100 100 3.1 Futura Leasing S.A. Gdańsk sale of post-lease assets 100 100 3.2 Masterlease sp. z o.o. Gdańsk leasing 100 100 3.3 MasterRent24 sp. z o.o. Gdańsk short-term lease of cars 100 100 4 PKO Faktoring S.A. Warsaw factoring 100 100 5 Polish Lease Prime 1 DAC1 Dublin, Ireland SPV established for securitization of lease receivables - - PKO Życie Towarzystwo Ubezpieczeń S.A. GROUP 6 Ubezpieczeniowe Usługi Finansowe sp. z o.o. w likwidacji (in liquidation), Warsaw services, 100 100 KREDOBANK S.A. GROUP 7 “KREDOLEASING” sp. z o.o. Lviv, Ukraine leasing 100 100 NEPTUN - fizan 8 Qualia sp. z o.o. Warsaw after-sale services in respect of developer products 100 100 9 Sarnia Dolina sp. z o.o. w likwidacji (in liquidation)2 Warsaw development activities 100 100 10 Bankowe Towarzystwo Kapitałowe S.A. Warsaw services, 100 100 10.1 “Inter-Risk Ukraina" spółka z dodatkową odpowiedzialnością3 Kyiv, Ukraine debt collection 99.90 99.90 10.2 Finansowa Kompania “Prywatne Inwestycje” sp. z o.o.4 Kyiv, Ukraine financial services 95.4676 95.4676 10.2.1 Finansowa Kompania “Idea Kapitał” sp. z o.o. Lviv, Ukraine services, 100 100 11 “Sopot Zdrój" sp. z o.o. Sopot property management 72.9769 72.9769 12 “Zarząd Majątkiem Górczewska” sp. z o.o. Warsaw property management 100 100 13 Molina sp. z o.o. w likwidacji (in liquidation)2 Warsaw general partner in partnerships limited by shares of a fund 100 100 14 Molina spółka z ograniczoną odpowiedzialnością w likwidacji 1 S.K.A. (in liquidation)2 Warsaw buying and selling real estate on own account, real estate management 100 100 15 Molina spółka z ograniczoną odpowiedzialnością 4 S.K.A. w likwidacji (in liquidation)2 Warsaw 100 100 16 Molina spółka z ograniczoną odpowiedzialnością 6 S.K.A. w likwidacji (in liquidation)2 Warsaw 100 100 *share of direct parent in the entity’s equity 1) In accordance with IFRS 10, PKO Leasing S.A. exercises control over the company, although it does not have a capital share in it. The Company is placed in liquidation. 2) In September 2025, the liquidation process of the companies was completed. As at 30 September 2025, the companies had not yet been removed from the National Court Register (KRS). 3) Finansowa Kompania “Prywatne Inwestycje” sp. z o.o. is the second shareholder of the company. 4) “Inter-Risk Ukraina” – a company with additional liability – is the second shareholder of the company.
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REPORT OF THE PKO BANK POLSKI S.A. GROUP FOR THE THIRD QUARTER OF 2025 – CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS OF THE PKO BANK POLSKI S.A. GROUP FOR THE NINE-MONTH PERIOD ENDED 30 SEPTEMBER 2025, TOGETHER WITH THE CONDENSED INTERIM SEPARATE FINANCIAL STATEMENTS OF PKO BANK POLSKI S.A. FOR THE NINE-MONTH PERIOD ENDED 30 SEPTEMBER 2025 (IN PLN MILLION) Page 32/83 No. ASSOCIATES AND JOINT VENTURES REGISTERED OFFICE ACTIVITY OWNERSHIP INTEREST (%)* 30.09.2025 31.12.2024 Joint ventures of PKO Bank Polski S.A. 1 Operator Chmury Krajowej sp. z o.o. Warsaw cloud computing services 50 50 2 Centrum Elektronicznych Usług Płatniczych eService sp. z o.o. Warsaw financial services support activities, including handling transactions concluded using payment instruments 34 34 2.1 EVO Payments International s.r.o. ** Prague, the Czech Republic financial services support activities 34 34 Joint venture NEPTUN - fizan 3 “Centrum Obsługi Biznesu" sp. z o.o. Poznań property management 41.45 41.45 Joint venture PKO VC - fizan 4 BSafer sp. z o.o. Stalowa Wola managing marketing consents 35.06 35.06 Associates of PKO Bank Polski S.A. 5 Bank Pocztowy S.A. Bydgoszcz banking activities 25.0001 25.0001 6 Poznański Fundusz Poręczeń Kredytowych sp. z o.o. Poznań guarantees 33.33 33.33 7 System Ochrony Banków Komercyjnych S.A. Warsaw manager of the security system referred to in Article 130e of the Banking Law 21.11 21.11 *share in equity of the entity exercising joint control / having a significant impact / the direct parent. ** share in the entity’s capital from the Bank’s perspective. The operations of the Bank and other Group companies do not show any material traits of seasonality or cyclicality. 2. CHANGES IN THE GROUP COMPANIES In the nine months ended 30 September 2025, the following events occurred within the Group: • On 29 April 2025, the shareholders of Ubezpieczeniowe Usługi Finansowe sp. z o.o. decided on the liquidation of the company. On 25 May 2025, an entry was made in the National Court Register regarding the commencement of liquidation. Since then, the company has been operating under the business name Ubezpieczeniowe Usługi Finansowe sp. z o.o. w likwidacji (in liquidation). • In September 2025, the liquidation of the companies belonging to NEPTUN FIZAN was completed: Sarnia Dolina sp. z o.o. w likwidacji, Molina spółka z ograniczoną odpowiedzialnością w likwidacji, Molina spółka z ograniczoną odpowiedzialnością w likwidacji 1 S.K.A. w likwidacji, Molina spółka z ograniczoną odpowiedzialnością 4 S.K.A. w likwidacji, and Molina spółka z ograniczoną odpowiedzialnością 6 S.K.A. w likwidacji. As at 30 September 2025, these companies had not yet been removed from the National Court Register. 3. APPROVAL OF THE CONSOLIDATED FINANCIAL STATEMENTS These condensed interim consolidated financial statements of the PKO Bank Polski S.A. Group (hereinafter the FINANCIAL STATEMENTS), reviewed by the Audit Committee of the Supervisory Board on 4 November 2025 and by the Supervisory Board on 5 November 2025, were approved for publication by the Management Board on 5 November 2025. 4. REPRESENTATION BY THE MANAGEMENT BOARD The Management Board hereby represents that, to its best knowledge, the financial statements and the comparative data have been prepared in accordance with the applicable accounting policies and give a true, fair and clear view of the Group’s financial position and its results of operations.
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REPORT OF THE PKO BANK POLSKI S.A. GROUP FOR THE THIRD QUARTER OF 2025 – CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS OF THE PKO BANK POLSKI S.A. GROUP FOR THE NINE-MONTH PERIOD ENDED 30 SEPTEMBER 2025, TOGETHER WITH THE CONDENSED INTERIM SEPARATE FINANCIAL STATEMENTS OF PKO BANK POLSKI S.A. FOR THE NINE-MONTH PERIOD ENDED 30 SEPTEMBER 2025 (IN PLN MILLION) Page 33/83 5. GOING CONCERN The financial statements have been prepared on the basis of the assumption that the Group will continue as a going concern for a period of at least 12 months from the publication date, i.e. from 5 November 2025. As at the date of signing of these financial statements, the Management Board did not identify any facts or circumstances which would indicate any threats to the Group’s ability to continue in operation as a going concern during that period as a result of intended or forced discontinuing or significantly curtailing the existing operations of the Group. The Management Board has analyzed the current economic and geopolitical situation as well as the risk associated with foreign currency mortgage loans and has concluded that these fact ors do not give rise to any material uncertainty regarding the Group’s ability to continue as a going concern. 6. THE BASIS FOR PREPARATION OF THE FINANCIAL STATEMENTS The Group has prepared its financial statements in accordance with the requirements of Inte rnational Accounting Standard 34 "Interim Financial Reporting" as endorsed by the European Union (hereinafter IAS 34). These financial statements do not comprise all the information and disclosures which may be required in annual consolidated financial statements and should be read jointly with the annual consolidated financial statements of the PKO Bank Polski S.A. Group for the year ended 31 December 2024 that were prepared in accordance with the International Financial Reporting Standards endorsed by th e European Union (hereinafter the FINANCIAL STATEMENTS OF THE GROUP FOR 2024). The financial statements cover the three- and nine-month period ended 30 September 2025 and contain comparative figures: • for the three - and nine -month period ended 30 September 2024 – with regard to the consolidated income statement and consolidated statement of comprehensive income, • for the nine-month period ended 30 September 2024 – with regard to the statement of changes in consolidated equity and the consolidated statement of cash flows, • as at 31 December 2024 – with regard to the consolidated statement of financial position. The financial data is presented in millions of Polish zlotys (PLN), unless otherwise indicated. Figures have been rounded to the nearest million Polish zloty and any differences from previously published figures may be due to rounding. The Group applied accounting policies and calculation methods consistent with those applicable in the financial year ended 31 December 2024, described in detail in the financial statements of the Group for 2024. In addition, the Group has taken into account the principle of recognizing income tax expense based on the best estimate of the weighted average annual income tax rate expected by the Group for the full financial year. 7. CHANGES IN ACCOUNTING POLICIES APPLICABLE FROM 1 JANUARY 2025 AND EXPLANATION OF THE DIFFERENCES BETWEEN PREVIOUSLY PUBLISHED FINANCIAL STATEMENT S AND THESE FINANCIA L STATEMENTS The Group has not implemented any changes in accounting policies, with the exception of changes resulting from new standards and amendments to standards applicable from 1 January 2025, which had no material impact on the financial statements.At the same time, in the financia l statements for 2024, in order to increase the transparency of disclosures, to better reflect the nature of the transactions and to adapt to market practice, the Group changed the presentation of: • interest rate derivatives where the counterparty is a CCP or clearing broker – the valuation of the derivatives was netted against the Variation Margin value; • provision for accrued holiday entitlements – transferred from "Provisions" to "Other liabilities".
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REPORT OF THE PKO BANK POLSKI S.A. GROUP FOR THE THIRD QUARTER OF 2025 – CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS OF THE PKO BANK POLSKI S.A. GROUP FOR THE NINE-MONTH PERIOD ENDED 30 SEPTEMBER 2025, TOGETHER WITH THE CONDENSED INTERIM SEPARATE FINANCIAL STATEMENTS OF PKO BANK POLSKI S.A. FOR THE NINE-MONTH PERIOD ENDED 30 SEPTEMBER 2025 (IN PLN MILLION) Page 34/83 Comparative data was adjusted; these changes did not affect the Group’s financial result or the net asset value. CASH FLOWS FROM OPERATING ACTIVITIES – SELECTED DATA 01.01- 30.09.2024 before restatement Change 01.01- 30.09.2024 restated Total adjustments (17,552) 335 (17,217) Change in: hedging derivatives (1,260) 700 (560) other derivative instruments (881) (262) (1,143) loans and advances to customers (12,076) (13) (12,089) accumulated allowances on non-financial assets and other provisions 1,571 (24) 1,547 amounts due to banks (261) (90) (351) other liabilities (297) 24 (273) Net cash from/used in operating activities (10,476) 335 (10,141) Total net cash flows (2,715) 335 (2,380) Cash and cash equivalents at the beginning of the period 31,328 (1,116) 30,212 Cash and cash equivalents at the end of the period 28,613 (781) 27,832 8. NEW STANDARDS AND AMENDMENTS TO STANDARDS • STANDARDS AND AMENDMENTS TO STANDARDS EFFECTIVE FROM 1 JANUARY 2025 STANDARD / AMENDMENT DESCRIPTION OF STANDARD/AMENDMENTS EFFECTIVE DATE EFFECT ON THE FINANCIAL STATEMENT. Amendments to IAS 21 Clarification of principles for applying exchange rates in cases of lack of currency exchangeability and specification of disclosures. 1 January 2025 (endorsed by the EU on 12 November 2024) no effect • NEW STANDARDS AND AMENDMENTS TO STANDARDS THAT HAVE BEEN PUBLISHED AND HAVE BEEN ENDORSED BY THE EUROPEAN UNION STANDARD / AMENDMENT DESCRIPTION OF STANDARD/AMENDMENTS EFFECTIVE DATE EFFECT ON THE FINANCIAL STATEMENT. Amendments to IFRS 9 and IFRS 7 The amendments relate to the derecognition of financial liabilities settled through an electronic payment system, the classification of financial assets, and the extension of the applicable disclosures. 01.01.2026 No material effect “Annual Improvements to IFRSs – Volume 11” of the International Accounting Standards Board Harmonization and clarification of provisions of selected standards (including IFRS 1, 7, 9, 10, IAS 7). 01.01.2026 No material effect Amendments to IFRS 9 and IFRS 7 The amendments concern contracts for the supply of electricity from nature-dependent sources with respect to: the possibility of applying the "own use" exemption and applying hedge accounting. They introduce new disclosures in this area. 01.01.2026 No material effect • NEW STANDARDS AND AMENDMENTS TO STANDARDS THAT HAVE BEEN PUBLISHED BUT HAVE NOT BEEN ENDORSED BY THE EUROPEAN UNION STANDARD / AMENDMENT DESCRIPTION OF STANDARD/AMENDMENTS EFFECTIVE DATE EFFECT ON THE FINANCIAL STATEMENT. IFRS 18 Presentation and disclosures in financial statements The new Standard supersedes IAS 1 and introduces new categories in the statement of profit or loss, requirements for management-defined performance measures (MPMs), and aggregation principles. 01.01.2027 under analysis IFRS 19 “Subsidiaries without Public Accountability: Disclosures” and amendments to IFRS 19 The Standard introduces reduced reporting and disclosure requirements for subsidiaries without public accountability in their separate financial statements. The amendments to IFRS 19 set out the disclosure requirements in the financial statements of these entities for new or amended Standards issued between February 2021 and May 2024. 01.01.2027 not applicable
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REPORT OF THE PKO BANK POLSKI S.A. GROUP FOR THE THIRD QUARTER OF 2025 – CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS OF THE PKO BANK POLSKI S.A. GROUP FOR THE NINE-MONTH PERIOD ENDED 30 SEPTEMBER 2025, TOGETHER WITH THE CONDENSED INTERIM SEPARATE FINANCIAL STATEMENTS OF PKO BANK POLSKI S.A. FOR THE NINE-MONTH PERIOD ENDED 30 SEPTEMBER 2025 (IN PLN MILLION) Page 35/83 9. SEGMENT REPORTING INCOME STATEMENT BY SEGMENT Continuing operations Retail segment Corporate and investment segment Transfer center and other Total operations of the Group period from 01.01.2025 to 30.09.2025 Net interest income 13,840 4,535 (178) 18,197 Net fee and commission income 2,921 1,033 (78) 3,876 Other net income 477 51 342 870 Net income from insurance business 454 9 463 Dividend income 14 14 Gains/(losses) on financial transactions 34 70 99 203 Foreign exchange gains/ (losses) 169 (24) 44 189 Gains on derecognition of financial instruments 8 13 25 46 Net other operating income and expense (196) (9) 160 (45) Income/(expenses) relating to internal customers 8 (8) 0 Result on business activities 17,238 5,619 86 22,943 Net allowances for expected credit losses (386) (306) (692) Impairment of non-financial assets (289) (6) (100) (395) Cost of legal risk of mortgage loans in convertible currencies (3,375) (3,375) Administrative expenses, of which: (5,542) (1,256) (147) (6,945) depreciation and amortization (779) (140) (7) (926) net regulatory charges (397) (197) (39) (633) Tax on certain financial institutions (701) (438) 138 (1,001) Segment profit/(loss) 6,945 3,613 (23) 10,535 Share in profits and losses of associates and joint ventures 109 Profit before tax 10,644 Income tax expense (tax burden) (2,676) Net profit (including non-controlling shareholders) 7,968 Profit (loss) attributable to non-controlling shareholders 1 Net profit attributable to equity holders of the parent company 7,967 ASSETS AND LIABILITIES BY SEGMENT Retail segment Corporate and investment segment Transfer center and other Total operations of the Group 30.09.2025 Assets 214,321 189,548 148,252 552,121 Investments in associates and joint ventures 309 Unallocated assets 2,138 Total assets 554,568 Liabilities 372,007 90,708 35,259 497,974 Unallocated liabilities 1,335 Total liabilities 499,309
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REPORT OF THE PKO BANK POLSKI S.A. GROUP FOR THE THIRD QUARTER OF 2025 – CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS OF THE PKO BANK POLSKI S.A. GROUP FOR THE NINE-MONTH PERIOD ENDED 30 SEPTEMBER 2025, TOGETHER WITH THE CONDENSED INTERIM SEPARATE FINANCIAL STATEMENTS OF PKO BANK POLSKI S.A. FOR THE NINE-MONTH PERIOD ENDED 30 SEPTEMBER 2025 (IN PLN MILLION) Page 36/83 INCOME STATEMENT BY SEGMENT Continuing operations Retail segment Corporate and investment segment Transfer center and other Total operations of the Group period from 01.01.2024 to 30.09.2024 Net interest income 12,478 5,165 (1,670) 15,973 Net fee and commission income 2,934 990 (67) 3,857 Other net income 779 155 119 1,053 Net income from insurance business 516 5 - 521 Dividend income - - 23 23 Gains/(losses) on financial transactions 32 65 19 116 Foreign exchange gains/ (losses) 158 69 -87 140 Gains on derecognition of financial instruments 37 32 22 91 Net other operating income and expense 24 (4) 142 162 Income/(expenses) relating to internal customers 12 (12) - - Result on business activities 16,191 6,310 (1,618) 20,883 Net allowances for expected credit losses (423) (252) - (675) Impairment of non-financial assets (296) (1) (112) (409) Cost of legal risk of mortgage loans in convertible currencies (3,314) - - (3,314) Administrative expenses, of which: (4,956) (1,141) (116) (6,213) depreciation and amortization (739) (130) (9) (878) net regulatory charges (208) (181) (10) (399) Tax on certain financial institutions (630) (378) 66 (942) Segment profit/(loss) 6,572 4,538 (1,780) 9,330 Share in profits and losses of associates and joint ventures 103 Profit before tax 9,433 Income tax expense (tax burden) (2,574) Net profit (including non-controlling shareholders) 6,859 Profit (loss) attributable to non-controlling shareholders 1 Net profit attributable to equity holders of the parent company 6,858 ASSETS AND LIABILITIES BY SEGMENT Retail segment Corporate and investment segment Transfer center and other Total operations of the Group 31.12.2024 Assets 199,746 191,439 130,687 521,872 Investments in associates and joint ventures 291 Unallocated assets 3,062 Total assets 525,225 Liabilities 347,060 90,883 33,204 471,147 Unallocated liabilities 1,708 Total liabilities 472,855
