Interim report
Page 1
N 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 1/56 THIS DOCUMENT IS A TRANSLATION OF A DOCUMENT ORIGINALLY ISSUED IN POLISH. THE ONLY BINDING VERSION IS THE ORIGINAL POLISH VERSION REPORT OF THE PKO BANK POLSKI S.A. GROUP FOR THE THIRD QUARTER OF 2026
Page 2
REPORT OF THE PKO BANK POLSKI S.A. GROUP FOR THE THIRD QUARTER OF 2026 Page 2/56 Selected consolidated financial data PLN million EUR million First three quarters of 2026 First three quarters of 2025 First three quarters of 2026 First three quarters of 2025 Net interest income 18,499 18,197 4,322 4,295 Net fee and commission income 4,193 3,876 980 915 Profit before tax 12,931 10,644 3,021 2,512 Net profit attributable to equity holders of the parent company 8,223 7,967 1,921 1,881 30.09.2026 31.12.2025 30.09.2026 31.12.2025 Assets 619,866 583,079 141,937 137,951 Equity 57,138 58,503 13,083 13,841 Total Capital Ratio (%) 17.18 17.67 17.18 17.67 Selected separate financial data PLN million EUR million First three quarters of 2026 First three quarters of 2025 First three quarters of 2026 First three quarters of 2025 Net interest income 17,669 17,293 4,128 4,082 Net fee and commission income 3,483 3,264 814 770 Profit before tax 12,632 10,259 2,951 2,422 Net profit 8,144 7,807 1,903 1,843 30.09.2026 31.12.2025 30.09.2026 31.12.2025 Assets 591,144 556,734 135,360 131,718 Equity 53,982 55,635 12,361 13,163 Total Capital Ratio (%) 18.63 19.40 18.63 19.40 Selected income statement items were translated into EUR at an average exchange rate calculated on the basis of NBP mid excha nge rates prevailing on the last day of each month of the reporting period, whereas statement of financial position items were tr anslated at the NBP mid exchange rate prevailing at the balance sheet date. EUR/PLN exchange rate First three quarters of 2026 First three quarters of 2025 Average NBP exchange rate 4.2800 4.2365 30.09.2026 31.12.2025 NBP exchange rate as at the balance sheet date 4.3672 4.2267
Page 3
REPORT OF THE PKO BANK POLSKI S.A. GROUP FOR THE THIRD QUARTER OF 2026 Page 3/56 Abbreviations and symbols: Abbreviation: Meaning Q3 2026 three-month period from 1 July to 30 September 2026 First three quarters of 2026 nine-month period ended 30 September 2026 Q3 2025 three-month period from 1 July to 30 September 2025 First three quarters of 2025 nine-month period ended 30 September 2025 HFT financial instruments held for trading FVPL financial instruments not held for trading, measured at fair value through profit or loss FVOCI financial instruments measured at fair value through other comprehensive income AC financial instruments measured at amortised cost CB Central Bank IFI international financial institutions NSFR net stable funding ratio LCR liquidity coverage ratio BGF The Bank Guarantee Fund NBP The National Bank of Poland PFSA The Polish Financial Supervision Authority UOKiK Office of Competition and Consumer Protection KRS National Court Register CJEU Court of Justice of the European Union ECL allowances for expected credit losses VaR value at risk CVA credit valuation adjustment risk EIR effective interest rate OCI other comprehensive income RETAIL retail segment CORP corporate and investment segment TC transfer center and other EBA The European Banking Authority CRR Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms, taking into account amending acts F1/F2/F3 impairment stages in accordance with IFRS 9 POCI purchased or originated credit-impaired assets
Page 4
REPORT OF THE PKO BANK POLSKI S.A. GROUP FOR THE THIRD QUARTER OF 2026 Page 4/56 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 4/56 TABLE OF CONTENTS MANAGEMENT BOARD’S COMMENTARY ON THE RESULTS OF THE PKO BANK POLSKI S.A. GROUP FOR THE NINE - MONTH PERIOD ENDED 30 SEPTEMBER 2026 ...................... 5 1. MAJOR EVENTS IN THE THIRD QUARTER OF 2026, INCLUDING NON-TYPICAL EVENTS .................................................................................................. 6 1.1. RECOGNITION OF INTERIM PROFIT IN OWN FUNDS ........................ 6 1.2. DISTRIBUTION OF DIVIDENDS ................................................................ 6 1.3. SECURITIES ISSUED BY ENTITIES OF THE GROUP ........................... 6 1.4. OTHER SIGNIFICANT EVENTS ................................................................. 7 2. INFORMATION ON THE SUPERVISORY BOARD AND MANAGEMENT BOARD OF THE BANK ..................................................................... 8 2.1. SUPERVISORY BOARD OF THE BANK ................................................. 8 2.2. MANAGEMENT BOARD OF THE BANK ................................................ 8 2.3. CHANGES IN THE OWNERSHIP STRUCTURE OF THE BANK’S SHARES AND THE RIGHTS ATTACHED TO THEM BY MEMBERS OF THE MANAGEMENT AND SUPERVISORY STAFF ................................ 9 3. BUSINESS CONDITIONS .............................................................................. 9 3.1. MACROECONOMIC ENVIRONMENT ..................................................... 9 3.2. SITUATION ON THE FINANCIAL MARKET............................................. 9 3.3. ECONOMIC SITUATION ON THE UKRAINIAN MARKET ................. 10 3.4. UKRAINIAN BANKING SECTOR ........................................................... 10 4. BUSINESS DEVELOPMENT AND FINANCING ..................................... 10 4.1. ACHIEVEMENTS OF PKO BANK POLSKI S.A............................... 10 4.2. ACHIEVEMENTS OF THE PKO LEASING S.A. GROUP (PKO LEASING GROUP) ................................................................................... 13 4.3. ACHIEVEMENTS OF PKO TOWARZYSTWO FUNDUSZY INWESTYCYJNYCH S.A. (PKO TFI S.A.; COMPANY) .............. 14 5. RISK MANAGEMENT .................................................................................. 14 6. FINANCIAL POSITION AFTER THE FIRST NINE MONTHS OF 2026 ...................................................................................................................... 15 7. FACTORS THAT DETERMINE FUTURE PERFORMANCE .................. 16 8. IMPACT OF THE GEOPOLITICAL SITUATION ON THE GROUP’S OPERATIONS .................................................................................................................. 17 9. OTHER INFORMATION............................................................................... 18 CONSOLIDATED INCOME STATEMENT ................................................................. 20 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME ...................... 21 CONSOLIDATED STATEMENT OF FINANCIAL POSITION ................................. 22 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY .................................. 23 CONSOLIDATED STATEMENT OF CASH FLOWS ................................................ 24 SUPPLEMENTARY INFORMATION ........................................................................... 26 1. ACTIVITIES OF THE GROUP .................................................................... 26 2. APPROVAL OF THE CONSOLIDATED FINANCIAL STATEMENTS 26 3. THE BASIS FOR PREPARATION OF THE FINANCIAL STATEMENTS ...................................................................................................................... 26 4. CHANGES IN ACCOUNTING POLICIES AND NEW STANDARDS .. 27 5. SEGMENT REPORTING .............................................................................. 29 6. NET INTEREST INCOME............................................................................. 30 7. NET FEE AND COMMISSION INCOME .................................................. 31 8. OTHER OPERATING INCOME AND EXPENSES .................................. 32 9. ALLOWANCES FOR EXPECTED CREDIT LOSSES ............................. 32 10. IMPAIRMENT OF NON-FINANCIAL ASSETS ....................................... 33 11. COST OF LEGAL RISK OF LOANS .......................................................... 33 12. ADMINISTRATIVE EXPENSES ................................................................. 34 13. INCOME TAX EXPENSE ............................................................................. 34 14. HEDGE ACCOUNTING AND OTHER DERIVATIVE INSTRUMENTS 35 15. SECURITIES .................................................................................................. 35 16. LOANS AND ADVANCES .......................................................................... 36 17. AMOUNTS DUE TO CUSTOMERS .......................................................... 36 18. FINANCING RECEIVED .............................................................................. 37 19. PROVISIONS ................................................................................................. 37 20. OFF-BALANCE SHEET LIABILITIES ....................................................... 38 21. LEGAL CLAIMS AND REGULATORY PROCEEDINGS ........................ 38 22. FAIR VALUE HIERARCHY .......................................................................... 41 23. FINANCIAL INSTRUMENTS NOT MEASURED AT FAIR VALUE ...... 41 24. CREDIT RISK MANAGEMENT................................................................... 42 25. MARKET AND LIQUIDITY RISK MANAGEMENT ................................. 43 26. CAPITAL AND CAPITAL ADEQUACY .................................................... 44 27. RELATED-PARTY TRANSACTIONS ....................................................... 45 28. EVENTS THAT OCCURRED AFTER THE DATE ON WHICH THE FINANCIAL STATEMENTS ARE PREPARED............................................................ 45 SEPARATE INCOME STATEMENT ............................................................................ 47 SEPARATE STATEMENT OF COMPREHENSIVE INCOME .................................. 47 SEPARATE STATEMENT OF FINANCIAL POSITION ............................................ 48 SEPARATE STATEMENT OF CHANGES IN EQUITY ............................................. 49 SEPARATE STATEMENT OF CASH FLOWS ........................................................... 50 SUPPLEMENTARY INFORMATION ........................................................................... 52 1. APPROVAL OF THE FINANCIAL STATEMENTS .................................. 52 2. SECURITIES .................................................................................................. 52 3. LOANS AND ADVANCES .......................................................................... 53 4. AMOUNTS DUE TO CUSTOMERS .......................................................... 53 5. OFF-BALANCE SHEET LIABILITIES ....................................................... 53 6. FAIR VALUE HIERARCHY .......................................................................... 54 7. FINANCIAL INSTRUMENTS NOT MEASURED AT FAIR VALUE ...... 54 8. CAPITAL ADEQUACY ................................................................................ 55 9. RELATED-PARTY TRANSACTIONS – CAPITAL LINKS ................... 55
Page 5
REPORT OF THE PKO BANK POLSKI S.A. GROUP FOR THE THIRD QUARTER OF 2026 MANAGEMENT BOARD’S COMMENTARY ON THE RESULTS OF THE PKO BANK POLSKI S.A. GROUP Page 5/56 MANAGEMENT BOARD’S COMMENTARY ON THE RESULTS OF THE PKO BANK POLSKI S.A. GROUP FOR THE NINE -MONTH PERIOD ENDED 30 SEPTEMBER 2026
Page 6
REPORT OF THE PKO BANK POLSKI S.A. GROUP FOR THE THIRD QUARTER OF 2026 MANAGEMENT BOARD’S COMMENTARY ON THE RESULTS OF THE PKO BANK POLSKI S.A. GROUP Page 6/56 The Powszechna Kasa Oszczędności Bank Polski Spółka Akcyjna Group (the PKO Bank Polski S.A. Group or the Group) is one of the largest financial groups 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. 1. MAJOR EVENTS IN THE THIRD QUARTER OF 2026, INCLUDING NON-TYPICAL EVENTS 1.1. RECOGNITION OF INTERIM PROFIT IN OWN FUNDS On 16 September 2026, the Bank included in its own funds a portion of the net profit achieved in the first half of 2026 in the amount of PLN 1,373,758,629 at standalone level and PLN 1,157,306,551 at consolidated level. 1.2. DISTRIBUTION OF DIVIDENDS On 13 August 2026, the Bank paid a dividend from its net profit for 2025 in the amount of PLN 6.14 per share. The total dividend paid amounted to PLN 7,675 million. 1.3. SECURITIES ISSUED BY ENTITIES OF THE GROUP Programme for the issue of own bonds on the Eurobond market On 1 September 2026, under the EMTN Programme (on the basis of a prospectus approved on 20 March 2026 by the Commission de Surveillance du Secteur Financier), the Bank issued MREL -eligible senior non -preferred notes with a maturity of seven years and the possibility of early redemption one year before the maturity date (subject to the approval of the Bank Guarantee Fund (BGF)), with a total nominal value of EUR 500 million. The coupon of the issue is fixed, at 4.125%, payable annually until the early redemption date (and variable thereafter, with quarterly payments). Moody’s Investors Service has assigned a rating of Baa1 to the issue. The bonds were admitted to trading on the regulated market on the Luxembourg Stock Exchange and the Warsaw Stock Exchange. On 12 August 2026, the PFSA approved the Group’s classification of subordinated bonds with ISIN XS3404490883, issued by the Bank on 24 June 2026 with a total nominal value of EUR 500 million, as Tier 2 capital instruments. The bonds were introduced to trading in the alternative trading system on Catalyst. Other information on bonds The Bank obtained the PFSA’s approval to repurchase series OP0827 subordinated bonds with ISIN PLPKO0000099 before their contractual maturity date, as announced by the Bank in Current Report No. 17/2026 of 27 May 2026. On 25 September 2026, the Bank repurchased 3,601 bonds with a total nominal value of PLN 360.1 million at a price of 100.9% of their nominal value (excluding accrued and unpaid interest). The repurchased bonds were cancelled. Following the repurchase, 6,085 bonds remained outstanding, with a total nominal value of PLN 608.5 million. Change in the rating of unsecured Senior Preferred bonds On 22 September 2026, Moody’s downgraded the ratings of unsecured Senior Preferred bonds and unsecured Senior Preferred bonds under the EMTN Programme from A3 to Baa1 and revised the outlook on these ratings from negative to stable. The downgrade resulted from the removal of the previously applied one-notch uplift for government support. Issues of mortgage covered bonds of PKO Bank Hipoteczny S.A. In the third quarter of 2026, PKO Bank Hipoteczny S.A. issued series 3N mortgage covered bonds for individual investors in the amount of PLN 525.1 million. As at 30 September 2026, the total value of the company’s covered bonds issued (at nominal value) was PLN 11.2 billion. As at 30 September 2026, PKO Bank Hipoteczny S.A.’s portfolio included covered bonds with a total nominal value of PLN 838 million.
Page 7
REPORT OF THE PKO BANK POLSKI S.A. GROUP FOR THE THIRD QUARTER OF 2026 MANAGEMENT BOARD’S COMMENTARY ON THE RESULTS OF THE PKO BANK POLSKI S.A. GROUP Page 7/56 Bonds issued by PKO Bank Hipoteczny S.A. In the third quarter of 2026, PKO Bank Hipoteczny S.A. redeemed bonds with a total nominal value of PLN 916.5 million (before the elimination of bonds acquired by the Group entities). As at 30 September 2026, the company’s liability in respect of bonds issued, at nominal value, amounted to PLN 1,939 million. As at 30 September 2026, the Bank’s portfolio did not include bonds issued by the company. Bond issues of the PKO Leasing S.A. Group In August 2026, the value of PKO Leasing S.A.’s bond issue programme was increased from PLN 3 billion to PLN 4 billion, and issues in EUR were permitted. PKO Faktoring S.A. has a separate bond issue programme with a limit of PLN 1 billion. In the third quarter of 2026, PKO Leasing S.A. and PKO Faktoring S.A. issued bonds with a nominal value of PLN 3,791 million and redeemed bonds with a value of PLN 2,809 million. These amounts exclude bonds subscribed for by companies in the PKO Bank Polski S.A. Group. The bonds are not covered by any guarantees, including a guarantee provided by the Bank. As at 30 September 2026, the nominal value of the PKO Leasing S.A. Group’s liabilities in this respect was PLN 3,740.5 million. 1.4. OTHER SIGNIFICANT EVENTS Synthetic securitisation transaction On 22 July 2026, the Group entered into a further package of agreements concerning the synthetic securitisation of a corporate loan portfolio with an aggregate nominal value of PLN 8.5 billion (as at 30 April 2026). The transaction includes an 18-month revolving period. The estimated positive impact of the transaction on the Group's Common Equity Tier 1 (CET1) ratio during the revolving period is approximately 25 basis points relative to the data reported as at 31 March 2026. In the transaction, the credit risk of the securitised portfolio is transferred through a credit protection instrument in the form of a financial guarantee secured by a deposit placed with the Group. As part of the transaction, the Group transferred a significant portion of the credit risk of the selected sec uritised portfolio to the investor without selling the underlying assets. The portfolio covered by the transaction remains recognised in the Group's statement of financial position. The transaction meets the CRR requirements for significant risk transfer and has been structured to ensure compliance with the STS (Simple, Transparent and Standardised) criteria in accordance with Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017. Changes in the ratings of PKO Bank Hipoteczny S.A. On 23 September 2026, Moody’s Investors Service downgraded the following ratings and assessments of PKO Bank Hipoteczny S.A.: • the long-term issuer rating to Baa1 (from A3); • the long-term counterparty risk assessment to A2 (from A1); • the rating of issued EUR-denominated covered bonds to Aa2 (from Aa1); • the rating of issued PLN-denominated covered bonds to Aa2 (from Aa1). The downgrade of the ratings and assessments directly resulted from the agency’s downgrade of Poland’s long -term rating (on 18 September 2026, from A2 to A3, with a stable outlook) and the related changes in its assessment of the country’s fiscal position.