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REPORT OF THE PKO BANK POLSKI S.A. GROUP FOR THE THIRD QUARTER OF 2025 – CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS OF THE PKO BANK POLSKI S.A. GROUP FOR THE NINE-MONTH PERIOD ENDED 30 SEPTEMBER 2025, TOGETHER WITH THE CONDENSED INTERIM SEPARATE FINANCIAL STATEMENTS OF PKO BANK POLSKI S.A. FOR THE NINE-MONTH PERIOD ENDED 30 SEPTEMBER 2025 (IN PLN MILLION) Page 37/83 10. INTEREST INCOME AND EXPENSE INTEREST AND SIMILAR INCOME 3rd quarter period from 01.07.2025 to 30.09.2025 3 quarters YTD period from 01.01.2025 to 30.09.2025 3rd quarter period from 01.07.2024 to 30.09.2024 3 quarters YTD period from 01.01.2024 to 30.09.2024 Loans and other amounts due from banks and the Central Bank1 301 959 364 1,138 Debt securities 2,569 7,391 2,176 6,174 measured at amortized cost 1,352 3,724 949 2,550 measured at fair value through other comprehensive income 1,208 3,641 1,220 3,600 measured at fair value through profit or loss 9 26 7 24 Loans and advances to customers² 5,078 15,575 5,231 15,025 measured at amortized cost 5,006 15,361 5,144 14,732 measured at fair value through profit or loss 72 214 87 293 Repo transactions 7 34 4 14 Finance lease receivables 382 1,181 402 1,186 Total, of which: 8,337 25,140 8,177 23,537 on impaired financial instruments 181 538 230 515 net income/(expense) on non-substantial modification (18) (30) (3) (458) Interest income calculated using the effective interest rate method on financial instruments measured: 8,256 24,900 8,083 23,220 at amortized cost 7,048 21,259 6,863 19,620 at fair value through other comprehensive income 1,208 3,641 1,220 3,600 Income similar to interest income on instruments measured at fair value through profit or loss 81 240 94 317 Total 8,337 25,140 8,177 23,537 1 This item includes interest income on funds in the current account with the NBP amounting to PLN 565 million in the nine months of 2025 (PLN 561 million in the corresponding period). 2 The effect of the statutory credit holidays recognised in the nine months of 2024 in the amount of PLN 488 million. INTEREST EXPENSE ON: 3rd quarter period from 01.07.2025 to 30.09.2025 3 quarters YTD period from 01.01.2025 to 30.09.2025 3rd quarter period from 01.07.2024 to 30.09.2024 3 quarters YTD period from 01.01.2024 to 30.09.2024 Hedging derivatives (342) (1,211) (493) (1,481) Amounts due to banks (26) (70) (18) (54) Loans and advances received (7) (24) (14) (46) Leases (13) (37) (10) (29) Amounts due to customers (1,503) (4,477) (1,576) (5,071) Repo transactions (4) (9) (2) (6) Issues of securities (302) (880) (286) (724) Subordinated liabilities (78) (235) (51) (153) Total (2,275) (6,943) (2,450) (7,564)
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REPORT OF THE PKO BANK POLSKI S.A. GROUP FOR THE THIRD QUARTER OF 2025 – CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS OF THE PKO BANK POLSKI S.A. GROUP FOR THE NINE-MONTH PERIOD ENDED 30 SEPTEMBER 2025, TOGETHER WITH THE CONDENSED INTERIM SEPARATE FINANCIAL STATEMENTS OF PKO BANK POLSKI S.A. FOR THE NINE-MONTH PERIOD ENDED 30 SEPTEMBER 2025 (IN PLN MILLION) Page 38/83 INTEREST INCOME BY SEGMENT 3rd quarter period from 01.07.2025 to 30.09.2025 Retail segment Corporate and investment segment Transfer center and other Total Loans and other amounts due from banks and balances with the Central Bank 3 118 180 301 Debt securities 34 1,138 1,397 2,569 Loans and advances to customers 3,849 1,229 5,078 Repo transactions 7 7 Finance lease receivables 248 134 382 Total 4,134 2,626 1577 8,337 INTEREST INCOME BY SEGMENT 3 quarters YTD from 01.01.2025 to 30.09.2025 Retail segment Corporate and investment segment Transfer center and other Total Loans and other amounts due from banks and balances with the Central Bank 8 382 569 959 Debt securities 106 3,371 3,914 7,391 Loans and advances to customers 11,760 3,815 - 15,575 Repo transactions 34 34 Finance lease receivables 758 423 1,181 Total 12,632 8,025 4,483 25,140 INTEREST INCOME BY SEGMENT 3rd quarter period from 01.07.2024 to 30.09.2024 Retail segment Corporate and investment segment Transfer center and other Total Loans and other amounts due from banks and balances with the Central Bank 2 172 190 364 Debt securities 51 1,137 988 2,176 Loans and advances to customers 3,916 1,315 5,231 Repo transactions 4 4 Finance lease receivables 255 147 402 Total 4,224 2,775 1,178 8,177 INTEREST INCOME BY SEGMENT 3 quarters YTD from 01.01.2024 to 30.09.2024 Retail segment Corporate and investment segment Transfer center and other Total Loans and other amounts due from banks and balances with the Central Bank 4 570 564 1,138 Debt securities 131 3,404 2,639 6,174 Loans and advances to customers 11,081 3,944 15,025 Repo transactions 14 14 Finance lease receivables 749 437 1,186 Total 11,965 8,369 3,203 23,537
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REPORT OF THE PKO BANK POLSKI S.A. GROUP FOR THE THIRD QUARTER OF 2025 – CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS OF THE PKO BANK POLSKI S.A. GROUP FOR THE NINE-MONTH PERIOD ENDED 30 SEPTEMBER 2025, TOGETHER WITH THE CONDENSED INTERIM SEPARATE FINANCIAL STATEMENTS OF PKO BANK POLSKI S.A. FOR THE NINE-MONTH PERIOD ENDED 30 SEPTEMBER 2025 (IN PLN MILLION) Page 39/83 11. FEE AND COMMISSION INCOME AND EXPENSES FEE AND COMMISSION INCOME 3rd quarter period from 01.07.2025 to 30.09.2025 3 quarters YTD period from 01.01.2025 to 30.09.2025 3rd quarter period from 01.07.2024 to 30.09.2024 3 quarters YTD period from 01.01.2024 to 30.09.2024 Loans, insurance, operating leases and fleet management 324 957 322 958 lending 231 687 237 707 offering insurance products 21 65 23 66 operating leases and fleet management 72 205 62 185 Investment funds, pension funds and brokerage activities 266 797 261 760 servicing investment funds and OFE (including management fees) 170 466 130 360 servicing and selling investment and insurance products - 2 - 3 brokerage activities 96 329 131 397 Cards 623 1,722 606 1,665 Margins on foreign exchange transactions 238 682 218 627 Bank accounts and other 362 1,073 361 1,062 servicing bank accounts 256 764 253 744 cash operations 28 80 29 84 servicing foreign mass transactions 38 113 39 112 customer orders 12 37 13 39 fiduciary services 3 10 3 9 other 25 69 24 74 Total, of which: 1,813 5,231 1,768 5,072 on financial instruments not measured at fair value through profit or loss 1,639 4,752 1,620 4,661 FEE AND COMMISSION EXPENSE 3rd quarter period from 01.07.2025 to 30.09.2025 3 quarters YTD period from 01.01.2025 to 30.09.2025 3rd quarter period from 01.07.2024 to 30.09.2024 3 quarters YTD period from 01.01.2024 to 30.09.2024 Loans and insurance (21) (86) (28) (86) commission paid to external entities for product sales (5) (15) (5) (15) cost of construction project supervision and property appraisal (14) (40) (12) (34) fees to Biuro Informacji Kredytowej - (22) (7) (20) loan handling (2) (9) (4) (17) Investment funds, pension funds and brokerage activities (9) (44) (10) (33) Cards (358) (993) (352) (886) Bank accounts and other (78) (232) (79) (210) on account of guarantees received (22) (79) (27) (70) clearing services (17) (50) (21) (53) commissions for operating services provided by banks (7) (15) (4) (11) sending short text messages (SMS) (15) (43) (15) (41) selling banking products (1) (1) (1) (1) servicing foreign mass transactions (8) (24) (6) (18) other (8) (20) (5) (16) Total (466) (1,355) (469) (1,215)
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REPORT OF THE PKO BANK POLSKI S.A. GROUP FOR THE THIRD QUARTER OF 2025 – CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS OF THE PKO BANK POLSKI S.A. GROUP FOR THE NINE-MONTH PERIOD ENDED 30 SEPTEMBER 2025, TOGETHER WITH THE CONDENSED INTERIM SEPARATE FINANCIAL STATEMENTS OF PKO BANK POLSKI S.A. FOR THE NINE-MONTH PERIOD ENDED 30 SEPTEMBER 2025 (IN PLN MILLION) Page 40/83 FEE AND COMMISSION INCOME BY SEGMENT 3rd quarter period from 01.07.2025 to 30.09.2025 Retail segment Corporate and investment segment Transfer center and other Total Loans, insurance, operating leases and fleet management 175 147 2 324 Investment funds, pension funds and brokerage activities 234 32 - 266 Cards 611 12 - 623 Margins on foreign exchange transactions 168 70 - 238 Bank accounts and other 225 137 - 362 Total 1,413 398 2 1,813 FEE AND COMMISSION INCOME BY SEGMENT 3 quarters YTD from 01.01.2025 to 30.09.2025 Retail segment Corporate and investment segment Transfer center and other Total Loans, insurance, operating leases and fleet management 544 405 8 957 Investment funds, pension funds and brokerage activities 687 110 - 797 Cards 1,686 36 - 1,722 Margins on foreign exchange transactions 455 227 - 682 Bank accounts and other 739 334 - 1,073 Total 4,111 1,112 8 5,231 FEE AND COMMISSION INCOME BY SEGMENT 3rd quarter period from 01.07.2024 to 30.09.2024 Retail segment Corporate and investment segment Transfer center and other Total Loans, insurance, operating leases and fleet management 176 143 3 322 Investment funds, pension funds and brokerage activities 233 28 - 261 Cards 589 17 - 606 Margins on foreign exchange transactions 155 63 - 218 Bank accounts and other 259 102 - 361 Total 1,412 353 3 1,768 FEE AND COMMISSION INCOME BY SEGMENT 3 quarters YTD from 01.01.2024 to 30.09.2024 Retail segment Corporate and investment segment Transfer center and other Total Loans, insurance, operating leases and fleet management 518 431 9 958 Investment funds, pension funds and brokerage activities 651 109 - 760 Cards 1,618 47 - 1,665 Margins on foreign exchange transactions 428 199 - 627 Bank accounts and other 763 299 - 1,062 Total 3,978 1,085 9 5,072
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REPORT OF THE PKO BANK POLSKI S.A. GROUP FOR THE THIRD QUARTER OF 2025 – CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS OF THE PKO BANK POLSKI S.A. GROUP FOR THE NINE-MONTH PERIOD ENDED 30 SEPTEMBER 2025, TOGETHER WITH THE CONDENSED INTERIM SEPARATE FINANCIAL STATEMENTS OF PKO BANK POLSKI S.A. FOR THE NINE-MONTH PERIOD ENDED 30 SEPTEMBER 2025 (IN PLN MILLION) Page 41/83 12. NET ALLOWANCES FOR EXPECTED CREDIT LOSSES NET ALLOWANCES FOR EXPECTED CREDIT LOSSES 3rd quarter period from 01.07.2025 to 30.09.2025 3 quarters YTD period from 01.01.2025 to 30.09.2025 3rd quarter period from 01.07.2024 to 30.09.2024 3 quarters YTD period from 01.01.2024 to 30.09.2024 Amounts due from banks 1 (3) 1 4 Debt securities 8 26 (4) (23) Loans and advances to customers (193) (718) (350) (744) real estate loans 25 80 (17) 28 business loans (36) (359) (197) (309) consumer loans (169) (381) (107) (368) factoring receivables 1 (1) (3) (5) finance lease receivables (14) (57) (26) (90) Other financial assets (1) (4) (1) (6) Financial liabilities and guarantees granted (26) 7 132 94 Total (211) (692) (222) (675) CHANGE IN ACCUMULATED ALLOWANCES FOR EXPECTED CREDIT LOSSES FOR 9 MONTHS ENDED 30 SEPTEMBER 2025 Opening balance Net allowances for expected credit losses Change in allowances due to write-offs and other adjustments Closing balance Amounts due from banks (2) (3) - (5) Debt securities (92) 26 (15) (81) Loans and advances to customers (9,185) (718) 317 (9,586) Other financial assets (129) (4) (1) (134) Financial liabilities and guarantees granted (633) 7 1 (625) Total (10,041) (692) 302 (10,431) CHANGE IN ACCUMULATED ALLOWANCES FOR EXPECTED CREDIT LOSSES FOR 9 MONTHS ENDED 30 SEPTEMBER 2024 Opening balance Net allowances for expected credit losses Change in allowances due to write-offs and other adjustments Closing balance Amounts due from banks (9) 4 - (5) Debt securities (72) (23) 13 (82) Loans and advances to customers (10,206) (744) 910 (10,040) Other financial assets (136) (6) 4 (138) Financial liabilities and guarantees granted (751) 94 3 (654) Total (11,174) (675) 930 (10,919) 13. IMPAIRMENT OF NON-FINANCIAL ASSETS NET IMPAIRMENT OF NON-FINANCIAL ASSETS 3rd quarter period from 01.07.2025 to 30.09.2025 3 quarters YTD period from 01.01.2025 to 30.09.2025 3rd quarter period from 01.07.2024 to 30.09.2024 3 quarters YTD period from 01.01.2024 to 30.09.2024 Property, plant and equipment - (1) - (16) Investments in associates and joint ventures (35) (66) (27) (74) Other non-financial assets1 (79) (328) (69) (319) Total (114) (395) (96) (409) 1 including PLN 269 million of impairment loss on receivables from customers for whom the agreements have been legally declared invalid in respect of the principal originally disbursed to these customers in the nine months of 2025 (PLN 276 million in the co rresponding period of 2024).
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REPORT OF THE PKO BANK POLSKI S.A. GROUP FOR THE THIRD QUARTER OF 2025 – CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS OF THE PKO BANK POLSKI S.A. GROUP FOR THE NINE-MONTH PERIOD ENDED 30 SEPTEMBER 2025, TOGETHER WITH THE CONDENSED INTERIM SEPARATE FINANCIAL STATEMENTS OF PKO BANK POLSKI S.A. FOR THE NINE-MONTH PERIOD ENDED 30 SEPTEMBER 2025 (IN PLN MILLION) Page 42/83 CHANGE IN ACCUMULATED IMPAIRMENT LOSSES ON NON- FINANCIAL ASSETS FOR 9 MONTHS ENDED 30 SEPTEMBER 2025 Opening balance Impairment of non-financial assets Other Closing balance Property, plant and equipment under operating lease (10) - - (10) Property, plant and equipment (140) (1) 5 (136) Assets held for sale (1) - 1 - Intangible assets (382) - - (382) Investments in associates and joint ventures (349) (66) - (415) Other non-financial assets (703) (328) (43) (1,074) Total (1,585) (395) (37) (2,017) CHANGE IN ACCUMULATED IMPAIRMENT LOSSES ON NON- FINANCIAL ASSETS FOR 9 MONTHS ENDED 30 SEPTEMBER 2024 Opening balance Impairment of non-financial assets Other Closing balance Property, plant and equipment under operating lease (3) - - (3) Property, plant and equipment (135) (16) 8 (143) Intangible assets (382) - - (382) Investments in associates and joint ventures (275) (74) - (349) Other non-financial assets (358) (319) 32 (645) Total (1,153) (409) 40 (1,522) 14. COST OF THE LEGAL RISK OF MORTGAGE LOANS IN CONVERTIBLE CURRENCIES IMPACT OF LEGAL RISK OF MORTGAGE LOANS IN CONVERTIBLE CURRENCIES Gross carrying amount of mortgage loans in convertible currencies net of the cost of legal risk Accumulated cost of legal risk of mortgage loans in convertible currencies Gross carrying amount of mortgage loans in convertible currencies including the cost of legal risk as at 30.09.2025 Loans and advances to customers/adjustment reducing the carrying amount of loans, of which: 8,375 6,291 2,084 - related to the portfolio of mortgage loans in CHF 6,969 5,831 1,138 - related to the portfolio of mortgage loans in EUR 1,386 460 926 Provisions1 6,331 Total 12,622 as at 31.12.2024 Loans and advances to customers/adjustment reducing the carrying amount of loans, of which: 11,455 7,666 3,789 - related to the portfolio of mortgage loans in CHF and EUR 11,429 7,666 3,763 Provisions1 5,733 Total 13,399 1 As at 30 September 2025, the provision for settlements and judgements on EUR loans amounts to PLN 633 million (as at 31 December 2024: PLN 212 million).
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REPORT OF THE PKO BANK POLSKI S.A. GROUP FOR THE THIRD QUARTER OF 2025 – CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS OF THE PKO BANK POLSKI S.A. GROUP FOR THE NINE-MONTH PERIOD ENDED 30 SEPTEMBER 2025, TOGETHER WITH THE CONDENSED INTERIM SEPARATE FINANCIAL STATEMENTS OF PKO BANK POLSKI S.A. FOR THE NINE-MONTH PERIOD ENDED 30 SEPTEMBER 2025 (IN PLN MILLION) Page 43/83 CHANGE IN THE ACCUMULATED COST OF LEGAL RISK OF MORTGAGE LOANS IN CONVERTIBLE CURRENCIES DURING THE PERIOD 01.01- 30.09.2025 01.01- 30.09.2024 Carrying amount at the beginning of the period (13,399) (11,307) cost of legal risk of mortgage loans in convertible currencies (income statement)1 (3,375) (3,314) offset of settlements and judgments for the period against accumulated losses2 4,489 1,714 revaluation of loss for the period and other changes3 (337) 272 Carrying amount at the end of the period (12,622) (12,635) 1 The amount of these costs is mainly due to updates of the legal risk assessment model parameters, which relate to the forecast of the number of court cases, an increase in the expected costs of the settlement program, and an update of the estimated costs related to sta tutory interest accrued during the dispute with the customer. 2 The item includes the effects of final judgements invalidating loan agreements, which amounted to PLN 2,620 million for the nin e-month period of 2025 (PLN 673 million for the nine-month period of 2024). 3 Revaluation of the loss in respect of the legal risk is associated with the effect of changes in foreign exchange rates on the part of the loss which is recognized in the convertible currency as adjustment to the gross carrying amount of loans. 15. ADMINISTRATIVE EXPENSES ADMINISTRATIVE EXPENSES 3rd quarter period from 01.07.2025 to 30.09.2025 3 quarters YTD period from 01.01.2025 to 30.09.2025 3rd quarter period from 01.07.2024 to 30.09.2024 3 quarters YTD period from 01.01.2024 to 30.09.2024 Employee benefits (1,307) (3,861) (1,249) (3,502) Wages and salaries, including: (1,078) (3,170) (1,038) (2,884) costs of contributions to the employee pension plan (28) (82) (25) (73) Social security, of which: (186) (564) (174) (502) contributions for disability and retirement benefits (147) (460) (134) (414) Other employee benefits (43) (127) (37) (116) Overheads, of which1: (512) (1,525) (495) (1,434) rent (32) (94) (33) (94) IT (112) (424) (121) (339) Depreciation and amortization (319) (926) (302) (878) property, plant and equipment, of which: (140) (407) (138) (408) IT (31) (93) (33) (98) right-of-use assets (64) (194) (67) (199) intangible assets, of which: (179) (519) (164) (470) IT (178) (516) (164) (468) Costs of regulatory charges (83) (633) (26) (399) Contributions and payments to the Bank Guarantee Fund (53) (481) - (272) Fees to PFSA - (77) (5) (63) Other taxes and fees (30) (75) (21) (64) Total (2,221) (6,945) (2,072) (6,213) 1 Starting from the Group's financial statements for 2024, the Group recognises costs of court and stamp duty, including on appeals, fees related to mediation at the PFSA and fees related to lawsuits against customers in overhead costs (previously in costs o f regulatory charges). Comparative data has been adjusted.
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REPORT OF THE PKO BANK POLSKI S.A. GROUP FOR THE THIRD QUARTER OF 2025 – CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS OF THE PKO BANK POLSKI S.A. GROUP FOR THE NINE-MONTH PERIOD ENDED 30 SEPTEMBER 2025, TOGETHER WITH THE CONDENSED INTERIM SEPARATE FINANCIAL STATEMENTS OF PKO BANK POLSKI S.A. FOR THE NINE-MONTH PERIOD ENDED 30 SEPTEMBER 2025 (IN PLN MILLION) Page 44/83 16. INCOME TAX EXPENSE 3rd quarter period from 01.07.2025 to 30.09.2025 3 quarters YTD period from 01.01.2025 to 30.09.2025 3rd quarter period from 01.07.2024 to 30.09.2024 3 quarters YTD period from 01.01.2024 to 30.09.2024 Income tax expense recognized in the income statement (867) (2,676) (1,179) (2,574) Current income tax expense (730) (2,103) (493) (2,027) Deferred income tax on temporary differences (137) (573) (686) (547) Income tax expense recognized in other comprehensive income in respect of temporary differences (111) (431) (259) (385) Total (978) (3,107) (1,438) (2,959) RECONCILIATION OF THE EFFECTIVE TAX RATE 3rd quarter period from 01.07.2025 to 30.09.2025 3 quarters YTD period from 01.01.2025 to 30.09.2025 3rd quarter period from 01.07.2024 to 30.09.2024 3 quarters YTD period from 01.01.2024 to 30.09.2024 Profit or loss before tax 3,705 10,644 3,644 9,433 Tax at the statutory rate in force in Poland (19%) (704) (2,022) (692) (1,792) Effect of different tax rates of foreign entities (2) (8) (2) (10) Effect of permanent differences between profit before income tax and taxable income, including: (160) (645) (485) (772) cost of the legal risk of mortgage loans in convertible currencies (99) (436) (214) (520) asset/liability on the average tax rate 39 104 (159) 37 tax on financial institutions (64) (190) (60) (179) contributions and payments to the Bank Guarantee Fund (11) (92) - (52) Income tax expense recognized in the income statement (867) (2,676) (1,179) (2,574) Effective tax rate - 25.14 - 27.29 17. AMOUNTS DUE FROM BANKS AMOUNTS DUE FROM BANKS 30.09.2025 31.12.2024 Measured at amortized cost 8,141 5,091 Deposits with banks 5,486 2,674 Current accounts 1,092 1,210 Loans and advances granted 1,560 1,206 Cash in transit 3 1 Gross carrying amount 8,141 5,091 Allowances for expected credit losses (5) (2) Net carrying amount 8,136 5,089 18. HEDGE ACCOUNTING AND OTHER DERIVATIVE INSTRUMENTS CARRYING AMOUNT OF HEDGING INSTRUMENTS 30.09.2025 31.12.2024 Assets Liabilities Assets Liabilities Cash flow hedges 47 47 100 285 interest rate risk – IRS 1 30 1 54 foreign exchange risk and interest rate risk – CIRS 46 17 99 231 Fair value hedge – interest rate risk – IRS 17 - 20 - Total 64 47 120 285
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REPORT OF THE PKO BANK POLSKI S.A. GROUP FOR THE THIRD QUARTER OF 2025 – CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS OF THE PKO BANK POLSKI S.A. GROUP FOR THE NINE-MONTH PERIOD ENDED 30 SEPTEMBER 2025, TOGETHER WITH THE CONDENSED INTERIM SEPARATE FINANCIAL STATEMENTS OF PKO BANK POLSKI S.A. FOR THE NINE-MONTH PERIOD ENDED 30 SEPTEMBER 2025 (IN PLN MILLION) Page 45/83 CHANGE IN OTHER COMPREHENSIVE INCOME RELATING TO CASH FLOW HEDGES AND AN INEFFECTIVE PORTION OF CASH FLOW HEDGES 3rd quarter period from 01.07.2025 to 30.09.2025 3 quarters YTD period from 01.01.2025 to 30.09.2025 3rd quarter period from 01.07.2024 to 30.09.2024 3 quarters YTD period from 01.01.2024 to 30.09.2024 Accumulated other comprehensive income at the beginning of the period, net (272) (1,122) (1,649) (1,860) Impact on other comprehensive income during the period, gross 226 1,275 838 1,098 Gains/losses recognized in other comprehensive income during the period (32) 522 765 (111) Amounts transferred from other comprehensive income to the income statement, of which: 258 753 73 1,209 - net interest income 354 1,229 486 1,454 - net foreign exchange gains/ (losses) (96) (476) (413) (245) Tax effect (43) (242) (160) (209) Accumulated other comprehensive income at the end of the period, net (89) (89) (971) (971) Ineffective portion of cash flow hedges recognized in the income statements, including in: 2 3 1 (3) Foreign exchange gains/ (losses) 1 (1) - (4) Gains/(losses) on financial transactions 1 4 1 1 OTHER DERIVATIVE INSTRUMENTS - BY TYPE 30.09.2025 31.12.2024 Assets Liabilities Assets Liabilities IRS 289 249 144 466 CIRS 8 6 39 20 FX Swap 482 368 687 747 Options 274 505 357 573 Commodity swap 91 81 93 84 FRA - - 26 23 Forward 485 265 374 233 Commodity Forward 384 350 279 250 Other 1 - - - Total 2,014 1,824 1,999 2,396 NOMINAL AMOUNTS OF UNDERLYING INSTRUMENTS (BUY AND SELL TOGETHER) hedging instruments and other derivative instruments 30.09.2025 31.12.2024 IRS 550,724 534,422 hedging instruments 149,132 159,744 Purchase 74,566 79,872 Sale 74,566 79,872 other 401,592 374,678 Purchase 200,796 187,339 Sale 200,796 187,339 CIRS 35,378 28,602 hedging instruments 29,897 19,925 Purchase 14,910 9,808 Sale 14,987 10,117 other 5,481 8,677 Purchase 2,741 4,346 Sale 2,740 4,331 FX Swap 85,313 88,351 Purchase of currencies 42,739 44,129 Sale of currencies 42,574 44,222 Options 109,017 98,434 Purchase 54,150 48,612 Sale 54,867 49,822 FRA 43,568 38,249 Purchase 22,349 19,181 Sale 21,219 19,068 Forward 57,830 52,252 Purchase of currencies 29,072 26,294 Sale of currencies 28,758 25,958 Other, including commodity swap, commodity forward and futures 10,795 11,433 Purchase 5,428 5,712 Sale 5,367 5,721
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REPORT OF THE PKO BANK POLSKI S.A. GROUP FOR THE THIRD QUARTER OF 2025 – CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS OF THE PKO BANK POLSKI S.A. GROUP FOR THE NINE-MONTH PERIOD ENDED 30 SEPTEMBER 2025, TOGETHER WITH THE CONDENSED INTERIM SEPARATE FINANCIAL STATEMENTS OF PKO BANK POLSKI S.A. FOR THE NINE-MONTH PERIOD ENDED 30 SEPTEMBER 2025 (IN PLN MILLION) Page 46/83 19. SECURITIES SECURITIES 30.09.2025 held for trading not held for trading, measured at fair value through profit or loss measured at fair value through other comprehensive income measured at amortized cost Total Debt securities 532 380 95,988 126,428 223,328 NBP money bills - - 4,996 - 4,996 treasury bonds (in PLN) 332 112 70,551 95,351 166,346 treasury bonds (in foreign currencies) 1 42 5,425 1,322 6,790 treasury bills 163 75 1,310 - 1,548 corporate bonds (in PLN) secured with the State Treasury guarantees 8 21 4,315 5,550 9,894 municipal bonds (in PLN) 8 - 5,346 10,475 15,829 corporate bonds (in PLN)1 20 130 1,298 3,819 5,267 corporate bonds (in foreign currencies)2 - - 2,747 9,911 12,658 Equity securities 41 1,102 - - 1,143 Total (excluding adjustment relating to fair value hedge accounting) 573 1,482 95,988 126,428 224,471 Adjustment relating to hedge accounting - - - (18) (18) Total 573 1,482 95,988 126,410 224,453 1 including bonds of international financial organizations of PLN 2,737 million. 2 including bonds of international financial organizations of PLN 10,242 million. SECURITIES 31.12.2024 held for trading not held for trading, measured at fair value through profit or loss measured at fair value through other comprehensive income measured at amortized cost Total Debt securities 328 612 98,029 110,561 209,530 NBP money bills - - 7,996 - 7,996 treasury bonds (in PLN) 243 109 60,920 73,532 134,804 treasury bonds (in foreign currencies) 1 288 10,725 1,394 12,408 corporate bonds (in PLN) secured with the State Treasury guarantees 24 103 8,426 13,974 22,527 municipal bonds (in PLN) 9 - 5,221 10,399 15,629 corporate bonds (in PLN)1 51 112 1,903 3,994 6,060 corporate bonds (in foreign currencies)2 - - 2,838 7,268 10,106 Equity securities 36 984 - - 1,020 Total (excluding adjustment relating to fair value hedge accounting) 364 1,596 98,029 110,561 210,550 Adjustment relating to hedge accounting - - - (19) (19) Total 364 1,596 98,029 110,542 210,531 1 including bonds of international financial organizations of PLN 4,013 million. 2 including bonds of international financial organizations of PLN 7,599 million.
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REPORT OF THE PKO BANK POLSKI S.A. GROUP FOR THE THIRD QUARTER OF 2025 – CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS OF THE PKO BANK POLSKI S.A. GROUP FOR THE NINE-MONTH PERIOD ENDED 30 SEPTEMBER 2025, TOGETHER WITH THE CONDENSED INTERIM SEPARATE FINANCIAL STATEMENTS OF PKO BANK POLSKI S.A. FOR THE NINE-MONTH PERIOD ENDED 30 SEPTEMBER 2025 (IN PLN MILLION) Page 47/83 20. LOANS AND ADVANCES TO CUSTOMERS LOANS AND ADVANCES TO CUSTOMERS 30.09.2025 not held for trading, measured at fair value through profit or loss measured at amortized cost Total retail and private banking 1,929 166,077 168,006 real estate 1 124,783 124,784 consumer 1,928 41,143 43,071 finance lease receivables - 151 151 businesses 7 30,161 30,168 real estate - 4,949 4,949 business 7 12,144 12,151 factoring receivables - 118 118 finance lease receivables - 12,950 12,950 corporate - 85,632 85,632 real estate - 410 410 business - 71,567 71,567 factoring receivables - 5,409 5,409 finance lease receivables - 8,246 8,246 Loans and advances to customers (excluding adjustment relating to fair value hedge accounting) 1,936 281,870 283,806 Total 1,936 281,870 283,806 LOANS AND ADVANCES TO CUSTOMERS 31.12.2024 not held for trading, measured at fair value through profit or loss measured at amortized cost Total retail and private banking 2,097 153,064 155,161 real estate 1 118,077 118,078 consumer 2,096 34,874 36,970 finance lease receivables - 113 113 businesses 59 28,207 28,266 real estate - 5,005 5,005 business 59 10,769 10,828 factoring receivables - 89 89 finance lease receivables - 12,344 12,344 corporate 15 82,717 82,732 real estate - 112 112 business 15 68,160 68,175 factoring receivables - 6,445 6,445 finance lease receivables - 8,000 8,000 Loans and advances to customers (excluding adjustment relating to fair value hedge accounting) 2,171 263,988 266,159 Adjustment relating to hedge accounting - (1) (1) Total 2,171 263,987 266,158
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REPORT OF THE PKO BANK POLSKI S.A. GROUP FOR THE THIRD QUARTER OF 2025 – CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS OF THE PKO BANK POLSKI S.A. GROUP FOR THE NINE-MONTH PERIOD ENDED 30 SEPTEMBER 2025, TOGETHER WITH THE CONDENSED INTERIM SEPARATE FINANCIAL STATEMENTS OF PKO BANK POLSKI S.A. FOR THE NINE-MONTH PERIOD ENDED 30 SEPTEMBER 2025 (IN PLN MILLION) Page 48/83 21. AMOUNTS DUE TO BANKS AMOUNTS DUE TO BANKS 30.09.2025 31.12.2024 Measured at fair value through profit or loss 15 4 Liabilities in respect of a short position in securities 15 4 Measured at amortized cost 3,262 2,369 Deposits from banks 1,038 597 Current accounts 2,216 1,758 Other monetary market deposits 8 14 Total 3,277 2,373 22. AMOUNTS DUE TO CUSTOMERS AMOUNTS DUE TO CUSTOMERS 30.09.2025 households business entities public sector Total Measured at fair value through profit or loss 208 96 - 304 Liabilities in respect of a short position in securities - 96 - 96 Liabilities in respect of insurance products 208 - - 208 Measured at amortized cost 338,740 78,991 22,079 439,810 Cash on current accounts and overnight deposits of which 246,375 57,280 19,328 322,983 savings accounts and other interest-bearing assets 66,247 13,520 9,898 89,665 Term deposits 91,595 21,067 2,655 115,317 Other liabilities 752 644 96 1,492 Liabilities in respect of insurance products 18 - - 18 Amounts due to customers (excluding adjustment relating to fair value hedge accounting) 338,948 79,087 22,079 440,114 Adjustment relating to hedge accounting 340 - - 340 Total 339,288 79,087 22,079 440,454 AMOUNTS DUE TO CUSTOMERS 31.12.2024 households business entities public sector Total Measured at fair value through profit or loss 169 31 - 200 Liabilities in respect of a short position in securities - 31 - 31 Liabilities in respect of insurance products 169 - - 169 Measured at amortized cost 317,649 80,062 21,630 419,341 Cash on current accounts and overnight deposits of which 229,732 56,570 19,961 306,263 savings accounts and other interest-bearing assets 58,999 14,475 14,134 87,608 Term deposits 87,230 22,799 1,636 111,665 Other liabilities 668 693 33 1,394 Liabilities in respect of insurance products 19 - - 19 Amounts due to customers (excluding adjustment relating to fair value hedge accounting) 317,818 80,093 21,630 419,541 Adjustment relating to hedge accounting 237 - - 237 Total 318,055 80,093 21,630 419,778 Households include private individuals, sole proprietors and individual farmers.
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REPORT OF THE PKO BANK POLSKI S.A. GROUP FOR THE THIRD QUARTER OF 2025 – CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS OF THE PKO BANK POLSKI S.A. GROUP FOR THE NINE-MONTH PERIOD ENDED 30 SEPTEMBER 2025, TOGETHER WITH THE CONDENSED INTERIM SEPARATE FINANCIAL STATEMENTS OF PKO BANK POLSKI S.A. FOR THE NINE-MONTH PERIOD ENDED 30 SEPTEMBER 2025 (IN PLN MILLION) Page 49/83 AMOUNTS DUE TO CUSTOMERS BY SEGMENT 30.09.2025 31.12.2024 Amounts due to customers (excluding adjustment relating to fair value hedge accounting) 440,114 419,541 retail and private banking 309,166 287,779 corporate 78,467 80,498 businesses 52,255 51,076 other liabilities (including liabilities in respect of insurance products) 226 188 Adjustment relating to hedge accounting 340 237 Total 440,454 419,778 23. FINANCING RECEIVED FINANCING RECEIVED 30.09.2025 31.12.2024 Loans and advances received from: 1,183 1,268 international financial organisations 1,174 1,258 other financial institutions 9 10 Liabilities in respect of debt securities in issue: 26,144 23,457 mortgage covered bonds issued by PKO Bank Hipoteczny S.A. 6,743 6,705 bonds issued by PKO Bank Hipoteczny S.A. 2,622 2,432 bonds issued by PKO Bank Polski S.A. 13,906 11,999 bonds issued by the PKO Leasing S.A. Group 2,873 2,321 Subordinated liabilities 6,267 4,291 Total 33,594 29,016 For details of issues carried out by Group entities, see Section 1 “MAJOR EVENTS, INCLUDING NON-TYPICAL EVENTS”, item 1.6. “SECURITIES ISSUED BY THE BANK'S GROUP ENTITIES” of the Directors’ Commentary to the financial results of the PKO Bank Polski S.A. Group for the nine-month period ended 30 September 2025 (hereinafter: the Directors’ Commentary). • LOANS DRAWN AND AGREE MENTS REGARDING ADVA NCES, GUARANTEES AND PLED GES WHICH ARE NOT RE LATED TO OPERATING ACTIVITIES In the nine-month period ended 30 September 2025, neither the Bank nor the Bank’s subsidiaries took out any loans or advances or received any guarantees or pledges which were not related to their operating activities.
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CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS OF THE PKO BANK POLSKI S.A. GROUP FOR THE NINE- MONTH PERIOD ENDED 30 SEPTEMBER 2025, TOGETHER WITH THE CONDENSED INTERIM SEPARATE FINANCIAL STATEMENTS OF PKO BANK POLSKI S.A. FOR THE NINE-MONTH PERIOD ENDED 30 SEPTEMBER 2025 (IN PLN MILLION) Page 50/83 24. PROVISIONS FOR 9 MONTHS ENDED Provisions for financial liabilities and guarantees granted Provisions for legal claims, excluding legal claims relating to mortgage loans in convertible currencies Provisions for legal claims against the bank relating to mortgage loans in convertible currencies1,2 Provisions for pensions and other defined post- employment benefits Restructuring Other provisions, including provisions for employee disputed claims3 Total 30 SEPTEMBER 2025 As at the beginning of the period 633 119 5,733 79 23 64 6,651 Increases, including increases of existing provisions 199 15 2,380 - - 215 2,809 Utilized amounts - (6) (1,785) (5) (5) (35) (1,836) Unused provisions reversed during the period (206) (21) - - - (2) (229) Other changes and reclassifications (1) (2) 3 - - (1) (1) As at the end of the period 625 105 6,331 74 18 241 7,394 Short-term provisions 481 4 - 10 18 198 711 Long-term provisions 144 101 6,331 64 - 43 6,683 30 SEPTEMBER 2024 As at the beginning of the period 751 114 3,001 72 29 60 4,027 Increases, including increases of existing provisions 18 18 2,363 - - 3 2,402 Utilized amounts - (5) (568) (4) (4) (34) (615) Unused provisions reversed during the period (112) (8) - - - (3) (123) Other changes and reclassifications (3) - (580) - - - (583) As at the end of the period 654 119 4,216 68 25 26 5,108 Short-term provisions 475 7 - 9 25 4 520 Long-term provisions 179 112 4,216 59 - 22 4,588 1 See note 14 “COST OF LEGAL RISK OF MORTGAGE LOANS IN CONVERTIBLE CURRENCIES ”. 2 The value of PLN 580 million in the line “other changes and reclassifications” relates to the allocation of the provision for legal risk of mortgage loans to loans and advances to custo mers as a deduction from their gross carrying amount. 3 In the period of nine months ended 30 September 2025, the Group recognised a provision for consumer protection matters in the amount of PLN 197 million.
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CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS OF THE PKO BANK POLSKI S.A. GROUP FOR THE NINE- MONTH PERIOD ENDED 30 SEPTEMBER 2025, TOGETHER WITH THE CONDENSED INTERIM SEPARATE FINANCIAL STATEMENTS OF PKO BANK POLSKI S.A. FOR THE NINE-MONTH PERIOD ENDED 30 SEPTEMBER 2025 (IN PLN MILLION) Page 51/83 25. OFF-BALANCE SHEET LIABILITIES RECEIVED AND GRANTED FINANCIAL AND GUARANTEE COMMITMENTS GRANTED – nominal value 30.09.2025 31.12.2024 Credit lines and limits 88,357 87,106 Other 3,664 3,940 Total financial commitments granted, including: 92,021 91,046 irrevocable commitments granted 38,387 34,498 Guarantees and sureties granted, including: 14,034 12,098 irrevocable commitments granted 9,994 5,681 performance guarantee 3,867 3,788 Total 106,055 103,144 OFF-BALANCE SHEET LIABILITIES RECEIVED BY NOMINAL VALUE 30.09.2025 31.12.2024 Financial 112 106 Guarantees 21,157 20,616 Total 21,269 20,722 In the nine-month period of 2025, neither the Bank nor its subsidiaries have entered into significant agreements to guarantee the repayment of a loan or advance and to grant guarantees for the repayment of a loan or advance. 26. LEGAL CLAIMS The total value of court proceedings in which the Group companies act as: 30.09.2025 31.12.2024 defendant 14,297 15,587 plaintiff 6,100 7,313 • MATERIAL LITIGATION CONCERNING CREDIT PRODUCTS OFFERED BY THE GROUP As at 30 September 2025, the Group is involved in court proceedings related to three main categories of credit products: mortgage loans in convertible currencies (mainly CHF), mortgage loans bearing interest at a floating rate (WIBOR), and consumer loans subject to the so-called free credit sanction (FCS). 1) MORTGAGE LOANS IN CONVERTIBLE CURRENCIES As at 30 September 2025, 34,076 court proceedings were pending against the Bank with a total value in dispute of PLN 14,158 million (as at 31 December 2024: 36,004 proceedings with a total value of PLN 14,764 million). The subject matter of the claim s are mainly demands for declaration of invalidity of agreements or for repayment of performance rendered by customers in execution of allegedly invalid agreements. Customers allege abusive provisions and/or that the agreements are contrary to the law. Non e of the clauses used by the Bank in the agreements was entered in the register of prohibited contractual clauses. In the Bank's assessment, the number of proceedings is strongly influenced by marketing campaigns of law firms, which encourage borrowers to file lawsuits. The Group monitors on an ongoing basis the case law of national and EU courts in foreign currency loan cases. As at 30 September 2025, 13,259 final judgments were rendered in the Bank's cases, the majority of which were in favour of borrowers. On 25 April 2024, in case ref. III CZP 25/22, the Supreme Court, sitting as the full Civil Chamber, issued a resolution which has the force of law. In this resolution, the Supreme Court held, inter alia, that after finding the exchange rate clause to be abusive, it cannot be replaced by another mechanism, and consequently the agreement is not binding in its entirety. It was also indicated that the parties have independent claims for the repayment of wrongful performance, and the limitation period of the Bank's claim for repayment of the disbursed principal begins to run, in principle, from the day the agreement was challenged by the customer. However, the parties to the agreement are not entitled to interest until there is a delay in the repayment of the performance, nor to other consideration for the use of the capital.