Page 8
REPORT OF THE PKO BANK POLSKI S.A. GROUP FOR THE THIRD QUARTER OF 2026 MANAGEMENT BOARD’S COMMENTARY ON THE RESULTS OF THE PKO BANK POLSKI S.A. GROUP Page 8/56 Foreign currency mortgage loans • SETTLEMENT PROGRAMME In the third quarter of 2026, the Bank continued to offer settlements to retail customers holding mortgage loans in convertible currencies. The settlements are offered during mediation proceedings conducted by the Mediation Centre of the Arbitration Court at the PFSA. The Bank also offers settlements on a large scale for loans subject to litigation. By 30 September 2026, more than 71.2 thousand requests for mediation had been registered. The total number of settlements concluded and settled by 30 September 2026 amounted to 71.3 thousand, of which 47.2 thousand relate to settlements in mediation proceedings and 24.1 thousand to settlements in the course of court proceedings. • INCREASED COST OF LEGAL RISK OF MORTGAGE LOANS IN CONVERTIBLE CURRENCIES In the third quarter of 2026, the Group increased the allowance for the cost of legal risk of loans by PLN 370 million. The amount of the costs results primarily from the recognition of a provision following an update of the legal risk assessment model parameters and an increase in the estimated cost of settlements concluded. Detailed information on the cost of legal risk is presented in Note 11 to the Group’s consolidated financial statements, “Cost of legal risk of loans”. Sanctions In the third quarter of 2026, the Bank implemented on an ongoing basis the restrictions and changes resulting from the sanctions imposed on Russia and Belarus. In particular, these concerned the addition of further Russian banks to the sanctions list. Sale of shares In the third quarter of 2026, the Bank sold shares in BOŚ S.A. with a total value of PLN 4.182 million. 2. INFORMATION ON THE SUPERVISORY BOARD AND MANAGEMENT BOARD OF THE BANK 2.1. SUPERVISORY BOARD OF THE BANK There were no changes in the composition of the Bank’s Supervisory Board in the third quarter of 2026. As at 30 September 2026, the composition of the Bank’s Supervisory Board was as follows: 1. Tomasz Siemiątkowski, Chair; 2. Katarzyna Zimnicka-Jankowska, Deputy Chair; 3. Marek Panfil, Secretary; 4. Maciej Cieślukowski, member; 5. Jerzy Kalinowski, member; 6. Hanna Kuzińska, member; 7. Grzegorz Mazurek, member; 8. Małgorzata Prochwicz-O’Shaughnessy, member; 9. Jerzy Śledziewski, member; 10. Paweł Waniowski, member; 11. Anna Zabłocka-Wiercińska, member. Biographical notes of members of the Bank’s Supervisory Board are available on the Bank's website. 2.2. MANAGEMENT BOARD OF THE BANK There were no changes in the composition of the Bank’s Management Board in the third quarter of 2026. As at 30 September 2026, the composition of the Bank’s Management Board was as follows: 1. Szymon Midera, President of the Management Board in charge of the Management Board President’s division; 2. Krzysztof Dresler, Vice-President of the Bank’s Management Board in charge of the Finance and Accounting Division; 3. Piotr Mazur, Vice-President of the Management Board in charge of the Risk Management Division;
Page 9
REPORT OF THE PKO BANK POLSKI S.A. GROUP FOR THE THIRD QUARTER OF 2026 MANAGEMENT BOARD’S COMMENTARY ON THE RESULTS OF THE PKO BANK POLSKI S.A. GROUP Page 9/56 4. Ludmiła Falak-Cyniak, Vice-President of the Management Board in charge of the Corporate and Investment Banking Division; 5. Wojciech Papierak, Vice-President of the Management Board in charge of the Operations Division; 6. Tomasz Pol, Vice-President of the Management Board in charge of the Retail and Corporate Banking Division; 7. Michał Sobolewski, Vice-President of the Management Board in charge of the Administration Division; 8. Piotr Stolarczyk, Vice-President of the Management Board in charge of the International Banking Division; 9. 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. 2.3. 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 2025 report Piotr Mazur, Vice-President of the Management Board 8,000 - - 8,000 Tomasz Pol, Vice-President of the Management Board 12,787 - - 12,787 Grzegorz Mazurek, Member of the Supervisory Board 13 13 The other members of the Bank’s Management Board and Supervisory Board held no shares in the Bank or rights to such shares as at the publication date of the report for the third quarter of 2026. 3. BUSINESS CONDITIONS 3.1. MACROECONOMIC ENVIRONMENT Economic growth in the third quarter of 2026 most likely slowed from the 4.1% y/y recorded in the previous quarter. Industrial output, construction output and retail sales increased, but the recovery remained selective and concentrated in sectors benefiting from increased investment in AI, electronics, energy and defence. Consumption remained the main driver of growth, with investment playing an increasing role, supported by the growing use of EU funds. The unemployment rate remained at 5.8%, 0.3 p.p. higher than a year earlier. Weaker demand for labour helped stabilise wage growth in the enterprise sector at around 6.0% y/y. Despite the dampening effect of inflation, real wages continued to rise. The rise in energy commodity prices caused by the war in the Middle East pushed up inflation, which reached 4.1% y/y in September and exceeded the upper bound of the tolerance band around the inflation target for the first time in 15 months. The relaunch of the CPN programme reduced the risk of a further rise in inflation in 2026. In the third quarter of 2026, the Monetary Policy Council kept interest rates unchanged, making further decisions dependent on the inflation outlook. 3.2. SITUATION ON THE FINANCIAL MARKET The third quarter of 2026 was unfavourable for bondholders. Yields rose in most global markets, including Poland, owing to the prolonged conflicts in the Middle East and Ukraine, higher inflation forecasts and expected interest rate paths, and concerns about public finances. Yields on two-, five- and ten-year Polish government bonds rose by 82, 125 and 106 basis points, respectively, to 4.90%, 5.97% and 6.34%. The zloty weakened against the major currencies. At the end of September, the EUR/PLN exchange rate was 4.36 and the USD/PLN exchange rate was 3.85, compared with 4.30 and 3.76, respectively, at the end of June. The zloty was adversely affected by geopolitical tensions, rising oil prices and bond yields in core markets, and concerns about public finances, amplified by Moody’s downgrade of Poland’s rating. However, the zloty was supported by robust economic growth, among the highest in the European Union. NBP interest rates as at 30 September 2026 • reference rate 3.75% • bill discount rate 3.85% • bill rediscount rate 3.80% • Lombard rate 4.25% • deposit rate 3.25%
Page 10
REPORT OF THE PKO BANK POLSKI S.A. GROUP FOR THE THIRD QUARTER OF 2026 MANAGEMENT BOARD’S COMMENTARY ON THE RESULTS OF THE PKO BANK POLSKI S.A. GROUP Page 10/56 The third quarter of 2026 was successful for Polish equities. The WIG index rose by 16%, reaching an all -time high of 157 thousand points. The Polish market stood out from most global stock markets, supported by positive global trends, economic growth and strong corporate financial results. 3.3. ECONOMIC SITUATION ON THE UKRAINIAN MARKET In the second quarter of 2026, Ukraine’s GDP grew by 0.4% y/y following a decline of 0.6% y/y in the first quarter. In August, growth slowed to around 0% y/y, compared with 4% y/y in July. Economic activity was constrained by Russian attacks, logistical problems, the blockade of seaborne exports and labour shortages. The National Bank of Ukraine lowered its GDP growth forecast for 2026 from 1.8% to 1.1–1.2%. Inflation rose to 10.0% y/y in September due to rising fuel prices and the effects of Russian attacks. For the second consecutive time, the NBU raised its key interest rate by 50 basis points, to 16%, to curb inflationary pressures and support the hryvnia. Weaker inflows of foreign financing and NBU interventions contributed to a decline in foreign exchange reserves and a deterioration in public finances. 3.4. UKRAINIAN BANKING SECTOR The Ukrainian banking sector remained liquid and well capitalised. At the end of August 2026, 59 banks were operating, and at the end of September, the sector’s assets amounted to UAH 4.17 trillion, 15.6% more than a year earlier. Equity rose by 17.4% y/y to UAH 531.8 billion, and the capital adequacy ratio was 17.1%. The sector’s profitability declined due to an increase in the tax rate on banks’ profits, higher costs and growth in equity. In August, ROA was 2.7% and ROE was 22.1%. Loans increased by 12.8% y/y, mainly driven by financing for households, which grew by 3 1.0% y/y. Deposits increased by 13.2% y/y, while the loan -to-deposit ratio remained low at 45.6%. The share of non-performing loans fell to 11.5%, its lowest level since 2009. 4. BUSINESS DEVELOPMENT AND FINANCING 4.1. ACHIEVEMENTS OF PKO BANK POLSKI S.A. Product development in retail banking, business banking and the housing markets Mortgage banking In the third quarter of 2026, the Group granted housing loans to individuals with a value of PLN 12.2 billion, maintaining its market-leading position with a share of 30.3%. The share of fixed-rate loans in new sales was 66.1%, and their share in the portfolio of PLN-denominated mortgage loans rose to 48.2%. In the third quarter of 2026, the Bank: • introduced POLSTR 1M Compounded Rate benchmark, a new benchmark for mortgage loan offerings (including the Digital Mortgage); • offered a 0% arrangement fee for mortgage loans and advances and the Digital Mortgage; • launched a mortgage loan promotion in cooperation with Samsung under the name “Urządź dom z Samsungiem” (“Furnish Your Home with Samsung”); • launched an offer for the “Własny Kąt” (“My Own Place”) mortgage loan and the Digital Mortgage with a fixed interest rate lower by 0.4 p.p., 0.5 p.p. or 0.8 p.p. for the first 5 years; • extended the promotional offer for the “Własny Kąt” mortgage loan and the Digital Mortgage intended for financing new houses until 21 March 2027. Digital Mortgage In the third quarter of 2026, the Bank introduced: • PKO Kalkuluje nieruchomość, a tool for calculating the approximate value of a property, analysing data and price trends, and analysing location characteristics; • financing for properties on the primary market with payment after the transfer of ownership. In the third quarter of 2026, over 40% of mortgage loans in the Bank’s own distribution channel were granted through the Digital Mortgage process. Deposit offering for individual customers The Bank introduced a term deposit with an interest rate of 3.5% p.a. for customers who do not have the mobile application or do not log into it. The term deposit was offered from 13 August to 13 October 2026. The Bank enabled customers to open a PKO Konto za Zero account directly in the Allegro application.
Page 11
REPORT OF THE PKO BANK POLSKI S.A. GROUP FOR THE THIRD QUARTER OF 2026 MANAGEMENT BOARD’S COMMENTARY ON THE RESULTS OF THE PKO BANK POLSKI S.A. GROUP Page 11/56 The Bank introduced: • for individual customers, 24-month and 36-month structured deposits based on baskets of shares in US medical equipment manufacturers, German companies, companies associated with artificial intelligence and companies in the semiconductor industry; • for Private Banking customers, a 30 -month structured deposit based on a basket of shares in insurance companies and a 24 -month structured deposit based on a basket of shares in Dutch technology companies. The Bank launched the following promotional offers: • for new funds of up to PLN 250 thousand in the “Rachunek Oszczędnościowy Plus” (“Plus Savings Account”), including three editions with a promotional interest rate of 4.0% p.a. for 90 days (for accounts opened on or after 27 June 2025) and one edition with an interest rate of 3.0% p.a. for 90 days (for accounts opened on or before 26 June 2025); • on Pierwsze Konto Oszczędnościowe (First Savings Account – an account for people up to the age of 18) with an interest rate of up to 6.0% per annum on systematic savings of up to PLN 10 thousand. The promotional offer is valid from 1 July 2026 to 31 January 2027. The average interest rate on new term deposits in PLN (for retail and corporate customers) amounted to 2.55%. The average interest rate on all term deposits in PLN placed with the Bank was 2.55% in the third quarter of 2026, compared with 2.73% in the first half of 2026 and 2.84% in the first quarter of 2026. Deposit offering for companies In the third quarter of 2026, the Bank became the first bank in Poland to offer notaries the “Konto depozytu notarialnego” (“Notarial Deposit Account”). The account is intended for holding funds in connection with a notarial act and documenting that act. The Bank launched the following promotional offers: • maintenance of a “Nasza Wspólnota” account for housing communities for PLN 0 for 24 months – the promotional offer was valid until 30 September 2026; • “Grow your business with a bonus of up to PLN 5,000” – the promotional offer was valid until 31 October 2026; • a new account offering for new customers (businesses, housing communities and housing cooperatives) – the promotional offer is valid until 28 February 2027. Financing – Cash Loan In the third quarter of 2026, sales of cash loans were 7% higher than in the same period of the previous year. As at 30 September 2026, the Bank’s portfolio had grown by over 21% y/y, strengthening its leading position in the cash loan market with a market share of nearly 22.6%. 57% of loans were granted with a fixed interest rate. Financing for businesses In the third quarter of 2026, the Bank made invoice financing of up to PLN 200 thousand available to customers who had been in business for less than 18 months. Changes to the Allegro Kapitał loan: • an increase in the maximum loan amount to PLN 500 thousand; • the option to take out a loan for holders of Allegro platform accounts opened less than 12 months previously. The Bank launched the following promotional offers: • for new financing or refinancing (a business overdraft facility, an SME loan and an investment loan), respectively: - a 0% arrangement fee (with the purchase of PKO Firma insurance) or a 1% fee, and a margin reduced by 1/4 for new financing; - a 0% arrangement fee and a margin reduced by 1/4 for refinancing a loan from another bank. The promotional offer was valid until 30 September 2026; • for housing communities, a lower arrangement fee for the “Nasz Remont” loan.
Page 12
REPORT OF THE PKO BANK POLSKI S.A. GROUP FOR THE THIRD QUARTER OF 2026 MANAGEMENT BOARD’S COMMENTARY ON THE RESULTS OF THE PKO BANK POLSKI S.A. GROUP Page 12/56 Development of corporate banking and the services of the Brokerage Office Corporate banking A total of 28 syndicated loan and credit agreements and annexes to existing syndicated loan agreements were executed for a total amount of over PLN 13.2 billion, over EUR 6.5 billion and NOK 0.75 billion. The Bank’s share amounted to over PLN 4.4 billion, nearly EUR 0.8 billion and NOK 0.15 billion, respectively. 23 municipal bond issue agreements were executed for a total amount of over PLN 0.8 billion. Services of Brokerage Office In the third quarter of 2026, secondary market equity turnover reached PLN 32.3 billion, accounting for 9.41% of market turnover. Acting as an investment firm, the Bank carried out an issue of covered bonds of PKO Bank Hipoteczny S.A. worth approximately PLN 530 million and, as bookrunner, an offering of shares in Allegro.eu S.A. worth approximately PLN 192 million. As at the end of September 2026, the Brokerage Office: • maintained 188.8 thousand securities accounts and cash accounts, as well as 905.1 thousand registration accounts; • provided services concerning units in 384 funds and sub -funds managed by 10 fund management companies. Corporate banking financing The Bank introduced: • the option of a fixed interest rate for non-revolving loans and investment loans; • a benchmark from the POLSTR family for selected local government lending products; • the acceptance of applications for a loan commitment letter from customers applying for a Dual Use loan to finance investment in the manufacture of dual -use products with a grant from Bank Gospodarstwa Krajowego S.A.; • improvements in the financing of contracts implemented under the “Local Content. Z korzyścią dla Polski” (“Local Content. For the Benefit of Poland”) programme, supporting the development of the domestic supply chain and strengthening the potential of Polish businesses. Development of insurance products PKO Firma insurance Extension of the offering to new categories of business activity (up to 70% of Polish Classification of Activities (PKD) codes) and an increase in the indemnity limit under business liability insurance. PKO Dziecko insurance New insurance for children and young people under the age of 26, available in two variants: • Pakiet Mocny – providing basic cover; • Pakiet Supermocny – offering higher sums insured and a higher assistance limit. It also provides cash benefits following an accident and support in arranging treatment. The insurance is available through the online service and the mobile application. Development of IT projects and other services Contactless BLIK payments The Bank was the first in Poland to offer contactless BLIK payments on iPhones. PKO Pay Later As at the end of September 2026, approximately 392 thousand customers had the service activated, and the total amount of limits granted reached PLN 564.2 million. Customers have so far executed over 24.2 million transactions, totalling over PLN 3.6 billion. Artificial Intelligence (AI) As part of the grant-funded project with SGH Warsaw School of Economics, aimed at using AI to forecast markets and economic indicators, a cloud environment and the data repository needed to build AI models were launched in the third quarter of 2026. Deployment of the first AI agent platform (AGNO) and of Agent 0, a production solution supporting the handling of requests from the PKO mobile application and the PKO online service. The agents automatically classify requests and prepare responses for approval by an employee. The Bank made new models for clustering and classifying Polish -language content available on the Hugging Face platform. These are the first models of this type in Poland to offer a context window of more than 8,000 tokens. Automation and robotisation In the third quarter of 2026, the Bank robotised 19 new processes. The total number of robotised processes is 487.
Page 13
REPORT OF THE PKO BANK POLSKI S.A. GROUP FOR THE THIRD QUARTER OF 2026 MANAGEMENT BOARD’S COMMENTARY ON THE RESULTS OF THE PKO BANK POLSKI S.A. GROUP Page 13/56 In the third quarter of 2026, robots completed over 29 million tasks without human intervention. Since the beginning of the project, robots have completed a total of 560 million tasks. Implementation in the third quarter of 2026 of the first process using an AI Agent, supporting the handling of customer enquiries. Bots In the third quarter of 2026, all bots handled nearly 6.9 million conversations. By 30 September 2026, they had handled over 104 million conversations in total (up 25% y/y). In the third quarter of 2026, the Bank implemented SentiOne Automate, a new bot -building platform offering greater scope for developing advanced bots, particularly those using generative artificial intelligence solutions. The Bank launched: • 8 bots and chatbots; • a new process for unlocking the PKO Bank Polski S.A. mobile application, which has already handled over 71 thousand conversations. School Savings Accounts (SKO) In the third quarter of 2026, SKO was made available to secondary school students, providing access to bank accounts from the Bank's standard offering – Konto Dziecka or Konto dla Młodych – with a payment card, access to the application and the ability to make payments and use BLIK. Development of functionalities in electronic and mobile banking channels Mobile application of PKO Bank Polski S.A. The Bank continued to develop its mobile application, expanding the range of services available to customers and strengthening the security and convenience of everyday banking. Implementation of new functionalities: • the purchase of Treasury bonds for customers without an account with the Bank; • additional security based on behavioural biometrics; • applications for payment terminals for business customers; • regular pocket money in the form of an automatic transfer to a child's account – also available in the online service; • access to details of the active Allegro Klik service. Implementation of changes to existing functionalities: • e-Dowód – a new verification method in the process of registering for electronic banking without an account; • redesigned BLIK settings – the option to set PKO Płacę Później as the default funding source for BLIK payments. Online service of PKO Bank Polski S.A. for retail customers and small and medium- sized enterprises The Bank developed the functionalities of the service, focusing on security and investment and on expanding the range of services available through digital channels. Implementation of a new functionality: • Asystent Lokat, which helps customers make decisions when opening term deposits. Implementation of changes to existing functionalities: • a new design for the cards section, adapted to all screen sizes; • completed and unsettled transactions combined in a single view; • new security messages when logging in to the service. Distribution network of PKO Bank Polski S.A. Retail branches In the third quarter of 2026, 6 branches were relocated and 17 modernisations were completed. As at the end of September 2026, the number of cashless branches stood at 92 (10.5% of retail branches). 4.2. ACHIEVEMENTS OF THE PKO LEASING S.A. GROUP (PKO LEASING GROUP) Captive financing partnerships Signing of captive financing agreements (under which a financing institution offers a manufacturer's or distributor's customers dedicated, often preferential financing for the purchase of its products) with Mecalac Polska, EWT Truck & Trailer Polska (the S chmitz Cargobull brand), Suzuki Motor Polska and Agripak Szumacher, covering, among other things, leasing, loans, long-term rental and programmes with 0% interest for customers in the construction machinery, heavy transport, automotive and agricultural sectors.
Page 14
REPORT OF THE PKO BANK POLSKI S.A. GROUP FOR THE THIRD QUARTER OF 2026 MANAGEMENT BOARD’S COMMENTARY ON THE RESULTS OF THE PKO BANK POLSKI S.A. GROUP Page 14/56 ESG strategy The PKO Leasing Group adopted an ESG strategy for 2026 –2030, supporting the development of electromobility, the energy transition and customers' sustainable development. Joining PSME Joining the Polish Energy Storage Association (PSME) to develop expertise in financing renewable energy sources, energy storage and customers' energy efficiency. Implementation of SAP S/4HANA Commencement of the implementation of SAP S/4HANA, covering the modernisation of the technology environment and financial and accounting processes. Development of the electric vehicle fleet An increase in the number of electric vehicles in the Masterlease S.A. Group's fleet to 2,291, i.e. 4.9% of the total fleet of 47,223 vehicles, compared with 1,431 vehicles and a share of 3.3% at the end of the third quarter of 2025. 4.3. ACHIEVEMENTS OF PKO TOWARZYSTWO FUNDUSZY INWESTYCYJNYCH S.A. (PKO TFI S.A.; COMPANY) Investment fund market leader PKO TFI S.A. maintained its leading position in the retail fund market, with a share of 22.42%, and in the overall investment fund market, with a share of 18.45%. At the end of September 2026, the value of net assets increased to PLN 90.7 billion (up 24% y /y). In the third quarter of 2026, net sales amounted to PLN 1.9 billion. The customer base increased by 10% y/y to 2.3 million at the end of September 2026. PPK market leader As at 30 September 2026, the value of Employee Capital Plan s (PPK) assets managed by the Company amounted to PLN 17.9 billion, with a market share of 30.3%*. New products Expansion of PKO Bank Polski's offering to include 5 new sub-funds: • 4 foreign currency sub -funds, i.e. PKO Akcji Strefy Euro (EUR), PKO Akcji Rynku Amerykańskiego (USD), PKO Obligacji Strefy Euro (EUR), PKO Obligacji Amerykańskich (USD); • an income sub -fund, i.e. PKO Akcji Europejskich Dochodowy, with a quarterly income distribution mechanism. Customer service Development of customer service platforms: • modification of the BOK online order processing platform – adaptation to disclosure requirements, removal of the requirement to attach signed documents and new arrangements for handling powers of attorney; • automation of processes at PKO BP Finat Sp. z o.o. – verification of customer data and identity documents and development of the ATFI platform (an online transaction platform for investment fund and PPK participants); • adaptation of customer correspondence to CX standards and the Bank's visual identity. * Source: Analizy Online 5. RISK MANAGEMENT A detailed description of the policies for managing material risks is provided in 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 2025”. The Group maintains a safe level of liquidity, allowing for an effective response to potential threats. In the third quarter of 2026, the Bank adjusted its deposit offering to current needs and raised funding through bond issues. 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 2026, the Group structured its balance sheet so that the results of the supervisory outlier tests for interest rate risk in the banking book (SOT NII and SOT EVE) remained below the supervisory limits, despite changes in market interest rates associated with the escalation of the conflict in the Middle East. In the third quarter of 2026, the Group launched a pilot programme to collect ESG data from selected customers using questionnaires based on CSRD and VSME standards, developed by Biuro Informacji Kredytowej S.A. in cooperation with the banking sector, Sustainable Investment Forum Poland (POLSIF) and the Polish Bank Association. These data support compliance with regulatory requirements and ESG risk management.
Page 15
REPORT OF THE PKO BANK POLSKI S.A. GROUP FOR THE THIRD QUARTER OF 2026 MANAGEMENT BOARD’S COMMENTARY ON THE RESULTS OF THE PKO BANK POLSKI S.A. GROUP Page 15/56 6. FINANCIAL POSITION AFTER THE FIRST NINE MONTHS OF 2026 Financial data is presented on a management basis. Financial performance In the first nine months of 2026, the Group generated a net profit of PLN 8,223 million, which was PLN 256 million, or 3.2%, higher than in the corresponding period of 2025. The change in profit was primarily attributable to: 1. an improvement in net write -downs and impairment of PLN 2,426 million, mainly due to a lower cost of legal risk of mortgage loans in convertible currencies; 2. an increase in income tax expense of PLN 2,032 million, associated, among other things, with the increase in the corporate income tax rate for banks to 30%; 3. an increase in administrative expenses of PLN 257 million, primarily employee benefit expenses; 4. a PLN 231 million y/y increase in the result on business activities, driven by growth in net interest income and net fee and commission income, with a decline in other net income. Key financial indicators: The Group's results for the first nine months of 2026 translated into the following key financial indicators: • ROE was 19.1%, compared with 19.6% a year earlier; • the reported net interest margin was 4.43%, down 0.44 p.p. y/y. The change reflects the impact of changes in market interest rates, growth and changes in the structure of assets, and the Bank's hedging policy; • the C/I ratio was 31.7%, compared with 29.9% a year earlier, with administrative expenses growing faster than the result on business activities; • the cost of credit risk decreased to 0.27%, compared with 0.34% a year earlier, mainly as a result of a decrease in the ratio for corporate loans; • the total capital ratio was 17.18% and the Tier 1 capital ratio was 15.28%. The ratios remained above regulatory requirements. Key factors affecting the Group's results Result on business activities The result on business activities in the first nine months of 2026 amounted to PLN 23,194 million and was PLN 231 million, or 1.0%, higher than a year earlier. It was affected by: • a PLN 302 million y/y increase in net interest income, mainly due to lower interest expense from hedge accounting and on customer deposits and an increase in income from securities, with a decline in interest income from financing granted to customers and higher external funding costs; • a PLN 317 million y/y increase in net fee and commission income, mainly related to investment funds, brokerage activities, foreign exchange transactions, loans and cards; Change in net profit of the PKO Bank Polski S.A. Group (in PLN million) 1) Other net income excluding the cost of provisions for consumer protection issues. 2) This item comprises tax on certain financial institutions, net write -downs and impairment (excluding the cost of legal risk of mortgage loans), share in profits and losses of associates and joint ventures, and profits and losses attributable to non -controlling shareholders. Net profit for the first nine months of 2025 Cost of legal risk of mortgage loans Net fee and commission income Net interest income Net other income1) Income tax expense Provision for consumer protection issues Administrative expenses Other items2) Net profit for the first nine months of 2026 7,967 2,320 317 302 64 -2,032 -452 -257 -6 8,223 +256
Page 16
REPORT OF THE PKO BANK POLSKI S.A. GROUP FOR THE THIRD QUARTER OF 2026 MANAGEMENT BOARD’S COMMENTARY ON THE RESULTS OF THE PKO BANK POLSKI S.A. GROUP Page 16/56 • a PLN 388 million y/y decrease in other net income, mainly due to a PLN 591 million decrease in net other operating income and expenses, including the recognition of provisions for consumer protection issues of PLN 649 million (PLN 197 million in 2025) and provisions for a fine imposed by the PFSA relating to structured deposits of PLN 48 million, with a PLN 140 million increase in the insurance result. Administrative expenses Administrative expenses in the first nine months of 2026 amounted to PLN 7,202 million and increased by PLN 257 million, or 3.7% y/y. The increase was mainly attributable to higher employee benefit expenses. Net write-downs and impairment Net write -downs and impairment in the first nine months of 2026 amounted to PLN 2,056 million, an improvement of PLN 2,426 million on the previous year. The change was primarily attributable to: • a PLN 2,320 million decrease in the cost of legal risk of mortgage loans in convertible currencies; • a PLN 21 million decrease in credit risk allowances; • a PLN 85 million improvement in net impairment of non-financial assets. The level of the cost of legal risk of mortgage loans in convertible currencies was mainly attributable to updates to the parameters of the risk assessment model, the forecast number of court cases and the estimated costs of the settlement programme. Scale of operations As at 30 September 2026, the Group's total assets amounted to nearly PLN 620 billion, an increase of PLN 37 billion since the beginning of the year. The main changes in the scale of operations included: • an increase in financing granted to customers to PLN 350 billion, up PLN 35 billion since the beginning of the year, mainly in retail banking and financing granted to corporate customers; • an increase in customer deposits to PLN 492 billion, up PLN 32 billion since the beginning of the year, mainly due to growth in deposits from retail and private banking customers; • a stable securities portfolio of PLN 218 billion; • equity of PLN 57 billion, compared with PLN 59 billion at the end of 2025, mainly as a result of a decline in the valuation of financial assets measured at fair value through other comprehensive income and the General Meeting's resolution on the distribution of profit for 2025. Operating data and market shares In the first nine months of 2026, the Group continued to expand the scale of its operations: • the number of the Bank's customers increased to 12.7 million; • the number of current accounts increased to 10 million; • the Group's share of the loan market was 19.84% and its share of the customer savings market was 21.19%; • PKO TFI S.A. maintained its leading position in the retail investment fund market, with a share of 22.42%. 7. FACTORS THAT DETERMINE FUTURE PERFORMANCE The Group identifies macroeconomic, geopolitical, regulatory and legal factors that may affect its operations, financial results and risk profile. In the global economy, risks relate in particular to: • the escalation or prolongation of armed conflicts and geopolitical tensions and their impact on commodity prices and availability, inflation, trade, investment, supply chains and risk appetite; • the course of the war in Ukraine, the terms of any peace agreement and the associated economic, political and migration consequences; • persistently elevated inflation and high interest rates set by major central banks, associated, among other things, with high energy commodity prices; • increasing protectionism, trade barriers and tariffs, and restrictions on capital flows;
Page 17
REPORT OF THE PKO BANK POLSKI S.A. GROUP FOR THE THIRD QUARTER OF 2026 MANAGEMENT BOARD’S COMMENTARY ON THE RESULTS OF THE PKO BANK POLSKI S.A. GROUP Page 17/56 • political uncertainty and polarisation in Europe and the United States; • significant fluctuations in financial markets, rising bond yields and public debt; • low economic growth, particularly in developed economies; • the energy transition, changes in environmental requirements and the physical effects of climate change; • the impact of the development of artificial intelligence and automation on investment, productivity, the labour market and the structure of the economy; • state-sponsored or hybrid cyberattacks. In the Polish economy, risks relate in particular to: • the regulations effective from 1 January 2026 concerning changes in the corporate income tax rate, among others for domestic banks, including, as applicable, tax capital groups comprising at least one domestic bank. From 2027, the current rate of 30% will be replaced by a rate of 26%, and from 2028 by a rate of 23%; • political instability hindering the implementation of economic policy and structural reforms; • potential supply constraints associated with the concentration of EU -funded investment and increased defence spending; • increased competition from foreign manufacturers, particularly Asian manufacturers, seeking alternative markets in response to higher US tariffs; • changes in NBP interest rates, the level and interest rate of the reserve requirement, and the sustainability of demand for loans and investment activity; • pressures on public finances, inflationary pressure and rising yields on Polish bonds; • Russia's hybrid activities that may disrupt the operations of the Bank and its customers; • an increase in capital requirements resulting from the increase in the countercyclical buffer to 2% from September 2026; • the implementation of the POLSTR® benchmark, changes to the WIBOR and WFD benchmarks and their impact on the financial market; • the effects of a possible end to the war in Ukraine on the labour market, demand and asset valuations; • case law concerning foreign currency mortgage loans, PLN loans based on the WIBOR benchmark, the free credit sanction and interest on financed loan costs; • customer claims and the risk of fines imposed by the Office of Competition and Consumer Protection (UOKiK) and the PFSA for breaches of regulatory and consumer protection provisions. Benchmark reform In July 2026, the Group introduced benchmarks from the POLSTR family for selected loan products for local government customers. On 3 September 2026, PKO Bank Polski S.A. and PKO Bank Hipoteczny S.A. became the first banks in Poland to offer variable-rate mortgage loans based on a benchmark from the POLSTR family. The change applied to new mortgage lending and marked another stage i n the implementation of the interest rate benchmark reform in the Polish financial market. 8. IMPACT OF THE GEOPOLITICAL SITUATION ON THE GROUP’S OPERATIONS As part of credit risk management, the Group conducted portfolio reviews, used early warning systems and verified the level of expected credit losses. As at 30 September 2026, the value of exposures classified as Stage 2 and subject to elevated risk related to the geopolitical situation amounted to PLN 8,487 million, including PLN 4,624 million of exposures to industries particularly sensitive to the situation in the Middle East. The Group's liquidity and capital positions remained sound. The LCR decreased by 14.8 p.p. in the third quarter of 2026; however, it remained well above regulatory requirements. The Group also conducted stress tests, covering the impact of adverse geopolitical and macroeconomic scenarios on financial performance and capital adequacy.
Page 18
REPORT OF THE PKO BANK POLSKI S.A. GROUP FOR THE THIRD QUARTER OF 2026 MANAGEMENT BOARD’S COMMENTARY ON THE RESULTS OF THE PKO BANK POLSKI S.A. GROUP Page 18/56 9. OTHER INFORMATION • THE POSITION OF THE MANAGEMENT BOARD ON THE POSSIBILITY OF THE ACHIEVEMENT OF PREVIOUSLY PUBLISHED FORECASTS OF THE RESULTS FOR THE YEAR The Bank did not publish financial results forecasts for 2026. Information on significant events that affected the Bank's and the Group's results is provided in current reports. • SIGNIFICANT AGREEMENTS AND MATERIAL AGREEMENTS WITH THE CENTRAL BANK OR SUPERVISORY AUTHORITIES On 11 September 2026, PKO Leasing S.A., a subsidiary of the Bank, entered into a EUR 100 million loan agreement with the European Investment Bank (EIB), with a 5-year repayment period. Disbursement of the financing to PKO Leasing S.A. is planned for the fourth quarter of 2026. The loan will be secured by a guarantee granted by PKO Bank Polski S.A. Other Group companies did not enter into agreements meeting these criteria. • INFORMATION ON NON -PAYMENT OF A LOAN OR ADVANCE OR BREACH OF MATERIAL PROVISIONS OF A LOAN OR ADVANCE AGREEMENT IN RESPECT OF WHICH NO REMEDIAL ACTION WAS TAKEN BY THE END OF THE REPORTING PERIOD The Group has not identified any unpaid loans or advances or any breach of material provisions of loan or advance agreements under which it acts as borrower and in respect of which no remedial action had been taken by 30 September 2026. • LOANS DRAWN AND AGREEMENTS REGARDING ADVANCES , GUARANTEES AND SURETIES WHICH ARE NOT RELATED TO OPERATING ACTIVITIES In the third quarter of 2026, neither the Bank nor the Bank's subsidiaries took out any loans or advances or received any guarantees or sureties which were not related to their operating activities. • 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 related parties that deviate materially from arm's length conditions. The Group companies did not conclude such transactions. • INFORMATION ON SIGNIFICANT AGREEMENTS CONCERNING THE ISSUER OR ITS SUBSIDIARY GRANTING SURETIES FOR LOANS OR ADVANCES OR GRANTING GUARANTEES No such agreements were concluded. • INFORMATION ON MATERIAL PROCEEDINGS BEFORE A COURT , A COMPETENT ARBITRATION TRIBUNAL OR A PUBLIC ADMINISTRATION BODY Detailed information on litigation and regulatory proceedings is presented in Note 21 to the financial statements, “Legal claims and regulatory proceedings”. • OTHER INFORMATION RELEVANT TO THE ASSESSMENT OF THE ISSUER 'S PERSONNEL, ASSETS, FINANCIAL POSITION, FINANCIAL PERFORMANCE AND CHANGES THEREIN In the third quarter of 2026, PKO Bank Polski S.A. and its subsidiaries did not experience any other significant events relevant to the assessment of their personnel, assets, financial position and financial performance. • OTHER INFORMATION - FINANCIAL LIABILITIES, INCLUDING PAST DUE LIABILITIES FINANCIAL LIABILITIES 30.09.2026 31.12.2025 Financial liabilities, including: 547,402 508,806 Past due 7 7
Page 19
REPORT OF THE PKO BANK POLSKI S.A. GROUP FOR THE THIRD QUARTER OF 2026 CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS OF THE PKO BANK POLSKI S.A. GROUP FOR THE NINE -MONTH PERIOD ENDED 30 SEPTEMBER 2026 (IN PLN MILLION) Page 19/56 Condensed interim consolidated financial statements of the PKO Bank Polski S.A. Group for the nine-month period ended 30 September 2026, together with the condensed interim separate financial statements of PKO Bank Polski S.A. for the nine-month period ended 30 September 2026
Page 20
REPORT OF THE PKO BANK POLSKI S.A. GROUP FOR THE THIRD QUARTER OF 2026 CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS OF THE PKO BANK POLSKI S.A. GROUP FOR THE NINE -MONTH PERIOD ENDED 30 SEPTEMBER 2026 (IN PLN MILLION) The notes presented on pages 26 to 46 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 2026. Page 20/56 Consolidated income statement Note Q3 2026 First three quarters of 2026 Q3 2025 First three quarters of 2025 6 Net interest income 6,472 18,499 6,062 18,197 Interest and similar income 8,292 23,882 8,337 25,140 calculated using the EIR 8,223 23,677 8,256 24,900 Interest expense (1,820) (5,383) (2,275) (6,943) 7 Net fee and commission income 1,408 4,193 1,347 3,876 Fee and commission income 1,961 5,689 1,813 5,231 Fee and commission expense (553) (1,496) (466) (1,355) Net other income 40 477 287 870 Net income from insurance business, of which: 221 603 152 463 Insurance revenue (net of reinsurance) 458 1,286 384 1,138 Cost of insurance activities (net of reinsurance) (193) (569) (190) (564) Dividend income - 56 - 14 Gains/(losses) on financial transactions 48 154 69 203 Net foreign exchange gains/ (losses) 96 281 74 189 Gains/(losses) on derecognition of financial instruments, including: 1 19 10 46 for instruments measured at AC 1 (2) 2 6 8 Other operating income 122 363 115 336 8 Other operating expenses (448) (999) (133) (381) Result on business activities 7,920 23,169 7,696 22,943 9 Allowances for expected credit losses (172) (666) (211) (692) 10 Impairment of non-financial assets (41) (310) (114) (395) 11 Cost of legal risk of loans (370) (1,055) (1,153) (3,375) 12 Administrative expenses (2,387) (7,202) (2,221) (6,945) Tax on certain financial institutions (370) (1,097) (339) (1,001) Share in profits and losses of associates and joint ventures 32 92 47 109 Profit before tax 4,612 12,931 3,705 10,644 13 Income tax expense (1,679) (4,708) (867) (2,676) Net profit 2,933 8,223 2,838 7,968 Profit (loss) attributable to non-controlling shareholders - - 1 1 Net profit attributable to equity holders of the parent company 2,933 8,223 2,837 7,967 Earnings per share for the period - basic (in PLN)* 2.35 6.58 2.27 6.37 * As there were no dilutive instruments, diluted earnings per share are equal to basic earnings per share.The weighted average number of ordinary shares in the periods was 1,250 million.