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REPORT OF THE PKO BANK POLSKI S.A. GROUP FOR THE THIRD QUARTER OF 2025 – CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS OF THE PKO BANK POLSKI S.A. GROUP FOR THE NINE-MONTH PERIOD ENDED 30 SEPTEMBER 2025, TOGETHER WITH THE CONDENSED INTERIM SEPARATE FINANCIAL STATEMENTS OF PKO BANK POLSKI S.A. FOR THE NINE-MONTH PERIOD ENDED 30 SEPTEMBER 2025 (IN PLN MILLION) Page 52/83 The Bank files lawsuits for the repayment of disbursed capital (restitution lawsuits). As at 30 September 2025, the Group filed 18,852 such lawsuits for a total amount of PLN 4,003 million. Additionally, restitution claims are raised as alternative claims in other cases, including debt collection proceedings. On 19 June 2025, in case C -396/24, the CJEU issued a judgment in which it held, inter alia, that Article 7(1) of Directive 93/13 precludes national regulations which allow the seller or supplier to demand reimbursement of the entire nominal amount of the loan, irrespective of the repayments made by the consumer. In July 2025, the Regional Court in Warsaw referred a request for a preliminary ruling to the CJEU concerning, inter alia, whether the provisions of the above-mentioned Directive preclude the application, in the settlement between the parties to an invalid loan agreement, of an arrangement under which the consumer's claim for reimbursement of payments made in performance of such an agreement is ex officio set off by the court against the bank's claim for reimbursement of the loan capital disbursed, with the result that, in the view of the court, the consumer's claim o n this basis arises only when the sum of his payments exceeds the amount of the loan capital disbursed (C -510/25). In 2024, the Regional Court in Warsaw referred a preliminary ruling question to the CJEU (ref. C-753/24) concerning the compatibility with EU law of national provisions allowing for the grant of a time -barred claim by the Bank if equity considerations so require. The question concerns the interpretation of Article 7(1) of Directive 93/13 and the principles of effectiveness, proportionality, legal certainty and access to justice. The Bank and other parties, including the European Commission and the Republic of Poland, submitted written observations. The Bank submitted a request for oral proceedings before the CJEU. In the Bank's assessment, both the CJEU case law and the practice of applying the Supreme Court resolution will be of material significance for the further course of proceedings concerning foreign currency loans. 2) MORTGAGE LOANS BEARING INTEREST AT A FLOATING RATE As at 30 September 2025, 539 court proceedings were pending against the Group (as at 31 December 2024: 347), in which customers challenge the floating interest rate structure and the rules for setting the WIBOR benchmark rate. The total value of the subject matter of the disput es amounted to PLN 130 million (PLN 81 million as at 31 December 2024). The Group has not established a provision for the above proceedings, assessing the claims as unfounded. In cases brought by clients against the Bank, Regional Courts referred requests for a preliminary ruling to the CJEU concerning the possibility of examining contractual clauses relating to: 1) On 31 May 2024, the Regional Court in Częstochowa (Case C -471/24) – interest rates based on the WIBOR index in light of the provisions of Council Directive 93/13/EEC, in particular: • whether examination of these clauses as potentially unfair is possible, • whether these clauses may be regarded as non -transparent or as causing a contractual imbalance to the detriment of the consumer, • and whether it is possible to maintain the contract in force with an interest rate based solely on the bank's margin (i.e. with a fixed interest rate), in the event of elimination of the WIBOR index. The preliminary ruling request has been served on the Bank, which submitted a written position on the case. The hearing took place on 11 June 2025, and on 11 September 2025 the Opinion of the Advocate General of the CJEU was delivered. The Bank awaits the scheduling of the judgment publication date by the CJEU. 2) On 30 June 2025, the Warsaw-Praga Regional Court in Warsaw: • whether a claim seeking to deprive an enforceable title of enforceability constituted by a final order for payment may be granted where the basis for the consumer's claim is the allegation that the credit agreement contains unfair terms, although the defendants — despite having been served with a copy of the order for payment — failed to lodge objections to that order within the statutory time limit; • whether a contractual term (in an agreement concluded before the entry into force of the BMR) introducing a variable interest rate clause can be regarded as drafted in plain and intelligible language where: • the bank informed the borrower that the interest rate consists of a margin and a reference index; • the bank did not inform the borrower how and by whom the reference index is determined, nor how it fluctuated in previous years;
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REPORT OF THE PKO BANK POLSKI S.A. GROUP FOR THE THIRD QUARTER OF 2025 – CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS OF THE PKO BANK POLSKI S.A. GROUP FOR THE NINE-MONTH PERIOD ENDED 30 SEPTEMBER 2025, TOGETHER WITH THE CONDENSED INTERIM SEPARATE FINANCIAL STATEMENTS OF PKO BANK POLSKI S.A. FOR THE NINE-MONTH PERIOD ENDED 30 SEPTEMBER 2025 (IN PLN MILLION) Page 53/83 • with respect to the reference index, the agreement refers to an external information service to which the consumer is not guaranteed access throughout the entire loan term and the period after the agreement has expired, when the consumer may rely on rights arising from the inclusion of unfair terms; • whether, in a consumer credit agreement, a term providing that the factor influencing changes in the interest rate is the WIBOR reference index — which, on the date the credit agreement was concluded by the parties, was not regulated by binding statutory provisions but was determined by a third party not subject to institutional supervision, and the lending bank had an indirect influence on the level of that index — causes a significant imbalance in the parties' rights and obligations to the detriment of the consumer; • whether, if the term determining a variable interest rate is found to be unfair due to its reference to the WIBOR reference index, the parties may remain bound by the credit agreement on the assumption that it is a fixed -rate loan at the level of the bank's fixed margin specified in the agreement, or whether the consequence of the consumer not being bound by the unfair term determining the variable interest rate is that the agreement must be declared null and void ex tunc. The Bank is awaiting service of the CJEU’s request document initiating the proceedings. 3) On 25 September 2025, the Re gional Court in Warsaw — concerning agreements concluded before 1 January 2018 — referred questions as to whether: • Directive 93/13 imposes on a bank an obligation to inform the consumer of: a) the entity which develops the reference index forming the basis of the loan interest rate; b) the detailed rules governing the determination of that reference index underlying the loan interest rate, including, in particular, providing the consumer with the text of the rulebook containing those rules and informing the consumer that the index is calculated on the basis of declarations by a group of banks rather than actual market transactions; • under Directive 93/13, whether a contractual term determining the loan interest rate which uses a reference index may be regarded as unfair where that index: a) is calculated on the basis of declarations by a group of banks rather than actual market transactions; b) is not defined in national or EU law but in the internal rulebook of an association established by banks or bank employees, and no State authority supervises the manner in which that index is developed; c) does not reflect the actual costs of financing the loan. The Bank is awaiting service of the CJEU’s request document initiating the proceedings. 3) LITIGATION AGAINST THE BANK CONCERNING THE FREE CREDIT SANCTION As at 30 September 2025, there were 6,130 court proceedings pending against the Group relating to the free credit sanction, with a total value in dispute of PLN 158 million (as at 31 December 2024, there were 4,214 proce edings with a total value of PLN 100 million). These proceedings are initiated by customers or entities that have acquired receivables from customers and relate to the provisions of cash loan agreements. The Group disputes the validity of the claims raised in these cases, and the case law to date is largely in favour of the Group. The Group had not set up a provision for these proceedings. By order of 25 January 2024, the District Court for Warsaw -Śródmieście addressed preliminary ruling questions to the CJEU concerning, inter alia: • the possibility of assignment of consumer rights to a third party who is not a consumer, • the court's obligation to examine of its own motion unfair terms in claim assignment agreements. The proceedings are pending under case number C-80/24. The Bank submitted a written position. On 30 April 2025, the Advocate General's opinion was delivered. The judgment was delivered on 9 October 2025. By order of 19 July 2024, the Regional Court in Poznań referred legal issues to the Supreme Court (ref. III CZP 15/25) concerning, inter alia: • the scope of the court's obligation in examining the free credit sanction, • the time limit for the expiry of the right to submit a statement regarding the sanction,
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REPORT OF THE PKO BANK POLSKI S.A. GROUP FOR THE THIRD QUARTER OF 2025 – CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS OF THE PKO BANK POLSKI S.A. GROUP FOR THE NINE-MONTH PERIOD ENDED 30 SEPTEMBER 2025, TOGETHER WITH THE CONDENSED INTERIM SEPARATE FINANCIAL STATEMENTS OF PKO BANK POLSKI S.A. FOR THE NINE-MONTH PERIOD ENDED 30 SEPTEMBER 2025 (IN PLN MILLION) Page 54/83 • the grounds for applying the free credit sanction, • the principles of charging interest on non-interest costs of the loan, • the effects of incorrect calculation of the annual percentage rate. On 30 July 2025, a sitting of the Supreme Court was held, at which an order was issued to stay the proceedin gs pending the judgments of the CJEU in cases C-566/24, C-744/24 and C-831/24. By order of 19 November 2024, the District Court in Białystok referred preliminary ruling questions to the CJEU concerning the obligations of the national court when examining claims relating to the free credit sanction, including: • the scope of examining infringements of legal provisions, • requirements concerning the early repayment procedure, • the effects of the absence of a complete description of this procedure. The proceedings are pending under case number C-831/24. The Bank submitted its written position in April 2025. By order of 28 March 2025, the Regional Court in Opole addressed the CJEU with a question concerning the interpretation of provisions relating to sanctions for breach of information obligations in consumer credit agreements. The preliminary ruling request has been served on the Bank. The Bank will submit written comments within the prescribed time limit. By an order of 22 May 2025, the District Court for Kraków –Nowa Huta in Kraków referred to the CJEU concerning the obligations of the national court when examining claims relating to the free credit sanction, including: • the conformity of the Consumer Credit Act with the Directive on credit agreements for consumers ; • whether the nature of the infringement is relevant when applying the free credit sanction; • the principles of charging interest on non-interest costs of the loan, • the manner in which the total amount of loan is defined in the agreement. The preliminary ruling request has been served on the Bank. The Bank will submit written comments within the prescribed time limit. In a case (concerning another bank, ref. No C-472/23) the CJEU issued a ruling on 13 February 2025, stating that: 1. the specification of an ove rstated APRC in a credit agreement, as a consequence of certain terms of that agreement being found to be unfair, does not in itself constitute an infringement of the obligation to provide information, 2. the indication in a credit agreement of circumstances justifying an increase in charges, where a reasonably observant and circumspect consumer is not in a position to ascertain whether they have arisen and their effect, constitutes an infringement of the obligation to provide information, where it calls into question the possibility for the consumer to assess the extent of his or her liability, 3. In the event of an infringement of the obligation to provide information, the bank may be deprived of its right to interest and charges, where that infringement affects the consumer’s ability to assess the extent of his or her liability, with the verification falling within the competence of the national court. • PROCEEDINGS BEFORE THE PRESIDENT OF THE OFFICE OF COMPETITION AND CONSUMER PROTECTION (UOKIK) 1) PROCEEDINGS RELATING TO MODIFICATION CLAUSES The proceedings were initiated on 12 March 2019 and concern provisions of the template agreement enabling the Bank to unilaterally amend the terms and conditions of the agreement, including fees and commission. In the opinion of the President of UOKiK, the se clauses give the Bank unlimited freedom in shaping the content of the agreement, which may violate good practice and be a gross violation of consumers' interests. In its response of 31 May 2019, the Bank challenged the validity of the allegations, indic ating that the provisions are precisely defined and clearly specify the conditions for their application. In the course of the proceedings, UOKiK issued summonses to provide additional information, including by orders of 7 June 2022 and 19 April 2024. The Bank provided responses respectively on: 11 July and 30 September 2022 and 24 May and 27 June 2024. By letter of 7 July 2025, the President of UOKiK extended the deadline for completion of the proceedings until 31 December 2025. On 1 September 2025,
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REPORT OF THE PKO BANK POLSKI S.A. GROUP FOR THE THIRD QUARTER OF 2025 – CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS OF THE PKO BANK POLSKI S.A. GROUP FOR THE NINE-MONTH PERIOD ENDED 30 SEPTEMBER 2025, TOGETHER WITH THE CONDENSED INTERIM SEPARATE FINANCIAL STATEMENTS OF PKO BANK POLSKI S.A. FOR THE NINE-MONTH PERIOD ENDED 30 SEPTEMBER 2025 (IN PLN MILLION) Page 55/83 the Ba nk submitted to the UOKiK information on the amount of turnover achieved in 2024. The Group has not recognised a provision for these proceedings. 2) PROCEEDINGS IN RESPECT OF UNAUTHORISED TRANSACTIONS The proceedings were initiated on 2 February 2024 and concern two main practices of the Bank which, in the opinion of UOKiK, may violate the collective interests of consumers: • informing consumers, in responses to reports of unauthorised transactions, about establishing their responsibility for unauthorised transactions solely on the basis of a correct authentication process, without specifying concrete evidence of gross negligence or intentional action, which may breach Article 45(2) of the Act on payment services, • withdrawing the conditional refund in the case of negative investigation of the complaint, which – according to UOKiK – may be inconsistent with Article 46(1) of the same Act. In a letter of 27 March 2024, the Bank challenged the allegations, claiming that they were unfounded, and on 26 June 2024 declared its willingness to engage in discussions with UOKiK in order to find a solution that takes into account the interests of both parties. In a letter to UOKiK of 9 May 2025, the Bank presented proposals for commitments, and on 28 May 2025 a meeting w ith UOKiK took place at which these were discussed. The Bank provided further information in letters dated 11 June 2025, and 10 July 2025. On 29 July 2025, the Bank received a proposal for a Uniform Commitment Statement, to which it responded on 1 September 2025. On 7 October 2025, a meeting was held between the banks and the Polish Bank Association (ZBP) and the Office of Competition and UOKiK concerning the UOKiK’s proposal. On October 29, 2025, a workshop was held to discuss the Uniform Committee's operative part, attended by the banks involved in the proceedings and the Office of Competition and Consumer Protection (UOKiK). The current deadline for the conclusion of the proceedings, as indicated by the UOKiK, is 28 February 2026. 3) PROCEEDINGS RELATING TO INTEREST RATE VARIATION CLAUSES The proceedings were initiated by a decision of 5 April 2024 and relate to clauses contained in contractual templates which allow the Bank to change the interest rate on the revolving limit based on changes in the basic NB P interest rates or WIBOR benchmark rates (1M, 3M, 6M, 9M, 12M). UOKiK challenged: • the possibility of changing the interest rate in the event of a change in rates by at least 0.25 percentage points (for NBP rates) or 0.10 percentage points (for WIBOR), to an extent reaching even three times these changes, • the possibility of making a change to the interest rate within six months of the occurrence of the grounds for the change. In its response of 29 May 2024, the Bank deemed the allegations unfounded. On 25 A pril 2025, the Bank provided additional information concerning turnover and the number of active contracts containing the challenged provisions as well as information about refraining from submitting commitments. On 27 May 2025, UOKiK requested the provision of further information, which was provided by the Bank on 9 June 2025. By letter dated October 27, 2025, the UOKiK requested the Bank to provide further clarification on the matter. The Group has not recognised a provision for these proceedings. • PROCEEDINGS BEFORE THE COURT OF COMPETITION AND CONSUMER PROTECTION 1) PROCEEDINGS ON SPREAD CLAUSES The proceedings were initiated by the Bank’s appeal (submitted on 13 November 2020) against the decision of the President of UOKiK dated 16 October 2020. In t he said decision, the President of UOKiK declared the provisions contained in the template agreement "Annex to the housing loan/mortgage loan agreement" in the section "Appendix to the annex 'Rules for determining foreign exchange spreads at PKO BP S.A.'" as inadmissible provisions and prohibited their further use. In addition, the President of UOKiK: • obliged the Bank to inform all consumers being parties to the indicated annexes about the decision to declare their provisions inadmissible and the consequen ces of this decision - within three months from the effective date of the decision • imposed the obligation to publish an appropriate declaration on the Bank's website for a period of four months, no later than within one month from the effective date of the decision; • imposed a fine on the Bank of PLN 40.7 million, payable to the Financial Education Fund.