Page 21
REPORT OF THE PKO BANK POLSKI S.A. GROUP FOR THE THIRD QUARTER OF 2026 CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS OF THE PKO BANK POLSKI S.A. GROUP FOR THE NINE -MONTH PERIOD ENDED 30 SEPTEMBER 2026 (IN PLN MILLION) The notes presented on pages 26 to 46 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 2026. Page 21/56 Consolidated statement of comprehensive income Q3 2026 First three quarters of 2026 Q3 2025 First three quarters of 2025 Net profit 2,933 8,223 2,838 7,968 Other comprehensive income (1,698) (1,913) 490 1,771 Items which may be reclassified to profit or loss (1,698) (1,913) 490 1,771 Cash flow hedges (734) (937) 183 1,033 - Change in fair value (742) (803) (32) 522 - Reclassification to profit or loss (234) (455) 258 753 - Deferred tax 242 321 (43) (242) FVOCI financial assets (981) (994) 287 792 - Change in fair value (1,276) (1,271) 363 1,021 - Reclassification to profit or loss (on disposal) - (21) (8) (40) - Deferred tax 295 298 (68) (189) Foreign currency translation differences 16 9 11 (68) Share in OCI of associates and joint ventures 2 9 8 14 Finance income and costs from insurance business (1) - 1 - Net comprehensive income: 1,235 6,310 3,328 9,739 equity holders of the parent company 1,235 6,310 3,327 9,738 non-controlling interest - - 1 1
Page 22
REPORT OF THE PKO BANK POLSKI S.A. GROUP FOR THE THIRD QUARTER OF 2026 CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS OF THE PKO BANK POLSKI S.A. GROUP FOR THE NINE -MONTH PERIOD ENDED 30 SEPTEMBER 2026 (IN PLN MILLION) The notes presented on pages 26 to 46 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 2026. Page 22/56 Consolidated statement of financial position Note 30.09.2026 31.12.2025 Cash and balances with CB 23,221 21,919 Amounts due from banks 7,298 4,477 14 Hedging derivatives 183 21 14 Other derivative instruments 2,376 2,415 15 Securities 240,590 241,484 Reverse repo transactions 1,721 2,010 16 Loans and advances 327,678 293,411 Insurance assets 92 88 Property, plant and equipment under operating lease 3,362 3,102 Property, plant and equipment 3,371 3,429 Non-current assets held for sale 2 5 Intangible assets 4,167 4,184 Associates and joint ventures 309 325 Current income tax (receivable) 41 12 Deferred income tax (asset) 2,354 2,620 19 Other assets 3,101 3,577 ASSETS 619,866 583,079 Amounts due to CB 12 10 Amounts due to banks 3,947 3,440 14 Hedging derivatives 126 122 14 Other derivative instruments 2,877 2,701 Repo transactions - 22 17 Amounts due to customers 492,478 460,722 Insurance liabilities 1,750 1,827 18 Loans and advances received 794 1,059 Debt securities in issue 34,132 29,580 Subordinated liabilities 7,357 6,309 19 Other liabilities 9,963 9,303 Current income tax (liability) 1,205 936 Deferred income tax (liability) 933 909 20 Provisions 7,154 7,636 LIABILITIES 562,728 524,576 Share capital 1,250 1,250 Reserves and other comprehensive income 36,455 35,361 Unappropriated profits 11,221 11,221 Net profit or loss for the period 8,223 10,682 Capital and reserves attributable to equity holders of the parent company 57,149 58,514 Non-controlling interests (11) (11) EQUITY 57,138 58,503 LIABILITIES AND EQUITY 619,866 583,079
Page 23
REPORT OF THE PKO BANK POLSKI S.A. GROUP FOR THE THIRD QUARTER OF 2026 CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS OF THE PKO BANK POLSKI S.A. GROUP FOR THE NINE -MONTH PERIOD ENDED 30 SEPTEMBER 2026 (IN PLN MILLION) The notes presented on pages 26 to 46 form an integral part of the condensed interim consolidated financial statements of the PKO Bank Polski S.A. Group for the ni ne-month period ended 30 September 2026. Page 23/56 Consolidated statement of changes in equity Share capital Reserves Accumulated other comprehensiv e income Reserves and OCI Unapprop riated profits Net profit or loss for the period Capital and reserves attributable to equity holders of the parent company Non- controlling interests Equity Suppleme ntary capital General banking risk fund Other reserves First three quarters of 2026 Opening balance 1,250 23,003 1,070 11,302 (14) 35,361 11,221 10,682 58,514 (11) 58,503 Transfer of profit - - - - - - 10,682 (10,682) - - - Allocation to reserves (Note 26) - 130 - 2,877 - 3,007 (3,007) - - - - Dividend (Note 26) - - - - - - (7,675) - (7,675) - (7,675) Comprehensive income - - - - (1,913) (1,913) - 8,223 6,310 - 6,310 Closing balance 1,250 23,133 1,070 14,179 (1,927) 36,455 11,221 8,223 57,149 (11) 57,138 First three quarters of 2025 Opening balance 1,250 22,858 1,070 8,890 (2,315) 30,503 11,324 9,304 52,381 (11) 52,370 Transfer of profit - - - - - - 9,304 (9,304) - - - Allocation to reserves - 36 - 2,413 - 2,449 (2,449) - - - - Dividend - - - - - - (6,850) - (6,850) - (6,850) Comprehensive income - - - - 1,771 1,771 - 7,967 9,738 1 9,739 Closing balance 1,250 22,894 1,070 11,303 (544) 34,723 11,329 7,967 55,269 (10) 55,259 Accumulated other comprehensive income (OCI) Share in OCI of associates and joint ventures Fair value of FVOCI assets Cash flow hedges Finance income and costs from insurance business Actuarial gains and losses Foreign currency translation differences Total First three quarters of 2026 Opening balance (29) 455 141 1 (32) (550) (14) Comprehensive income 9 (994) (937) - - 9 (1,913) Closing balance (20) (539) (796) 1 (32) (541) (1,927) First three quarters of 2025 Opening balance (43) (669) (1,122) 1 (27) (455) (2,315) Comprehensive income 14 792 1,033 - - (68) 1,771 Closing balance (29) 123 (89) 1 (27) (523) (544)
Page 24
REPORT OF THE PKO BANK POLSKI S.A. GROUP FOR THE THIRD QUARTER OF 2026 CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS OF THE PKO BANK POLSKI S.A. GROUP FOR THE NINE-MONTH PERIOD ENDED 30 SEPTEMBER 2026 (IN PLN MILLION) The notes presented on pages 26 to 46 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 2026. Page 24/56 Consolidated statement of cash flows Cash flows from operating activities First three quarters of 2026 First three quarters of 2025 Profit before tax 12,931 10,644 Income tax paid (3,551) (2,550) Total adjustments: (14,464) (3,904) Depreciation and amortization 1,316 1,222 (Gains)/losses on investing activities (3) (23) Net interest income (from the income statement) (18,499) (18,197) Interest received 17,999 19,139 Interest paid (4,714) (5,854) Dividends received (55) (13) Change in: Amounts due from banks (149) (578) hedging derivatives (145) (396) other derivative instruments 215 (587) securities (6,770) (4,025) gross loans and advances (36,779) (19,208) reverse repo transactions 286 285 insurance assets (4) 19 property, plant and equipment under operating lease (382) (254) non-current assets held for sale 3 8 other assets 398 (562) accumulated ECL 753 390 accumulated allowances on non-financial assets and provisions (142) 1,183 amounts due to CB 2 (1) amounts due to banks 508 903 amounts due to customers 31,888 20,742 repo transactions (22) - insurance liabilities (77) (549) loan and advances received 34 - debt securities in issue 790 211 subordinated liabilities 34 - other liabilities 855 1,499 Other adjustments (1,804) 742 Net cash from/used in operating activities (5,084) 4,190
Page 25
REPORT OF THE PKO BANK POLSKI S.A. GROUP FOR THE THIRD QUARTER OF 2026 CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS OF THE PKO BANK POLSKI S.A. GROUP FOR THE NINE -MONTH PERIOD ENDED 30 SEPTEMBER 2026 (IN PLN MILLION) The notes presented on pages 26 to 46 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 2026. Page 25/56 Cash flows from investing activities First three quarters of 2026 First three quarters of 2025 Inflows from investing activities 358,798 253,533 Redemption and sale of FVOCI securities 334,814 227,207 Redemption of AC securities 17,521 20,672 Interest received on FVOCI securities 2,871 3,151 Interest received on AC securities 3,494 2,441 Proceeds from disposal of property, plant and equipment and non-current assets held for sale 28 49 Other, including dividends 70 13 Outflows on investing activities (344,885) (255,440) Purchase of FVOCI securities (320,588) (221,611) Purchase of AC securities (23,527) (33,213) Purchase of property, plant and equipment and intangible assets (770) (616) Net cash from/used in investing activities 13,913 (1,907) Cash flows from financing activities First three quarters of 2026 First three quarters of 2025 Distribution of dividends (7,675) (6,850) Issues of debt securities 19,902 18,149 Redemption of debt securities (16,137) (15,470) Issues of subordinated bonds 2,140 2,000 Redemption of subordinated bonds (1,092) - Repayment of loans and advances (300) (80) Payment of lease liabilities (199) (215) Repayment of interest on financial liabilities (1,304) (1,371) Net cash from financing activities (4,665) (3,837) Total net cash flows First three quarters of 2026 First three quarters of 2025 Total net cash flows 4,164 (1,554) of which foreign exchange differences on cash and cash equivalents 107 (89) Cash and cash equivalents at the beginning of the period 23,971 27,293 Cash and cash equivalents at the end of the period 28,135 25,739
Page 26
REPORT OF THE PKO BANK POLSKI S.A. GROUP FOR THE THIRD QUARTER OF 2026 CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS OF THE PKO BANK POLSKI S.A. GROUP FOR THE NINE-MONTH PERIOD ENDED 30 SEPTEMBER 2026 (IN PLN MILLION) Page 26/56 Supplementary information 1. ACTIVITIES OF THE GROUP Basic information on the parent company: Name Powszechna Kasa Oszczędności Bank Polski Spółka Akcyjna (PKO Bank Polski S.A. or the Bank) Registered office Warsaw, Poland Address ul. Świętokrzyska 36, 00-116 Warsaw. KRS number 0000026438 Statistical ID No (REGON): 016298263 Place of business Poland and foreign corporate branches in the Federal Republic of Germany, the Czech Republic, the Slovak Republic and Romania, representative offices in Austria, Lithuania and Sweden, as well as subsidiaries in Ukraine, Sweden and Ireland PKO Bank Polski S.A. is a universal bank providing services to retail customers, enterprises, corporations and the public sector. The Group also offers leasing, factoring, insurance, pension, investment and technology services through its subsidiaries. Key information on the Powszechna Kasa Oszczędności Bank Polski Spółka Akcyjna Group (the Group) Detailed information concerning the Group's structure, including the list of subsidiaries, joint ventures and associates included in consolidation, is presented in the “Consolidated financial statements of the PKO Bank Polski S.A. Group for the year ended 31 December 2025”. As at 30 September 2026, the Group comprised 27 subsidiaries, 3 associates and 5 joint ventures. The most significant change in the Group's structure in the first nine months of 2026 was the merger of Masterlease sp. z o.o. and Prime Car Management S.A. As a result of the merger, PKO Masterlease S.A. was formed. 2. APPROVAL OF THE CONSOLIDATED FINANCIAL STATEMENTS The condensed interim consolidated financial statements of the PKO Bank Polski S.A. Group for the nine -month period ended 30 September 2026 (hereinafter the Financial statements ) were approved for publication by the Management Board on 4 November 2026, following a prior review by the Audit Committee of the Supervisory Board on 3 November 2026 and by the Supervisory Board on 4 November 2026. 3. THE BASIS FOR PREPARATION OF THE FINANCIAL STATEMENTS Representation by the Management Board and going concern The Management Board hereby represents that, to its best knowledge, the financial statements 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. The financial statements have been prepared on the assumption that the Group will continue as a going concern for a period of at least 12 months from the date of approval for publication, i.e. from 4 November 2026. As at the date of preparation of the financial statements, the Management Board does not identify any circumstances indicating a threat to the Group's ability to continue as a going concern, including those arising from the economic and geopolitical situation. Basis of measurement, reporting period and presentation currency The financial statements have been prepared in accordance with International Accounting Standard 34 “Interim Financial Reporting” as endorsed by the European Union (IAS 34). The financial statements should be read in conjunction with the “Consolidated financial statements of the PKO Bank Polski S.A. Group for the year ended 31 December 2025”, prepared in accordance with the International Financial Reporting Standards endorsed by the European Union (hereinafter the financial statements of the Group for 2025).
Page 27
REPORT OF THE PKO BANK POLSKI S.A. GROUP FOR THE THIRD QUARTER OF 2026 CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS OF THE PKO BANK POLSKI S.A. GROUP FOR THE NINE -MONTH PERIOD ENDED 30 SEPTEMBER 2026 (IN PLN MILLION) Page 27/56 The financial statements cover the three - and nine -month periods ended 30 September 2026 and contain comparative data for the corresponding periods of 2025 and, in the case of the consolidated statement of financial position, comparative data as at 31 Dece mber 2025. Financial data are presented in millions of Polish zlotys (PLN), unless otherwise indicated. Figures have been rounded to the nearest PLN million. The Group applied accounting policies and calculation methods consistent with those applicable in the financial statements of the Group for 2025, taking into account the principle of recognising 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. 4. CHANGES IN ACCOUNTING POLICIES AND NEW STANDARDS Apart from changes resulting from new standards effective from 1 January 2026, the Group did not introduce any changes in accounting policies having a material effect on the financial statements. Standards and amendments to standards effective from 1 January 2026 Standard / Amendment Description and effect Amendments to IFRS 9 and IFRS 7 Scope of the amendments: • rules for the derecognition of financial liabilities settled electronically; • clarification of the assessment of cash flows (including ESG factors); • enhanced disclosures. Additionally: • rules for contracts for the supply of nature-dependent electricity; • the option to apply hedge accounting. Effective date: 1 January 2026 Effect: no material effect / not applicable Annual improvements to standards Scope of the amendments: • harmonisation and clarification of the provisions of selected standards; • the scope includes, among others, IFRS 1, 7, 9, 10 and IAS 7. Effective date: 1 January 2026 Effect: no material effect New standards and amendments to standards that have been published and endorsed by the EU IFRS 18 “Presentation and Disclosure in Financial Statements”, published in April 2024 and effective from 1 January 2027, replaces IAS 1 and introduces changes concerning the presentation of financial information, in particular in the income statement, the statement of cash flows and disclosures concerning management -defined performance measures (MPMs). The standard does not change the principles for recognising and measuring assets and liabilities and does not affect the Group's financial result. Based on the analyses performed to date, the Group expects the implementation of the standard to affect mainly the presentation of selected line items in the income statement and the statement of cash flows, and the presentation of management-defined performance measures. Preliminary analyses indicate, in particular: • the introduction of new mandatory subtotals in the income statement, including operating profit; • the reclassification of interest expense on lease liabilities and the interest component of actuarial provisions from the operating category to the financing category; • the presentation of the share in profits and losses of associates and joint ventures accounted for using the equity method, as well as net impairment of investments in these entities, in the investing category; • clarification of the structure of operating expenses by presenting the main cost categories as additional line items in the primary income statement, such as employee benefits, depreciation and amortisation, overheads and costs of regulatory charges; • the elimination of redundant interim line items, e.g. "other net income".
Page 28
REPORT OF THE PKO BANK POLSKI S.A. GROUP FOR THE THIRD QUARTER OF 2026 CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS OF THE PKO BANK POLSKI S.A. GROUP FOR THE NINE -MONTH PERIOD ENDED 30 SEPTEMBER 2026 (IN PLN MILLION) Page 28/56 The Group is carrying out implementation work, including an analysis of the effect of the standard on comparative data and the scope of the required disclosures. In addition, the Group is analysing its external communications to date to identify MPMs in order to prepare the required disclosures. In implementing IFRS 18, the Group will also change the presentation by splitting the “Intangible assets” line item into the more detailed categories “Goodwill” and “Other intangible assets”. In addition, the Group plans to introduce further changes that do not result from the implementation of IFRS 18, including: • presentation of depreciation expense on property, plant and equipment leased out under operating leases in administrative expenses rather than in net fee and commission income; • splitting other assets and other liabilities into financial and non-financial items. New standards and amendments to standards that have been published and have not been endorsed by the EU Standard / Amendment Description and effect IFRS 19 “Subsidiaries without Public Accountability: Disclosures” and amendments to IFRS 19 Scope of the amendments: • simplification of reporting and disclosure requirements for subsidiaries without public accountability; • application in separate financial statements; • specification of the scope of disclosures for standards and amendments published between February 2021 and May 2024. Effective date:1 January 2027 Effect: not applicable Amendments to IAS 21 Scope of the amendments: • clarification of the principles for preparing financial statements where the presentation currency is the currency of a hyperinflationary economy; • application where the functional currency of the entity or its foreign operations is not the currency of a hyperinflationary economy. Effective date:1 January 2027 Effect: not applicable IFRS 20 “Regulatory Assets and Regulatory Liabilities” Scope of the amendments: • applies where the issuer and the market regulator are parties to an agreement determining the rate that the entity may charge its customers; • a requirement to recognise regulatory assets or liabilities where part of the permitted compensation for services provided in one period is collected from customers in the following period to ensure full matching of income and expenses, while all expenses are recognised in the first period; • specification of the scope of disclosures concerning regulatory assets, liabilities, income and expenses. Effective date: 1 January 2029 Effect: under analysis Amendments to IAS 28 Scope of the amendments: • the amendment applies to entities whose specified main business activity involves investing in assets; • in connection with the entry into force of IFRS 18, such entities may apply the fair value through profit or loss option to investments in associates or joint ventures previously accounted for using the equity method; • if an entity's specified main business activity involves investing in associates or joint ventures previously accounted for using the equity method, the result of measuring them at fair value may be presented in the operating category rather than in the investing category Effective date: 1 January 2027 Effect: under analysis
Page 29
REPORT OF THE PKO BANK POLSKI S.A. GROUP FOR THE THIRD QUARTER OF 2026 CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS OF THE PKO BANK POLSKI S.A. GROUP FOR THE NINE -MONTH PERIOD ENDED 30 SEPTEMBER 2026 (IN PLN MILLION) Page 29/56 5. SEGMENT REPORTING Income statement by segment RETAIL CORP TC Total RETAIL CORP TC Total Q3 2026 First three quarters of 2026 Net interest income 4,512 1,630 330 6,472 12,791 4,752 956 18,499 Net fee and commission income 1,032 395 (19) 1,408 3,110 1,140 (57) 4,193 Net other income, of which: (96) (19) 155 40 89 77 311 477 income/(expenses) relating to internal customers 2 (2) - - 6 (6) - - Result on business activities 5,448 2,006 466 7,920 15,990 5,969 1,210 23,169 Allowances for expected credit losses (120) (52) - (172) (433) (233) - (666) Impairment of non-financial assets 32 (5) (68) (41) (142) (61) (107) (310) Cost of legal risk of loans (370) - - (370) (1,055) - - (1,055) Administrative expenses, of which: (1,901) (432) (54) (2,387) (5,588) (1,430) (184) (7,202) depreciation and amortization (281) (51) (3) (335) (798) (145) (7) (950) costs of regulatory charges (18) (7) (1) (26) (302) (268) (66) (636) Tax on certain financial institutions (245) (127) 2 (370) (703) (367) (27) (1,097) Segment profit/(loss) 2,844 1,390 346 4,580 8,069 3,878 892 12,839 Q3 2025 First three quarters of 2025 Net interest income 4,561 1,851 (350) 6,062 13,822 5,381 (1,006) 18,197 Net fee and commission income 973 394 (20) 1,347 2,921 1,032 (77) 3,876 Net other income, of which: 139 (46) 194 287 477 50 343 870 income/(expenses) relating to internal customers 2 (2) - - 8 (8) - - Result on business activities 5,673 2,199 (176) 7,696 17,220 6,463 (740) 22,943 Allowances for expected credit losses (147) (64) - (211) (386) (306) - (692) Impairment of non-financial assets (66) (2) (46) (114) (289) (6) (100) (395) Cost of legal risk of loans (1,153) - - (1,153) (3,375) - - (3,375) Administrative expenses, of which: (1,804) (380) (37) (2,221) (5,541) (1,257) (147) (6,945) depreciation and amortization (269) (48) (2) (319) (780) (139) (7) (926) costs of regulatory charges (75) (8) - (83) (397) (197) (39) (633) Tax on certain financial institutions (241) (156) 58 (339) (701) (438) 138 (1,001) Segment profit/(loss) 2,262 1,597 (201) 3,658 6,928 4,456 (849) 10,535 Segment results do not include the share in profits and losses of associates and joint ventures. After including this item, the total segment results correspond to the Group's profit before tax presented in the consolidated income statement. Assets and liabilities by segment RETAIL CORP TC Total Assets 30.09.2026 244,024 206,540 166,598 617,162 Liabilities 30.09.2026 415,767 100,181 44,642 560,590 Assets 31.12.2025 220,322 203,021 156,779 580,122 Liabilities 31.12.2025 381,242 102,655 38,834 522,731 Segment assets do not include investments in associates and joint ventures or unallocated current and deferred income tax assets. Segment liabilities do not include unallocated current and deferred income tax liabilities.
Page 30
REPORT OF THE PKO BANK POLSKI S.A. GROUP FOR THE THIRD QUARTER OF 2026 CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS OF THE PKO BANK POLSKI S.A. GROUP FOR THE NINE -MONTH PERIOD ENDED 30 SEPTEMBER 2026 (IN PLN MILLION) Page 30/56 The total value of unallocated items on the asset side amounted to PLN 2,704 million as at 30 September 2026 (31 December 2025: PLN 2,957 million), and the corresponding amount on the liability side was PLN 2,138 million (31 December 2025: PLN 1845 million). 6. NET INTEREST INCOME Q3 2026 First three quarters of 2026 Q3 2025 First three quarters of 2025 Interest and similar income 8,292 23,882 8,337 25,140 Interest expense (1,820) (5,383) (2,275) (6,943) Net interest income, including: 6,472 18,499 6,062 18,197 interest income on impaired financial instruments 168 459 181 538 net income/(expense) on non-substantial modification1 (23) (260) (18) (30) 1 the net income/(expense) on non -substantial modification was affected primarily by the discontinuation of interest accrual on financed loan costs, which reduced interest income by PLN 173 million. Interest income by segment Q3 2026 First three quarters of 2026 RETAIL CORP TC Total RETAIL CORP TC Total Amounts due from banks and balances with CB1 1 120 153 274 3 340 447 790 Debt securities 33 892 1,719 2,644 101 2,718 4,972 7,791 Loans and advances 3,803 1,197 - 5,000 10,807 3,401 - 14,208 Repo transactions - 24 - 24 - 52 - 52 Finance leases 223 127 - 350 667 374 - 1,041 Total 4,060 2,360 1,872 8,292 11,578 6,885 5,419 23,882 Interest income by segment Q3 2025 First three quarters of 2025 RETAIL CORP TC Total RETAIL CORP TC Total Amounts due from banks and balances with CB1 3 118 180 301 8 382 569 959 Debt securities 34 1,138 1,397 2,569 106 3,371 3,914 7,391 Loans and advances 3,849 1,229 - 5,078 11,760 3,815 - 15,575 Repo transactions - 7 - 7 - 34 - 34 Finance leases 248 134 - 382 758 423 - 1,181 Total 4,134 2,626 1,577 8,337 12,632 8,025 4,483 25,140 1 Interest income on funds in the current account with the NBP amounted to PLN 444 million in the first nine months of 2026 and PLN 565 million in the first nine months of 2025. Interest expense Q3 2026 First three quarters of 2026 Q3 2025 First three quarters of 2025 Hedging derivatives (46) (163) (342) (1,211) Amounts due to banks (28) (77) (26) (70) Interbank deposits - (1) - - Loans and advances received (7) (18) (7) (24) Leases (13) (38) (13) (37) Amounts due to customers (1,278) (3,831) (1,503) (4,477) Repo transactions (2) (5) (4) (9) Issues of securities (343) (966) (302) (880) Subordinated liabilities (103) (284) (78) (235) Total interest expense (1,820) (5,383) (2,275) (6,943)
Page 31
REPORT OF THE PKO BANK POLSKI S.A. GROUP FOR THE THIRD QUARTER OF 2026 CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS OF THE PKO BANK POLSKI S.A. GROUP FOR THE NINE -MONTH PERIOD ENDED 30 SEPTEMBER 2026 (IN PLN MILLION) Page 31/56 7. NET FEE AND COMMISSION INCOME Q3 2026 First three quarters of 2026 Q3 2025 First three quarters of 2025 Fee and commission income 1,961 5,689 1,813 5,231 Fee and commission expense (553) (1,496) (466) (1,355) Net fee and commission income 1,408 4,193 1,347 3,876 Fee and commission income by segment Q3 2026 First three quarters of 2026 RETAIL CORP TC Total RETAIL CORP TC Total Loans, insurance, operating leases and fleet management 167 152 2 321 541 456 6 1,003 Investment funds, pension funds and brokerage activities 311 55 - 366 890 151 - 1,041 Cards 633 19 - 652 1,763 54 - 1,817 Margins on foreign exchange transactions 155 102 - 257 459 284 - 743 Bank accounts and other 236 129 - 365 732 353 - 1,085 Total 1,502 457 2 1,961 4,385 1,298 6 5,689 Fee and commission income by segment Q3 2025 First three quarters of 2025 RETAIL CORP TC Total RETAIL CORP TC Total Loans, insurance, operating leases and fleet management 156 168 3 327 536 426 8 970 Investment funds, pension funds and brokerage activities 235 32 - 267 688 110 - 798 Cards 608 12 - 620 1,672 37 - 1,709 Margins on foreign exchange transactions 153 85 - 238 464 218 - 682 Bank accounts and other 223 138 - 361 736 336 - 1,072 Total 1,375 435 3 1,813 4,096 1,127 8 5,231 Fee and commission expense Q3 2026 First three quarters of 2026 Q3 2025 First three quarters of 2025 Loans and insurance (37) (102) (21) (86) Investment funds, pension funds and brokerage activities (21) (57) (9) (44) Cards (405) (1,091) (358) (993) Bank accounts and other (90) (246) (78) (232) Total (553) (1,496) (466) (1,355)
Page 32
REPORT OF THE PKO BANK POLSKI S.A. GROUP FOR THE THIRD QUARTER OF 2026 CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS OF THE PKO BANK POLSKI S.A. GROUP FOR THE NINE -MONTH PERIOD ENDED 30 SEPTEMBER 2026 (IN PLN MILLION) Page 32/56 8. OTHER OPERATING INCOME AND EXPENSES Q3 2026 First three quarters of 2026 Q3 2025 First three quarters of 2025 Revenue from the sale of products and services of Group companies 54 145 48 130 Sale and scrapping of assets 14 38 13 37 Sale of CO2 emission allowances 8 35 9 13 Compensation and penalties 11 31 8 41 Provisions for legal claims excluding legal claims relating to mortgage loans in convertible currencies 3 10 1 21 Other 32 104 36 94 Total other operating income 122 363 115 336 Provision for consumer protection issues (328) (649) (72) (197) Provisions for legal claims excluding legal claims relating to mortgage loans in convertible currencies (56) (74) (5) (15) Donations (1) (66) (1) (3) Sale and scrapping of assets (15) (35) (6) (14) Sale of CO2 emission allowances (7) (32) (8) (10) Debt recovery costs (9) (24) (9) (25) Other (32) (119) (32) (117) Total other operating expenses (448) (999) (133) (381) Net other operating income and expense (326) (636) (18) (45) 9. ALLOWANCES FOR EXPECTED CREDIT LOSSES Allowances for expected credit losses (ECL) Q3 2026 First three quarters of 2026 Q3 2025 First three quarters of 2025 Amounts due from banks - (1) 1 (3) Debt securities (1) 4 8 26 Loans and advances, including finance leases1 (186) (744) (193) (718) Other financial assets (2) 1 (1) (4) Financial liabilities and guarantees granted 17 74 (26) 7 Total (172) (666) (211) (692) 1 including, in the first nine months of 2026 and 2025, respectively: real estate loans – PLN 129 million and PLN 80 million; corporate loans – PLN (334) million and PLN (359) million; consumer loans – PLN (470) million and PLN (381) million; factoring – PLN (9) million and PLN (1) million; finance leases – PLN (60) million and PLN (57) million. Changes in accumulated ECL 01.01.2026 Net ECL Write-offs and other changes 30.09.2026 Amounts due from banks (1) (1) - (2) Debt securities (73) 4 4 (65) Loans and advances, including finance leases (9,565) (744) (76) (10,385) Other financial assets (88) 1 (11) (98) Financial liabilities and guarantees granted (628) 74 (4) (558) Total (10,355) (666) (87) (11,108) 01.01.2025 Net ECL Write-offs and other changes 30.09.2025 Amounts due from banks (2) (3) - (5) Debt securities (92) 26 (15) (81) Loans and advances, including finance leases (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)
Page 33
REPORT OF THE PKO BANK POLSKI S.A. GROUP FOR THE THIRD QUARTER OF 2026 CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS OF THE PKO BANK POLSKI S.A. GROUP FOR THE NINE -MONTH PERIOD ENDED 30 SEPTEMBER 2026 (IN PLN MILLION) Page 33/56 10. IMPAIRMENT OF NON-FINANCIAL ASSETS Impairment of non-financial assets Q3 2026 First three quarters 2026 Q3 2025 First three quarters of 2025 Property, plant and equipment under operating lease - (131) - - Property, plant and equipment (30) (35) - (1) Non-current assets held for sale - (1) - - Associates and joint ventures (14) (46) (35) (66) Other non-financial assets1 3 (97) (79) (328) Total (41) (310) (114) (395) 1 including, in the first nine months of 2026, PLN 52 million of impairment allowances on receivables from customers whose fore ign currency mortgage loan agreements have been declared invalid by final judgments, relating to the principal originally disbursed to those customers (in the corresponding period of 2025: PLN 269 million). Changes in accumulated allowances 01.01.2026 Net impairment allowances Write-offs and other changes 30.09.2026 Property, plant and equipment under operating lease (10) (131) 9 (132) Property, plant and equipment (154) (35) 1 (188) Non-current assets held for sale - (1) 1 - Intangible assets (502) - - (502) Associates and joint ventures (414) (46) - (460) Other non-financial assets (1,127) (97) 29 (1,195) Total (2,207) (310) 40 (2,477) 01.01.2025 Net impairment allowances Write-offs and other changes 30.09.2025 Property, plant and equipment under operating lease (10) - - (10) Property, plant and equipment (140) (1) 5 (136) Non-current assets held for sale (1) - 1 - Intangible assets (382) - - (382) Associates and joint ventures (349) (66) - (415) Other non-financial assets (703) (328) (43) (1,074) Total (1,585) (395) (37) (2,017) 11. COST OF LEGAL RISK OF LOANS Accumulated cost of legal risk of loans 30.09.2026 31.12.2025 Adjustment to the value of loans 3,735 5,742 Provisions 5,198 6,258 Total 8,933 12,000 mortgage loans in convertible currencies gross amounts before and after the legal risk adjustment Gross carrying amount Accumulated adjustment Value after adjustment CHF 3,777 3,014 763 EUR 991 704 287 USD 17 17 - Total 30.09.2026 4,785 3,735 1,050 CHF 5,967 4,941 1,026 EUR 1,295 801 494 USD 19 - 19 Total 31.12.2025 7,281 5,742 1,539 Provision for legal risk of foreign currency loans CHF EUR USD Total 30.09.2026 4,558 640 - 5,198 31.12.2025 5,627 631 - 6,258
Page 34
REPORT OF THE PKO BANK POLSKI S.A. GROUP FOR THE THIRD QUARTER OF 2026 CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS OF THE PKO BANK POLSKI S.A. GROUP FOR THE NINE -MONTH PERIOD ENDED 30 SEPTEMBER 2026 (IN PLN MILLION) Page 34/56 Change in the cost of legal risk of mortgage loans in convertible currencies First three quarters of 2026 First three quarters of 2025 Opening balance (12,000) (13,399) Cost of legal risk of loans (income statement) (1,055) (3,375) Offset of settlements and judgments1 4,400 4,488 Revaluation and other changes (278) (336) Closing balance (8,933) (12,622) 1 The item includes the effects of implementing final judgments, mainly invalidating loan agreements, amounting to PLN 2,392 mi llion in the first nine months of 2026 (PLN 2,622 in the corresponding period of 2025), and of implementing settlements, amounting to PLN 2,008 million in the first nine months of 2026 (PLN 1,866 million in the corresponding period of 2025). 12. ADMINISTRATIVE EXPENSES Q3 2026 First three quarters of 2026 Q3 2025 First three quarters of 2025 Employee benefits (1,494) (4,089) (1,315) (3,873) Wages and salaries (1,239) (3,360) (1,078) (3,170) Social security (208) (584) (186) (564) Other (47) (145) (51) (139) Overheads (532) (1,527) (504) (1,513) Depreciation and amortization (335) (950) (319) (926) Costs of regulatory charges (26) (636) (83) (633) BGF - (487) (53) (481) PFSA - (71) - (77) Other taxes and fees (26) (78) (30) (75) Total (2,387) (7,202) (2,221) (6,945) 13. INCOME TAX EXPENSE Tax expense Q3 2026 First three quarters of 2026 Q3 2025 First three quarters of 2025 Current tax (1,286) (3,798) (730) (2,103) Deferred tax (393) (910) (137) (573) Income tax expense in the income statement (1,679) (4,708) (867) (2,676) Income tax expense in other comprehensive income 537 619 (111) (431) Total (1,142) (4,089) (978) (3,107) Reconciliation of the effective tax rate Q3 2026 First three quarters of 2026 Q3 2025 First three quarters of 2025 Profit before tax 4,612 12,931 3,705 10,644 Tax at the statutory rate in Poland (1,333) (3,745) (704) (2,022) Foreign tax rates (8) (24) (2) (8) Permanent differences, including: (338) (939) (160) (645) BGF - (146) (11) (92) tax on financial institutions (111) (329) (64) (190) cost of legal risk of foreign currency loans (70) (220) (99) (436) average tax rate (116) (124) 39 104 other permanent differences (41) (120) (25) (31) Income tax expense in the income statement (1,679) (4,708) (867) (2,676) Effective tax rate - 36.41 - 25.14
Page 35
REPORT OF THE PKO BANK POLSKI S.A. GROUP FOR THE THIRD QUARTER OF 2026 CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS OF THE PKO BANK POLSKI S.A. GROUP FOR THE NINE -MONTH PERIOD ENDED 30 SEPTEMBER 2026 (IN PLN MILLION) Page 35/56 14. HEDGE ACCOUNTING AND OTHER DERIVATIVE INSTRUMENTS 30.09.2026 31.12.2025 Assets Liabilities Assets Liabilities Cash flow hedges 161 126 1 122 Interest rate fair value hedge – IRS 22 - 20 - Total hedging derivatives 183 126 21 122 IRS 249 618 351 669 CIRS 8 7 10 7 FX swaps 563 350 577 538 Options 580 808 324 584 Commodity swaps 218 214 132 124 Forwards 268 410 494 282 Commodity forwards 489 470 527 496 Other 1 - - 1 Total other derivative instruments 2,376 2,877 2,415 2,701 15. SECURITIES 30.09.2026 31.12.2025 Debt securities 239,386 240,394 NBP money bills - 11,992 treasury bonds (in PLN) 184,312 174,909 treasury bonds (in foreign currencies) 2,062 6,828 treasury bills 593 1,138 corporate bonds (in PLN) secured by State Treasury guarantees 13,617 9,364 municipal bonds (in PLN) 17,279 16,989 corporate bonds (in PLN)1 5,249 5,991 corporate bonds (in foreign currencies)2 16,274 13,183 Equity securities 1,226 1,108 Total before hedge accounting adjustment 240,612 241,502 Hedge accounting adjustment (22) (18) Total 240,590 241,484 Measurement categories: - HFT 827 351 - FVPL 1,380 1,350 - FVOCI 94,329 106,512 - AC 144,054 133,271 1 including IFI bonds of PLN 1,997 million (as at 31 December 2025: PLN 2,784 million). 2 including IFI bonds of PLN 13,947 million (as at 31 December 2025: PLN 10,812 million).