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REPORT OF THE PKO BANK POLSKI S.A. GROUP FOR THE THIRD QUARTER OF 2025 – CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS OF THE PKO BANK POLSKI S.A. GROUP FOR THE NINE-MONTH PERIOD ENDED 30 SEPTEMBER 2025, TOGETHER WITH THE CONDENSED INTERIM SEPARATE FINANCIAL STATEMENTS OF PKO BANK POLSKI S.A. FOR THE NINE-MONTH PERIOD ENDED 30 SEPTEMBER 2025 (IN PLN MILLION) Page 56/83 In its appeal against the decision, the Bank requested that it be annulled or amended, challenging the legitimacy of declaring the indicated contractual pr ovisions inadmissible, the legality and proportionality of the President of UOKiK's interference with the Bank's pricing policy, as well as the abnormally excessive - in the Bank's opinion - amount of the fine. The President of UOKiK sustained its position in response to the appeal. In a judgment of 10 October 2023, the Court of Competition and Consumer Protection (SOKiK) overturned the decision of the President of UOKiK in its entirety. However, as a result of appeals filed by the President of UOKiK and th e public prosecutor, the Court of Appeal in Warsaw, in a judgment of 5 July 2024, amended the judgment of SOKiK and dismissed the Bank's appeal. Following the judgment of 10 October 2023, the Bank filed a request for a statement of reasons, a request to suspend enforcement of the judgment and decision, and then - on 4 November 2024 - filed a cassation complaint. By order of 12 July 2024, the Court of Appeal halted enforcement of the appealed judgment and the decision of the President of UOKiK pending comple tion of the proceedings before the Supreme Court. On 11 December 2024, the UOKiK's response to the cassation complaint was received. On 14 February 2025, the Supreme Court notified the composition of the adjudicating panel and assigned a case reference number. As at 30 September 2025, the Group recognises a provision for these proceedings of PLN 41 million (unchanged from 31 December 2024). 2) PROCEEDINGS RELATED TO RESTRICTIVE PRACTICES ON THE MARKET OF PAYMENTS WITH PAYMENT CARDS IN POLAND The Bank is a party to proceedings initiated by the President of UOKiK on the basis of a decision dated 23 April 2001 upon the request of the Polish Trade and Distribution Organization – Employers Association (Polska Organizacja Handlu i Dystrybucji – Związek Pracodawców) against operators of the Visa and Europay payment systems and banks issuing Visa and Europay/ Eurocard/ Mastercard banking cards. The proceedings concern the suspicion of applying practices limiting competition on the market of card payments in Poland, in particular through joint determination of interchange fees and limiting access to the market for external entities. By decision of 29 December 2006, the President of UOKiK found that these practices restrict competition and imposed a fine of PLN 16.6 million on the Bank. Following the Bank's appeal, the Court for Competition and Consumer Protection (SOKiK) in a judgment of 21 November 2013 reduced the fine to PLN 10.4 million. As a result of appeals by the parties, the Court of Appeal in Warsaw in a judgment of 6 October 2015 reinstated the original fine of PLN 16.6 million and PLN 4.8 million against Nordea Bank Polska S.A., of which the Bank is the legal successor. The fine was paid by the Bank in October 2015, but after the judgment was annulled by the Supreme Court (judgment of 25 October 2017) and the case was submitted for re -examination, it was reimbursed to the Bank on 21 March 2018. In subsequent proceedings, on 23 November 2020, the Court of Appeal in Warsaw revoked the judgment of the Warsaw District Court of 2013 and submitted it for re -examination. The case is currently proceeding again at first instance before the Warsaw District Court. As at 30 September 2025, the Group recognises a provision for these proceedings of PLN 21 million (unchanged from 31 December 2024). • PROCEEDINGS BEFORE THE POLISH FINANCIAL SUPERVISION AUTHORITY 1) The PFSA is conducting proceedings against the Bank, operating through an organizationally separate unit - the Brokerage Office, regarding the imposition of an administrative penalty in connection with suspected violations of the Act on counteracting money laundering and terrorist financing ("AML"). The Bank provided explanations concerning, inter alia, benefits or avoided losses resulting from violations, p otential losses of third parties and possible penalties imposed under the AML Act. The PFSA also informed the Bank about forwarding a letter to the GIIF requesting information on the Bank's AML violations to date. The completion of the administrative proceedings had been planned for 30 September 2025. On 2 October 2025, the Bank received a request from the PFSA to submit to the case file the original or a certified copy of power of attorney No 0023329/2019 of 2 September 2019 granted to Grzegorz Zawada. The Bank submitted the power of attorney on 9 October 2025. On 20 October 2025, the PFSA requested the Bank to indicate an address for electronic service. By letter dated October 24, 2025, the Bank submitted its response to this request. The Group had not set up a provision for these proceedings. 2) The PFSA is conducting administrative proceedings against the Bank regarding the imposition of sanctions pursuant to Article 3c of the Act on financial market supervision. The proceedings concern suspected breach by the Bank of the provisions of Regulation (EU) No 1286/2014 on key information documents for packaged retail and insurance-based investment products (PRIIPs), in particular Article 5(1) and Article 14 in conjunction with Article 4(1), (3), (4) and (5). On 20 June 2025, the PFSA informed about extending the scope of the administrative proceedings by changing the period under examination, i.e. changing the existing period from 15 May 2024 to 10 October 2024 to a new period from 1 January 2018 to 27 June 2024, a nd about changing the legal basis of the suspected violation indicated in this notice from Article 14 PRIIPs to Article 13(1) PRIIPs. The Group had not set up a provision for these proceedings.
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REPORT OF THE PKO BANK POLSKI S.A. GROUP FOR THE THIRD QUARTER OF 2025 – CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS OF THE PKO BANK POLSKI S.A. GROUP FOR THE NINE-MONTH PERIOD ENDED 30 SEPTEMBER 2025, TOGETHER WITH THE CONDENSED INTERIM SEPARATE FINANCIAL STATEMENTS OF PKO BANK POLSKI S.A. FOR THE NINE-MONTH PERIOD ENDED 30 SEPTEMBER 2025 (IN PLN MILLION) Page 57/83 3) The PFSA is conducting administrative proceedings against the Bank pursuant to Article 138(7a) of the Banking Law Act regarding the imposition of a financial penalty in connection with suspected violations by the Bank of the provisions on structured deposits set out in the Banking Law Act and in the Regulation of the Minister of Finance of 21 January 2019 on the provision of services by banks in relation to structured deposits. The proceedings are pending. 4) The PFSA is conducting administrative proceedings against the Bank regarding the imposition of an administrative penalty in connection with suspected failure by the Bank to fulfil its obligations under the Act on counteracting money laundering and terrorist financing (“AML”). The proceedings are pending. 5) The PFSA is conducting administrative proceedings against PKO TFI S.A. (hereinafter: the Company) regarding the imposition of an administrative penalty under the Act on counteracting money laundering and terrorist financing. The proceedings concern suspected violations of obligations regarding: a) improper identification and verification of the customer when establishing a business relationship via remote channels; b) failure to obtain data on the customer's country of birth; c) failure to identify beneficial owner data and failure to update information on business re lationships; d) failure to apply enhanced financial security measures in cases of increased risk and in situations specified in Articles 44 and 46 of the Act; e) failure to implement all required elements in the internal AML procedure. The Company responded to the PFSA's request on 20 April 2023. On 1 September 2025, the PFSA extended the deadline for the proceedings until 31 October 2025. As at 30 September 2025, the Group recognised a provision of PLN 2 million for these proceedings. 6) The PFSA is conducting administrative proceedings against PKO TFI S.A. regarding the imposition of a financial penalty on the Company under Article 228(2)(1) in conjunction with Article 228(1)(2) of the Act on Investment Funds and Management of Alternative Investment Funds (hereinafter the IFA). The proceedings concern a suspected failure by 23 subfunds — PKO Parasolowy FIO, FWP PKP SFIO, PKO Emerytura SFIO and PKO Zabezpieczenia SFIO — to submit the fund’s semi-annual financial statements, as well as semi-annual combined financial statements including the segregated subfunds and individual subfund financial statements for the first half of 2023. On 1 October 2025, the Company submitted a response to the PFSA expressing its willingness to reach a settlement and requesting a waiver of the penalty, citing the minor nature of the breach. The Group recognised a provision of PLN 250 thousand for these proceedings. • OTHER PROCEEDINGS 1) PROCEEDINGS BEFORE THE GENERAL INSPECTOR OF FINANCIAL INFORMATION (GIFI) The GIFI is conducting administrative proceedings against the Bank for the imposition of an administrative penalty for failure to comply with its obligations under the Act of 1 March 2018 on the prevention of money laundering and terrorist financing (AML). The failu re to comply with obligations was identified by the PFSA during an inspection conducted at the Bank from 22 December 2022 to 9 March 2023, covering: (a) the period from 13 July 2018 to 22 December 2022 with regard to the implementation of the obligation sp ecified in Article 72 of the AML Act, (b) the period from 20 July 2021 to 22 December 2022 with regard to the implementation of the other obligations specified in the AML Act. The Bank responded to the GIIF's letter, also requesting to refrain from imposin g an administrative penalty due to the corrective actions taken. The deadline for the proceedings was extended until 17 November 2025. The Group had not set up a provision for these proceedings. 2) PROCEEDINGS BEFORE THE HEAD OF THE CUSTOMS AND TAX OFFICE The Head of the Mazovian Customs and Tax Office in Warsaw (hereinafter, the “Head”) initiated proceedings to impose a financial penalty on the Bank in connection with the violation of Article 1(1) in connection with Article 2(1) of the Act on special solutio ns in the field of counteracting aggression in Ukraine and Article 1(1) of Council Regulation No 765/2006 of 18 May 2006 concerning restrictive measures in view of the situation in Belarus and Belarus' participation in Russia's aggression against Ukraine. Due to the explanations submitted to the Head, the Bank requested that no administrative penalty be imposed. The new date for the completion of the case has been set for 21 November 2025. The Group has not recognised a provision for these proceedings. 3) CLAIMS FOR DAMAGES IN RESPECT OF THE INTERCHANGE FEE The Bank was served eight summons to participate, as an outside intervener on the defendant’s side, in cases relating to the interchange fees. Other banks are defendants in the case and, in some cases, a lso card organizations. At present, the total value of the claims amounts to PLN 830 million and concerns damages for excessive interchange fees resulting from practices that restrict competition, as well as capitalised statutory interest for delay.
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REPORT OF THE PKO BANK POLSKI S.A. GROUP FOR THE THIRD QUARTER OF 2025 – CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS OF THE PKO BANK POLSKI S.A. GROUP FOR THE NINE-MONTH PERIOD ENDED 30 SEPTEMBER 2025, TOGETHER WITH THE CONDENSED INTERIM SEPARATE FINANCIAL STATEMENTS OF PKO BANK POLSKI S.A. FOR THE NINE-MONTH PERIOD ENDED 30 SEPTEMBER 2025 (IN PLN MILLION) Page 58/83 The Bank joined these proceedings as an outside intervener. Since these proceedings are not pending against the Bank, their value was not included in the total value of the cases against the Bank. If the courts find the claims justified, the defendants may clai m recourse in separate court proceedings from other banks including from the Bank. As at 30 September 2025, final and binding judgments had been issued in five of these proceedings, all favourable to the defendants and dismissing the claims (in one case, a partial judgment was issued, and the proceedings in the remaining scope are ongoing before the court of first instance). A cassation appeal was filed in one case. Two proceedings resulted in non -final judgments dismissing the plaintiffs' claims. In one case, no judgment has been issued yet. In all cases where the claims have been dismissed in whole or in part, the statute of limitations objection has been upheld. 27. SHAREHOLDING STRUCTURE OF THE BANK According to the information available, the Bank’s shareholding structure is as follows: ENTITY NAME number of shares % of votes Nominal value of 1 share Ownership interest (%) As at 30 September 2025 State Treasury 367,918,980 29.43% PLN 1 29.43% Nationale-Nederlanden Open Pension Fund1 92,123,687 7.37% PLN 1 7.37% Allianz Polska Otwarty Fundusz Emerytalny1 79,873,383 6.39% PLN 1 6.39% Other shareholders2 710,083,950 56.81% PLN 1 56.81% Total 1,250,000,000 100.00% --- 100.00% As at 31 December 2024 State Treasury 367,918,980 29.43% PLN 1 29.43% Nationale-Nederlanden Open Pension Fund1 98,669,361 7.89% PLN 1 7.89% Allianz Polska Otwarty Fundusz Emerytalny1 83,713,383 6.70% PLN 1 6.70% Other shareholders2 699,698,276 55.98% PLN 1 55.98% Total 1,250,000,000 100% --- 100% 1 Calculation of shareholdings as at the end of the year published by PTE in bi-annual and annual information about the structure of fund assets and quotation from Bloomberg. 2 Including Bank Gospodarstwa Krajowego, which as at 30 September 2025 and 31 December 2024 held 24,487,297 shares carrying 1.96% of the votes at the GSM. The Bank’s shares are listed on the Warsaw Stock Exchange. Series Type of shares Number of shares Nominal value of 1 share Nominal value of the series A Series ordinary registered shares 312,500,000 PLN 1 312,500,000 A Series ordinary bearer shares 197,500,000 PLN 1 197,500,000 B Series ordinary bearer shares 105,000,000 PLN 1 105,000,000 C Series ordinary bearer shares 385,000,000 PLN 1 385,000,000 D Series ordinary bearer shares 250,000,000 PLN 1 250,000,000 Total - - - 1,250,000,000 - - - 1,250,000,000 In the nine-month period ended 30 September 2025 and in 2024, there were no changes in the amount of the share capital of PKO Bank Polski S.A. The issued shares carry no preference and are fully paid -up.
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REPORT OF THE PKO BANK POLSKI S.A. GROUP FOR THE THIRD QUARTER OF 2025 – CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS OF THE PKO BANK POLSKI S.A. GROUP FOR THE NINE-MONTH PERIOD ENDED 30 SEPTEMBER 2025, TOGETHER WITH THE CONDENSED INTERIM SEPARATE FINANCIAL STATEMENTS OF PKO BANK POLSKI S.A. FOR THE NINE-MONTH PERIOD ENDED 30 SEPTEMBER 2025 (IN PLN MILLION) Page 59/83 28. FAIR VALUE HIERARCHY For a description of measurement techniques and inputs, see the financial statements of the Group for 2024. ASSETS MEASURED AT FAIR VALUE 30.09.2025 Carrying amount Level 1 Level 2 Level 3 Prices quoted on active markets Valuation techniques based on observable market data Other valuation techniques Hedging derivatives 64 - 64 - Other derivative instruments 2,014 1 2,013 - Securities 98,043 79,241 18,127 675 held for trading 573 416 157 - debt securities 532 375 157 - equity securities 41 41 - - not held for trading, measured at fair value through profit or loss 1,482 865 178 439 debt securities 380 249 29 102 equity securities 1,102 616 149 337 measured at fair value through other comprehensive income (debt securities) 95,988 77,960 17,792 236 Loans and advances to customers 1,936 - - 1,936 Total financial assets measured at fair value 102,057 79,242 20,204 2,611 LIABILITIES MEASURED AT FAIR VALUE 30.09.2025 Carrying amount Level 1 Level 2 Level 3 Prices quoted on active markets Valuation techniques based on observable market data Other valuation techniques Hedging derivatives 47 - 47 - Other derivative instruments 1,824 - 1,824 - Liabilities in respect of a short position in securities 111 111 - - Liabilities in respect of insurance products 208 - 208 - Total financial liabilities measured at fair value 2,190 111 2,079 - ASSETS MEASURED AT FAIR VALUE 31.12.2024 Carrying amount Level 1 Level 2 Level 3 Prices quoted on active markets Valuation techniques based on observable market data Other valuation techniques Hedging derivatives 120 - 120 - Other derivative instruments 1,999 1 1,998 - Securities 99,989 75,773 23,547 669 held for trading 364 364 - - debt securities 328 328 - - equity securities 36 36 - - not held for trading, measured at fair value through profit or loss 1,596 944 225 427 debt securities 612 398 114 100 equity securities 984 546 111 327 measured at fair value through other comprehensive income (debt securities) 98,029 74,465 23,322 242 Loans and advances to customers 2,171 - - 2,171 Total financial assets measured at fair value 104,279 75,774 25,665 2,840
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REPORT OF THE PKO BANK POLSKI S.A. GROUP FOR THE THIRD QUARTER OF 2025 – CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS OF THE PKO BANK POLSKI S.A. GROUP FOR THE NINE-MONTH PERIOD ENDED 30 SEPTEMBER 2025, TOGETHER WITH THE CONDENSED INTERIM SEPARATE FINANCIAL STATEMENTS OF PKO BANK POLSKI S.A. FOR THE NINE-MONTH PERIOD ENDED 30 SEPTEMBER 2025 (IN PLN MILLION) Page 60/83 LIABILITIES MEASURED AT FAIR VALUE 31.12.2024 Carrying amount Level 1 Level 2 Level 3 Prices quoted on active markets Valuation techniques based on observable market data Other valuation techniques Hedging derivatives 285 - 285 - Other derivative instruments 2,396 1 2,395 - Liabilities in respect of a short position in securities 35 35 - - Liabilities in respect of insurance products 169 - 169 - Total financial liabilities measured at fair value 2,885 36 2,849 - IMPACT OF ESTIMATES ON FAIR VALUE MEASUREMENT OF LEVEL 3 FINANCIAL INSTRUMENTS 30.09.2025 31.12.2024 Fair value in Fair value in positive scenario negative scenario positive scenario negative scenario Shares in Visa Inc.1 22 20 56 52 Other equity investments2 306 277 262 237 Corporate bonds3 338 337 339 338 Loans and advances to customers4 2,033 1,839 2,280 2,062 1 scenario assuming a discount rate in respect of the future conditions of converting C-series shares to ordinary shares at a level of 0%/100% respectively 2 scenario assuming a change in the discount rate of +/- 5% 3 scenario assuming a change in the credit spread of +/- 10% 4 scenario assuming a change in the company’s value of +/- 0.5p.p. RECONCILIATION OF CHANGES DURING THE REPORTING PERIOD TO FAIR VALUE AT LEVEL 3 01.01- 30.09.2025 01.01- 30.09.2024 Opening balance at the beginning of the period 2,840 3,533 Acquisition of equity instruments - 1 Acquisition of corporate bonds - 185 Redemption of corporate bonds (3) (1) Granting and increase in exposure to loans and advances to customers 487 498 Repayment of loans and advances to customers (639) (848) Derecognition of loans and advances to customers (61) (1) Write-off of loans and advances to customers (33) (169) Net gain/(loss) on financial instruments measured at fair value through profit or loss 24 168 Change in the valuation recognized in OCI (3) 2 Other, including exchange difference1 (1) (220) Closing balance 2,611 3,148 1 in the period of nine months of 2024, a decrease due to conversion of Visa Inc. series C shares into Visa series A Preferred shares was reported.