Page 36
REPORT OF THE PKO BANK POLSKI S.A. GROUP FOR THE THIRD QUARTER OF 2026 CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS OF THE PKO BANK POLSKI S.A. GROUP FOR THE NINE -MONTH PERIOD ENDED 30 SEPTEMBER 2026 (IN PLN MILLION) Page 36/56 16. LOANS AND ADVANCES 30.09.2026 31.12.2025 Retail and private banking 194,668 173,321 real estate 142,666 128,229 consumer 51,763 44,912 finance leases 239 180 Business banking 32,147 29,862 real estate 5,297 5,053 business 13,341 11,902 factoring 137 111 finance leases 13,372 12,796 Corporate banking 100,863 90,228 real estate 526 458 business 84,375 74,466 factoring 7,055 6,642 finance leases 8,907 8,662 Total 327,678 293,411 Measurement categories: - FVPL 1,954 1,934 - AC 325,724 291,477 17. AMOUNTS DUE TO CUSTOMERS Households1 Business entities Public sector Total Current accounts and O/N deposits, including: 277,594 67,972 20,712 366,278 savings accounts 73,553 16,254 10,884 100,691 Term deposits 102,306 19,422 2,728 124,456 Insurance products 275 - - 275 Short positions in securities - 52 - 52 Other liabilities 973 664 22 1,659 Total before hedge accounting adjustment 381,148 88,110 23,462 492,720 Hedge accounting adjustment (242) - - (242) Total 30.09.2026 380,906 88,110 23,462 492,478 Current accounts and O/N deposits, including: 251,685 70,062 20,866 342,613 savings accounts 66,841 21,054 14,526 102,421 Term deposits 93,602 20,223 2,037 115,862 Insurance products 240 - - 240 Short positions in securities 1 43 40 84 Other liabilities 762 663 71 1,496 Total before hedge accounting adjustment 346,290 90,991 23,014 460,295 Hedge accounting adjustment 427 - - 427 Total 31.12.2025 346,717 90,991 23,014 460,722 1Households include private individuals, sole proprietors and individual farmers. Measurement categories 30.09.2026 31.12.2025 FVPL 309 307 AC 492,169 459,561 Total 492,478 460,722
Page 37
REPORT OF THE PKO BANK POLSKI S.A. GROUP FOR THE THIRD QUARTER OF 2026 CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS OF THE PKO BANK POLSKI S.A. GROUP FOR THE NINE -MONTH PERIOD ENDED 30 SEPTEMBER 2026 (IN PLN MILLION) Page 37/56 18. FINANCING RECEIVED 30.09.2026 31.12.2025 Loans and advances received from: 794 1,059 IFI 785 1,051 other financial institutions 9 8 Debt securities in issue: 34,132 29,580 mortgage covered bonds issued by PKO Bank Hipoteczny S.A. 10,362 7,886 bonds issued by PKO Bank Hipoteczny S.A. 1,751 2,714 bonds issued by PKO Bank Polski S.A. 18,459 16,034 bonds issued by the PKO Leasing S.A. Group 3,560 2,946 Subordinated liabilities 7,357 6,309 Total 42,283 36,948 Detailed information on securities issued in the first nine months of 2026 is presented in section 1.1 “Major events, including non-typical events” of the Management Board’s Commentary on the activities of the PKO Bank Polski S.A. Group for the nine-month period ended 30 September 2026. 19. PROVISIONS The following abbreviated names are used in the tables concerning provisions: • “Commitments and guarantees” – provisions for financial and guarantee commitments granted • “Legal claims” – provisions for unresolved legal claims, excluding cases relating to foreign currency mortgage loans • “Legal risk of loans” – provisions for legal claims relating to foreign currency mortgage loans • “Employee benefits” – provisions for retirement benefits and other post-employment benefits • “Restructuring” • “Consumer protection” – provision for consumer protection issues • “Other” – other provisions, including provisions for employee legal claims. 01.01.2026 Increases Utilisation Reversal Other 30.09.2026 Commitments and guarantees 628 21 - (95) 4 558 Legal claims 191 74 (51) (10) (1) 203 Legal risk of loans 6,258 935 (2,011) - 16 5,198 Employee benefits 101 8 (5) (6) - 98 Restructuring 17 - (2) - - 15 Consumer protection 412 649 (7) - - 1,054 Other 29 65 (60) (6) - 28 Total 7,636 1,752 (2,136) (117) 19 7,154 01.01.2025 Increases Utilisation Reversal Other 30.09.2025 Commitments and guarantees 633 199 - (206) (1) 625 Legal claims 119 15 (6) (21) (2) 105 Legal risk of loans 5,733 2,380 (1,785) - 3 6,331 Employee benefits 79 - (5) - - 74 Restructuring 23 - (5) - - 18 Consumer protection - 197 - - - 197 Other 64 18 (35) (2) (1) 44 Total 6,651 2,809 (1,836) (229) (1) 7,394
Page 38
REPORT OF THE PKO BANK POLSKI S.A. GROUP FOR THE THIRD QUARTER OF 2026 CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS OF THE PKO BANK POLSKI S.A. GROUP FOR THE NINE -MONTH PERIOD ENDED 30 SEPTEMBER 2026 (IN PLN MILLION) Page 38/56 Short-term Long-term Short-term Long-term 30.09.2026 30.09.2025 Commitments and guarantees 396 162 481 144 Legal claims 27 176 4 101 Legal risk of loans 3,003 2,195 2,077 4,254 Employee benefits 14 84 10 64 Restructuring 15 - 18 - Consumer protection 383 671 197 - Other 10 18 43 1 Total 3,848 3,306 2,830 4,564 20. OFF-BALANCE SHEET LIABILITIES Information concerning financial and guarantee commitments granted is presented in the Note “Credit risk management”. As at 30 September 2026, the Group also had binding offer commitments of PLN 11,256 million (31 December 2025: PLN 5,903 million), relating mainly to the financing of business and mortgage loans and the organisation of bond issues for local government units. Off-balance sheet liabilities received at nominal value 30.09.2026 31.12.2025 Financial 157 253 Guarantees 23,130 20,385 Total 23,287 20,638 21. LEGAL CLAIMS AND REGULATORY PROCEEDINGS The total value of court proceedings in which the Group companies act as: 30.09.2026 31.12.2025 defendant 10,500 13,856 plaintiff 5,814 6,391 1. Material litigation concerning credit products offered by the Group As at 30 September 2026, the Group was involved in court proceedings relating mainly to foreign currency mortgage loans (mainly CHF) and floating-rate mortgage loans (WIBOR). • Foreign currency mortgage loans As at 30 September 2026, 24,039 court proceedings were pending against the Bank with a total value in dispute of PLN 10,048 million (as at 31 December 2025: 31,997 proceedings amounting to PLN 13,343 million). Claims relate mainly to declarations that agreements are invalid and reimbursement of amounts paid in connection with foreign currency mortgage loans. By 30 September 2026, 22,176 final rulings were issued in the Bank’s cases, the vast majority of which were favourable to borrowers (as at 31 December 2025: 15,542). The Bank also pursues claims for reimbursement of principal disbursed (restitution claims). As at 30 September 2026, there were 15,587 such proceedings with a total value of PLN 4,780 million (as at 31 December 2025: 19,599 proceedings with a value of PLN 6,022 million). Restitution claims are also asserted in other proceedings. The resolution of the Supreme Court of 25 April 2024 (III CZP 25/22) confirmed, inter alia, that an unfair term cannot be replaced by another mechanism and that the parties' claims for reimbursement of amounts paid are separate. The Group monitors the case law of national and EU courts relating to foreign currency loans. In 2024–2026, the CJEU and the Supreme Court issued a number of rulings concerning, inter alia: • the effects of declaring agreements invalid, • the principles for settlements between the parties, • the limitation of banks' claims, • the permissibility of setting off receivables, • the principles for pursuing restitution claims. Most rulings were favourable to borrowers.
Page 39
REPORT OF THE PKO BANK POLSKI S.A. GROUP FOR THE THIRD QUARTER OF 2026 CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS OF THE PKO BANK POLSKI S.A. GROUP FOR THE NINE -MONTH PERIOD ENDED 30 SEPTEMBER 2026 (IN PLN MILLION) Page 39/56 On 2 July 2026, the CJEU ruled in Case C -261/25 that the limitation period for a bank’s claim for repayment of the principal starts on the date on which the consumer first challenged the loan agreement. The judgment is consistent with previous CJEU case law and the currently prevailing line of Polish court decisions. In its judgment of 10 September 2026 in Case C -510/25, the CJEU ruled that Council Directive 93/13/EEC does not determine whether payments made under an invalid agreement are to be settled under the so-called balance theory or the theory of two independent restitution claims. At the same time, it confirmed that settlement with the consumer may be made in a single set of proceedings and that only the difference between the repayments and the principal disbursed, together with interest on that surplus, may be awarded. It noted, however, that the choice of settlement method depends on national law and the court’s decision. In the Group’s opinion, further case law of the CJEU and the Supreme Court, and its application by the ordinary courts, will have a signific ant impact on the course of proceedings relating to foreign currency loans. • WIBOR loans As at 30 September 2026, 1,291 court proceedings were pending against the Group (as at 31 December 2025: 737), in which customers challenge the floating interest rate structure and the rules for setting the WIBOR benchmark rate. The total value of the subject matte r of litigation in these cases was PLN 363 million (as at 31 December 2025: PLN 172 million). The Group did not recognise a provision for these proceedings, as it considers the claims to be unfounded. 2. Other material proceedings • Proceedings concerning modification clauses – the proceedings concern provisions of standard agreements allowing the Bank to unilaterally amend the terms and conditions of an agreement, including fees and commissions. In the opinion of the President of UOKiK, these provisions may infringe the colle ctive interests of consumers. The current deadline for completing the proceedings indicated by UOKiK is 31 December 2026. • Proceedings concerning transactions disputed by customers – the proceedings concern the manner in which complaints relating to payment transactions disputed by customers are handled, in particular the rules for attributing liability for transactions to customers and withdrawing conditional refunds. On 30 Septembe r 2026, the Bank submitted a commitment in these proceedings. On 15 October 2026, in Case C-70/25 concerning transactions disputed by customers, the CJEU ruled that a bank must first refund the customer’s funds without delay (as a rule, by the end of the next business day), and only then may it seek to prove the consumer’s gross negligence and pursue recovery of those funds from the consumer. The current deadline for completing the proceedings indicated by UOKiK is 31 December 2026. • Proceedings concerning interest rate adjustment clauses – the proceedings concern clauses allowing the interest rate on revolving credit facilities to be changed based on changes in NBP interest rates and WIBOR rates. On 23 January 2026, the President of UOKiK issued a decision declaring certain provisions of standard agreements used by the Bank to be unfair and prohibiting their further use. In addition, the Bank was required to provide information to customers and publish statements, and was fined PLN 79.3 mi llion. The decision is not final. On 20 February 2026, the Bank appealed against the decision and received a response to the appeal on 1 July 2026. On 17 September 2026, the Bank filed a reply to UOKiK’s response. • Proceedings concerning spread clauses – the proceedings were initiated in connection with the Bank's appeal against the decision of the President of UOKiK of 16 October 2020 concerning provisions setting out the rules for determining the foreign exchange spread. In that decision, the President of UOKiK declared certain provisions of the standard agreement to be unfair, prohibited their further use, required the Bank to provide information to customers and publish a statement on the Bank's website, and imposed a fine of PLN 40.7 million. • Consumer credit issues – As at 30 September 2026, 9,420 proceedings concerning the free credit sanction were pending against the Group, with an aggregate amount in dispute of PLN 286 million (as at 31 December 2025: 6,677 proceedings with a value of PLN 180 million). These proceedings rela te to the provisions of cash loan agreements and are initiated by customers or entities that have acquired receivables from customers. The Group contests the validity of the claims, and the case law to date has been predominantly favourable to the Group. On 23 April 2026, the CJEU issued a judgment in Case C-744/24 concerning the free credit sanction, stating that the Bank may not: • include in consumer credit agreements terms concerning interest on amounts intended to cover costs related to that credit and therefore forming part of the total cost of the credit to the consumer,
Page 40
REPORT OF THE PKO BANK POLSKI S.A. GROUP FOR THE THIRD QUARTER OF 2026 CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS OF THE PKO BANK POLSKI S.A. GROUP FOR THE NINE -MONTH PERIOD ENDED 30 SEPTEMBER 2026 (IN PLN MILLION) Page 40/56 • charge interest on credit costs that were not actually paid to the consumer; the interest rate may only be applied to the "amount of credit drawn down", and not to the "total amount payable by the consumer". On 8 July 2026, the Supreme Court issued a judgment in Case II CSKP 89/26, ruling that the total amount of credit comprises only funds actually made available to the consumer and may not include commissions or other credit costs. Consequently, a bank may n ot charge interest on commissions or other financed costs, or conceal them in the principal component of an instalment. The Supreme Court held that even a single breach of the statutory disclosure obligations is sufficient for the free credit sanction to apply. • Proceedings before the General Inspector of Financial Information (GIIF) – GIIF is conducting administrative proceedings against the Bank concerning a breach of obligations under the AML Act. On 21 April 2026, GIIF imposed a fine of PLN 17.5 million on the Bank. On 5 May 2026, the Bank appealed against the decision. The proceedings are scheduled to be completed on 30 October 2026. • Proceedings related to interchange fees – The Bank is a party to proceedings initiated by the President of UOKiK by order of 23 April 2001 at 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 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. • Claims for damages relating to interchange fees – the Bank participates as an ancillary intervener in proceedings concerning claims for damages relating to interchange fees. The total value of the claims is PLN 830 million. Since these proceedings are not pending directly against the Bank, their value was not included in the aggregate amount in dispute in cases against the Bank. As at 30 September 2026, judgments dismissing the claims on the grounds that they were time -barred had been issued in these proceedings, including one final judgment. • Structured deposits – The proceedings conducted by the PFSA concern a suspected breach of regulations governing the offering of structured deposits. On 5 August 2026, the PFSA imposed a fine of PLN 47.5 million on the Bank. On 21 August 2026, the Bank filed a request for the c ase to be reconsidered. The proceedings are scheduled to be completed in November 2026. • AML – Brokerage Office – The proceedings conducted by the PFSA concern a suspected breach of AML regulations by the Bank’s Brokerage Office. On 20 March 2026, the PFSA imposed a fine of PLN 1.4 million. On 10 April 2026, the Bank filed a request for the case to be reconsidered. The proceedings are scheduled to be completed on 10 November 2026. • AML – Bank – the proceedings conducted by the PFSA concern a suspected failure to comply with obligations under AML regulations. On 26 June 2026, the PFSA imposed a fine of PLN 2.2 million on the Bank. On 13 July 2026, the Bank filed a request for the case to be recon sidered. The proceedings are scheduled to be completed on 11 December 2026. • AML – PKO TFI S.A. – The proceedings conducted by the PFSA against PKO TFI S.A. concern a suspected breach of the provisions of the AML Act. On 11 September 2026, the PFSA imposed fines totalling PLN 1.9 million on the company. The company filed a request with the PFSA for the case to be reconsidered. • PRIIP – The proceedings conducted by the PFSA concern a suspected breach of disclosure obligations relating to packaged retail and insurance-based investment products (PRIIPs). The new deadline for resolving the case is 16 November 2026. • PKO Ubezpieczenia – Proceedings conducted by the PFSA against PKO TU S.A. in connection with a suspected breach of the Act on Insurance and Reinsurance Activity. Provisions for legal claims Provisions 30.09.2026 31.12.2025 Legal claims, excluding those relating to mortgage loans in convertible currencies 203 191 Consumer protection issues 1,054 412 Related notes: “Provisions”, “Cost of legal risk of loans”.
Page 41
REPORT OF THE PKO BANK POLSKI S.A. GROUP FOR THE THIRD QUARTER OF 2026 CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS OF THE PKO BANK POLSKI S.A. GROUP FOR THE NINE -MONTH PERIOD ENDED 30 SEPTEMBER 2026 (IN PLN MILLION) Page 41/56 22. FAIR VALUE HIERARCHY The levels of the fair value hierarchy under IFRS 13 for financial instruments measured at fair value are presented in the table below. For a description of measurement techniques and inputs, see the financial statements of the Group for 2025. Assets and liabilities measured at fair value 30.09.2026 31.12.2025 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Hedging derivatives 183 - 183 - 21 - 21 - Other derivative instruments 2,376 1 2,375 - 2,415 1 2,414 - Securities 96,536 84,212 11,781 543 108,213 83,784 23,916 513 Loans and advances 1,954 - - 1,954 1,934 - - 1,934 Total assets 101,049 84,213 14,339 2,497 112,583 83,785 26,351 2,447 Hedging derivatives 126 - 126 - 122 - 122 - Other derivative instruments 2,877 1 2,876 - 2,701 - 2,701 - Short positions in securities 107 107 - - 112 112 - - Insurance products 257 - 257 - 223 - 223 - Total liabilities 3,367 108 3,259 - 3,158 112 3,046 - Level 3 sensitivity analysis by scenario 30.09.2026 31.12.2025 positive negative positive negative Shares in Visa Inc.1 24 23 21 20 Other equity investments2 339 307 307 278 Corporate bonds3 160 160 171 171 Loans and advances2 1,943 1,965 1,922 1,945 1 discount factor relating to the future terms for converting series C shares into ordinary shares at 0%/100%, respectively 2 change in the measurement by +/ -5% 3 change in the credit spread by +/-10% Changes in fair value at Level 3 First three quarters of 2026 First three quarters of 2025 Opening balance 2,447 2,840 Origination of and increases in exposures relating to loans and advances 576 487 Repayment of loans and advances (529) (639) Other, including foreign exchange differences 3 (77) Closing balance 2,497 2,611 23. FINANCIAL INSTRUMENTS NOT MEASURED AT FAIR VALUE For a description of measurement techniques and inputs, see the financial statements of the Group for 2025. The carrying amount of cash and balances with the CB, amounts due from banks, reverse repo transactions, other financial assets, amounts due to the CB, amounts due to banks, loans and advances received and other financial liabilities was a reasonable approximation of their fair value. These instruments were classified as Level 2 of the fair value hierarchy, except for other financial assets and liabilities and loans and advances received, which were classified as Level 3, and the current account with the CB, which was classified as Level 1.