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REPORT OF THE PKO BANK POLSKI S.A. GROUP FOR THE THIRD QUARTER OF 2025 – CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS OF THE PKO BANK POLSKI S.A. GROUP FOR THE NINE-MONTH PERIOD ENDED 30 SEPTEMBER 2025, TOGETHER WITH THE CONDENSED INTERIM SEPARATE FINANCIAL STATEMENTS OF PKO BANK POLSKI S.A. FOR THE NINE-MONTH PERIOD ENDED 30 SEPTEMBER 2025 (IN PLN MILLION) Page 61/83 29. FINANCIAL ASSETS AND FINANCIAL LIABILITIES NOT PRESENTED AT F AIR VALUE IN THE CONSOLIDATED STATEMENT OF FINANCIAL POSITION For a description of measurement techniques and inputs, see the financial statements of the Group for 2024. 30.09.2025 carrying amount fair value Total fair value Level 1 Level 2 Level 3 Cash and balances with Central Bank 19,278 3,642 15,636 - 19,278 Amounts due from banks 8,136 - 8,136 - 8,136 Securities1 126,428 97,613 24,969 3,837 126,419 treasury bonds (in PLN) 95,351 95,322 - - 95,322 treasury bonds (in foreign currencies) 1,322 1,396 - - 1,396 corporate bonds (in PLN) secured with the State Treasury guarantees 5,550 895 4,558 - 5,453 municipal bonds (in PLN) 10,475 10,626 10,626 corporate bonds (in PLN) 3,819 - - 3,837 3,837 corporate bonds (in foreign currencies) 9,911 - 9,785 - 9,785 Reverse repo transactions 606 - 606 - 606 Loans and advances to customers¹ 281,870 - - 284,151 284,151 real estate loans 130,142 - - 128,487 128,487 business loans 83,711 - - 85,618 85,618 consumer loans 41,143 - - 43,121 43,121 factoring receivables 5,527 - - 5,528 5,528 finance lease receivables 21,347 - - 21,397 21,397 Other financial assets 2,054 - - 2,054 2,054 Amounts due to Central bank 10 - 10 - 10 Amounts due to banks 3,262 - 3,262 - 3,262 Amounts due to customers1 439,810 - - 439,573 439,573 amounts due to households 338,740 - - 338,503 338,503 amounts due to business entities 78,991 - - 78,990 78,990 amounts due to public sector 22,079 - - 22,080 22,080 Loans and advances received 1,183 - - 1,183 1,183 Liabilities in respect of debt securities in issue 26,144 - 23,600 2,872 26,472 Subordinated liabilities 6,267 - 6,346 - 6,346 Other financial liabilities 4,934 - - 4,934 4,934 1 excluding adjustment relating to fair value hedge accounting
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REPORT OF THE PKO BANK POLSKI S.A. GROUP FOR THE THIRD QUARTER OF 2025 – CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS OF THE PKO BANK POLSKI S.A. GROUP FOR THE NINE-MONTH PERIOD ENDED 30 SEPTEMBER 2025, TOGETHER WITH THE CONDENSED INTERIM SEPARATE FINANCIAL STATEMENTS OF PKO BANK POLSKI S.A. FOR THE NINE-MONTH PERIOD ENDED 30 SEPTEMBER 2025 (IN PLN MILLION) Page 62/83 31.12.2024 carrying amount fair value Total fair value Level 1 Level 2 Level 3 Cash and balances with Central Bank 23,494 3,927 19,567 - 23,494 Amounts due from banks 5,089 - 5,089 - 5,089 Securities1 110,561 74,557 29,113 3,938 107,608 treasury bonds (in PLN) 73,532 71,021 - - 71,021 treasury bonds (in foreign currencies) 1,394 1,391 - - 1,391 corporate bonds (in PLN) secured with the State Treasury guarantees 13,974 2,145 11,461 - 13,606 municipal bonds (in PLN) 10,399 - 10,432 - 10,432 corporate bonds (in PLN) 3,994 - - 3,938 3,938 corporate bonds (in foreign currencies) 7,268 - 7,220 - 7,220 Reverse repo transactions 892 - 892 - 892 Loans and advances to customers¹ 263,988 - - 265,521 265,521 real estate loans 123,194 - - 121,376 121,376 business loans 78,929 - - 80,615 80,615 consumer loans 34,874 - - 36,503 36,503 factoring receivables 6,534 - - 6,534 6,534 finance lease receivables 20,457 - - 20,493 20,493 Other financial assets 2,482 - - 2,482 2,482 Amounts due to Central bank 11 - 11 - 11 Amounts due to banks 2,369 - 2,369 - 2,369 Amounts due to customers1 419,341 - - 419,898 419,898 amounts due to households 317,649 - - 318,176 318,176 amounts due to business entities 80,062 - - 80,092 80,092 amounts due to public sector 21,630 - - 21,630 21,630 Loans and advances received 1,268 - - 1,268 1,268 Liabilities in respect of debt securities in issue 23,457 - 21,340 2,321 23,661 Subordinated liabilities 4,291 - 4,335 - 4,335 Other financial liabilities 4,227 - - 4,227 4,227 1 excluding adjustment relating to fair value hedge accounting 30. CREDIT RISK MANAGEMENT As at 30 September 2025 and 31 December 2024 all amounts due from banks were classified as Stage 1. SECURITIES (excluding hedge accounting adjustment) 30.09.2025 Stage 1 Stage 2 Stage 3 Total measured at fair value through other comprehensive income Gross/net carrying amount – fair value 95,924 55 9 95,988 Measured at amortized cost Gross carrying amount 125,716 793 - 126,509 Allowances for expected credit losses (63) (18) - (81) Net carrying amount 125,653 775 - 126,428 Total securities Gross carrying amount 221,640 848 9 222,497 Allowances for expected credit losses (63) (18) - (81) Net carrying amount 221,577 830 9 222,416
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REPORT OF THE PKO BANK POLSKI S.A. GROUP FOR THE THIRD QUARTER OF 2025 – CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS OF THE PKO BANK POLSKI S.A. GROUP FOR THE NINE-MONTH PERIOD ENDED 30 SEPTEMBER 2025, TOGETHER WITH THE CONDENSED INTERIM SEPARATE FINANCIAL STATEMENTS OF PKO BANK POLSKI S.A. FOR THE NINE-MONTH PERIOD ENDED 30 SEPTEMBER 2025 (IN PLN MILLION) Page 63/83 SECURITIES (excluding hedge accounting adjustment) 31.12.2024 Stage 1 Stage 2 Stage 3 Total measured at fair value through other comprehensive income Gross/net carrying amount – fair value 97,612 407 10 98,029 Measured at amortized cost Gross carrying amount 109,417 1,236 - 110,653 Allowances for expected credit losses (66) (26) - (92) Net carrying amount 109,351 1,210 - 110,561 Total securities Gross carrying amount 207,029 1,643 10 208,682 Allowances for expected credit losses (66) (26) - (92) Net carrying amount 206,963 1,617 10 208,590 LOANS AND ADVANCES TO CUSTOMERS MEASURED AT AMORTISED COST (excluding hedge accounting adjustment) 30.09.2025 Stage 1 Stage 2 Stage 3 POCI Total Gross carrying amount 245,986 34,679 10,144 647 291,456 real estate loans 120,529 9,994 1,278 71 131,872 business loans 67,433 15,097 5,163 468 88,161 consumer loans 38,191 3,165 2,184 107 43,647 factoring receivables 5,395 56 116 - 5,567 finance lease receivables 14,438 6,367 1,403 1 22,209 Allowances for expected credit losses (1,276) (3,396) (5,036) 122 (9,586) real estate loans (65) (962) (712) 9 (1,730) business loans (508) (1,400) (2,556) 14 (4,450) consumer loans (571) (780) (1,252) 99 (2,504) factoring receivables (1) (1) (38) - (40) finance lease receivables (131) (253) (478) - (862) Net carrying amount 244,710 31,283 5,108 769 281,870 real estate loans 120,464 9,032 566 80 130,142 business loans 66,925 13,697 2,607 482 83,711 consumer loans 37,620 2,385 932 206 41,143 factoring receivables 5,394 55 78 - 5,527 finance lease receivables 14,307 6,114 925 1 21,347
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REPORT OF THE PKO BANK POLSKI S.A. GROUP FOR THE THIRD QUARTER OF 2025 – CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS OF THE PKO BANK POLSKI S.A. GROUP FOR THE NINE-MONTH PERIOD ENDED 30 SEPTEMBER 2025, TOGETHER WITH THE CONDENSED INTERIM SEPARATE FINANCIAL STATEMENTS OF PKO BANK POLSKI S.A. FOR THE NINE-MONTH PERIOD ENDED 30 SEPTEMBER 2025 (IN PLN MILLION) Page 64/83 LOANS AND ADVANCES TO CUSTOMERS MEASURED AT AMORTISED COST (excluding hedge accounting adjustment) 31.12.2024 Stage 1 Stage 2 Stage 3 POCI Total Gross carrying amount 223,999 38,734 9,860 580 273,173 real estate loans 113,771 9,782 1,393 75 125,021 business loans 58,832 18,889 4,969 405 83,095 consumer loans 31,793 3,389 1,915 99 37,196 factoring receivables 6,376 84 113 - 6,573 finance lease receivables 13,227 6,590 1,470 1 21,288 Allowances for expected credit losses (1,173) (3,398) (4,705) 91 (9,185) real estate loans (71) (974) (795) 13 (1,827) business loans (489) (1,453) (2,204) (20) (4,166) consumer loans (505) (742) (1,173) 98 (2,322) factoring receivables (1) - (38) - (39) finance lease receivables (107) (229) (495) - (831) Net carrying amount 222,826 35,336 5,155 671 263,988 real estate loans 113,700 8,808 598 88 123,194 business loans 58,343 17,436 2,765 385 78,929 consumer loans 31,288 2,647 742 197 34,874 factoring receivables 6,375 84 75 - 6,534 finance lease receivables 13,120 6,361 975 1 20,457
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CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS OF THE PKO BANK POLSKI S.A. GROUP FOR THE NINE- MONTH PERIOD ENDED 30 SEPTEMBER 2025, TOGETHER WITH THE CONDENSED INTERIM SEPARATE FINANCIAL STATEMENTS OF PKO BANK POLSKI S.A. FOR THE NINE-MONTH PERIOD ENDED 30 SEPTEMBER 2025 (IN PLN MILLION) Page 65/83 • FINANCIAL LIABILITIES AND GUARANTEES GRANTED FINANCIAL AND GUARANTEE COMMITMENTS GRANTED 30.09.2025 STAGE 1 STAGE 2 STAGE 3 POCI Total nominal amount Total provisions per IFRS 9 Total net amount Notional amount Provision Notional amount Provision Notional amount Provision Notional amount Provision Credit lines and limits 81,386 (188) 6,685 (313) 281 (65) 5 - 88,357 (566) 87,791 Other 3,664 - - - - - - - 3,664 - 3,664 Total financial commitments granted, including: 85,050 (188) 6,685 (313) 281 (65) 5 - 92,021 (566) 91,455 irrevocable commitments granted 34,338 (99) 3,999 (189) 47 (13) 3 - 38,387 (301) 38,086 Total guarantees and sureties granted, including: 12,685 (13) 978 (31) 63 (13) 308 (2) 14,034 (59) 13,975 irrevocable commitments granted 8,717 (8) 909 (30) 60 (11) 308 (2) 9,994 (51) 9,943 performance guarantee 3,324 (4) 421 (22) 16 (4) 106 (1) 3,867 (31) 3,836 Total 97,735 (201) 7,663 (344) 344 (78) 313 (2) 106,055 (625) 105,430 FINANCIAL AND GUARANTEE COMMITMENTS GRANTED 31.12.2024 STAGE 1 STAGE 2 STAGE 3 POCI Total nominal amount Total provisions per IFRS 9 Total net amount Notional amount Provision Notional amount Provision Notional amount Provision Notional amount Provision Credit lines and limits 76,584 (165) 10,206 (328) 312 (60) 4 - 87,106 (553) 86,553 Other 3,940 - - - - - - - 3,940 - 3,940 Total financial commitments granted, including: 80,524 (165) 10,206 (328) 312 (60) 4 - 91,046 (553) 90,493 irrevocable commitments granted 28,998 (92) 5,407 (199) 91 (15) 2 - 34,498 (306) 34,192 Total guarantees and sureties granted, including: 10,254 (10) 1,406 (39) 101 (30) 337 (1) 12,098 (80) 12,018 irrevocable commitments granted 4,003 (8) 1,580 (38) 98 (28) - - 5,681 (74) 5,607 performance guarantee 2,900 (4) 740 (28) 28 (13) 120 (1) 3,788 (46) 3,742 Total 90,778 (175) 11,612 (367) 413 (90) 341 (1) 103,144 (633) 102,511
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CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS OF THE PKO BANK POLSKI S.A. GROUP FOR THE NINE- MONTH PERIOD ENDED 30 SEPTEMBER 2025, TOGETHER WITH THE CONDENSED INTERIM SEPARATE FINANCIAL STATEMENTS OF PKO BANK POLSKI S.A. FOR THE NINE-MONTH PERIOD ENDED 30 SEPTEMBER 2025 (IN PLN MILLION) Page 66/83 31. MANAGEMENT OF INTEREST RATE RISK, CURRENCY RISK AND LIQUIDITY RISK • INTEREST RATE RISK MANAGEMENT Sensitivity of interest income in the banking book of the Group to the abrupt shift in the yield curve of 100 bp down in a one-year horizon in all currencies 30.09.2025 31.12.2024 Sensitivity of interest income (PLN million) (702) (548) The economic value sensitivity measure (stress-test) of the banking book of the Group in all currencies 30.09.2025 31.12.2024 Sensitivity of economic value (PLN million) (1,986) (1,660) IR VaR in the Bank’s trading book 30.09.2025 31.12.2024 IR VaR for a 10-day time horizon at a confidence level of 99% (PLN million): Average value 5 7 Maximum value 12 15 Value at the end of the period 5 5 • CURRENCY RISK MANAGEMENT The Bank’s FX VaR, in aggregate for all currencies 30.09.2025 31.12.2024 VaR for a 10-day time horizon at a confidence level of 99% (in PLN million)1 11 3 1 Taking into account the nature of the operation of the other Group companies which generate material currency risk and the sp ecific characteristics of the market in which they operate, the Parent Company does not determine the consolidated VaR sensitivity measure. Such companies use their own risk measures to manage their interest rate risk. KREDOBANK SA applies the 10 -day VaR which amounted to PLN 0.1 million as at 30 September 2025 and to PLN 0.3 million as at 31 December 2024. FOREIGN CURRENCY POSITION1 30.09.2025 31.12.2024 EUR (173) (92) CHF (342) (122) Other (Global, Net) (24) 5 1 The positions do not include structural positions in UAH (PLN 691.5 million), for which the Bank obtained approval from the P FSA to exclude them from the calculation of the currency positions, Currency positions (in addition to volatility of foreign excha nge rates) are a key factor determining the level of currency risk to which the Group is exposed. The foreign currency positions are determined by all foreign currency transactions concluded, both in the statement of financial position and off -balance sheet transactions. Structural positions in UAH, for which the Bank obtained approval from the PFSA to exclude them from the calculation of the currency positions, are not included in the currency position calculation. • LIQUIDITY RISK MANAGEMENT on demand 0 – 1 month 1 – 3 months 3 – 6 months 6 – 12 months 12 – 24 months 24 – 60 months more than 60 months 30.09.2025 Adjusted periodic gap 16,158 142,977 (15,416) (264) (14,147) 19,846 37,729 (186,883) Adjusted cumulative periodic gap 16,158 159,135 143,719 143,455 129,308 149,154 186,883 31.12.2024 Adjusted periodic gap 19,635 130,621 (12,768) (4,643) (15,566) 21,456 30,748 (169,483) Adjusted cumulative periodic gap 19,635 150,256 137,488 132,845 117,279 138,735 169,483 In all tenors, the adjusted cumulative liquidity gap of the Group was positive. This means that the Group has a surplus of the assets receivable over the liabilities payable.
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REPORT OF THE PKO BANK POLSKI S.A. GROUP FOR THE THIRD QUARTER OF 2025 – CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS OF THE PKO BANK POLSKI S.A. GROUP FOR THE NINE-MONTH PERIOD ENDED 30 SEPTEMBER 2025, TOGETHER WITH THE CONDENSED INTERIM SEPARATE FINANCIAL STATEMENTS OF PKO BANK POLSKI S.A. FOR THE NINE-MONTH PERIOD ENDED 30 SEPTEMBER 2025 (IN PLN MILLION) Page 67/83 SUPERVISORY LIQUIDITY MEASURES 30.09.2025 31.12.2024 NSFR - net stable funding ratio 155.9% 156.1% LCR - liquidity coverage ratio 257.2% 245.1% In the nine months of 2025 and in 2024, the values of the above -mentioned ratios remained above the regulatory limits. 32. CAPITAL ADEQUACY Capital adequacy 30.09.2025 31.12.2024 (restated) 31.12.2024 (published) Equity 55,259 52,370 52,370 capital: share capital, supplementary capital, other reserves, and general risk reserve 36,517 34,068 34,068 retained earnings 11,329 11,324 11,324 net profit or loss for the year 7,967 9,304 9,304 other comprehensive income and non-controlling interests (554) (2,326) (2,326) Exclusions from equity: 7,786 8,072 8,072 deconsolidation - adjustments due to prudential consolidation (48) (89) (89) net profit or loss for the period (prudential consolidation) 7,925 9,285 9,285 cash flow hedges (91) (1,124) (1,124) Other own fund reductions: 2,931 2,968 2,973 goodwill 961 961 961 other intangible assets 1,559 1,657 1,657 securitization items 11 - - additional asset adjustments (AVA, DVA, NPE, exceedance of the thresholds set out in Article 48 CRR)1 400 350 355 Provisional treatment of unrealized gains and losses on securities measured at fair value through OCI according to Art. 468 of the CRR 26 821 821 Temporary reversal of IFRS 9 impact2 - 638 810 Current period profit/loss, included by permission from the PFSA/after approval of profit distribution by AGM3 1,158 2,300 1,299 Tier 1 45,726 45,089 44,255 Tier 2 capital (subordinated debt) 4,635 3,039 3,039 Own funds 50,361 48,128 47,294 Requirements for own funds 22,450 20,223 20,362 Credit risk 19,378 17,403 17,542 Operational risk4 2,934 2,672 2,672 Market risk 77 115 115 Credit valuation adjustment risk 61 33 33 Total Capital Ratio 17.95 19.04 18.58 Tier 1 capital ratio 16.29 17.84 17.39 1 AVA – additional valuation adjustment, DVA – debt valuation adjustment, NPE – non-performing exposures adjustment. 2 The temporary reversal of the IFRS 9 impact on own funds was applicable until the end of 2024. 3 The amount of PLN 1,299 million relates to the portion of the profit for 2024 included in own funds with the approval of the PFSA, and the amount of PLN 2,300 million relates to the amount of the profit for 2024 following approval of the profit distribution by the AGM. In line with the European Banking Authority's (EBA) guidance on when to recognise annual and interim profits in capital adequacy data, from the point at which the institution formally meets the criteria to i nclude the profit for the period in Tier 1 capital, it is considered that the profit should be included on a retrospective date (the date of the profit rather than the date the criterion is met) and an adjustment to own funds should be made to the date to which the profit relates. Consequently, the value of the credit risk requirement has also been recalculated, as the date on which the profit is included in own funds is also the date on which the specific credit risk adjustments (SCRA) included in the requirement are calculated. The date on which the profit is included also necessitates a recalculation of the NPE adjustment and a transition al reversal of the effect of IFRS9. 4 In 2025, the capital requirement related to operational risk increased due to the new CRR3 regulations. The Bank discontinued the use of the AMA approach, which had allowed it to take into account its individual risk profile.
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REPORT OF THE PKO BANK POLSKI S.A. GROUP FOR THE THIRD QUARTER OF 2025 – CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS OF THE PKO BANK POLSKI S.A. GROUP FOR THE NINE-MONTH PERIOD ENDED 30 SEPTEMBER 2025, TOGETHER WITH THE CONDENSED INTERIM SEPARATE FINANCIAL STATEMENTS OF PKO BANK POLSKI S.A. FOR THE NINE-MONTH PERIOD ENDED 30 SEPTEMBER 2025 (IN PLN MILLION) Page 68/83 In accordance with the CRR, prudential consolidation is applied for the calculation of capital adequacy measures. It differs from IFRS consolidation in that it covers only those subsidiaries that are institutions, financial institutions or ancillary services undertakings. In addition, pursuant to Article 19(1) of the CRR, prudential consolidation may exclude entities whose total value of assets and off-balance sheet items is less than EUR 10 million. 33. DIVIDENDS AND PROFIT APPROPRIATION In accordance with the decision of 13 June 2025 of the Annual General Meeting on distribution of profit for 2024: • PLN 6,850 million was allocated for distribution among shareholders (the dividend was paid on 14 August 2025) • PLN 2,300 million was transferred to the reserve capital for the payment of dividend, including interim dividend in accordance with § 30 of the Bank's Articles of Association. The AGM passed a resolution to leave the Bank's retained earnings undistributed. 34. TRANSACTIONS WITH THE STATE TREASURY AND RELATED ENTITIES The Group’s transactions with the State Treasury were mostly related to treasury secu rities and banking services. These transactions are concluded and settled on terms obtainable by customers who are not related parties. Moreover, the Group performs housing loan agreements in the "legacy" portfolio and carries out settlements in respect of repurchase of interest on housing loans by the State Budget. Biuro Maklerskie PKO BP plays the role of an agent for the issue of retail Treasury bonds under the agreement signed with the Ministry of Finance on 11 February 2003, receiving a fee for this se rvice in the amount of PLN 202 million in the nine -month period ended 30 September 2025 and PLN 282 million in the nine-month period ended 30 September 2024. Transactions with equity -related entities are disclosed in Note 9 to the condensed interim separat e financial statements of PKO Bank Polski S.A. for the nine-month period ended 30 September 2025. COST OF REMUNERATION OF THE BANK’S MANAGEMENT AND SUPERVISORY BOARDS (in PLN thousand) 01.01- 30.09.2025 01.01- 30.09.2024 Management Board of the Bank Short-term employee benefits 11,727 9,145 Long-term employee benefits 1,661 1,948 Share-based payments settled in cash 5,076 8,084 Benefits to the Bank’s Management Board members who ceased to perform their functions before the reporting date - 4,754 Total 18,464 23,931 Supervisory Board of the Bank Short-term employee benefits 1,367 1,399 Total 1,367 1,399 COSTS OF REMUNERATION OF THE SUBSIDIARIES’ MANAGEMENT AND SUPERVISORY BOARDS (in PLN thousand) 01.01- 30.09.2025 01.01- 30.09.2024 Management Boards of the Companies Short-term employee benefits 18,114 18,059 Long-term employee benefits 4,112 4,677 Share-based payments settled in cash 6,101 4,239 Benefits to the Companies’ Management Board members who ceased to perform their functions before the reporting date 1,192 6,116 Total 29,519 33,091 Supervisory Boards of the Companies Short-term employee benefits 1,811 1,504 Total 1,811 1,504
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REPORT OF THE PKO BANK POLSKI S.A. GROUP FOR THE THIRD QUARTER OF 2025 – CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS OF THE PKO BANK POLSKI S.A. GROUP FOR THE NINE-MONTH PERIOD ENDED 30 SEPTEMBER 2025, TOGETHER WITH THE CONDENSED INTERIM SEPARATE FINANCIAL STATEMENTS OF PKO BANK POLSKI S.A. FOR THE NINE-MONTH PERIOD ENDED 30 SEPTEMBER 2025 (IN PLN MILLION) Page 69/83 The Group provides members of the Management Board, Supervisory Board and their families with standard financial services which comprise, among other things, operating bank accounts, accepting deposits, granting loans and other services. All these transactions are concluded on an arm’s length basis. As at 3 0 September2025 and 31 December 2024, seven entities were related to the Group through the key management personnel of the Bank or close family members of the key management personnel. In the nine-month period ended 30 September 2025 and in the correspondi ng period, no transactions were conducted between the Group and those entities. • INFORMATION ON TRANSACTION(S) WITH RELATED PARTIES CONCLUDED BY THE ISSUER OR ITS SUBSIDIARY, IF THEY HAVE BEEN CONCLUDED ON TERMS OTHER THAN ON AN ARM’S LENGTH BASIS The Group does not identify transactions with subordinates that deviate materially from arm's length conditions. The Bank’s subsidiaries did not conclude any transactions with related parties which differ significantly from arm’s length basis. 35. OTHER INFORMATION • THE POSITION OF THE MANAGEMENT BOARD ON THE POSSIBIL ITY OF THE ACHIEVEME NT OF PREVIOUSLY PUB LISHED FORECASTS OF THE RESULTS FOR THE YEAR The Bank did not publish forecasts of financial performance for 2025. In current reports, the Bank communicated information on significant events that affected the Bank’s and the Group’s results. • SIGNIFICANT AGREEMENTS AND MATERIAL AGREEMENTS WITH THE CENTRAL BANK OR SUPERVISORY AUTHORITIES The Bank is obliged to inform in the current reports about all agreements me eting the definition of confidential information specified in Regulation No 596/2014 of the European Parliament and of the Council (EU) on market abuse. On 30 January 2025, after obtaining the necessary corporate approvals, the Bank concluded an amendment to the guarantee agreement providing unfunded credit protection in respect of a portfolio of selected corporate credit receivables of the Bank, in accordance with the CRR (“Guarantee”). Following the execution of the annex, the terms and conditions of the Guarantee have changed to the effect that the total value of the Bank's debt portfolio covered by this Guarantee is PLN 16,886 million, and the portfolio consists of the bond portfolio of PLN 2,365 million (“Portfolio A”) and the portfolio of other receivables of PLN 14,521 million (“Portfolio B”). The coverage ratio is 100% for Portfolio A and 80% for Portfolio B, with the total maximum amount of the Guarantee remaining unchanged at PLN 13,982 million. (Current report No 6/2025). On 29 August 2025, the Polish Financial Supervision Authority approved PKO Bank Hipoteczny S.A.'s prospectus concerning the Mortgage Covered Bond Issue Programm e. On this basis, the company may issue covered bonds with a total nominal value of up to PLN 10 billion, as part of offers addressed to both institutional and retail investors. On 29 August 2025, PKO Bank Hipoteczny S.A. signed: • a Programme Agreement with PKO Bank Polski S.A. acting as Arranger and Calculation Agent, also acting through its Brokerage Office division in Warsaw as Investment Firm and Paying Agent, concerning the Mortgage Covered Bond Issue Programme with a total nominal value of covered bond s issued and outstanding of up to PLN 10 billion; • an agreement on performing the function of registration agent and listing sponsor with Biuro Maklerskie PKO Banku Polskiego S.A. Other subsidiaries of PKO Bank Polski S.A's did not enter into any significan t agreements or material agreements with the central bank or supervisory authorities in the nine-month period ended 30 September 2025. • INFORMATION ON NON-PAYMENT OF A LOAN OR ADVANCE OR BREACHING MATERIAL PROVISIONS OF A LOAN OR ADVANCE AGREEMENT AS REGARDS WHICH NO REMEDIAL ACTION WAS PERFORMED UNTIL THE END OF THE REPORTING PERIOD The Group has not identified any unpaid loans or advances or any breach of material provisions of a loan or advance agreement where the Group acts as a borrower with regard to which no remedial action had been taken until 30 September 2025.
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REPORT OF THE PKO BANK POLSKI S.A. GROUP FOR THE THIRD QUARTER OF 2025 – CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS OF THE PKO BANK POLSKI S.A. GROUP FOR THE NINE-MONTH PERIOD ENDED 30 SEPTEMBER 2025, TOGETHER WITH THE CONDENSED INTERIM SEPARATE FINANCIAL STATEMENTS OF PKO BANK POLSKI S.A. FOR THE NINE-MONTH PERIOD ENDED 30 SEPTEMBER 2025 (IN PLN MILLION) Page 70/83 • OTHER INFORMATION - FINANCIAL LIABILITIES, INCLUDING PAST DUE LIABILITIES FINANCIAL LIABILITIES 30.09.2025 31.12.2024 Financial liabilities, including: 484,675 458,719 Past due 7 3 • INFORMATION ON TRANSACTION(S) WITH RELATED PARTIES CONCLUDED BY THE ISSUER OR ITS SUBSIDI ARY, IF THEY HAVE BEEN CONCLUDED ON TERMS OTHER THAN ON AN ARM’S LENGTH BASIS The Group does not identify transactions with subordinates that deviate materially from a rm's length conditions. Subsidiaries of PKO Bank Polski S.A. did not conclude any transactions with related parties which differ significantly from arm’s length basis. • INFORMATION ON SIGNIFICANT AGREEMENTS CONCERNING THE ISSUER OR ITS SUBSIDIARY GRANTING SURETIES FOR LOANS OR ADVANCES OR GRANTING GUARANTEES In the nine-month period ended 30 September 2025, neither the Bank nor PKO Bank Polski S.A's subsidiaries have entered into significant agreements to guarantee the repayment of a loan or advance and to grant guarantees for the repayment of a loan or advance. • INFORMATION ON MATERI AL PROCEEDINGS AT CO URT, BEFORE A COMPETENT ARBITRATION TRIBUNAL OR A PUBLIC ADMINISTRATION BODY Information on the value of all legal proceedings of the Bank and Bank’s Group, as well as a description of the main disputes – see note 26 “Legal claims”. • OTHER INFORMATION RELEVANT TO THE ASSESSMENT OF THE ISSUER'S PERSONNEL, ASSETS, FINANCIAL POSITION, FINANCIAL PERFORMANCE AND CHANGES THEREIN In the nine -month period, the Bank and the Bank's subsidiaries did not experience any other significant events relevant to the assessment of their personnel, assets, financial position and financial performance. 36. EVENTS THAT OCCURRED AFTER THE DATE ON WHICH THE FINANCIAL STATEMENTS ARE PREPARED On 9 October 2025, the subscription of series 1N covered bonds was completed, targeted at individual investors and issued by PKO Bank Hipoteczny S.A., a subsidiary of PKO Bank Polski S.A. The allotment of securities took place on 13 October 2025. Under t he issue, 1,155,231 covered bonds were allotted at a unit price of PLN 1,000, corresponding to a total subscription value of PLN 1,155,231,000. The maturity date of the covered bonds has been set for 27 November 2028. The interest rate on these financial i nstruments is 5% in the first period, and in subsequent periods it will be equal to the NBP reference rate plus 0.25 percentage points.
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CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS OF THE PKO BANK POLSKI S.A. GROUP FOR THE NINE- MONTH PERIOD ENDED 30 SEPTEMBER 2025, TOGETHER WITH THE CONDENSED INTERIM SEPARATE FINANCIAL STATEMENTS OF PKO BANK POLSKI S.A. FOR THE NINE-MONTH PERIOD ENDED 30 SEPTEMBER 2025 (IN PLN MILLION) The notes presented on pages 77 to 83 form an integral part of the condensed interim separate financial statements PKO Bank P olski S.A. for the nine-month period ended 31 September 2025 Page 71/83 CONDENSED INTERIM SEPARATE FINANCIAL STATEMENTS OF PKO BANK POLSKI S.A. FOR THE NINE-MONTH PERIOD ENDED 30 SEPTEMBER 2025 SEPARATE INCOME STATEMENT INCOME STATEMENT 3rd quarter period from 01.07.2025 to 30.09.2025 3 quarters YTD period from 01.01.2025 to 30.09.2025 3rd quarter period from 01.07.2024 to 30.09.2024 3 quarters YTD period from 01.01.2024 to 30.09.2024 Net interest income 5,757 17,293 5,455 15,210 Interest and similar income 7,791 23,513 7,635 21,952 of which calculated under the effective interest rate method 7,710 23,274 7,541 21,636 Interest expense (2,034) (6,220) (2,180) (6,742) Net fee and commission income 1,122 3,264 1,090 3,292 Fee and commission income 1,578 4,566 1,541 4,453 Fee and commission expense (456) (1,302) (451) (1,161) Other net income 60 1,131 192 1,426 Dividend income - 917 19 993 Gains/(losses) on financial transactions 36 151 38 128 Foreign exchange gains/ (losses) 70 182 61 189 Gains/(losses) on derecognition of financial instruments 9 41 50 81 including measured at amortized cost 2 5 12 28 Net other operating income and expense, of which: (55) (160) 24 35 other operating income 56 154 45 121 other operating expenses (111) (314) (21) (86) Result on business activities 6,939 21,688 6,737 19,928 Net allowances for expected credit losses (166) (595) (181) (557) Impairment of non-financial assets (78) (327) (69) (336) Cost of legal risk of mortgage loans in convertible currencies (1,153) (3,375) (994) (3,314) Administrative expenses (1,964) (6,172) (1,835) (5,491) Tax on certain financial institutions (326) (960) (302) (898) Profit before tax 3,252 10,259 3,356 9,332 Income tax expense (707) (2,452) (1,036) (2,386) Net profit 2,545 7,807 2,320 6,946 Earnings per share for the period - basic (in PLN)* 2.04 6.25 1.86 5.56 Weighted average number of ordinary shares during the period (in million)* 2.04 6.25 1.86 5.56 * As there were no dilutive instruments, diluted earnings per share are equal to basic earnings per share.
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REPORT OF THE PKO BANK POLSKI S.A. GROUP FOR THE THIRD QUARTER OF 2025 – CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS OF THE PKO BANK POLSKI S.A. GROUP FOR THE NINE-MONTH PERIOD ENDED 30 SEPTEMBER 2025, TOGETHER WITH THE CONDENSED INTERIM SEPARATE FINANCIAL STATEMENTS OF PKO BANK POLSKI S.A. FOR THE NINE-MONTH PERIOD ENDED 30 SEPTEMBER 2025 (IN PLN MILLION) The notes presented on pages 77 to 83 form an integral part of the condensed interim separate financial statements PKO Bank P olski S.A. for the nine-month period ended 30 September 2025 Page 72/83 SEPARATE STATEMENT OF COMPREHENSIVE INCOME STATEMENT OF COMPREHENSIVE INCOME 3rd quarter period from 01.07.2025 to 30.09.2025 3 quarters YTD period from 01.01.2025 to 30.09.2025 3rd quarter period from 01.07.2024 to 30.09.2024 3 quarters YTD period from 01.01.2024 to 30.09.2024 Net profit 2,545 7,807 2,320 6,946 Other comprehensive income 527 1,917 940 1,449 Items which may be reclassified to profit or loss 527 1,917 940 1,449 Cash flow hedges (net) 201 1,091 621 782 Gains/losses recognized in other comprehensive income (9) 226 778 151 Amounts transferred from other comprehensive income to the income statement 257 1,121 (12) 814 Deferred tax (47) (256) (145) (183) Fair value of financial assets measured at fair value through other comprehensive income (net) 326 825 319 666 Remeasurement of fair value, gross 410 1,056 431 875 Gains /losses transferred to the profit or loss (on disposal) (7) (36) (38) (53) Deferred tax (77) (195) (74) (156) Currency translation differences on foreign operations - 1 - 1 Total net comprehensive income 3,072 9,724 3,260 8,395
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REPORT OF THE PKO BANK POLSKI S.A. GROUP FOR THE THIRD QUARTER OF 2025 – CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS OF THE PKO BANK POLSKI S.A. GROUP FOR THE NINE-MONTH PERIOD ENDED 30 SEPTEMBER 2025, TOGETHER WITH THE CONDENSED INTERIM SEPARATE FINANCIAL STATEMENTS OF PKO BANK POLSKI S.A. FOR THE NINE-MONTH PERIOD ENDED 30 SEPTEMBER 2025 (IN PLN MILLION) The notes presented on pages 77 to 83 form an integral part of the condensed interim separate financial statements PKO Bank P olski S.A. for the nine-month period ended 30 September 2025 Page 73/83 SEPARATE STATEMENT OF FINANCIAL POSITION STATEMENT OF FINANCIAL POSITION 30.09.2025 31.12.2024 ASSETS 530,013 500,747 Cash and balances with Central Bank 19,115 23,263 Amounts due from banks 11,498 8,349 Hedging derivatives 145 344 Other derivative instruments 2,036 2,018 Securities (note 2) 219,150 204,877 Reverse repo transactions 606 892 Loans and advances to customers (note 3) 263,556 245,908 Property, plant and equipment 2,771 2,856 Assets held for sale 3 11 Intangible assets 3,315 3,479 Investments in subsidiaries 3,560 3,560 Investments in associates and joint ventures 275 275 Deferred tax assets 925 2,011 Other assets 3,058 2,904 LIABILITIES AND EQUITY 530,013 500,747 LIABILITIES 477,372 450,980 Amounts due to Central bank 10 11 Amounts due to banks 3,236 2,271 Hedging derivatives 42 302 Other derivative instruments 1,836 2,409 Amounts due to customers (note 4) 435,635 414,920 Liabilities in respect of debt securities in issue 13,906 11,999 Subordinated liabilities 6,267 4,291 Other liabilities 8,650 7,310 Current income tax liabilities 419 839 - of the Bank 307 693 - of the subsidiaries belonging to the Tax Group 112 146 Provisions 7,371 6,628 EQUITY 52,641 49,767 Share capital 1,250 1,250 Reserves and accumulated other comprehensive income 34,147 29,930 Unappropriated profits 9,437 9,437 Net profit or loss for the period 7,807 9,150
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CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS OF THE PKO BANK POLSKI S.A. GROUP FOR THE NINE- MONTH PERIOD ENDED 30 SEPTEMBER 2025, TOGETHER WITH THE CONDENSED INTERIM SEPARATE FINANCIAL STATEMENTS OF PKO BANK POLSKI S.A. FOR THE NINE-MONTH PERIOD ENDED 30 SEPTEMBER 2025 (IN PLN MILLION) for the period of months ended 30 a 2024 The notes presented on pages 77 to 83 form an integral part of the condensed interim separate financial statements PKO Bank P olski S.A. for the nine-month period ended 30 September 2025 Page 74/83 SEPARATE STATEMENT OF CHANGES IN EQUITY FOR 9 MONTHS ENDED 30 SEPTEMBER 2025 Share capital Reserves and accumulated other comprehensive income Retained earnings Net profit or loss for the period Total equity Reserves Accumulated other comprehensive income Reserves and accumulated other comprehensive income Supplementary capital General banking risk fund Other reserves As at the beginning of the period 1,250 22,468 1,070 8,406 (2,014) 29,930 9,437 9,150 49,767 Transfer from retained earnings - - - - - - 9,150 (9,150) - Dividend - - - - - - (6,850) - (6,850) Transfer of profit to reserve capital for the payment of dividends, including interim dividends - - - 2,300 - 2,300 (2,300) - - Comprehensive income - - - - 1,917 1,917 - 7,807 9,724 As at the end of the period 1,250 22,468 1,070 10,706 (97) 34,147 9,437 7,807 52,641 FOR 9 MONTHS ENDED 30 SEPTEMBER 2024 Share capital Reserves and accumulated other comprehensive income Retained earnings Net profit or loss for the period Total equity Reserves Accumulated other comprehensive income Reserves and accumulated other comprehensive income Supplementary capital General banking risk fund Other reserves As at the beginning of the period 1,250 22,468 1,070 6,775 (2,914) 27,399 9,437 4,868 42,954 Transfer from retained earnings - - - - - - 4,868 (4,868) - Dividend - - - - - - (3,237) - (3,237) Transfer of profit to reserve capital for the payment of dividends, including interim dividends - - - 1,631 - 1,631 (1,631) - - Comprehensive income - - - - 1,449 1,449 - 6,946 8,395 As at the end of the period 1,250 22,468 1,070 8,406 (1,465) 30,479 9,437 6,946 48,112
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CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS OF THE PKO BANK POLSKI S.A. GROUP FOR THE NINE- MONTH PERIOD ENDED 30 SEPTEMBER 2025, TOGETHER WITH THE CONDENSED INTERIM SEPARATE FINANCIAL STATEMENTS OF PKO BANK POLSKI S.A. FOR THE NINE-MONTH PERIOD ENDED 30 SEPTEMBER 2025 (IN PLN MILLION) The notes presented on pages 77 to 83 form an integral part of the condensed interim separate financial statements PKO Bank Polski S.A. for the nine-month period ended 30 September 2024 Page 75/83 FOR 9 MONTHS ENDED Accumulated other comprehensive income Fair value of financial assets measured at fair value through other comprehensive income Cash flow hedges Actuarial gains and losses Currency translation differences on foreign operations Total 30 SEPTEMBER 2025 As at the beginning of the period (884) (1,105) (24) (1) (2,014) Comprehensive income 825 1,091 - 1 1,917 As at the end of the period (59) (14) (24) - (97) 30 SEPTEMBER 2024 As at the beginning of the period (1,189) (1,701) (22) (2) (2,914) Comprehensive income 666 782 - 1 1,449 As at the end of the period (523) (919) (22) (1) (1,465) SEPARATE STATEMENT OF CASH FLOWS STATEMENT OF CASH FLOWS 01.01- 30.09.2025 01.01- 30.09.2024 (restated) Cash flows from operating activities Profit before tax 10,259 9,332 Income tax paid (2,203) (2,105) Total adjustments: (4,203) (21,172) Depreciation and amortization 842 794 (Gains)/losses on investing activities (8) (14) Net interest income (from income statement) (17,293) (15,210) Interest received 16,207 15,541 Interest paid (5,664) (7,206) Dividends received (916) (1,022) Change in: amounts due from banks (342) (1,782) hedging derivatives (223) (205) other derivative instruments (591) (1,430) securities (4,120) (3,851) loans and advances to customers (17,799) (12,579) reverse repo transactions 285 (3) assets held for sale 9 121 other assets (527) (1,518) accumulated allowances for expected credit losses 336 (299) accumulated allowances on non-financial assets and other provisions 1,117 1,488 amounts due to the Central Bank (1) 30 amounts due to banks 963 (217) amounts due to customers 20,771 5,944 repo transactions - 2 liabilities in respect of debt securities in issue (17) (149) other liabilities 1,547 (186) Other adjustments 1,221 579 Net cash from/used in operating activities 3,853 (13,945)