Page 42
REPORT OF THE PKO BANK POLSKI S.A. GROUP FOR THE THIRD QUARTER OF 2026 CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS OF THE PKO BANK POLSKI S.A. GROUP FOR THE NINE -MONTH PERIOD ENDED 30 SEPTEMBER 2026 (IN PLN MILLION) Page 42/56 carrying amount fair value Total Level 1 Level 2 Level 3 30.09.2026 Securities1 144,076 115,982 24,266 - 140,248 Loans and advances 325,724 - - 327,960 327,960 Amounts due to customers1 492,411 - - 492,317 492,317 Debt securities in issue 34,132 - 30,314 3,560 33,874 Subordinated liabilities 7,357 - 7,401 - 7,401 31.12.2025 Securities1 133,289 111,508 18,937 2,683 133,128 Loans and advances 291,477 - - 293,915 293,915 Amounts due to customers1 459,988 - - 459,765 459,765 Debt securities in issue 29,580 - 26,943 2,946 29,889 Subordinated liabilities 6,309 - 6,408 - 6,408 1 excluding adjustment relating to fair value hedge accounting 24. CREDIT RISK MANAGEMENT As at 30 September 2026 and 31 December 2025 all amounts due from banks were classified as Stage 1. Securities 30.09.2026 31.12.2025 F3 Total F1 F2 F3 Total F1 F2 F3 Total FVOCI – fair value 94,316 6 7 94,329 106,451 53 8 106,512 AC – Gross1 144,033 108 - 144,141 132,628 734 - 133,362 AC ECL (64) (1) - (65) (57) (16) - (73) AC Net1 143,969 107 - 144,076 132,571 718 - 133,289 Total, gross 238,349 114 7 238,470 239,079 787 8 239,874 Total ECL (64) (1) - (65) (57) (16) - (73) Total, net 238,285 113 7 238,405 239,022 771 8 239,801 1 excluding adjustment relating to fair value hedge accounting Loans and advances 30.09.2026 31.12.2025 F1 F2 F3 POCI Total F1 F2 F3 POCI Total Gross 294,212 29,706 11,502 689 336,109 257,200 33,021 10,177 644 301,042 - real estate 140,693 8,092 1,195 63 150,043 124,723 9,384 1,226 72 135,405 - business 83,141 12,899 6,190 518 102,748 71,071 13,972 5,289 467 90,799 - consumer 46,366 3,589 2,584 108 52,647 39,894 3,381 2,166 104 45,545 - factoring 7,077 17 149 - 7,243 6,630 47 117 - 6,794 - finance leases 16,935 5,109 1,384 - 23,428 14,882 6,237 1,379 1 22,499 ECL (1,403) (3,292) (5,788) 98 (10,385) (1,226) (3,452) (5,011) 124 (9,565) - real estate (73) (883) (626) 26 (1,556) (63) (954) (660) 11 (1,666) - business (489) (1,385) (3,127) (45) (5,046) (435) (1,445) (2,567) 9 (4,438) - consumer (663) (805) (1,471) 117 (2,822) (588) (816) (1,259) 104 (2,559) - factoring (5) (1) (45) - (51) - - (41) - (41) - finance leases (173) (218) (519) - (910) (140) (237) (484) - (861) Net 292,809 26,414 5,714 787 325,724 255,974 29,569 5,166 768 291,477 - real estate 140,620 7,209 569 89 148,487 124,660 8,430 566 83 133,739 - business 82,652 11,514 3,063 473 97,702 70,636 12,527 2,722 476 86,361 - consumer 45,703 2,784 1,113 225 49,825 39,306 2,565 907 208 42,986 - factoring 7,072 16 104 - 7,192 6,630 47 76 - 6,753 - finance leases 16,762 4,891 865 - 22,518 14,742 6,000 895 1 21,638
Page 43
REPORT OF THE PKO BANK POLSKI S.A. GROUP FOR THE THIRD QUARTER OF 2026 CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS OF THE PKO BANK POLSKI S.A. GROUP FOR THE NINE -MONTH PERIOD ENDED 30 SEPTEMBER 2026 (IN PLN MILLION) Page 43/56 Financial liabilities and guarantees granted 30.09.2026 31.12.2025 F1 F2 F3 POCI Total F1 F2 F3 POCI Total Notional amount: Credit lines and limits 91,280 5,409 476 5 97,170 86,898 5,677 509 5 93,089 Other 6,435 - - - 6,435 3,587 - - - 3,587 Total financial commitments, including: 97,715 5,409 476 5 103,605 90,485 5,677 509 5 96,676 - irrevocable 35,204 3,581 256 3 39,044 34,452 3,544 83 3 38,082 Guarantees and sureties, including: 14,181 581 140 116 15,018 12,380 702 89 303 13,474 -irrevocable 10,563 520 109 116 11,308 9,742 637 86 303 10,768 -performance guarantees 5,065 254 23 116 5,458 4,063 329 20 114 4,526 Total 111,896 5,990 616 121 118,623 102,865 6,379 598 308 110,150 ECL: Credit lines and limits (152) (272) (63) - (487) (165) (309) (100) - (574) Total financial commitments, including: (152) (272) (63) - (487) (165) (309) (100) - (574) - irrevocable (69) (163) (27) - (259) (81) (192) (21) - (294) Guarantees and sureties, including: (8) (32) (31) - (71) (8) (30) (16) - (54) - irrevocable (6) (28) (23) - (57) (7) (27) (15) - (49) - performance guarantees (3) (17) (6) - (26) (3) (19) (5) - (27) Total (160) (304) (94) - (558) (173) (339) (116) - (628) 25. MARKET AND LIQUIDITY RISK MANAGEMENT Interest rate risk management 30.09.2026 31.12.2025 Interest income sensitivity (200 bp shift in the curve) (1,223) (1,721) Economic value sensitivity (200 bp shifts in the curve) (4,338) (3,607) IR VaR (10 days, 99%) – average 11 5 IR VaR (10 days, 99%) – maximum 26 12 IR VaR (10 days, 99%) – end of the period 10 5 Interest income sensitivity (over a one -year horizon) and economic value sensitivity are presented for the Group's non-trading book for all currencies, taking into account the more adverse scenario of an upward or downward shift in the yield curves for a given measure. IR VaR is presented for the Bank's trading book. Currency risk management 30.09.2026 31.12.2025 FX VaR (10 days, 99%) 5 17 Foreign currency position: - EUR 27 (624) - CHF 55 (154) - Other (15) (48) The Group does not determine a consolidated FX VaR measure. KREDOBANK SA applies the 10 -day VaR measure, which amounted to approximately PLN 0.2 million as at 30 September 2026 and 31 December 2025. The foreign currency positions presented in the table do not include structural positions excluded with the approval of the PFSA, including the position in UAH amounting to PLN 795.5 million.
Page 44
REPORT OF THE PKO BANK POLSKI S.A. GROUP FOR THE THIRD QUARTER OF 2026 CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS OF THE PKO BANK POLSKI S.A. GROUP FOR THE NINE -MONTH PERIOD ENDED 30 SEPTEMBER 2026 (IN PLN MILLION) Page 44/56 LIQUIDITY MEASURES 30.09.2026 31.12.2025 NSFR 160.1% 158.7% LCR 252.3% 271.8% The ratios remained above the supervisory limits. 26. CAPITAL AND CAPITAL ADEQUACY Shareholding structure Entity name number of shares number of votes/share in share capital number of shares number of votes/share in share capital Change 30.09.2026 31.12.2025 State Treasury 367,918,980 29.43% 367,918,980 29.43% - Nationale-Nederlanden Open Pension Fund1 87,916,405 7.03% 91,532,147 7.32% -0.29% Allianz Polska Otwarty Fundusz Emerytalny1 73,752,392 5.90% 75,052,392 6.01% -0.11% Other shareholders2 720,412,223 57.64% 715,496,481 57.24% 0.40% Total 1,250,000,000 100% 1,250,000,000 100% - 1 OFE data based on information published by PTE. 2 Including BGK – 24,487,297 shares (1.96% interest). The nominal value of each share is PLN 1. There were no changes in the amount of the Bank's share capital during the reporting period. Profit appropriation In accordance with the resolution of 29 June 2026 of the Annual General Meeting (AGM) on the appropriation of profit for 2025: • PLN 7,675 million was allocated for distribution among shareholders (payment date: 13 August 2026) • PLN 2,565 million was transferred to the reserve capital for the payment of a dividend, including an interim dividend, in accordance with § 30 of the Bank's Articles of Association. At the same time, the AGM passed a resolution to leave the Bank's retained earnings undistributed. Own funds and capital ratios 30.09.2026 31.12.2025 restated 31.12.2025 published Equity 57,138 58,503 58,503 Exclusions from equity (7,350) (10,732) (10,732) Other own fund reductions (3,015) (2,918) (2,928) Transitional CRR arrangements (Article 468)1 - (378) (378) Profit included in own funds2 1,157 2,565 1,158 Tier 1 47,930 47,040 45,623 Tier 2 capital (subordinated debt) 5,970 4,499 4,499 Own funds 53,900 51,539 50,122 Total capital requirement: 25,095 23,337 23,443 Credit risk 21,600 19,890 19,996 Operational risk 3,323 3,321 3,321 Market risk 89 60 60 CVA risk 83 66 66 Total Capital Ratio 17.18 17.67 17.10 Tier 1 capital ratio 15.28 16.13 15.57 1 The transitional treatment of unrealised gains and losses on FVOCI securities (Article 468 CRR) was applicable until the end of 2025. 2 The amount of PLN 1,158 million relates to the portion of the profit for 2025 included in own funds with the approval of the PFSA, and the amount of PLN 2,565 million relates to the remaining portion of the profit after its appropriation was approved by th e AGM. In accordance with the EBA guidelines, profit is recognised in own funds as at the date to which it relates, which resulted in a corresponding recalculation of own funds, the credit risk requirement and other regulatory adjustments. The amount of 1,157 relates to the portion of the profit for H1 202 6 included in own funds with the approval of the PFSA.
Page 45
REPORT OF THE PKO BANK POLSKI S.A. GROUP FOR THE THIRD QUARTER OF 2026 CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS OF THE PKO BANK POLSKI S.A. GROUP FOR THE NINE -MONTH PERIOD ENDED 30 SEPTEMBER 2026 (IN PLN MILLION) Page 45/56 Capital adequacy measures are determined in accordance with the prudential consolidation rules set out in the CRR, which differ from consolidation under IFRS in terms of the scope of entities included. The net profit of the Group consolidated on a prudential basis for the first nine months of 2026 amounted to PLN 8,189 million (for the first nine months of 2025: PLN 5,097 million). 27. RELATED-PARTY TRANSACTIONS Transactions with the State Treasury mainly comprise transactions in Treasury securities, standard banking services and settlements relating to the State Budget's buy-out of interest on the housing loan portfolio. The Bank's Brokerage Office acts as an agent for the issue of retail Treasury bonds. The fee for this service amounted to PLN 222 million in the first nine months of 2026 (in the first nine months of 2025: PLN 202 million). Benefits for key management personnel Remuneration costs (in PLN thousand) Management Board of the Bank Management Boards of the Companies Supervisory Board of the Bank Supervisory Boards of the Companies First three quarters of 2026 Short-term employee benefits 13,680 21,451 1,398 2,280 Long-term employee benefits 1,964 5,102 - - Share-based payments 6,002 6,880 - - Termination benefits 98 2,195 - - Total 21,744 35,628 1,398 2,280 First three quarters of 2025 Short-term employee benefits 11,727 18,114 1,367 1,811 Long-term employee benefits 1,661 4,112 - - Share-based payments 5,076 6,101 - - Termination benefits - 1,192 - - Total 18,464 29,519 1,367 1,811 The Group provides the Bank's key management personnel and their close family members with standard financial services on an arm's length basis (including accounts, deposits, loans, leases and insurance). As at 30 September 2026 and 31 December 2025, the Group identified eight entities related through the Bank’s key management personnel or their close family members. There were no transactions with these entities in the periods presented. Transactions with equity -related entities are disclosed in Note 9 to the condensed interim separate financial statements of PKO Bank Polski S.A. for the nine-month period ended 30 September 2026. • 28. EVENTS THAT OCCURRED AFTER THE DATE ON WHICH THE FINANCIAL STATEMENTS ARE PREPARED • On 6 October 2026, the Bank issued eight-year senior non-preferred bonds eligible for MREL with a nominal value of PLN 1,350 million on the domestic market under the PLN 9 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 155 bps. The Bank may have the right to redeem the bonds early seven years after the issue date (and subsequently six months before the maturity date), subject to approval by the Bank Guarantee Fund (BGF). • The Bank obtained PFSA approval to launch a portfolio management service. On 14 October 2026, an Extraordinary General Meeting was held to amend the Articles of Association of Powszechna Kasa Oszczędności Bank Polski Spółka Akcyjna. A resolution was adopted adding point (l) after point (k) in § 4(2)(4) of the Articles of Association, reading as follows: “(l) managing portfolios comprising one or more financial instruments”. • On 19 October 2026, the Bank received notification that BlackRock, Inc. had increased its share of the total number of votes at the Bank’s General Meeting from 4.98% to 5.01% (Current Report No 40/2026).
Page 46
REPORT OF THE PKO BANK POLSKI S.A. GROUP FOR THE THIRD QUARTER OF 2026 CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS OF THE PKO BANK POLSKI S.A. GROUP FOR THE NINE -MONTH PERIOD ENDED 30 SEPTEMBER 2026 (IN PLN MILLION) Page 46/56 • In fulfilment of the obligation under Article 90(1) of the Act on Public Offering, Conditions Governing the Introduction of Financial Instruments to Organised Trading, and Public Companies (the “Act”), the Bank’s Management Board adopted a report on gender balance on the Bank’s Management Board and Supervisory Board and on the measures taken by the Bank to ensure gender balance on these bodies (the “Report”). The overall share of members of the underrepresented gender on the Bank’s governing bodies at the time the Report was prepared was 25%, below the level expected under the Act. Accordingly, the Report includes information on: • the number of persons holding positions on the Bank’s governing bodies during the reporting period, indicating their gender and the type of position held; • the reasons for not achieving gender balance on the Bank’s governing bodies at least at the level closest to 33%; • a comprehensive description of the measures the company has taken and intends to take to achieve the above gender balance objective on the Bank’s Management Board and Supervisory Board. • The Report was submitted to the Government Plenipotentiary for Equality and published on the Bank’s website.