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REPORT OF THE PKO BANK POLSKI S.A. GROUP FOR THE THIRD QUARTER OF 2025 – CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS OF THE PKO BANK POLSKI S.A. GROUP FOR THE NINE-MONTH PERIOD ENDED 30 SEPTEMBER 2025, TOGETHER WITH THE CONDENSED INTERIM SEPARATE FINANCIAL STATEMENTS OF PKO BANK POLSKI S.A. FOR THE NINE-MONTH PERIOD ENDED 30 SEPTEMBER 2025 (IN PLN MILLION) The notes presented on pages 77 to 83 form an integral part of the condensed interim separate financial statements PKO Bank Polski S.A. for the nine-month period ended 30 September 2025 Page 76/83 STATEMENT OF CASH FLOWS 01.01- 30.09.2025 01.01- 30.09.2024 (restated) Cash flows from investing activities Inflows from investing activities 251,053 603,059 Redemption and sale of securities measured at fair value through other comprehensive income 225,353 592,859 Interest received on securities measured at fair value through other comprehensive income 2,952 2,961 Redemption of securities measured at amortized cost 19,373 4,476 Interest received on securities measured at amortized cost 2,430 1,646 Proceeds from disposal of intangible assets, property, plant and equipment and assets held for sale 29 47 Other inflows from investing activities including dividends 916 1,070 Outflows on investing activities (252,467) (594,383) Purchase of securities measured at fair value through other comprehensive income (220,051) (568,092) Purchase of securities measured at amortized cost (31,902) (25,774) Purchase of intangible assets and property, plant and equipment (514) (516) Other outflows on investing activities - (1) Net cash from/used in investing activities (1,414) 8,676 Cash flows from financing activities Distribution of interim dividend (6,850) (4,837) Proceeds from debt securities in issue 5,302 8,554 Redemption of debt securities (3,173) - Proceeds from issue of subordinated bonds 2,000 - Payment of lease liabilities (207) (209) Repayment of interest on long-term liabilities (879) (436) Net cash from financing activities (3,807) 3,072 Total net cash flows (1,368) (2,197) of which foreign exchange differences on cash and cash equivalents (41) (161) Cash and cash equivalents at the beginning of the period 26,110 28,735 Cash and cash equivalents at the end of the period 24,742 26,538
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CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS OF THE PKO BANK POLSKI S.A. GROUP FOR THE NINE- MONTH PERIOD ENDED 30 SEPTEMBER 2025, TOGETHER WITH THE CONDENSED INTERIM SEPARATE FINANCIAL STATEMENTS OF PKO BANK POLSKI S.A. FOR THE NINE-MONTH PERIOD ENDED 30 SEPTEMBER 2025 (IN PLN MILLION) for the period of months ended 2024 Page 77/83 SUPPLEMENTARY INFORMATION 1. GENERAL INFORMATION These condensed interim separate financial statements of PKO Bank Polski S.A. (the FINANCIAL STATEMENTS), reviewed by the Audit Committee of the Supervisory Board on 4 November 2025 and by the Supervisory Boar d on 5 November 2025, were approved for publication by the Management Board on 5 November 2025. The Management Board hereby represents that, to the best of their knowledge, the financial statements and the comparative data have been prepared in accordance with the applicable rules of accounting practice and give a true, fair and clear view of the Bank’s financial position and results of operations. The Bank has prepared its financial statements in accordance with the requirements of IAS 34. It does not comprise all the information and disclosures required in annual separate financial statements and should be read jointly with the annual separate financial statements of PKO Bank Polski S.A. for the year ended 31 December 2024 (hereinafter the financial statements of the Bank for 2024) and with the condensed interim consolidated financial statements of the PKO Bank Polski S.A. Group for the nine -month period ended 30 September 2025 (hereinafter the financial statements of the Group), which present a number of d isclosures also applicable to the financial statements of the Bank. The financial statements cover the three - and nine -month period ended 30 September 2025 and contains comparative figures: • the three - and nine -month period ended 30 September 2024 with regard to the income statement and statement of comprehensive income, • the nine -month period ended 30 September 2024 with regard to the statement of changes in equity, and statement of cash flows, • as at 31 December 2024 with regard to the statement of financial position. The financial data is presented in millions of Polish zlotys (PLN), unless otherwise indicated. The Bank applied accounting policies and calculation methods consistent with those applicable in the financial year ended 31 December 2024, described in detail in the financial statements of the Bank for 2024. In addition, the Bank has taken into account the principle of recognizing income tax expense based on the best estimate of the weighted average annual income tax rate expected by the Bank for the full financial year. The Bank has not implemented any changes in accounting policies, with the exception of changes resulting from new standards and amendments to standards applicable fro m 1 January 2025, which had no material impact on the financial statements. The comparative figures in the statement of cash flows were restated from those previously published (see Note 7 to the Group's financial statements). CASH FLOWS FROM OPERATING ACTIVITIES – SELECTED DATA 01.01-30.09.2024 before restatement Change 01.01-30.09.2024 restated Total adjustments (21,507) 335 (21,172) Change in: hedging derivatives (905) 700 (205) other derivative instruments (1,168) (262) (1,430) loans and advances to customers (12,566) (13) (12,579) accumulated allowances on non-financial assets and other provisions 1,512 (24) 1,488 amounts due to banks (127) (90) (217) other liabilities (210) 24 (186) Net cash from/used in operating activities (14,280) 335 (13,945) Total net cash flows (2,532) 335 (2,197) Cash and cash equivalents at the beginning of the period 29,851 (1,116) 28,735 Cash and cash equivalents at the end of the period 27,319 (781) 26,538
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REPORT OF THE PKO BANK POLSKI S.A. GROUP FOR THE THIRD QUARTER OF 2025 – CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS OF THE PKO BANK POLSKI S.A. GROUP FOR THE NINE-MONTH PERIOD ENDED 30 SEPTEMBER 2025, TOGETHER WITH THE CONDENSED INTERIM SEPARATE FINANCIAL STATEMENTS OF PKO BANK POLSKI S.A. FOR THE NINE-MONTH PERIOD ENDED 30 SEPTEMBER 2025 (IN PLN MILLION) Page 78/83 2. SECURITIES SECURITIES 30.09.2025 31.12.2024 Debt securities 218,755 204,534 NBP money bills 4,996 7,996 treasury bonds (in PLN) 163,964 132,436 treasury bonds (in foreign currencies) 4,545 9,755 treasury bills 1,473 - corporate bonds (in PLN) secured with the State Treasury guarantees 9,548 22,063 municipal bonds (in PLN) 15,822 15,622 corporate bonds (in PLN)1 5,239 6,051 corporate bonds (in foreign currencies)2 12,657 10,106 mortgage covered bonds 511 505 Equity securities 413 362 Total (excluding adjustment relating to hedge accounting) 219,168 204,896 Adjustment relating to fair value hedge accounting (18) (19) Total 219,150 204,877 1 including bonds of international financial organizations of PLN 2,737 million (as at 31 December 2024: PLN 4,013 million). 2 including bonds of international financial organizations of PLN 10,242 million (as at 31 December 2024: PLN 7,599 million). 3. LOANS AND ADVANCES TO CUSTOMERS LOANS AND ADVANCES TO CUSTOMERS not held for trading, measured at fair value through profit or loss measured at fair value through other comprehensive income measured at amortized cost Total 30.09.2025 retail and private banking 1,926 8,437 140,143 150,506 real estate 1 8,437 99,253 107,691 consumer 1,925 - 40,890 42,815 businesses 7 - 14,616 14,623 real estate - - 4,952 4,952 business 7 - 9,664 9,671 corporate - - 98,427 98,427 real estate - - 410 410 business - - 98,017 98,017 Loans and advances to customers (excluding adjustment relating to hedge accounting) 1,933 8,437 253,186 263,556 Total 1,933 8,437 253,186 263,556 31.12.2024 retail and private banking 2,092 9,465 125,952 137,509 real estate 1 9,465 91,642 101,108 consumer 2,091 - 34,310 36,401 businesses 59 - 13,481 13,540 real estate - - 5,005 5,005 business 59 - 8,476 8,535 corporate 15 - 94,845 94,860 real estate - - 112 112 business 15 - 94,733 94,748 Loans and advances to customers (excluding adjustment relating to hedge accounting) 2,166 9,465 234,278 245,909 Adjustment relating to fair value hedge accounting - - (1) (1) Total 2,166 9,465 234,277 245,908
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REPORT OF THE PKO BANK POLSKI S.A. GROUP FOR THE THIRD QUARTER OF 2025 – CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS OF THE PKO BANK POLSKI S.A. GROUP FOR THE NINE-MONTH PERIOD ENDED 30 SEPTEMBER 2025, TOGETHER WITH THE CONDENSED INTERIM SEPARATE FINANCIAL STATEMENTS OF PKO BANK POLSKI S.A. FOR THE NINE-MONTH PERIOD ENDED 30 SEPTEMBER 2025 (IN PLN MILLION) Page 79/83 4. AMOUNTS DUE TO CUSTOMERS AMOUNTS DUE TO CUSTOMERS 30.09.2025 31.12.2024 Measured at fair value through profit or loss 96 32 Liabilities in respect of a short position in securities 96 32 Measured at amortized cost 435,199 414,651 Cash on current accounts and overnight deposits of which 319,621 302,876 savings accounts and other interest-bearing assets 88,188 86,177 Term deposits 114,095 110,386 Other liabilities 1,483 1,389 Amounts due to customers (excluding adjustment relating to hedge accounting) 435,295 414,683 Adjustment relating to fair value hedge accounting 340 237 Total 435,635 414,920 5. OFF-BALANCE SHEET LIABILITIES RECEIVED AND GRANTED FINANCIAL AND GUARANTEE COMMITMENTS GRANTED – nominal value 30.09.2025 31.12.2024 Credit lines and limits 87,314 87,483 Other 3,664 3,940 Total financial commitments granted, including: 90,978 91,423 irrevocable commitments granted 46,403 41,536 Guarantees and sureties granted, including: 16,278 14,541 irrevocable commitments granted 12,335 8,224 performance guarantee 3,867 3,788 Total 107,256 105,964 OFF-BALANCE SHEET LIABILITIES RECEIVED – nominal value 30.09.2025 31.12.2024 Financial 112 106 Guarantees 20,946 20,123 Total 21,058 20,229 6. FAIR VALUE HIERARCHY For a description of measurement techniques and inputs, see the financial statements of the Bank for 2024. ASSETS MEASURED AT FAIR VALUE 30.09.2025 Carrying amount Level 1 Level 2 Level 3 Prices quoted on active markets Valuation techniques based on observable market data Other valuation techniques Hedging derivatives 145 - 145 - Other derivative instruments 2,036 1 2,035 - Securities 93,589 76,055 16,890 644 held for trading 581 418 163 - not held for trading, measured at fair value through profit or loss 516 67 34 415 measured at fair value through other comprehensive income 92,492 75,570 16,693 229 Loans and advances to customers 10,370 - - 10,370 Total financial assets measured at fair value 106,140 76,056 19,070 11,014
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REPORT OF THE PKO BANK POLSKI S.A. GROUP FOR THE THIRD QUARTER OF 2025 – CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS OF THE PKO BANK POLSKI S.A. GROUP FOR THE NINE-MONTH PERIOD ENDED 30 SEPTEMBER 2025, TOGETHER WITH THE CONDENSED INTERIM SEPARATE FINANCIAL STATEMENTS OF PKO BANK POLSKI S.A. FOR THE NINE-MONTH PERIOD ENDED 30 SEPTEMBER 2025 (IN PLN MILLION) Page 80/83 ASSETS MEASURED AT FAIR VALUE 31.12.2024 Carrying amount Level 1 Level 2 Level 3 Hedging derivatives 344 - 344 - Other derivative instruments 2,018 1 2,017 - Securities 95,263 72,920 21,701 642 held for trading 373 370 - 3 not held for trading, measured at fair value through profit or loss 715 310 1 404 measured at fair value through other comprehensive income 94,175 72,240 21,700 235 Loans and advances to customers 11,631 - - 11,631 Total 109,256 72,921 24,062 12,273 LIABILITIES MEASURED AT FAIR VALUE 31.12.2024 Carrying amount Level 1 Level 2 Level 3 Hedging derivatives 302 - 302 - Other derivative instruments 2,409 1 2,408 - Liabilities in respect of a short position in securities 36 36 - - Total 2,747 37 2,710 - RECONCILIATION OF CHANGES DURING THE REPORTING PERIOD TO FAIR VALUE AT LEVEL 3 01.01- 30.09.2025 01.01- 30.09.2024 Opening balance at the beginning of the period 12,273 14,235 Acquisition of corporate bonds and equity instruments - 226 Redemption of corporate bonds (6) (1) Granting and increase in exposure to loans and advances to customers 662 624 Repayment of loans and advances to customers (1,501) (1,704) Sale (497) (401) Derecognition of loans and advances to customers 36 (24) Write-off of loans and advances to customers (36) (172) Net gain/(loss) on financial instruments measured at fair value through profit or loss 22 178 Change in the valuation recognized in OCI 47 (117) Other, including exchange difference1 14 (119) Closing balance 11,014 12,725 1 The item includes a decrease due to conversion of Visa Inc. series C shares into Visa series A Preferred shares IMPACT OF ESTIMATES ON FAIR VALUE MEASUREMENT OF LEVEL 3 FINANCIAL INSTRUMENTS 30.09.2025 31.12.2024 Fair value in Fair value in positive scenario negative scenario positive scenario negative scenario Shares in Visa Inc.1 22 20 56 52 Other equity investments2 306 277 262 237 Corporate bonds3 331 331 339 338 Loans and advances to customers4 10,889 9,852 12,212 11,049 1 scenario assuming a discount rate in respect of the future conditions of converting C -series shares to ordinary shares at a level of 0%/100% respectively 2 scenario assuming a change in the discount rate of +/ - 5% 3 scenario assuming a change in the credit spread of +/ - 10% 4 scenario assuming a change in the company’s value of +/ - 0.5p.p. LIABILITIES MEASURED AT FAIR VALUE 30.09.2025 Carrying amount Level 1 Level 2 Level 3 Hedging derivatives 42 - 42 - Other derivative instruments 1,836 - 1,836 - Liabilities in respect of a short position in securities 111 111 - - Total 1,989 111 1,878 -
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REPORT OF THE PKO BANK POLSKI S.A. GROUP FOR THE THIRD QUARTER OF 2025 – CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS OF THE PKO BANK POLSKI S.A. GROUP FOR THE NINE-MONTH PERIOD ENDED 30 SEPTEMBER 2025, TOGETHER WITH THE CONDENSED INTERIM SEPARATE FINANCIAL STATEMENTS OF PKO BANK POLSKI S.A. FOR THE NINE-MONTH PERIOD ENDED 30 SEPTEMBER 2025 (IN PLN MILLION) Page 81/83 7. FINANCIAL ASSETS AND FINANCIAL LIABILITIES NOT PRESENTED AT FAIR VA LUE IN THE STATEMENT OF FINANCIAL POSITION For a description of measurement techniques and inputs, see the financial statements of the Bank for 2024. 30.09.2025 carrying amount fair value Total fair value Level 1 Level 2 Level 3 Cash and balances with Central Bank 19,115 3,479 15,636 - 19,115 Amounts due from banks 11,498 - 11,498 - 11,498 Securities1 125,579 96,185 25,479 3,837 125,501 Reverse repo transactions 606 - 606 - 606 Loans and advances to customers¹ 253,186 - - 255,847 255,847 Other financial assets 1,880 - - 1,880 1,880 Amounts due to Central bank 10 - 10 - 10 Amounts due to banks 3,221 - 3,221 - 3,221 Amounts due to customers1 435,199 - - 435,005 435,005 Liabilities in respect of debt securities in issue 13,906 - 14,184 - 14,184 Subordinated liabilities 6,267 - 6,346 - 6,346 Other financial liabilities 4,688 - - 4,688 4,688 1 excluding adjustment relating to fair value hedge accounting 31.12.2024 carrying amount fair value Total fair value Level 1 Level 2 Level 3 Cash and balances with Central Bank 23,263 3,696 19,567 - 23,263 Amounts due from banks 8,349 - 8,349 - 8,349 Securities1 109,633 73,133 29,612 3,938 106,683 Reverse repo transactions 892 - 892 - 892 Loans and advances to customers¹ 234,278 - - 236,490 236,490 Other financial assets 2,319 - - 2,319 2,319 Amounts due to Central bank 11 - 11 - 11 Amounts due to banks 2,267 - 2,267 - 2,267 Amounts due to customers1 414,651 - - 414,941 414,941 Liabilities in respect of debt securities in issue 11,999 - 12,180 - 12,180 Subordinated liabilities 4,291 - 4,335 - 4,335 Other financial liabilities 3,911 - - 3,911 3,911 1 excluding adjustment relating to fair value hedge accounting
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REPORT OF THE PKO BANK POLSKI S.A. GROUP FOR THE THIRD QUARTER OF 2025 – CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS OF THE PKO BANK POLSKI S.A. GROUP FOR THE NINE-MONTH PERIOD ENDED 30 SEPTEMBER 2025, TOGETHER WITH THE CONDENSED INTERIM SEPARATE FINANCIAL STATEMENTS OF PKO BANK POLSKI S.A. FOR THE NINE-MONTH PERIOD ENDED 30 SEPTEMBER 2025 (IN PLN MILLION) Page 82/83 8. CAPITAL ADEQUACY CAPITAL ADEQUACY 30.09.2025 31.12.2024 (restated) 31.12.2024 (published) Equity 52,641 49,767 49,767 Exclusions from equity: 7,793 8,045 8,045 Other fund reductions 2,554 2,610 2,614 Provisional treatment of unrealized gains and losses on securities measured at fair value through OCI according to Art. 468 of the CRR 100 927 927 Temporary reversal of IFRS 9 impact1 - 560 739 Current period profit/loss, included by permission from the PFSA/after approval of profit distribution by AGM2 1,322 2,300 1,550 Tier 1 43,716 42,899 42,324 Tier 2 capital (subordinated debt) 4,635 3,039 3,039 Own funds 48,351 45,938 45,363 Requirements for own funds 19,672 17,284 17,392 Credit risk 16,679 14,817 14,925 Operational risk3 2,863 2,317 2,317 Market risk 76 114 114 Credit valuation adjustment risk 54 36 36 Total capital ratio 19.66 21.26 20.87 Tier 1 capital ratio 17.78 18.86 19.47 1 The temporary reversal of the IFRS 9 impact on own funds was applicable until the end of 2024. 2 The amount of PLN 1,550 million relates to the portion of the profit for 2024 included in own funds with the approval of the PFSA, and the amount of PLN 2,300 million relates to the amount of the profit for 2024 following approval of the profit distribution by the AGM. In line with the European Banking Authority’s guidance on when to recognise annual and interim profits in capital adequacy data, from the point at which the institution formally meets the criteria to include the profit for the period in Tier 1 capital, it is considered that the profit should be included on a retrospective date and an adjustment to own funds should be made to the date to which the profit relates. Consequently, the value of the credit risk requirement, NPE adjustments and the transitional IFRS 9 reversal has also been recalculated. 3 In 2025, the capital requirement related to operational risk increased due to the new CRR3 regulations. The Bank discontinued the use of the AMA approach, which had allowed it to take into account its individual risk profile. 9. RELATED-ENTITY TRANSACTIONS – CAPITAL LINKS The transactions were arm’s length transactions. Receivables of which loans Liabilities Off-balance sheet liabilities granted 30.09.2025 Subsidiaries 35,617 35,011 584 10,519 Associates and joint ventures 212 62 483 465 31.12.2024 Subsidiaries 35,128 34,389 603 9,716 Associates and joint ventures 147 85 195 446 • Total income of which interest and commission income Total expense of which interest and commission expense 01.01.-30.09.2025 Subsidiaries 2,723 1,843 44 37 Associates and joint ventures 682 639 180 138 01.01.-30.09.2024 Subsidiaries 2,833 1,879 35 29 Associates and joint ventures 673 621 186 149
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REPORT OF THE PKO BANK POLSKI S.A. GROUP FOR THE THIRD QUARTER OF 2025 – CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS OF THE PKO BANK POLSKI S.A. GROUP FOR THE NINE-MONTH PERIOD ENDED 30 SEPTEMBER 2025, TOGETHER WITH THE CONDENSED INTERIM SEPARATE FINANCIAL STATEMENTS OF PKO BANK POLSKI S.A. FOR THE NINE-MONTH PERIOD ENDED 30 SEPTEMBER 2025 (IN PLN MILLION) Page 83/83 SIGNATURES OF ALL MEMBERS OF THE BANK’S MANAGEMENT BOARD Szymon Midera President of the Management Board Krzysztof Dresler Vice-President of the Management Board Ludmiła Falak-Cyniak Vice-President of the Management Board Piotr Mazur Vice-President of the Management Board Tomasz Pol Vice-President of the Management Board Marek Radzikowski Vice-President of the Management Board Michał Sobolewski Vice-President of the Management Board Mariusz Zarzycki Vice-President of the Management Board SIGNATURE OF A PERSON WHO IS RESPONSIBLE FOR MAINTAINING THE ACCOUNTING RECORDS Danuta Szymańska Director of the accounting division The original Polish document is signed with a qualified electronic signatures