Page 47
REPORT OF THE PKO BANK POLSKI S.A. GROUP FOR THE THIRD QUARTER OF 2026 CONDENSED INTERIM SEPARATE FINANCIAL STATEMENTS OF PKO BANK POLSKI S.A. FOR THE NINE-MONTH PERIOD ENDED 30 SEPTEMBER 2026 (IN PLN MILLION) The notes presented on pages 52 to 56 form an integral part of the condensed interim separate financial statements of PKO Ban k Polski S.A. for the nine -month period ended 30 September 2026. Page 47/56 Separate income statement Q3 2026 First three quarters of 2026 Q3 2025 First three quarters of 2025 Net interest income 6,186 17,669 5,757 17,293 Interest and similar income 7,744 22,311 7,791 23,513 calculated using the EIR 7,674 22,104 7,710 23,274 Interest expense (1,558) (4,642) (2,034) (6,220) Net fee and commission income 1,178 3,483 1,122 3,264 Fee and commission income 1,713 4,927 1,578 4,566 Fee and commission expense (535) (1,444) (456) (1,302) Net other income (264) 604 60 1,131 Dividend income - 959 - 917 Gains/(losses) on financial transactions 14 113 36 151 Net foreign exchange gains/ (losses) 93 274 70 182 Gains/(losses) on derecognition of financial instruments: 2 21 9 41 including for instruments measured at AC 1 - 2 5 Other operating income 48 148 56 154 Other operating expenses (421) (911) (111) (314) Result on business activities 7,100 21,756 6,939 21,688 Allowances for expected credit losses (137) (568) (166) (595) Impairment of non-financial assets (26) (121) (78) (327) Cost of legal risk of loans (370) (1,055) (1,153) (3,375) Administrative expenses (2,088) (6,330) (1,964) (6,172) Tax on certain financial institutions (353) (1,050) (326) (960) Profit before tax 4,126 12,632 3,252 10,259 Income tax expense (1,466) (4,488) (707) (2,452) Net profit 2,660 8,144 2,545 7,807 Earnings per share for the period - basic (in PLN)* 2.13 6.52 2.04 6.25 * As there were no dilutive instruments, diluted earnings per share are equal to basic earnings per share. The weighted average number of ordinary shares in the periods was 1,250 million. Separate statement of comprehensive income Q3 2026 First three quarters of 2026 Q3 2025 First three quarters of 2025 Net profit 2,660 8,144 2,545 7,807 Other comprehensive income (1,860) (2,122) 527 1,917 Items which may be reclassified to profit or loss (1,860) (2,122) 527 1,917 Cash flow hedges (723) (953) 201 1,091 Change in fair value (764) (866) (9) 226 Reclassification to profit or loss (196) (415) 257 1,121 Deferred tax 237 328 (47) (256) FVOCI financial assets (1,137) (1,170) 326 825 Change in fair value (1,503) (1,528) 410 1,056 Reclassification to profit or loss (on disposal) (1) (21) (7) (36) Deferred tax 367 379 (77) (195) Foreign currency translation differences - 1 - 1 Net comprehensive income: 800 6,022 3,072 9,724
Page 48
REPORT OF THE PKO BANK POLSKI S.A. GROUP FOR THE THIRD QUARTER OF 2026 THE CONDENSED INTERIM SEPARATE FINANCIAL STATEMENTS OF PKO BANK POLSKI S.A. FOR THE NINE-MONTH PERIOD ENDED 30 SEPTEMBER 2026 (IN PLN MILLION) The notes presented on pages 52 to 56 form an integral part of the condensed interim separate financial statements of PKO Ban k Polski S.A. for the nine-month period ended 30 September 2026. Page 48/56 Separate statement of financial position Note 30.09.2026 31.12.2025 Cash and balances with CB 23,056 21,644 Amounts due from banks 8,772 6,351 Hedging derivatives 186 147 Other derivative instruments 2,413 2,446 2 Securities 235,801 236,445 Reverse repo transactions 1,721 2,010 3 Loans and advances 305,606 272,991 Property, plant and equipment 2,887 2,953 Non-current assets held for sale 2 5 Intangible assets 3,446 3,482 Subsidiaries 3,560 3,560 Associates and joint ventures 275 275 Current income tax (receivable) 31 1 Deferred income tax (asset) 1,145 1,423 Other assets 2,243 3,001 ASSETS 591,144 556,734 Amounts due to CB 12 10 Amounts due to banks 3,847 3,377 Hedging derivatives 156 105 Other derivative instruments 2,932 2,724 Repo transactions - 22 4 Amounts due to customers 486,977 455,662 Debt securities in issue 18,459 16,034 Subordinated liabilities 7,357 6,309 Other liabilities 9,128 8,339 Current income tax (liability) 1,165 899 Provisions 7,129 7,618 LIABILITIES 537,162 501,099 Share capital 1,250 1,250 Reserves and other comprehensive income 35,151 34,708 Unappropriated profits 9,437 9,437 Net profit or loss for the period 8,144 10,240 EQUITY 53,982 55,635 LIABILITIES AND EQUITY 591,144 556,734
Page 49
REPORT OF THE PKO BANK POLSKI S.A. GROUP FOR THE THIRD QUARTER OF 2026 CONDENSED INTERIM SEPARATE FINANCIAL STATEMENTS OF PKO BANK POLSKI S.A. FOR THE NINE-MONTH PERIOD ENDED 30 SEPTEMBER 2026 (IN PLN MILLION) The notes presented on pages 52 to 56 form an integral part of the condensed interim separate financial statements of PKO Ban k Polski S.A. for the nine-month period ended 30 September 2026. Page 49/56 Separate statement of changes in equity Share capital Reserves Accumulated other comprehensiv e income Reserves and OCI Unappropriate d profits Net profit or loss for the period Equity Supplemen tary capital General banking risk fund Other reserves First three quarters of 2026 Opening balance 1,250 22,468 1,070 10,706 464 34,708 9,437 10,240 55,635 Transfer of profit - - - - - - 10,240 (10,240) - Allocation to reserves - - - 2,565 - 2,565 (2,565) - - Dividend - - - - - - (7,675) - (7,675) Comprehensive income - - - - (2,122) (2,122) - 8,144 6,022 Closing balance 1,250 22,468 1,070 13,271 (1,658) 35,151 9,437 8,144 53,982 First three quarters of 2025 Opening balance 1,250 22,468 1,070 8,406 (2,014) 29,930 9,437 9,150 49,767 Transfer of profit - - - - - - 9,150 (9,150) - Allocation to reserves - - - 2,300 - 2,300 (2,300) - - Dividend - - - - - - (6,850) - (6,850) Comprehensive income - - - - 1,917 1,917 - 7,807 9,724 Closing balance 1,250 22,468 1,070 10,706 (97) 34,147 9,437 7,807 52,641 Accumulated other comprehensive income (OCI) Fair value of FVOCI assets Cash flow hedges Actuarial gains and losses Foreign currency translation differences from foreign operations Total First three quarters of 2026 Opening balance 252 241 (29) - 464 Comprehensive income (1,170) (953) - 1 (2,122) Closing balance (918) (712) (29) 1 (1,658) First three quarters of 2025 Opening balance (884) (1,105) (24) (1) (2,014) Comprehensive income 825 1,091 - 1 1,917 Closing balance (59) (14) (24) - (97)
Page 50
REPORT OF THE PKO BANK POLSKI S.A. GROUP FOR THE THIRD QUARTER OF 2026 CONDENSED INTERIM SEPARATE FINANCIAL STATEMENTS OF PKO BANK POLSKI S.A. FOR THE NINE-MONTH PERIOD ENDED 30 SEPTEMBER 2026 (IN PLN MILLION) The notes presented on pages 52 to 56 form an integral part of the condensed interim separate financial statements of PKO Ban k Polski S.A. for the nine-month period ended 30 September 2026. Page 50/56 Separate statement of cash flows Cash flows from operating activities First three quarters of 2026 First three quarters of 2025 Profit before tax 12,632 10,259 Income tax paid (3,093) (2,203) Total adjustments: (13,959) (4,203) Depreciation and amortization 853 842 (Gains)/losses on investing activities (10) (8) Net interest income (from the income statement) (17,669) (17,293) Interest received 15,352 16,207 Interest paid (4,502) (5,664) Dividends received (649) (916) Change in: Amounts due from banks 391 (342) hedging derivatives 113 (223) other derivative instruments 241 (591) securities (6,995) (4,120) gross loans and advances (34,295) (17,799) reverse repo transactions 286 285 non-current assets held for sale 3 9 other assets 696 (527) accumulated ECL 681 336 accumulated allowances on non-financial assets and provisions (323) 1,117 amounts due to the Central Bank 2 (1) amounts due to banks 470 963 amounts due to customers 31,442 20,771 repo transactions (22) - debt securities in issue 568 (17) subordinated liabilities 34 - total liabilities 983 1,547 Other adjustments (1,609) 1,221 Net cash from/used in operating activities (4,420) 3,853 Cash flows from investing activities First three quarters of 2026 First three quarters of 2025 Inflows from investing activities 349,698 251,053 Redemption and sale of FVOCI securities 326,595 225,353 Redemption of AC securities 16,226 19,373 Interest received on FVOCI securities 2,704 2,952 Interest received on AC securities 3,478 2,430 Proceeds from disposal of property, plant and equipment and non-current assets held for sale 31 29 Other, including dividends 664 916 Outflows on investing activities (335,222) (252,467) Purchase of FVOCI securities (312,185) (220,051) Purchase of AC securities (22,383) (31,902) Purchase of property, plant and equipment and intangible assets (654) (514) Net cash from/used in investing activities 14,476 (1,414)
Page 51
REPORT OF THE PKO BANK POLSKI S.A. GROUP FOR THE THIRD QUARTER OF 2026 THE CONDENSED INTERIM SEPARATE FINANCIAL STATEMENTS OF PKO BANK POLSKI S.A. FOR THE NINE-MONTH PERIOD ENDED 30 SEPTEMBER 2026 (IN PLN MILLION) The notes presented on pages 52 to 56 form an integral part of the condensed interim separate financial statements of PKO Ban k Polski S.A. for the nine-month period ended 30 September 2026 Page 51/56 Cash flows from financing activities First three quarters of 2026 First three quarters of 2025 Distribution of dividends (7,675) (6,850) Issues of debt securities 5,119 5,302 Redemption of debt securities (3,239) (3,173) Issues of subordinated bonds 2,140 2,000 Redemption of subordinated bonds (1,092) - Payment of lease liabilities (194) (207) Repayment of interest on financial liabilities (881) (879) Net cash from financing activities (5,822) (3,807) Total net cash flows First three quarters of 2026 First three quarters of 2025 Total net cash flows 4,234 (1,368) of which foreign exchange differences on cash and cash equivalents 84 (41) Cash and cash equivalents at the beginning of the period 23,070 26,110 Cash and cash equivalents at the end of the period 27,304 24,742
Page 52
REPORT OF THE PKO BANK POLSKI S.A. GROUP FOR THE THIRD QUARTER OF 2026 CONDENSED INTERIM SEPARATE FINANCIAL STATEMENTS OF PKO BANK POLSKI S.A. FOR THE NINE-MONTH PERIOD ENDED 30 SEPTEMBER 2026 (IN PLN MILLION) Page 52/56 Supplementary information 1. APPROVAL OF THE FINANCIAL STATEMENTS The condensed interim separate financial statements of PKO Bank Polski S.A. for the nine -month period ended 30 September 2026 (hereinafter the Financial Statements) were approved for publication by the Management Board on 4 November 2026, following a prior review by the Audit Committee of the Supervisory Board on 3 November 2026 and by the Supervisory Board on 4 November 2026. The Management Board hereby represents that, to its best knowledge, the financial statements have been prepared in accordance with the applicable accounting policies and give a true, fair and clear view of the Bank’s financial position and its results of operations. The Bank has prepared its financial statements in accordance with the requirements of IAS 34. These financial statements do not include all the information and disclosures required in annual financial statements and should be read in conjunction with the annual separate financial statements of PKO Bank Polski S.A. for the year ended 31 December 2025 (hereinafter the Bank’s financial statements for 2025) and the condensed interim consolidated financial statements of the PKO Bank Polski S.A. Group for the nine -month period ended 30 September 2026 (hereinafter the Group’s financial statements), which c ontain a number of disclosures that are also applicable to the Bank’s financial statements. The financial statements cover the three- and nine-month periods ended 30 September 2026 and contain comparative data for the corresponding periods of 2025 and, in the case of the separate statement of financial position, comparative data as at 31 December 2025. Financial data are presented in millions of Polish zlotys (PLN), unless otherwise indicated. Figures have been rounded to the nearest PLN million. The Bank applied accounting policies and calculation methods consistent with those applicable in the financial statements of the Bank for 2025, taking into account the principle of recognising 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. 2. SECURITIES 30.09.2026 31.12.2025 Debt securities 235,411 236,086 NBP money bills - 11,992 treasury bonds (in PLN) 181,797 172,444 treasury bonds (in foreign currencies) 120 4,859 treasury bills 593 1,138 corporate bonds (in PLN) secured by State Treasury guarantees 13,271 9,008 municipal bonds (in PLN) 17,272 16,981 corporate bonds (in PLN)1 5,249 5,956 corporate bonds (in foreign currencies)2 16,266 13,183 mortgage covered bonds 843 525 Equity securities 412 377 Total before hedge accounting adjustment 235,823 236,463 Hedge accounting adjustment (22) (18) Total 235,801 236,445 Measurement categories: - HFT 905 371 - FVPL 399 377 - FVOCI 90,935 103,221 - AC 143,562 132,476 1 including IFI bonds of PLN 1,997 million (as at 31 December 2025: PLN 2,784 million). 2 including IFI bonds of PLN 13,947 million (as at 31 December 2025: PLN 10,812 million).
Page 53
REPORT OF THE PKO BANK POLSKI S.A. GROUP FOR THE THIRD QUARTER OF 2026 THE CONDENSED INTERIM SEPARATE FINANCIAL STATEMENTS OF PKO BANK POLSKI S.A. FOR THE NINE-MONTH PERIOD ENDED 30 SEPTEMBER 2026 (IN PLN MILLION) Page 53/56 3. LOANS AND ADVANCES 30.09.2026 31.12.2025 real estate 129,347 116,331 consumer 51,646 44,721 business 124,613 111,939 Total 305,606 272,991 Measurement categories: - FVPL 1,954 1,933 - FVOCI 14,523 8,249 - AC 289,129 262,809 4. AMOUNTS DUE TO CUSTOMERS 30.09.2026 31.12.2025 Current accounts and O/N deposits, including: 362,058 338,967 savings accounts 98,844 100,618 Term deposits 123,468 114,693 Short positions in securities 52 84 Other liabilities 1,641 1,491 Total before hedge accounting adjustment 487,219 455,235 Hedge accounting adjustment (242) 427 Total 486,977 455,662 5. OFF-BALANCE SHEET LIABILITIES 30.09.2026 31.12.2025 Credit lines and limits 94,676 93,089 Other 6,435 3,587 Total financial commitments, including: 101,111 96,676 - irrevocable 45,640 46,863 Guarantees and sureties, including: 16,798 15,678 -irrevocable 13,197 13,071 -performance guarantees 5,458 4,525 Total nominal value 117,909 112,354 Off-balance sheet liabilities received at nominal value 30.09.2026 31.12.2025 Financial 157 253 Guarantees 22,819 20,202 Total 22,976 20,455
Page 54
REPORT OF THE PKO BANK POLSKI S.A. GROUP FOR THE THIRD QUARTER OF 2026 THE CONDENSED INTERIM SEPARATE FINANCIAL STATEMENTS OF PKO BANK POLSKI S.A. FOR THE NINE-MONTH PERIOD ENDED 30 SEPTEMBER 2026 (IN PLN MILLION) Page 54/56 6. FAIR VALUE HIERARCHY For a description of measurement techniques and inputs, see the financial statements of the Bank for 2025. Assets and liabilities measured at fair value 30.09.2026 31.12.2025 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Hedging derivatives 186 - 186 - 147 - 147 - Other derivative instruments 2,413 1 2,412 - 2,446 1 2,445 - Securities 92,239 81,168 10,564 507 103,969 80,784 22,707 478 Loans and advances 16,477 - - 16,477 10,182 - - 10,182 Total assets 111,315 81,169 13,162 16,984 116,744 80,785 25,299 10,660 Hedging derivatives 156 - 156 - 105 - 105 - Other derivative instruments 2,932 1 2,931 - 2,724 1 2,723 - Short positions in securities 107 107 - - 112 112 - - Total liabilities 3,195 108 3,087 - 2,941 113 2,828 - Level 3 sensitivity analysis by scenario 30.09.2026 31.12.2025 positive negative positive negative Shares in Visa Inc.1 24 23 21 20 Other equity investments2 339 307 307 278 Corporate bonds3 160 160 165 165 Loans and advances to customers 16,444 16,508 10,163 10,203 - FVPL2 1,943 1,965 1,922 1,945 - FVOCI4 14,501 14,543 8,241 8,258 1 discount factor relating to the future terms for converting series C shares into ordinary shares at 0%/100%, respectively 2 change in the measurement by +/ -5% 3 change in the credit spread by +/-10% 4 change in the rate by +/-0.5 p.p. 7. FINANCIAL INSTRUMENTS NOT MEASURED AT FAIR VALUE For a description of measurement techniques and inputs, see the financial statements of the Bank for 2025. carrying amount fair value Total Level 1 Level 2 Level 3 30.09.2026 Securities1 143,584 114,772 25,002 - 139,774 Loans and advances 289,129 - - 292,368 292,368 Amounts due to customers1 487,167 - - 487,084 487,084 Debt securities in issue 18,459 - 18,252 - 18,252 Subordinated liabilities 7,357 - 7,401 - 7,401 31.12.2025 Securities1 132,494 110,206 19,446 2,683 132,335 Loans and advances 262,809 - - 265,631 265,631 Amounts due to customers1 455,151 - - 455,004 455,004 Debt securities in issue 16,034 - 16,290 - 16,290 Subordinated liabilities 6,309 - 6,408 - 6,408 1 excluding adjustment relating to fair value hedge accounting
Page 55
REPORT OF THE PKO BANK POLSKI S.A. GROUP FOR THE THIRD QUARTER OF 2026 THE CONDENSED INTERIM SEPARATE FINANCIAL STATEMENTS OF PKO BANK POLSKI S.A. FOR THE NINE-MONTH PERIOD ENDED 30 SEPTEMBER 2026 (IN PLN MILLION) Page 55/56 8. CAPITAL ADEQUACY 30.09.2026 31.12.2025 restated 31.12.2025 published Equity 53,982 55,635 55,635 Exclusions from equity (7,432) (10,481) (10,481) Other own fund reductions (2,641) (2,565) (2,575) Transitional CRR arrangements (Article 468)1 - (303) (303) Profit included in own funds2 1,374 2,565 1,322 Tier 1 45,283 44,851 43,598 Tier 2 capital (subordinated debt) 5,970 4,499 4,499 Own funds 51,253 49,350 48,097 Total capital requirement: 22,014 20,346 20,445 Credit risk 18,602 17,017 17,116 Operational risk 3,229 3,207 3,207 Market risk 89 61 61 CVA risk 94 61 61 Total Capital Ratio 18.63 19.40 18.82 Tier 1 capital ratio 16.46 17.64 17.06 1 The transitional treatment of unrealised gains and losses on securities measured at fair value through other comprehensive income (Article 468 CRR) was applicable until the end of 2025. 2 The amount of PLN 1,322 million relates to the portion of the profit for 2025 included in own funds with the approval of the PFSA, and the amount of PLN 2,565 million relates to the remaining portion of the profit after its appropriation was approved by th e AGM. In accordance with the EBA guidelines, profit is recognised in own funds as at the date to which it relates, which resulted in a corresponding recalculation of own funds, the credit risk requirement and other regulatory adjustments. The amount of PLN 1,3 74 million relates to the portion of the profit for H1 2026 included in own funds with the approval of the PFSA. 9. RELATED-PARTY TRANSACTIONS – CAPITAL LINKS The transactions were arm’s length transactions. Closing balance Receivables of which loans Liabilities Off-balance sheet liabilities granted 30.09.2026 Subsidiaries 39,624 38,736 654 8,764 Associates and joint ventures 159 44 760 121 31.12.2025 Subsidiaries 36,418 35,149 773 11,557 Associates and joint ventures 144 33 340 133 Net profit or loss for the period Revenue of which interest and commissions Costs of which interest and commission expense First three quarters of 2026 Subsidiaries 2,405 1,558 15 8 Associates and joint ventures 878 805 204 128 First three quarters of 2025 Subsidiaries 2,723 1,843 44 37 Associates and joint ventures 788 745 180 138 •
Page 56
REPORT OF THE PKO BANK POLSKI S.A. GROUP FOR THE THIRD QUARTER OF 2026 THE CONDENSED INTERIM SEPARATE FINANCIAL STATEMENTS OF PKO BANK POLSKI S.A. FOR THE NINE-MONTH PERIOD ENDED 30 SEPTEMBER 2026 (IN PLN MILLION) Page 56/56 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 Wojciech Papierak Vice-President of the Management Board Tomasz Pol Vice-President of the Management Board Michał Sobolewski Vice-President of the Management Board Piotr Stolarczyk 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